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"value": "Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d). The financial statements have been prepared on the historical cost basis, except for derivatives which are held at fair value. The accounting policies adopted by the Group in the current year are consistent with those adopted during the year ended 31 December 2021. There have been no new or amended accounting standards or interpretations adopted during the year that have had a significant impact on the Group\u2019s financial statements. There are no standards, interpretations or amendments to IFRS that have been issued but are not yet effective that are expected to have a material impact on the Group\u2019s financial statements. ",
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"fact-323": {
"value": "Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d). The financial statements have been prepared on the historical cost basis, except for derivatives which are held at fair value. The accounting policies adopted by the Group in the current year are consistent with those adopted during the year ended 31 December 2021. There have been no new or amended accounting standards or interpretations adopted during the year that have had a significant impact on the Group\u2019s financial statements. There are no standards, interpretations or amendments to IFRS that have been issued but are not yet effective that are expected to have a material impact on the Group\u2019s financial statements. Going concern Accounting standards require that Directors satisfy themselves that it is reasonable for them to conclude on whether or not it is appropriate to prepare financial statements on the going concern basis. There has been no material uncertainty identified that would cast significant doubt upon the Group\u2019s ability to continue using the going concern basis of accounting for the 12 months to April 2024. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report on pages 3-104. The Group\u2019s strategic planning cycle includes an annual Budget process, which is reviewed by the Board. This planning process involves modelling under a series of assumptions. Severe but plausible downside scenarios were also modelled setting out impacts of a combination of the principal risks, as well as a reverse stress test to identify what would be required to either breach covenants or run out of liquidity. This process is led by the Group CFO and Deputy Group CFO along with the Board and Executive Chair and CEO providing further direction to align strategic initiatives. Following the divisional reorganisation of the business units in the year, more granular information has been available which has supported decision making on strategic initiatives. Forecasts have been prepared on a divisional level. The Directors of the Group review its Budget periodically, which is revisited and revised as appropriate in response to evolving market conditions. In considering the Group\u2019s financial position the Directors have considered: \u2022 Expected future growth of trading businesses; \u2022 The committed and expected pipeline of its Ingenuity business; \u2022 Margins expected to be achieved in the future; and \u2022 Wider market and industry specific factors. The Directors have also considered the liquidity of the Group as well as available facilities and note that as at the balance sheet date, the Group had a total of \u00a3170m in undrawn facilities, along with \u00a3474m readily available cash held on the balance sheet. Net debt at this date was \u00a3515m (note 18) and net debt of \u00a3181m before the inclusion of IFRS 16 lease liabilities. In December 2019, the Group entered into a \u20ac600m seven year loan facility agreement due to mature in December 2026 and a \u00a3170m Revolving Credit Facility (\u201cRCF\u201d) due to mature in December 2024. During the year an incremental \u00a3156 million export facility was provided by the Group's existing lenders ranking pari passu with the existing facility. This new facility expires in October 2025. There are no key covenants attached to the \u20ac600m or \u00a3156m facilities which are drawn down, but the covenants attached to the RCF are linked to gross debt leverage and become effective when the facility is drawn upon. This facility is not currently drawn down, and not forecast to be drawn in the future period. The Directors are of the opinion that the Group\u2019s forecasts and projections, which they believe are based on an appropriate assessment of the market and past experience taking account of reasonably possible changes in trading performance given the current market and economic conditions, show that the Group should be able to operate within the current facility and comply with its banking covenants in the event that the RCF facilities are drawn upon. The Directors have modelled a range of scenarios, including a base case which has been stress tested to consider downside risks and a reverse stress test, over a three-year period. Further details of the Group\u2019s considerations are provided in the Viability Statement and Going Concern Statement on page 93. As a result of the analysis performed, including potential severe but plausible scenarios, the Board believes that the Group is able to adequately manage its financing and principal risks and that the Group will be able to operate within the level of its facilities and meet the required covenants for the going concern assessment period. Based on the above activity, the Directors are satisfied that it is appropriate to prepare the financial statements of the Group on a going concern basis. Notes to the consolidated financial statements 1. Accounting policies The Group\u2019s key accounting policies are set out below. These policies have been prepared on the basis of the recognition and measurement requirements of IFRS standards in effect that apply to accounting periods beginning on or after 1 January 2022 and have been applied to 2021 comparatives where applicable. a. Basis of consolidation The Group financial statements consolidate those of the Company and all its subsidiary undertakings drawn up to 31 December 2022. Subsidiaries are all entities over which the Group has control. When the end of the reporting period of a subsidiary is not 31 December, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the Group. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-Group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. b. Business combinations Business combinations are accounted for using the acquisition method under IFRS 3 \u2018Business Combinations\u2019. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises identifiable assets acquired and liabilities assumed, including contingent liabilities, in a business combination regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are measured at their acquisition-date fair values. These fair values can be re-assessed for a period of 12 months from the date of acquisition based on information available at the date of acquisition. Goodwill is stated after separate recognition of other identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognised amount of any non-controlling interest in the acquiree and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition- date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately. In determining whether a transaction is a business combination or an asset purchase, the Group considers the inputs, processes and outputs acquired in accordance with IFRS 3. c. Revenue Revenue consists primarily of direct to consumer (D2C) internet sales along with business to business (B2B) sales. D2C and B2B sales Identifying performance obligations: For D2C and B2B sales the performance obligation is the delivery of the goods purchased by the customer. Control of goods is transferred upon delivery of the product to the customer. Identifying the transaction price: For D2C sales, the customer pays in full at the point of sale, with the transaction price allocated to individual goods purchased. A contract liability is recognised until the related goods have been delivered. For B2B sales, the customer pays in line with the agreed credit terms. Revenue is shown net of returns, with expected sales returns estimated based on historical return data applied to sales. These returns are accounted for at the lower of cost or net realisable value. A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. Allocation of transaction price to performance obligations: In general, the whole transaction price is allocated to the performance obligation. Where a customer purchases multiple goods within one transaction, the transaction price is allocated to those goods based on relative stand-alone selling prices. Revenue recognition: Revenue is recognised at the point of time when the customer receives the goods, shown net of returns.Revenue from contracts
Identification of performance obligations:
THG Ingenuity Commerce contracts often have multiple
performance obligations that include but are not limited
to: creation of digital assets, marketing services, stock
management, fulfilment, customer support services
and access to THG\u2019s Ingenuity platform. Each contract
is reviewed individually once signed and is assessed to
identify the separate performance obligations. In a typical
Ingenuity Commerce contract, all goods and services
provided are considered to be \u2018distinct\u2019 as the client can
derive independent benefit from each service provision
and the promise to transfer services to the customer is
separately identifiable. These contracts contain multiple
performance obligations.
Determining transaction prices:
Transaction prices are agreed in advance of the
commencement of the work and are outlined within the
signed contract. The amount agreed per service is deemed
to be the fair value of the service provision. Consideration
receivable is usually at a fixed price, however there are
some elements that are variable and dependent on order
volume and sales levels, for example operations revenues
made up of fulfilment fees and revenue share income. The
charging structure for such transactions is clearly detailed
within the signed contract.
Allocation of transaction price to performance obligations:
Where contracts cover multiple performance obligations,
the transaction price is allocated on a basis that is
consistent with the sale of each performance obligation
in isolation.
Revenue recognition:
Within certain Ingenuity contracts, the amount of revenue
recognised depends on whether the Group are acting as
an agent or principal. The Group acts as principal when it
has control of the specified good or service prior to transfer
to the customer. Where the Group acts as principal, the
revenue recorded is the gross amount billed. Where the
Group is an agent, predominantly relating to revenue share
arrangements, revenue from the customer and costs with
suppliers are reported on a net basis representing the net
margin earned. Whether the Group is acting as principal
or agent depends on management\u2019s analysis of both legal
form and substance of the agreement between the Group
and its business partners.
The allocated transaction price is recognised from the point
at which the customer starts to benefit from the service
and over the time the service is provided. For marketing
services, stock management, fulfilment, customer support
services and access to THG\u2019s Ingenuity platform these are
recognised when the service is provided.
The creation of digital assets revenue is recognised
on a percentage completion basis as the work is performed
because the work does not create an asset with an
alternative use and the Group has a right to payment
for the work performed at each point in time.
Revenue which is invoiced in advance is recorded as a
contract liability on the balance sheet and released to the
statement of comprehensive income account over the
periods in which the services are provided.
Costs associated with obtaining a contract with a customer
that would not have been incurred if the contract had not
been obtained are recognised as an asset where they
are expected to be recoverable and depreciated over the
life of the contract. Costs to obtain a contract that would
have been incurred regardless of whether the contract
was obtained or not are recognised as an expense when
incurred, unless those costs are explicitly chargeable to the
customer regardless of whether the contract is obtained.
Revenue recognised under IFRS 16
Revenues from internet hosting contracts are recognised
under IFRS 16 as the Group is considered a lessor in
these transactions.
Income from hosting contracts is recognised on a straight-
line basis from the commencement date over the lease
term as the performance obligation is settled over the life of
the contract. Any initial direct costs incurred in negotiating
and arranging an operating lease are added to the carrying
amount of the leased asset and recognised over the lease
term on the same basis as rental income.
Revenue from memberships
Fees recognised in respect of memberships are recorded
on a straight-line basis over the membership period.
Barter income
For some of its monthly subscription offerings, THG
receives goods for inclusion in its subscription boxes
from business partners in return for the marketing
exposure received by those products being included in
the subscription box. The goods are recognised as stock
when received and held at their fair value. When the box is
sold, the revenue for providing those marketing services is
recognised with an equal and offsetting entry recorded in
cost of goods sold.
d. Adjusted items
The business is managed and measured on a day-to-day
basis using underlying results (Adjusted EBITDA). This is
an important metric utilised within the business to monitor
performance and guide strategic business decisions. The
metric captures the Group\u2019s view of underlying trading
performance after excluding non-recurring items and
initial investment / set-up costs related to establishing the
Group\u2019s warehousing and logistics facilities. Further details
of the categories considered as adjusting items are detailed
in note 4.
Management applies judgement in determining which
items should be excluded from adjusted EBITDA. The
considerations factored into this judgement include but are
not limited to:
\u2022 Nature of the item
\u2022 Significance of the item on the financial results
\u2022 Management's expectation on the recurring or
non-recurring nature of the item
These are items which are material in nature and include,
but are not limited to, costs relating to acquisitions,
disposals and significant events or projects, some of which
span multiple years.
Although categories of adjusted items may appear across
multiple periods, the underlying event driving that cost or
income is often non-recurring.
These items are excluded from adjusted EBITDA as
management believe their inclusion distorts the underlying
trading performance. This is consistent with the way that
financial performance is measured by management and
reported to the Board. For further details, refer to note 4.
e. Share-based payments
The Group operates share-based compensation plans,
under which the Group receives services from employees
as consideration for equity instruments (options) of the
Company. The fair value of the employee services received
in exchange for the grant of the equity instruments
is recognised as an expense in the statement of
comprehensive income. The total expense is recognised
over the vesting period, which is the period over which
all the specified vesting conditions are to be satisfied.
At the end of each reporting period, the Group revises
its estimates of the number of equity instruments that
are expected to vest based on the non-market vesting
conditions along with taking account of any equity
instruments that may have been cancelled or modified
in the period. It recognises the impact of the revision to
original estimates, if any, in the statement of comprehensive
income with a corresponding adjustment to equity.
The shares issued under the Group's share schemes
are held by an Employee Benefit Trust (\"EBT\"), with the
beneficial interest in the shares being held jointly by the
EBT and the individual participant until the shares vest.
The EBT has been consolidated within the Group's
financial statements.
f. Intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisitions
over the Group\u2019s interest in the fair value of the identifiable
assets and liabilities (including intangible assets) of the
acquired entity at the date of acquisition. Goodwill is
recognised as an asset and assessed for any indications of
impairment at least annually. Any impairment is recognised
immediately in the statement of comprehensive income.
For the purposes of impairment testing, goodwill is
reviewed by assessing the cash-generating unit that has
benefited from the acquisition. If the recoverable amount of
the cash-generating unit is less than its carrying amount,
then the impairment loss is allocated first to reduce the
carrying amount of the goodwill allocated to the unit and
then to the other assets of the unit on a pro rata basis.
On disposal of a subsidiary, the attributable amount of
goodwill is included in the determination of the profit and
loss on disposal.
Platform Development costs
The costs of acquiring and developing the platform and
websites is capitalised separately as an intangible asset.
Capitalised website costs include direct costs of materials,
services, directly attributable overheads, payroll and payroll-
related costs for employees who are directly associated
with website development projects. Such costs are only
capitalised when the criteria within IAS 38 are met.
Intellectual Property
This includes separately acquired customer lists, domain
and trade names, and other intellectual property, including
customer lists acquired as part of business combinations.
Separately acquired intangible assets are measured at
cost on initial recognition. Following initial recognition,
intangible assets are carried at cost less any accumulated
amortisation and impairment losses.
Brands
Brands arising from business combinations are recognised
at fair value on acquisition date. An assessment is made
on the useful economic life, and the intangible asset is
subsequently amortised over that life. The useful economic
life is reviewed on an annual basis to confirm that the useful
life continues to be supportable.
Other intangible assets Costs associated with developing new products are capitalised as an intangible asset, including directly associated costs. Intangible assets are amortised on a straight-line basis over their estimated useful economic life. Amortisation is charged to the statement of comprehensive income, classified in expenses depending on the nature of the asset. The estimates of useful economic lives are reviewed on an annual basis and any changes are treated as changes in accounting estimates. Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is provided on the cost of software and is calculated on a straight-line basis over the useful life of the software. The following useful economic lives are applied: Platform development costs 5 years New product development 1-5 years Brands 5-20 years Intellectual property (including customer lists, domain and trade names) 2-20 years g. Property, plant and equipment Property, plant and equipment are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided at the following annual rates in order to write off each asset on a systematic basis over its estimated useful economic life. Depreciation is charged to the statement of comprehensive income, classified in expenses depending on the nature of the asset. At each reporting date, property, plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows of the relevant cash-generating unit or fair value less costs to sell if higher. Any impairment in value is charged to profit or loss in the period in which it occurs. Plant and machinery 5-10 years Fixtures and fittings 3-20 years Computer equipment and software 1-10 years Freehold buildings 20-50 years Motor vehicles 3-7 years Leasehold improvements Lower of lease term or asset life h. Borrowing costs Borrowing costs incurred in relation to bringing into use both tangible and intangible assets are capitalised as the expenditure is incurred on such assets and subsequently depreciated in line with the useful economic life of the relevant asset. i. Inventories Inventories are valued at the lower of cost and net realisable value, on a weighted average cost basis. Cost of purchase comprises the purchase price including import duties and other taxes, transport and handling costs and any other directly attributable costs, less trade discounts. A provision is made to write down any slow-moving or obsolete inventory to net realisable value. j. Financial instruments The following are deemed to be financial assets and liabilities within the scope of IFRS 9. Derivative financial instruments The Group uses derivative financial instruments, such as foreign currency swaps, to hedge its foreign currency risks. The Group also values options either from a third party to acquire shares within the Group or divisions, or where the Group holds an option to acquire shares in a third party. Derivative financial instruments are recognised initially and subsequently at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the statement of comprehensive income. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The sale and purchase of derivative financial instruments are non-speculative. Cash flow hedges Where a derivative financial instrument is designated as a hedge against the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, any gain or loss on the effective part of the derivative financial instrument is recognised in other comprehensive income and accumulated within the hedging reserve. The gain or loss on any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Hedge accounting is discontinued when the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold, terminated or exercised. The cumulative gain or loss previously recognised in the hedging reserve remains there until the forecast transaction occurs. The cumulative gain or loss in the hedging reserve is transferred to the statement of comprehensive income in the same period that the hedged item affects profit or loss. Gain or loss on a portion of a derivative designated as a hedging instrument that is excluded from that hedging relationship is captured in the cost of hedging reserve. Trade and other receivables Trade and other receivables are non-interest bearing and are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest rate method less loss allowance. The Group measures the loss allowance at an amount equal to lifetime expected credit losses. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents include amounts receivable from banks and payment providers for credit and debit card transactions which clear the bank shortly after the transaction takes place. For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined, net of outstanding bank overdrafts. Financial liabilities Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Group measures contingent consideration liabilities at fair value through profit and loss. Trade and other payables Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Within trade and other payables, returns recognised under IFRS 15 (representing the liability for potential returns from customers) are captured within accruals. The Group has a supply chain financing agreement in place to support the cash flow of its external suppliers. The funding is provided by two of the Group\u2019s relationship banks and gives certain suppliers the flexibility to receive early payments on specific invoices. All early payments are processed by the funding bank and the Group settles the original invoice amount with the funders at the original invoice due date. The outstanding balances due to suppliers are recorded within trade payables. Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. k. Supplier income Supplier income comprises retrospective rebates and discounts. They are receivable in respect of goods which have been sold and are initially recognised as accrued income. The retrospective rebates are analysed per supplier basis and accrued income is adjusted accordingly based on quarterly assessment of variables impacting expected rebates. All retrospective rebates and discounts received and receivable are deducted from cost of sales when the sale to the third party has been completed. l. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract. m. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets
The Group recognises right-of-use assets at the
commencement date of the lease (i.e. the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised,
initial direct costs incurred and lease payments made at or
before the commencement date, less any lease incentives
received. Right-of-use assets are depreciated on a straight-
line basis over the shorter of the lease term and the
estimated useful lives of the assets, as follows:
Plant and machinery 1\u2013 6 years
Motor vehicles 3\u20136 years
Buildings 1\u201328 years
Lease liabilities
At the commencement date of the lease, the Group
recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance
fixed payments) less any lease incentives receivable,
variable lease payments that depend on an index or a
rate and amounts expected to be paid under residual
value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to
be exercised by the Group and payments of penalties for
terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
In calculating the present value of lease payments,
the Group uses its incremental borrowing rate at the
lease commencement date because the interest rate
implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for
the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a
change in the lease term, a change in the lease payments
(e.g. changes to future payments resulting from a change
in an index or rate used to determine such lease payments)
or a change in the assessment of an option to purchase the
underlying asset.
The Group\u2019s lease liabilities are included in interest-bearing
loans and borrowings.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition
exemption to its short-term leases (i.e. those leases
that have a lease term of 12 months or less from the
commencement date and do not contain a purchase
option). It also applies the lease of low-value assets
recognition exemption to leases that are considered to be
low value. Lease payments on short-term leases and leases
of low-value assets are recognised as an expense on a
straight-line basis over the lease term.
Group as a lessor
Leases in which the Group does not transfer substantially
all the risks and rewards incidental to ownership of an asset
are classified as operating leases. Rental income arising is
accounted for on a straight-line basis over the lease terms
and is included in revenue in the statement of profit or loss
due to its operating nature. Initial direct costs incurred in
negotiating and arranging an operating lease are added
to the carrying amount of the leased asset and recognised
over the lease term on the same basis as rental income.
Contingent rents are recognised as revenue in the period in
which they are earned.
Sale and Leaseback accounting
The Group applies sale and leaseback accounting in
accordance with IFRS 16 \u2018Leases\u2019. Specifically, the Group
recognises the gain or loss on the sale and leaseback
transaction by recognising the proportion relating to rights
transferred to the buyer directly to the income statement.
Dilapidations provisions
Dilapidations provisions relate to leased properties.
Dilapidations provisions are made based on the best
estimate of the likely committed cash outflow and
discounted to net present value. The provision, when
recognised increases the right-of-use asset. Dilapidations
provisions are expected to be used at or by the end of the
lease term.
n. Taxation
The tax expense included in the statement of
comprehensive income and statement of changes in equity
comprises current and deferred tax.
Current tax is the expected tax payable based on the
taxable profit for the period and the tax laws that have
been enacted or substantively enacted by the reporting
date. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes
provisions where appropriate, based on amounts expected
to be paid to the tax authorities. Current and deferred tax
is charged or credited in the statement of comprehensive
income, except when it relates to items charged or credited
directly to equity, in which case the current or deferred tax
is also recognised directly in equity.
Deferred tax is recognised on differences between the
carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the
computation of taxable profit and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that
it is probable that taxable profits will be available against
which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the
temporary difference arises from goodwill or from the initial
recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the
tax profit nor the accounting profit. The carrying amount
of deferred tax assets is reviewed at each reporting date.
The business combinations in previous years have given
rise to deferred tax liabilities, as a result deferred tax assets
are recognised to the extent they offset the corresponding
liability. Deferred tax is calculated at the tax rates (and laws)
that are expected to apply in the period when the liability is
settled, or the asset is realised.
Tax assets and liabilities are offset where there is a legally
enforceable right to offset current tax assets against current
tax liabilities and when the deferred tax assets and liabilities
relate to income taxes levied by the same taxation authority
on either the taxable entity or different taxable entities
and where there is an intention to settle the balances on a
net basis.
o. Foreign currency translation
Functional and presentational currency
Items included in the financial statements of each of the
Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates
(\u201cthe functional currency\u201d). The consolidated financial
statements are presented in Sterling which is also the
parent company\u2019s functional currency.
Transactions and balances
Transactions denominated in foreign currencies are
translated into the functional currency at the exchange rates
prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated into the functional currency at the
exchange date. Exchange differences on monetary items
are taken to the statement of comprehensive income.
Group companies
On consolidation, the assets and liabilities of foreign
operations are translated into the presentational currency
of the Group at the rate of exchange prevailing at the
reporting date and their statements of comprehensive
income are translated at exchange rates prevailing at the
dates of the transactions. The exchange differences arising
on translation for consolidation are recognised in other
comprehensive income.
On disposal of a foreign operation, the component of
OCI relating to that foreign operation is recognised in the
statement of comprehensive income.
p. Government grants
Government grants are recognised where there is
reasonable assurance that the grant will be received and all
attached conditions will be complied with. When the grant
relates to an expense item, it is recognised as income on a
systematic basis over the periods that the related costs, for
which it is intended to compensate are expensed. When the
grant relates to an asset, it is recognised as income in equal
amounts over the expected useful life of the related asset.
q. Earnings per share
Basic earnings per share (EPS) is calculated by dividing
the profit or loss for the year attributable to ordinary equity
holders of the parent by the weighted average number of
ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit or loss
attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding
during the year plus the weighted average number of
ordinary shares that would be issued on conversion of all the
dilutive potential ordinary shares into ordinary shares, to the
extent that the inclusion of such shares is not anti-dilutive.
r. Critical accounting judgements and
key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies,
management is required to make judgements (other than
those involving estimations) that have a significant impact
on the amounts recognised and to make estimates and
assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on
historical experience and other factors that are relevant.
Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and
future periods if the revision affects both current and future
periods. The most critical accounting judgements or key
sources of estimation uncertainty are detailed as follows:
Critical accounting judgements
Capitalisation and amortisation of platform
development costs
Costs capitalised as platform development costs include
direct external costs such as consultancy costs and internal
payroll costs. The capitalisation of internal costs is based on
the amount of time spent by employees on capital projects.
Judgement is applied in determining which costs meet the IAS
38 criteria for capitalisation as development costs, dependent
on the type of cost and the project, along with the appropriate
element of employee time capitalised. The key judgement
relates to assessing the feasibility and the extent of future
economic benefits that will be derived from each project. Refer to note 11 for details of capitalised platform development costs. The useful economic life of the platform is between one and five years, dependent on the type of development work capitalised. The estimate of useful economic life is reviewed on a regular basis to ensure that this continues to be appropriate. Adjusted items The identification of adjusted items depends on management judgement in identifying and quantifying amounts deemed to be adjusting or not reflective of the underlying performance of the Group. The key elements management take into consideration include, but are not limited to: \u2022 The underlying nature of the item; \u2022 Whether management believe the item is recurring in nature, or if it represents a one-off distortion of the underlying results of the business; and \u2022 Significance of the item on the financial results. Refer to note 4 for details of each class of adjusted items. Impairment reviews \u2013 number of cash-generating units The Group is required to review intangible assets, including goodwill, with indefinite lives annually to determine if any impairment has occurred. Intangible assets with finite lives are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. The identification of cash generating units (\u201cCGUs\u201d) is a judgement exercised by management, who consider the interoperability of the Group\u2019s asset base, along with the ability to identify separable series of cash flows attached to those assets. There has been a change in the number of CGUs in the year following the divisional reorganisation of the Group. More information has been provided within note 11. Key sources of estimation uncertainty Goodwill and intangible asset valuation The Group has made several acquisitions in previous years, and in doing so recognised a number of intangible assets on consolidation, including Brands, Customer Lists, and Goodwill (refer to note 11). In valuing these intangibles assets, management were required to use judgement to estimate their fair value. Intangible assets identified on acquisition are brand names, customer lists and intellectual property. The material assumptions used include cash flow forecasts of the entity (including growth rates and royalty rates), customer retention rates and the contributory asset charges. To assist in this work, the Group engages external valuation experts for a number of acquisitions to assess the fair values of intangible assets. Management review the work carried out by these external valuation experts and assess the outcome. The fair values of the acquired entities\u2019 balance sheets are also assessed to ensure that the values reflect the fair value of all acquired assets and liabilities. Inventory provisioning The Group holds levels of stock sufficient to meet the forecasted demand of its customers. As part of this, a provision is recognised to ensure that the balance sheet value of stock held is at the lower of cost and net realisable value in accordance with IAS 2. As part of the provisioning process, management's consideration includes, but is not limited to: age of stock, type of stock, and inventory acquired through business combinations. Refer to note 13 for further details on inventory. A reduction of 10% in online sales selling prices would impact the net realisable value by c\u00a30.7m. Impairment reviews \u2013 key estimates and judgements When a review for impairment is conducted, the recoverable amount of the CGU is determined based on the higher of value- in-use calculations applying IAS 36 and fair value less costs to dispose applying IFRS 13. The recoverable amount is calculated using management\u2019s assumptions and estimates. The key estimates within the value-in-use calculation are growth rates and discount rates applied. The key estimates within the fair value less costs to dispose are the length of forecast period applied, discount rates including any risk premium and growth rates. Refer to note 11 for further details of calculations. Other judgements and other sources of estimation uncertainty Climate Change In preparing the consolidated financial statements management has taken into consideration the impact of climate change. Considerations include, but are not limited to: \u2022 The identification of costs which have been committed to which have been included within forecasts where appropriate, the key impact to THG is the implementation of plastic packaging tax and Packaging Waste Regulations; \u2022 The impact of climate change on a number of key estimates which the Group has included within forecasts where appropriate; \u2022 The impact of the Group\u2019s investments in sustainable businesses, evidenced in the prior year acquisition of companies such as More Trees, Preston Plastics and Indigo Environmental (note 10) to aid the Group\u2019s movement towards its sustainability targets. These considerations have not identified any significant impacts from our climate commitments and therefore do not have a material impact on the financial statements or reporting judgements and estimates. Revenue recognition \u2013 Principal vs Agent Within certain Ingenuity contracts, the amount of revenue recognised depends on whether the Group are acting as an agent or principal. The Group acts as principal when it has control of the specified good or service prior to transfer to the customer. Where the Group acts as principal, the revenue recorded is the gross amount billed. Where the Group is an agent, predominantly relating to revenue share arrangements, revenue from the customer and costs with suppliers are reported on a net basis representing the net margin earned. Whether the Group is acting as principal or agent depends on management\u2019s analysis of both legal form and substance of the agreement between the Group and its business partners. 2. Segmental reporting and revenue Following the completion of the divisional reorganisation, the Directors have re-assessed the criteria and considerations under IFRS 8 \u2018Operating Segments\u2019 in order to identify operating segments within the Group. For 31 December 2022, the Directors have concluded that the Group has six operating segments. Until 31 December 2021, the Group only had one operating segment. During 2022, the Group\u2019s activities were divided into the following segments THG Beauty, THG Nutrition, THG Ingenuity, THG OnDemand (disclosed under the discontinued categories segment), THG Luxury and THG Experience. This corresponds to the internal reporting and organisational structure that changed during the year. The THG Luxury and THG Experience segments are aggregated due to being below the quantitative thresholds as set out in IFRS 8. Central costs are disclosed separately. The prior year segmental analysis for EBITDA has been presented as this measure has been reported to the Chief Operating Decision Maker (CODM) during the current year as a comparative measure following the restructure. The prior year segmental revenue includes an illustrative internal recharge from THG Ingenuity to the wider THG PLC Group as if this was in place throughout 2021 to provide a like-for-like comparison. The results of each division are reported to the Board of Directors and are treated as reportable operating segments. The following table describes the main activities for each reportable operating segment: Central costs relate primarily to the PLC Board remuneration, professional services fees, group finance, M&A, risk (insurance) and governance costs that are not recharged to the divisions as they principally relate to the operations of the PLC holding company. The CODM is the executive Board directors, who makes the key operating decisions for the business. The CODM receives daily financial information at the combined Group level, along with monthly information at a divisional level and uses this information to allocate resources, make operating decisions and monitor the performance of each of the divisions. Segment Activities THG Beauty The digital-first brand owner, retailer and manufacturer in the prestige beauty market, combining its prestige portfolio of eight owned brands across skincare, haircare and cosmetics, the provision of a global route to market for over 1,300 third-party beauty brands through its portfolio of websites, including Lookfantastic, Dermstore, Cult Beauty and Mankind and the beauty subscription box brand GLOSSYBOX. THG Nutrition A group of digital-first Nutrition brands, which includes the world\u2019s largest online sports nutrition brand Myprotein, and its family brands (Myvegan, Myvitamins, MP Activewear and MyPRO), with a vertical- ly-integrated business model, supported by global THG production facilities. THG Ingenuity THG Ingenuity provides a complete digital commerce solution for consumer brand owners across its three pillars of technology, digital and operations. Being part of the THG group, a global digital brand owner in Beauty & Nutrition, Ingenuity is uniquely placed to bring relevant, practical, and international expertise in every area of commerce. Other Includes THG Luxury and THG Experience. THG Luxury operates D2C websites retailing luxury clothing and homeware. THG Experience comprises prestige events locations at Hale Country Club & Spa, King Street Townhouse Hotel and Great John Street Hotel. Discontinued categories At the year end, certain loss-making categories and territories primarily within THG OnDemand were placed under strategic review. This review is now complete and these operations will be fully exited in 2023. The exit doesn\u2019t meet the criteria under IFRS 5: Discontinued operations at the balance sheet date, as these categories and territories are not a major component of the Group as defined by the accounting standard, however, management began to report the financial results of these categories separately in their reporting to the CODM, as such the result has also been shown in the same format within this note 2022 THG Beauty \u00a3\u2019000 THG Nutrition \u00a3\u2019000 THG Ingenuity \u00a3\u2019000 Other \u00a3\u2019000 Central PLC \u00a3\u2019000 Inter-group elimination \u00a3\u2019000 Result before discontinued categories 1 \u00a3\u2019000 Discontinued categories \u00a3\u2019000 2022 Total \u00a3\u2019000 External revenue 1,234,977 675,133 159,580 50,878 - - 2,120,568 118,661 2,239,229 Internal revenue - - 597,420 - - 597,420 - - - Total revenue 1,234,977 675,133 757,000 50,878 - (5 9 7,420) 2,120,568 118,661 2,239,229 Adjusted EBITDA pre SaaS costs 32,866 51,783 29,304 (1,907) (23,167 ) - 88,879 (14,582) 74,297 Adjusted EBITDA 32,866 51,783 19,12 1 (1,907) ( 23,167 ) - 78,696 (14,582) 64 ,114 Margin % 2.7% 7. 7 % 2.5% -3.7% - - 3.7% -12.3% 2.9% Depreciation - - - - - - - - (94,191) Amortisation - - - - - - - - (108,975) Share-based payments - - - - - - - - (10,734) Adjusted items - - - - - - - - (345,779) Operating loss - - - - - - - - (495,565) Finance income - - - - - - - - 2,359 Finance costs - - - - - - - - (56,522) Loss before taxation - - - - - - - - (549,728) 1. At the year end, certain loss-making categories and territories within non-core divisions were placed under strategic review and subsequently management has decided to exit these areas. The exit doesn\u2019t meet the criteria under IFRS 5: Discontinued operations as these categories and territories are not a major component of the Group as defined by the accounting standard, however, to provide further information on the ongoing revenue and Adjusted EBITDA of the Group the result of these operations have been shown separately in the above table. The measure of the Group\u2019s profit or loss used by THG\u2019s management team are both Adjusted EBITDA pre SaaS change in accounting policy and Adjusted EBITDA comprising operating loss less interest, tax, depreciation, amortisation, shared- based payments and adjusted items. This is reconciled to the nearest IFRS measure (loss before tax) in the below table. An element of Ingenuity revenue is contract based and therefore is recognised over time; all other revenue streams are recognised at a point in time. Of the total revenues recognised for THG Ingenuity, \u00a373.8m (2021: \u00a375.6m) is recognised over time. Segment assets and liabilities are not disclosed because they are not yet regularly reported or reviewed by the Board. In 2021, the Group only had one operating segment. The below information has been included as the comparative disclosure . 2. For the loss-making categories and territories within non-core divisions that have been shown separately within the 2022 table under the discontinued categories heading, the same adjustment has been included for 2021 result to show a comparative of continuing operations year-on-year. 3. Internal revenue was not recharged until the completion of the divisional reorganisation, however for illustrative purposes this has been calculated for 2021. This has been calculated using the same charging mechanisms in 2022 to provide a like-for-like comparison. 4. Following the completion of the divisional reorganisation, the strategy of each segment has been reviewed and redefined where necessary, as a result some services were redefined within THG Ingenuity, THG Beauty and Other segments in 2022. To ensure that the comparative disclosure is consistent thi s has been restated in the above table. The impact is an increase in THG Beauty external revenue of \u00a363.7m, decrease in THG Ingenuity external revenue of \u00a348.0m and decrease of Other segments external revenue of \u00a315.7m. THG Beauty has been restated to include Acheson & Acheson which was previously recognised within THG Ingenuity due to some services being delivered to THG Ingenuity customers which is no longer the case. THG Ingenuity has been restated to exclude Acheson & Acheson manufacturing and include Arrow Films which has been reclassified following the discontinuation of the other categories within THG OnDemand. The total revenue has not changed as a result of the inter-segment reclassifications. 2021 THG Beauty \u00a3\u2019000 THG Nutrition \u00a3\u2019000 THG Ingenuity \u00a3\u2019000 Other \u00a3\u2019000 Central PLC \u00a3\u2019000 Inter-group elimination 3 \u00a3\u2019000 Result before discontinued categories 2 \u00a3\u2019000 Discontinued categories \u00a3\u2019000 2021 Total 4 \u00a3\u2019000 External revenue 1,181,529 659,531 146,306 46,062 - - 2,033,428 146,482 2 ,1 79,9 10 Internal revenue - - 602,545 - - 602,545 - - - Total revenue 1,181,529 659,531 748,851 46,062 - (602,545) 2,033,428 146,482 2,17 9,91 0 Adjusted EBITDA 70,234 76,633 40,410 (2 ,137 ) (15,517) - 169,263 (8,348) 161,276 Margin % 5.9% 11.6% 5.4% -4.6% - - 8.3% -5.7% 7.4% Depreciation - - - - - - - - (70,478) Amortisation - - - - - - - - (99,033) Adjusted items - - - - - - - - (129,228) Operating loss - - - - - - - - ( 137,4 6 3 ) Finance income - - - - - - - - 623 Finance costs - - - - - - - - (49,447) Loss before taxation - - - - - - - - (186,287) The Group has provided an analysis of external revenue by region (by destination): 4. Adjusted items 2022 2021 These are items which are material in nature and include, but are not limited to, costs relating to acquisitions, disposals an d \u00a3'000 \u00a3'000 significant events or programmes, some of which span multiple years. These items are excluded from adjusted EBITDA as management believe their inclusion distorts the underlying trading performance. This is consistent with the way that UK 960,535 909,452 financial performance is measured by management and reported to the Board. USA 446,542 406,489 2022 2021 Europe 449,783 458,027 \u00a3'000 \u00a3'000 Rest of the world 382,369 405,942 Within Cost of sales 2,239,229 2,179,910 Inventory provision for discontinuation of loss-making categories 25,517 - and decommissioning of facilities following strategic review 25,517 - The Group\u2019s non-current assets by geography are as follows: Within distribution costs 2022 2021 Transportation, delivery and fulfilment costs in relation to Covid-19 18,504 26,628 \u00a3'000 \u00a3'000 Commissioning \u2013 new facilities 3,613 16,384 UK 1, 2 5 7, 6 8 9 1,891,133 22 ,11 7 43,012 Europe 145,057 37,966 Within Administrative costs Rest of the world 550,333 224,495 Other costs following the outcome of strategic review 6,942 - 1,953,079 2,153,594 Restructuring costs to simplify the Group structure 6,803 10,233 Impairment of assets within Experience, Luxury and OnDemand divisions - 53,008 Following the completion of the divisional reorganisation in the year, certain intangible assets have been reclassified Impairment of certain intangible and tangible assets associated with between geographies, given the greater granularity of information available. - 2,982 Software-as-a-service arrangements Impairment of assets 269,828 - 3. Operating loss Impairment of assets within the discontinued categories 3,763 - 2022 2021 Note \u00a3'000 \u00a3'000 Impairment of non-core assets held for sale 1,831 - Operating loss has been arrived at after charging / (crediting): Donations 362 1,090 Adjusted items - impairment 4 275,422 55,990 Acquisitions - restructuring and integration 8,046 5,328 Adjusted items - other 4 70,357 73,238 Acquisitions - legal and professional costs - 12,225 Employee costs 275,14 5 260,892 Other legal and professional costs 570 1,350 Share-based payments 7 10,734 - 298,145 86,216 Depreciation on fixed assets 12 50,896 38,269 Total adjusted items before finance costs 345,779 129,228 Depreciation on right-of-use assets 22 43,295 32,209 Within finance costs Amortisation of intangibles 11 108,975 99,033 Non-cash \u2013 revaluation of SBM option (601) 601 Government grants (1,752) (1,662) Total adjusted Items before tax 34 5,1 78 129,829 Net foreign exchange gain 1,422 444 Tax impact (11,634) (11,901) Total adjusted items 333,544 11 7, 9 2 8 Inventory provision for discontinuation of loss-making categories and decommission of facilities
following strategic review
Following the divisional reorganisation, the Group has undertaken a strategic review of loss-making categories and
territories within THG OnDemand and other non-core divisions. In addition, as part of the strategic review in the year,
the Group also reviewed its warehousing facilities resulting in some sites being decommissioned. The result of the
decommissioning identified inventory where there was no economic benefit of the Group to moving to an alternative
warehouse or selling via other channels. The outcome of these reviews has led to a one off inventory provision for the
categories being discontinued of \u00a325.5m which has been recognised within cost of sales.
Transportation, delivery and fulfilment costs in relation to Covid-19
In 2022, we continue to be impacted by Covid-19 surcharges from suppliers with routes travelling through and into Asia,
although at a lesser rate during 2022 compared to prior periods. Covid-19 has had a direct and measurable impact on
the Group\u2019s cost to fulfil delivery of goods to customers across its global network, through reduced commercial flights
and closures of key shipping lanes. The main driving factor of the excess cost continuing across accounting periods is
the continued lockdowns experienced in Asia which continue to affect air traffic. The additional cost to complete these
deliveries has been recognised as an adjusted item, and while there is uncertainty around the length of disruption the
pandemic will have on global supply chains, the Group doesn\u2019t consider this to be a recurring part of the Group\u2019s cost base.
As the effects of the pandemic lessen and the lockdowns in Asia ease, the service providers will no longer need to charge
such excess costs. We anticipate the costs to reduce significantly in 2023.
The costs incurred were as a result of the following:
\u2022 In order to maintain the Group\u2019s pre Covid-19 levels of customer experience, the Group had to address the challenges
caused by commercial flights being reduced during the pandemic to minimal levels. The Group secured THG
exclusive chartered flights in order to be able to uphold its service levels, generating an identifiable increase in costs
versus non-exclusive passenger flights, which were used pre Covid-19. As the impact of the pandemic have lessened
the requirement to charter flights has dropped away in the first half of 2022 and this cost will not continue.
\u2022 Our delivery partners passed on to the Group additional surcharges specifically identified on invoices as a response
to operating during the pandemic. This continues for routes relating to Asia where the impact of the pandemic is
continuing and this cost has continued to decrease each month during 2022 and post year end.
\u2022 Due to the impact of Covid-19, a number of key supply routes were disrupted or closed. This necessitated identifying
and sourcing alternative viable routes to fulfil the obligations on the Group to serve its customers, which created
identifiable external costs relating to alternative routes that had to be taken due to the impact of Covid-19 on the
Group\u2019s courier and logistics providers ability to operate in the pandemic. This cost will not continue.
Commissioning \u2013 new facilities
The Group has embarked on a strategic project to transform the Group\u2019s global infrastructure footprint and capability,
moving away from the smaller sized facilities which were fit for purpose in the past, into larger purpose-built distribution
facilities to support the strategic objectives of the Group.
Under this project, the Group has commissioned a number of these purpose-built facilities over the years, including a
campus (inclusive of 3 warehouses) at Manchester Airport, UK (\u201cIcon\u201d) and New Jersey, US. Works at New Jersey, US and
the Icon facility began in August 2021 and August 2020 respectively. These warehouses are in operation, although further
automation is required to be implemented into the sites to reach to optimal efficiency expected of the sites, including
Autostore automation in New Jersey in 2023 and automated sortation in Icon in 2022. The costs have significantly reduced
year on year as these projects reach completion stages. The majority of the costs incurred in the prior year relate to the
commissioning of the multiple ICON warehouses, of which two out of three completed during 2022.
