The consolidated financial statements on pages 116 to 152 were approved by the Board on 11 March 2025 and were signed on its behalf by:
Rufus Radcliffe\tLindsay DixonChief Executive\tChief Financial & Operating Officer
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"scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "shtag_6865545": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "shtag_6865546": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865547": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "shtag_6865548": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "shtag_6865549": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "shtag_6865550": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "shtag_6865551": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "shtag_6865552": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "shtag_6865553": { "value": "-5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "shtag_6865554": { "value": "-5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865555": { "value": "23300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "shtag_6865556": { "value": "115100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "shtag_6865557": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "shtag_6865558": { "value": "173400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "shtag_6865559": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "shtag_6865560": { "value": "-321900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "shtag_6865561": { "value": "-7500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "shtag_6865562": { "value": "-5100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "shtag_6865563": { "value": "-12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865221": { "value": "Consolidated and parent company statements of cash flows
Year ended 31 December 2024
Group
Company
Note
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Operating activities
Cash generated by operations
24
17.7
10.8
12.1
11.0
Interest and fees paid in relation to banking facilities
(3.3)
(2.3)
\u2013
\u2013
Corporation tax credits received
4.2
5.0
\u2013
\u2013
Pension deficit funding \u2013 recovery plan payment
(9.9)
(9.7)
(3.7)
(3.6)
Net cash generated by operating activities
8.7
3.8
8.4
7.4
Investing activities
Acquisition of subsidiary undertakings, net of cash acquired
14
(1.1)
(15.0)
\u2013
\u2013
Purchase of additional shares in subsidiary undertakings
14
(4.4)
\u2013
\u2013
\u2013
Purchase of investment in associate
\u2013
(0.3)
\u2013
\u2013
Production finance repaid from associates
\u2013
2.6
\u2013
\u2013
Purchase of intangible assets
(0.7)
(0.4)
\u2013
\u2013
Purchase of property, plant and equipment
(0.7)
(0.8)
\u2013
\u2013
Net cash used in investing activities
(6.9)
(13.9)
\u2013
\u2013
Financing activities
Payment of obligations under leases
(1.8)
(1.8)
\u2013
\u2013
Borrowings drawn
31.4
36.3
\u2013
\u2013
Borrowings repaid
(23.9)
(21.0)
\u2013
\u2013
Dividends paid to non-controlling interests
(0.6)
(0.2)
\u2013
\u2013
Dividends paid to equity holders
(5.1)
(5.2)
(5.1)
(5.2)
Net cash generated by/(used in) financing activities
\u2013
8.1
(5.1)
(5.2)
Net increase/(decrease) in cash and cash equivalents
1.8
(2.0)
3.3
2.2
Net cash and cash equivalents, including overdraft balances, at beginning of year
9.3
11.3
(3.2)
(5.4)
Net cash and cash equivalents, including overdraft balances, at end of year
11.1
9.3
0.1
(3.2)
\u00a0
24. Notes to the consolidated and parent statement of cash flows
Group
Company
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Operating profit/(loss) for the year
13.2
6.4
(0.6)
(1.2)
Adjustments for:
Depreciation and amortisation (note 4)
6.1
5.2
\u2013
\u2013
Share based payments
0.1
0.6
0.1
0.6
Loss on disposal of assets
0.2
\u2013
\u2013
\u2013
Decrease in inventories
8.0
24.3
\u2013
\u2013
(Increase)/decrease in trade and other receivables
(5.0)
3.4
(0.3)
\u2013
(Decrease)/increase in trade and other payables
(4.9)
(29.1)
0.3
0.3
Decrease in intra Group balances
\u2013
\u2013
12.6
11.3
Cash generated by operations
17.7
10.8
12.1
11.0
Non-cash investing and financing activities
No right of use assets were acquired during the year (2023: \u00a30.7m).
Net debt reconciliation
RCF
\u00a0\u00a3m
Production
financing
\u00a3m
Net cash
and cash equivalents, including overdrafts
\u00a3m
Net (debt)/ cash
\u00a3m
Lease liabilities
\u00a3m
Net debt including lease liabilities
\u00a3m
At 1 January 2023
(26.4)
\u2013
11.3
(15.1)
(19.6)
(34.7)
Cash flows
(11.7)
(3.3)
(2.0)
(17.0)
1.8
(15.2)
Non-cash movements*
(0.2)
\u2013
\u2013
(0.2)
(1.3)
(1.5)
At 31 December 2023
(38.3)
(3.3)
9.3
(32.3)
(19.1)
(51.4)
Cash flows
(0.9)
(6.6)
1.8
(5.7)
1.8
(3.9)
Non-cash movements*
(0.7)
\u2013
\u2013
(0.7)
(0.1)
(0.8)
At 31 December 2024
(39.9)
(9.9)
11.1
(38.7)
(17.4)
(56.1)
Net debt excluding production financing was \u00a328.8m (2023: \u00a329.0m).
* Non-cash movements relate to the amortisation of borrowing costs (for long-term borrowings), borrowings recognised on acquisition, the acquisition of right-of-use assets and lease interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865564": { "value": "17700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865565": { "value": "10800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865566": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865567": { "value": "2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865568": { "value": "-4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865569": { "value": "-5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865570": { "value": "-9900000.0", "decimals": -5, "dimensions": { "concept": "ext:PensionDeficitFundingRecoveryPlanPayment", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865571": { "value": "-9700000.0", "decimals": -5, "dimensions": { "concept": "ext:PensionDeficitFundingRecoveryPlanPayment", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865572": { "value": "8700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865573": { "value": "3800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865574": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AssetsOtherThanCashOrCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865575": { "value": "-15000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AssetsOtherThanCashOrCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865576": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865577": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865578": { "value": "-0.0", "dimensions": { "concept": "ext:PurchaseOfInvestmentInAssociate", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865579": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ext:PurchaseOfInvestmentInAssociate", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865580": { "value": "-0.0", "dimensions": { "concept": "ext:ProductionFinanceRepaidFromAssociate", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865581": { "value": "-2600000.0", "decimals": -5, "dimensions": { "concept": "ext:ProductionFinanceRepaidFromAssociate", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865582": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865583": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865584": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865585": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865586": { "value": "-6900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865587": { "value": "-13900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865588": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865589": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": 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"2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865604": { "value": "11100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865605": { "value": "9300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_6865156": { "value": "1. General information
The consolidated financial statements of STV Group plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2024 were approved and authorised for issue in accordance with a resolution of the Directors on 11 March 2025. The comparative information is presented for the year ended 31 December 2023.
STV Group plc is a public limited company, limited by shares, incorporated in Scotland, United Kingdom, and is listed on the London Stock Exchange.
The principal activities of the Group are the production of content for UK and international commissioners, acquisition of content for viewers of its linear broadcast and Video on Demand player, and the sale of advertising airtime and space in these media.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865147": { "value": "STV Group plc ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865148": { "value": "STV Group plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865149": { "value": "STV Group plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865154": { "value": "public limited company, limited by shares, ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865150": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865151": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865152": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865153": { "value": "The principal activities of the Group are the production of content for UK and international commissioners, acquisition of content for viewers of its linear broadcast and Video on Demand player, and the sale of advertising airtime and space in these media", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865238": { "value": "2. Material accounting policy information
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to the current and prior years.
Basis of preparation
The financial statements are prepared in accordance with IFRS as adopted by the UK Endorsement Board and in accordance with the UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
These financial statements are presented in Sterling, which is the currency of the primary economic environment in which the Group and Company operates and rounded to the nearest 0.1 million pounds (\u00a3m) except where otherwise indicated. They have been prepared under the historical cost convention and where other bases are applied these are identified in the relevant accounting policy below.
Basis of consolidation
The Group financial statements incorporate the financial statements of STV Group plc and all its subsidiaries up to 31 December each year, using consistent accounting policies.
Subsidiaries are entities over which the Company has control. Control is achieved when the Company has the power over the subsidiary, is exposed, or has rights to, variable returns from its involvement with the subsidiary, and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation.
An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are accounted for using the equity method.
Non-controlling interests represent the portion of profit or loss and net assets/(liabilities) in subsidiaries that are not held by the Group and are presented within equity in the consolidated balance sheet, separately from the Company shareholders\u2019 equity.
Adoption of new and revised standards
In the current year, the Group has adopted the following new amendments with no material impact:
\u2022\tAmendments to IAS 1 Presentation of Financial Statements:
\u00a0\u2013 Classification of Liabilities as Current or Non-current \u2013 effective date 1 January 2024
\u00a0\u2013 Non-current Liabilities with Covenants \u2013 effective date 1 January 2024
\u2022\tAmendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u2013 effective date 1 January 2024
\u2022\tAmendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements \u2013 effective date 1 January 2024
Standards and amendments to standards that have been issued but are not effective for 2024 and have not been adopted early are:
\u2022\tAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 effective date 1 January 2025
The above standards and amendments issued but not yet effective will be adopted in accordance with their effective dates. Management do not expect any material impact from the implementation of the above standard when it becomes effective.
Going concern
At 31 December 2024, the Group was in a total net debt position (excluding lease liabilities) of \u00a338.7m comprising drawdowns under its banking facility of \u00a340.0m, amounts drawn under separate, non-recourse third party production financing facilities of \u00a39.9m, and a CBILS loan of \u00a30.3m in a subsidiary undertaking, partially offset by net cash balances, including overdrafts, of \u00a311.1m and unamortised financing fees of \u00a30.4m.
At the balance sheet date, the Group had in place a \u00a370m revolving credit facility (RCF), with \u00a310m accordion, that was due to mature in March 2026. To ensure the Group had committed, available facilities extending at least 12 months from the date of signing its 2024 financial statements, it refinanced its banking facility in February 2025. The new arrangements provide the Group with a new \u00a370m RCF with a \u00a320m accordion (uncommitted) for a minimum 3-year term with two 1-year extension options.
STV Annual Report and Accounts 2024 121
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
The Group\u2019s covenant package includes the key financial covenants of net debt to EBITDA (leverage), which must be less than 3 times, and interest cover, which must be greater than 4 times. These are the same financial covenants as applied under the previous facility however the new arrangements have removed the leverage ratchet that determined the margin payable on amounts drawn, with a flat margin now charged on all borrowings regardless of Group leverage.
The Group is in a net current asset position and generates cash from operations that enables it to meet its liabilities as they fall due, and other obligations. At the year end, it had undrawn facilities under its RCF of \u00a330m, cash balances of \u00a311.1m, and a further \u00a310m available through the accordion.
As part of the regular forecasting and budgeting processes, the Group considers the outlook for the UK advertising and global commissioning markets and uses them to inform the assumptions underpinning the business\u2019s own financial forecasts. As well as defining a \u2018base case\u2019 set of assumptions, the Group considers a range of alternative outcomes \u2013 on the upside and downside \u2013 and assesses liquidity headroom and covenant compliance under all scenarios. The Group\u2019s forecasts and projections for both profitability and cash generation/debt levels, taking account of reasonably possible changes in trading performance, show that the Group will be able to operate within the level of its current available funding and financial covenants.
The Directors performed a full review of principal risks and uncertainties during the year. Longer term forecasts were prepared, with input from the Board, for the purpose of the refinancing in Q4 2024. Detailed forecasts have been prepared by the business for the period to 31 December 2027.
A severe but plausible downside scenario was identified against the base case assumptions for 2025 that reflected crystallisation of a number of risks, principally in relation to advertising revenues and the margin attached to programme commissions either confirmed for delivery in the year, or anticipated to be won and delivered in the year. Under this alternative scenario, the Group modelled a reduction of around 15% in the budgeted profitability of the Studios division combined with continued softness in the UK advertising market.
Even under this scenario, the Group generated sufficient cash to enable it to continue in operation and remain within covenant levels under the new banking arrangements. Therefore, the Board concluded that the Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show it will be able to operate within the level of its current available funding and covenant levels.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for at least 12 months from the date of this report. Accordingly, the Group continues to adopt the going concern basis in preparing its consolidated financial statements.
Revenue recognition
Under IFRS 15, the performance obligations promised in contracts with customers are identified and revenue recognition is based on an assessment of when control of the good or service promised in the contract is transferred to the customer. Revenue is recognised when the performance obligation in the contract is satisfied which is either at a \u2018point in time\u2019 or \u2018over time\u2019 depending on when or as control of the good or service is transferred to the customer.
Key classes of revenue are recognised on the following bases:
a.\tAdvertising and sponsorship revenues
\u00a0Revenues are stated net of advertising agency commissions.
\u00a0Television advertising revenue and online advertising revenue are recognised at the point of transmission of the advert. Revenue from sponsorship of the Group\u2019s programmes is recognised on a straight-line basis over the period of the transmission schedule for each sponsorship campaign.
b.\tProgramme production revenues
\u00a0For producer for hire contracts where, in the event of cancellation, cost is recovered plus an agreed margin, the associated revenue is recognised over the term of the contract. All other revenue from third party commissions is recognised on delivery of the finished programme to the commissioning broadcaster as at that point the performance obligations are delivered and control passes to the broadcaster for the period of their licence.
\u00a0Revenue from the licencing of programmes to overseas broadcasters or in the UK secondary market (usually digital channels) is recognised on the licence commencement date. An element of the original cost of production is deferred and recognised against the future revenue stream expected to be generated in the secondary and overseas sales markets. The amount to be deferred varies by programme based on future overseas and secondary sales potential and involves significant estimate (see note 3).
Dividend income
Dividend income is recognised when the right to receive payment is established.
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 deducted from the related expense. When the grant relates to an asset, it is deducted from the asset\u2019s carrying value.
Taxation
Taxation expense comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity, in which case the related tax is also recognised in other comprehensive income or directly in equity.
122\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
2. Material accounting policy information continued
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or loss for the year, using tax rates that are in force during the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on temporary 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 is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when 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 where there is an intention to settle the balances on a net basis.
Adjusting items
Adjusting items are items that are unusual because of their size, nature or incidence and which the Directors consider should be disclosed separately to enable a full understanding of the Group\u2019s results. They are presented on the face of the Consolidated Income Statement in a column before statutory results.
Adjusting items may include but are not restricted to: profits or losses arising on disposal or closure of a business; the cost of significant business restructuring; significant impairments of intangible or tangible assets; significant gains or losses on sale of investments, intangible or tangible assets; adjustments to the fair value of acquisition-related items; amortisation of fair value adjustments in regard to intangible assets recognised in a business combination; IAS 19 finance costs; presentation of production tax credits; and other items due to their significance, size or nature. Details of specific adjusting items recognised during the year are included within note 7.
Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Currency translation differences are recognised in the consolidated income statement.
Business combinations
Business combinations are accounted for using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred and liabilities incurred. Acquisition-related costs are recognised in the income statement as incurred.
At the acquisition date, the identifiable assets acquired and liabilities assumed are recognised at their fair value.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in the income statement as a bargain purchase gain (or loss if the liabilities assumed exceed the identifiable assets).
Goodwill in respect of an acquired business is recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually.
Intangible assets
Intangible assets, other than goodwill, are held at cost less accumulated amortisation and any provision for impairment. Included within intangible assets are:
Web development \u2013 assets in the course of construction which comprise the development of STV Player, STV\u2019s online streaming platform, including directly attributable costs to bring the assets into use and may include capitalised borrowing costs.
Intellectual property \u2013 fair value of intangible assets recognised on acquisition of subsidiaries, which comprise production intellectual property and distribution intellectual property. Production intellectual property relates to the rights owned by acquired subsidiaries to established profitable formats that are likely to be re-commissioned in future periods. Distribution intellectual property relates to the value attributable to existing and expected renewal of distribution agreements of back-catalogue productions in secondary markets.
STV Annual Report and Accounts 2024 123
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Amortisation is provided at the following rates per annum to write off the costs of intangible assets, less residual value, on a straight line basis from the date they are brought into use:
Web development
between 20% and 33%
Intellectual property
between 7% and 13%
Property, plant and equipment
The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. 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 to write off the cost of the assets, less estimated residual values, in equal annual instalments as follows:
Leasehold improvements
between 5% and 10%
Plant, technical equipment and other
between 10% and 20%
Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal, from the date of being brought into use or to the date of disposal.
Any impairment in value is charged to the income statement.\t
Depreciation and amortisation are both presented within operating expenses in the consolidated income statement.
Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
Lease liability
The lease liability is initially measured as the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or the Group\u2019s incremental borrowing rate where not readily available.
Lease payments included in the measurement of the lease liability comprise:
\u2022\tfixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022\tvariable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date
\u2022\tamounts expected to be payable by the Group under residual value guarantees
\u2022\tthe exercise price of purchase options, if the Group is reasonably certain to exercise those options; and
\u2022\tpayments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost element is charged to the income statement over the lease period in order to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets
Right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are predominantly in relation to leasehold properties.
Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If the lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (\u2018CGU\u2019s\u2019) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
124\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
2. Material accounting policy information continued
Inventories
Inventories are stated at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less estimated costs to complete and the estimated selling costs.
The Group has the following items included in inventory:
\u2022\tProgramme production work in progress
\u00a0Programme production work in progress for programmes being made for third parties is recorded at cost less any provision for impairment. When the programme production has been completed, and at the point of delivery to the commissioner, the inventory value is charged to the income statement to match the cost of production with the revenue recognised. Costs incurred in the development of creative ideas and the programme slate are recognised as inventory at the lower of cost and net realisable value and are reviewed at least annually. Provision is made where appropriate.