Due to the scale and complexity of these sites, commissioning of these facilities and integration into the Group\u2019s existing
distribution network can span more than one accounting period, taking on average 18 months for a specific site; a relatively
short period compared to the useful economic life of the asset. During the commissioning and integration period, costs
relating to the set-up, integration and testing of the new facilities are included within adjusted items as these costs are not
expected to be recurring for each specific site and do not reflect the underlying cost base of the Group. Such costs include:
\u2022 Additional costs incurred relating to the period of testing and commissioning that is required, to ensure a facility is
operating as expected. Such costs are non-underlying and therefore included within adjusted items;
\u2022 Costs relating to the migration of production operations and processes to the new sites as part of this expansion of
the fulfilment network include testing of new production processes and resolution of any commissioning protocols
required before production is fully operational;
\u2022 Costs relating to bulk internal warehouse transfers from existing THG facilities are often required during the set up/
commissioning period for a new facility. These costs are non-underlying in nature; and
\u2022 Additional shipping costs are incurred when the products within a single customer order is fulfilled by shipping from
two different warehouses, due to stock being split across two sites during the commissioning period for a new facility.
This results in duplicated postage costs on a single order.
The costs above are identified through internal processes and controls which isolate the impact of commissioning new
facilities. For some of these costs, the amounts included within adjusted items are calculated by taking the excess costs per
unit versus the normalised rate, which is set based on historical information or third-party data.
Further charges are anticipated as the respective projects are completed, however the quantum of which is expected to
continue to reduce year on year as these projects are completed. The key projects ongoing into 2023 are for Icon and New
Jersey and are expected to be completed by the end of 2023 at which point these costs will not continue. The costs to date
for these two sites total \u00a312.0m with the projects being c90% complete at 31 December 2022.
Other costs following the outcome of strategic review
Other costs following the outcome of the strategic review totalling \u00a36.9m are included within administrative costs. These
costs include the costs triggering early lease break clauses for the unprofitable warehouse operations within Asia and
marketing costs for pre-releases that will no longer be launched. The full exit of the discontinued areas is expected to be
complete by the end of Q3 2023 with costs not recurring after this date.
Restructuring costs to simplify the Group structure
The costs included within restructuring costs of \u00a36.8m (2021: \u00a310.2m) include costs of executing the Group
simplification project.
Impairment
Impairment of assets within Experience, Luxury and OnDemand divisions
See impairment of assets within the discontinued categories heading for information relating to 2022.
In 2021, a one-off, non-cash impairment of \u00a353.0m was recognised in respect of THG Experience, THG Luxury and THG
OnDemand business units.
Impairment of certain intangible and tangible assets associated with Software-as-a-Service arrangements
There was no impairment of these costs incurred in 2022. SaaS costs incurred in 2022 have been recognised within the
underlying administrative expenses.
The Group hold various arrangements for SaaS solutions. Given the IFRIC agenda decision in 2021, the Group updated
its accounting treatment and policy for IAS 38 Intangible Assets accordingly in the prior year. We determined that \u00a33.0m
of SaaS related costs no longer met the criteria for recognition as an asset under IAS 38. Accordingly, this amount
was expensed in full and has been disclosed as an adjusting item because it arises from the one-off introduction of
interpretations to accounting guidance.
Impairment of assets
A further impact of the divisional reorganisation is that the assets and cash flows of each division are now separately
identifiable. The result being the identification of additional cash-generating-units (\u2018CGUs\u2019), which are reflective of the new
corporate structure. The result of more CGUs is that the impairment review has been undertaken at a more granular level than
in previous years. Following the significant acquisitions within the THG Beauty division in recent years, a substantial amount of
intangible assets are included within the underlying asset base whilst the market price of comparable assets, alongside many
technology businesses has fallen over the last 18 months. This is reflective of more challenging global markets following the
macroeconomic, inflationary and interest rate pressures driven by, amongst other things, the Russia-Ukraine conflict. Against
this backdrop, the impairment review has led to an impairment of \u00a3183m within the Beauty division.
In addition, an impairment charge of \u00a387m has been recognised within the THG Ingenuity cash-generating-unit. This
has arisen as the impairment review has been undertaken at a more granular level than in previous years. Following the
appointment of our new CEO of THG Ingenuity in 2022, the Group has repositioned its\u2019 strategy. Management believe they
have made conservative growth assumptions which are lower than the growth rate prospects of the sectors in which THG
Ingenuity operates given the recent change in strategy. Alongside this, THG Ingenuity has made significant investment for
the future in its platform and global infrastructure network. These factors combined with the challenging macroeconomic
environment impacting several of the key assumptions, particularly the discount rate, which have also had a bearing on
peer valuations, has led to the impairment of the historical goodwill within this cash-generating-unit.
More information is included within note 11.
Impairment of assets within the discontinued categories
Following the decision to discontinue certain categories and territories an impairment has been charged totalling \u00a33.7m
against affected assets. More information is included within note 11.
Impairment of non-core assets held for sale
An impairment charge of \u00a31.8m has been recognised against non-core assets that meet the criteria to be classified as held
for sale under IFRS 5. The net book value of these assets has been reclassified to a current asset and an impairment charge
has been recognised for the difference between the selling price and the carrying value.
Donations
In 2022, the Group has donated \u00a30.4m related to aid in the form of nutrition and hygiene products to charities assisting
with the war in Ukraine. In 2021, as part of its Covid-19 response, the Group made several charitable donations to the local
region, totalling \u00a31.1m.
Acquisitions \u2013 restructuring and integration
Where the Group completes acquisitions, it derives value by achieving synergies in the post-acquisition period by
restructuring the acquired businesses and integrating them into the Group. During this restructuring and integration phase
there are a number of costs that are not related to the underlying trading operations of the Group which are classified
as adjusted items. The costs in 2022 relate to the planned integrations of the acquisitions made in 2021. Cult Beauty was
acquired in August 2021 and the integration was a key focus of 2022.
These costs include, but are not limited to;
\u2022 Duplicated costs whilst the integration plan is executed. These often relate to termination of pre-acquisition
agreements that were in place and exit costs associated (such as closure of old facilities or head offices);
\u2022 As part of the integration plan itself, additional non-recurring costs may be incurred which do not relate to the
underlying trading operations of the Group, including, but are not limited to, system integration testing and validation,
costs of moving equipment to new sites and department relocation or set up costs; and
\u2022 Costs of staff exiting the business, including redundancy costs, earnouts or bonus payments relating to the integration
plan. Integration plans can often result in moving offices geographically, a change in management structure or
redefining the roles and needs of departments or individuals. As a result, some employee redundancy costs are
incurred. Payments are also made to employees for successful delivery of integration plans.
Depending on the size and nature of the acquisition and the complexity of the integration plan, acquisition restructuring
and integration costs can be incurred for up to 12 months post-acquisition.
Acquisitions \u2013 legal and professional costs
The Group periodically considers and analyses potential acquisition targets and recognises there is inherent complexity
and risk associated with acquisitions. The Group manages this by employing external professional advisors to perform legal,
financial, commercial and tax due diligence on targets. These costs relate to opportunities the Group identifies and pursues,
of which a portion result in successful acquisitions by the Group. Such legal and professional costs are classified as
adjusting items as they relate to significant strategic transactions and, except for the transactions in question, the business
would not have incurred these costs and as a result these costs are deemed to be non-recurring costs that do not relate to
the underlying trading operations of the business. There have been no such costs incurred in 2022.
Other legal and professional costs
The Group incurs legal and professional costs that are non-recurring, one-off in nature and not related to trading activities.
These costs are included as adjusted items and can include, but are not limited to, legal costs for one off matters and other
fees associated with investor activities.
Non-cash \u2013 revaluation of SBM option
On 10 May 2021, THG entered into a call option with SB Management Limited (\"SBM\"), a wholly owned subsidiary of
SoftBank Group Corp, to purchase 19.9% of the share capital of THG Ingenuity for $1.6bn. On 26 July 2022, the Group
announced that in light of global macroeconomic conditions the SBM option agreement had been terminated by mutual
agreement. The call option granted by THG to SBM will not therefore be, and will cease to be capable of being exercised.
At 31 December 2022, the option has therefore been derecognised.
The option had previously been classified as a derivative instrument, an option that held value for SBM and consequently
fell under the provisions of IFRS 9 (Financial Instruments). The impact of the derecognition is a non-cash \u00a30.6m gain
recognised on the revaluation. As this is a non-recurring transaction the revaluation effects of this option have been
presented as an adjusted item.
2022 2021
\u00a3'000 \u00a3'000
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements 2,300 2 ,150
Other audit fees, principally in respect of audits of accounts of subsidiaries - 150
Total audit fees 2,300 2,300
Other services:
- other assurance services
1
100 100
Total non-audit services 100 100
Total fees 2,400 2,400
1. Fees in respect of other assurance services relate to interim procedures in accordance with International Standard for Review Engagements (UK and Ireland) 2410.
2022 2021
Note \u00a3'000 \u00a3'000
Wages and salaries 283,080 270,063
Social security costs 32,091 2 7,6 1 5
Pension costs 10,407 7,6 0 6
Share-based payments 7 10,734 -
336,312 305,284
2022 2021
Number Number
Retail 3,287 3,023
Administration 1,051 1,285
Distribution 3,834 3,555
Information technology 869 744
9,041 8,607
5. Auditors' remuneration
6. Employee costs and Directors\u2019 remuneration
The aggregate amount of employee costs included above that have been capitalised within platform development costs
was \u00a350.5m (2021: \u00a344.4m).
The costs incurred in respect of the Executive Directors and Non-Executive Directors, who are regarded as the key
management personnel, were as follows:
The above table reflects the full time equivalent (FTE) number of employees calculated as an average throughout
the year. The total staff numbers on a FTE basis at 1 January 2022 were 10,185 and at 31 December 2022 were 8,239.
No retirement benefits are accruing to any of the Directors at 31 December 2022 (2021: nil).
The average number of employees (including executive directors) during the year was:
2022 2021
\u00a3'000 \u00a3'000
Wages and salaries 1,056 600
Social security costs 124 65
Pension costs 1 -
1,18 1 665
7. Share-based payments The Group operates a share-based compensation plan, under which the Group receives services from employees as consideration for equity settled instruments (options) of the Company. Options over Ordinary Shares were granted to participants on 16 June 2022, with top up options awarded to certain participants on 3 October 2022. The fair value of the employee services received in exchange for the grant of the equity instruments is recognised as an expense in the Statement of Comprehensive Income with the corresponding increase to equity. The option awards will vest in three equal tranches on 31 December 2022, 31 December 2023 and 31 December 2024 provided participants remain in continued employment with the Company at each date. Performance conditions are attached to a small proportion of the awards to a small number of participants. 2022 2021 \u00a3'000 \u00a3'000 Expense arising from equity-settled share-based payment transactions 10,734 - The following table shows the shares granted and outstanding at the beginning and end of the year: 2022 Finance income Number of shares As at 1 January - Granted during the year 43,352,699 Vested during the year (12,547,412) Forfeited during the year (1,556,687) As at 31 December 29,248,600 8. Finance income and cost 2022 2021 \u00a3'000 \u00a3'000 Finance income Bank interest receivable 2,359 323 Derivative financial instrument - 300 2,359 623 Finance costs Bank interest payable and charges 42,791 36,496 Interest on lease liabilities 14,332 12,350 Revaluation of SBM option (601) 601 56,522 49,447 2022 2021 \u00a3'000 \u00a3'000 Loss before tax (549,728) (186,287) Tax at statutory rate of 19% (2021: 19%) (104,448) (35,395) Tax effects of: Adjustments in respect of prior year (3,789) 5,14 4 Expenses not deductible 57,11 5 20,387 State taxes - (869) Effect of higher tax rates in other jurisdictions 350 1,943 Losses not recognised / (recognised) in the year 42,708 (26,126) Effect of change in tax rate (1,707) (13,297) (9,771) (48,213) 2022 2021 Note \u00a3'000 \u00a3'000 Current tax Tax charge for the year 2,218 10,057 Adjustments in respect of prior year (3,025) 4,349 (807) 14,406 Deferred tax Origination and reversal of temporary differences (6,493) (50,116) Adjustments in respect of prior year (764) 795 Change in tax rates (1,707) (13,298) 21 (8,964) (62,619) Total income tax credit (9,771) (48,213) The effective tax rate is 1.8% (2021: 25.88%) and is explained below: The standard rate of corporation tax in the UK is 19%. The main rate of UK corporation tax will increase from 19% to 25% with effect from 1 April 2023. This change was introduced by Finance Act 2021 and substantively enacted on 24 May 2021. The effective tax rate is 1.8% (2021: 25.9%), based on a total tax credit of \u00a39.8m (2021: \u00a348.2m). The effective tax rate differs from the average statutory rate of 19%. This is primarily due to a movement in deferred tax not recognised (-7.8%), and the impact of goodwill impairment (-9.3%). At the balance sheet date the total net deferred tax liability is \u00a376.6m (2021: \u00a373.8m). The deferred tax liability in respect of intangible assets recognised on consolidation was \u00a3150.8m (2021: \u00a3151.6). The deferred tax asset in respect of tax losses recognised was \u00a354.8m (2021: \u00a360.2m). There were \u00a357.8m of unrecognised deferred tax assets in respect of tax losses at the balance sheet date (2021: \u00a3nil). This non-recognition has an impact on the income statement tax credit, and this is one of the primary reasons for the effective tax rate being below the statutory rate. 9. Income tax The key inputs to calculate the charge are the share price at the date of grant and an assumption around those not remaining in continued employment, spread across the vesting period. Achievement of performance conditions have been considered where appropriate. The range of exercise prices are \u00a30.00 to \u00a30.11, and the weighted average remaining contractual life is 9.6 years. Business Country of incorporation Nature of activity Date of acquisition Purchase consideration \u00a3\u2019000 Percentage ownership Dermstore USA Professional skincare online retailing 2 February 2021 260,898 100% Indigo Environmental England and Wales Recycling provider 3 March 2021 6,316 1 100% Arrow Films England and Wales Motion picture distribution activities 5 March 2021 18,490 2 100% More Trees England and Wales Tree planting 1 April 2021 3,227 3 100% Private Label Nutrition England and Wales Vitamin, mineral and supplement manufacturer 16 April 2021 3,667 4 100% Preston Plastics England and Wales Recycling provider 27 April 2021 18,881 100% Brighter Foods England and Wales Manufacturing and developing cold-pressed and cold form snack bars 11 May 2021 43,800 5 100% Bentley Laboratories USA Prestige skincare and haircare manufacturing 15 June 2021 1 7 7,6 0 2 100% Cult Beauty England and Wales Online beauty retailer 3 August 202 289,302 100% The Group also paid \u00a30.6m on 28 July 2021 for the trade and certain assets of Morv\u00e9lo, a retailer of cycling clothing. 10. Business combinations 2022 Business combinations During 2022, the Group has concluded on the fair value of the net assets in respect of acquisitions completed in 2021, resulting in a decrease of \u00a32.4m in net assets and a corresponding increase in goodwill. Cash flows from investing activities include a cash outflow of \u00a35.7m relating to acquisitions has been recognised in the statement of cash flows. This amount relates to the finalisation of completion accounts net of the payment of contingent consideration in the period. 2021 Business combinations Details of the acquisitions are as follows: Reason for 2021 business combination Dermstore, Cult Beauty and Bentley Laboratories expand THG\u2019s presence in the beauty sector with globally recognised brands, including in the US market and also provide in-house skincare and haircare new product development capabilities and manufacturing. Brighter Foods and Private Label Nutrition enhance THG\u2019s vertical integration strategy with the production and retail of bars, vitamins, minerals and supplements and will accelerate future development in this area. Indigo Environmental, Preston Plastics and More Trees form part of THG Eco and are part of THG\u2019s strategy to off-set THG\u2019s existing usage and footprint and to enhance THG\u2019s processing capabilities to provide sustainability solutions and consulting to THG\u2019s suppliers, partners and customers. Arrow Films will facilitate THG\u2019s vertical integration of retail and wholesale physical film content as well as providing digital opportunities and growth potential in this area. Dermstore Indigo Environmental Arrow Films More Trees Private Label Nutrition Preston Plastics Brighter Foods Bentley Laboratories Cult Beauty Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Intangible assets - brands 216,949 180 3,000 - 228 488 1,200 19,989 252,702 494,736 Intangible assets - customer lists - 493 5,700 - 1,001 2,596 24,700 26,014 - 60,504 Intangibles - other intellectual property - - - - - - - 3,119 - 3,119 Deferred tax (56,407) (156) (2,078) - (290) (731) (6,315) (12,771) (61,744) (140,492) Total fair value on acquisition 160,542 517 6,622 - 939 2,353 19,585 36,351 190,958 4 1 7, 8 6 7 2021 Contingent consideration The contingent consideration arrangements require the Group to pay the former owners based on performance targets post-acquisition. The potential undiscounted amount of all future payments that the Group could be required to make under the contingent consideration arrangements is between \u00a3nil and \u00a319.3m. The performance targets are based on EBITDA or revenue. The fair value of the contingent consideration arrangements of \u00a315.2m was estimated by applying the probability of the hurdles being reached as at December 2022. The fair value estimates are based on an assumed probability of 79%. The amounts recognised in respect of the fair value of identifiable assets acquired and liabilities assumed are as set out in the table below. The exercise to determine the fair value of the acquired assets and liabilities is complete. The final fair values of the assets and liabilities and the associated goodwill arising from the acquisitions are as follows: Dermstore Indigo Environmental Arrow Films More Trees Private Label Nutrition Preston Plastics Brighter Foods Bentley Laboratories Cult Beauty Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Final net assets acquired 170,261 2,736 11,754 (21) 2,042 6,607 28,359 70,656 199,692 492,086 Goodwill 90,637 3,580 6,736 3,248 1,125 12 ,274 15,441 108,122 90,611 331,774 Purchase consideration 260,898 6,316 18,490 3,227 3,1 67 18,881 43,800 178,778 290,303 823,860 Transaction costs 2,430 237 336 182 198 547 781 1,245 3,518 9,474 The goodwill recognised in the prior year has not been restated following the finalisation of completion accounts. Instead goodwill in the current year has been adjusted for \u00a32.4m to reflect these changes to the final fair value of the net assets acquired. The purchase consideration in total was \u00a3822.2m, which was materially finalised in 2022. This comprised of cash totalling \u00a3807.0m plus contingent consideration totalling \u00a315.2m. Transaction costs comprise mainly of advisor fees, including financial, tax and legal due diligence costs and these are included in acquisition \u2013 legal and professional costs in adjusted items in note 4. The following intangible assets were recognised at acquisition: 1. Contingent consideration as at 31 December 2022 was \u00a31.8m, which is dependent upon performance targets post acquisition 2. Contingent consideration as at 31 December 2022 was \u00a30.3m, which is dependent upon performance targets post acquisition 3. Contingent consideration as at 31 December 2022 was \u00a32.7m, which is dependent upon performance targets post acquisition 4. Contingent consideration as at 31 December 2022 was \u00a36.5m, which is dependent upon performance targets post acquisition 5. Contingent consideration as at 31 December 2022 was \u00a31.2m, which is dependent upon performance targets post acquisition 2021 Goodwill The goodwill is attributable to the cost synergies and cross-selling opportunities that are expected to be achieved from incorporating the businesses into the Group\u2019s platform. This will support existing operations. In the case of Bentley Laboratories, includes the expertise and skillset of the workforce which will lead to a further enhancement of our presence in the divisions in which the Group operate. Bentley has an industry-leading research and development team of 25 who are at the forefront of its clients\u2019 innovation strategies, with over 650 unique formulations and over 700 new product launches since 2017. The Goodwill for Cult Beauty and Dermstore also includes a significant amount for the expertise and skillset of the workforce, reflecting the existence of a well-trained, organised and efficient workforce of over 200 people for Cult Beauty and approximately 100 for Dermstore. The Goodwill for all acquisitions apart from Bentley Laboratories is not deductible for tax purposes. Dermstore Indigo Environmental Arrow Films More Trees Private Label Nutrition Preston Plastics Brighter Foods Bentley Laboratories Cult Beauty Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Purchase consideration 260,898 6,316 18,490 3,227 2,667 18,881 43,800 179,956 291,302 825,537 Contingent consideration - (1,750) (3,000) (2,738) - (6,000) (1,200) - - (14,688) Cash and cash equivalents acquired (9,698) (572) ( 7,479) (11) (477) (178) (2,646) (703) (20,595) (42,359) Net cash flows 251,200 3,994 8,011 478 2,190 12,703 39,954 179,253 270,707 768,490 Cash flows arising from the acquisitions in the prior year were as follows: Goodwill Platform development costs Intellectual property Brands New product development Total Cost or valuation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u201900 0 At 1 January 2021 421,684 179,742 146,749 110,1 70 4,765 86 3,110 Transfers - (6,919) 1,474 (1,474) 195 (6,724) Additions 78 47, 5 87 24,135 2,559 3,710 78,069 Business combinations (note 10) 329,401 - 63,623 494,736 - 887,760 Currency translation 3,919 28 2,858 1,933 1 8,739 Disposals - (1,611) (41,249) (566) - (43,426) At 31 December 2021 755,082 218,827 197,590 607,358 8,671 1,787,528 At 1 January 2022 755,082 218,827 197,590 607,358 8,671 1,787,528 Transfers - 2,592 - - - 2,592 Additions - 55,513 20,736 353 4,513 81,115 Business combinations (note 10) 2,375 - - - - 2,375 Currency translation 33,520 348 6,110 33,045 29 73,052 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 790,977 268,249 223,972 640,756 13,213 1,937,167 Accumulated amortisation At 1 January 2021 270 103,440 61,621 22,12 1 1,365 188,817 Transfers - (3,438) - - - (3,438) Amortisation - 36,894 35,921 24,682 1,536 99,033 Impairment loss 33,359 1,759 4,637 - - 39,755 Currency translation - (4) 420 36 - 452 Disposals - (1,568) (41,249) (566) - (43,383) At 31 December 2021 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 At 1 January 2022 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 Transfers - - - - - - Amortisation - 39,837 28,980 38,274 1,884 108,975 Impairment loss 271,003 - 2 ,194 20 373 273,590 Currency translation - 443 3,263 3,386 7 7,099 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 304,632 168,332 95,323 87, 95 3 5,1 65 661,405 NBV At 1 January 2021 421,414 76,302 85,128 88,049 3,400 674,293 At 31 December 2021 721,453 81,744 136,240 561,085 5,770 1,506,292 At 31 December 2022 486,345 99,917 128,649 552,803 8,048 1,275,762 11. Intangible assets Included within Intellectual property is \u00a34.4m (2021: \u00a33.3m) of capitalised costs incurred to obtain a contract with a customer. The costs relate to sales commissions paid to sales personnel upon initial acquisition of a customer contract. Amortisation of \u00a30.8m (2021: \u00a30.6m) was recognised in the period in relation to these assets. Impairment tests for goodwill and other intangible assets An impairment charge of \u00a3182.9m has been recognised within the THG Beauty CGU in respect of goodwill. This has arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible Goodwill and intangible assets that have an indefinite useful life are subject to annual impairment testing, or more frequently following the completion of the divisional reorganisation during the year, as well as more challenging global markets if there are indications of impairment. following the macroeconomic, inflationary and interest rate pressures driven by, amongst other things, the Russia-Ukraine conflict. This macroeconomic uncertainty has adversely impacted many markets and in particular growth stocks. Intangible assets and goodwill are reviewed by assessing the appropriate cash generating units (CGUs) annually, which are identified based on the smallest identifiable group of assets that generate cash inflows largely independently. THG Beauty has completed a significant amount of acquisitions in the past few years which have generated a substantial amount of intangible assets on balance sheet. These factors combined with the challenging macroeconomic environment Following the completion of the divisional reorganisation, the Directors have assessed the identified CGUs of the Group impacting several of the key assumptions, particularly the discount rate, has led to the impairment of some of the goodwill at 31 December 2022. The Directors have concluded that as a result of the reorganisation there has been a change in that has arisen on these acquisitions. CGUs. The divisional reorganisation has led to the assets and cash flows of each division being separately identifiable. The Directors have concluded that there are now six CGUs within THG, being THG Beauty, THG Nutrition, THG Ingenuity, THG The impairment charge is recorded within administrative expenses and adjusting items within the consolidated OnDemand, THG Luxury and THG Experience. This corresponds to the organisational structure that changed during the year. income statement. Separately-identifiable cash flows are only available for the Group\u2019s operating segments and therefore CGUs are consistent Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably with the new operating segments also identified in 2022 (see note 2). Note that the discontinued categories segment possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was primarily relates to THG OnDemand. a reduction in revenue of 5.0% per annum this would give a further impairment of \u00a362m; a margin reduction of 50bps per annum, \u00a3108m; and an increase in discount rate of 1.0%, \u00a350m. None of these scenarios reflect potential mitigations, Goodwill has arisen from previous business combinations across the Group and is allocated to the CGUs that are expected including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential to benefit from the synergies of those acquisitions. The recoverable amounts of these CGUs are the higher of fair value less capex and increased cost control, such as reducing stock levels and new customer marketing investment. costs to dispose (FVLCTD) and value-in use (VIU). Management has reviewed each CGU in turn and has adopted the VIU approach for THG Nutrition and THG Experience, THG Ingenuity with a FVLCTD approach being adopted for THG Beauty, THG Ingenuity, THG OnDemand and THG Luxury to establish a recoverable amount under IAS 36. Key Assumption Discount rates are based on the weighted average cost of capital of a typical market participant. The post tax discount rate used is THG Beauty (Goodwill totalling \u00a3353.2m with an indefinite life after impairment charge) and THG Ingenuity Discount rate 13.3% (pre-tax discount rate 17.7%). The discount rate reflects an upwards adjustment for a risk premium input given the nascent (Goodwill totalling \u00a3nil after impairment charge) nature of this CGU. For both THG Beauty and THG Ingenuity, management has estimated a FVLCTD using a discounted cashflow method. This Forecasts are based on assumptions from the Board approved budget with projections extending ten years. The key assumptions method relies on inputs not normally observable by market participants and is therefore categorised at Level 3 in the fair within the forecasts are the future revenue growth and EBITDA margin along with capital expenditure. The projections, are based on the best estimate of future cash flows, taking into account growth from the high levels of investment in our global infrastructure and value hierarchy. Forecast cash flows the success of the new strategy launched in 2022. The strategy targets certain high growth key territories and markets. The result of the historic and ongoing investment combined with the expected market growth is a double digit growth rate within this CGU. The The directors concluded that FVLCTD was more appropriate for valuing the Group because for both of these CGUs the cash Directors believe the forecasts are reasonable and consistent with the strategy adopted by Ingenuity. flows will be generated from the future growth expectation which is not captured in a standard length of a VIU calculation. For THG Beauty this is due to the strong growth anticipated within online beauty markets, in part driven by continued online Long-term A long-term growth rate of 3.0% was used for cash flows after the ten year period which is based on the long-term growth rate growth rate across digital markets. adoption and combined with the high growth expectation from the acquisitions that have been completed in recent years, including Dermstore and Cult Beauty. For THG Ingenuity future growth is expected driven by the capital investment made in the platform and global infrastructure, principally warehousing as well as the continued drive by global industry to digitalise An impairment charge of \u00a387.0m has been recognised within the THG Ingenuity CGU in respect of goodwill. This has their business models. arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible following the completion of the divisional reorganisation during the year. Following the appointment of our new CEO of The key assumptions made are as follows: THG Ingenuity in 2022, the Group has repositioned its strategy. Management believe they have made sensible growth assumptions given the recent change in strategy, but however notes that the addressable market and the growth rate prospects of the sectors in which THG Ingenuity operates provide the opportunity for significant growth as the THG Beauty strategy embeds. Alongside this, THG Ingenuity has made significant investment for the future in its platform and global infrastructure network. These factors combined with the challenging macroeconomic environment impacting several of Key Assumption the key assumptions, particularly the discount rate, has led to the impairment of the historic Goodwill within the CGU. The The discount rate is based on the weighted average cost of capital of a typical market participant. The post-tax discount rate used is Directors consider that if valued on a replacement cost basis, the valuation of the remaining intangible and tangible assets Discount rate 12.9% (pre-tax discount rate 17.2%). The discount rate reflects an upwards adjustment for a risk premium input. would be equal to, or in excess of, the carrying value. Forecasts are based on assumptions from the Board approved budget with projections extending eight years. The key assumptions The impairment charge is recorded within administrative expenses and adjusting items within the consolidated within the impairment assessment are the future revenue growth and EBITDA margin in the forecasts, as well as discount and income statement. interest rates. The projections, are based on the best estimate of future cash flows, taking into account growth from the high repeat Forecast cash flows nature of the beauty customer base, the strong growth anticipated in the beauty markets. The market in which THG Beauty operates is expected to continue to grow as documented by wider market commentary, supported by digital shift to online (given relatively Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably low levels of online penetration), as well as further international opportunities all resulting in double digit growth rates. The directors possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was a believe the forecasts are reasonable and consistent with the strategy and are underpinned by market data. reduction in revenue of 5.0% per annum this would give a further impairment of \u00a3295m; a margin reduction of 50bps per annum, \u00a3262m; and an increase in discount rate of 1.0%, \u00a357m. None of these scenarios reflect potential mitigations, Long-term A long-term growth rate of 3.0% was used for cash flows after the eight year period which is based on the long-term growth rate growth rate across the beauty market. including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential capex and increased cost control, such as investment in the platform. 12.1 Property, plant and equipment Motor vehicles Plant and machinery Fixtures and fittings Computer equipment and software Leasehold improvements and freehold buildings Total Cost \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 At 1 January 2021 2,055 70,080 74,435 66,942 103,751 31 7, 2 63 Additions 119 45,277 36,125 28,667 15,991 126,1 7 9 Business combinations 213 11,877 765 738 3,380 16,973 Transfers - - - 6,722 - 6,722 Currency translation differences (1) (541) (859) (44) 131 (1,314) Disposals (54) (245) (3,016) (2,551) (250) (6,116) At 31 December 2021 2,332 126,448 107,450 100,474 123,003 459,707 At 1 January 2022 2,332 126,448 107,450 100,474 123,003 459,707 Additions 12 16,370 40,461 21,446 1 7, 3 0 9 95,598 Transfer to assets held for sale (note 12.2) - (702) (6,831) - (17,071) (23,902) Transfers - (2,592) - - - (2,592) Currency translation differences - 3,137 2,461 2,031 478 8,107 Disposals (27) (263) (2,148) (5,232) - ( 7,67 0 ) At 31 December 2022 2,317 1 43,100 141,393 118,719 123,719 529,248 Accumulated depreciation At 1 January 2021 1,095 9,038 20,442 18,478 2 7,98 9 7 7,0 42 Depreciation (note 3) 250 11,623 6,833 17,174 2,389 38,269 Impairment - 5,533 2,555 1,224 67 9,379 Transfers - - - 3,438 - 3,438 Currency translation differences - 242 (147) 26 67 188 Disposals (54) (251) (1,344) (2,330) (250) (4,229) At 31 December 2021 1,291 26,185 28,339 38,010 30,262 124,087 At 1 January 2022 1,291 26,185 28,339 38,010 30,262 124,087 Depreciation (note 3) 323 16,238 9,799 21,018 3,518 50,896 Impairment of assets held for sale - - 1,831 - - 1,831 Transfer to assets held for sale (note 12.2) - - (1,831) - (674) (2,505) Currency translation differences - 840 409 1,083 131 2,463 Disposals (27) (160) (2,148) (5,230) - ( 7, 5 6 5 ) At 31 December 2022 1,587 4 3,103 36,399 54,881 33,237 169,207 NBV At 1 January 2021 960 61.042 53,993 48,464 75,762 240,221 At 31 December 2021 1,041 100,263 79,111 62,464 92 ,741 335,620 At 31 December 2022 730 99,997 104,994 63,838 90,482 360,041 THG OnDemand and THG Luxury (Goodwill totalling \u00a3nil) THG OnDemand CGU and THG Luxury CGU include categories and territories that management has now chosen to exit following the completion of the Strategic Review of these businesses in Q1 2023. As such, management has estimated a FVLCTD for specified assets. FVLCTD are valued using Level 3 fair value hierarchy inputs based on management\u2019s estimate of the recoverable amount of the assets within these divisions. An impairment charge of \u00a32.2m has been recognised within THG OnDemand CGU and \u00a31.6m within THG Luxury CGU both in respect of other intangibles. This is driven by the decision to exit loss-making categories and territories. The impairment charge is recorded within administrative expenses and adjusting items - Impairment of assets within the discontinued categories in the consolidated income statement. THG Nutrition (Goodwill totalling \u00a3133.1m with an indefinite life) The key assumptions used within the VIU calculation are: Key Assumption Discount rate The post tax discount rate used is 9.1% (pre-tax discount rate 11.7%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across online sports and nutrition retailing. No impairment has been recognised for THG Nutrition. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. THG Experience (Goodwill totalling \u00a3nil) The key assumptions used within the VIU calculation are: As explained within note 12.2, an impairment charge of \u00a31.8m was recognised in respect of non-core assets when classified as held for sale during the year to reflect the difference between their carrying value and expected selling price. No additional impairment has been recognised for any remaining assets within the THG Experience CGU. At 31 December 2022, the recoverable amount is determined on a VIU calculation using cash flow projections and the FVLCTD for specified non-core assets held for sale. FVLCTD are valued using Level 2 fair value hierarchy inputs based on quoted prices in an active market. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. Key Assumption Discount rate The post tax discount rate used is 8.8% (pre-tax discount rate 10.9%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across the UK hospitality industry. 14. Financial assets and liabilities Note 2022 2021 Assets as per balance sheet \u2013 financial assets \u00a3'000 \u00a3'000 Trade and other receivables excluding non-financial assets 15 162,835 157,345 Cash and cash equivalents 16 473,783 536,827 Investments 1,400 1,400 Assets as per balance sheet - held at fair value through OCI Derivative financial instruments designated as hedging instruments 21,567 2,400 Derivative financial instruments held at fair value through profit and loss 301 300 659,886 698,272 13. Inventories 2022 2021 \u00a3'000 \u00a3'000 Goods held for resale 29 6,133 378,605 Raw materials 72,327 80,542 Goods in transit 4,811 7, 6 3 4 373,271 466,781 Goods in transit relate to goods whose control is still to be transferred to the customers as of the reporting date. The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a31,272.9m (2021: \u00a31,178.7m). The value of inventories written down and recognised as an expense in the statement of comprehensive income in the year was \u00a38.6 (2021: \u00a37.6m). Within goods held for resale is a \u00a33.0m (2021: \u00a33.0m) right to recover asset which represents the carrying value of inventory expected to be received back from customers as returns. Financial instruments included within current assets and liabilities, excluding borrowings, are generally short-term in nature and accordingly their fair values approximate to their book values. Bank borrowings are initially recorded at fair value net of direct issue costs. The derivative financial instruments designated as hedging instruments have been recognised at fair value through Other Comprehensive Income. Hedging instruments used are measured based on observable inputs and have been classified at Level 2 hierarchy level in line with IFRS 13 \u2018Fair Value Measurement\u2019 During 2021, derivative financial instruments held at fair value through profit and loss related solely to the option to invest i n THG Ingenuity held by SBM, announced on the 10 May 2021. This was to allow for an investment of c.$1.6bn for a 19.9% of THG Ingenuity equity once THG Ingenuity has been separated into an investable entity. The derivative was recognised at fair value and was valued based on a Black-Scholes model utilising market-corroborated inputs and had been classified as Level 2. On 26 July 2022, the Group announced that in light of global macroeconomic conditions, the SBM option agreement had been terminated by mutual agreement. The call option granted by THG to SBM will not therefore be, and will cease to be capable of being exercised. At 31 December 2022, the option has therefore been derecognised, with the impact of the derecognition being reflected within finance costs. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange, interest rate, and cash flow contracts are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. All the hedging activities and derivatives are established to be effective. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives. Note 2022 2021 Liabilities as per balance sheet \u2013 other financial liabilities at amortised cost \u00a3'000 \u00a3'000 Bank borrowings 18 67 9,189 489,865 Lease liabilities 22 334,376 349,1 73 Trade and other payables excluding non-financial liabilities 17 574,994 645,712 Liabilities as per balance sheet - other financial liabilities at fair value Derivative financial instruments designated as hedging instruments 4,189 21,342 Derivative financial instruments held at fair value through profit and loss - 601 1,592,748 1,506,693 Derivative financial instruments designated as hedging instruments FX forwards hedging foreign exchange risk on borrowings (3,377) (21,342) Interest rate swaps 21,567 621 FX forwards hedging foreign exchange risk on highly probable future cash flows (812) 1,779 1 7, 378 (18,942) 2022 Notional Impact on OCI 1 Recycled through statement of comprehensive income Notional \u00a3'000 \u00a3'000 Derivatives hedging foreign exchange risk on borrowings \u20ac600,000,000 (4,013) 18,714 Derivatives hedging interest rate risk on borrowings \u20ac600,000,000 15,710 759 Derivatives hedging foreign exchange risk on future cash flows \u00a3150,608,646 (1,943) (3,830) 1. Impact on OCI is shown net of deferred tax. 12.2 Assets held for sale In Q4 2022, the Group committed to a plan to sell some non-core freehold buildings that were no longer in use by the Group and not required to execute its future strategy. In accordance with IFRS 5: Non-current assets held for sale and discontinued operations, the assets were classified as held for sale on the Groups statement of financial position at 31 December 2022. Immediately before the classification as an asset held for sale, the recoverable amount was estimated and an impairment loss of \u00a31,831,000 was recognised to reduce the carrying amount of the assets to their fair value less costs to sell. This was recognised within adjusted items (note 4) as this was a one-off charge outside the normal course of business. The assets held for sale are valued using Level 2 fair value hierarchy inputs based on quoted prices in an active market. As at 31 December 2022, there was no further write-down as the carrying amount of the assets held for sale did not fall below their fair value less costs to sell. These assets were previously recognised within the THG Ingenuity and THG Experience operating segments. 