\u2022\tDeferred programme production
\u00a0Deferred programme production stock represents original costs of production that are deferred and recognised against future revenue streams expected to be generated in the secondary sales markets, or from advertising revenue generated on STV Player. This is to ensure that revenue and costs are matched as closely as possible. The amount to be deferred varies by programme based on future secondary sales potential. The estimate of future sales and deferred programme production stock is referred to in the critical accounting judgements and estimates section (note 3).
\u2022\tRecorded programmes
\u00a0Recorded programmes are programmes which the Group purchases for transmission on its broadcast and Video on Demand platforms. They are valued at direct cost including labour and overheads less appropriate provisions and are charged to the income statement after the first transmission or sale.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL). Financial liabilities are measured at amortised cost.
i) Trade receivables
Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
A provision is established for trade receivables if there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of trade.
ii) Investments
Investments are classified as fair value through other comprehensive income (FVOCI) with subsequent gains or losses arising from changes in fair value recognised in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit and loss following the derecognition of the investment.
Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by other means are held at cost unless the Group is deemed to hold significant influence. Investments, whereby the Group is deemed to hold significant influence, are initially recognised at cost and adjusted thereafter for the post-acquisition change in the net assets of the investment. A share of the profit or loss, based on equity holding, is recognised in the income statement for the period.
ii) Classification of financial liabilities and equityFinancial liabilities and equity instruments are classified according to the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Finance costs, 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.
v) Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest methodvi) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issueviii) Production financing facilities
Separate production financing facilities are entered into with third parties for individual programme production activities. These short-term facilities are available for the duration of programme production activity, and are used in circumstances when the Group is cash-flowing the production (with the commissioner paying in full on delivery of the final programme). These facilities are initially recorded at fair value being the amounts drawn down, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest rate method.
Pensions
For defined benefit pension schemes, the annual service cost is calculated using the projected unit credit method and is recognised over the future service lives of participating employees, in accordance with the advice of qualified actuaries. Current service cost and administration expenses are recognised in operating costs and net interest on the net pension liability is recognised in finance costs.
The finance cost recognised in the consolidated income statement reflects the net interest on the net pension liability. This represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the opening net liability, taking into account employer contributions paid into the scheme, and hence reducing the net liability during the year.
Past service costs resulting from enhanced benefits are recognised immediately in the consolidated income statement. Actuarial gains and losses, which represent the difference between interest on scheme assets, experience on the defined benefit obligation and the effect of changes in actuarial assumptions, are recognised in full in the consolidated statement of comprehensive income in the year in which they occur.
The retirement benefit obligation recognised in the consolidated balance sheet comprises the net total for each scheme of the present value of the benefit obligation, using a discount rate based on yields at the balance sheet date on appropriate high-quality corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and are denominated in sterling, minus the fair value of the scheme assets at the balance sheet date.
Payments to defined contribution schemes are charged to the income statement as an expense as they fall due.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using an appropriate option pricing model.
The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted, where appropriate, to reflect actual and estimated levels of vesting. The other reserve within equity relates to share based payments.
Dividend distribution
Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865159": { "value": "Basis of preparation
The financial statements are prepared in accordance with IFRS as adopted by the UK Endorsement Board and in accordance with the UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
These financial statements are presented in Sterling, which is the currency of the primary economic environment in which the Group and Company operates and rounded to the nearest 0.1 million pounds (\u00a3m) except where otherwise indicated. They have been prepared under the historical cost convention and where other bases are applied these are identified in the relevant accounting policy below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865155": { "value": "The financial statements are prepared in accordance with IFRS as adopted by the UK Endorsement Board and in accordance with the UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865158": { "value": "Basis of consolidation
The Group financial statements incorporate the financial statements of STV Group plc and all its subsidiaries up to 31 December each year, using consistent accounting policies.
Subsidiaries are entities over which the Company has control. Control is achieved when the Company has the power over the subsidiary, is exposed, or has rights to, variable returns from its involvement with the subsidiary, and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation.
An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are accounted for using the equity method.
Non-controlling interests represent the portion of profit or loss and net assets/(liabilities) in subsidiaries that are not held by the Group and are presented within equity in the consolidated balance sheet, separately from the Company shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866929": { "value": "An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are accounted for using the equity method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865157": { "value": "Non-controlling interests represent the portion of profit or loss and net assets/(liabilities) in subsidiaries that are not held by the Group and are presented within equity in the consolidated balance sheet, separately from the Company shareholders\u2019 equity", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866930": { "value": "In the current year, the Group has adopted the following new amendments with no material impact:
\u2022\tAmendments to IAS 1 Presentation of Financial Statements:
\u00a0\u2013 Classification of Liabilities as Current or Non-current \u2013 effective date 1 January 2024
\u00a0\u2013 Non-current Liabilities with Covenants \u2013 effective date 1 January 2024
\u2022\tAmendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u2013 effective date 1 January 2024
\u2022\tAmendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements \u2013 effective date 1 January 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866931": { "value": "Going concern
At 31 December 2024, the Group was in a total net debt position (excluding lease liabilities) of \u00a338.7m comprising drawdowns under its banking facility of \u00a340.0m, amounts drawn under separate, non-recourse third party production financing facilities of \u00a39.9m, and a CBILS loan of \u00a30.3m in a subsidiary undertaking, partially offset by net cash balances, including overdrafts, of \u00a311.1m and unamortised financing fees of \u00a30.4m.
At the balance sheet date, the Group had in place a \u00a370m revolving credit facility (RCF), with \u00a310m accordion, that was due to mature in March 2026. To ensure the Group had committed, available facilities extending at least 12 months from the date of signing its 2024 financial statements, it refinanced its banking facility in February 2025. The new arrangements provide the Group with a new \u00a370m RCF with a \u00a320m accordion (uncommitted) for a minimum 3-year term with two 1-year extension options.
STV Annual Report and Accounts 2024 121
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
The Group\u2019s covenant package includes the key financial covenants of net debt to EBITDA (leverage), which must be less than 3 times, and interest cover, which must be greater than 4 times. These are the same financial covenants as applied under the previous facility however the new arrangements have removed the leverage ratchet that determined the margin payable on amounts drawn, with a flat margin now charged on all borrowings regardless of Group leverage.
The Group is in a net current asset position and generates cash from operations that enables it to meet its liabilities as they fall due, and other obligations. At the year end, it had undrawn facilities under its RCF of \u00a330m, cash balances of \u00a311.1m, and a further \u00a310m available through the accordion.
As part of the regular forecasting and budgeting processes, the Group considers the outlook for the UK advertising and global commissioning markets and uses them to inform the assumptions underpinning the business\u2019s own financial forecasts. As well as defining a \u2018base case\u2019 set of assumptions, the Group considers a range of alternative outcomes \u2013 on the upside and downside \u2013 and assesses liquidity headroom and covenant compliance under all scenarios. The Group\u2019s forecasts and projections for both profitability and cash generation/debt levels, taking account of reasonably possible changes in trading performance, show that the Group will be able to operate within the level of its current available funding and financial covenants.
The Directors performed a full review of principal risks and uncertainties during the year. Longer term forecasts were prepared, with input from the Board, for the purpose of the refinancing in Q4 2024. Detailed forecasts have been prepared by the business for the period to 31 December 2027.
A severe but plausible downside scenario was identified against the base case assumptions for 2025 that reflected crystallisation of a number of risks, principally in relation to advertising revenues and the margin attached to programme commissions either confirmed for delivery in the year, or anticipated to be won and delivered in the year. Under this alternative scenario, the Group modelled a reduction of around 15% in the budgeted profitability of the Studios division combined with continued softness in the UK advertising market.
Even under this scenario, the Group generated sufficient cash to enable it to continue in operation and remain within covenant levels under the new banking arrangements. Therefore, the Board concluded that the Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show it will be able to operate within the level of its current available funding and covenant levels.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for at least 12 months from the date of this report. Accordingly, the Group continues to adopt the going concern basis in preparing its consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865224": { "value": "Revenue recognition
Under IFRS 15, the performance obligations promised in contracts with customers are identified and revenue recognition is based on an assessment of when control of the good or service promised in the contract is transferred to the customer. Revenue is recognised when the performance obligation in the contract is satisfied which is either at a \u2018point in time\u2019 or \u2018over time\u2019 depending on when or as control of the good or service is transferred to the customer.
Key classes of revenue are recognised on the following bases:
a.\tAdvertising and sponsorship revenues
\u00a0Revenues are stated net of advertising agency commissions.