2022 2021 Assets classified as held for sale \u00a3'000 \u00a3'000 Transfer from property, plant and equipment (note 12.1) 21,397 - 21,397 - Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group regularly forecasts cash flows and maintains an appropriate balance of cash and debt facilities to ensure that sufficient funds are available to cover future expenses and capital expenditure. The Group held \u20ac600m notional of forward contracts expiring in December 2024 and \u20ac600m notional of interest swaps expiring in December 2026. Maturity of the Group\u2019s derivative and non-derivative financial liabilities are given below. Included within trade payables is \u00a353.7m (2021: \u00a342.3m) due to suppliers that participate in the Group\u2019s supply chain financing agreement. The agreement does not change the suppliers agreed payment terms directly with the Group. Contractual amount Carrying amount Tot al Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years More than 5 years \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 31 December 2022: Bank borrowings 679,189 691,808 - 30,991 - 660,817 - Lease liabilities 334,376 447,847 12 ,188 31,942 44,289 8 7, 1 4 8 272,280 Trade payables 574,145 574,145 568,486 5,659 - - - Derivative financial liabilities 4,189 4,189 - - 4,189 - - 31 December 2021: Bank borrowings 489,865 502,962 - 752 - 502,210 - Lease liabilities 349,173 499,770 10,653 32 ,112 39,353 105,567 312,085 Trade payables 645,712 645,712 615,748 29,964 - - - Derivative financial liabilities 21,943 21,943 - 21,943 - - - Foreign currency risk The Group trades internationally and is exposed to exchange rate risk on purchases (Euro, US dollars, and Polish Zloty) and sales (primarily in Euro and US dollars). The Group\u2019s results are presented in Sterling and are thus exposed to exchange rate risk on translation of foreign currency assets and liabilities. The Group\u2019s approach to managing foreign exchange risk is to designate cash flow hedges across a combination of for- wards and spot transactions, whose fair value is based on the observable market value of the respective instrument, taking into account foreign exchange rates and market volatility at the balance sheet date. The Group is also exposed to EUR:GBP exchange rate risk on a \u20ac600m loan within the Group and mitigates this risk through the use of hedging instruments in the form of FX forward contracts. As at 31 December 2022, the Group held \u20ac600m notional of forward contracts expiring in December 2026. The Group\u2019s foreign exchange exposure is predominantly Euro, US Dollars and Polish Zloty. If the closing exchange rate was 5% higher/lower, the Group\u2019s statement of Comprehensive Income would be impacted as follows: Change in foreign exchange rate Effect on change in EUR rate 1 Effect on change in USD rate 2 Effect on change in PLN rate \u00a3'000 \u00a3'000 \u00a3'000 2022 +5% (271) 3,222 2,834 2022 -5% 300 (3,561) (3,132) 2021 +5% 20 4,554 1,832 2021 -5% (22) (5,034) (2,025) 1. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a310.4m (2021: \u00a311.7m) reflecting the impact of the derivative hedges associated with the \u20ac600m term loan B. 2. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a333.5m reflecting the impact of the substantial other intangible assets denominated in USD. The fair value of bank borrowings at 31 December 2022 was \u00a3686.6m (2021: \u00a3503.3m). There is no material difference between the fair value and the carrying value of the bank borrowings. Interest rate risk The Group is exposed to EURIBOR and SONIA through its loan facilities and has entered into a series of interest rate swap agreements to mitigate this risk. As of 31 December 2022, the Group held \u20ac600m expiring December 2026. Interest rate sensitivity is summarised in note 18. The Group\u2019s financial risks are detailed on pages 88-93 in this Annual Report. Changes in liabilities arising from financing activities The changes in liabilities arising from financing activities are presented below: 1 January 2022 Cash flows New leases & Lease modifications Proceeds from bank borrowings Foreign exchange movement Other 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 489,865 (24,469) - 156,000 2 7,32 6 30,467 679,189 Lease liabilities 3 49,173 (49,013) 10,930 - 9,156 14,130 334,376 Total liabilities from financing activities 839,038 (73,482) 10,930 156,000 36,482 44,597 1,013,565 1 January 2021 Cash flows New leases & Lease modifications Foreign exchange movement Other 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 526,159 (25,359) - ( 37,867 ) 26,932 489,865 Lease liabilities 236,18 5 (36,216) 137,158 (304) 12,350 349,173 Total liabilities from financing activities 762,344 (61,575) 137,15 8 (38,1 7 1) 39,282 839,038 15. Trade and other receivables 2022 2021 \u00a3'000 \u00a3'000 Trade receivables 121,122 119,567 Less: loss allowance (1,805) (2,268) Net trade receivables 119,317 117,299 Prepayments 28,362 21,372 Accrued income 40,004 58,329 Other taxation and social security 33,748 26,883 Other receivables 43,518 40,046 264,949 263,929 The \u2018Other\u2019 column includes the effect of accrued interest on interest-bearing loans and borrowings, including lease liabilities and the effect of prepaid loan fees. The Group classifies interest paid as cash flows from financing activities. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily trade receivables. The Group monitors and reviews exposure to credit risk on an ongoing basis and makes best efforts to ensure recoverability of amounts owed to the Group. Information about the credit risk exposure on the Group\u2019s trade receivables is disclosed in note 15. At 31 December 2022, there were 160,809,675 fully vested, but partly paid and unlisted Shares (31 Dec 2021: 161,439,766). The average amount of unpaid share capital per fully vested but partly-paid and unlisted Share is \u00a30.17 (2021: \u00a30.16) representing a receivable to the Group of \u00a326.9m (2021: \u00a327.0m). The movement in the year is all due to certain fully vested but partly paid and unlisted Shares being paid-up and converted to Ordinary Shares. Trade and other receivables are principally denominated in Sterling. 2022 2021 \u00a3'000 \u00a3'000 Not due 61,178 65,399 0 to 3 months overdue 43,318 47,26 4 More than 3 months overdue 14,626 6,904 121,122 119,567 \u00a3'000 At 1 January 2022 2,268 Charge for the year 2,160 Released (2,741) Utilised (93) Foreign exchange movement 211 At 31 December 2022 1,805 At 31 December 2022 the ageing of trade receivables was as follows: The movement in the loss allowance of trade receivables was as follows: Current 0 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days 90+ days Total Expected credit loss rate 0.64% 1.18% 0.14% 1.74% 7.37 % Estimated total gross carrying amount at default 67,7 8 7 24,320 9,584 6,509 12,922 121,122 Expected credit loss (439) (287) (14) (113) (952) (1,805) At 31 December 2022 67,348 24,033 9,570 6,396 11,970 119,317 The Group\u2019s credit risk exposure on trade receivables using a provision matrix is as follows: The Group has adopted IFRS 9 applying the simplified approach to measure the expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. No provision is required in respect of accrued income. 2022 2021 \u00a3'000 \u00a3'000 Cash and cash equivalents 473,783 536,827 Cash and cash equivalents includes amounts receivable of \u00a33.1m (2021: \u00a33.6m) from banks and \u00a317.4m (2021: \u00a38.9m) from payment providers, for credit and debit card transactions. Such amounts clear the bank shortly after the transaction takes place. 2022 2021 \u00a3'000 \u00a3'000 Trade payables 321,709 297,539 Accruals 244,553 326,957 Other taxation and social security 58,811 28,259 Other payables 1,880 6,160 Government grants 2,635 2,592 Contingent consideration on acquisitions 6,852 15,056 636,440 676,563 17. Trade and other payables 16. Cash and cash equivalents The Directors consider the carrying amount of trade and other payables approximates to their fair value when measured by discounting cash flows at market rates of interest as at the balance sheet date. Contingent consideration on acquisitions is measured at fair value using unobservable inputs (level 3 of the fair value hierarchy). The unobservable inputs used in the fair value calculation include internal data such as forecasts, budgets and actual results to date. The fair values are sensitive to changes in EBITDA or revenue given that these key metrics are what the performance targets are based on. The reduction year on year is driven by payments made of \u00a37.6m, plus \u00a30.5m of hindsight adjustments. Included within trade payables is \u00a353.7m (2021: \u00a342.3m) due to suppliers that participate in the Group\u2019s supply chain financing agreement. The agreement does not change the suppliers agreed payment terms directly with the Group. 18. Interest-bearing loans and borrowings 2022 2021 Note \u00a3\u2019000 \u00a3\u2019000 Current Bank borrowings 30,992 752 Lease liabilities 22 43,995 43,342 74,987 44,094 Non-current Bank borrowings 64 8,197 489,113 Lease liabilities 22 290,381 305,831 938,578 794,944 Bank borrowings relate predominantly to the 7-year Euro term loan B, undrawn 5-year revolving credit facility and an incremental facility obtained during the year. The revolving credit facility is provided by Barclays, HSBC, Santander, Citibank, NatWest and JPM. The term loan B carried an interest rate of 4.50% plus EURIBOR and the revolving credit facility interest rate is SONIA. The Group increased its bank borrowings in 2022 with an incremental facility obtained plus Commercial Facility Loan. This loan is provided by the Groups existing lenders and carries a base rate of Daily RFR (SONIA). The floating element of the term loan B is hedged by interest rate derivatives. Management note that EURIBOR is being reformed as a benchmark rate and are in dialogue with its lending and hedging partners to minimise the impact on the Group as transition occurs. If interest rates moved by 100bps, the Group\u2019s loss before tax would be c.\u00a33.7m higher / lower (2021: c.\u00a35.1m) and the subsequent move on the derivative valuation would cause equity to be c.\u00a318.5m higher / lower (2021: c.\u00a312.5m) as a result of the same move. Net debt consists of loans and lease liabilities, less cash and cash equivalents, defined as referenced in note 22. For the purpose of the Group\u2019s net debt calculation, loans that are denominated in foreign currency are translated at the effective hedged rate where applicable. Net (debt)/cash is an alternative performance measure and is not defined under IFRS. A reconciliation to the most directly comparable IFRS measure is included below: 2022 2021 \u00a3'000 \u00a3'000 Loans and other borrowings (679,189) (489,865) Lease liabilities (334,376) (349,173) Cash and cash equivalents 473,783 536,827 Sub-total (539,782) (302,211) Adjustments: Retranslate debt balance at swap rate where hedged by foreign exchange derivatives 24,782 (2,548) Net debt (515,000) (304,759) Net (debt)/cash before lease liabilities (180,624) 44,414 The contractual maturity analysis of bank borrowings and lease liabilities are given in note 14. The movement on the deferred tax liability during the year is as follows: Accelerated capital allowances Short term timing differences Tax losses Loan relationships Business combinations Other To tal \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 1 January 2022 1,659 (2,446) (60,153) (16,601) 151,615 (308) 73,766 Charged / (credited) to the statement of comprehensive income 4,504 2,758 5,808 (9,026) (12,756) (252) (8,964) (Credited) to equity - (142) - - - - (142) Charged to OCI - - - - - 3,301 3,301 Other / FX (2,802) (64) (465) - 11,968 - 8,637 Closing balance 31 December 2022 3,361 106 (54,810) (25,627) 150,827 2,741 76,598 22. Leases Motor vehicles Plant and machinery Computer equipment and software Land and buildings Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2021 539 665 - 192,683 193,887 Additions 44 - 6 156,467 156,517 Depreciation (note 3) (172) (274) (4) (31,759) (32,209) Lease modifications - - - (427) (427) Impairment - - - (6,856) (6,856) Currency translation differences (33) (17) - (580) (630) As at 31 December 2021 378 374 2 309,528 310,282 As at 1 January 2022 378 374 2 309,528 310,282 Additions - - - 13,608 13,608 Depreciation (note 3) (173) (213) (1) (42,908) (43,295) Lease modifications - - (1) 17,8 5 6 1 7, 8 5 5 Disposals - - - (11,426) (11,426) Currency translation differences 5 3 - 7, 2 7 7 7, 2 8 5 As at 31 December 2022 210 164 - 293,935 294,309 Set out below are the carrying amounts of the right-of-use assets recognised and movements during the period: Dilapidations provisions relate to leased properties. Dilapidations provisions are made based on the best estimate of the likely committed cash outflow and discounted to net present value. Future costs are expected to be incurred over the term of the existing lease arrangements at the reporting date, which is a period of up to 25 years. The following table shows the timeline in which undiscounted costs in relation to the dilapidation provision are expected to be incurred: 19. Provisions Dilapidations Other Tota \u00a3\u2019000 \u00a3\u2019000 \u00a3'000 At 1 January 2022 16,506 - 16,506 Acquired - 2,454 2,454 Utilised (538) (680) (1,218) Created 4,497 - 4,497 Released (468) (209) (677) Discount unwind 202 - 202 FX on retranslation 606 - 606 At 31 December 2022 20,805 1,565 22,370 Current 2,760 770 3,530 Non-current 18,045 795 18,840 Current \u00a3'000 1-5 years \u00a3\u2019000 6-10 years \u00a3\u2019000 11-15 years \u00a3\u2019000 16-20 years \u00a3\u2019000 21-25 years \u00a3\u2019000 Total \u00a3\u2019000 At 31 December 2022 3,025 5,490 2,609 2,367 456 9,736 23,683 At 31 December 2021 883 5,144 3,663 2,367 456 6,021 18,534 20. Contract liabilities 2022 2021 \u00a3\u2019000 \u00a3'000 Contract liabilities 34,256 36,143 Contract liabilities are the consideration received from the customers for sales where the Group still has an obligation to transfer goods or services, which predominately relates to THG Beauty and THG Nutrition. 100% of the transaction price of the unsatisfied contracts as at 31 December 2021 were recognised as revenue during 2022. 21. Deferred tax 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Short term timing differences 106 (2,446) Accelerated capital allowances 3,361 1,659 Business combinations 150,827 151,615 Tax losses (54,809) (60,153) Loan relationships (25,627) (16,601) Derivatives 3,558 257 Other balance sheet amounts (818) (565) 76,598 73,766 The deferred tax balance comprises: Other provisions relate to onerous contracts. The amount of \u00a32.4m acquired in the year relates to a hindsight adjustment in relation to a prior year acquisition. At the balance sheet date there are unrecognised tax losses of \u00a357.8m (2021: \u00a3nil). Set out below are the carrying amounts of lease liabilities (included under note 18 interest-bearing loans and borrowings) and the movements during the period: 2022 2021 \u00a3'000 \u00a3'000 As at 1 January 349,1 73 236,185 Additions 6,620 1 37,601 Accretion of interest 14 ,13 0 12,350 Payments (49,012) (36,216) Lease modifications 1 7, 8 2 0 (443) Disposals (13,510) - Currency translation differences 9,155 (304) As at 31 December 334,376 349,173 Current 43,995 43,342 Non-current 290,381 305,831 2022 2021 \u00a3'000 \u00a3'000 Depreciation expense on right-of-use assets 43,295 32,209 Interest expense on lease liabilities 14 ,13 0 12,350 5 7,425 44,559 23. Share capital and reserves THG PLC is a public company limited by shares and incorporated in England and Wales. It has a standard listing on the London Stock Exchange and is the holding company of the Group. The Company has ten classes of shares; Ordinary Shares of \u00a30.005 each, all of which are fully paid; D1 Shares of \u00a30.005 each; D2 Shares of \u00a31 each, all of which are fully paid; E Shares of \u00a30.005 each; F Shares of \u00a30.005 each; G Shares of \u00a30.005 each; H Shares of \u00a30.005 each; the Special Share of \u00a31, which is fully paid up; Deferred 1 Shares of \u00a30.005 each; and Deferred 2 Shares of \u00a30.005 each. As at 31 December 2022, the Company\u2019s issued share capital comprised: Class 2022 Number Nominal value \u00a3 each Ordinary Shares 1,265,377,243 0.005 D1 Shares 56,082,651 0.005 D2 Shares 1 7,741 1 E Shares 48,995,797 0.005 F Shares 27,122 , 2 8 7 0.005 G Shares 17,494,614 0.005 Special Share 1 1 Deferred 1 Shares 313,257 0.005 Deferred 2 Shares 21,563,860 0.005 1,436,967,451 The rights attaching to the Shares are set out in the Director\u2019s Report pages 98-101. The maturity analysis of lease liabilities is disclosed in Note 14. The Group had total cash outflows for leases of \u00a349.0m in 2022 (2021: \u00a336.2m). The following are the amounts recognised in the year in the consolidated statement of comprehensive income: Capital risk management The Group\u2019s objectives when managing capital, which comprises equity, are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for Shareholders and benefits for other stakeholders and to maintain an optimal capital structure. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new Shares or sell assets to reduce debt. During the financial year ending 31 December 2022 the following took place. The conversion of shares are in respect of the employee share scheme: 24. Pension commitments During the year, the Group operated an auto-enrolment pension scheme. The scheme is managed by independent fund managers and the Group contributes in accordance with the statutory requirements. In addition to the auto-enrolment scheme, a subsidiary company operates a defined contribution pension scheme which is also managed by independent fund managers and its assets and liabilities are held separately from that of the Group. The pension charge represents the amount paid by the Group and amounted to \u00a310.4m (2021: \u00a37.6m). \u00a31.1m of contributions due to the fund were outstanding at year end (2021: \u00a31.3m). 1. Included within trade and other payables is a decrease in contract liabilities of \u00a31.9m (2021: increase \u00a33.2m). Refer to the Chief Financial Officer\u2019s Review on page 37 of this report for details regarding undrawn borrowing facilities that may be available in the future for the operating activities and settling capital commitments. 2022 2021 Note \u00a3'000 \u00a3'000 Loss before taxation (549,728) (186,287) Adjustments for: Depreciation of property, plant and equipment 12 50,896 38,269 Depreciation of right-of-use assets 22 43,295 32,209 Amortisation 11 108,975 99,033 Share-based payments 7 10,734 - Adjusted items 4 3 4 5,1 78 129,829 Net finance costs 8 54,764 48,223 Operating cash flow before adjusting items and before movements in working capital and provisions 64,11 4 161,276 Decrease/(Increase) in inventories 79,262 (112,535) Decrease/(Increase) in trade and other receivables 1,027 (27,116) (Decrease)/Increase in trade and other payables 1 (56,893) 75,189 Decrease in provisions (1,292) (416) Foreign exchange gain/(loss) 1,424 (444) Cash generated from operations before adjusting items 87,6 42 95,954 25. Cash flow generated from operations (i) 34,454 Ordinary Shares were converted from 34,454 E Shares; (ii) 88,000 Ordinary Shares were converted from 88,000 E Shares; (iii) 22,953 Ordinary Shares were converted from 22,953 E Shares; (iv) 1,606 Ordinary Shares were converted from 1,606 E Shares; (v) 6,399 Ordinary Shares were converted from 6,399 E Shares; (vi) 44,909 Ordinary Shares were converted from 21,144 E Shares, 8,000 F Shares and 15,765 G Shares; (vii) 71 D2 Shares were subdivided into 14,200 D2 shares of \u00a30.005 each, 13,169 of which converted into 13,169 Ordinary Shares and 1,031 of which were reclassified as Deferred 1 Shares; (viii) 1,000 Ordinary Shares were converted from 1,000 E Shares; (ix) 15,530 Ordinary Shares were converted from 6,208 F Shares and 9,322 G Shares; (x) 75,000 Ordinary Shares were converted from 75,000 G Shares; (xi) 1,000 Ordinary Shares were converted from 1,000 E Shares; (xii) 12,000 Ordinary Shares were converted from 12,000 G Shares; (xiii) 65,000 Ordinary Shares were converted from 65,000 E Shares; (xiv) 24,806,893 Ordinary Shares were issued for a total consideration of \u00a3911,722 (note 7); (xv) 1,000 Ordinary Shares were converted from 1,000 E Shares; (xvi) 77,175 Ordinary Shares were converted from 16,118 E Shares, 30,497 F Shares and 30,560 G Shares; (xvii) 12,168 Ordinary Shares were converted from 4,193 F Shares and 7,975 G Shares; (xviii) 19,074,902 Ordinary Shares were issued for a total consideration of \u00a31,521,117 (note 7); (xix) 19,753 Ordinary Shares were converted from 10,572 F Shares and 9,181 G Shares; (xx) 17,529 Ordinary Shares were converted from 7,048 F Shares and 10,481 G Shares; (xxi) 52,026 Ordinary Shares were converted from 8,068 E Shares, 17,620 F Shares and 26,338 G Shares; (xxii) 26,292 Ordinary Shares were converted from 10,572 F Shares and 15,720 G Shares; (xxiii) 6,538 Ordinary Shares were converted from 2,643 F Shares and 3,895 G Shares; and (xxiv) 4,000 Ordinary Shares were converted from 4,000 E Shares. In addition to the shareholdings noted above, the Directors had the following interests in vested Shares issued under 26. Earnings per share previous incentive arrangements at the balance sheet date. These shares carry no voting rights. The following table reflects the income and share data used in the basic and diluted EPS calculations: 2022 2021 2022 2021 2022 2021 Subscription/ Subscription/ Loss for the financial year (\u00a3'000) (539,957) (138,074) Date of award exercise price exercise price Number Number \u00a3 \u00a3 Weighted average number of ordinary shares for basic EPS 1,239,485,253 1,099,043,113 M J Moulding Dec-19 0.23 0.23 43,641,266 43,641,266 Basic and Diluted EPS (\u00a3\u2019s) (0.44) (0.13) M J Moulding Aug-20 0.33 0.33 2 0,1 97,808 20,197,808 If the impact of impairment charges in the year was removed, the Basic and Diluted EPS would be \u00a3(0.21). M J Moulding Aug-20 0.28 0.28 7,733,792 7,733,792 M J Moulding Aug-20 0.26 0.26 - - The basic loss per share has been calculated by dividing the loss attributable to the Group by the weighted average J A Gallemore Dec-19 0.23 0.23 185,476 185,476 number of ordinary shares in issue. J A Gallemore Aug-20 0.33 0.33 2,666,963 2,666,963 The diluted loss per share has been calculated by adjusting the weighted average number of shares for the effects of the D, E, J A Gallemore Aug-20 0.28 0.28 4,000,537 4,000,537 F, G and H shares, assuming full vesting of all potentially dilutive shares. The number of these shares is disclosed in note 23. D P Murphy 1 Dec-19 0.23 0.23 n/a 370,953 There was no change in the diluted earnings per share, since the effect of all potentially dilutive shares outstanding was I McDonald Dec-19 0.23 0.23 185,476 185,476 anti-dilutive. 78,611,318 78,982,271 1. D P Murphy, Z Byng-Thorne and T Hall stepped down from the Board during the year and were therefore not Directors at 31 December 2022. 27. Related Party Transactions The Group has not provided any interest free loans to the Directors in 2022. In previous years the Group provided \u00a30.3m The Directors\u2019 interests in the ordinary share capital of the Company at the balance sheet date are detailed below: of interest free loans to the Directors for them to subscribe for shares as part of the employee benefit scheme which remain outstanding at the balance sheet date. Full details of the Directors\u2019 shareholdings are detailed in the Directors\u2019 \u00a3 per share Ordinary Shares Ordinary Shares Remuneration Report on page 144. 2022 2021 On 11 August 2021, 89,612,682 H Shares held by M J Moulding were paid up and converted into listed Ordinary Shares, Number Number leading to a reduction in the unpaid share capital included within other receivables (note 15) of \u00a330.5m. M J Moulding 0.005 249,294,545 233,441,525 The Group has in place an agreement on commercial terms with Moulding Capital Limited to provide property, facilities and project management services to the entity and its subsidiaries. This agreement generated \u00a3269,017 (2021: \u00a3635,000) for M J Moulding 1 361 361 the Group recognised within administrative expenses. J A Gallemore 0.005 3,638,116 3,638,116 Prior to the IPO which took place in September 2020, THG divested the Propco Group, an entity now wholly owned by the Group\u2019s CEO. The Propco Group owns property assets occupied and utilised by THG and its operating businesses. J A Gallemore 1 3,1 74 3,1 74 The amounts recognised on the Group\u2019s balance sheet in relation to the leases with Propco in the year are as follows: D P Murphy 1 0.005 n/a 14,566,016 I McDonald 0.005 2,505,943 2,505,943 2022 2021 Z Byng-Thorne 1 0.005 n/a 69,765 \u00a3'000 \u00a3'000 T Hall 1 0.005 n/a 33,557 Right-of- use asset 159,000 218,279 D Sanders 0.005 21,926 21,926 Lease liability 178,694 262,797 C Allen 0.005 2,400,000 - The amounts recognised on the Group\u2019s statement of comprehensive income 257,864,065 254,280,383 in relation to the leases with Propco in the year are as follows: 2022 2021 \u00a3'000 \u00a3'000 Depreciation arising on right-of-use assets 11,277 12,723 Expense recognised in financing costs 8,812 10,663 Impairment arising on right-of-use-assets - 6,856 Impairment arising on property plant and equipment - 8,156 The table below gives further detail around the leases in place: The following table shows the amounts receivable from or payable to Propco which are outstanding at the balance sheet date. These include balances in relation to lease agreements and where the Group has paid suppliers on behalf of the Propco Group, or vice versa. Such situations arise due to Propco suppliers using legacy details to submit invoices or where payments are made on behalf of THG by Propco for property related costs rechargeable to THG as a tenant per lease. Included within the amounts owed to Moulding Capital Limited is an amount of \u00a310.5m in relation to fixtures and fittings that had been paid by Propco on behalf of THG in respect of a fitout of one of the properties leased by THG. An extensive review was completed by THG to ensure that all assets were in use by THG. In addition, legal specialists and property specialists were engaged to ensure that this transaction was completed on an arms-length basis. Following completion of this work and after approval by the Related Parties Committee the amount was recognised as an amount owed to related parties. Number of properties Residual lease term date divestment FY22 rent \u00a3\u2019000 9 0-4 years 962 1 6 years 1,652 12 12-14 years 3,285 7 18-24 years 9,923 29 15,822 2022 2021 Related party Amounts owed by related parties Amounts owed to related parties Amounts owed by related parties Amounts owed to related parties \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Aghoco 1442 Ltd - 100 - 217 Allenby Square Ltd - 190 - 532 MCL Alpha PropCo Ltd - 161 - 192 MCL Omega PropCo Ltd - - - 1,243 MCL Icon Unit 3 PropCo S.\u00e0 r.l. - 296 - 296 MCL Gadbrook PropCo Ltd - 242 - 242 MCL Icon Unit 4 PropCo Ltd - 217 - 217 MCL PV PropCo Ltd - 45 - - MCL A&A PropCo Ltd - 241 - 241 MCL GJS PropCo Ltd - 195 - 465 MCL HCC PropCo Ltd - 285 - 355 MCL KS PropCo Ltd - 225 - 225 Moulding Capital Limited - 10,454 - 47 MCL Wroclaw sp. Z.o.o - - - 645 MCL ICON S.\u00e0 r.l - 1,101 - 1,101 MCL Icon Unit 2 PropCo Limited - 953 - 953 - 14,705 - 6,971 These consolidated financial statements include the results of all subsidiaries owned by THG PLC as listed in the table below. Some of these subsidiaries, which are listed below, have taken the exemption from an audit for the year ended 31 December 2022 permitted by s479A of Companies Act 2006. In order to allow these subsidiaries to take the audit exemption, the parent company THG PLC has given a statutory guarantee, in line with s479C of Companies Act 2006. At the balance sheet date, the following subsidiaries were controlled by the Group (a company incorporated in England and Wales). All investments are 100% owned by THG PLC either directly or indirectly. Subsidiary Registered office Country of incorporation Nature of business The Hut.com Limited 1 England and Wales Online retailing The Hut Platform Limited 1 England and Wales Provision of website development services The Hut Holdings Limited 1 England and Wales Dormant The Hut.com (Trading) Limited 2 Jersey Online retailing Cend Limited 1 England and Wales Holding company Guco Internet Supplies Limited 3 Guernsey Holding company Iwantoneofthose Limited 3 Guernsey Holding company The Hut Entertainment SL 14 Spain Dormant Ensco 818 Limited 1 England and Wales Holding company Mankind Holdings Limited 3 Guernsey Dormant Mankind Direct Limited 1 England and Wales Procurement company Moo Limited 1 England and Wales Online advertising Lookfantastic Group Limited 1 England and Wales Holding company Lookfantastic.com Ltd 1 England and Wales Online retailing Lookfantastic Franchising Limited 1 England and Wales Franchising and consultancy services Lookfantastic London Limited 1 England and Wales Dormant Lookfantastic Salons Limited 1 England and Wales Hairdressing salon Exante Diet Limited 1 England and Wales Dormant Bike Kit Limited 1 England and Wales Dormant CNP Professional Holdings Limited 3 Guernsey Procurement company MyVitamins Limited 1 England and Wales Dormant HQ Hair Limited 3 Guernsey Holding company Cend International Limited 1 England and Wales Online retailing THGPP LLC 4 USA Holding company THG International LLC 4 USA Warehouse and distribution Mama Mio Limited 1 England and Wales Online retailing Mama Mio Distribution Limited 1 England and Wales Dormant Mama Mio US Inc. 30 USA Online retailing 28. Subsidiary undertakings Hale Country Club Limited 1 England and Wales Retail and leisure company EI Spa Holdings (UK) Limited 1 England and Wales Holding company Gadbrook Limited 1 England and Wales Holding company ESPA International (UK) Limited 1 England and Wales Online retailing THG International Limited 1 England and Wales Marketing company Primavera Aromatherapy Limited 1 England and Wales Manufacturing The Hut Group International ESPA International (US) Inc. 6 USA Online retailing 15 China License holding company (Shanghai) Co Limited ESPA International FZE 17 UAE Online retailing PC Beauty Inc. 4 USA Holding company Make Money Limited 1 England and Wales Holding company Ideal Shape LLC 31 USA Marketing company M Beauty Limited 1 England and Wales Online retailing Performance Supplements LLC 31 USA Marketing company Language Connect International Ltd 1 England and Wales Translation and interpretation Salu Australia PTY Limited 20 Australia Holding company Language Connect, Inc. 7 USA Translation and interpretation Skincarestore Australia PTY Limited 20 Australia Online retailing THG Ingenuity Singapore Pte. Limited 34 Singapore Translation and interpretation Salu Beauty Inc. 4 USA Online retailing Acheson & Acheson Limited 1 England and Wales Manufacturing UK-2 Limited 1 England and Wales Webhosting 1010 Products Limited 1 England and Wales Dormant Another.com Limited 1 England and Wales Webhosting Ameliorate Skincare Limited 1 England and Wales Holding company Virtual Internet Holdings Limited 1 England and Wales Holding company Eddie Rockers Limited 1 England and Wales Holding company Hosting Services Inc. 5 USA Webhosting Great John Street Hotel Limited 1 England and Wales Hotel operator UK2 Ukraine LLC 9 Ukraine Webhosting King Street Investments Limited 1 England and Wales Hotel operator Virtual Internet (UK) Limited 1 England and Wales Webhosting 1 THG Trustee Limited 1 England and Wales Trustee of EBT The Hut.com (Poland) sp. z.o.o. 10 Poland Warehouse and distribution THG Nutrition US Inc. (previously MP, Inc.) 1 USA Holding company RY.com.au Pty Limited 20 Australia Online retailing Myprotein Japan K.K. 12 Japan Online retailing Media Ark Limited 1 England and Wales Visual content producer Colorist Christophe Robin S.A.S. 8 France Online retailing THG Studios Limited (previously 1 England and Wales Visual content producer Hangar Seven Limited) Colorist Christophe Robin US, Inc 11 USA Online retailing H7P Portugal Unipessoal LDA 16 Portugal Visual content producer THG General Trading LLC 25 UAE Online retailing Illamasqua (Holdings) Limited 1 England and Wales Holding company David Berryman Ltd 1 England and Wales Online retailing Illamasqua Limited 1 England and Wales Online retailing David Berryman Holdings Limited 1 England and Wales Holding company Beauty Box Beteiligungen GmbH 22 Germany Holding company Fair Juice Limited 1 England and Wales Dormant Beauty Trend Holding GmbH 22 Germany Online retailing Claremont Ingredients Ltd 1 England and Wales Online retailing Beauty Trend GmbH 22 Germany Online retailing THG 100 KING STREET LIMITED 1 England and Wales Hotel operator Jade 1150. GmbH 22 Germany Holding company The Hut Group Limited 1 England and Wales Dormant Beauty Trend S.A.S France 8 France Online retailing THG Hangar Holdco Limited 1 England and Wales Holding company GlossyBox Sweden Holding UG 22 Germany Holding company THG Hangar Limited 1 England and Wales Holding company GlossyBox Sweden AB 33 Sweden Online retailing THG Hangar 2 Limited 1 England and Wales Holding company GlossyBox United Kingdom Holding GmbH 22 Germany Holding company Lion/Wrinkle Holdings, Inc 1 USA Holding company Beauty Trend UK Limited 1 England and Wales Online retailing Lion/Wrinkle Parent Corp 1 USA Holding company VRB GmbH & Co. B-149 KG 22 Germany Holding company Lion/Wrinkle Intermediate LLC 1 USA Holding company Beauty Trend USA Inc. 11 USA Online retailing N.V. Perricone LLC 13 USA Online retailing
Perricone MD Cosmeceuticals UK Limited 1 England and Wales Online retailing
The Hut Group, S.L 14 Spain Online retailing
THG Intermediate OpCo Limited 1 England and Wales Holding company
THG Operations Holdings Limited 1 England and Wales Holding company
THG Intermediate Holdings Limited
1
1 England and Wales Holding company
THG Ingenuity Limited 1 England and Wales Holding company
THG Shelfco Limited 1 England and Wales Holding company
THG Beauty USA LLC (previously
Dermstore LLC)
27 USA Online retailing
Arrow Film Distributors Limited 1 England and Wales Motion picture distributor
The Engine House Media Services Limited 1 England and Wales Film processing
Indigo Environmental Limited 1 England and Wales Environmental consulting activities
Indigo Environmental Holdings Limited 1 England and Wales Holding company
Indigo Polymers Limited 1 England and Wales Dormant
Three Counties Reclamation Limited 1 England and Wales Recovery of sorted metals
The Protein Lab (UK) Limited 1 England and Wales Manufacturing
Preston Plastics (Holdings) Limited 1 England and Wales Holding company
Preston Plastics Limited 1 England and Wales Recovery of sorted metals
Eco Credits Limited 1 England and Wales Environmental consulting activities
Brighter Foods Limited 1 England and Wales Manufacturing
Bentley Laboratories Blocker Company 11 USA Holding company
Bentley Laboratories LLC 19 USA Online retailing
Cult Beauty Limited 1 England and Wales Online retailing
THG AUS Fulfilment PTY Limited 20 Australia Fulfilment
THG AUS PP PTY Limited 20 Australia Holding company
THG Eco Ltd 1 England and Wales Holding company
THG EU PP Limited 21 Ireland Holding company
THG Ingenuity Germany GmbH 29 Germany Online retailing
THG Beauty Limited 1 England and Wales Online retailing
THG AUS Beauty PP PTY Limited 20 Australia Holding company
THG Beauty Singapore PTE Limited 23 Singapore Online retailing
THG Beauty PP EU Limited 21 Ireland Holding company
THG Beauty PP US LLC 18 USA Holding company
THG Experience Limited 1 England and Wales Holding company
THG Luxury Limited 1 England and Wales Online retailing
THG Luxury PP AUS PTY Limited 20 Australia Holding company
THG Luxury PP EU Limited 21 Ireland Holding company
THG Luxury PP US LLC 18 USA Holding company
THG Nutrition Limited 1 England and Wales Online retailing
THG AUS Nutrition PP PTY Limited 20 Australia Holding company
THG AUS Nutrition PTY Limited 20 Australia Online retailing
THG Nutrition India Private Limited 24 India Online retailing
THG Nutrition Singapore PTE Limited 23 Singapore Online retailing
THG Nutrition Poland s.p.z.o.o 10 Poland Online retailing
THG Nutrition PP EU Limited 21 Ireland Holding company
THG Nutrition PP US LLC 18 USA Holding company
THG OnDemand Limited 1 England and Wales Online retailing
THG Beauty Europe GmbH (previously
THG OnDemand Germany GmbH)
22 Germany Online retailing
THG OnDemand Netherlands B.V 26 Netherlands Online retailing
THG OnDemand PP AUS PTY Limited 20 Australia Holding company
THG OnDemand PP EU Limited 21 Ireland Holding company
THG OnDemand PP US LLC 18 USA Holding company
THG OnDemand US LLC 18 USA Online retailing
THG Shared Services Limited 1 England and Wales Shared Service centre
THG Shared Services AUS PTY Limited 20 Australia Shared Service centre
THG Shared Services Poland sp.z.o.o 10 Poland Shared Service centre
THG Shared Services US LLC 18 USA Shared Service centre
THG Beauty Trading LLC 28 UAE Online retailing
THG Ingenuity General Trading LLC 29 UAE Holding company
THG Insurance Limited
1
3 Guernsey Holding company
THG Icon CP PropCo Limited 1 England and Wales Holding company
1. Companies owned directly by THG PLC
1. Icon 1 7-9 Sunbank Lane, Ringway, Altrincham, United Kingdom, WA15 0AF. 2. 2nd Floor, Charter Place, 23/27 Seaton Place, St Helier, Jersey, JE1 1JY. 3. Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA. 4. Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA. 5. 517 West 100 North, Providence, UT 84332, USA. 6. 100 SE 2nd Street, Suite 2000, Miami, FL 3313, USA. 7. Language Connect, Inc. 79 Madison Avenue, Suite 205, New York, NY 10016, USA. 8. 73 rue Sainte-Anne, Paris, France. 9. 79060, Ukraine, Lviv, Naukova str. 7D, office No. 305. 10. ul. Magazynowa 1, 55-040 Magnice, Poland. 11. 06-101, WeWork 115 Broadway, New York, NY 10006, USA. 12. DLA Piper Tokyo, 2-1-1 Marunouchi, Chiyoda-ku, Meiji Seimei Kan 7F, Tokyo, 100-0005, Japan. 13. 600 Montgomery St Ste 2500, San Francisco, CA, 941111-2724, USA. 14. Monte Equinza 30 Bajo Izquierda 2810, Madrid, Spain. 15. Room 753, Level 7, Building 2, No. 155, Fu Texi 1st Road, China (Shanghai) Pilot Free Trade Zone. 16. Lote D, \u00c1rea Empresarial de Marim, 8700-122 Olh\u00e3o, Portugal. 17. Jebel Ali Free Zone, Dubai, UAE. 18. 300 Creekview Road, Suite 209, Newark, New Castle, 19711. 19. 111 Fieldcrest Avenue, Edison NJ 08837. 20. Azure Group Pty Level 10, 171 Clarence Street, Sydney, NSW 2000. 21. City Trust & Corporate Services Limited 1st Floor Liffey Trust Centre, 117 -126 Sheriff Street Upper, Dublin 1. 22. Maximilianstrasse 5480538 Munich. 23. 100 Tras Street, #16-01 100AM, 079027, Singapore. 24. 203, 2nd Floor, Time Tower, Gurgaon Haryana, India. 25. Eternity Realty Building-ER 3 Deira Al Marrar Office: 041. 26. Barbara Strozzilaan 2011083 HN Amsterdam, The Netherlands. 27. 1960 E GRAND AVE 6TH FLOOR EL SEGUNDO, CA 90245 United States. 28. New Mall Limited, Al Warsan First, 681-0, UAE. 29. Office no 08-106, 8th & 9th Floor, The Office 4, We Work, One Central, Dubai World Trade Centre, Dubai, United Arab Emirates. 30. 555 California Street Ste 4925, San Francisco, CA 94104. 31. 632 N 2000 W Ste 110, Lindon, UT 84042. 32. 7405 E Monte Cristo Ave, Scottsdale, AZ, 85260. 33. Drottninggatan 108113 60 Stockholm Sweden. 34. Rawlinson & Hunter Singapore - 30 Cecil Street, #18- 02 & 03, Prudential Tower, Singapore 049712. Registered Offices: Subsidiary audit exemptions The below subsidiaries have taken the exemption from an audit for the year ended 31 December 2022 permitted by s479A of Companies Act 2006. In order to allow these subsidiaries to take the audit exemption, the parent company THG PLC has given a statutory guarantee, in line with s479C of Companies Act 2006. Name Company number Name Company number Name Company number Ensco 818 Ltd 7459909 UK-2 Ltd 3550739 David Berryman Holdings Ltd 10392135 Lookfantastic Group Ltd 5381562 Virtual Internet (UK) Ltd 3203095 Claremont Ingredients Ltd 2817306 Illamasqua (Holdings) Ltd 6116121 Beauty Trend UK Ltd 7569585 David Berryman Ltd 2185279 El Spa Holdings (UK) Ltd 9317257 THG International Ltd 10523712 THG Hangar 2 Ltd 12746651 Make Money Ltd 5880897 Illamasqua Ltd 6301971 Perricone MD Cosmeceuticals UK Ltd 6471993 Eddie Rockers Ltd 3009737 Primavera Aromatherapy Ltd 2053064 Guco Internet Supplies Ltd 49249 Eco Credits Ltd 12933421 M Beauty Ltd 5850964 The Hut.com (Trading) Ltd 87702 THG Intermediate Holdings Ltd 12526036 THG 100 King Street Ltd 12938227 HQ Hair Ltd 52888 Lookfantastic.com Ltd 3519634 Cend International Ltd 8651475 THG Studios Limited (previously Hangar Seven Limited) 6293681 Mankind Direct Ltd 4112104 ESPA International (UK) Ltd 2742156 Lookfantastic Franchising Ltd 5382066 Cend Ltd 4067712 Language Connect International Ltd 7364250 Lookfantastic Salons Ltd 6310534 The Hut Platform Ltd 6473891 Acheson & Acheson Ltd 2764368 Moo Ltd 5158225 Another.com Ltd 3661600 King Street Investments Ltd 8242806 Mama Mio Ltd 5251791 THG Shared Services Ltd 13515579 Great John Street Hotel Ltd 7973960 Hale Country Club Ltd 6970110 THG Hangar Ltd 12699915 The Engine House Media Services Ltd 10597642 Indigo Environmental Ltd 10695826 Indigo Environmental Holdings Ltd 11738577 THG Hangar Holdco Ltd 12698636 Three Counties Reclamation Ltd 3792922 The Protein Lab (UK) Ltd 8491800 Preston Plastics Holdings Ltd 13265838 Preston Plastics Ltd 3377914 THG Nutrition Ltd 13400484 THG Beauty Ltd 13400467 THG OnDemand Ltd 13400489 THG Ingenuity Ltd 13414244 THG Luxury Ltd 13515580 THG Experience Ltd 13515614 The Hut.com Limited 5016010 Media Ark Limited 6127322 Arrow Film Distributors Limited 2584648 Iwantoneofthose.com Limited 52189 Ameliorate Skincare Limited 3427037 Brighter Foods Limited 8815259 CNP Professional Holdings Limited 53443 THG Trustee Limited 10511000 Cult Beauty Limited 6195011 Gadbrook Limited 9867117 THG Intermediate OpCo Limited 12297092 THG Eco Limited 13400476 Virtual Internet Holdings Limited 5943486 THG Shelfco Limited 13120197 THG Insurance Limited 2770512 THG Icon CP PropCo Limited 12940601 Name Company number Name Company number Name Company number Lookfantastic London Ltd 6338404 Exante Diet Ltd 7126424 Bike Kit Ltd 8317188 Mama Mio Distribution Ltd 7721655 Mankind Holdings Ltd 52666 The Hut Holdings Ltd 7002848 Fair Juice Ltd 6494686 1010 Products Ltd 3402920 Indigo Polymers Ltd 11526560 Myvitamins Ltd 8179216 The Hut Group Limited 12526836 The below subsidiaries have taken the exemption from an audit for the year ended 31 December 2022 permitted by s480 of Companies Act 2006. 29. Post balance sheet events
At the year end, certain loss-making categories and territories primarily within THG OnDemand were placed under
strategic review. Post year end, and following completion of the strategic review (further details on which are included in
the \u201cSection 172 Statement Stakeholder Engagement\u201d section), the Board approved the exit from THG OnDemand. In Q4,
the Board approved the exit of ProBikeKit. These operations will be fully exited throughout the course of 2023. The optimal
exit route remains under review. The result of this decision has led to an inventory provision totalling \u00a325.5m, other costs of
\u00a36.9m and impairment of \u00a33.8m which have been recognised within cost of sales and administrative expenses respectively
and included within Adjusted Items (note 4). This has been concluded as an adjusting post balance sheet event.
On 28 February 2023, the sale completed in respect of one of the non-core freehold assets recorded within the assets held
for sale category (note 12.2). The sale generated cash proceeds of \u00a35m which reflected the carrying value of the asset.
No other post balance sheet events have occurred.