\u00a0Television advertising revenue and online advertising revenue are recognised at the point of transmission of the advert. Revenue from sponsorship of the Group\u2019s programmes is recognised on a straight-line basis over the period of the transmission schedule for each sponsorship campaign.
b.\tProgramme production revenues
\u00a0For producer for hire contracts where, in the event of cancellation, cost is recovered plus an agreed margin, the associated revenue is recognised over the term of the contract. All other revenue from third party commissions is recognised on delivery of the finished programme to the commissioning broadcaster as at that point the performance obligations are delivered and control passes to the broadcaster for the period of their licence.
\u00a0Revenue from the licencing of programmes to overseas broadcasters or in the UK secondary market (usually digital channels) is recognised on the licence commencement date. An element of the original cost of production is deferred and recognised against the future revenue stream expected to be generated in the secondary and overseas sales markets. The amount to be deferred varies by programme based on future overseas and secondary sales potential and involves significant estimate (see note 3).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865161": { "value": "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 deducted from the related expense. When the grant relates to an asset, it is deducted from the asset\u2019s carrying value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865162": { "value": "Taxation
Taxation expense comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity, in which case the related tax is also recognised in other comprehensive income or directly in equity.
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or loss for the year, using tax rates that are in force during the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on temporary 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 is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when 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 where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865160": { "value": "Deferred tax is the tax expected to be payable or recoverable on temporary 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 is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable futureDeferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when 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 where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865225": { "value": "Adjusting items
Adjusting items are items that are unusual because of their size, nature or incidence and which the Directors consider should be disclosed separately to enable a full understanding of the Group\u2019s results. They are presented on the face of the Consolidated Income Statement in a column before statutory results.
Adjusting items may include but are not restricted to: profits or losses arising on disposal or closure of a business; the cost of significant business restructuring; significant impairments of intangible or tangible assets; significant gains or losses on sale of investments, intangible or tangible assets; adjustments to the fair value of acquisition-related items; amortisation of fair value adjustments in regard to intangible assets recognised in a business combination; IAS 19 finance costs; presentation of production tax credits; and other items due to their significance, size or nature. Details of specific adjusting items recognised during the year are included within note 7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865163": { "value": "Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Currency translation differences are recognised in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865166": { "value": "Business combinations
Business combinations are accounted for using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred and liabilities incurred. Acquisition-related costs are recognised in the income statement as incurred.
At the acquisition date, the identifiable assets acquired and liabilities assumed are recognised at their fair value.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in the income statement as a bargain purchase gain (or loss if the liabilities assumed exceed the identifiable assets).
Goodwill in respect of an acquired business is recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865164": { "value": "Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in the income statement as a bargain purchase gain (or loss if the liabilities assumed exceed the identifiable assets).
Goodwill in respect of an acquired business is recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865167": { "value": "Intangible assets
Intangible assets, other than goodwill, are held at cost less accumulated amortisation and any provision for impairment. Included within intangible assets are:
Web development \u2013 assets in the course of construction which comprise the development of STV Player, STV\u2019s online streaming platform, including directly attributable costs to bring the assets into use and may include capitalised borrowing costs.
Intellectual property \u2013 fair value of intangible assets recognised on acquisition of subsidiaries, which comprise production intellectual property and distribution intellectual property. Production intellectual property relates to the rights owned by acquired subsidiaries to established profitable formats that are likely to be re-commissioned in future periods. Distribution intellectual property relates to the value attributable to existing and expected renewal of distribution agreements of back-catalogue productions in secondary markets.
STV Annual Report and Accounts 2024 123
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Amortisation is provided at the following rates per annum to write off the costs of intangible assets, less residual value, on a straight line basis from the date they are brought into use:
Web development
between 20% and 33%
Intellectual property
between 7% and 13%
Property, plant and equipment
The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. 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 to write off the cost of the assets, less estimated residual values, in equal annual instalments as follows:
Leasehold improvements
between 5% and 10%
Plant, technical equipment and other
between 10% and 20%
Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal, from the date of being brought into use or to the date of disposal.
Any impairment in value is charged to the income statement.Depreciation and amortisation are both presented within operating expenses in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865165": { "value": "Property, plant and equipment
The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. 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 to write off the cost of the assets, less estimated residual values, in equal annual instalments as follows:
Leasehold improvements
between 5% and 10%
Plant, technical equipment and other
between 10% and 20%
Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal, from the date of being brought into use or to the date of disposal.
Any impairment in value is charged to the income statement.Depreciation and amortisation are both presented within operating expenses in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865168": { "value": "Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
Lease liability
The lease liability is initially measured as the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or the Group\u2019s incremental borrowing rate where not readily available.
Lease payments included in the measurement of the lease liability comprise:
\u2022\tfixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022\tvariable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date
\u2022\tamounts expected to be payable by the Group under residual value guarantees
\u2022\tthe exercise price of purchase options, if the Group is reasonably certain to exercise those options; and
\u2022\tpayments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost element is charged to the income statement over the lease period in order to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets
Right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are predominantly in relation to leasehold properties.
Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If the lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865171": { "value": "Lease payments are allocated between principal and finance cost. The finance cost element is charged to the income statement over the lease period in order to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Finance costs, 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.The finance cost recognised in the consolidated income statement reflects the net interest on the net pension liability. This represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the opening net liability, taking into account employer contributions paid into the scheme, and hence reducing the net liability during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865173": { "value": "Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (\u2018CGU\u2019s\u2019) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865172": { "value": "Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (\u2018CGU\u2019s\u2019) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865174": { "value": "Inventories
Inventories are stated at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less estimated costs to complete and the estimated selling costs.
The Group has the following items included in inventory:
\u2022\tProgramme production work in progress
\u00a0Programme production work in progress for programmes being made for third parties is recorded at cost less any provision for impairment. When the programme production has been completed, and at the point of delivery to the commissioner, the inventory value is charged to the income statement to match the cost of production with the revenue recognised. Costs incurred in the development of creative ideas and the programme slate are recognised as inventory at the lower of cost and net realisable value and are reviewed at least annually. Provision is made where appropriate.
\u2022\tDeferred programme production
\u00a0Deferred programme production stock represents original costs of production that are deferred and recognised against future revenue streams expected to be generated in the secondary sales markets, or from advertising revenue generated on STV Player. This is to ensure that revenue and costs are matched as closely as possible. The amount to be deferred varies by programme based on future secondary sales potential. The estimate of future sales and deferred programme production stock is referred to in the critical accounting judgements and estimates section (note 3).
\u2022\tRecorded programmes
\u00a0Recorded programmes are programmes which the Group purchases for transmission on its broadcast and Video on Demand platforms. They are valued at direct cost including labour and overheads less appropriate provisions and are charged to the income statement after the first transmission or sale", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865170": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865169": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865177": { "value": "Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL). Financial liabilities are measured at amortised cost.
i) Trade receivables
Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
A provision is established for trade receivables if there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of trade.
ii) Investments
Investments are classified as fair value through other comprehensive income (FVOCI) with subsequent gains or losses arising from changes in fair value recognised in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit and loss following the derecognition of the investment.
Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by other means are held at cost unless the Group is deemed to hold significant influence. Investments, whereby the Group is deemed to hold significant influence, are initially recognised at cost and adjusted thereafter for the post-acquisition change in the net assets of the investment. A share of the profit or loss, based on equity holding, is recognised in the income statement for the period.
iii) Classification of financial liabilities and equity
Financial liabilities and equity instruments are classified according to the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Finance costs, 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.
v) Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
vi) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
STV Annual Report and Accounts 2024 125
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
vii) Derivative financial instruments
Financial liabilities in regard to put option contracts which require the Group to purchase its own equity instruments for cash or another financial asset are recognised at the present value of the estimated put option exercise price, with a corresponding charge included within non-controlling interest. Any subsequent remeasurement of the put option liability is recognised within the consolidated income statement.
Financial liabilities or assets in regard to foreign currency forward contracts are recognised at fair value through profit or loss at the balance sheet date.
viii) Production financing facilities
Separate production financing facilities are entered into with third parties for individual programme production activities. These short-term facilities are available for the duration of programme production activity, and are used in circumstances when the Group is cash-flowing the production (with the commissioner paying in full on delivery of the final programme). These facilities are initially recorded at fair value being the amounts drawn down, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865178": { "value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865176": { "value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865179": { "value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Financial liabilities are measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865182": { "value": "i) Trade receivables
Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
A provision is established for trade receivables if there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of trade.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865184": { "value": "ii) Investments
Investments are classified as fair value through other comprehensive income (FVOCI) with subsequent gains or losses arising from changes in fair value recognised in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit and loss following the derecognition of the investment.
Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by other means are held at cost unless the Group is deemed to hold significant influence. Investments, whereby the Group is deemed to hold significant influence, are initially recognised at cost and adjusted thereafter for the post-acquisition change in the net assets of the investment. A share of the profit or loss, based on equity holding, is recognised in the income statement for the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865183": { "value": "iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Finance costs, 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:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865175": { "value": "iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Finance costs, 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:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865181": { "value": "v) Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865180": { "value": "vi) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866932": { "value": "vii) Derivative financial instruments
Financial liabilities in regard to put option contracts which require the Group to purchase its own equity instruments for cash or another financial asset are recognised at the present value of the estimated put option exercise price, with a corresponding charge included within non-controlling interest. Any subsequent remeasurement of the put option liability is recognised within the consolidated income statement.
Financial liabilities or assets in regard to foreign currency forward contracts are recognised at fair value through profit or loss at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865185": { "value": "Pensions
For defined benefit pension schemes, the annual service cost is calculated using the projected unit credit method and is recognised over the future service lives of participating employees, in accordance with the advice of qualified actuaries. Current service cost and administration expenses are recognised in operating costs and net interest on the net pension liability is recognised in finance costs.
The finance cost recognised in the consolidated income statement reflects the net interest on the net pension liability. This represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the opening net liability, taking into account employer contributions paid into the scheme, and hence reducing the net liability during the year.
Past service costs resulting from enhanced benefits are recognised immediately in the consolidated income statement. Actuarial gains and losses, which represent the difference between interest on scheme assets, experience on the defined benefit obligation and the effect of changes in actuarial assumptions, are recognised in full in the consolidated statement of comprehensive income in the year in which they occur.
The retirement benefit obligation recognised in the consolidated balance sheet comprises the net total for each scheme of the present value of the benefit obligation, using a discount rate based on yields at the balance sheet date on appropriate high-quality corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and are denominated in sterling, minus the fair value of the scheme assets at the balance sheet date.
Payments to defined contribution schemes are charged to the income statement as an expense as they fall due.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using an appropriate option pricing model.
The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted, where appropriate, to reflect actual and estimated levels of vesting. The other reserve within equity relates to share based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865188": { "value": "Share-based payments
The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using an appropriate option pricing model.
The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted, where appropriate, to reflect actual and estimated levels of vesting. The other reserve within equity relates to share based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865226": { "value": "Dividend distribution
Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865187": { "value": "3. Critical accounting judgements and estimates
The preparation of the consolidated and Company financial statements, in conformity with IFRS, requires management to make judgements that affect the application of accounting policies and the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Management bases these judgements and estimates on a combination of past experience, professional expert advice and other evidence that is relevant to each individual circumstance. Actual results may differ from these judgements and the resulting estimates and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised. Significant judgements in the current year and on a recurring basis are presented to the Audit & Risk Committee.
Judgements
In the course of preparing the financial statements, no judgements have been made in applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the consolidated Group or parent company financial statements, other than those involving estimation below.
Estimates
The Directors consider the following to be the key estimates applicable to the financial statements, which have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
126\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
3. Critical accounting judgements and estimates continued
Group
Inventory
Deferred programme production stock forms part of inventory and is stated in the financial statements at the lower of cost or net realisable value. The key assumptions are estimating the likely future revenues that associated programme costs are expensed in line with, and the discount rate applied. A detailed forecast of future secondary sales is prepared by management based on historic experience and expected future trends. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. A different estimate of the projected future cash flows, or a different discount rate, could result in a material adjustment to the projected value of the cash flows of the asset, and as a consequence result in a material adjustment to the carrying value of the asset in the next financial year. During the year, \u00a31.2m was expensed through the income statement in the year (2023: \u00a32.1m).
Additional information is disclosed in note 16.
Group and Company
Pension obligations
The present value of the pension obligations depends on several factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost/(income) for pensions include the discount rate and mortality rate. These assumptions are reviewed and updated at least bi-annually. A small change in these assumptions could materially impact the carrying amount of pension obligations in the next financial year.
The Group determines the appropriate discount rate at the end of each year. This is the rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.
Regarding mortality, the base tables used are updated every three years (to coincide with triennial valuations) or more frequently when there is evidence of a change in experience. The CMI tables relating to future improvements in mortality are updated when new information is available, usually annually.
Other key assumptions for pension obligations are based in part on current market conditions. Additional information, along with details of sensitivities, is disclosed in note 25.
Company
Carrying value of parent company investments
At the end of each reporting period, the Company assesses whether there has been any internal or external indication that an asset may be impaired (i.e. its carrying amount may be higher than its recoverable amount). The market capitalisation of the Parent company was less than its net assets at 31 December 2024 and therefore the recoverable amount of the investment in subsidiary companies has been calculated. In determining the recoverable amount, key assumptions are made regarding future performance of subsidiary undertakings, growth rates and discount rate. A different estimate of the projected future cash flows, or a different growth rate or discount rate, could result in a material adjustment to the projected value of the cash flows of the asset, and as a consequence result in a material adjustment to the carrying value of the asset in the next financial year. Based on the assumptions applied in the current year, the investments\u2019 recoverable amount is greater than its carrying value and consequently no impairment is considered necessary. Additional information is disclosed in note 15.
3. Critical accounting judgements and estimates
The preparation of the consolidated and Company financial statements, in conformity with IFRS, requires management to make judgements that affect the application of accounting policies and the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Management bases these judgements and estimates on a combination of past experience, professional expert advice and other evidence that is relevant to each individual circumstance. Actual results may differ from these judgements and the resulting estimates and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised. Significant judgements in the current year and on a recurring basis are presented to the Audit & Risk Committee.
Judgements
In the course of preparing the financial statements, no judgements have been made in applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the consolidated Group or parent company financial statements, other than those involving estimation below.
Estimates
The Directors consider the following to be the key estimates applicable to the financial statements, which have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
126\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
3. Critical accounting judgements and estimates continued
Group
Inventory
Deferred programme production stock forms part of inventory and is stated in the financial statements at the lower of cost or net realisable value. The key assumptions are estimating the likely future revenues that associated programme costs are expensed in line with, and the discount rate applied. A detailed forecast of future secondary sales is prepared by management based on historic experience and expected future trends. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. A different estimate of the projected future cash flows, or a different discount rate, could result in a material adjustment to the projected value of the cash flows of the asset, and as a consequence result in a material adjustment to the carrying value of the asset in the next financial year. During the year, \u00a31.2m was expensed through the income statement in the year (2023: \u00a32.1m).
Additional information is disclosed in note 16.
Group and Company
Pension obligations
The present value of the pension obligations depends on several factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost/(income) for pensions include the discount rate and mortality rate. These assumptions are reviewed and updated at least bi-annually. A small change in these assumptions could materially impact the carrying amount of pension obligations in the next financial year.
The Group determines the appropriate discount rate at the end of each year. This is the rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.
Regarding mortality, the base tables used are updated every three years (to coincide with triennial valuations) or more frequently when there is evidence of a change in experience. The CMI tables relating to future improvements in mortality are updated when new information is available, usually annually.
Other key assumptions for pension obligations are based in part on current market conditions. Additional information, along with details of sensitivities, is disclosed in note 25.
Company
Carrying value of parent company investments
At the end of each reporting period, the Company assesses whether there has been any internal or external indication that an asset may be impaired (i.e. its carrying amount may be higher than its recoverable amount). The market capitalisation of the Parent company was less than its net assets at 31 December 2024 and therefore the recoverable amount of the investment in subsidiary companies has been calculated. In determining the recoverable amount, key assumptions are made regarding future performance of subsidiary undertakings, growth rates and discount rate. A different estimate of the projected future cash flows, or a different growth rate or discount rate, could result in a material adjustment to the projected value of the cash flows of the asset, and as a consequence result in a material adjustment to the carrying value of the asset in the next financial year. Based on the assumptions applied in the current year, the investments\u2019 recoverable amount is greater than its carrying value and consequently no impairment is considered necessary. Additional information is disclosed in note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866933": { "value": "4. Business segments
Information reported to the Group\u2019s Chief Executive for the purposes of resource allocation and assessment of segment performance is by product. The Group\u2019s operating segments are Broadcast, Digital and Studios.
Broadcast
Digital
Studios
Total
Continuing operations
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Sales
92.7
90.4
19.5
20.2
84.4
67.2
196.6
177.8
Inter-segment sales
(8.3)
(9.0)
\u2013
\u2013
(0.3)
(0.4)
(8.6)
(9.4)
Segment revenue
84.4
81.4
19.5
20.2
84.1
66.8
188.0
168.4
Segment result
Adjusted operating profit
10.9
9.8
8.4
9.9
6.1
5.2
25.4
24.9
Unallocated corporate expenses
(4.8)
(4.8)
Adjusted operating profit
20.6
20.1
Adjusting items in operating profit (note 7)
(3.5)
(6.0)
Other adjusting items \u2013 finance costs (note 7)
(4.1)
(0.5)
Production tax credits (note 7)
(3.9)
(7.7)
Finance costs
(3.5)
(5.7)
Other gains and losses (note 7)
4.8
\u2013
Share of loss in associates
\u2013
(0.2)
Profit before tax
10.4
\u2013
Tax credit
2.7
5.3
Profit for the year
13.1
5.3
Adjusted operating profit (as shown above) is the statutory operating profit before adjusting items and includes production tax credits receivable. Further information is provided in note 7. Unallocated corporate expenses relate to central expenses not attributable to divisions.