",
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"fact-372": {
"value": "The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d). The financial statements have been prepared on the historical cost basis, except for derivatives which are held at fair value. ",
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"fact-394": {
"value": "The accounting policies adopted by the Group in the current year are consistent with those adopted during the year ended 31 December 2021. There have been no new or amended accounting standards or interpretations adopted during the year that have had a significant impact on the Group\u2019s financial statements. ",
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"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
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},
"fact-373": {
"value": "The accounting policies adopted by the Group in the current year are consistent with those adopted during the year ended 31 December 2021. There have been no new or amended accounting standards or interpretations adopted during the year that have had a significant impact on the Group\u2019s financial statements. There are no standards, interpretations or amendments to IFRS that have been issued but are not yet effective that are expected to have a material impact on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "There are no standards, interpretations or amendments to IFRS that have been issued but are not yet effective that are expected to have a material impact on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-326": {
"value": "Going concern Accounting standards require that Directors satisfy themselves that it is reasonable for them to conclude on whether or not it is appropriate to prepare financial statements on the going concern basis. There has been no material uncertainty identified that would cast significant doubt upon the Group\u2019s ability to continue using the going concern basis of accounting for the 12 months to April 2024. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report on pages 3-104. The Group\u2019s strategic planning cycle includes an annual Budget process, which is reviewed by the Board. This planning process involves modelling under a series of assumptions. Severe but plausible downside scenarios were also modelled setting out impacts of a combination of the principal risks, as well as a reverse stress test to identify what would be required to either breach covenants or run out of liquidity. This process is led by the Group CFO and Deputy Group CFO along with the Board and Executive Chair and CEO providing further direction to align strategic initiatives. Following the divisional reorganisation of the business units in the year, more granular information has been available which has supported decision making on strategic initiatives. Forecasts have been prepared on a divisional level. The Directors of the Group review its Budget periodically, which is revisited and revised as appropriate in response to evolving market conditions. In considering the Group\u2019s financial position the Directors have considered: \u2022 Expected future growth of trading businesses; \u2022 The committed and expected pipeline of its Ingenuity business; \u2022 Margins expected to be achieved in the future; and \u2022 Wider market and industry specific factors. The Directors have also considered the liquidity of the Group as well as available facilities and note that as at the balance sheet date, the Group had a total of \u00a3170m in undrawn facilities, along with \u00a3474m readily available cash held on the balance sheet. Net debt at this date was \u00a3515m (note 18) and net debt of \u00a3181m before the inclusion of IFRS 16 lease liabilities. In December 2019, the Group entered into a \u20ac600m seven year loan facility agreement due to mature in December 2026 and a \u00a3170m Revolving Credit Facility (\u201cRCF\u201d) due to mature in December 2024. During the year an incremental \u00a3156 million export facility was provided by the Group's existing lenders ranking pari passu with the existing facility. This new facility expires in October 2025. There are no key covenants attached to the \u20ac600m or \u00a3156m facilities which are drawn down, but the covenants attached to the RCF are linked to gross debt leverage and become effective when the facility is drawn upon. This facility is not currently drawn down, and not forecast to be drawn in the future period. The Directors are of the opinion that the Group\u2019s forecasts and projections, which they believe are based on an appropriate assessment of the market and past experience taking account of reasonably possible changes in trading performance given the current market and economic conditions, show that the Group should be able to operate within the current facility and comply with its banking covenants in the event that the RCF facilities are drawn upon. The Directors have modelled a range of scenarios, including a base case which has been stress tested to consider downside risks and a reverse stress test, over a three-year period. Further details of the Group\u2019s considerations are provided in the Viability Statement and Going Concern Statement on page 93. As a result of the analysis performed, including potential severe but plausible scenarios, the Board believes that the Group is able to adequately manage its financing and principal risks and that the Group will be able to operate within the level of its facilities and meet the required covenants for the going concern assessment period. Based on the above activity, the Directors are satisfied that it is appropriate to prepare the financial statements of the Group on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-324": {
"value": "1. Accounting policies The Group\u2019s key accounting policies are set out below. These policies have been prepared on the basis of the recognition and measurement requirements of IFRS standards in effect that apply to accounting periods beginning on or after 1 January 2022 and have been applied to 2021 comparatives where applicable. a. Basis of consolidation The Group financial statements consolidate those of the Company and all its subsidiary undertakings drawn up to 31 December 2022. Subsidiaries are all entities over which the Group has control. When the end of the reporting period of a subsidiary is not 31 December, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the Group. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-Group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. b. Business combinations Business combinations are accounted for using the acquisition method under IFRS 3 \u2018Business Combinations\u2019. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises identifiable assets acquired and liabilities assumed, including contingent liabilities, in a business combination regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are measured at their acquisition-date fair values. These fair values can be re-assessed for a period of 12 months from the date of acquisition based on information available at the date of acquisition. Goodwill is stated after separate recognition of other identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognised amount of any non-controlling interest in the acquiree and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition- date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately. In determining whether a transaction is a business combination or an asset purchase, the Group considers the inputs, processes and outputs acquired in accordance with IFRS 3. c. Revenue Revenue consists primarily of direct to consumer (D2C) internet sales along with business to business (B2B) sales. D2C and B2B sales Identifying performance obligations: For D2C and B2B sales the performance obligation is the delivery of the goods purchased by the customer. Control of goods is transferred upon delivery of the product to the customer. Identifying the transaction price: For D2C sales, the customer pays in full at the point of sale, with the transaction price allocated to individual goods purchased. A contract liability is recognised until the related goods have been delivered. For B2B sales, the customer pays in line with the agreed credit terms. Revenue is shown net of returns, with expected sales returns estimated based on historical return data applied to sales. These returns are accounted for at the lower of cost or net realisable value. A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. Allocation of transaction price to performance obligations: In general, the whole transaction price is allocated to the performance obligation. Where a customer purchases multiple goods within one transaction, the transaction price is allocated to those goods based on relative stand-alone selling prices. Revenue recognition: Revenue is recognised at the point of time when the customer receives the goods, shown net of returns. Revenue from contracts Identification of performance obligations: THG Ingenuity Commerce contracts often have multiple performance obligations that include but are not limited to: creation of digital assets, marketing services, stock management, fulfilment, customer support services and access to THG\u2019s Ingenuity platform. Each contract is reviewed individually once signed and is assessed to identify the separate performance obligations. In a typical Ingenuity Commerce contract, all goods and services provided are considered to be \u2018distinct\u2019 as the client can derive independent benefit from each service provision and the promise to transfer services to the customer is separately identifiable. These contracts contain multiple performance obligations. Determining transaction prices: Transaction prices are agreed in advance of the commencement of the work and are outlined within the signed contract. The amount agreed per service is deemed to be the fair value of the service provision. Consideration receivable is usually at a fixed price, however there are some elements that are variable and dependent on order volume and sales levels, for example operations revenues made up of fulfilment fees and revenue share income. The charging structure for such transactions is clearly detailed within the signed contract. Allocation of transaction price to performance obligations: Where contracts cover multiple performance obligations, the transaction price is allocated on a basis that is consistent with the sale of each performance obligation in isolation. Revenue recognition: Within certain Ingenuity contracts, the amount of revenue recognised depends on whether the Group are acting as an agent or principal. The Group acts as principal when it has control of the specified good or service prior to transfer to the customer. Where the Group acts as principal, the revenue recorded is the gross amount billed. Where the Group is an agent, predominantly relating to revenue share arrangements, revenue from the customer and costs with suppliers are reported on a net basis representing the net margin earned. Whether the Group is acting as principal or agent depends on management\u2019s analysis of both legal form and substance of the agreement between the Group and its business partners. The allocated transaction price is recognised from the point at which the customer starts to benefit from the service and over the time the service is provided. For marketing services, stock management, fulfilment, customer support services and access to THG\u2019s Ingenuity platform these are recognised when the service is provided. The creation of digital assets revenue is recognised on a percentage completion basis as the work is performed because the work does not create an asset with an alternative use and the Group has a right to payment for the work performed at each point in time. Revenue which is invoiced in advance is recorded as a contract liability on the balance sheet and released to the statement of comprehensive income account over the periods in which the services are provided. Costs associated with obtaining a contract with a customer that would not have been incurred if the contract had not been obtained are recognised as an asset where they are expected to be recoverable and depreciated over the life of the contract. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained or not are recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer regardless of whether the contract is obtained. Revenue recognised under IFRS 16 Revenues from internet hosting contracts are recognised under IFRS 16 as the Group is considered a lessor in these transactions. Income from hosting contracts is recognised on a straight- line basis from the commencement date over the lease term as the performance obligation is settled over the life of the contract. Any initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Revenue from memberships Fees recognised in respect of memberships are recorded on a straight-line basis over the membership period. Barter income For some of its monthly subscription offerings, THG receives goods for inclusion in its subscription boxes from business partners in return for the marketing exposure received by those products being included in the subscription box. The goods are recognised as stock when received and held at their fair value. When the box is sold, the revenue for providing those marketing services is recognised with an equal and offsetting entry recorded in cost of goods sold. d. Adjusted items The business is managed and measured on a day-to-day basis using underlying results (Adjusted EBITDA). This is an important metric utilised within the business to monitor performance and guide strategic business decisions. The metric captures the Group\u2019s view of underlying trading performance after excluding non-recurring items and initial investment / set-up costs related to establishing the Group\u2019s warehousing and logistics facilities. Further details of the categories considered as adjusting items are detailed in note 4. Management applies judgement in determining which items should be excluded from adjusted EBITDA. The considerations factored into this judgement include but are not limited to: \u2022 Nature of the item \u2022 Significance of the item on the financial results \u2022 Management's expectation on the recurring or non-recurring nature of the item These are items which are material in nature and include, but are not limited to, costs relating to acquisitions, disposals and significant events or projects, some of which span multiple years. Although categories of adjusted items may appear across multiple periods, the underlying event driving that cost or income is often non-recurring. These items are excluded from adjusted EBITDA as management believe their inclusion distorts the underlying trading performance. This is consistent with the way that financial performance is measured by management and reported to the Board. For further details, refer to note 4. e. Share-based payments The Group operates share-based compensation plans, under which the Group receives services from employees as consideration for equity instruments (options) of the Company. The fair value of the employee services received in exchange for the grant of the equity instruments is recognised as an expense in the statement of comprehensive income. The total expense is recognised over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest based on the non-market vesting conditions along with taking account of any equity instruments that may have been cancelled or modified in the period. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income with a corresponding adjustment to equity. The shares issued under the Group's share schemes are held by an Employee Benefit Trust (\"EBT\"), with the beneficial interest in the shares being held jointly by the EBT and the individual participant until the shares vest. The EBT has been consolidated within the Group's financial statements. f. Intangible assets Goodwill Goodwill represents the excess of the cost of acquisitions over the Group\u2019s interest in the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of acquisition. Goodwill is recognised as an asset and assessed for any indications of impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income. For the purposes of impairment testing, goodwill is reviewed by assessing the cash-generating unit that has benefited from the acquisition. If the recoverable amount of the cash-generating unit is less than its carrying amount, then the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. Platform Development costs The costs of acquiring and developing the platform and websites is capitalised separately as an intangible asset. Capitalised website costs include direct costs of materials, services, directly attributable overheads, payroll and payroll- related costs for employees who are directly associated with website development projects. Such costs are only capitalised when the criteria within IAS 38 are met. Intellectual Property This includes separately acquired customer lists, domain and trade names, and other intellectual property, including customer lists acquired as part of business combinations. Separately acquired intangible assets are measured at cost on initial recognition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and impairment losses. Brands Brands arising from business combinations are recognised at fair value on acquisition date. An assessment is made on the useful economic life, and the intangible asset is subsequently amortised over that life. The useful economic life is reviewed on an annual basis to confirm that the useful life continues to be supportable. Other intangible assets Costs associated with developing new products are capitalised as an intangible asset, including directly associated costs. Intangible assets are amortised on a straight-line basis over their estimated useful economic life. Amortisation is charged to the statement of comprehensive income, classified in expenses depending on the nature of the asset. The estimates of useful economic lives are reviewed on an annual basis and any changes are treated as changes in accounting estimates. Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is provided on the cost of software and is calculated on a straight-line basis over the useful life of the software. The following useful economic lives are applied: Platform development costs 5 years New product development 1-5 years Brands 5-20 years Intellectual property (including customer lists, domain and trade names) 2-20 years g. Property, plant and equipment Property, plant and equipment are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided at the following annual rates in order to write off each asset on a systematic basis over its estimated useful economic life. Depreciation is charged to the statement of comprehensive income, classified in expenses depending on the nature of the asset. At each reporting date, property, plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows of the relevant cash-generating unit or fair value less costs to sell if higher. Any impairment in value is charged to profit or loss in the period in which it occurs. Plant and machinery 5-10 years Fixtures and fittings 3-20 years Computer equipment and software 1-10 years Freehold buildings 20-50 years Motor vehicles 3-7 years Leasehold improvements Lower of lease term or asset life h. Borrowing costs Borrowing costs incurred in relation to bringing into use both tangible and intangible assets are capitalised as the expenditure is incurred on such assets and subsequently depreciated in line with the useful economic life of the relevant asset. i. Inventories Inventories are valued at the lower of cost and net realisable value, on a weighted average cost basis. Cost of purchase comprises the purchase price including import duties and other taxes, transport and handling costs and any other directly attributable costs, less trade discounts. A provision is made to write down any slow-moving or obsolete inventory to net realisable value. j. Financial instruments The following are deemed to be financial assets and liabilities within the scope of IFRS 9. Derivative financial instruments The Group uses derivative financial instruments, such as foreign currency swaps, to hedge its foreign currency risks. The Group also values options either from a third party to acquire shares within the Group or divisions, or where the Group holds an option to acquire shares in a third party. Derivative financial instruments are recognised initially and subsequently at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the statement of comprehensive income. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The sale and purchase of derivative financial instruments are non-speculative. Cash flow hedges Where a derivative financial instrument is designated as a hedge against the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, any gain or loss on the effective part of the derivative financial instrument is recognised in other comprehensive income and accumulated within the hedging reserve. The gain or loss on any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Hedge accounting is discontinued when the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold, terminated or exercised. The cumulative gain or loss previously recognised in the hedging reserve remains there until the forecast transaction occurs. The cumulative gain or loss in the hedging reserve is transferred to the statement of comprehensive income in the same period that the hedged item affects profit or loss. Gain or loss on a portion of a derivative designated as a hedging instrument that is excluded from that hedging relationship is captured in the cost of hedging reserve. Trade and other receivables Trade and other receivables are non-interest bearing and are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest rate method less loss allowance. The Group measures the loss allowance at an amount equal to lifetime expected credit losses. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents include amounts receivable from banks and payment providers for credit and debit card transactions which clear the bank shortly after the transaction takes place. For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined, net of outstanding bank overdrafts. Financial liabilities Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Group measures contingent consideration liabilities at fair value through profit and loss. Trade and other payables Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Within trade and other payables, returns recognised under IFRS 15 (representing the liability for potential returns from customers) are captured within accruals. The Group has a supply chain financing agreement in place to support the cash flow of its external suppliers. The funding is provided by two of the Group\u2019s relationship banks and gives certain suppliers the flexibility to receive early payments on specific invoices. All early payments are processed by the funding bank and the Group settles the original invoice amount with the funders at the original invoice due date. The outstanding balances due to suppliers are recorded within trade payables. Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. k. Supplier income Supplier income comprises retrospective rebates and discounts. They are receivable in respect of goods which have been sold and are initially recognised as accrued income. The retrospective rebates are analysed per supplier basis and accrued income is adjusted accordingly based on quarterly assessment of variables impacting expected rebates. All retrospective rebates and discounts received and receivable are deducted from cost of sales when the sale to the third party has been completed. l. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract. m. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated on a straight- line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Plant and machinery 1\u2013 6 years Motor vehicles 3\u20136 years Buildings 1\u201328 years Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in interest-bearing loans and borrowings. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Sale and Leaseback accounting The Group applies sale and leaseback accounting in accordance with IFRS 16 \u2018Leases\u2019. Specifically, the Group recognises the gain or loss on the sale and leaseback transaction by recognising the proportion relating to rights transferred to the buyer directly to the income statement. Dilapidations provisions Dilapidations provisions relate to leased properties. Dilapidations provisions are made based on the best estimate of the likely committed cash outflow and discounted to net present value. The provision, when recognised increases the right-of-use asset. Dilapidations provisions are expected to be used at or by the end of the lease term. n. Taxation The tax expense included in the statement of comprehensive income and statement of changes in equity comprises current and deferred tax. Current tax is the expected tax payable based on the taxable profit for the period and the tax laws that have been enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities. Current and deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognised directly in equity. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date. The business combinations in previous years have given rise to deferred tax liabilities, as a result deferred tax assets are recognised to the extent they offset the corresponding liability. Deferred tax is calculated at the tax rates (and laws) that are expected to apply in the period when the liability is settled, or the asset is realised. Tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities and where there is an intention to settle the balances on a net basis. o. Foreign currency translation Functional and presentational currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in Sterling which is also the parent company\u2019s functional currency. Transactions and balances Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange date. Exchange differences on monetary items are taken to the statement of comprehensive income. Group companies On consolidation, the assets and liabilities of foreign operations are translated into the presentational currency of the Group at the rate of exchange prevailing at the reporting date and their statements of comprehensive income are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the component of OCI relating to that foreign operation is recognised in the statement of comprehensive income. p. Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. q. Earnings per share Basic earnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, to the extent that the inclusion of such shares is not anti-dilutive. r. Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The most critical accounting judgements or key sources of estimation uncertainty are detailed as follows: Critical accounting judgements Capitalisation and amortisation of platform development costs Costs capitalised as platform development costs include direct external costs such as consultancy costs and internal payroll costs. The capitalisation of internal costs is based on the amount of time spent by employees on capital projects. Judgement is applied in determining which costs meet the IAS 38 criteria for capitalisation as development costs, dependent on the type of cost and the project, along with the appropriate element of employee time capitalised. The key judgement relates to assessing the feasibility and the extent of future economic benefits that will be derived from each project. Refer to note 11 for details of capitalised platform development costs. The useful economic life of the platform is between one and five years, dependent on the type of development work capitalised. The estimate of useful economic life is reviewed on a regular basis to ensure that this continues to be appropriate. Adjusted items The identification of adjusted items depends on management judgement in identifying and quantifying amounts deemed to be adjusting or not reflective of the underlying performance of the Group. The key elements management take into consideration include, but are not limited to: \u2022 The underlying nature of the item; \u2022 Whether management believe the item is recurring in nature, or if it represents a one-off distortion of the underlying results of the business; and \u2022 Significance of the item on the financial results. Refer to note 4 for details of each class of adjusted items. Impairment reviews \u2013 number of cash-generating units The Group is required to review intangible assets, including goodwill, with indefinite lives annually to determine if any impairment has occurred. Intangible assets with finite lives are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. The identification of cash generating units (\u201cCGUs\u201d) is a judgement exercised by management, who consider the interoperability of the Group\u2019s asset base, along with the ability to identify separable series of cash flows attached to those assets. There has been a change in the number of CGUs in the year following the divisional reorganisation of the Group. More information has been provided within note 11. Key sources of estimation uncertainty Goodwill and intangible asset valuation The Group has made several acquisitions in previous years, and in doing so recognised a number of intangible assets on consolidation, including Brands, Customer Lists, and Goodwill (refer to note 11). In valuing these intangibles assets, management were required to use judgement to estimate their fair value. Intangible assets identified on acquisition are brand names, customer lists and intellectual property. The material assumptions used include cash flow forecasts of the entity (including growth rates and royalty rates), customer retention rates and the contributory asset charges. To assist in this work, the Group engages external valuation experts for a number of acquisitions to assess the fair values of intangible assets. Management review the work carried out by these external valuation experts and assess the outcome. The fair values of the acquired entities\u2019 balance sheets are also assessed to ensure that the values reflect the fair value of all acquired assets and liabilities. Inventory provisioning The Group holds levels of stock sufficient to meet the forecasted demand of its customers. As part of this, a provision is recognised to ensure that the balance sheet value of stock held is at the lower of cost and net realisable value in accordance with IAS 2. As part of the provisioning process, management's consideration includes, but is not limited to: age of stock, type of stock, and inventory acquired through business combinations. Refer to note 13 for further details on inventory. A reduction of 10% in online sales selling prices would impact the net realisable value by c\u00a30.7m. Impairment reviews \u2013 key estimates and judgements When a review for impairment is conducted, the recoverable amount of the CGU is determined based on the higher of value- in-use calculations applying IAS 36 and fair value less costs to dispose applying IFRS 13. The recoverable amount is calculated using management\u2019s assumptions and estimates. The key estimates within the value-in-use calculation are growth rates and discount rates applied. The key estimates within the fair value less costs to dispose are the length of forecast period applied, discount rates including any risk premium and growth rates. Refer to note 11 for further details of calculations. Other judgements and other sources of estimation uncertainty Climate Change In preparing the consolidated financial statements management has taken into consideration the impact of climate change. Considerations include, but are not limited to: \u2022 The identification of costs which have been committed to which have been included within forecasts where appropriate, the key impact to THG is the implementation of plastic packaging tax and Packaging Waste Regulations; \u2022 The impact of climate change on a number of key estimates which the Group has included within forecasts where appropriate; \u2022 The impact of the Group\u2019s investments in sustainable businesses, evidenced in the prior year acquisition of companies such as More Trees, Preston Plastics and Indigo Environmental (note 10) to aid the Group\u2019s movement towards its sustainability targets. These considerations have not identified any significant impacts from our climate commitments and therefore do not have a material impact on the financial statements or reporting judgements and estimates. Revenue recognition \u2013 Principal vs Agent Within certain Ingenuity contracts, the amount of revenue recognised depends on whether the Group are acting as an agent or principal. The Group acts as principal when it has control of the specified good or service prior to transfer to the customer. Where the Group acts as principal, the revenue recorded is the gross amount billed. Where the Group is an agent, predominantly relating to revenue share arrangements, revenue from the customer and costs with suppliers are reported on a net basis representing the net margin earned. Whether the Group is acting as principal or agent depends on management\u2019s analysis of both legal form and substance of the agreement between the Group and its business partners. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-327": {
"value": "a. Basis of consolidation The Group financial statements consolidate those of the Company and all its subsidiary undertakings drawn up to 31 December 2022. Subsidiaries are all entities over which the Group has control. When the end of the reporting period of a subsidiary is not 31 December, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the Group. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-Group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "b. Business combinations Business combinations are accounted for using the acquisition method under IFRS 3 \u2018Business Combinations\u2019. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises identifiable assets acquired and liabilities assumed, including contingent liabilities, in a business combination regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are measured at their acquisition-date fair values. These fair values can be re-assessed for a period of 12 months from the date of acquisition based on information available at the date of acquisition. Goodwill is stated after separate recognition of other identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognised amount of any non-controlling interest in the acquiree and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition- date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately. In determining whether a transaction is a business combination or an asset purchase, the Group considers the inputs, processes and outputs acquired in accordance with IFRS 3. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-328": {
"value": "b. Business combinations Business combinations are accounted for using the acquisition method under IFRS 3 \u2018Business Combinations\u2019. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises identifiable assets acquired and liabilities assumed, including contingent liabilities, in a business combination regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are measured at their acquisition-date fair values. These fair values can be re-assessed for a period of 12 months from the date of acquisition based on information available at the date of acquisition. Goodwill is stated after separate recognition of other identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognised amount of any non-controlling interest in the acquiree and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition- date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately. In determining whether a transaction is a business combination or an asset purchase, the Group considers the inputs, processes and outputs acquired in accordance with IFRS 3. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-329": {
"value": "c. Revenue Revenue consists primarily of direct to consumer (D2C) internet sales along with business to business (B2B) sales. D2C and B2B sales Identifying performance obligations: For D2C and B2B sales the performance obligation is the delivery of the goods purchased by the customer. Control of goods is transferred upon delivery of the product to the customer. Identifying the transaction price: For D2C sales, the customer pays in full at the point of sale, with the transaction price allocated to individual goods purchased. A contract liability is recognised until the related goods have been delivered. For B2B sales, the customer pays in line with the agreed credit terms. Revenue is shown net of returns, with expected sales returns estimated based on historical return data applied to sales. These returns are accounted for at the lower of cost or net realisable value. A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. Allocation of transaction price to performance obligations: In general, the whole transaction price is allocated to the performance obligation. Where a customer purchases multiple goods within one transaction, the transaction price is allocated to those goods based on relative stand-alone selling prices. Revenue recognition: Revenue is recognised at the point of time when the customer receives the goods, shown net of returns. Revenue from contracts Identification of performance obligations: THG Ingenuity Commerce contracts often have multiple performance obligations that include but are not limited to: creation of digital assets, marketing services, stock management, fulfilment, customer support services and access to THG\u2019s Ingenuity platform. Each contract is reviewed individually once signed and is assessed to identify the separate performance obligations. In a typical Ingenuity Commerce contract, all goods and services provided are considered to be \u2018distinct\u2019 as the client can derive independent benefit from each service provision and the promise to transfer services to the customer is separately identifiable. These contracts contain multiple performance obligations. Determining transaction prices: Transaction prices are agreed in advance of the commencement of the work and are outlined within the signed contract. The amount agreed per service is deemed to be the fair value of the service provision. Consideration receivable is usually at a fixed price, however there are some elements that are variable and dependent on order volume and sales levels, for example operations revenues made up of fulfilment fees and revenue share income. The charging structure for such transactions is clearly detailed within the signed contract. Allocation of transaction price to performance obligations: Where contracts cover multiple performance obligations, the transaction price is allocated on a basis that is consistent with the sale of each performance obligation in isolation. Revenue recognition: Within certain Ingenuity contracts, the amount of revenue recognised depends on whether the Group are acting as an agent or principal. The Group acts as principal when it has control of the specified good or service prior to transfer to the customer. Where the Group acts as principal, the revenue recorded is the gross amount billed. Where the Group is an agent, predominantly relating to revenue share arrangements, revenue from the customer and costs with suppliers are reported on a net basis representing the net margin earned. Whether the Group is acting as principal or agent depends on management\u2019s analysis of both legal form and substance of the agreement between the Group and its business partners. The allocated transaction price is recognised from the point at which the customer starts to benefit from the service and over the time the service is provided. For marketing services, stock management, fulfilment, customer support services and access to THG\u2019s Ingenuity platform these are recognised when the service is provided. The creation of digital assets revenue is recognised on a percentage completion basis as the work is performed because the work does not create an asset with an alternative use and the Group has a right to payment for the work performed at each point in time. Revenue which is invoiced in advance is recorded as a contract liability on the balance sheet and released to the statement of comprehensive income account over the periods in which the services are provided. Costs associated with obtaining a contract with a customer that would not have been incurred if the contract had not been obtained are recognised as an asset where they are expected to be recoverable and depreciated over the life of the contract. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained or not are recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer regardless of whether the contract is obtained. Revenue recognised under IFRS 16 Revenues from internet hosting contracts are recognised under IFRS 16 as the Group is considered a lessor in these transactions. Income from hosting contracts is recognised on a straight- line basis from the commencement date over the lease term as the performance obligation is settled over the life of the contract. Any initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Revenue from memberships Fees recognised in respect of memberships are recorded on a straight-line basis over the membership period. Barter income For some of its monthly subscription offerings, THG receives goods for inclusion in its subscription boxes from business partners in return for the marketing exposure received by those products being included in the subscription box. The goods are recognised as stock when received and held at their fair value. When the box is sold, the revenue for providing those marketing services is recognised with an equal and offsetting entry recorded in cost of goods sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "d. Adjusted items The business is managed and measured on a day-to-day basis using underlying results (Adjusted EBITDA). This is an important metric utilised within the business to monitor performance and guide strategic business decisions. The metric captures the Group\u2019s view of underlying trading performance after excluding non-recurring items and initial investment / set-up costs related to establishing the Group\u2019s warehousing and logistics facilities. Further details of the categories considered as adjusting items are detailed in note 4. Management applies judgement in determining which items should be excluded from adjusted EBITDA. The considerations factored into this judgement include but are not limited to: \u2022 Nature of the item \u2022 Significance of the item on the financial results \u2022 Management's expectation on the recurring or non-recurring nature of the item These are items which are material in nature and include, but are not limited to, costs relating to acquisitions, disposals and significant events or projects, some of which span multiple years. Although categories of adjusted items may appear across multiple periods, the underlying event driving that cost or income is often non-recurring. These items are excluded from adjusted EBITDA as management believe their inclusion distorts the underlying trading performance. This is consistent with the way that financial performance is measured by management and reported to the Board. For further details, refer to note 4. ",
"dimensions": {
"concept": "thgplc:DescriptionOfAccountingPolicyForAdjustedItems",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "e. Share-based payments The Group operates share-based compensation plans, under which the Group receives services from employees as consideration for equity instruments (options) of the Company. The fair value of the employee services received in exchange for the grant of the equity instruments is recognised as an expense in the statement of comprehensive income. The total expense is recognised over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest based on the non-market vesting conditions along with taking account of any equity instruments that may have been cancelled or modified in the period. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income with a corresponding adjustment to equity. The shares issued under the Group's share schemes are held by an Employee Benefit Trust (\"EBT\"), with the beneficial interest in the shares being held jointly by the EBT and the individual participant until the shares vest. The EBT has been consolidated within the Group's financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "f. Intangible assets Goodwill Goodwill represents the excess of the cost of acquisitions over the Group\u2019s interest in the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of acquisition. Goodwill is recognised as an asset and assessed for any indications of impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income. For the purposes of impairment testing, goodwill is reviewed by assessing the cash-generating unit that has benefited from the acquisition. If the recoverable amount of the cash-generating unit is less than its carrying amount, then the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. Platform Development costs The costs of acquiring and developing the platform and websites is capitalised separately as an intangible asset. Capitalised website costs include direct costs of materials, services, directly attributable overheads, payroll and payroll- related costs for employees who are directly associated with website development projects. Such costs are only capitalised when the criteria within IAS 38 are met. Intellectual Property This includes separately acquired customer lists, domain and trade names, and other intellectual property, including customer lists acquired as part of business combinations. Separately acquired intangible assets are measured at cost on initial recognition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and impairment losses. Brands Brands arising from business combinations are recognised at fair value on acquisition date. An assessment is made on the useful economic life, and the intangible asset is subsequently amortised over that life. The useful economic life is reviewed on an annual basis to confirm that the useful life continues to be supportable. Other intangible assets Costs associated with developing new products are capitalised as an intangible asset, including directly associated costs. Intangible assets are amortised on a straight-line basis over their estimated useful economic life. Amortisation is charged to the statement of comprehensive income, classified in expenses depending on the nature of the asset. The estimates of useful economic lives are reviewed on an annual basis and any changes are treated as changes in accounting estimates. Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is provided on the cost of software and is calculated on a straight-line basis over the useful life of the software. The following useful economic lives are applied: Platform development costs 5 years New product development 1-5 years Brands 5-20 years Intellectual property (including customer lists, domain and trade names) 2-20 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "Goodwill Goodwill represents the excess of the cost of acquisitions over the Group\u2019s interest in the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of acquisition. Goodwill is recognised as an asset and assessed for any indications of impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income. For the purposes of impairment testing, goodwill is reviewed by assessing the cash-generating unit that has benefited from the acquisition. If the recoverable amount of the cash-generating unit is less than its carrying amount, then the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "Platform Development costs The costs of acquiring and developing the platform and websites is capitalised separately as an intangible asset. Capitalised website costs include direct costs of materials, services, directly attributable overheads, payroll and payroll- related costs for employees who are directly associated with website development projects. Such costs are only capitalised when the criteria within IAS 38 are met. Intellectual Property This includes separately acquired customer lists, domain and trade names, and other intellectual property, including customer lists acquired as part of business combinations. Separately acquired intangible assets are measured at cost on initial recognition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and impairment losses. Brands Brands arising from business combinations are recognised at fair value on acquisition date. An assessment is made on the useful economic life, and the intangible asset is subsequently amortised over that life. The useful economic life is reviewed on an annual basis to confirm that the useful life continues to be supportable. Other intangible assets Costs associated with developing new products are capitalised as an intangible asset, including directly associated costs. Intangible assets are amortised on a straight-line basis over their estimated useful economic life. Amortisation is charged to the statement of comprehensive income, classified in expenses depending on the nature of the asset. The estimates of useful economic lives are reviewed on an annual basis and any changes are treated as changes in accounting estimates. Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Computer software is capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is provided on the cost of software and is calculated on a straight-line basis over the useful life of the software. The following useful economic lives are applied: Platform development costs 5 years New product development 1-5 years Brands 5-20 years Intellectual property (including customer lists, domain and trade names) 2-20 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "g. Property, plant and equipment Property, plant and equipment are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided at the following annual rates in order to write off each asset on a systematic basis over its estimated useful economic life. Depreciation is charged to the statement of comprehensive income, classified in expenses depending on the nature of the asset. At each reporting date, property, plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows of the relevant cash-generating unit or fair value less costs to sell if higher. Any impairment in value is charged to profit or loss in the period in which it occurs. Plant and machinery 5-10 years Fixtures and fittings 3-20 years Computer equipment and software 1-10 years Freehold buildings 20-50 years Motor vehicles 3-7 years Leasehold improvements Lower of lease term or asset life ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "h. Borrowing costs Borrowing costs incurred in relation to bringing into use both tangible and intangible assets are capitalised as the expenditure is incurred on such assets and subsequently depreciated in line with the useful economic life of the relevant asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "i. Inventories Inventories are valued at the lower of cost and net realisable value, on a weighted average cost basis. Cost of purchase comprises the purchase price including import duties and other taxes, transport and handling costs and any other directly attributable costs, less trade discounts. A provision is made to write down any slow-moving or obsolete inventory to net realisable value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-336": {
"value": "j. Financial instruments The following are deemed to be financial assets and liabilities within the scope of IFRS 9. Derivative financial instruments The Group uses derivative financial instruments, such as foreign currency swaps, to hedge its foreign currency risks. The Group also values options either from a third party to acquire shares within the Group or divisions, or where the Group holds an option to acquire shares in a third party. Derivative financial instruments are recognised initially and subsequently at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the statement of comprehensive income. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The sale and purchase of derivative financial instruments are non-speculative. Cash flow hedges Where a derivative financial instrument is designated as a hedge against the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, any gain or loss on the effective part of the derivative financial instrument is recognised in other comprehensive income and accumulated within the hedging reserve. The gain or loss on any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Hedge accounting is discontinued when the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold, terminated or exercised. The cumulative gain or loss previously recognised in the hedging reserve remains there until the forecast transaction occurs. The cumulative gain or loss in the hedging reserve is transferred to the statement of comprehensive income in the same period that the hedged item affects profit or loss. Gain or loss on a portion of a derivative designated as a hedging instrument that is excluded from that hedging relationship is captured in the cost of hedging reserve. Trade and other receivables Trade and other receivables are non-interest bearing and are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest rate method less loss allowance. The Group measures the loss allowance at an amount equal to lifetime expected credit losses. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents include amounts receivable from banks and payment providers for credit and debit card transactions which clear the bank shortly after the transaction takes place. For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined, net of outstanding bank overdrafts. Financial liabilities Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Group measures contingent consideration liabilities at fair value through profit and loss. Trade and other payables Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Within trade and other payables, returns recognised under IFRS 15 (representing the liability for potential returns from customers) are captured within accruals. The Group has a supply chain financing agreement in place to support the cash flow of its external suppliers. The funding is provided by two of the Group\u2019s relationship banks and gives certain suppliers the flexibility to receive early payments on specific invoices. All early payments are processed by the funding bank and the Group settles the original invoice amount with the funders at the original invoice due date. The outstanding balances due to suppliers are recorded within trade payables. Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Derivative financial instruments The Group uses derivative financial instruments, such as foreign currency swaps, to hedge its foreign currency risks. The Group also values options either from a third party to acquire shares within the Group or divisions, or where the Group holds an option to acquire shares in a third party. Derivative financial instruments are recognised initially and subsequently at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the statement of comprehensive income. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The sale and purchase of derivative financial instruments are non-speculative. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "Derivative financial instruments The Group uses derivative financial instruments, such as foreign currency swaps, to hedge its foreign currency risks. The Group also values options either from a third party to acquire shares within the Group or divisions, or where the Group holds an option to acquire shares in a third party. Derivative financial instruments are recognised initially and subsequently at fair value. The gain or loss on remeasurement to fair value is recognised immediately in the statement of comprehensive income. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The sale and purchase of derivative financial instruments are non-speculative. Cash flow hedges Where a derivative financial instrument is designated as a hedge against the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, any gain or loss on the effective part of the derivative financial instrument is recognised in other comprehensive income and accumulated within the hedging reserve. The gain or loss on any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Hedge accounting is discontinued when the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold, terminated or exercised. The cumulative gain or loss previously recognised in the hedging reserve remains there until the forecast transaction occurs. The cumulative gain or loss in the hedging reserve is transferred to the statement of comprehensive income in the same period that the hedged item affects profit or loss. Gain or loss on a portion of a derivative designated as a hedging instrument that is excluded from that hedging relationship is captured in the cost of hedging reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Cash flow hedges Where a derivative financial instrument is designated as a hedge against the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, any gain or loss on the effective part of the derivative financial instrument is recognised in other comprehensive income and accumulated within the hedging reserve. The gain or loss on any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Hedge accounting is discontinued when the hedging instrument no longer meets the criteria for hedge accounting, expires, or is sold, terminated or exercised. The cumulative gain or loss previously recognised in the hedging reserve remains there until the forecast transaction occurs. The cumulative gain or loss in the hedging reserve is transferred to the statement of comprehensive income in the same period that the hedged item affects profit or loss. Gain or loss on a portion of a derivative designated as a hedging instrument that is excluded from that hedging relationship is captured in the cost of hedging reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "Trade and other receivables Trade and other receivables are non-interest bearing and are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest rate method less loss allowance. The Group measures the loss allowance at an amount equal to lifetime expected credit losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents include amounts receivable from banks and payment providers for credit and debit card transactions which clear the bank shortly after the transaction takes place. For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined, net of outstanding bank overdrafts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "Financial liabilities Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Group measures contingent consideration liabilities at fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "Trade and other payables Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Within trade and other payables, returns recognised under IFRS 15 (representing the liability for potential returns from customers) are captured within accruals. The Group has a supply chain financing agreement in place to support the cash flow of its external suppliers. The funding is provided by two of the Group\u2019s relationship banks and gives certain suppliers the flexibility to receive early payments on specific invoices. All early payments are processed by the funding bank and the Group settles the original invoice amount with the funders at the original invoice due date. The outstanding balances due to suppliers are recorded within trade payables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, which equals the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "k. Supplier income Supplier income comprises retrospective rebates and discounts. They are receivable in respect of goods which have been sold and are initially recognised as accrued income. The retrospective rebates are analysed per supplier basis and accrued income is adjusted accordingly based on quarterly assessment of variables impacting expected rebates. All retrospective rebates and discounts received and receivable are deducted from cost of sales when the sale to the third party has been completed. ",
"dimensions": {
"concept": "thgplc:DescriptionOfAccountingPolicyForSupplierIncome",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "l. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract. ",
"dimensions": {
"concept": "thgplc:DescriptionOfAccountingPolicyForContractLiabilities",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-339": {
"value": "m. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated on a straight- line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Plant and machinery 1\u2013 6 years Motor vehicles 3\u20136 years Buildings 1\u201328 years Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in interest-bearing loans and borrowings. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Sale and Leaseback accounting The Group applies sale and leaseback accounting in accordance with IFRS 16 \u2018Leases\u2019. Specifically, the Group recognises the gain or loss on the sale and leaseback transaction by recognising the proportion relating to rights transferred to the buyer directly to the income statement. Dilapidations provisions Dilapidations provisions relate to leased properties. Dilapidations provisions are made based on the best estimate of the likely committed cash outflow and discounted to net present value. The provision, when recognised increases the right-of-use asset. Dilapidations provisions are expected to be used at or by the end of the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "n. Taxation The tax expense included in the statement of comprehensive income and statement of changes in equity comprises current and deferred tax. Current tax is the expected tax payable based on the taxable profit for the period and the tax laws that have been enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities. Current and deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognised directly in equity. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date. The business combinations in previous years have given rise to deferred tax liabilities, as a result deferred tax assets are recognised to the extent they offset the corresponding liability. Deferred tax is calculated at the tax rates (and laws) that are expected to apply in the period when the liability is settled, or the asset is realised. Tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities and where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-340": {
"value": "n. Taxation The tax expense included in the statement of comprehensive income and statement of changes in equity comprises current and deferred tax. Current tax is the expected tax payable based on the taxable profit for the period and the tax laws that have been enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities. Current and deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognised directly in equity. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date. The business combinations in previous years have given rise to deferred tax liabilities, as a result deferred tax assets are recognised to the extent they offset the corresponding liability. Deferred tax is calculated at the tax rates (and laws) that are expected to apply in the period when the liability is settled, or the asset is realised. Tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities and where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "o. Foreign currency translation Functional and presentational currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in Sterling which is also the parent company\u2019s functional currency. Transactions and balances Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange date. Exchange differences on monetary items are taken to the statement of comprehensive income. Group companies On consolidation, the assets and liabilities of foreign operations are translated into the presentational currency of the Group at the rate of exchange prevailing at the reporting date and their statements of comprehensive income are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the component of OCI relating to that foreign operation is recognised in the statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "Functional and presentational currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in Sterling which is also the parent company\u2019s functional currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "p. Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "q. Earnings per share Basic earnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, to the extent that the inclusion of such shares is not anti-dilutive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-343": {
"value": "r. Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The most critical accounting judgements or key sources of estimation uncertainty are detailed as follows: Critical accounting judgements Capitalisation and amortisation of platform development costs Costs capitalised as platform development costs include direct external costs such as consultancy costs and internal payroll costs. The capitalisation of internal costs is based on the amount of time spent by employees on capital projects. Judgement is applied in determining which costs meet the IAS 38 criteria for capitalisation as development costs, dependent on the type of cost and the project, along with the appropriate element of employee time capitalised. The key judgement relates to assessing the feasibility and the extent of future economic benefits that will be derived from each project. Refer to note 11 for details of capitalised platform development costs. The useful economic life of the platform is between one and five years, dependent on the type of development work capitalised. The estimate of useful economic life is reviewed on a regular basis to ensure that this continues to be appropriate. Adjusted items The identification of adjusted items depends on management judgement in identifying and quantifying amounts deemed to be adjusting or not reflective of the underlying performance of the Group. The key elements management take into consideration include, but are not limited to: \u2022 The underlying nature of the item; \u2022 Whether management believe the item is recurring in nature, or if it represents a one-off distortion of the underlying results of the business; and \u2022 Significance of the item on the financial results. Refer to note 4 for details of each class of adjusted items. Impairment reviews \u2013 number of cash-generating units The Group is required to review intangible assets, including goodwill, with indefinite lives annually to determine if any impairment has occurred. Intangible assets with finite lives are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. The identification of cash generating units (\u201cCGUs\u201d) is a judgement exercised by management, who consider the interoperability of the Group\u2019s asset base, along with the ability to identify separable series of cash flows attached to those assets. There has been a change in the number of CGUs in the year following the divisional reorganisation of the Group. More information has been provided within note 11. Key sources of estimation uncertainty Goodwill and intangible asset valuation The Group has made several acquisitions in previous years, and in doing so recognised a number of intangible assets on consolidation, including Brands, Customer Lists, and Goodwill (refer to note 11). In valuing these intangibles assets, management were required to use judgement to estimate their fair value. Intangible assets identified on acquisition are brand names, customer lists and intellectual property. The material assumptions used include cash flow forecasts of the entity (including growth rates and royalty rates), customer retention rates and the contributory asset charges. To assist in this work, the Group engages external valuation experts for a number of acquisitions to assess the fair values of intangible assets. Management review the work carried out by these external valuation experts and assess the outcome. The fair values of the acquired entities\u2019 balance sheets are also assessed to ensure that the values reflect the fair value of all acquired assets and liabilities. Inventory provisioning The Group holds levels of stock sufficient to meet the forecasted demand of its customers. As part of this, a provision is recognised to ensure that the balance sheet value of stock held is at the lower of cost and net realisable value in accordance with IAS 2. As part of the provisioning process, management's consideration includes, but is not limited to: age of stock, type of stock, and inventory acquired through business combinations. Refer to note 13 for further details on inventory. A reduction of 10% in online sales selling prices would impact the net realisable value by c\u00a30.7m. Impairment reviews \u2013 key estimates and judgements When a review for impairment is conducted, the recoverable amount of the CGU is determined based on the higher of value- in-use calculations applying IAS 36 and fair value less costs to dispose applying IFRS 13. The recoverable amount is calculated using management\u2019s assumptions and estimates. The key estimates within the value-in-use calculation are growth rates and discount rates applied. The key estimates within the fair value less costs to dispose are the length of forecast period applied, discount rates including any risk premium and growth rates. Refer to note 11 for further details of calculations. Other judgements and other sources of estimation uncertainty Climate Change In preparing the consolidated financial statements management has taken into consideration the impact of climate change. Considerations include, but are not limited to: \u2022 The identification of costs which have been committed to which have been included within forecasts where appropriate, the key impact to THG is the implementation of plastic packaging tax and Packaging Waste Regulations; \u2022 The impact of climate change on a number of key estimates which the Group has included within forecasts where appropriate; \u2022 The impact of the Group\u2019s investments in sustainable businesses, evidenced in the prior year acquisition of companies such as More Trees, Preston Plastics and Indigo Environmental (note 10) to aid the Group\u2019s movement towards its sustainability targets. These considerations have not identified any significant impacts from our climate commitments and therefore do not have a material impact on the financial statements or reporting judgements and estimates. Revenue recognition \u2013 Principal vs Agent Within certain Ingenuity contracts, the amount of revenue recognised depends on whether the Group are acting as an agent or principal. The Group acts as principal when it has control of the specified good or service prior to transfer to the customer. Where the Group acts as principal, the revenue recorded is the gross amount billed. Where the Group is an agent, predominantly relating to revenue share arrangements, revenue from the customer and costs with suppliers are reported on a net basis representing the net margin earned. Whether the Group is acting as principal or agent depends on management\u2019s analysis of both legal form and substance of the agreement between the Group and its business partners. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-345": {
"value": "2. Segmental reporting and revenue
Following the completion of the divisional reorganisation, the Directors have re-assessed the criteria and considerations
under IFRS 8 \u2018Operating Segments\u2019 in order to identify operating segments within the Group. For 31 December 2022,
the Directors have concluded that the Group has six operating segments. Until 31 December 2021, the Group only had
one operating segment. During 2022, the Group\u2019s activities were divided into the following segments THG Beauty, THG
Nutrition, THG Ingenuity, THG OnDemand (disclosed under the discontinued categories segment), THG Luxury and THG
Experience. This corresponds to the internal reporting and organisational structure that changed during the year. The THG
Luxury and THG Experience segments are aggregated due to being below the quantitative thresholds as set out in IFRS 8.