Revenue includes \u00a313.1m from sources outside the UK (2023: \u00a326.5m). Operating profit includes \u00a33.8m arising outside the UK (2023: \u00a34.9m).
Broadcast
Digital
Studios
Total
Segment assets and liabilities
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Assets
23.8
36.0
4.3
3.7
102.2
97.9
130.3
137.6
Liabilities
(25.7)
(18.0)
(2.4)
(1.5)
(46.5)
(31.3)
(74.6)
(50.8)
Segment total
(1.9)
18.0
1.9
2.2
55.7
66.6
55.7
86.8
Unallocated corporate assets
39.4
16.3
Unallocated corporate liabilities
(108.0)
(115.7)
Consolidated
(12.9)
(12.6)
Segment assets consist primarily of property, plant and equipment, certain leased assets, inventories, trade and other receivables and cash and bank deposits. Amounts due from HMRC in regard to production tax relief is disclosed within Studios. All other corporation tax balances are disclosed within corporate.
Segment liabilities comprise operating liabilities including trade and other payables and provisions and certain lease liabilities. They exclude Group borrowings, retirement benefit obligations, tax liabilities and other non-current liabilities, including the remaining lease liabilities.
128\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
4. Business segments continued
Prior to the balance sheet date and under the Group\u2019s bank account pooling arrangements, cash transfers were made between the relevant companies in the Group, to eliminate overdraft balances and minimise interest charges. This has affected the presentation of assets within the divisions compared with the prior year, primarily resulting in a decrease in assets in the Broadcast division and increasing the unallocated corporate assets.
All the net assets in 2024 and 2023 were held in the UK and therefore operate in a single geographical segment.
Broadcast
Digital
Studios
Other
Total
Other segment information
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Capital additions
0.5
0.6
0.7
0.4
7.2
10.9
0.5
0.2
8.9
12.1
Depreciation and amortisation
1.6
1.8
0.5
0.6
1.8
0.8
2.2
2.0
6.1
5.2
Information reported to the Group\u2019s Chief Executive for the purposes of resource allocation and assessment of segment performance is by product. The Group\u2019s operating segments are Broadcast, Digital and Studios.
Segment assets consist primarily of property, plant and equipment, certain leased assets, inventories, trade and other receivables and cash and bank deposits. Amounts due from HMRC in regard to production tax relief is disclosed within Studios. All other corporation tax balances are disclosed within corporate.
Segment liabilities comprise operating liabilities including trade and other payables and provisions and certain lease liabilities. They exclude Group borrowings, retirement benefit obligations, tax liabilities and other non-current liabilities, including the remaining lease liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865191": { "value": "Depreciation and amortisation (excluding adjusting items)
\u00a04.4
4.7
Services provided by the Group\u2019s auditors
During the year the Group obtained the following services from the Company\u2019s auditors:\t
2024
\u00a3m
2023
\u00a3m
Group
Fees payable to Company auditors for the audit of the parent company and consolidated financial statements
0.4
0.3
Fees payable to the Company\u2019s auditors and their associates for other services:
\u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation
0.1
0.1
\u2013 Audit-related assurance services
\u2013
\u2013
0.5
0.4
6. Staff
Group\t
Aggregate remuneration
2024
\u00a3m
2023
\u00a3m
Wages and salaries
38.8
\u00a034.2
Share based payments
\u00a00.1
\u00a00.6
Social security costs
4.4
\u00a03.6
Other pension costs
\u00a01.1
\u00a01.0
Total aggregate remuneration
44.4
\u00a039.4
Less: staff costs allocated to productions, adjusting items or capitalised
(7.1)
(6.0)
Aggregate remuneration within operating expenses
37.3
\u00a033.4
STV Annual Report and Accounts 2024 129
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Average monthly number of employees (including Executive Directors)
2024
Number
2023
Number
Studios
195
147
Broadcast
315
329
Digital
64
61
Group/Corporate
69
61
Total average number of employees
643
598
Details of Directors\u2019 remuneration is provided in the Remuneration Report on pages 92 to 105.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865192": { "value": "6. Staff
Group\t
Aggregate remuneration
2024
\u00a3m
2023
\u00a3m
Wages and salaries
38.8
\u00a034.2
Share based payments
\u00a00.1
\u00a00.6
Social security costs
4.4
\u00a03.6
Other pension costs
\u00a01.1
\u00a01.0
Total aggregate remuneration
44.4
\u00a039.4
Less: staff costs allocated to productions, adjusting items or capitalised
(7.1)
(6.0)
Aggregate remuneration within operating expenses
37.3
\u00a033.4
STV Annual Report and Accounts 2024 129
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Average monthly number of employees (including Executive Directors)
2024
Number
2023
Number
Studios
195
147
Broadcast
315
329
Digital
64
61
Group/Corporate
69
61
Total average number of employees
643
598
Details of Directors\u2019 remuneration is provided in the Remuneration Report on pages 92 to 105.
Company
The Company had no employees during the current or preceding year.
The only element of Directors\u2019 remuneration recognised in the Company income statement in the year is the estimated charge associated with share-based payments of \u00a30.1m (2023: \u00a30.6m). No Director received any other remuneration from the Company during the year (2023: \u00a3nil). The emoluments of the Directors are paid by another Group company which makes no recharge to the parent company.
25. Retirement benefit schemes
Defined contribution schemes
The Group operates two money purchase schemes, the STV Pension Scheme and the Pearl & Dean Cinemas Pension Scheme. Total employer contributions expensed by the Group in the year were \u00a31.1m (2023: \u00a31.0m).
Defined benefit schemes
The Group operates two defined benefit pension schemes, the benefits of which are related to service and final salary. The schemes are trustee administered and the schemes\u2019 assets are held independently from those of the Group. Pension costs are assessed in accordance with the advice of an independent professionally qualified actuary. Details on the principal risk identified in relation to defined benefit pension scheme liabilities is on page 39.
The schemes are the Scottish and Grampian Television Retirement Benefit Scheme and the Caledonian Publishing Pension Scheme. Both are closed schemes and accounted for under the projected unit credit method.
The net deficit of the schemes is recognised in the consolidated balance sheet, with the deficit of the Caledonian Publishing Pension Scheme recognised in the Company balance sheet as STV Group plc is the sponsoring employer. In both the Group and Company balance sheets, the net deficits are presented within non-current liabilities as follows:
Group
Company
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Defined benefit scheme obligations
(319.1)
(350.2)
(121.8)
(137.3)
Defined benefit scheme assets
270.8
295.4
102.6
111.8
Net pension deficit
(48.3)
(54.8)
(19.2)
(25.5)
A related, offsetting deferred tax asset for the Group of \u00a312.1m (2023: \u00a313.7m) and the Company of \u00a34.8m (2023: \u00a36.4m) is included within non-current assets. Therefore, the pension scheme deficit net of deferred tax for the Group was \u00a336.2m at 31 December 2024 (2023: \u00a341.1m) and the Company was \u00a314.4m (2023: \u00a319.1m).
Assumptions used to estimate the scheme obligations
The significant actuarial assumptions used for accounting purposes reflect prevailing market conditions in the UK and are as follows:
Group and Company
2024
%
2023
%
Rate of increase in salaries
nil
nil
Rate of increase of pensions in payment
3.25
3.15
Discount rate
5.45
4.50
Rate of price inflation (RPI)
3.25
3.15
Assumptions regarding future mortality experience are set based on advice, published statistics and experience in each scheme and are reflected in the table below (average life expectations of a pensioner retiring at age 65).
Group
Company
2024
Years
2023
Years
2024
Years
2023
Years
Retiring at balance sheet date:
Male
20.7
20.5
20.3
20.0
Female
22.9
22.7
22.6
22.3
Retiring in 25 years:
Male
21.9
21.7
21.8
21.5
Female
24.0
24.0
24.0
23.7
148\u00a0\u00a0STV Annual Report and Accounts 2024
25. Retirement benefit schemes continued
The sensitivities regarding the principal assumptions used to measure the defined benefit obligation are set out below:
Assumption
Change in assumption
Impact on scheme liabilities
Group
Discount rate
Increase/decrease by 0.25%
Decrease/increase by 2%
Rate of price inflation (RPI)
Increase/decrease by 0.25%
Increase/decrease by 1%
Rate of mortality
Decrease by 1 year
Decrease by 4%
Company
Discount rate
Increase/decrease by 0.25%
Decrease/increase by 2%
Rate of price inflation (RPI)
Increase/decrease by 0.25%
Increase/decrease by 1%
Rate of mortality
Decrease by 1 year
Decrease by 4%
These sensitivities have been calculated to show the movement in the defined benefit obligations in isolation, and assuming no other changes in market conditions at the balance sheet date.