Central costs are disclosed separately.
The prior year segmental analysis for EBITDA has been presented as this measure has been reported to the Chief
Operating Decision Maker (CODM) during the current year as a comparative measure following the restructure. The prior
year segmental revenue includes an illustrative internal recharge from THG Ingenuity to the wider THG PLC Group as if this
was in place throughout 2021 to provide a like-for-like comparison.
The results of each division are reported to the Board of Directors and are treated as reportable operating segments.
The following table describes the main activities for each reportable operating segment:
Central costs relate primarily to the PLC Board remuneration, professional services fees, group finance, M&A, risk
(insurance) and governance costs that are not recharged to the divisions as they principally relate to the operations of the
PLC holding company.
The CODM is the executive Board directors, who makes the key operating decisions for the business. The CODM receives
daily financial information at the combined Group level, along with monthly information at a divisional level and uses this
information to allocate resources, make operating decisions and monitor the performance of each of the divisions.
Segment Activities
THG Beauty
The digital-first brand owner, retailer and manufacturer in the prestige beauty market, combining its
prestige portfolio of eight owned brands across skincare, haircare and cosmetics, the provision of
a global route to market for over 1,300 third-party beauty brands through its portfolio of websites,
including Lookfantastic, Dermstore, Cult Beauty and Mankind and the beauty subscription box brand
GLOSSYBOX.
THG Nutrition
A group of digital-first Nutrition brands, which includes the world\u2019s largest online sports nutrition brand
Myprotein, and its family brands (Myvegan, Myvitamins, MP Activewear and MyPRO), with a vertical-
ly-integrated business model, supported by global THG production facilities.
THG Ingenuity
THG Ingenuity provides a complete digital commerce solution for consumer brand owners across its
three pillars of technology, digital and operations. Being part of the THG group, a global digital brand
owner in Beauty & Nutrition, Ingenuity is uniquely placed to bring relevant, practical, and international
expertise in every area of commerce.
Other
Includes THG Luxury and THG Experience. THG Luxury operates D2C websites retailing luxury clothing
and homeware. THG Experience comprises prestige events locations at Hale Country Club & Spa, King
Street Townhouse Hotel and Great John Street Hotel.
Discontinued
categories
At the year end, certain loss-making categories and territories primarily within THG OnDemand were
placed under strategic review. This review is now complete and these operations will be fully exited in
2023. The exit doesn\u2019t meet the criteria under IFRS 5: Discontinued operations at the balance sheet
date, as these categories and territories are not a major component of the Group as defined by the
accounting standard, however, management began to report the financial results of these categories
separately in their reporting to the CODM, as such the result has also been shown in the same format
within this note .
2022 THG Beauty \u00a3\u2019000 THG Nutrition \u00a3\u2019000 THG Ingenuity \u00a3\u2019000 Other \u00a3\u2019000 Central PLC \u00a3\u2019000 Inter-group elimination \u00a3\u2019000 Result before discontinued categories 1 \u00a3\u2019000 Discontinued categories \u00a3\u2019000 2022 Total \u00a3\u2019000 External revenue 1,234,977 675,133 159,580 50,878 - - 2,120,568 118,661 2,239,229 Internal revenue - - 597,420 - - 597,420 - - - Total revenue 1,234,977 675,133 757,000 50,878 - (5 9 7,420) 2,120,568 118,661 2,239,229 Adjusted EBITDA pre SaaS costs 32,866 51,783 29,304 (1,907) (23,167 ) - 88,879 (14,582) 74,297 Adjusted EBITDA 32,866 51,783 19,12 1 (1,907) ( 23,167 ) - 78,696 (14,582) 64 ,114 Margin % 2.7% 7. 7 % 2.5% -3.7% - - 3.7% -12.3% 2.9% Depreciation - - - - - - - - (94,191) Amortisation - - - - - - - - (108,975) Share-based payments - - - - - - - - (10,734) Adjusted items - - - - - - - - (345,779) Operating loss - - - - - - - - (495,565) Finance income - - - - - - - - 2,359 Finance costs - - - - - - - - (56,522) Loss before taxation - - - - - - - - (549,728) 1. At the year end, certain loss-making categories and territories within non-core divisions were placed under strategic review and subsequently management has decided to exit these areas. The exit doesn\u2019t meet the criteria under IFRS 5: Discontinued operations as these categories and territories are not a major component of the Group as defined by the accounting standard, however, to provide further information on the ongoing revenue and Adjusted EBITDA of the Group the result of these operations have been shown separately in the above table. The measure of the Group\u2019s profit or loss used by THG\u2019s management team are both Adjusted EBITDA pre SaaS change in accounting policy and Adjusted EBITDA comprising operating loss less interest, tax, depreciation, amortisation, shared- based payments and adjusted items. This is reconciled to the nearest IFRS measure (loss before tax) in the below table. An element of Ingenuity revenue is contract based and therefore is recognised over time; all other revenue streams are recognised at a point in time. Of the total revenues recognised for THG Ingenuity, \u00a373.8m (2021: \u00a375.6m) is recognised over time. Segment assets and liabilities are not disclosed because they are not yet regularly reported or reviewed by the Board. In 2021, the Group only had one operating segment. The below information has been included as the comparative disclosure 2. For the loss-making categories and territories within non-core divisions that have been shown separately within the 2022 table under the discontinued categories heading, the same adjustment has been included for 2021 result to show a comparative of continuing operations year-on-year. 3. Internal revenue was not recharged until the completion of the divisional reorganisation, however for illustrative purposes this has been calculated for 2021. This has been calculated using the same charging mechanisms in 2022 to provide a like-for-like comparison. 4. Following the completion of the divisional reorganisation, the strategy of each segment has been reviewed and redefined where necessary, as a result some services were redefined within THG Ingenuity, THG Beauty and Other segments in 2022. To ensure that the comparative disclosure is consistent thi has been restated in the above table. The impact is an increase in THG Beauty external revenue of \u00a363.7m, decrease in THG Ingenuity external revenue of \u00a348.0m and decrease of Other segments external revenue of \u00a315.7m. THG Beauty has been restated to include Acheson & Acheson which was previously recognised within THG Ingenuity due to some services being delivered to THG Ingenuity customers which is no longer the case. THG Ingenuity has been restated to exclude Acheson & Acheson manufacturing and include Arrow Films which has been reclassified following the discontinuation of the other categories within THG OnDemand. The total revenue has not changed as a result of the inter-segment reclassifications. 2021 THG Beauty \u00a3\u2019000 THG Nutrition \u00a3\u2019000 THG Ingenuity \u00a3\u2019000 Other \u00a3\u2019000 Central PLC \u00a3\u2019000 Inter-group elimination 3 \u00a3\u2019000 Result before discontinued categories 2 \u00a3\u2019000 Discontinued categories \u00a3\u2019000 2021 Total 4 \u00a3\u2019000 External revenue 1,181,529 659,531 146,306 46,062 - - 2,033,428 146,482 2 ,1 79,9 10 Internal revenue - - 602,545 - - 602,545 - - - Total revenue 1,181,529 659,531 748,851 46,062 - (602,545) 2,033,428 146,482 2,17 9,91 0 Adjusted EBITDA 70,234 76,633 40,410 (2 ,137 ) (15,517) - 169,263 (8,348) 161,276 Margin % 5.9% 11.6% 5.4% -4.6% - - 8.3% -5.7% 7.4% Depreciation - - - - - - - - (70,478) Amortisation - - - - - - - - (99,033) Adjusted items - - - - - - - - (129,228) Operating loss - - - - - - - - ( 137,4 6 3 ) Finance income - - - - - - - - 623 Finance costs - - - - - - - - (49,447) Loss before taxation - - - - - - - - (186,287) The Group has provided an analysis of external revenue by region (by destination): 2022 2021 \u00a3'000 \u00a3'000 UK 960,535 909,452 USA 446,542 406,489 Europe 449,783 458,027 Rest of the world 382,369 405,942 2,239,229 2,179,910 The Group\u2019s non-current assets by geography are as follows: 2022 2021 \u00a3'000 \u00a3'000 UK 1, 2 5 7, 6 8 9 1,891,133 Europe 145,057 37,966 Rest of the world 550,333 224,495 1,953,079 2,153,594 Following the completion of the divisional reorganisation in the year, certain intangible assets have been reclassified between geographies, given the greater granularity of information available. ",
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"value": "4. Adjusted items These are items which are material in nature and include, but are not limited to, costs relating to acquisitions, disposals an significant events or programmes, some of which span multiple years. These items are excluded from adjusted EBITDA as management believe their inclusion distorts the underlying trading performance. This is consistent with the way that financial performance is measured by management and reported to the Board. 2022 2021 \u00a3'000 \u00a3'000 Within Cost of sales Inventory provision for discontinuation of loss-making categories 25,517 - and decommissioning of facilities following strategic review 25,517 - Within distribution costs Transportation, delivery and fulfilment costs in relation to Covid-19 18,504 26,628 Commissioning \u2013 new facilities 3,613 16,384 22 ,11 7 43,012 Within Administrative costs Other costs following the outcome of strategic review 6,942 - Restructuring costs to simplify the Group structure 6,803 10,233 Impairment of assets within Experience, Luxury and OnDemand divisions - 53,008 Impairment of certain intangible and tangible assets associated with - 2,982 Software-as-a-service arrangements Impairment of assets 269,828 - Impairment of assets within the discontinued categories 3,763 - Impairment of non-core assets held for sale 1,831 - Donations 362 1,090 Acquisitions - restructuring and integration 8,046 5,328 Acquisitions - legal and professional costs - 12,225 Other legal and professional costs 570 1,350 298,145 86,216 Total adjusted items before finance costs 345,779 129,228 Within finance costs Non-cash \u2013 revaluation of SBM option (601) 601 Total adjusted Items before tax 34 5,1 78 129,829 Tax impact (11,634) (11,901) Total adjusted items 333,544 11 7, 9 2 8 Inventory provision for discontinuation of loss-making categories and decommission of facilities following strategic review Following the divisional reorganisation, the Group has undertaken a strategic review of loss-making categories and territories within THG OnDemand and other non-core divisions. In addition, as part of the strategic review in the year, the Group also reviewed its warehousing facilities resulting in some sites being decommissioned. The result of the decommissioning identified inventory where there was no economic benefit of the Group to moving to an alternative warehouse or selling via other channels. The outcome of these reviews has led to a one off inventory provision for the categories being discontinued of \u00a325.5m which has been recognised within cost of sales. Transportation, delivery and fulfilment costs in relation to Covid-19 In 2022, we continue to be impacted by Covid-19 surcharges from suppliers with routes travelling through and into Asia, although at a lesser rate during 2022 compared to prior periods. Covid-19 has had a direct and measurable impact on the Group\u2019s cost to fulfil delivery of goods to customers across its global network, through reduced commercial flights and closures of key shipping lanes. The main driving factor of the excess cost continuing across accounting periods is the continued lockdowns experienced in Asia which continue to affect air traffic. The additional cost to complete these deliveries has been recognised as an adjusted item, and while there is uncertainty around the length of disruption the pandemic will have on global supply chains, the Group doesn\u2019t consider this to be a recurring part of the Group\u2019s cost base. As the effects of the pandemic lessen and the lockdowns in Asia ease, the service providers will no longer need to charge such excess costs. We anticipate the costs to reduce significantly in 2023. The costs incurred were as a result of the following: \u2022 In order to maintain the Group\u2019s pre Covid-19 levels of customer experience, the Group had to address the challenges caused by commercial flights being reduced during the pandemic to minimal levels. The Group secured THG exclusive chartered flights in order to be able to uphold its service levels, generating an identifiable increase in costs versus non-exclusive passenger flights, which were used pre Covid-19. As the impact of the pandemic have lessened the requirement to charter flights has dropped away in the first half of 2022 and this cost will not continue. \u2022 Our delivery partners passed on to the Group additional surcharges specifically identified on invoices as a response to operating during the pandemic. This continues for routes relating to Asia where the impact of the pandemic is continuing and this cost has continued to decrease each month during 2022 and post year end. \u2022 Due to the impact of Covid-19, a number of key supply routes were disrupted or closed. This necessitated identifying and sourcing alternative viable routes to fulfil the obligations on the Group to serve its customers, which created identifiable external costs relating to alternative routes that had to be taken due to the impact of Covid-19 on the Group\u2019s courier and logistics providers ability to operate in the pandemic. This cost will not continue. Commissioning \u2013 new facilities The Group has embarked on a strategic project to transform the Group\u2019s global infrastructure footprint and capability, moving away from the smaller sized facilities which were fit for purpose in the past, into larger purpose-built distribution facilities to support the strategic objectives of the Group. Under this project, the Group has commissioned a number of these purpose-built facilities over the years, including a campus (inclusive of 3 warehouses) at Manchester Airport, UK (\u201cIcon\u201d) and New Jersey, US. Works at New Jersey, US and the Icon facility began in August 2021 and August 2020 respectively. These warehouses are in operation, although further automation is required to be implemented into the sites to reach to optimal efficiency expected of the sites, including Autostore automation in New Jersey in 2023 and automated sortation in Icon in 2022. The costs have significantly reduced year on year as these projects reach completion stages. The majority of the costs incurred in the prior year relate to the commissioning of the multiple ICON warehouses, of which two out of three completed during 2022. Due to the scale and complexity of these sites, commissioning of these facilities and integration into the Group\u2019s existing distribution network can span more than one accounting period, taking on average 18 months for a specific site; a relatively short period compared to the useful economic life of the asset. During the commissioning and integration period, costs relating to the set-up, integration and testing of the new facilities are included within adjusted items as these costs are not expected to be recurring for each specific site and do not reflect the underlying cost base of the Group. Such costs include: \u2022 Additional costs incurred relating to the period of testing and commissioning that is required, to ensure a facility is operating as expected. Such costs are non-underlying and therefore included within adjusted items; \u2022 Costs relating to the migration of production operations and processes to the new sites as part of this expansion of the fulfilment network include testing of new production processes and resolution of any commissioning protocols required before production is fully operational; \u2022 Costs relating to bulk internal warehouse transfers from existing THG facilities are often required during the set up/ commissioning period for a new facility. These costs are non-underlying in nature; and \u2022 Additional shipping costs are incurred when the products within a single customer order is fulfilled by shipping from two different warehouses, due to stock being split across two sites during the commissioning period for a new facility. This results in duplicated postage costs on a single order. The costs above are identified through internal processes and controls which isolate the impact of commissioning new facilities. For some of these costs, the amounts included within adjusted items are calculated by taking the excess costs per unit versus the normalised rate, which is set based on historical information or third-party data. Further charges are anticipated as the respective projects are completed, however the quantum of which is expected to continue to reduce year on year as these projects are completed. The key projects ongoing into 2023 are for Icon and New Jersey and are expected to be completed by the end of 2023 at which point these costs will not continue. The costs to date for these two sites total \u00a312.0m with the projects being c90% complete at 31 December 2022. Other costs following the outcome of strategic review Other costs following the outcome of the strategic review totalling \u00a36.9m are included within administrative costs. These costs include the costs triggering early lease break clauses for the unprofitable warehouse operations within Asia and marketing costs for pre-releases that will no longer be launched. The full exit of the discontinued areas is expected to be complete by the end of Q3 2023 with costs not recurring after this date. Restructuring costs to simplify the Group structure The costs included within restructuring costs of \u00a36.8m (2021: \u00a310.2m) include costs of executing the Group simplification project. Impairment Impairment of assets within Experience, Luxury and OnDemand divisions See impairment of assets within the discontinued categories heading for information relating to 2022. In 2021, a one-off, non-cash impairment of \u00a353.0m was recognised in respect of THG Experience, THG Luxury and THG OnDemand business units. Impairment of certain intangible and tangible assets associated with Software-as-a-Service arrangements There was no impairment of these costs incurred in 2022. SaaS costs incurred in 2022 have been recognised within the underlying administrative expenses. The Group hold various arrangements for SaaS solutions. Given the IFRIC agenda decision in 2021, the Group updated its accounting treatment and policy for IAS 38 Intangible Assets accordingly in the prior year. We determined that \u00a33.0m of SaaS related costs no longer met the criteria for recognition as an asset under IAS 38. Accordingly, this amount was expensed in full and has been disclosed as an adjusting item because it arises from the one-off introduction of interpretations to accounting guidance. Impairment of assets A further impact of the divisional reorganisation is that the assets and cash flows of each division are now separately identifiable. The result being the identification of additional cash-generating-units (\u2018CGUs\u2019), which are reflective of the new corporate structure. The result of more CGUs is that the impairment review has been undertaken at a more granular level than in previous years. Following the significant acquisitions within the THG Beauty division in recent years, a substantial amount of intangible assets are included within the underlying asset base whilst the market price of comparable assets, alongside many technology businesses has fallen over the last 18 months. This is reflective of more challenging global markets following the macroeconomic, inflationary and interest rate pressures driven by, amongst other things, the Russia-Ukraine conflict. Against this backdrop, the impairment review has led to an impairment of \u00a3183m within the Beauty division. In addition, an impairment charge of \u00a387m has been recognised within the THG Ingenuity cash-generating-unit. This has arisen as the impairment review has been undertaken at a more granular level than in previous years. Following the appointment of our new CEO of THG Ingenuity in 2022, the Group has repositioned its\u2019 strategy. Management believe they have made conservative growth assumptions which are lower than the growth rate prospects of the sectors in which THG Ingenuity operates given the recent change in strategy. Alongside this, THG Ingenuity has made significant investment for the future in its platform and global infrastructure network. These factors combined with the challenging macroeconomic environment impacting several of the key assumptions, particularly the discount rate, which have also had a bearing on peer valuations, has led to the impairment of the historical goodwill within this cash-generating-unit. More information is included within note 11. Impairment of assets within the discontinued categories Following the decision to discontinue certain categories and territories an impairment has been charged totalling \u00a33.7m against affected assets. More information is included within note 11. Impairment of non-core assets held for sale An impairment charge of \u00a31.8m has been recognised against non-core assets that meet the criteria to be classified as held for sale under IFRS 5. The net book value of these assets has been reclassified to a current asset and an impairment charge has been recognised for the difference between the selling price and the carrying value. Donations In 2022, the Group has donated \u00a30.4m related to aid in the form of nutrition and hygiene products to charities assisting with the war in Ukraine. In 2021, as part of its Covid-19 response, the Group made several charitable donations to the local region, totalling \u00a31.1m. Acquisitions \u2013 restructuring and integration Where the Group completes acquisitions, it derives value by achieving synergies in the post-acquisition period by restructuring the acquired businesses and integrating them into the Group. During this restructuring and integration phase there are a number of costs that are not related to the underlying trading operations of the Group which are classified as adjusted items. The costs in 2022 relate to the planned integrations of the acquisitions made in 2021. Cult Beauty was acquired in August 2021 and the integration was a key focus of 2022. These costs include, but are not limited to; \u2022 Duplicated costs whilst the integration plan is executed. These often relate to termination of pre-acquisition agreements that were in place and exit costs associated (such as closure of old facilities or head offices); \u2022 As part of the integration plan itself, additional non-recurring costs may be incurred which do not relate to the underlying trading operations of the Group, including, but are not limited to, system integration testing and validation, costs of moving equipment to new sites and department relocation or set up costs; and \u2022 Costs of staff exiting the business, including redundancy costs, earnouts or bonus payments relating to the integration plan. Integration plans can often result in moving offices geographically, a change in management structure or redefining the roles and needs of departments or individuals. As a result, some employee redundancy costs are incurred. Payments are also made to employees for successful delivery of integration plans. Depending on the size and nature of the acquisition and the complexity of the integration plan, acquisition restructuring and integration costs can be incurred for up to 12 months post-acquisition. Acquisitions \u2013 legal and professional costs The Group periodically considers and analyses potential acquisition targets and recognises there is inherent complexity and risk associated with acquisitions. The Group manages this by employing external professional advisors to perform legal, financial, commercial and tax due diligence on targets. These costs relate to opportunities the Group identifies and pursues, of which a portion result in successful acquisitions by the Group. Such legal and professional costs are classified as adjusting items as they relate to significant strategic transactions and, except for the transactions in question, the business would not have incurred these costs and as a result these costs are deemed to be non-recurring costs that do not relate to the underlying trading operations of the business. There have been no such costs incurred in 2022. Other legal and professional costs The Group incurs legal and professional costs that are non-recurring, one-off in nature and not related to trading activities. These costs are included as adjusted items and can include, but are not limited to, legal costs for one off matters and other fees associated with investor activities. Non-cash \u2013 revaluation of SBM option On 10 May 2021, THG entered into a call option with SB Management Limited (\"SBM\"), a wholly owned subsidiary of SoftBank Group Corp, to purchase 19.9% of the share capital of THG Ingenuity for $1.6bn. On 26 July 2022, the Group announced that in light of global macroeconomic conditions the SBM option agreement had been terminated by mutual agreement. The call option granted by THG to SBM will not therefore be, and will cease to be capable of being exercised. At 31 December 2022, the option has therefore been derecognised. The option had previously been classified as a derivative instrument, an option that held value for SBM and consequently fell under the provisions of IFRS 9 (Financial Instruments). The impact of the derecognition is a non-cash \u00a30.6m gain recognised on the revaluation. As this is a non-recurring transaction the revaluation effects of this option have been presented as an adjusted item. ",
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"value": "3. Operating loss 2022 2021 Note \u00a3'000 \u00a3'000 Operating loss has been arrived at after charging / (crediting): Adjusted items - impairment 4 275,422 55,990 Adjusted items - other 4 70,357 73,238 Employee costs 275,14 5 260,892 Share-based payments 7 10,734 - Depreciation on fixed assets 12 50,896 38,269 Depreciation on right-of-use assets 22 43,295 32,209 Amortisation of intangibles 11 108,975 99,033 Government grants (1,752) (1,662) Net foreign exchange gain 1,422 444 ",
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"value": "2022 2021 \u00a3'000 \u00a3'000 Fees in respect of the audit of the Consolidated and Parent Company Financial Statements 2,300 2 ,150 Other audit fees, principally in respect of audits of accounts of subsidiaries - 150 Total audit fees 2,300 2,300 Other services: - other assurance services 1 100 100 Total non-audit services 100 100 Total fees 2,400 2,400 1. Fees in respect of other assurance services relate to interim procedures in accordance with International Standard for Review Engagements (UK and Ireland) 2410. 5. Auditors' remuneration",
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"value": "2022 2021 Note \u00a3'000 \u00a3'000 Wages and salaries 283,080 270,063 Social security costs 32,091 2 7,6 1 5 Pension costs 10,407 7,6 0 6 Share-based payments 7 10,734 - 336,312 305,284 2022 2021 Number Number Retail 3,287 3,023 Administration 1,051 1,285 Distribution 3,834 3,555 Information technology 869 744 9,041 8,607 6. Employee costs and Directors\u2019 remuneration The aggregate amount of employee costs included above that have been capitalised within platform development costs was \u00a350.5m (2021: \u00a344.4m). The costs incurred in respect of the Executive Directors and Non-Executive Directors, who are regarded as the key management personnel, were as follows: The above table reflects the full time equivalent (FTE) number of employees calculated as an average throughout the year. The total staff numbers on a FTE basis at 1 January 2022 were 10,185 and at 31 December 2022 were 8,239. No retirement benefits are accruing to any of the Directors at 31 December 2022 (2021: nil). The average number of employees (including executive directors) during the year was: 2022 2021 \u00a3'000 \u00a3'000 Wages and salaries 1,056 600 Social security costs 124 65 Pension costs 1 - 1,18 1 665 19",
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"value": "7. Share-based payments The Group operates a share-based compensation plan, under which the Group receives services from employees as consideration for equity settled instruments (options) of the Company. Options over Ordinary Shares were granted to participants on 16 June 2022, with top up options awarded to certain participants on 3 October 2022. The fair value of the employee services received in exchange for the grant of the equity instruments is recognised as an expense in the Statement of Comprehensive Income with the corresponding increase to equity. The option awards will vest in three equal tranches on 31 December 2022, 31 December 2023 and 31 December 2024 provided participants remain in continued employment with the Company at each date. Performance conditions are attached to a small proportion of the awards to a small number of participants. 2022 2021 \u00a3'000 \u00a3'000 Expense arising from equity-settled share-based payment transactions 10,734 - The following table shows the shares granted and outstanding at the beginning and end of the year: 2022 Finance income Number of shares As at 1 January - Granted during the year 43,352,699 Vested during the year (12,547,412) Forfeited during the year (1,556,687) As at 31 December 29,248,600 The key inputs to calculate the charge are the share price at the date of grant and an assumption around those not remaining in continued employment, spread across the vesting period. Achievement of performance conditions have been considered where appropriate. The range of exercise prices are \u00a30.00 to \u00a30.11, and the weighted average remaining contractual life is 9.6 years. ",
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"value": "8. Finance income and cost 2022 2021 \u00a3'000 \u00a3'000 Finance income Bank interest receivable 2,359 323 Derivative financial instrument - 300 2,359 623 Finance costs Bank interest payable and charges 42,791 36,496 Interest on lease liabilities 14,332 12,350 Revaluation of SBM option (601) 601 56,522 49,447 ",
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"value": "8. Finance income and cost 2022 2021 \u00a3'000 \u00a3'000 Finance income Bank interest receivable 2,359 323 Derivative financial instrument - 300 2,359 623 Finance costs Bank interest payable and charges 42,791 36,496 Interest on lease liabilities 14,332 12,350 Revaluation of SBM option (601) 601 56,522 49,447 ",
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"value": "8. Finance income and cost 2022 2021 \u00a3'000 \u00a3'000 Finance income Bank interest receivable 2,359 323 Derivative financial instrument - 300 2,359 623 Finance costs Bank interest payable and charges 42,791 36,496 Interest on lease liabilities 14,332 12,350 Revaluation of SBM option (601) 601 56,522 49,447 ",
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"value": "2022 2021 \u00a3'000 \u00a3'000 Loss before tax (549,728) (186,287) Tax at statutory rate of 19% (2021: 19%) (104,448) (35,395) Tax effects of: Adjustments in respect of prior year (3,789) 5,14 4 Expenses not deductible 57,11 5 20,387 State taxes - (869) Effect of higher tax rates in other jurisdictions 350 1,943 Losses not recognised / (recognised) in the year 42,708 (26,126) Effect of change in tax rate (1,707) (13,297) (9,771) (48,213) 2022 2021 Note \u00a3'000 \u00a3'000 Current tax Tax charge for the year 2,218 10,057 Adjustments in respect of prior year (3,025) 4,349 (807) 14,406 Deferred tax Origination and reversal of temporary differences (6,493) (50,116) Adjustments in respect of prior year (764) 795 Change in tax rates (1,707) (13,298) 21 (8,964) (62,619) Total income tax credit (9,771) (48,213) The effective tax rate is 1.8% (2021: 25.88%) and is explained below: The standard rate of corporation tax in the UK is 19%. The main rate of UK corporation tax will increase from 19% to 25% with effect from 1 April 2023. This change was introduced by Finance Act 2021 and substantively enacted on 24 May 2021. The effective tax rate is 1.8% (2021: 25.9%), based on a total tax credit of \u00a39.8m (2021: \u00a348.2m). The effective tax rate differs from the average statutory rate of 19%. This is primarily due to a movement in deferred tax not recognised (-7.8%), and the impact of goodwill impairment (-9.3%). At the balance sheet date the total net deferred tax liability is \u00a376.6m (2021: \u00a373.8m). The deferred tax liability in respect of intangible assets recognised on consolidation was \u00a3150.8m (2021: \u00a3151.6). The deferred tax asset in respect of tax losses recognised was \u00a354.8m (2021: \u00a360.2m). There were \u00a357.8m of unrecognised deferred tax assets in respect of tax losses at the balance sheet date (2021: \u00a3nil). This non-recognition has an impact on the income statement tax credit, and this is one of the primary reasons for the effective tax rate being below the statutory rate. 9. Income tax ",
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"value": "Business Country of incorporation Nature of activity Date of acquisition Purchase consideration \u00a3\u2019000 Percentage ownership Dermstore USA Professional skincare online retailing 2 February 2021 260,898 100% Indigo Environmental England and Wales Recycling provider 3 March 2021 6,316 1 100% Arrow Films England and Wales Motion picture distribution activities 5 March 2021 18,490 2 100% More Trees England and Wales Tree planting 1 April 2021 3,227 3 100% Private Label Nutrition England and Wales Vitamin, mineral and supplement manufacturer 16 April 2021 3,667 4 100% Preston Plastics England and Wales Recycling provider 27 April 2021 18,881 100% Brighter Foods England and Wales Manufacturing and developing cold-pressed and cold form snack bars 11 May 2021 43,800 5 100% Bentley Laboratories USA Prestige skincare and haircare manufacturing 15 June 2021 1 7 7,6 0 2 100% Cult Beauty England and Wales Online beauty retailer 3 August 202 289,302 100% The Group also paid \u00a30.6m on 28 July 2021 for the trade and certain assets of Morv\u00e9lo, a retailer of cycling clothing. 10. Business combinations 2022 Business combinations During 2022, the Group has concluded on the fair value of the net assets in respect of acquisitions completed in 2021, resulting in a decrease of \u00a32.4m in net assets and a corresponding increase in goodwill. Cash flows from investing activities include a cash outflow of \u00a35.7m relating to acquisitions has been recognised in the statement of cash flows. This amount relates to the finalisation of completion accounts net of the payment of contingent consideration in the period. 2021 Business combinations Details of the acquisitions are as follows: Reason for 2021 business combination Dermstore, Cult Beauty and Bentley Laboratories expand THG\u2019s presence in the beauty sector with globally recognised brands, including in the US market and also provide in-house skincare and haircare new product development capabilities and manufacturing. Brighter Foods and Private Label Nutrition enhance THG\u2019s vertical integration strategy with the production and retail of bars, vitamins, minerals and supplements and will accelerate future development in this area. Indigo Environmental, Preston Plastics and More Trees form part of THG Eco and are part of THG\u2019s strategy to off-set THG\u2019s existing usage and footprint and to enhance THG\u2019s processing capabilities to provide sustainability solutions and consulting to THG\u2019s suppliers, partners and customers. Arrow Films will facilitate THG\u2019s vertical integration of retail and wholesale physical film content as well as providing digital opportunities and growth potential in this area. Dermstore Indigo Environmental Arrow Films More Trees Private Label Nutrition Preston Plastics Brighter Foods Bentley Laboratories Cult Beauty Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Intangible assets - brands 216,949 180 3,000 - 228 488 1,200 19,989 252,702 494,736 Intangible assets - customer lists - 493 5,700 - 1,001 2,596 24,700 26,014 - 60,504 Intangibles - other intellectual property - - - - - - - 3,119 - 3,119 Deferred tax (56,407) (156) (2,078) - (290) (731) (6,315) (12,771) (61,744) (140,492) Total fair value on acquisition 160,542 517 6,622 - 939 2,353 19,585 36,351 190,958 4 1 7, 8 6 7 2021 Contingent consideration The contingent consideration arrangements require the Group to pay the former owners based on performance targets post-acquisition. The potential undiscounted amount of all future payments that the Group could be required to make under the contingent consideration arrangements is between \u00a3nil and \u00a319.3m. The performance targets are based on EBITDA or revenue. The fair value of the contingent consideration arrangements of \u00a315.2m was estimated by applying the probability of the hurdles being reached as at December 2022. The fair value estimates are based on an assumed probability of 79%. The amounts recognised in respect of the fair value of identifiable assets acquired and liabilities assumed are as set out in the table below. The exercise to determine the fair value of the acquired assets and liabilities is complete. The final fair values of the assets and liabilities and the associated goodwill arising from the acquisitions are as follows: Dermstore Indigo Environmental Arrow Films More Trees Private Label Nutrition Preston Plastics Brighter Foods Bentley Laboratories Cult Beauty Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Final net assets acquired 170,261 2,736 11,754 (21) 2,042 6,607 28,359 70,656 199,692 492,086 Goodwill 90,637 3,580 6,736 3,248 1,125 12 ,274 15,441 108,122 90,611 331,774 Purchase consideration 260,898 6,316 18,490 3,227 3,1 67 18,881 43,800 178,778 290,303 823,860 Transaction costs 2,430 237 336 182 198 547 781 1,245 3,518 9,474 The goodwill recognised in the prior year has not been restated following the finalisation of completion accounts. Instead goodwill in the current year has been adjusted for \u00a32.4m to reflect these changes to the final fair value of the net assets acquired. The purchase consideration in total was \u00a3822.2m, which was materially finalised in 2022. This comprised of cash totalling \u00a3807.0m plus contingent consideration totalling \u00a315.2m. Transaction costs comprise mainly of advisor fees, including financial, tax and legal due diligence costs and these are included in acquisition \u2013 legal and professional costs in adjusted items in note 4. The following intangible assets were recognised at acquisition: 1. Contingent consideration as at 31 December 2022 was \u00a31.8m, which is dependent upon performance targets post acquisition 2. Contingent consideration as at 31 December 2022 was \u00a30.3m, which is dependent upon performance targets post acquisition 3. Contingent consideration as at 31 December 2022 was \u00a32.7m, which is dependent upon performance targets post acquisition 4. Contingent consideration as at 31 December 2022 was \u00a36.5m, which is dependent upon performance targets post acquisition 5. Contingent consideration as at 31 December 2022 was \u00a31.2m, which is dependent upon performance targets post acquisition 2021 Goodwill The goodwill is attributable to the cost synergies and cross-selling opportunities that are expected to be achieved from incorporating the businesses into the Group\u2019s platform. This will support existing operations. In the case of Bentley Laboratories, includes the expertise and skillset of the workforce which will lead to a further enhancement of our presence in the divisions in which the Group operate. Bentley has an industry-leading research and development team of 25 who are at the forefront of its clients\u2019 innovation strategies, with over 650 unique formulations and over 700 new product launches since 2017. The Goodwill for Cult Beauty and Dermstore also includes a significant amount for the expertise and skillset of the workforce, reflecting the existence of a well-trained, organised and efficient workforce of over 200 people for Cult Beauty and approximately 100 for Dermstore. The Goodwill for all acquisitions apart from Bentley Laboratories is not deductible for tax purposes. Dermstore Indigo Environmental Arrow Films More Trees Private Label Nutrition Preston Plastics Brighter Foods Bentley Laboratories Cult Beauty Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Purchase consideration 260,898 6,316 18,490 3,227 2,667 18,881 43,800 179,956 291,302 825,537 Contingent consideration - (1,750) (3,000) (2,738) - (6,000) (1,200) - - (14,688) Cash and cash equivalents acquired (9,698) (572) ( 7,479) (11) (477) (178) (2,646) (703) (20,595) (42,359) Net cash flows 251,200 3,994 8,011 478 2,190 12,703 39,954 179,253 270,707 768,490 Cash flows arising from the acquisitions in the prior year were as follows: ",
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"fact-386": {