Defined benefit scheme assets
The movement in the fair value of the defined benefit scheme\u2019s assets is analysed below:
Group
Company
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Fair value of scheme assets at 1 January
295.4
289.8
111.8
110.0
Interest income
12.9
13.7
4.9
5.2
Return on plan assets excluding interest income
(22.8)
7.2
(7.6)
3.4
Contributions from the employer
10.2
10.0
3.9
3.8
Administrative expenses paid from plan assets
(1.0)
(0.9)
(0.5)
(0.5)
Benefits paid from plan
(23.9)
(24.4)
(9.9)
(10.1)
Fair value of scheme assets at 31 December
270.8
295.4
102.6
111.8
At 31 December 2024, the assets were invested in a diversified portfolio that consisted primarily of investment funds and debt instruments. One of the schemes also holds insurance policies that pay an income into the scheme. The corresponding assets are included within the fair value of the scheme assets. The fair value of the Scheme\u2019s assets is shown below:
At 31 December 2024
At 31 December 2023
Group
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equity and equity options
9.2
47.5
56.7
15.4
65.7
81.1
Alternative return seeking
8.0
24.2
32.2
20.9
41.9
62.8
Cashflow matching credit
1.7
61.9
63.6
1.8
53.1
54.9
Liability-Driven Investments and cash
147.5
(39.1)
108.4
119.6
(37.0)
82.6
Currency hedge
\u2013
(0.1)
(0.1)
\u2013
1.0
1.0
Annuity policies
\u2013
10.0
10.0
\u2013
13.0
13.0
166.4
104.4
270.8
157.7
137.7
295.4
At 31 December 2024
At 31 December 2023
Company
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equity and equity options
3.6
18.7
22.3
6.0
26.2
32.2
Alternative return seeking
3.2
9.6
12.8
8.0
16.8
24.8
Cashflow matching credit
0.7
25.1
25.8
0.7
21.6
22.3
Liability-Driven Investments and cash
58.5
(16.8)
41.7
48.8
(16.7)
32.1
Currency hedge
\u2013
\u2013
\u2013
\u2013
0.4
0.4
66.0
36.6
102.6
63.5
48.3
111.8
Notes to the financial statements
For the year ended 31 December 2024
STV Annual Report and Accounts 2024 149
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Defined benefit scheme obligations
The movement in the present value of the defined benefit obligation is analysed below:
Group
Company
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Defined benefit obligation at 1 January
350.2
352.9
137.3
139.0
Experience loss/(gain)
5.4
2.8
(2.0)
0.9
Interest cost
15.3
16.5
6.0
6.5
Remeasurement (gain)/loss
(27.9)
2.4
(9.6)
1.0
Benefits paid from the schemes
(23.9)
(24.4)
(9.9)
(10.1)
Defined benefit obligation at 31 December
319.1
350.2
121.8
137.3
The defined benefit obligation at 31 December 2024 includes an amount of \u00a310.0m relating to the benefits payable to the holders of the annuity contracts.
Amounts recognised through the income statement
Amounts recognised through the consolidated income statement are as follows:
2024
\u00a3m
2023
\u00a3m
Amount charged to operating expenses:
Administration expenses
(1.0)
(0.9)
Amount charged to finance costs:
Net interest expense
(2.4)
(2.8)
Total charged in the consolidated income statement
(3.4)
(3.7)
Amounts recognised through the statement of comprehensive income
The amounts recognised in the consolidated statement of comprehensive income are:
2024
\u00a3m
2023
\u00a3m
Return on plan assets excluding interest income
(22.8)
7.2
Actuarial losses on liabilities arising from change in:
\u2013 demographic assumptions
0.3
6.5
\u2013 financial assumptions
27.6
(8.9)
\u2013 experience adjustments
(5.4)
(2.8)
Total recognised in the consolidated statement of comprehensive income
(0.3)
2.0
Funding arrangements
Contribution rates to the scheme are determined by a qualified independent actuary on the basis of a triennial valuation using the projected unit credit method. The most recent triennial valuation was carried out as at 31 December 2023. This valuation resulted in a deficit of \u00a361m on a pre-tax basis compared to \u00a3116m on a pre-tax basis at the previous settlement date.
Deficit recovery plans, which end in 31 October 2030, have been agreed with aggregate monthly payments slightly lower than the previous recovery plans. The 2024 deficit recovery payments totalled \u00a39.9m, with annual payments then increasing at the rate of 2% per annum over the term of the recovery plans. The contingent cash mechanism previously in place has been paused until at least 2028 with no further contingent payments required until then unless the Group and the trustees agree otherwise.
The recovery plans are designed to enable the schemes to reach a fully funded position, using prudent assumptions about the future, by 2030.
The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023 considered the implications of section 37 of the Pension Schemes Act 1993. The court decision was subject to appeal, with the Court of Appeal judgement published on 25 July 2024, upholding the High Court\u2019s ruling. The Company has no reason to believe that the relevant requirements were not complied with. Having consulted with their legal advisors, the Company has determined that there is no need for action at this time and therefore no allowance has been made for any additional liabilities arising as a result of this judgement.
150\u00a0\u00a0STV Annual Report and Accounts 2024
26. Share-based compensation
The purpose of the share-based compensation plans is to align the interests of management and employees with those of shareholders by providing incentives to improve the Company\u2019s performance on a long-term basis, thereby increasing shareholder value.
The Company has the following plans currently operating:
i)\tLong-term incentive plans
ii)\tEmployee share plans
Total share-based compensation costs were \u00a30.1m (2023: \u00a30.6m).
i) Long-term incentive plans (LTIP)
The Group has a long-term incentive plan for Executive Directors and other senior executives. Awards are normally granted in the form of a right to acquire shares in the Company for a zero or nominal amount. Awards vest over a period of at least three years, subject to the satisfaction of performance conditions.
The performance measures are agreed by the Remuneration Committee based on what they consider to be aligned with the delivery of strategy and creation of long term shareholder value. The Committee has discretion to use different or additional measures or weightings to ensure that the LTIP remains appropriately aligned to the business strategy and objectives. The performance measures are based on a combination of earnings growth and total shareholder return and are valued based on an appropriate option pricing model.
The assumptions used for the 2024 LTIP valuation are:
%
Risk-free interest rate expected
4.2
Dividend yield expected share
3.8
Price volatility
31.9
Awards granted under the Company\u2019s long term incentive plan that were outstanding at the end of the year had the following market prices at the date of award:
Year awarded
Market price on grant date
\u00a3
2024
Number
2023
Number
2015 LTIP
4.25
1,607
1,607
2016 LTIP
3.67
3,755
3,755
2017 LTIP
3.65
7,118
7,118
2019 LTIP
3.55
142,780
209,565
2020 LTIP
2.85
139,943
192,285
2021 LTIP
3.30
51,894
468,448
2022 LTIP
3.20
\u2013
471,267
2023 LTIP
2.52
437,331
609,473
2024 LTIP
2.40
489,123
\u2013
The weighted average fair value of share options outstanding was \u00a32.7m (2023: 6.7m).
ii) Employee share plans
The employee share plans are open to all employees. They provide for a grant price approximately equal to 90% of the middle market quotation of a share on the dealing day last preceding the relevant date of invitation, as derived from the London Stock Exchange daily office list, and can be purchased once a year. There are currently 2 employee share plans outstanding and the exercise prices for options under these plans range from \u00a32.35 to \u00a32.47. At 31 December 2024 there were 335,187 (2023: 306,319) options outstanding under the plans. The employee share plans are valued using the Black-Scholes model.