"value": "Goodwill Platform development costs Intellectual property Brands New product development Total Cost or valuation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u201900 0 At 1 January 2021 421,684 179,742 146,749 110,1 70 4,765 86 3,110 Transfers - (6,919) 1,474 (1,474) 195 (6,724) Additions 78 47, 5 87 24,135 2,559 3,710 78,069 Business combinations (note 10) 329,401 - 63,623 494,736 - 887,760 Currency translation 3,919 28 2,858 1,933 1 8,739 Disposals - (1,611) (41,249) (566) - (43,426) At 31 December 2021 755,082 218,827 197,590 607,358 8,671 1,787,528 At 1 January 2022 755,082 218,827 197,590 607,358 8,671 1,787,528 Transfers - 2,592 - - - 2,592 Additions - 55,513 20,736 353 4,513 81,115 Business combinations (note 10) 2,375 - - - - 2,375 Currency translation 33,520 348 6,110 33,045 29 73,052 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 790,977 268,249 223,972 640,756 13,213 1,937,167 Accumulated amortisation At 1 January 2021 270 103,440 61,621 22,12 1 1,365 188,817 Transfers - (3,438) - - - (3,438) Amortisation - 36,894 35,921 24,682 1,536 99,033 Impairment loss 33,359 1,759 4,637 - - 39,755 Currency translation - (4) 420 36 - 452 Disposals - (1,568) (41,249) (566) - (43,383) At 31 December 2021 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 At 1 January 2022 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 Transfers - - - - - - Amortisation - 39,837 28,980 38,274 1,884 108,975 Impairment loss 271,003 - 2 ,194 20 373 273,590 Currency translation - 443 3,263 3,386 7 7,099 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 304,632 168,332 95,323 87, 95 3 5,1 65 661,405 NBV At 1 January 2021 421,414 76,302 85,128 88,049 3,400 674,293 At 31 December 2021 721,453 81,744 136,240 561,085 5,770 1,506,292 At 31 December 2022 486,345 99,917 128,649 552,803 8,048 1,275,762 11. Intangible assets Included within Intellectual property is \u00a34.4m (2021: \u00a33.3m) of capitalised costs incurred to obtain a contract with a customer. The costs relate to sales commissions paid to sales personnel upon initial acquisition of a customer contract. Amortisation of \u00a30.8m (2021: \u00a30.6m) was recognised in the period in relation to these assets. Impairment tests for goodwill and other intangible assets An impairment charge of \u00a3182.9m has been recognised within the THG Beauty CGU in respect of goodwill. This has arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible Goodwill and intangible assets that have an indefinite useful life are subject to annual impairment testing, or more frequently following the completion of the divisional reorganisation during the year, as well as more challenging global markets if there are indications of impairment. following the macroeconomic, inflationary and interest rate pressures driven by, amongst other things, the Russia-Ukraine conflict. This macroeconomic uncertainty has adversely impacted many markets and in particular growth stocks. Intangible assets and goodwill are reviewed by assessing the appropriate cash generating units (CGUs) annually, which are identified based on the smallest identifiable group of assets that generate cash inflows largely independently. THG Beauty has completed a significant amount of acquisitions in the past few years which have generated a substantial amount of intangible assets on balance sheet. These factors combined with the challenging macroeconomic environment Following the completion of the divisional reorganisation, the Directors have assessed the identified CGUs of the Group impacting several of the key assumptions, particularly the discount rate, has led to the impairment of some of the goodwill at 31 December 2022. The Directors have concluded that as a result of the reorganisation there has been a change in that has arisen on these acquisitions. CGUs. The divisional reorganisation has led to the assets and cash flows of each division being separately identifiable. The Directors have concluded that there are now six CGUs within THG, being THG Beauty, THG Nutrition, THG Ingenuity, THG The impairment charge is recorded within administrative expenses and adjusting items within the consolidated OnDemand, THG Luxury and THG Experience. This corresponds to the organisational structure that changed during the year. income statement. Separately-identifiable cash flows are only available for the Group\u2019s operating segments and therefore CGUs are consistent Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably with the new operating segments also identified in 2022 (see note 2). Note that the discontinued categories segment possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was primarily relates to THG OnDemand. a reduction in revenue of 5.0% per annum this would give a further impairment of \u00a362m; a margin reduction of 50bps per annum, \u00a3108m; and an increase in discount rate of 1.0%, \u00a350m. None of these scenarios reflect potential mitigations, Goodwill has arisen from previous business combinations across the Group and is allocated to the CGUs that are expected including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential to benefit from the synergies of those acquisitions. The recoverable amounts of these CGUs are the higher of fair value less capex and increased cost control, such as reducing stock levels and new customer marketing investment. costs to dispose (FVLCTD) and value-in use (VIU). Management has reviewed each CGU in turn and has adopted the VIU approach for THG Nutrition and THG Experience, THG Ingenuity with a FVLCTD approach being adopted for THG Beauty, THG Ingenuity, THG OnDemand and THG Luxury to establish a recoverable amount under IAS 36. Key Assumption Discount rates are based on the weighted average cost of capital of a typical market participant. The post tax discount rate used is THG Beauty (Goodwill totalling \u00a3353.2m with an indefinite life after impairment charge) and THG Ingenuity Discount rate 13.3% (pre-tax discount rate 17.7%). The discount rate reflects an upwards adjustment for a risk premium input given the nascent (Goodwill totalling \u00a3nil after impairment charge) nature of this CGU. For both THG Beauty and THG Ingenuity, management has estimated a FVLCTD using a discounted cashflow method. This Forecasts are based on assumptions from the Board approved budget with projections extending ten years. The key assumptions method relies on inputs not normally observable by market participants and is therefore categorised at Level 3 in the fair within the forecasts are the future revenue growth and EBITDA margin along with capital expenditure. The projections, are based on the best estimate of future cash flows, taking into account growth from the high levels of investment in our global infrastructure and value hierarchy. Forecast cash flows the success of the new strategy launched in 2022. The strategy targets certain high growth key territories and markets. The result of the historic and ongoing investment combined with the expected market growth is a double digit growth rate within this CGU. The The directors concluded that FVLCTD was more appropriate for valuing the Group because for both of these CGUs the cash Directors believe the forecasts are reasonable and consistent with the strategy adopted by Ingenuity. flows will be generated from the future growth expectation which is not captured in a standard length of a VIU calculation. For THG Beauty this is due to the strong growth anticipated within online beauty markets, in part driven by continued online Long-term A long-term growth rate of 3.0% was used for cash flows after the ten year period which is based on the long-term growth rate growth rate across digital markets. adoption and combined with the high growth expectation from the acquisitions that have been completed in recent years, including Dermstore and Cult Beauty. For THG Ingenuity future growth is expected driven by the capital investment made in the platform and global infrastructure, principally warehousing as well as the continued drive by global industry to digitalise An impairment charge of \u00a387.0m has been recognised within the THG Ingenuity CGU in respect of goodwill. This has their business models. arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible following the completion of the divisional reorganisation during the year. Following the appointment of our new CEO of The key assumptions made are as follows: THG Ingenuity in 2022, the Group has repositioned its strategy. Management believe they have made sensible growth assumptions given the recent change in strategy, but however notes that the addressable market and the growth rate prospects of the sectors in which THG Ingenuity operates provide the opportunity for significant growth as the THG Beauty strategy embeds. Alongside this, THG Ingenuity has made significant investment for the future in its platform and global infrastructure network. These factors combined with the challenging macroeconomic environment impacting several of Key Assumption the key assumptions, particularly the discount rate, has led to the impairment of the historic Goodwill within the CGU. The The discount rate is based on the weighted average cost of capital of a typical market participant. The post-tax discount rate used is Directors consider that if valued on a replacement cost basis, the valuation of the remaining intangible and tangible assets Discount rate 12.9% (pre-tax discount rate 17.2%). The discount rate reflects an upwards adjustment for a risk premium input. would be equal to, or in excess of, the carrying value. Forecasts are based on assumptions from the Board approved budget with projections extending eight years. The key assumptions The impairment charge is recorded within administrative expenses and adjusting items within the consolidated within the impairment assessment are the future revenue growth and EBITDA margin in the forecasts, as well as discount and income statement. interest rates. The projections, are based on the best estimate of future cash flows, taking into account growth from the high repeat Forecast cash flows nature of the beauty customer base, the strong growth anticipated in the beauty markets. The market in which THG Beauty operates is expected to continue to grow as documented by wider market commentary, supported by digital shift to online (given relatively Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably low levels of online penetration), as well as further international opportunities all resulting in double digit growth rates. The directors possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was a believe the forecasts are reasonable and consistent with the strategy and are underpinned by market data. reduction in revenue of 5.0% per annum this would give a further impairment of \u00a3295m; a margin reduction of 50bps per annum, \u00a3262m; and an increase in discount rate of 1.0%, \u00a357m. None of these scenarios reflect potential mitigations, Long-term A long-term growth rate of 3.0% was used for cash flows after the eight year period which is based on the long-term growth rate growth rate across the beauty market. including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential capex and increased cost control, such as investment in the platform. THG OnDemand and THG Luxury (Goodwill totalling \u00a3nil) THG OnDemand CGU and THG Luxury CGU include categories and territories that management has now chosen to exit following the completion of the Strategic Review of these businesses in Q1 2023. As such, management has estimated a FVLCTD for specified assets. FVLCTD are valued using Level 3 fair value hierarchy inputs based on management\u2019s estimate of the recoverable amount of the assets within these divisions. An impairment charge of \u00a32.2m has been recognised within THG OnDemand CGU and \u00a31.6m within THG Luxury CGU both in respect of other intangibles. This is driven by the decision to exit loss-making categories and territories. The impairment charge is recorded within administrative expenses and adjusting items - Impairment of assets within the discontinued categories in the consolidated income statement. THG Nutrition (Goodwill totalling \u00a3133.1m with an indefinite life) The key assumptions used within the VIU calculation are: Key Assumption Discount rate The post tax discount rate used is 9.1% (pre-tax discount rate 11.7%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across online sports and nutrition retailing. No impairment has been recognised for THG Nutrition. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. THG Experience (Goodwill totalling \u00a3nil) The key assumptions used within the VIU calculation are: As explained within note 12.2, an impairment charge of \u00a31.8m was recognised in respect of non-core assets when classified as held for sale during the year to reflect the difference between their carrying value and expected selling price. No additional impairment has been recognised for any remaining assets within the THG Experience CGU. At 31 December 2022, the recoverable amount is determined on a VIU calculation using cash flow projections and the FVLCTD for specified non-core assets held for sale. FVLCTD are valued using Level 2 fair value hierarchy inputs based on quoted prices in an active market. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. Key Assumption Discount rate The post tax discount rate used is 8.8% (pre-tax discount rate 10.9%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across the UK hospitality industry. ",
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"fact-354": {
"value": "Goodwill Platform development costs Intellectual property Brands New product development Total Cost or valuation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u201900 At 1 January 2021 421,684 179,742 146,749 110,1 70 4,765 86 3,110 Transfers - (6,919) 1,474 (1,474) 195 (6,724) Additions 78 47, 5 87 24,135 2,559 3,710 78,069 Business combinations (note 10) 329,401 - 63,623 494,736 - 887,760 Currency translation 3,919 28 2,858 1,933 1 8,739 Disposals - (1,611) (41,249) (566) - (43,426) At 31 December 2021 755,082 218,827 197,590 607,358 8,671 1,787,528 At 1 January 2022 755,082 218,827 197,590 607,358 8,671 1,787,528 Transfers - 2,592 - - - 2,592 Additions - 55,513 20,736 353 4,513 81,115 Business combinations (note 10) 2,375 - - - - 2,375 Currency translation 33,520 348 6,110 33,045 29 73,052 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 790,977 268,249 223,972 640,756 13,213 1,937,167 Accumulated amortisation At 1 January 2021 270 103,440 61,621 22,12 1 1,365 188,817 Transfers - (3,438) - - - (3,438) Amortisation - 36,894 35,921 24,682 1,536 99,033 Impairment loss 33,359 1,759 4,637 - - 39,755 Currency translation - (4) 420 36 - 452 Disposals - (1,568) (41,249) (566) - (43,383) At 31 December 2021 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 At 1 January 2022 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 Transfers - - - - - - Amortisation - 39,837 28,980 38,274 1,884 108,975 Impairment loss 271,003 - 2 ,194 20 373 273,590 Currency translation - 443 3,263 3,386 7 7,099 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 304,632 168,332 95,323 87, 95 3 5,1 65 661,405 NBV At 1 January 2021 421,414 76,302 85,128 88,049 3,400 674,293 At 31 December 2021 721,453 81,744 136,240 561,085 5,770 1,506,292 At 31 December 2022 486,345 99,917 128,649 552,803 8,048 1,275,762 11. Intangible assets Included within Intellectual property is \u00a34.4m (2021: \u00a33.3m) of capitalised costs incurred to obtain a contract with a customer. The costs relate to sales commissions paid to sales personnel upon initial acquisition of a customer contract. Amortisation of \u00a30.8m (2021: \u00a30.6m) was recognised in the period in relation to these assets. Impairment tests for goodwill and other intangible assets An impairment charge of \u00a3182.9m has been recognised within the THG Beauty CGU in respect of goodwill. This has arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible Goodwill and intangible assets that have an indefinite useful life are subject to annual impairment testing, or more frequently following the completion of the divisional reorganisation during the year, as well as more challenging global markets if there are indications of impairment. following the macroeconomic, inflationary and interest rate pressures driven by, amongst other things, the Russia-Ukraine conflict. This macroeconomic uncertainty has adversely impacted many markets and in particular growth stocks. Intangible assets and goodwill are reviewed by assessing the appropriate cash generating units (CGUs) annually, which are identified based on the smallest identifiable group of assets that generate cash inflows largely independently. THG Beauty has completed a significant amount of acquisitions in the past few years which have generated a substantial amount of intangible assets on balance sheet. These factors combined with the challenging macroeconomic environment Following the completion of the divisional reorganisation, the Directors have assessed the identified CGUs of the Group impacting several of the key assumptions, particularly the discount rate, has led to the impairment of some of the goodwill at 31 December 2022. The Directors have concluded that as a result of the reorganisation there has been a change in that has arisen on these acquisitions. CGUs. The divisional reorganisation has led to the assets and cash flows of each division being separately identifiable. The Directors have concluded that there are now six CGUs within THG, being THG Beauty, THG Nutrition, THG Ingenuity, THG The impairment charge is recorded within administrative expenses and adjusting items within the consolidated OnDemand, THG Luxury and THG Experience. This corresponds to the organisational structure that changed during the year. income statement. Separately-identifiable cash flows are only available for the Group\u2019s operating segments and therefore CGUs are consistent Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably with the new operating segments also identified in 2022 (see note 2). Note that the discontinued categories segment possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was primarily relates to THG OnDemand. a reduction in revenue of 5.0% per annum this would give a further impairment of \u00a362m; a margin reduction of 50bps per annum, \u00a3108m; and an increase in discount rate of 1.0%, \u00a350m. None of these scenarios reflect potential mitigations, Goodwill has arisen from previous business combinations across the Group and is allocated to the CGUs that are expected including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential to benefit from the synergies of those acquisitions. The recoverable amounts of these CGUs are the higher of fair value less capex and increased cost control, such as reducing stock levels and new customer marketing investment. costs to dispose (FVLCTD) and value-in use (VIU). Management has reviewed each CGU in turn and has adopted the VIU approach for THG Nutrition and THG Experience, THG Ingenuity with a FVLCTD approach being adopted for THG Beauty, THG Ingenuity, THG OnDemand and THG Luxury to establish a recoverable amount under IAS 36. Key Assumption Discount rates are based on the weighted average cost of capital of a typical market participant. The post tax discount rate used is THG Beauty (Goodwill totalling \u00a3353.2m with an indefinite life after impairment charge) and THG Ingenuity Discount rate 13.3% (pre-tax discount rate 17.7%). The discount rate reflects an upwards adjustment for a risk premium input given the nascent (Goodwill totalling \u00a3nil after impairment charge) nature of this CGU. For both THG Beauty and THG Ingenuity, management has estimated a FVLCTD using a discounted cashflow method. This Forecasts are based on assumptions from the Board approved budget with projections extending ten years. The key assumptions method relies on inputs not normally observable by market participants and is therefore categorised at Level 3 in the fair within the forecasts are the future revenue growth and EBITDA margin along with capital expenditure. The projections, are based on the best estimate of future cash flows, taking into account growth from the high levels of investment in our global infrastructure and value hierarchy. Forecast cash flows the success of the new strategy launched in 2022. The strategy targets certain high growth key territories and markets. The result of the historic and ongoing investment combined with the expected market growth is a double digit growth rate within this CGU. The The directors concluded that FVLCTD was more appropriate for valuing the Group because for both of these CGUs the cash Directors believe the forecasts are reasonable and consistent with the strategy adopted by Ingenuity. flows will be generated from the future growth expectation which is not captured in a standard length of a VIU calculation. For THG Beauty this is due to the strong growth anticipated within online beauty markets, in part driven by continued online Long-term A long-term growth rate of 3.0% was used for cash flows after the ten year period which is based on the long-term growth rate growth rate across digital markets. adoption and combined with the high growth expectation from the acquisitions that have been completed in recent years, including Dermstore and Cult Beauty. For THG Ingenuity future growth is expected driven by the capital investment made in the platform and global infrastructure, principally warehousing as well as the continued drive by global industry to digitalise An impairment charge of \u00a387.0m has been recognised within the THG Ingenuity CGU in respect of goodwill. This has their business models. arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible following the completion of the divisional reorganisation during the year. Following the appointment of our new CEO of The key assumptions made are as follows: THG Ingenuity in 2022, the Group has repositioned its strategy. Management believe they have made sensible growth assumptions given the recent change in strategy, but however notes that the addressable market and the growth rate prospects of the sectors in which THG Ingenuity operates provide the opportunity for significant growth as the THG Beauty strategy embeds. Alongside this, THG Ingenuity has made significant investment for the future in its platform and global infrastructure network. These factors combined with the challenging macroeconomic environment impacting several of Key Assumption the key assumptions, particularly the discount rate, has led to the impairment of the historic Goodwill within the CGU. The The discount rate is based on the weighted average cost of capital of a typical market participant. The post-tax discount rate used is Directors consider that if valued on a replacement cost basis, the valuation of the remaining intangible and tangible assets Discount rate 12.9% (pre-tax discount rate 17.2%). The discount rate reflects an upwards adjustment for a risk premium input. would be equal to, or in excess of, the carrying value. Forecasts are based on assumptions from the Board approved budget with projections extending eight years. The key assumptions The impairment charge is recorded within administrative expenses and adjusting items within the consolidated within the impairment assessment are the future revenue growth and EBITDA margin in the forecasts, as well as discount and income statement. interest rates. The projections, are based on the best estimate of future cash flows, taking into account growth from the high repeat Forecast cash flows nature of the beauty customer base, the strong growth anticipated in the beauty markets. The market in which THG Beauty operates is expected to continue to grow as documented by wider market commentary, supported by digital shift to online (given relatively Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably low levels of online penetration), as well as further international opportunities all resulting in double digit growth rates. The directors possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was a believe the forecasts are reasonable and consistent with the strategy and are underpinned by market data. reduction in revenue of 5.0% per annum this would give a further impairment of \u00a3295m; a margin reduction of 50bps per annum, \u00a3262m; and an increase in discount rate of 1.0%, \u00a357m. None of these scenarios reflect potential mitigations, Long-term A long-term growth rate of 3.0% was used for cash flows after the eight year period which is based on the long-term growth rate growth rate across the beauty market. including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential capex and increased cost control, such as investment in the platform. THG OnDemand and THG Luxury (Goodwill totalling \u00a3nil) THG OnDemand CGU and THG Luxury CGU include categories and territories that management has now chosen to exit following the completion of the Strategic Review of these businesses in Q1 2023. As such, management has estimated a FVLCTD for specified assets. FVLCTD are valued using Level 3 fair value hierarchy inputs based on management\u2019s estimate of the recoverable amount of the assets within these divisions. An impairment charge of \u00a32.2m has been recognised within THG OnDemand CGU and \u00a31.6m within THG Luxury CGU both in respect of other intangibles. This is driven by the decision to exit loss-making categories and territories. The impairment charge is recorded within administrative expenses and adjusting items - Impairment of assets within the discontinued categories in the consolidated income statement. THG Nutrition (Goodwill totalling \u00a3133.1m with an indefinite life) The key assumptions used within the VIU calculation are: Key Assumption Discount rate The post tax discount rate used is 9.1% (pre-tax discount rate 11.7%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across online sports and nutrition retailing. No impairment has been recognised for THG Nutrition. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. THG Experience (Goodwill totalling \u00a3nil) The key assumptions used within the VIU calculation are: As explained within note 12.2, an impairment charge of \u00a31.8m was recognised in respect of non-core assets when classified as held for sale during the year to reflect the difference between their carrying value and expected selling price. No additional impairment has been recognised for any remaining assets within the THG Experience CGU. At 31 December 2022, the recoverable amount is determined on a VIU calculation using cash flow projections and the FVLCTD for specified non-core assets held for sale. FVLCTD are valued using Level 2 fair value hierarchy inputs based on quoted prices in an active market. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. Key Assumption Discount rate The post tax discount rate used is 8.8% (pre-tax discount rate 10.9%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across the UK hospitality industry. ",
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"fact-399": {
"value": "Goodwill Platform development costs Intellectual property Brands New product development Total Cost or valuation \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u201900 0 At 1 January 2021 421,684 179,742 146,749 110,1 70 4,765 86 3,110 Transfers - (6,919) 1,474 (1,474) 195 (6,724) Additions 78 47, 5 87 24,135 2,559 3,710 78,069 Business combinations (note 10) 329,401 - 63,623 494,736 - 887,760 Currency translation 3,919 28 2,858 1,933 1 8,739 Disposals - (1,611) (41,249) (566) - (43,426) At 31 December 2021 755,082 218,827 197,590 607,358 8,671 1,787,528 At 1 January 2022 755,082 218,827 197,590 607,358 8,671 1,787,528 Transfers - 2,592 - - - 2,592 Additions - 55,513 20,736 353 4,513 81,115 Business combinations (note 10) 2,375 - - - - 2,375 Currency translation 33,520 348 6,110 33,045 29 73,052 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 790,977 268,249 223,972 640,756 13,213 1,937,167 Accumulated amortisation At 1 January 2021 270 103,440 61,621 22,12 1 1,365 188,817 Transfers - (3,438) - - - (3,438) Amortisation - 36,894 35,921 24,682 1,536 99,033 Impairment loss 33,359 1,759 4,637 - - 39,755 Currency translation - (4) 420 36 - 452 Disposals - (1,568) (41,249) (566) - (43,383) At 31 December 2021 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 At 1 January 2022 33,629 1 37,0 8 3 61,350 46,273 2,901 281,236 Transfers - - - - - - Amortisation - 39,837 28,980 38,274 1,884 108,975 Impairment loss 271,003 - 2 ,194 20 373 273,590 Currency translation - 443 3,263 3,386 7 7,099 Disposals - (9,031) (464) - - (9,495) At 31 December 2022 304,632 168,332 95,323 87, 95 3 5,1 65 661,405 NBV At 1 January 2021 421,414 76,302 85,128 88,049 3,400 674,293 At 31 December 2021 721,453 81,744 136,240 561,085 5,770 1,506,292 At 31 December 2022 486,345 99,917 128,649 552,803 8,048 1,275,762 11. Intangible assets Included within Intellectual property is \u00a34.4m (2021: \u00a33.3m) of capitalised costs incurred to obtain a contract with a customer. The costs relate to sales commissions paid to sales personnel upon initial acquisition of a customer contract. Amortisation of \u00a30.8m (2021: \u00a30.6m) was recognised in the period in relation to these assets. Impairment tests for goodwill and other intangible assets An impairment charge of \u00a3182.9m has been recognised within the THG Beauty CGU in respect of goodwill. This has arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible Goodwill and intangible assets that have an indefinite useful life are subject to annual impairment testing, or more frequently following the completion of the divisional reorganisation during the year, as well as more challenging global markets if there are indications of impairment. following the macroeconomic, inflationary and interest rate pressures driven by, amongst other things, the Russia-Ukraine conflict. This macroeconomic uncertainty has adversely impacted many markets and in particular growth stocks. Intangible assets and goodwill are reviewed by assessing the appropriate cash generating units (CGUs) annually, which are identified based on the smallest identifiable group of assets that generate cash inflows largely independently. THG Beauty has completed a significant amount of acquisitions in the past few years which have generated a substantial amount of intangible assets on balance sheet. These factors combined with the challenging macroeconomic environment Following the completion of the divisional reorganisation, the Directors have assessed the identified CGUs of the Group impacting several of the key assumptions, particularly the discount rate, has led to the impairment of some of the goodwill at 31 December 2022. The Directors have concluded that as a result of the reorganisation there has been a change in that has arisen on these acquisitions. CGUs. The divisional reorganisation has led to the assets and cash flows of each division being separately identifiable. The Directors have concluded that there are now six CGUs within THG, being THG Beauty, THG Nutrition, THG Ingenuity, THG The impairment charge is recorded within administrative expenses and adjusting items within the consolidated OnDemand, THG Luxury and THG Experience. This corresponds to the organisational structure that changed during the year. income statement. Separately-identifiable cash flows are only available for the Group\u2019s operating segments and therefore CGUs are consistent Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably with the new operating segments also identified in 2022 (see note 2). Note that the discontinued categories segment possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was primarily relates to THG OnDemand. a reduction in revenue of 5.0% per annum this would give a further impairment of \u00a362m; a margin reduction of 50bps per annum, \u00a3108m; and an increase in discount rate of 1.0%, \u00a350m. None of these scenarios reflect potential mitigations, Goodwill has arisen from previous business combinations across the Group and is allocated to the CGUs that are expected including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential to benefit from the synergies of those acquisitions. The recoverable amounts of these CGUs are the higher of fair value less capex and increased cost control, such as reducing stock levels and new customer marketing investment. costs to dispose (FVLCTD) and value-in use (VIU). Management has reviewed each CGU in turn and has adopted the VIU approach for THG Nutrition and THG Experience, THG Ingenuity with a FVLCTD approach being adopted for THG Beauty, THG Ingenuity, THG OnDemand and THG Luxury to establish a recoverable amount under IAS 36. Key Assumption Discount rates are based on the weighted average cost of capital of a typical market participant. The post tax discount rate used is THG Beauty (Goodwill totalling \u00a3353.2m with an indefinite life after impairment charge) and THG Ingenuity Discount rate 13.3% (pre-tax discount rate 17.7%). The discount rate reflects an upwards adjustment for a risk premium input given the nascent (Goodwill totalling \u00a3nil after impairment charge) nature of this CGU. For both THG Beauty and THG Ingenuity, management has estimated a FVLCTD using a discounted cashflow method. This Forecasts are based on assumptions from the Board approved budget with projections extending ten years. The key assumptions method relies on inputs not normally observable by market participants and is therefore categorised at Level 3 in the fair within the forecasts are the future revenue growth and EBITDA margin along with capital expenditure. The projections, are based on the best estimate of future cash flows, taking into account growth from the high levels of investment in our global infrastructure and value hierarchy. Forecast cash flows the success of the new strategy launched in 2022. The strategy targets certain high growth key territories and markets. The result of the historic and ongoing investment combined with the expected market growth is a double digit growth rate within this CGU. The The directors concluded that FVLCTD was more appropriate for valuing the Group because for both of these CGUs the cash Directors believe the forecasts are reasonable and consistent with the strategy adopted by Ingenuity. flows will be generated from the future growth expectation which is not captured in a standard length of a VIU calculation. For THG Beauty this is due to the strong growth anticipated within online beauty markets, in part driven by continued online Long-term A long-term growth rate of 3.0% was used for cash flows after the ten year period which is based on the long-term growth rate growth rate across digital markets. adoption and combined with the high growth expectation from the acquisitions that have been completed in recent years, including Dermstore and Cult Beauty. For THG Ingenuity future growth is expected driven by the capital investment made in the platform and global infrastructure, principally warehousing as well as the continued drive by global industry to digitalise An impairment charge of \u00a387.0m has been recognised within the THG Ingenuity CGU in respect of goodwill. This has their business models. arisen largely due to reviewing the recoverable amount of this CGU at a more granular level than was previously possible following the completion of the divisional reorganisation during the year. Following the appointment of our new CEO of The key assumptions made are as follows: THG Ingenuity in 2022, the Group has repositioned its strategy. Management believe they have made sensible growth assumptions given the recent change in strategy, but however notes that the addressable market and the growth rate prospects of the sectors in which THG Ingenuity operates provide the opportunity for significant growth as the THG Beauty strategy embeds. Alongside this, THG Ingenuity has made significant investment for the future in its platform and global infrastructure network. These factors combined with the challenging macroeconomic environment impacting several of Key Assumption the key assumptions, particularly the discount rate, has led to the impairment of the historic Goodwill within the CGU. The The discount rate is based on the weighted average cost of capital of a typical market participant. The post-tax discount rate used is Directors consider that if valued on a replacement cost basis, the valuation of the remaining intangible and tangible assets Discount rate 12.9% (pre-tax discount rate 17.2%). The discount rate reflects an upwards adjustment for a risk premium input. would be equal to, or in excess of, the carrying value. Forecasts are based on assumptions from the Board approved budget with projections extending eight years. The key assumptions The impairment charge is recorded within administrative expenses and adjusting items within the consolidated within the impairment assessment are the future revenue growth and EBITDA margin in the forecasts, as well as discount and income statement. interest rates. The projections, are based on the best estimate of future cash flows, taking into account growth from the high repeat Forecast cash flows nature of the beauty customer base, the strong growth anticipated in the beauty markets. The market in which THG Beauty operates is expected to continue to grow as documented by wider market commentary, supported by digital shift to online (given relatively Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably low levels of online penetration), as well as further international opportunities all resulting in double digit growth rates. The directors possible changes in these key assumptions. There are possible downside risks to the forecasts including if there was a believe the forecasts are reasonable and consistent with the strategy and are underpinned by market data. reduction in revenue of 5.0% per annum this would give a further impairment of \u00a3295m; a margin reduction of 50bps per annum, \u00a3262m; and an increase in discount rate of 1.0%, \u00a357m. None of these scenarios reflect potential mitigations, Long-term A long-term growth rate of 3.0% was used for cash flows after the eight year period which is based on the long-term growth rate growth rate across the beauty market. including cost reduction. Cost reductions that could be implemented by management would be deferring non-essential capex and increased cost control, such as investment in the platform. THG OnDemand and THG Luxury (Goodwill totalling \u00a3nil) THG OnDemand CGU and THG Luxury CGU include categories and territories that management has now chosen to exit following the completion of the Strategic Review of these businesses in Q1 2023. As such, management has estimated a FVLCTD for specified assets. FVLCTD are valued using Level 3 fair value hierarchy inputs based on management\u2019s estimate of the recoverable amount of the assets within these divisions. An impairment charge of \u00a32.2m has been recognised within THG OnDemand CGU and \u00a31.6m within THG Luxury CGU both in respect of other intangibles. This is driven by the decision to exit loss-making categories and territories. The impairment charge is recorded within administrative expenses and adjusting items - Impairment of assets within the discontinued categories in the consolidated income statement. THG Nutrition (Goodwill totalling \u00a3133.1m with an indefinite life) The key assumptions used within the VIU calculation are: Key Assumption Discount rate The post tax discount rate used is 9.1% (pre-tax discount rate 11.7%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across online sports and nutrition retailing. No impairment has been recognised for THG Nutrition. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. THG Experience (Goodwill totalling \u00a3nil) The key assumptions used within the VIU calculation are: As explained within note 12.2, an impairment charge of \u00a31.8m was recognised in respect of non-core assets when classified as held for sale during the year to reflect the difference between their carrying value and expected selling price. No additional impairment has been recognised for any remaining assets within the THG Experience CGU. At 31 December 2022, the recoverable amount is determined on a VIU calculation using cash flow projections and the FVLCTD for specified non-core assets held for sale. FVLCTD are valued using Level 2 fair value hierarchy inputs based on quoted prices in an active market. Management has performed sensitivity analysis on the key assumptions in the impairment model using reasonably possible changes in these key assumptions. There are no reasonably possible changes in key assumptions that would lead to an impairment. Key Assumption Discount rate The post tax discount rate used is 8.8% (pre-tax discount rate 10.9%). Forecast cash flows The VIU calculation uses cash flow projections from financial budgets approved by the Board covering a five year period. The key assumptions within the forecasts are the future revenue growth and EBITDA margin. Long-term growth rate A long-term growth rate of 3.0% was used for cash flows after the five year period which is based on the long term growth rate across the UK hospitality industry. ",
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"fact-355": {
"value": "12.1 Property, plant and equipment Motor vehicles Plant and machinery Fixtures and fittings Computer equipment and software Leasehold improvements and freehold buildings Total Cost \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 At 1 January 2021 2,055 70,080 74,435 66,942 103,751 31 7, 2 63 Additions 119 45,277 36,125 28,667 15,991 126,1 7 9 Business combinations 213 11,877 765 738 3,380 16,973 Transfers - - - 6,722 - 6,722 Currency translation differences (1) (541) (859) (44) 131 (1,314) Disposals (54) (245) (3,016) (2,551) (250) (6,116) At 31 December 2021 2,332 126,448 107,450 100,474 123,003 459,707 At 1 January 2022 2,332 126,448 107,450 100,474 123,003 459,707 Additions 12 16,370 40,461 21,446 1 7, 3 0 9 95,598 Transfer to assets held for sale (note 12.2) - (702) (6,831) - (17,071) (23,902) Transfers - (2,592) - - - (2,592) Currency translation differences - 3,137 2,461 2,031 478 8,107 Disposals (27) (263) (2,148) (5,232) - ( 7,67 0 ) At 31 December 2022 2,317 1 43,100 141,393 118,719 123,719 529,248 Accumulated depreciation At 1 January 2021 1,095 9,038 20,442 18,478 2 7,98 9 7 7,0 42 Depreciation (note 3) 250 11,623 6,833 17,174 2,389 38,269 Impairment - 5,533 2,555 1,224 67 9,379 Transfers - - - 3,438 - 3,438 Currency translation differences - 242 (147) 26 67 188 Disposals (54) (251) (1,344) (2,330) (250) (4,229) At 31 December 2021 1,291 26,185 28,339 38,010 30,262 124,087 At 1 January 2022 1,291 26,185 28,339 38,010 30,262 124,087 Depreciation (note 3) 323 16,238 9,799 21,018 3,518 50,896 Impairment of assets held for sale - - 1,831 - - 1,831 Transfer to assets held for sale (note 12.2) - - (1,831) - (674) (2,505) Currency translation differences - 840 409 1,083 131 2,463 Disposals (27) (160) (2,148) (5,230) - ( 7, 5 6 5 ) At 31 December 2022 1,587 4 3,103 36,399 54,881 33,237 169,207 NBV At 1 January 2021 960 61.042 53,993 48,464 75,762 240,221 At 31 December 2021 1,041 100,263 79,111 62,464 92 ,741 335,620 At 31 December 2022 730 99,997 104,994 63,838 90,482 360,041 12.2 Assets held for sale In Q4 2022, the Group committed to a plan to sell some non-core freehold buildings that were no longer in use by the Group and not required to execute its future strategy. In accordance with IFRS 5: Non-current assets held for sale and discontinued operations, the assets were classified as held for sale on the Groups statement of financial position at 31 December 2022. Immediately before the classification as an asset held for sale, the recoverable amount was estimated and an impairment loss of \u00a31,831,000 was recognised to reduce the carrying amount of the assets to their fair value less costs to sell. This was recognised within adjusted items (note 4) as this was a one-off charge outside the normal course of business. The assets held for sale are valued using Level 2 fair value hierarchy inputs based on quoted prices in an active market. As at 31 December 2022, there was no further write-down as the carrying amount of the assets held for sale did not fall below their fair value less costs to sell. These assets were previously recognised within the THG Ingenuity and THG Experience operating segments. 2022 2021 Assets classified as held for sale \u00a3'000 \u00a3'000 Transfer from property, plant and equipment (note 12.1) 21,397 - 21,397 - ",
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"value": "14. Financial assets and liabilities
Note 2022 2021
Assets as per balance sheet \u2013 financial assets \u00a3'000 \u00a3'000
Trade and other receivables excluding non-financial assets 15 162,835 157,345
Cash and cash equivalents 16 473,783 536,827
Investments 1,400 1,400
Assets as per balance sheet - held at fair value through OCI
Derivative financial instruments designated as hedging instruments 21,567 2,400
Derivative financial instruments held at fair value through profit and loss 301 300
659,886 698,272
Financial instruments included within current assets and liabilities, excluding borrowings, are generally short-term in nature and accordingly their fair values approximate to their book values. Bank borrowings are initially recorded at fair value net of direct issue costs. The derivative financial instruments designated as hedging instruments have been recognised at fair value through Other Comprehensive Income. Hedging instruments used are measured based on observable inputs and have been classified at Level 2 hierarchy level in line with IFRS 13 \u2018Fair Value Measurement\u2019 During 2021, derivative financial instruments held at fair value through profit and loss related solely to the option to invest i THG Ingenuity held by SBM, announced on the 10 May 2021. This was to allow for an investment of c.$1.6bn for a 19.9% of THG Ingenuity equity once THG Ingenuity has been separated into an investable entity. The derivative was recognised at fair value and was valued based on a Black-Scholes model utilising market-corroborated inputs and had been classified as Level 2. On 26 July 2022, the Group announced that in light of global macroeconomic conditions, the SBM option agreement had been terminated by mutual agreement. The call option granted by THG to SBM will not therefore be, and will cease to be capable of being exercised. At 31 December 2022, the option has therefore been derecognised, with the impact of the derecognition being reflected within finance costs. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange, interest rate, and cash flow contracts are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. All the hedging activities and derivatives are established to be effective. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives. Note 2022 2021 Liabilities as per balance sheet \u2013 other financial liabilities at amortised cost \u00a3'000 \u00a3'000 Bank borrowings 18 67 9,189 489,865 Lease liabilities 22 334,376 349,1 73 Trade and other payables excluding non-financial liabilities 17 574,994 645,712 Liabilities as per balance sheet - other financial liabilities at fair value Derivative financial instruments designated as hedging instruments 4,189 21,342 Derivative financial instruments held at fair value through profit and loss - 601 1,592,748 1,506,693 Derivative financial instruments designated as hedging instruments FX forwards hedging foreign exchange risk on borrowings (3,377) (21,342) Interest rate swaps 21,567 621 FX forwards hedging foreign exchange risk on highly probable future cash flows (812) 1,779 1 7, 378 (18,942) 2022 Notional Impact on OCI 1 Recycled through statement of comprehensive income Notional \u00a3'000 \u00a3'000 Derivatives hedging foreign exchange risk on borrowings \u20ac600,000,000 (4,013) 18,714 Derivatives hedging interest rate risk on borrowings \u20ac600,000,000 15,710 759 Derivatives hedging foreign exchange risk on future cash flows \u00a3150,608,646 (1,943) (3,830) 1. Impact on OCI is shown net of deferred tax. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group regularly forecasts cash flows and maintains an appropriate balance of cash and debt facilities to ensure that
sufficient funds are available to cover future expenses and capital expenditure.
The Group held \u20ac600m notional of forward contracts expiring in December 2024 and \u20ac600m notional of interest swaps
expiring in December 2026. Maturity of the Group\u2019s derivative and non-derivative financial liabilities are given below.
Included within trade payables is \u00a353.7m (2021: \u00a342.3m) due to suppliers that participate in the Group\u2019s supply chain
financing agreement. The agreement does not change the suppliers agreed payment terms directly with the Group.
Contractual amount
Carrying
amount
Tot al Less than
3 months
3 to 12
months
1 to 2 years 2 to 5 years More than
5 years
\u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000
31 December 2022:
Bank borrowings 679,189 691,808 - 30,991 - 660,817 -
Lease liabilities 334,376 447,847 12 ,188 31,942 44,289 8 7, 1 4 8 272,280
Trade payables 574,145 574,145 568,486 5,659 - - -
Derivative financial liabilities 4,189 4,189 - - 4,189 - -
31 December 2021:
Bank borrowings 489,865 502,962 - 752 - 502,210 -
Lease liabilities 349,173 499,770 10,653 32 ,112 39,353 105,567 312,085
Trade payables 645,712 645,712 615,748 29,964 - - -
Derivative financial liabilities 21,943 21,943 - 21,943 - - -
Foreign currency risk
The Group trades internationally and is exposed to exchange rate risk on purchases (Euro, US dollars, and Polish Zloty) and
sales (primarily in Euro and US dollars). The Group\u2019s results are presented in Sterling and are thus exposed to exchange
rate risk on translation of foreign currency assets and liabilities.
The Group\u2019s approach to managing foreign exchange risk is to designate cash flow hedges across a combination of for-
wards and spot transactions, whose fair value is based on the observable market value of the respective instrument, taking
into account foreign exchange rates and market volatility at the balance sheet date.
The Group is also exposed to EUR:GBP exchange rate risk on a \u20ac600m loan within the Group and mitigates this risk
through the use of hedging instruments in the form of FX forward contracts.
As at 31 December 2022, the Group held \u20ac600m notional of forward contracts expiring in December 2026.
The Group\u2019s foreign exchange exposure is predominantly Euro, US Dollars and Polish Zloty. If the closing exchange rate was
5% higher/lower, the Group\u2019s statement of Comprehensive Income would be impacted as follows:
Change in foreign
exchange rate
Effect on change
in EUR rate
1
Effect on change
in USD rate
2
Effect on change
in PLN rate
\u00a3'000 \u00a3'000 \u00a3'000
2022 +5% (271) 3,222 2,834
2022 -5% 300 (3,561) (3,132)
2021 +5% 20 4,554 1,832
2021 -5% (22) (5,034) (2,025)
1. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a310.4m (2021: \u00a311.7m) reflecting the impact of the derivative hedges
associated with the \u20ac600m term loan B.
2. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a333.5m reflecting the impact of the substantial other intangible
assets denominated in USD.
The fair value of bank borrowings at 31 December 2022 was \u00a3686.6m (2021: \u00a3503.3m). There is no material difference
between the fair value and the carrying value of the bank borrowings.
Interest rate risk The Group is exposed to EURIBOR and SONIA through its loan facilities and has entered into a series of interest rate swap agreements to mitigate this risk. As of 31 December 2022, the Group held \u20ac600m expiring December 2026. Interest rate sensitivity is summarised in note 18. The Group\u2019s financial risks are detailed on pages 88-93 in this Annual Report. Changes in liabilities arising from financing activities The changes in liabilities arising from financing activities are presented below: 1 January 2022 Cash flows New leases & Lease modifications Proceeds from bank borrowings Foreign exchange movement Other 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 489,865 (24,469) - 156,000 2 7,32 6 30,467 679,189 Lease liabilities 3 49,173 (49,013) 10,930 - 9,156 14,130 334,376 Total liabilities from financing activities 839,038 (73,482) 10,930 156,000 36,482 44,597 1,013,565 1 January 2021 Cash flows New leases & Lease modifications Foreign exchange movement Other 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 526,159 (25,359) - ( 37,867 ) 26,932 489,865 Lease liabilities 236,18 5 (36,216) 137,158 (304) 12,350 349,173 Total liabilities from financing activities 762,344 (61,575) 137,15 8 (38,1 7 1) 39,282 839,038 The \u2018Other\u2019 column includes the effect of accrued interest on interest-bearing loans and borrowings, including lease liabilities and the effect of prepaid loan fees. The Group classifies interest paid as cash flows from financing activities. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily trade receivables. The Group monitors and reviews exposure to credit risk on an ongoing basis and makes best efforts to ensure recoverability of amounts owed to the Group. Information about the credit risk exposure on the Group\u2019s trade receivables is disclosed in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-388": {
"value": "Note 2022 2021 Assets as per balance sheet \u2013 financial assets \u00a3'000 \u00a3'000 Trade and other receivables excluding non-financial assets 15 162,835 157,345 Cash and cash equivalents 16 473,783 536,827 Investments 1,400 1,400 Assets as per balance sheet - held at fair value through OCI Derivative financial instruments designated as hedging instruments 21,567 2,400 Derivative financial instruments held at fair value through profit and loss 301 300 659,886 698,272 Financial instruments included within current assets and liabilities, excluding borrowings, are generally short-term in nature and accordingly their fair values approximate to their book values. Bank borrowings are initially recorded at fair value net of direct issue costs. The derivative financial instruments designated as hedging instruments have been recognised at fair value through Other Comprehensive Income. Hedging instruments used are measured based on observable inputs and have been classified at Level 2 hierarchy level in line with IFRS 13 \u2018Fair Value Measurement\u2019 . During 2021, derivative financial instruments held at fair value through profit and loss related solely to the option to invest i n THG Ingenuity held by SBM, announced on the 10 May 2021. This was to allow for an investment of c.$1.6bn for a 19.9% of THG Ingenuity equity once THG Ingenuity has been separated into an investable entity. The derivative was recognised at fair value and was valued based on a Black-Scholes model utilising market-corroborated inputs and had been classified as Level 2. On 26 July 2022, the Group announced that in light of global macroeconomic conditions, the SBM option agreement had been terminated by mutual agreement. The call option granted by THG to SBM will not therefore be, and will cease to be capable of being exercised. At 31 December 2022, the option has therefore been derecognised, with the impact of the derecognition being reflected within finance costs. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange, interest rate, and cash flow contracts are identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. All the hedging activities and derivatives are established to be effective. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives. Note 2022 2021 Liabilities as per balance sheet \u2013 other financial liabilities at amortised cost \u00a3'000 \u00a3'000 Bank borrowings 18 67 9,189 489,865 Lease liabilities 22 334,376 349,1 73 Trade and other payables excluding non-financial liabilities 17 574,994 645,712 Liabilities as per balance sheet - other financial liabilities at fair value Derivative financial instruments designated as hedging instruments 4,189 21,342 Derivative financial instruments held at fair value through profit and loss - 601 1,592,748 1,506,693 Derivative financial instruments designated as hedging instruments FX forwards hedging foreign exchange risk on borrowings (3,377) (21,342) Interest rate swaps 21,567 621 FX forwards hedging foreign exchange risk on highly probable future cash flows (812) 1,779 1 7, 378 (18,942) 2022 Notional Impact on OCI 1 Recycled through statement of comprehensive income Notional \u00a3'000 \u00a3'000 Derivatives hedging foreign exchange risk on borrowings \u20ac600,000,000 (4,013) 18,714 Derivatives hedging interest rate risk on borrowings \u20ac600,000,000 15,710 759 Derivatives hedging foreign exchange risk on future cash flows \u00a3150,608,646 (1,943) (3,830) 1. Impact on OCI is shown net of deferred tax. ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "13. Inventories 2022 2021 \u00a3'000 \u00a3'000 Goods held for resale 29 6,133 378,605 Raw materials 72,327 80,542 Goods in transit 4,811 7, 6 3 4 373,271 466,781 Goods in transit relate to goods whose control is still to be transferred to the customers as of the reporting date. The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a31,272.9m (2021: \u00a31,178.7m). The value of inventories written down and recognised as an expense in the statement of comprehensive income in the year was \u00a38.6 m (2021: \u00a37.6m). Within goods held for resale is a \u00a33.0m (2021: \u00a33.0m) right to recover asset which represents the carrying value of inventory expected to be received back from customers as returns. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "12.2 Assets held for sale In Q4 2022, the Group committed to a plan to sell some non-core freehold buildings that were no longer in use by the Group and not required to execute its future strategy. In accordance with IFRS 5: Non-current assets held for sale and discontinued operations, the assets were classified as held for sale on the Groups statement of financial position at 31 December 2022. Immediately before the classification as an asset held for sale, the recoverable amount was estimated and an impairment loss of \u00a31,831,000 was recognised to reduce the carrying amount of the assets to their fair value less costs to sell. This was recognised within adjusted items (note 4) as this was a one-off charge outside the normal course of business. The assets held for sale are valued using Level 2 fair value hierarchy inputs based on quoted prices in an active market. As at 31 December 2022, there was no further write-down as the carrying amount of the assets held for sale did not fall below their fair value less costs to sell. These assets were previously recognised within the THG Ingenuity and THG Experience operating segments. 2022 2021 Assets classified as held for sale \u00a3'000 \u00a3'000 Transfer from property, plant and equipment (note 12.1) 21,397 - 21,397 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group regularly forecasts cash flows and maintains an appropriate balance of cash and debt facilities to ensure that sufficient funds are available to cover future expenses and capital expenditure. The Group held \u20ac600m notional of forward contracts expiring in December 2024 and \u20ac600m notional of interest swaps expiring in December 2026. Maturity of the Group\u2019s derivative and non-derivative financial liabilities are given below. Included within trade payables is \u00a353.7m (2021: \u00a342.3m) due to suppliers that participate in the Group\u2019s supply chain financing agreement. The agreement does not change the suppliers agreed payment terms directly with the Group. Contractual amount Carrying amount Tot al Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years More than 5 years \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 31 December 2022: Bank borrowings 679,189 691,808 - 30,991 - 660,817 - Lease liabilities 334,376 447,847 12 ,188 31,942 44,289 8 7, 1 4 8 272,280 Trade payables 574,145 574,145 568,486 5,659 - - - Derivative financial liabilities 4,189 4,189 - - 4,189 - - 31 December 2021: Bank borrowings 489,865 502,962 - 752 - 502,210 - Lease liabilities 349,173 499,770 10,653 32 ,112 39,353 105,567 312,085 Trade payables 645,712 645,712 615,748 29,964 - - - Derivative financial liabilities 21,943 21,943 - 21,943 - - - Foreign currency risk The Group trades internationally and is exposed to exchange rate risk on purchases (Euro, US dollars, and Polish Zloty) and sales (primarily in Euro and US dollars). The Group\u2019s results are presented in Sterling and are thus exposed to exchange rate risk on translation of foreign currency assets and liabilities. The Group\u2019s approach to managing foreign exchange risk is to designate cash flow hedges across a combination of for- wards and spot transactions, whose fair value is based on the observable market value of the respective instrument, taking into account foreign exchange rates and market volatility at the balance sheet date. The Group is also exposed to EUR:GBP exchange rate risk on a \u20ac600m loan within the Group and mitigates this risk through the use of hedging instruments in the form of FX forward contracts. As at 31 December 2022, the Group held \u20ac600m notional of forward contracts expiring in December 2026. The Group\u2019s foreign exchange exposure is predominantly Euro, US Dollars and Polish Zloty. If the closing exchange rate was 5% higher/lower, the Group\u2019s statement of Comprehensive Income would be impacted as follows: Change in foreign exchange rate Effect on change in EUR rate 1 Effect on change in USD rate 2 Effect on change in PLN rate \u00a3'000 \u00a3'000 \u00a3'000 2022 +5% (271) 3,222 2,834 2022 -5% 300 (3,561) (3,132) 2021 +5% 20 4,554 1,832 2021 -5% (22) (5,034) (2,025) 1. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a310.4m (2021: \u00a311.7m) reflecting the impact of the derivative hedges associated with the \u20ac600m term loan B. 2. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a333.5m reflecting the impact of the substantial other intangible assets denominated in USD. The fair value of bank borrowings at 31 December 2022 was \u00a3686.6m (2021: \u00a3503.3m). There is no material difference between the fair value and the carrying value of the bank borrowings. Interest rate risk The Group is exposed to EURIBOR and SONIA through its loan facilities and has entered into a series of interest rate swap agreements to mitigate this risk. As of 31 December 2022, the Group held \u20ac600m expiring December 2026. Interest rate sensitivity is summarised in note 18. The Group\u2019s financial risks are detailed on pages 88-93 in this Annual Report. Changes in liabilities arising from financing activities The changes in liabilities arising from financing activities are presented below: 1 January 2022 Cash flows New leases & Lease modifications Proceeds from bank borrowings Foreign exchange movement Other 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 489,865 (24,469) - 156,000 2 7,32 6 30,467 679,189 Lease liabilities 3 49,173 (49,013) 10,930 - 9,156 14,130 334,376 Total liabilities from financing activities 839,038 (73,482) 10,930 156,000 36,482 44,597 1,013,565 1 January 2021 Cash flows New leases & Lease modifications Foreign exchange movement Other 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 526,159 (25,359) - ( 37,867 ) 26,932 489,865 Lease liabilities 236,18 5 (36,216) 137,158 (304) 12,350 349,173 Total liabilities from financing activities 762,344 (61,575) 137,15 8 (38,1 7 1) 39,282 839,038 The \u2018Other\u2019 column includes the effect of accrued interest on interest-bearing loans and borrowings, including lease liabilities and the effect of prepaid loan fees. The Group classifies interest paid as cash flows from financing activities. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily trade receivables. The Group monitors and reviews exposure to credit risk on an ongoing basis and makes best efforts to ensure recoverability of amounts owed to the Group. Information about the credit risk exposure on the Group\u2019s trade receivables is disclosed in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group regularly forecasts cash flows and maintains an appropriate balance of cash and debt facilities to ensure that sufficient funds are available to cover future expenses and capital expenditure. The Group held \u20ac600m notional of forward contracts expiring in December 2024 and \u20ac600m notional of interest swaps expiring in December 2026. Maturity of the Group\u2019s derivative and non-derivative financial liabilities are given below. Included within trade payables is \u00a353.7m (2021: \u00a342.3m) due to suppliers that participate in the Group\u2019s supply chain financing agreement. The agreement does not change the suppliers agreed payment terms directly with the Group. Contractual amount Carrying amount Tot al Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years More than 5 years \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 \u00a3'000 31 December 2022: Bank borrowings 679,189 691,808 - 30,991 - 660,817 - Lease liabilities 334,376 447,847 12 ,188 31,942 44,289 8 7, 1 4 8 272,280 Trade payables 574,145 574,145 568,486 5,659 - - - Derivative financial liabilities 4,189 4,189 - - 4,189 - - 31 December 2021: Bank borrowings 489,865 502,962 - 752 - 502,210 - Lease liabilities 349,173 499,770 10,653 32 ,112 39,353 105,567 312,085 Trade payables 645,712 645,712 615,748 29,964 - - - Derivative financial liabilities 21,943 21,943 - 21,943 - - - The fair value of bank borrowings at 31 December 2022 was \u00a3686.6m (2021: \u00a3503.3m). There is no material difference between the fair value and the carrying value of the bank borrowings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "Foreign currency risk The Group trades internationally and is exposed to exchange rate risk on purchases (Euro, US dollars, and Polish Zloty) and sales (primarily in Euro and US dollars). The Group\u2019s results are presented in Sterling and are thus exposed to exchange rate risk on translation of foreign currency assets and liabilities. The Group\u2019s approach to managing foreign exchange risk is to designate cash flow hedges across a combination of for- wards and spot transactions, whose fair value is based on the observable market value of the respective instrument, taking into account foreign exchange rates and market volatility at the balance sheet date. The Group is also exposed to EUR:GBP exchange rate risk on a \u20ac600m loan within the Group and mitigates this risk through the use of hedging instruments in the form of FX forward contracts. As at 31 December 2022, the Group held \u20ac600m notional of forward contracts expiring in December 2026. The Group\u2019s foreign exchange exposure is predominantly Euro, US Dollars and Polish Zloty. If the closing exchange rate was 5% higher/lower, the Group\u2019s statement of Comprehensive Income would be impacted as follows: Change in foreign exchange rate Effect on change in EUR rate 1 Effect on change in USD rate 2 Effect on change in PLN rate \u00a3'000 \u00a3'000 \u00a3'000 2022 +5% (271) 3,222 2,834 2022 -5% 300 (3,561) (3,132) 2021 +5% 20 4,554 1,832 2021 -5% (22) (5,034) (2,025) 1. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a310.4m (2021: \u00a311.7m) reflecting the impact of the derivative hedges associated with the \u20ac600m term loan B. 2. If the closing exchange rate was 5% higher/lower, the impact on Group Equity would be \u00a333.5m reflecting the impact of the substantial other intangible assets denominated in USD. Interest rate risk The Group is exposed to EURIBOR and SONIA through its loan facilities and has entered into a series of interest rate swap agreements to mitigate this risk. As of 31 December 2022, the Group held \u20ac600m expiring December 2026. Interest rate sensitivity is summarised in note 18. The Group\u2019s financial risks are detailed on pages 88-93 in this Annual Report. Changes in liabilities arising from financing activities The changes in liabilities arising from financing activities are presented below: 1 January 2022 Cash flows New leases & Lease modifications Proceeds from bank borrowings Foreign exchange movement Other 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 489,865 (24,469) - 156,000 2 7,32 6 30,467 679,189 Lease liabilities 3 49,173 (49,013) 10,930 - 9,156 14,130 334,376 Total liabilities from financing activities 839,038 (73,482) 10,930 156,000 36,482 44,597 1,013,565 1 January 2021 Cash flows New leases & Lease modifications Foreign exchange movement Other 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Borrowings 526,159 (25,359) - ( 37,867 ) 26,932 489,865 Lease liabilities 236,18 5 (36,216) 137,158 (304) 12,350 349,173 Total liabilities from financing activities 762,344 (61,575) 137,15 8 (38,1 7 1) 39,282 839,038 The \u2018Other\u2019 column includes the effect of accrued interest on interest-bearing loans and borrowings, including lease liabilities and the effect of prepaid loan fees. The Group classifies interest paid as cash flows from financing activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-358": {
"value": "15. Trade and other receivables 2022 2021 \u00a3'000 \u00a3'000 Trade receivables 121,122 119,567 Less: loss allowance (1,805) (2,268) Net trade receivables 119,317 117,299 Prepayments 28,362 21,372 Accrued income 40,004 58,329 Other taxation and social security 33,748 26,883 Other receivables 43,518 40,046 264,949 263,929 At 31 December 2022, there were 160,809,675 fully vested, but partly paid and unlisted Shares (31 Dec 2021: 161,439,766). The average amount of unpaid share capital per fully vested but partly-paid and unlisted Share is \u00a30.17 (2021: \u00a30.16) representing a receivable to the Group of \u00a326.9m (2021: \u00a327.0m). The movement in the year is all due to certain fully vested but partly paid and unlisted Shares being paid-up and converted to Ordinary Shares. Trade and other receivables are principally denominated in Sterling. 2022 2021 \u00a3'000 \u00a3'000 Not due 61,178 65,399 0 to 3 months overdue 43,318 47,26 4 More than 3 months overdue 14,626 6,904 121,122 119,567 \u00a3'000 At 1 January 2022 2,268 Charge for the year 2,160 Released (2,741) Utilised (93) Foreign exchange movement 211 At 31 December 2022 1,805 At 31 December 2022 the ageing of trade receivables was as follows: The movement in the loss allowance of trade receivables was as follows: Current 0 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days 90+ days Total Expected credit loss rate 0.64% 1.18% 0.14% 1.74% 7.37 % Estimated total gross carrying amount at default 67,7 8 7 24,320 9,584 6,509 12,922 121,122 Expected credit loss (439) (287) (14) (113) (952) (1,805) At 31 December 2022 67,348 24,033 9,570 6,396 11,970 119,317 The Group\u2019s credit risk exposure on trade receivables using a provision matrix is as follows: The Group has adopted IFRS 9 applying the simplified approach to measure the expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. No provision is required in respect of accrued income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily trade receivables. The Group monitors and reviews exposure to credit risk on an ongoing basis and makes best efforts to ensure recoverability of amounts owed to the Group. Information about the credit risk exposure on the Group\u2019s trade receivables is disclosed in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "2022 2021 \u00a3'000 \u00a3'000 Cash and cash equivalents 473,783 536,827 Cash and cash equivalents includes amounts receivable of \u00a33.1m (2021: \u00a33.6m) from banks and \u00a317.4m (2021: \u00a38.9m) from payment providers, for credit and debit card transactions. Such amounts clear the bank shortly after the transaction takes place. 16. Cash and cash equivalents ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "2022 2021 \u00a3'000 \u00a3'000 Trade payables 321,709 297,539 Accruals 244,553 326,957 Other taxation and social security 58,811 28,259 Other payables 1,880 6,160 Government grants 2,635 2,592 Contingent consideration on acquisitions 6,852 15,056 636,440 676,563 17. Trade and other payables The Directors consider the carrying amount of trade and other payables approximates to their fair value when measured by discounting cash flows at market rates of interest as at the balance sheet date. Contingent consideration on acquisitions is measured at fair value using unobservable inputs (level 3 of the fair value hierarchy). The unobservable inputs used in the fair value calculation include internal data such as forecasts, budgets and actual results to date. The fair values are sensitive to changes in EBITDA or revenue given that these key metrics are what the performance targets are based on. The reduction year on year is driven by payments made of \u00a37.6m, plus \u00a30.5m of hindsight adjustments. Included within trade payables is \u00a353.7m (2021: \u00a342.3m) due to suppliers that participate in the Group\u2019s supply chain financing agreement. The agreement does not change the suppliers agreed payment terms directly with the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "18. Interest-bearing loans and borrowings 2022 2021 Note \u00a3\u2019000 \u00a3\u2019000 Current Bank borrowings 30,992 752 Lease liabilities 22 43,995 43,342 74,987 44,094 Non-current Bank borrowings 64 8,197 489,113 Lease liabilities 22 290,381 305,831 938,578 794,944 Bank borrowings relate predominantly to the 7-year Euro term loan B, undrawn 5-year revolving credit facility and an incremental facility obtained during the year. The revolving credit facility is provided by Barclays, HSBC, Santander, Citibank, NatWest and JPM. The term loan B carried an interest rate of 4.50% plus EURIBOR and the revolving credit facility interest rate is SONIA. The Group increased its bank borrowings in 2022 with an incremental facility obtained plus Commercial Facility Loan. This loan is provided by the Groups existing lenders and carries a base rate of Daily RFR (SONIA). The floating element of the term loan B is hedged by interest rate derivatives. Management note that EURIBOR is being reformed as a benchmark rate and are in dialogue with its lending and hedging partners to minimise the impact on the Group as transition occurs. If interest rates moved by 100bps, the Group\u2019s loss before tax would be c.\u00a33.7m higher / lower (2021: c.\u00a35.1m) and the subsequent move on the derivative valuation would cause equity to be c.\u00a318.5m higher / lower (2021: c.\u00a312.5m) as a result of the same move. Net debt consists of loans and lease liabilities, less cash and cash equivalents, defined as referenced in note 22. For the purpose of the Group\u2019s net debt calculation, loans that are denominated in foreign currency are translated at the effective hedged rate where applicable. Net (debt)/cash is an alternative performance measure and is not defined under IFRS. A reconciliation to the most directly comparable IFRS measure is included below: 2022 2021 \u00a3'000 \u00a3'000 Loans and other borrowings (679,189) (489,865) Lease liabilities (334,376) (349,173) Cash and cash equivalents 473,783 536,827 Sub-total (539,782) (302,211) Adjustments: Retranslate debt balance at swap rate where hedged by foreign exchange derivatives 24,782 (2,548) Net debt (515,000) (304,759) Net (debt)/cash before lease liabilities (180,624) 44,414 The contractual maturity analysis of bank borrowings and lease liabilities are given in note 14. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "22. Leases Motor vehicles Plant and machinery Computer equipment and software Land and buildings Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2021 539 665 - 192,683 193,887 Additions 44 - 6 156,467 156,517 Depreciation (note 3) (172) (274) (4) (31,759) (32,209) Lease modifications - - - (427) (427) Impairment - - - (6,856) (6,856) Currency translation differences (33) (17) - (580) (630) As at 31 December 2021 378 374 2 309,528 310,282 As at 1 January 2022 378 374 2 309,528 310,282 Additions - - - 13,608 13,608 Depreciation (note 3) (173) (213) (1) (42,908) (43,295) Lease modifications - - (1) 17,8 5 6 1 7, 8 5 5 Disposals - - - (11,426) (11,426) Currency translation differences 5 3 - 7, 2 7 7 7, 2 8 5 As at 31 December 2022 210 164 - 293,935 294,309 Set out below are the carrying amounts of the right-of-use assets recognised and movements during the period: Set out below are the carrying amounts of lease liabilities (included under note 18 interest-bearing loans and borrowings) and the movements during the period: 2022 2021 \u00a3'000 \u00a3'000 As at 1 January 349,1 73 236,185 Additions 6,620 1 37,601 Accretion of interest 14 ,13 0 12,350 Payments (49,012) (36,216) Lease modifications 1 7, 8 2 0 (443) Disposals (13,510) - Currency translation differences 9,155 (304) As at 31 December 334,376 349,173 Current 43,995 43,342 Non-current 290,381 305,831 2022 2021 \u00a3'000 \u00a3'000 Depreciation expense on right-of-use assets 43,295 32,209 Interest expense on lease liabilities 14 ,13 0 12,350 5 7,425 44,559 The maturity analysis of lease liabilities is disclosed in Note 14. The Group had total cash outflows for leases of \u00a349.0m in 2022 (2021: \u00a336.2m). The following are the amounts recognised in the year in the consolidated statement of comprehensive income: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "Dilapidations provisions relate to leased properties. Dilapidations provisions are made based on the best estimate of the likely committed cash outflow and discounted to net present value. Future costs are expected to be incurred over the term of the existing lease arrangements at the reporting date, which is a period of up to 25 years. The following table shows the timeline in which undiscounted costs in relation to the dilapidation provision are expected to be incurred: 19. Provisions Dilapidations Other Tota \u00a3\u2019000 \u00a3\u2019000 \u00a3'000 At 1 January 2022 16,506 - 16,506 Acquired - 2,454 2,454 Utilised (538) (680) (1,218) Created 4,497 - 4,497 Released (468) (209) (677) Discount unwind 202 - 202 FX on retranslation 606 - 606 At 31 December 2022 20,805 1,565 22,370 Current 2,760 770 3,530 Non-current 18,045 795 18,840 Current \u00a3'000 1-5 years \u00a3\u2019000 6-10 years \u00a3\u2019000 11-15 years \u00a3\u2019000 16-20 years \u00a3\u2019000 21-25 years \u00a3\u2019000 Total \u00a3\u2019000 At 31 December 2022 3,025 5,490 2,609 2,367 456 9,736 23,683 At 31 December 2021 883 5,144 3,663 2,367 456 6,021 18,534 Other provisions relate to onerous contracts. The amount of \u00a32.4m acquired in the year relates to a hindsight adjustment in relation to a prior year acquisition. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "20. Contract liabilities 2022 2021 \u00a3\u2019000 \u00a3'000 Contract liabilities 34,256 36,143 Contract liabilities are the consideration received from the customers for sales where the Group still has an obligation to transfer goods or services, which predominately relates to THG Beauty and THG Nutrition. 100% of the transaction price of the unsatisfied contracts as at 31 December 2021 were recognised as revenue during 2022. ",
"dimensions": {
"concept": "thgplc:DisclosureOfContractLiabilities",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "21. Deferred tax 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Short term timing differences 106 (2,446) Accelerated capital allowances 3,361 1,659 Business combinations 150,827 151,615 Tax losses (54,809) (60,153) Loan relationships (25,627) (16,601) Derivatives 3,558 257 Other balance sheet amounts (818) (565) 76,598 73,766 The deferred tax balance comprises: At the balance sheet date there are unrecognised tax losses of \u00a357.8m (2021: \u00a3nil). The movement on the deferred tax liability during the year is as follows: Accelerated capital allowances Short term timing differences Tax losses Loan relationships Business combinations Other To tal \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 1 January 2022 1,659 (2,446) (60,153) (16,601) 151,615 (308) 73,766 Charged / (credited) to the statement of comprehensive income 4,504 2,758 5,808 (9,026) (12,756) (252) (8,964) (Credited) to equity - (142) - - - - (142) Charged to OCI - - - - - 3,301 3,301 Other / FX (2,802) (64) (465) - 11,968 - 8,637 Closing balance 31 December 2022 3,361 106 (54,810) (25,627) 150,827 2,741 76,598 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "23. Share capital and reserves THG PLC is a public company limited by shares and incorporated in England and Wales. It has a standard listing on the London Stock Exchange and is the holding company of the Group. The Company has ten classes of shares; Ordinary Shares of \u00a30.005 each, all of which are fully paid; D1 Shares of \u00a30.005 each; D2 Shares of \u00a31 each, all of which are fully paid; E Shares of \u00a30.005 each; F Shares of \u00a30.005 each; G Shares of \u00a30.005 each; H Shares of \u00a30.005 each; the Special Share of \u00a31, which is fully paid up; Deferred 1 Shares of \u00a30.005 each; and Deferred 2 Shares of \u00a30.005 each. As at 31 December 2022, the Company\u2019s issued share capital comprised: Class 2022 Number Nominal value \u00a3 each Ordinary Shares 1,265,377,243 0.005 D1 Shares 56,082,651 0.005 D2 Shares 1 7,741 1 E Shares 48,995,797 0.005 F Shares 27,122 , 2 8 7 0.005 G Shares 17,494,614 0.005 Special Share 1 1 Deferred 1 Shares 313,257 0.005 Deferred 2 Shares 21,563,860 0.005 1,436,967,451 The rights attaching to the Shares are set out in the Director\u2019s Report pages 98-101. Capital risk management The Group\u2019s objectives when managing capital, which comprises equity, are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for Shareholders and benefits for other stakeholders and to maintain an optimal capital structure. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new Shares or sell assets to reduce debt. During the financial year ending 31 December 2022 the following took place. The conversion of shares are in respect of the employee share scheme: (i) 34,454 Ordinary Shares were converted from 34,454 E Shares; (ii) 88,000 Ordinary Shares were converted from 88,000 E Shares; (iii) 22,953 Ordinary Shares were converted from 22,953 E Shares; (iv) 1,606 Ordinary Shares were converted from 1,606 E Shares; (v) 6,399 Ordinary Shares were converted from 6,399 E Shares; (vi) 44,909 Ordinary Shares were converted from 21,144 E Shares, 8,000 F Shares and 15,765 G Shares; (vii) 71 D2 Shares were subdivided into 14,200 D2 shares of \u00a30.005 each, 13,169 of which converted into 13,169 Ordinary Shares and 1,031 of which were reclassified as Deferred 1 Shares; (viii) 1,000 Ordinary Shares were converted from 1,000 E Shares; (ix) 15,530 Ordinary Shares were converted from 6,208 F Shares and 9,322 G Shares; (x) 75,000 Ordinary Shares were converted from 75,000 G Shares; (xi) 1,000 Ordinary Shares were converted from 1,000 E Shares; (xii) 12,000 Ordinary Shares were converted from 12,000 G Shares; (xiii) 65,000 Ordinary Shares were converted from 65,000 E Shares; (xiv) 24,806,893 Ordinary Shares were issued for a total consideration of \u00a3911,722 (note 7); (xv) 1,000 Ordinary Shares were converted from 1,000 E Shares; (xvi) 77,175 Ordinary Shares were converted from 16,118 E Shares, 30,497 F Shares and 30,560 G Shares; (xvii) 12,168 Ordinary Shares were converted from 4,193 F Shares and 7,975 G Shares; (xviii) 19,074,902 Ordinary Shares were issued for a total consideration of \u00a31,521,117 (note 7); (xix) 19,753 Ordinary Shares were converted from 10,572 F Shares and 9,181 G Shares; (xx) 17,529 Ordinary Shares were converted from 7,048 F Shares and 10,481 G Shares; (xxi) 52,026 Ordinary Shares were converted from 8,068 E Shares, 17,620 F Shares and 26,338 G Shares; (xxii) 26,292 Ordinary Shares were converted from 10,572 F Shares and 15,720 G Shares; (xxiii) 6,538 Ordinary Shares were converted from 2,643 F Shares and 3,895 G Shares; and (xxiv) 4,000 Ordinary Shares were converted from 4,000 E Shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "THG PLC is a public company limited by shares and incorporated in England and Wales. It has a standard listing on the London Stock Exchange and is the holding company of the Group. The Company has ten classes of shares; Ordinary Shares of \u00a30.005 each, all of which are fully paid; D1 Shares of \u00a30.005 each; D2 Shares of \u00a31 each, all of which are fully paid; E Shares of \u00a30.005 each; F Shares of \u00a30.005 each; G Shares of \u00a30.005 each; H Shares of \u00a30.005 each; the Special Share of \u00a31, which is fully paid up; Deferred 1 Shares of \u00a30.005 each; and Deferred 2 Shares of \u00a30.005 each. As at 31 December 2022, the Company\u2019s issued share capital comprised: Class 2022 Number Nominal value \u00a3 each Ordinary Shares 1,265,377,243 0.005 D1 Shares 56,082,651 0.005 D2 Shares 1 7,741 1 E Shares 48,995,797 0.005 F Shares 27,122 , 2 8 7 0.005 G Shares 17,494,614 0.005 Special Share 1 1 Deferred 1 Shares 313,257 0.005 Deferred 2 Shares 21,563,860 0.005 1,436,967,451 The rights attaching to the Shares are set out in the Director\u2019s Report pages 98-101. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "THG PLC is a public company limited by shares and incorporated in England and Wales. It has a standard listing on the London Stock Exchange and is the holding company of the Group. The Company has ten classes of shares; Ordinary Shares of \u00a30.005 each, all of which are fully paid; D1 Shares of \u00a30.005 each; D2 Shares of \u00a31 each, all of which are fully paid; E Shares of \u00a30.005 each; F Shares of \u00a30.005 each; G Shares of \u00a30.005 each; H Shares of \u00a30.005 each; the Special Share of \u00a31, which is fully paid up; Deferred 1 Shares of \u00a30.005 each; and Deferred 2 Shares of \u00a30.005 each. As at 31 December 2022, the Company\u2019s issued share capital comprised: Class 2022 Number Nominal value \u00a3 each Ordinary Shares 1,265,377,243 0.005 D1 Shares 56,082,651 0.005 D2 Shares 1 7,741 1 E Shares 48,995,797 0.005 F Shares 27,122 , 2 8 7 0.005 G Shares 17,494,614 0.005 Special Share 1 1 Deferred 1 Shares 313,257 0.005 Deferred 2 Shares 21,563,860 0.005 1,436,967,451 The rights attaching to the Shares are set out in the Director\u2019s Report pages 98-101. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "Capital risk management The Group\u2019s objectives when managing capital, which comprises equity, are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for Shareholders and benefits for other stakeholders and to maintain an optimal capital structure. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new Shares or sell assets to reduce debt. During the financial year ending 31 December 2022 the following took place. The conversion of shares are in respect of the employee share scheme: (i) 34,454 Ordinary Shares were converted from 34,454 E Shares; (ii) 88,000 Ordinary Shares were converted from 88,000 E Shares; (iii) 22,953 Ordinary Shares were converted from 22,953 E Shares; (iv) 1,606 Ordinary Shares were converted from 1,606 E Shares; (v) 6,399 Ordinary Shares were converted from 6,399 E Shares; (vi) 44,909 Ordinary Shares were converted from 21,144 E Shares, 8,000 F Shares and 15,765 G Shares; (vii) 71 D2 Shares were subdivided into 14,200 D2 shares of \u00a30.005 each, 13,169 of which converted into 13,169 Ordinary Shares and 1,031 of which were reclassified as Deferred 1 Shares; (viii) 1,000 Ordinary Shares were converted from 1,000 E Shares; (ix) 15,530 Ordinary Shares were converted from 6,208 F Shares and 9,322 G Shares; (x) 75,000 Ordinary Shares were converted from 75,000 G Shares; (xi) 1,000 Ordinary Shares were converted from 1,000 E Shares; (xii) 12,000 Ordinary Shares were converted from 12,000 G Shares; (xiii) 65,000 Ordinary Shares were converted from 65,000 E Shares; (xiv) 24,806,893 Ordinary Shares were issued for a total consideration of \u00a3911,722 (note 7); (xv) 1,000 Ordinary Shares were converted from 1,000 E Shares; (xvi) 77,175 Ordinary Shares were converted from 16,118 E Shares, 30,497 F Shares and 30,560 G Shares; (xvii) 12,168 Ordinary Shares were converted from 4,193 F Shares and 7,975 G Shares; (xviii) 19,074,902 Ordinary Shares were issued for a total consideration of \u00a31,521,117 (note 7); (xix) 19,753 Ordinary Shares were converted from 10,572 F Shares and 9,181 G Shares; (xx) 17,529 Ordinary Shares were converted from 7,048 F Shares and 10,481 G Shares; (xxi) 52,026 Ordinary Shares were converted from 8,068 E Shares, 17,620 F Shares and 26,338 G Shares; (xxii) 26,292 Ordinary Shares were converted from 10,572 F Shares and 15,720 G Shares; (xxiii) 6,538 Ordinary Shares were converted from 2,643 F Shares and 3,895 G Shares; and (xxiv) 4,000 Ordinary Shares were converted from 4,000 E Shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "24. Pension commitments During the year, the Group operated an auto-enrolment pension scheme. The scheme is managed by independent fund managers and the Group contributes in accordance with the statutory requirements. In addition to the auto-enrolment scheme, a subsidiary company operates a defined contribution pension scheme which is also managed by independent fund managers and its assets and liabilities are held separately from that of the Group. The pension charge represents the amount paid by the Group and amounted to \u00a310.4m (2021: \u00a37.6m). \u00a31.1m of contributions due to the fund were outstanding at year end (2021: \u00a31.3m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "1. Included within trade and other payables is a decrease in contract liabilities of \u00a31.9m (2021: increase \u00a33.2m). Refer to the Chief Financial Officer\u2019s Review on page 37 of this report for details regarding undrawn borrowing facilities that may be available in the future for the operating activities and settling capital commitments. 2022 2021 Note \u00a3'000 \u00a3'000 Loss before taxation (549,728) (186,287) Adjustments for: Depreciation of property, plant and equipment 12 50,896 38,269 Depreciation of right-of-use assets 22 43,295 32,209 Amortisation 11 108,975 99,033 Share-based payments 7 10,734 - Adjusted items 4 3 4 5,1 78 129,829 Net finance costs 8 54,764 48,223 Operating cash flow before adjusting items and before movements in working capital and provisions 64,11 4 161,276 Decrease/(Increase) in inventories 79,262 (112,535) Decrease/(Increase) in trade and other receivables 1,027 (27,116) (Decrease)/Increase in trade and other payables 1 (56,893) 75,189 Decrease in provisions (1,292) (416) Foreign exchange gain/(loss) 1,424 (444) Cash generated from operations before adjusting items 87,6 42 95,954 25. Cash flow generated from operations 212",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "26. Earnings per share The following table reflects the income and share data used in the basic and diluted EPS calculations: 2022 2021 Loss for the financial year (\u00a3'000) (539,957) (138,074) Weighted average number of ordinary shares for basic EPS 1,239,485,253 1,099,043,113 Basic and Diluted EPS (\u00a3\u2019s) (0.44) (0.13) If the impact of impairment charges in the year was removed, the Basic and Diluted EPS would be \u00a3(0.21). The basic loss per share has been calculated by dividing the loss attributable to the Group by the weighted average number of ordinary shares in issue. The diluted loss per share has been calculated by adjusting the weighted average number of shares for the effects of the D, E, F, G and H shares, assuming full vesting of all potentially dilutive shares. The number of these shares is disclosed in note 23. There was no change in the diluted earnings per share, since the effect of all potentially dilutive shares outstanding was anti-dilutive.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:21380066N3SV9O8IDP37",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "27. Related Party Transactions The Directors\u2019 interests in the ordinary share capital of the Company at the balance sheet date are detailed below: \u00a3 per share Ordinary Shares Ordinary Shares 2022 2021 Number Number M J Moulding 0.005 249,294,545 233,441,525 M J Moulding 1 361 361 J A Gallemore 0.005 3,638,116 3,638,116 J A Gallemore 1 3,1 74 3,1 74 D P Murphy 1 0.005 n/a 14,566,016 I McDonald 0.005 2,505,943 2,505,943 Z Byng-Thorne 1 0.005 n/a 69,765 T Hall 1 0.005 n/a 33,557 D Sanders 0.005 21,926 21,926 C Allen 0.005 2,400,000 - 257,864,065 254,280,383 In addition to the shareholdings noted above, the Directors had the following interests in vested Shares issued under previous incentive arrangements at the balance sheet date. These shares carry no voting rights. 2022 2021 2022 2021 Subscription/ Subscription/ Date of award exercise price exercise price Number Number \u00a3 \u00a3 M J Moulding Dec-19 0.23 0.23 43,641,266 43,641,266 M J Moulding Aug-20 0.33 0.33 2 0,1 97,808 20,197,808 M J Moulding Aug-20 0.28 0.28 7,733,792 7,733,792 M J Moulding Aug-20 0.26 0.26 - - J A Gallemore Dec-19 0.23 0.23 185,476 185,476 J A Gallemore Aug-20 0.33 0.33 2,666,963 2,666,963 J A Gallemore Aug-20 0.28 0.28 4,000,537 4,000,537 D P Murphy 1 Dec-19 0.23 0.23 n/a 370,953 I McDonald Dec-19 0.23 0.23 185,476 185,476 78,611,318 78,982,271 1. D P Murphy, Z Byng-Thorne and T Hall stepped down from the Board during the year and were therefore not Directors at 31 December 2022. The Group has not provided any interest free loans to the Directors in 2022. In previous years the Group provided \u00a30.3m of interest free loans to the Directors for them to subscribe for shares as part of the employee benefit scheme which remain outstanding at the balance sheet date. Full details of the Directors\u2019 shareholdings are detailed in the Directors\u2019 Remuneration Report on page 144. On 11 August 2021, 89,612,682 H Shares held by M J Moulding were paid up and converted into listed Ordinary Shares, leading to a reduction in the unpaid share capital included within other receivables (note 15) of \u00a330.5m. The Group has in place an agreement on commercial terms with Moulding Capital Limited to provide property, facilities and project management services to the entity and its subsidiaries. This agreement generated \u00a3269,017 (2021: \u00a3635,000) for the Group recognised within administrative expenses. Prior to the IPO which took place in September 2020, THG divested the Propco Group, an entity now wholly owned by the Group\u2019s CEO. The Propco Group owns property assets occupied and utilised by THG and its operating businesses. The amounts recognised on the Group\u2019s balance sheet in relation to the leases with Propco in the year are as follows: 2022 2021 \u00a3'000 \u00a3'000 Right-of- use asset 159,000 218,279 Lease liability 178,694 262,797 The amounts recognised on the Group\u2019s statement of comprehensive income in relation to the leases with Propco in the year are as follows: 2022 2021 \u00a3'000 \u00a3'000 Depreciation arising on right-of-use assets 11,277 12,723 Expense recognised in financing costs 8,812 10,663 Impairment arising on right-of-use-assets - 6,856 Impairment arising on property plant and equipment - 8,156 The table below gives further detail around the leases in place:
The following table shows the amounts receivable from or payable to Propco which are outstanding at the balance sheet
date. These include balances in relation to lease agreements and where the Group has paid suppliers on behalf of the
Propco Group, or vice versa. Such situations arise due to Propco suppliers using legacy details to submit invoices or where
payments are made on behalf of THG by Propco for property related costs rechargeable to THG as a tenant per lease.
Included within the amounts owed to Moulding Capital Limited is an amount of \u00a310.5m in relation to fixtures and fittings
that had been paid by Propco on behalf of THG in respect of a fitout of one of the properties leased by THG. An extensive
review was completed by THG to ensure that all assets were in use by THG. In addition, legal specialists and property
specialists were engaged to ensure that this transaction was completed on an arms-length basis. Following completion
of this work and after approval by the Related Parties Committee the amount was recognised as an amount owed to
related parties.
Number of properties Residual lease term date
divestment
FY22 rent \u00a3\u2019000
9 0-4 years 962
1 6 years 1,652
12 12-14 years 3,285
7 18-24 years 9,923
29 15,822
2022 2021
Related party
Amounts owed by
related parties
Amounts owed to
related parties
Amounts owed by
related parties
Amounts owed to
related parties
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Aghoco 1442 Ltd - 100 - 217
Allenby Square Ltd - 190 - 532
MCL Alpha PropCo Ltd - 161 - 192
MCL Omega PropCo Ltd - - - 1,243
MCL Icon Unit 3 PropCo S.\u00e0 r.l. - 296 - 296
MCL Gadbrook PropCo Ltd - 242 - 242
MCL Icon Unit 4 PropCo Ltd - 217 - 217
MCL PV PropCo Ltd - 45 - -
MCL A&A PropCo Ltd - 241 - 241
MCL GJS PropCo Ltd - 195 - 465
MCL HCC PropCo Ltd - 285 - 355
MCL KS PropCo Ltd - 225 - 225
Moulding Capital Limited - 10,454 - 47
MCL Wroclaw sp. Z.o.o - - - 645
MCL ICON S.\u00e0 r.l - 1,101 - 1,101
MCL Icon Unit 2 PropCo Limited - 953 - 953
- 14,705 - 6,971
These consolidated financial statements include the results of all subsidiaries owned by THG PLC as listed in the table
below. Some of these subsidiaries, which are listed below, have taken the exemption from an audit for the year ended
31 December 2022 permitted by s479A of Companies Act 2006. In order to allow these subsidiaries to take the audit
exemption, the parent company THG PLC has given a statutory guarantee, in line with s479C of Companies Act 2006.
At the balance sheet date, the following subsidiaries were controlled by the Group (a company incorporated in England
and Wales). All investments are 100% owned by THG PLC either directly or indirectly.
Subsidiary Registered office Country of
incorporation
Nature of business
The Hut.com Limited 1 England and Wales Online retailing
The Hut Platform Limited 1 England and Wales Provision of website development services
The Hut Holdings Limited 1 England and Wales Dormant
The Hut.com (Trading) Limited 2 Jersey Online retailing
Cend Limited 1 England and Wales Holding company
Guco Internet Supplies Limited 3 Guernsey Holding company
Iwantoneofthose Limited 3 Guernsey Holding company
The Hut Entertainment SL 14 Spain Dormant
Ensco 818 Limited 1 England and Wales Holding company
Mankind Holdings Limited 3 Guernsey Dormant
Mankind Direct Limited 1 England and Wales Procurement company
Moo Limited 1 England and Wales Online advertising
Lookfantastic Group Limited 1 England and Wales Holding company
Lookfantastic.com Ltd 1 England and Wales Online retailing
Lookfantastic Franchising Limited 1 England and Wales Franchising and consultancy services
Lookfantastic London Limited 1 England and Wales Dormant
Lookfantastic Salons Limited 1 England and Wales Hairdressing salon
Exante Diet Limited 1 England and Wales Dormant
Bike Kit Limited 1 England and Wales Dormant
CNP Professional Holdings Limited 3 Guernsey Procurement company
MyVitamins Limited 1 England and Wales Dormant
HQ Hair Limited 3 Guernsey Holding company
Cend International Limited 1 England and Wales Online retailing
THGPP LLC 4 USA Holding company
THG International LLC 4 USA Warehouse and distribution
Mama Mio Limited 1 England and Wales Online retailing
Mama Mio Distribution Limited 1 England and Wales Dormant
Mama Mio US Inc. 30 USA Online retailing
28. Subsidiary undertakings
Hale Country Club Limited 1 England and Wales Retail and leisure company
EI Spa Holdings (UK) Limited 1 England and Wales Holding company
Gadbrook Limited 1 England and Wales Holding company
ESPA International (UK) Limited 1 England and Wales Online retailing
THG International Limited 1 England and Wales Marketing company
Primavera Aromatherapy Limited 1 England and Wales Manufacturing
The Hut Group International
ESPA International (US) Inc. 6 USA Online retailing
15 China License holding company
(Shanghai) Co Limited
ESPA International FZE 17 UAE Online retailing
PC Beauty Inc. 4 USA Holding company
Make Money Limited 1 England and Wales Holding company
Ideal Shape LLC 31 USA Marketing company
M Beauty Limited 1 England and Wales Online retailing
Performance Supplements LLC 31 USA Marketing company
Language Connect International Ltd 1 England and Wales Translation and interpretation
Salu Australia PTY Limited 20 Australia Holding company
Language Connect, Inc. 7 USA Translation and interpretation
Skincarestore Australia PTY Limited 20 Australia Online retailing
THG Ingenuity Singapore Pte. Limited 34 Singapore Translation and interpretation
Salu Beauty Inc. 4 USA Online retailing
Acheson & Acheson Limited 1 England and Wales Manufacturing
UK-2 Limited 1 England and Wales Webhosting
1010 Products Limited 1 England and Wales Dormant
Another.com Limited 1 England and Wales Webhosting
Ameliorate Skincare Limited 1 England and Wales Holding company
Virtual Internet Holdings Limited 1 England and Wales Holding company
Eddie Rockers Limited 1 England and Wales Holding company
Hosting Services Inc. 5 USA Webhosting
Great John Street Hotel Limited 1 England and Wales Hotel operator
UK2 Ukraine LLC 9 Ukraine Webhosting
King Street Investments Limited 1 England and Wales Hotel operator
Virtual Internet (UK) Limited 1 England and Wales Webhosting
1
THG Trustee Limited
1 England and Wales Trustee of EBT
The Hut.com (Poland) sp. z.o.o. 10 Poland Warehouse and distribution
THG Nutrition US Inc. (previously MP, Inc.) 1 USA Holding company
RY.com.au Pty Limited 20 Australia Online retailing
Myprotein Japan K.K. 12 Japan Online retailing
Media Ark Limited 1 England and Wales Visual content producer
Colorist Christophe Robin S.A.S. 8 France Online retailing
THG Studios Limited (previously
1 England and Wales Visual content producer
Hangar Seven Limited)
Colorist Christophe Robin US, Inc 11 USA Online retailing
H7P Portugal Unipessoal LDA 16 Portugal Visual content producer
THG General Trading LLC 25 UAE Online retailing
Illamasqua (Holdings) Limited 1 England and Wales Holding company
David Berryman Ltd 1 England and Wales Online retailing
Illamasqua Limited 1 England and Wales Online retailing
David Berryman Holdings Limited 1 England and Wales Holding company
Beauty Box Beteiligungen GmbH 22 Germany Holding company
Fair Juice Limited 1 England and Wales Dormant
Beauty Trend Holding GmbH 22 Germany Online retailing
Claremont Ingredients Ltd 1 England and Wales Online retailing
Beauty Trend GmbH 22 Germany Online retailing
THG 100 KING STREET LIMITED 1 England and Wales Hotel operator
Jade 1150. GmbH 22 Germany Holding company
The Hut Group Limited 1 England and Wales Dormant
Beauty Trend S.A.S France 8 France Online retailing
THG Hangar Holdco Limited 1 England and Wales Holding company
GlossyBox Sweden Holding UG 22 Germany Holding company
THG Hangar Limited 1 England and Wales Holding company
GlossyBox Sweden AB 33 Sweden Online retailing
THG Hangar 2 Limited 1 England and Wales Holding company
GlossyBox United Kingdom Holding GmbH 22 Germany Holding company
Lion/Wrinkle Holdings, Inc 1 USA Holding company
Beauty Trend UK Limited 1 England and Wales Online retailing
Lion/Wrinkle Parent Corp 1 USA Holding company
VRB GmbH & Co. B-149 KG 22 Germany Holding company
Lion/Wrinkle Intermediate LLC 1 USA Holding company
Beauty Trend USA Inc. 11 USA Online retailing
N.V. Perricone LLC 13 USA Online retailing Perricone MD Cosmeceuticals UK Limited 1 England and Wales Online retailing The Hut Group, S.L 14 Spain Online retailing THG Intermediate OpCo Limited 1 England and Wales Holding company THG Operations Holdings Limited 1 England and Wales Holding company THG Intermediate Holdings Limited1 1 England and Wales Holding company THG Ingenuity Limited 1 England and Wales Holding company THG Shelfco Limited 1 England and Wales Holding company THG Beauty USA LLC (previously Dermstore LLC) 27 USA Online retailing Arrow Film Distributors Limited 1 England and Wales Motion picture distributor The Engine House Media Services Limited 1 England and Wales Film processing Indigo Environmental Limited 1 England and Wales Environmental consulting activities Indigo Environmental Holdings Limited 1 England and Wales Holding company Indigo Polymers Limited 1 England and Wales Dormant Three Counties Reclamation Limited 1 England and Wales Recovery of sorted metals The Protein Lab (UK) Limited 1 England and Wales Manufacturing Preston Plastics (Holdings) Limited 1 England and Wales Holding company Preston Plastics Limited 1 England and Wales Recovery of sorted metals Eco Credits Limited 1 England and Wales Environmental consulting activities Brighter Foods Limited 1 England and Wales Manufacturing Bentley Laboratories Blocker Company 11 USA Holding company Bentley Laboratories LLC 19 USA Online retailing Cult Beauty Limited 1 England and Wales Online retailing THG AUS Fulfilment PTY Limited 20 Australia Fulfilment THG AUS PP PTY Limited 20 Australia Holding company THG Eco Ltd 1 England and Wales Holding company THG EU PP Limited 21 Ireland Holding company THG Ingenuity Germany GmbH 29 Germany Online retailing THG Beauty Limited 1 England and Wales Online retailing THG AUS Beauty PP PTY Limited 20 Australia Holding company THG Beauty Singapore PTE Limited 23 Singapore Online retailing THG Beauty PP EU Limited 21 Ireland Holding company THG Beauty PP US LLC 18 USA Holding company THG Experience Limited 1 England and Wales Holding company THG Luxury Limited 1 England and Wales Online retailing THG Luxury PP AUS PTY Limited 20 Australia Holding company THG Luxury PP EU Limited 21 Ireland Holding company THG Luxury PP US LLC 18 USA Holding company THG Nutrition Limited 1 England and Wales Online retailing THG AUS Nutrition PP PTY Limited 20 Australia Holding company THG AUS Nutrition PTY Limited 20 Australia Online retailing THG Nutrition India Private Limited 24 India Online retailing THG Nutrition Singapore PTE Limited 23 Singapore Online retailing THG Nutrition Poland s.p.z.o.o 10 Poland Online retailing THG Nutrition PP EU Limited 21 Ireland Holding company THG Nutrition PP US LLC 18 USA Holding company THG OnDemand Limited 1 England and Wales Online retailing THG Beauty Europe GmbH (previously THG OnDemand Germany GmbH) 22 Germany Online retailing THG OnDemand Netherlands B.V 26 Netherlands Online retailing THG OnDemand PP AUS PTY Limited 20 Australia Holding company THG OnDemand PP EU Limited 21 Ireland Holding company THG OnDemand PP US LLC 18 USA Holding company THG OnDemand US LLC 18 USA Online retailing THG Shared Services Limited 1 England and Wales Shared Service centre THG Shared Services AUS PTY Limited 20 Australia Shared Service centre THG Shared Services Poland sp.z.o.o 10 Poland Shared Service centre THG Shared Services US LLC 18 USA Shared Service centre THG Beauty Trading LLC 28 UAE Online retailing THG Ingenuity General Trading LLC 29 UAE Holding company THG Insurance Limited1 3 Guernsey Holding company THG Icon CP PropCo Limited 1 England and Wales Holding company 1. Companies owned directly by THG PLC 1. Icon 1 7-9 Sunbank Lane, Ringway, Altrincham, United Kingdom, WA15 0AF. 2. 2nd Floor, Charter Place, 23/27 Seaton Place, St Helier, Jersey, JE1 1JY. 3. Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA. 4. Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA. 5. 517 West 100 North, Providence, UT 84332, USA. 6. 100 SE 2nd Street, Suite 2000, Miami, FL 3313, USA. 7. Language Connect, Inc. 79 Madison Avenue, Suite 205, New York, NY 10016, USA. 8. 73 rue Sainte-Anne, Paris, France. 9. 79060, Ukraine, Lviv, Naukova str. 7D, office No. 305. 10. ul. Magazynowa 1, 55-040 Magnice, Poland. 11. 06-101, WeWork 115 Broadway, New York, NY 10006, USA. 12. DLA Piper Tokyo, 2-1-1 Marunouchi, Chiyoda-ku, Meiji Seimei Kan 7F, Tokyo, 100-0005, Japan. 13. 600 Montgomery St Ste 2500, San Francisco, CA, 941111-2724, USA. 14. Monte Equinza 30 Bajo Izquierda 2810, Madrid, Spain. 15. Room 753, Level 7, Building 2, No. 155, Fu Texi 1st Road, China (Shanghai) Pilot Free Trade Zone. 16. Lote D, \u00c1rea Empresarial de Marim, 8700-122 Olh\u00e3o, Portugal. 17. Jebel Ali Free Zone, Dubai, UAE. 18. 300 Creekview Road, Suite 209, Newark, New Castle, 19711. 19. 111 Fieldcrest Avenue, Edison NJ 08837. 20. Azure Group Pty Level 10, 171 Clarence Street, Sydney, NSW 2000. 21. City Trust & Corporate Services Limited 1st Floor Liffey Trust Centre, 117 -126 Sheriff Street Upper, Dublin 1. 22. Maximilianstrasse 5480538 Munich. 23. 100 Tras Street, #16-01 100AM, 079027, Singapore. 24. 203, 2nd Floor, Time Tower, Gurgaon Haryana, India. 25. Eternity Realty Building-ER 3 Deira Al Marrar Office: 041. 26. Barbara Strozzilaan 2011083 HN Amsterdam, The Netherlands. 27. 1960 E GRAND AVE 6TH FLOOR EL SEGUNDO, CA 90245 United States. 28. New Mall Limited, Al Warsan First, 681-0, UAE. 29. Office no 08-106, 8th & 9th Floor, The Office 4, We Work, One Central, Dubai World Trade Centre, Dubai, United Arab Emirates. 30. 555 California Street Ste 4925, San Francisco, CA 94104. 31. 632 N 2000 W Ste 110, Lindon, UT 84042. 32. 7405 E Monte Cristo Ave, Scottsdale, AZ, 85260. 33. Drottninggatan 108113 60 Stockholm Sweden. 34. Rawlinson & Hunter Singapore - 30 Cecil Street, #18- 02 & 03, Prudential Tower, Singapore 049712. Registered Offices: Subsidiary audit exemptions The below subsidiaries have taken the exemption from an audit for the year ended 31 December 2022 permitted by s479A of Companies Act 2006. In order to allow these subsidiaries to take the audit exemption, the parent company THG PLC has given a statutory guarantee, in line with s479C of Companies Act 2006. Name Company number Name Company number Name Company number Ensco 818 Ltd 7459909 UK-2 Ltd 3550739 David Berryman Holdings Ltd 10392135 Lookfantastic Group Ltd 5381562 Virtual Internet (UK) Ltd 3203095 Claremont Ingredients Ltd 2817306 Illamasqua (Holdings) Ltd 6116121 Beauty Trend UK Ltd 7569585 David Berryman Ltd 2185279 El Spa Holdings (UK) Ltd 9317257 THG International Ltd 10523712 THG Hangar 2 Ltd 12746651 Make Money Ltd 5880897 Illamasqua Ltd 6301971 Perricone MD Cosmeceuticals UK Ltd 6471993 Eddie Rockers Ltd 3009737 Primavera Aromatherapy Ltd 2053064 Guco Internet Supplies Ltd 49249 Eco Credits Ltd 12933421 M Beauty Ltd 5850964 The Hut.com (Trading) Ltd 87702 THG Intermediate Holdings Ltd 12526036 THG 100 King Street Ltd 12938227 HQ Hair Ltd 52888 Lookfantastic.com Ltd 3519634 Cend International Ltd 8651475 THG Studios Limited (previously Hangar Seven Limited) 6293681 Mankind Direct Ltd 4112104 ESPA International (UK) Ltd 2742156 Lookfantastic Franchising Ltd 5382066 Cend Ltd 4067712 Language Connect International Ltd 7364250 Lookfantastic Salons Ltd 6310534 The Hut Platform Ltd 6473891 Acheson & Acheson Ltd 2764368 Moo Ltd 5158225 Another.com Ltd 3661600 King Street Investments Ltd 8242806 Mama Mio Ltd 5251791 THG Shared Services Ltd 13515579 Great John Street Hotel Ltd 7973960 Hale Country Club Ltd 6970110 THG Hangar Ltd 12699915 The Engine House Media Services Ltd 10597642 Indigo Environmental Ltd 10695826 Indigo Environmental Holdings Ltd 11738577 THG Hangar Holdco Ltd 12698636 Three Counties Reclamation Ltd 3792922 The Protein Lab (UK) Ltd 8491800 Preston Plastics Holdings Ltd 13265838 Preston Plastics Ltd 3377914 THG Nutrition Ltd 13400484 THG Beauty Ltd 13400467 THG OnDemand Ltd 13400489 THG Ingenuity Ltd 13414244 THG Luxury Ltd 13515580 THG Experience Ltd 13515614 The Hut.com Limited 5016010 Media Ark Limited 6127322 Arrow Film Distributors Limited 2584648 Iwantoneofthose.com Limited 52189 Ameliorate Skincare Limited 3427037 Brighter Foods Limited 8815259 CNP Professional Holdings Limited 53443 THG Trustee Limited 10511000 Cult Beauty Limited 6195011 Gadbrook Limited 9867117 THG Intermediate OpCo Limited 12297092 THG Eco Limited 13400476 Virtual Internet Holdings Limited 5943486 THG Shelfco Limited 13120197 THG Insurance Limited 2770512 THG Icon CP PropCo Limited 12940601 Name Company number Name Company number Name Company number Lookfantastic London Ltd 6338404 Exante Diet Ltd 7126424 Bike Kit Ltd 8317188 Mama Mio Distribution Ltd 7721655 Mankind Holdings Ltd 52666 The Hut Holdings Ltd 7002848 Fair Juice Ltd 6494686 1010 Products Ltd 3402920 Indigo Polymers Ltd 11526560 Myvitamins Ltd 8179216 The Hut Group Limited 12526836 The below subsidiaries have taken the exemption from an audit for the year ended 31 December 2022 permitted by s480 of Companies Act 2006. ",
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"fact-392": {
"value": "27. Related Party Transactions The Directors\u2019 interests in the ordinary share capital of the Company at the balance sheet date are detailed below: \u00a3 per share Ordinary Shares Ordinary Shares 2022 2021 Number Number M J Moulding 0.005 249,294,545 233,441,525 M J Moulding 1 361 361 J A Gallemore 0.005 3,638,116 3,638,116 J A Gallemore 1 3,1 74 3,1 74 D P Murphy 1 0.005 n/a 14,566,016 I McDonald 0.005 2,505,943 2,505,943 Z Byng-Thorne 1 0.005 n/a 69,765 T Hall 1 0.005 n/a 33,557 D Sanders 0.005 21,926 21,926 C Allen 0.005 2,400,000 - 257,864,065 254,280,383 In addition to the shareholdings noted above, the Directors had the following interests in vested Shares issued under previous incentive arrangements at the balance sheet date. These shares carry no voting rights. 2022 2021 2022 2021 Subscription/ Subscription/ Date of award exercise price exercise price Number Number \u00a3 \u00a3 M J Moulding Dec-19 0.23 0.23 43,641,266 43,641,266 M J Moulding Aug-20 0.33 0.33 2 0,1 97,808 20,197,808 M J Moulding Aug-20 0.28 0.28 7,733,792 7,733,792 M J Moulding Aug-20 0.26 0.26 - - J A Gallemore Dec-19 0.23 0.23 185,476 185,476 J A Gallemore Aug-20 0.33 0.33 2,666,963 2,666,963 J A Gallemore Aug-20 0.28 0.28 4,000,537 4,000,537 D P Murphy 1 Dec-19 0.23 0.23 n/a 370,953 I McDonald Dec-19 0.23 0.23 185,476 185,476 78,611,318 78,982,271 1. D P Murphy, Z Byng-Thorne and T Hall stepped down from the Board during the year and were therefore not Directors at 31 December 2022. The Group has not provided any interest free loans to the Directors in 2022. In previous years the Group provided \u00a30.3m of interest free loans to the Directors for them to subscribe for shares as part of the employee benefit scheme which remain outstanding at the balance sheet date. Full details of the Directors\u2019 shareholdings are detailed in the Directors\u2019 Remuneration Report on page 144. On 11 August 2021, 89,612,682 H Shares held by M J Moulding were paid up and converted into listed Ordinary Shares, leading to a reduction in the unpaid share capital included within other receivables (note 15) of \u00a330.5m. The Group has in place an agreement on commercial terms with Moulding Capital Limited to provide property, facilities and project management services to the entity and its subsidiaries. This agreement generated \u00a3269,017 (2021: \u00a3635,000) for the Group recognised within administrative expenses. Prior to the IPO which took place in September 2020, THG divested the Propco Group, an entity now wholly owned by the Group\u2019s CEO. The Propco Group owns property assets occupied and utilised by THG and its operating businesses. The amounts recognised on the Group\u2019s balance sheet in relation to the leases with Propco in the year are as follows: 2022 2021 \u00a3'000 \u00a3'000 Right-of- use asset 159,000 218,279 Lease liability 178,694 262,797 The amounts recognised on the Group\u2019s statement of comprehensive income in relation to the leases with Propco in the year are as follows: 2022 2021 \u00a3'000 \u00a3'000 Depreciation arising on right-of-use assets 11,277 12,723 Expense recognised in financing costs 8,812 10,663 Impairment arising on right-of-use-assets - 6,856 Impairment arising on property plant and equipment - 8,156 The table below gives further detail around the leases in place: The following table shows the amounts receivable from or payable to Propco which are outstanding at the balance sheet date. These include balances in relation to lease agreements and where the Group has paid suppliers on behalf of the Propco Group, or vice versa. Such situations arise due to Propco suppliers using legacy details to submit invoices or where payments are made on behalf of THG by Propco for property related costs rechargeable to THG as a tenant per lease. Included within the amounts owed to Moulding Capital Limited is an amount of \u00a310.5m in relation to fixtures and fittings that had been paid by Propco on behalf of THG in respect of a fitout of one of the properties leased by THG. An extensive review was completed by THG to ensure that all assets were in use by THG. In addition, legal specialists and property specialists were engaged to ensure that this transaction was completed on an arms-length basis. Following completion of this work and after approval by the Related Parties Committee the amount was recognised as an amount owed to related parties. Number of properties Residual lease term date divestment FY22 rent \u00a3\u2019000 9 0-4 years 962 1 6 years 1,652 12 12-14 years 3,285 7 18-24 years 9,923 29 15,822 2022 2021 Related party Amounts owed by related parties Amounts owed to related parties Amounts owed by related parties Amounts owed to related parties \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Aghoco 1442 Ltd - 100 - 217 Allenby Square Ltd - 190 - 532 MCL Alpha PropCo Ltd - 161 - 192 MCL Omega PropCo Ltd - - - 1,243 MCL Icon Unit 3 PropCo S.\u00e0 r.l. - 296 - 296 MCL Gadbrook PropCo Ltd - 242 - 242 MCL Icon Unit 4 PropCo Ltd - 217 - 217 MCL PV PropCo Ltd - 45 - - MCL A&A PropCo Ltd - 241 - 241 MCL GJS PropCo Ltd - 195 - 465 MCL HCC PropCo Ltd - 285 - 355 MCL KS PropCo Ltd - 225 - 225 Moulding Capital Limited - 10,454 - 47 MCL Wroclaw sp. Z.o.o - - - 645 MCL ICON S.\u00e0 r.l - 1,101 - 1,101 MCL Icon Unit 2 PropCo Limited - 953 - 953 - 14,705 - 6,971 ",
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"fact-393": {
"value": "These consolidated financial statements include the results of all subsidiaries owned by THG PLC as listed in the table below. Some of these subsidiaries, which are listed below, have taken the exemption from an audit for the year ended 31 December 2022 permitted by s479A of Companies Act 2006. In order to allow these subsidiaries to take the audit exemption, the parent company THG PLC has given a statutory guarantee, in line with s479C of Companies Act 2006. At the balance sheet date, the following subsidiaries were controlled by the Group (a company incorporated in England and Wales). All investments are 100% owned by THG PLC either directly or indirectly. Subsidiary Registered office Country of incorporation Nature of business The Hut.com Limited 1 England and Wales Online retailing The Hut Platform Limited 1 England and Wales Provision of website development services The Hut Holdings Limited 1 England and Wales Dormant The Hut.com (Trading) Limited 2 Jersey Online retailing Cend Limited 1 England and Wales Holding company Guco Internet Supplies Limited 3 Guernsey Holding company Iwantoneofthose Limited 3 Guernsey Holding company The Hut Entertainment SL 14 Spain Dormant Ensco 818 Limited 1 England and Wales Holding company Mankind Holdings Limited 3 Guernsey Dormant Mankind Direct Limited 1 England and Wales Procurement company Moo Limited 1 England and Wales Online advertising Lookfantastic Group Limited 1 England and Wales Holding company Lookfantastic.com Ltd 1 England and Wales Online retailing Lookfantastic Franchising Limited 1 England and Wales Franchising and consultancy services Lookfantastic London Limited 1 England and Wales Dormant Lookfantastic Salons Limited 1 England and Wales Hairdressing salon Exante Diet Limited 1 England and Wales Dormant Bike Kit Limited 1 England and Wales Dormant CNP Professional Holdings Limited 3 Guernsey Procurement company MyVitamins Limited 1 England and Wales Dormant HQ Hair Limited 3 Guernsey Holding company Cend International Limited 1 England and Wales Online retailing THGPP LLC 4 USA Holding company THG International LLC 4 USA Warehouse and distribution Mama Mio Limited 1 England and Wales Online retailing Mama Mio Distribution Limited 1 England and Wales Dormant Mama Mio US Inc. 30 USA Online retailing 28. Subsidiary undertakings Hale Country Club Limited 1 England and Wales Retail and leisure company EI Spa Holdings (UK) Limited 1 England and Wales Holding company Gadbrook Limited 1 England and Wales Holding company ESPA International (UK) Limited 1 England and Wales Online retailing THG International Limited 1 England and Wales Marketing company Primavera Aromatherapy Limited 1 England and Wales Manufacturing The Hut Group International ESPA International (US) Inc. 6 USA Online retailing 15 China License holding company (Shanghai) Co Limited ESPA International FZE 17 UAE Online retailing PC Beauty Inc. 4 USA Holding company Make Money Limited 1 England and Wales Holding company Ideal Shape LLC 31 USA Marketing company M Beauty Limited 1 England and Wales Online retailing Performance Supplements LLC 31 USA Marketing company Language Connect International Ltd 1 England and Wales Translation and interpretation Salu Australia PTY Limited 20 Australia Holding company Language Connect, Inc. 7 USA Translation and interpretation Skincarestore Australia PTY Limited 20 Australia Online retailing THG Ingenuity Singapore Pte. Limited 34 Singapore Translation and interpretation Salu Beauty Inc. 4 USA Online retailing Acheson & Acheson Limited 1 England and Wales Manufacturing UK-2 Limited 1 England and Wales Webhosting 1010 Products Limited 1 England and Wales Dormant Another.com Limited 1 England and Wales Webhosting Ameliorate Skincare Limited 1 England and Wales Holding company Virtual Internet Holdings Limited 1 England and Wales Holding company Eddie Rockers Limited 1 England and Wales Holding company Hosting Services Inc. 5 USA Webhosting Great John Street Hotel Limited 1 England and Wales Hotel operator UK2 Ukraine LLC 9 Ukraine Webhosting King Street Investments Limited 1 England and Wales Hotel operator Virtual Internet (UK) Limited 1 England and Wales Webhosting 1 THG Trustee Limited 1 England and Wales Trustee of EBT The Hut.com (Poland) sp. z.o.o. 10 Poland Warehouse and distribution THG Nutrition US Inc. (previously MP, Inc.) 1 USA Holding company RY.com.au Pty Limited 20 Australia Online retailing Myprotein Japan K.K. 12 Japan Online retailing Media Ark Limited 1 England and Wales Visual content producer Colorist Christophe Robin S.A.S. 8 France Online retailing THG Studios Limited (previously 1 England and Wales Visual content producer Hangar Seven Limited) Colorist Christophe Robin US, Inc 11 USA Online retailing H7P Portugal Unipessoal LDA 16 Portugal Visual content producer THG General Trading LLC 25 UAE Online retailing Illamasqua (Holdings) Limited 1 England and Wales Holding company David Berryman Ltd 1 England and Wales Online retailing Illamasqua Limited 1 England and Wales Online retailing David Berryman Holdings Limited 1 England and Wales Holding company Beauty Box Beteiligungen GmbH 22 Germany Holding company Fair Juice Limited 1 England and Wales Dormant Beauty Trend Holding GmbH 22 Germany Online retailing Claremont Ingredients Ltd 1 England and Wales Online retailing Beauty Trend GmbH 22 Germany Online retailing THG 100 KING STREET LIMITED 1 England and Wales Hotel operator Jade 1150. GmbH 22 Germany Holding company The Hut Group Limited 1 England and Wales Dormant Beauty Trend S.A.S France 8 France Online retailing THG Hangar Holdco Limited 1 England and Wales Holding company GlossyBox Sweden Holding UG 22 Germany Holding company THG Hangar Limited 1 England and Wales Holding company GlossyBox Sweden AB 33 Sweden Online retailing THG Hangar 2 Limited 1 England and Wales Holding company GlossyBox United Kingdom Holding GmbH 22 Germany Holding company Lion/Wrinkle Holdings, Inc 1 USA Holding company Beauty Trend UK Limited 1 England and Wales Online retailing Lion/Wrinkle Parent Corp 1 USA Holding company VRB GmbH & Co. B-149 KG 22 Germany Holding company Lion/Wrinkle Intermediate LLC 1 USA Holding company Beauty Trend USA Inc. 11 USA Online retailing N.V. Perricone LLC 13 USA Online retailing Perricone MD Cosmeceuticals UK Limited 1 England and Wales Online retailing The Hut Group, S.L 14 Spain Online retailing THG Intermediate OpCo Limited 1 England and Wales Holding company THG Operations Holdings Limited 1 England and Wales Holding company THG Intermediate Holdings Limited1 1 England and Wales Holding company THG Ingenuity Limited 1 England and Wales Holding company THG Shelfco Limited 1 England and Wales Holding company THG Beauty USA LLC (previously Dermstore LLC) 27 USA Online retailing Arrow Film Distributors Limited 1 England and Wales Motion picture distributor The Engine House Media Services Limited 1 England and Wales Film processing Indigo Environmental Limited 1 England and Wales Environmental consulting activities Indigo Environmental Holdings Limited 1 England and Wales Holding company Indigo Polymers Limited 1 England and Wales Dormant Three Counties Reclamation Limited 1 England and Wales Recovery of sorted metals The Protein Lab (UK) Limited 1 England and Wales Manufacturing Preston Plastics (Holdings) Limited 1 England and Wales Holding company Preston Plastics Limited 1 England and Wales Recovery of sorted metals Eco Credits Limited 1 England and Wales Environmental consulting activities Brighter Foods Limited 1 England and Wales Manufacturing Bentley Laboratories Blocker Company 11 USA Holding company Bentley Laboratories LLC 19 USA Online retailing Cult Beauty Limited 1 England and Wales Online retailing THG AUS Fulfilment PTY Limited 20 Australia Fulfilment THG AUS PP PTY Limited 20 Australia Holding company THG Eco Ltd 1 England and Wales Holding company THG EU PP Limited 21 Ireland Holding company THG Ingenuity Germany GmbH 29 Germany Online retailing THG Beauty Limited 1 England and Wales Online retailing THG AUS Beauty PP PTY Limited 20 Australia Holding company THG Beauty Singapore PTE Limited 23 Singapore Online retailing THG Beauty PP EU Limited 21 Ireland Holding company THG Beauty PP US LLC 18 USA Holding company THG Experience Limited 1 England and Wales Holding company THG Luxury Limited 1 England and Wales Online retailing THG Luxury PP AUS PTY Limited 20 Australia Holding company THG Luxury PP EU Limited 21 Ireland Holding company THG Luxury PP US LLC 18 USA Holding company THG Nutrition Limited 1 England and Wales Online retailing THG AUS Nutrition PP PTY Limited 20 Australia Holding company THG AUS Nutrition PTY Limited 20 Australia Online retailing THG Nutrition India Private Limited 24 India Online retailing THG Nutrition Singapore PTE Limited 23 Singapore Online retailing THG Nutrition Poland s.p.z.o.o 10 Poland Online retailing THG Nutrition PP EU Limited 21 Ireland Holding company THG Nutrition PP US LLC 18 USA Holding company THG OnDemand Limited 1 England and Wales Online retailing THG Beauty Europe GmbH (previously THG OnDemand Germany GmbH) 22 Germany Online retailing THG OnDemand Netherlands B.V 26 Netherlands Online retailing THG OnDemand PP AUS PTY Limited 20 Australia Holding company THG OnDemand PP EU Limited 21 Ireland Holding company THG OnDemand PP US LLC 18 USA Holding company THG OnDemand US LLC 18 USA Online retailing THG Shared Services Limited 1 England and Wales Shared Service centre THG Shared Services AUS PTY Limited 20 Australia Shared Service centre THG Shared Services Poland sp.z.o.o 10 Poland Shared Service centre THG Shared Services US LLC 18 USA Shared Service centre THG Beauty Trading LLC 28 UAE Online retailing THG Ingenuity General Trading LLC 29 UAE Holding company THG Insurance Limited1 3 Guernsey Holding company THG Icon CP PropCo Limited 1 England and Wales Holding company 1. Companies owned directly by THG PLC 1. Icon 1 7-9 Sunbank Lane, Ringway, Altrincham, United Kingdom, WA15 0AF. 2. 2nd Floor, Charter Place, 23/27 Seaton Place, St Helier, Jersey, JE1 1JY. 3. Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA. 4. Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA. 5. 517 West 100 North, Providence, UT 84332, USA. 6. 100 SE 2nd Street, Suite 2000, Miami, FL 3313, USA. 7. Language Connect, Inc. 79 Madison Avenue, Suite 205, New York, NY 10016, USA. 8. 73 rue Sainte-Anne, Paris, France. 9. 79060, Ukraine, Lviv, Naukova str. 7D, office No. 305. 10. ul. Magazynowa 1, 55-040 Magnice, Poland. 11. 06-101, WeWork 115 Broadway, New York, NY 10006, USA. 12. DLA Piper Tokyo, 2-1-1 Marunouchi, Chiyoda-ku, Meiji Seimei Kan 7F, Tokyo, 100-0005, Japan. 13. 600 Montgomery St Ste 2500, San Francisco, CA, 941111-2724, USA. 14. Monte Equinza 30 Bajo Izquierda 2810, Madrid, Spain. 15. Room 753, Level 7, Building 2, No. 155, Fu Texi 1st Road, China (Shanghai) Pilot Free Trade Zone. 16. Lote D, \u00c1rea Empresarial de Marim, 8700-122 Olh\u00e3o, Portugal. 17. Jebel Ali Free Zone, Dubai, UAE. 18. 300 Creekview Road, Suite 209, Newark, New Castle, 19711. 19. 111 Fieldcrest Avenue, Edison NJ 08837. 20. Azure Group Pty Level 10, 171 Clarence Street, Sydney, NSW 2000. 21. City Trust & Corporate Services Limited 1st Floor Liffey Trust Centre, 117 -126 Sheriff Street Upper, Dublin 1. 22. Maximilianstrasse 5480538 Munich. 23. 100 Tras Street, #16-01 100AM, 079027, Singapore. 24. 203, 2nd Floor, Time Tower, Gurgaon Haryana, India. 25. Eternity Realty Building-ER 3 Deira Al Marrar Office: 041. 26. Barbara Strozzilaan 2011083 HN Amsterdam, The Netherlands. 27. 1960 E GRAND AVE 6TH FLOOR EL SEGUNDO, CA 90245 United States. 28. New Mall Limited, Al Warsan First, 681-0, UAE. 29. Office no 08-106, 8th & 9th Floor, The Office 4, We Work, One Central, Dubai World Trade Centre, Dubai, United Arab Emirates. 30. 555 California Street Ste 4925, San Francisco, CA 94104. 31. 632 N 2000 W Ste 110, Lindon, UT 84042. 32. 7405 E Monte Cristo Ave, Scottsdale, AZ, 85260. 33. Drottninggatan 108113 60 Stockholm Sweden. 34. Rawlinson & Hunter Singapore - 30 Cecil Street, #18- 02 & 03, Prudential Tower, Singapore 049712. Registered Offices: Subsidiary audit exemptions The below subsidiaries have taken the exemption from an audit for the year ended 31 December 2022 permitted by s479A of Companies Act 2006. In order to allow these subsidiaries to take the audit exemption, the parent company THG PLC has given a statutory guarantee, in line with s479C of Companies Act 2006. Name Company number Name Company number Name Company number Ensco 818 Ltd 7459909 UK-2 Ltd 3550739 David Berryman Holdings Ltd 10392135 Lookfantastic Group Ltd 5381562 Virtual Internet (UK) Ltd 3203095 Claremont Ingredients Ltd 2817306 Illamasqua (Holdings) Ltd 6116121 Beauty Trend UK Ltd 7569585 David Berryman Ltd 2185279 El Spa Holdings (UK) Ltd 9317257 THG International Ltd 10523712 THG Hangar 2 Ltd 12746651 Make Money Ltd 5880897 Illamasqua Ltd 6301971 Perricone MD Cosmeceuticals UK Ltd 6471993 Eddie Rockers Ltd 3009737 Primavera Aromatherapy Ltd 2053064 Guco Internet Supplies Ltd 49249 Eco Credits Ltd 12933421 M Beauty Ltd 5850964 The Hut.com (Trading) Ltd 87702 THG Intermediate Holdings Ltd 12526036 THG 100 King Street Ltd 12938227 HQ Hair Ltd 52888 Lookfantastic.com Ltd 3519634 Cend International Ltd 8651475 THG Studios Limited (previously Hangar Seven Limited) 6293681 Mankind Direct Ltd 4112104 ESPA International (UK) Ltd 2742156 Lookfantastic Franchising Ltd 5382066 Cend Ltd 4067712 Language Connect International Ltd 7364250 Lookfantastic Salons Ltd 6310534 The Hut Platform Ltd 6473891 Acheson & Acheson Ltd 2764368 Moo Ltd 5158225 Another.com Ltd 3661600 King Street Investments Ltd 8242806 Mama Mio Ltd 5251791 THG Shared Services Ltd 13515579 Great John Street Hotel Ltd 7973960 Hale Country Club Ltd 6970110 THG Hangar Ltd 12699915 The Engine House Media Services Ltd 10597642 Indigo Environmental Ltd 10695826 Indigo Environmental Holdings Ltd 11738577 THG Hangar Holdco Ltd 12698636 Three Counties Reclamation Ltd 3792922 The Protein Lab (UK) Ltd 8491800 Preston Plastics Holdings Ltd 13265838 Preston Plastics Ltd 3377914 THG Nutrition Ltd 13400484 THG Beauty Ltd 13400467 THG OnDemand Ltd 13400489 THG Ingenuity Ltd 13414244 THG Luxury Ltd 13515580 THG Experience Ltd 13515614 The Hut.com Limited 5016010 Media Ark Limited 6127322 Arrow Film Distributors Limited 2584648 Iwantoneofthose.com Limited 52189 Ameliorate Skincare Limited 3427037 Brighter Foods Limited 8815259 CNP Professional Holdings Limited 53443 THG Trustee Limited 10511000 Cult Beauty Limited 6195011 Gadbrook Limited 9867117 THG Intermediate OpCo Limited 12297092 THG Eco Limited 13400476 Virtual Internet Holdings Limited 5943486 THG Shelfco Limited 13120197 THG Insurance Limited 2770512 THG Icon CP PropCo Limited 12940601 Name Company number Name Company number Name Company number Lookfantastic London Ltd 6338404 Exante Diet Ltd 7126424 Bike Kit Ltd 8317188 Mama Mio Distribution Ltd 7721655 Mankind Holdings Ltd 52666 The Hut Holdings Ltd 7002848 Fair Juice Ltd 6494686 1010 Products Ltd 3402920 Indigo Polymers Ltd 11526560 Myvitamins Ltd 8179216 The Hut Group Limited 12526836 The below subsidiaries have taken the exemption from an audit for the year ended 31 December 2022 permitted by s480 of Companies Act 2006. ",
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"fact-371": {
"value": "29. Post balance sheet events At the year end, certain loss-making categories and territories primarily within THG OnDemand were placed under strategic review. Post year end, and following completion of the strategic review (further details on which are included in the \u201cSection 172 Statement Stakeholder Engagement\u201d section), the Board approved the exit from THG OnDemand. In Q4, the Board approved the exit of ProBikeKit. These operations will be fully exited throughout the course of 2023. The optimal exit route remains under review. The result of this decision has led to an inventory provision totalling \u00a325.5m, other costs of \u00a36.9m and impairment of \u00a33.8m which have been recognised within cost of sales and administrative expenses respectively and included within Adjusted Items (note 4). This has been concluded as an adjusting post balance sheet event. On 28 February 2023, the sale completed in respect of one of the non-core freehold assets recorded within the assets held for sale category (note 12.2). The sale generated cash proceeds of \u00a35m which reflected the carrying value of the asset. No other post balance sheet events have occurred. ",
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