Employee Benefits Trust
The Group has investments in its own shares as a result of shares purchased by the STV Employees\u2019 Benefit Trust (\u2018EBT\u2019). Transactions with the Group-sponsored EBT are included in these financial statements and consist of the EBT\u2019s purchases of shares in STV plc, which is accounted for as a reduction to retained earnings. The table below shows the number of STV plc shares held in the EBT at 31 December 2024 and the purchases/(releases) from the EBT made in the year to satisfy awards under the Group\u2019s share schemes disclosed above and in relation to shares awarded to certain employees for the achievement of long term service milestones (Loyalty awards):
Scheme
Shares held at
Average
exercise price
\u00a3
Number of shares (released)/purchased
Nominal value
\u00a3
1 January 2024
1,173,922
586,961
2019 LTIP releases
2.09
(64,925)
2020 LTIP releases
2.09
(52,071)
2021 LTIP releases
2.09
(19,309)
Loyalty releases
2.32
(5,573)
31 December 2024
1,032,044
516,022
The total number of shares held by the EBT at 31 December 2024 represents 2.2% (2023: 2.5%) of STV\u2019s issued share capital. The market value of own shares held at 31 December 2024 is \u00a32.2m (2023: \u00a32.3m). The weighted average exercise price of share options outstanding was \u00a32.67 (2023: \u00a33.02). The weighted average remaining contractual life of share options outstanding was 7.5 years (2023: 9.0 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866935": { "value": "8. Tax credit
2024
\u00a3m
2023
\u00a3m
Corporation tax
Current year charge
(1.4)
(0.8)
Production tax credits
3.9
7.7
2.5
6.9
Deferred tax (note 22)
0.2
(1.6)
Tax credit for the year
2.7
5.3
The credit for the year can be reconciled to the profit per the income statement as follows:\t
2024
\u00a3m
2023
\u00a3m
Profit before tax
10.4
\u2013
Tax at the UK corporation tax rate of 25% (2023: 23.5%)
(2.6)
\u2013
Tax effects of:
Other expenses not deductible for tax purposes
0.2
(0.8)
Other permanent differences
(0.2)
\u2013
Losses not recognised
\u2013
(1.2)
Production tax credits
3.9
7.7
Impact of changes in tax rates
\u2013
(0.1)
Changes in estimates related to prior years
1.4
(0.3)
Tax credit for the year
2.7
5.3
9. Earnings per share
The calculation of earnings per share is based on earnings after tax and the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held for use by the STV Employee Benefit Trust.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has one type of dilutive potential ordinary shares namely share options granted to employees.
The adjusted earnings per share figures that have also been calculated are based on earnings before adjusting items that are significant in nature and/or quantum and not expected to recur every year and are therefore considered to be distortive.
The adjusting items recognised in the current and prior year are detailed in note 7 and presented below net of the related tax effect. Adjusted earnings per share have been presented to provide shareholders with an additional measure of the Group\u2019s year on year performance.
STV Annual Report and Accounts 2024 131
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Earnings per share
2024
pence
2023
pence
Basic earnings per share
23.5p
9.7p
Diluted earnings per share
23.4p
9.4p
Adjusted basic earnings per share
29.0p
28.2p
Adjusted diluted earnings per share
29.0p
27.2p
The following reflects the earnings and share data used in the calculation of earnings per share:
Earnings
Ref
2024
\u00a3m
2023
\u00a3m
Profit for the year attributable to equity shareholders
10.8
4.5
Adjusting items in operating profit (net of tax)
(i)
3.2
5.2
IAS 19 net financing cost
(ii)
2.4
2.8
Other finance costs
(iii)
1.7
0.5
Other gains and losses
(iv)
(4.8)
\u2013
Adjusted profit
13.3
13.0
Number of shares
2024
million
2023
million
Weighted average number of ordinary shares for the purposes of basic earnings per share
45.9
45.8
Dilution due to share options
0.1
1.6
Weighted average number of ordinary shares for the purposes of diluted earnings per share
46.0
47.4
Details of the adjustments to earnings are as follows:
i) Adjusting items in operating profit (net of tax) \u00a33.2m (2023: \u00a35.2m)
Charge of \u00a33.5m (2023: \u00a36.0m), net of related tax credit of \u00a30.3m (2023: \u00a30.8m). See note 7 for more details.
ii) Adjustment for IAS 19 financing cost \u00a32.4m (2023: \u00a32.8m)
The IAS 19 financing cost is adjusted as it is a non-cash item that relates to historical defined benefit pension schemes; there is no tax associated with this amount as it is non-deductible for corporation tax purposes.
iii) Adjustment for other finance costs \u00a31.7m (2023: \u00a30.5m)
Other finance costs relate to valuation of put options acquired in a business combination.
iv) Adjustment for other gains and losses (\u00a34.8m) (2023: \u00a3nil)
Other gains and losses relate to fair value adjustments as detailed in note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866936": { "value": "The calculation of earnings per share is based on earnings after tax and the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held for use by the STV Employee Benefit Trust.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has one type of dilutive potential ordinary shares namely share options granted to employees.
The adjusted earnings per share figures that have also been calculated are based on earnings before adjusting items that are significant in nature and/or quantum and not expected to recur every year and are therefore considered to be distortive.
The adjusting items recognised in the current and prior year are detailed in note 7 and presented below net of the related tax effect. Adjusted earnings per share have been presented to provide shareholders with an additional measure of the Group\u2019s year on year performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865212": { "value": "10. Dividends
2024
per share
2023
per share
2024
\u00a3m
2023
\u00a3m
Dividends on equity ordinary shares
Paid final dividend
7.4p
7.4p
3.3
3.4
Paid interim dividend
3.9p
3.9p
1.8
1.8
Dividends paid
11.3p
11.3p
5.1
5.2
A final dividend of 7.4p per share (2023: 7.4p per share) has been proposed by the Board of Directors and is subject to approval by shareholders at the 2025 AGM scheduled for 30 April 2025. The proposed dividend would be payable on 30 May 2025 to shareholders who are on the register at 22 April 2025. The ex-dividend date is 17 April 2025. This final dividend, amounting to \u00a33.3m has not been recognised as a liability in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865227": { "value": "0.113", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_6865240": { "value": "0.113", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_6865228": { "value": "0.074", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_6865229": { "value": "0.074", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_6865239": { "value": "11. Intangible assets
Goodwill
\u00a3m
Intellectual
property
\u00a3m
Web development
\u00a3m
Total
\u00a3m
Cost
At 1 January 2023
\u2013
\u2013
6.6
6.6
Additions
\u2013
\u2013
0.4
0.4
Acquisitions (note 14)
14.5
10.0
\u2013
24.5
Disposals
\u2013
\u2013
(0.3)
(0.3)
At 1 January 2024
14.5
10.0
6.7
31.2
Additions
\u2013
\u2013
0.7
0.7
Acquisitions (note 14)
5.8
7.1
\u2013
12.9
Disposals
\u2013
\u2013
(3.7)
(3.7)
At 31 December 2024
20.3
17.1
3.7
41.1
Accumulated amortisation and impairment
At 1 January 2023
\u2013
\u2013
5.4
5.4
Amortisation
\u2013
0.5
0.6
1.1
Disposals
\u2013
\u2013
(0.3)
(0.3)
At 1 January 2024
\u2013
0.5
5.7
6.2
Amortisation
\u2013
1.7
0.4
2.1
Disposals
\u2013
\u2013
(3.7)
(3.7)
At 31 December 2024
\u2013
2.2
2.4
4.6
Net book value at 31 December 2024
20.3
14.9
1.3
36.5
Net book value at 31 December 2023
14.5
9.5
1.0
25.0
During the year, the Group acquired increased equity stakes in Two Cities Television Limited, Hello Halo Productions Limited and Rumpus Media Limited which resulted in the recognition of goodwill of \u00a35.8m and intellectual property of \u00a37.1m. In 2023, acquisitions of \u00a324.5m related to the acquisition of Greenbird Media Limited. Intellectual property relates to production intellectual property and distribution intellectual property acquired which each had a net book value of \u00a310.4m (2023: \u00a34.7m) and \u00a34.5m (2023: \u00a34.8m) respectively at the balance sheet date. The remaining average useful life of production intellectual property and distribution intellectual property is 7.3 years (2023: 7.6 years) and 13.5 years (2023: 14.5 years) respectively.
Web development primarily relates to the development of STV Player, which is STV\u2019s online streaming platform. Disposals during the year related to web development assets written down to \u00a3nil net book value and which are no longer in use.
Impairment review
The Group has \u00a320.3m goodwill recognised in relation to the acquisition of Greenbird Media Limited in 2023, and the acquisitions of Two Cities Television Limited, Hello Halo Productions Limited and Rumpus Media Limited in 2024 (see note 14). The full value has been attributed to the STV Studios cash-generating unit (CGU). The recoverable amount of the CGU has been determined by calculating its value in use. This is based on five-year cash flow projections, which are grounded in the three-year plan for the Studios CGU, prepared by the divisional leadership team. Consideration has also been given to the severe but plausible downside scenario identified in the viability modelling as it relates to the Studios CGU.
The key assumptions on which the forecasts are based include revenue generation (including growth in new commissions and returning series), production and operating margin achievable, and the discount rate. These assumptions have been determined by using a combination of extrapolation of historical trends within the business, internal and industry estimates, and long-term growth rates in the primary markets in which the CGU operates. A long-term growth rate of 2.0% has been applied.
A discount rate of 10.1% has been used in discounting the projected cashflows. No reasonably possible change in assumptions or discount rate would lead to an impairment.
12. Property, plant and equipment\t
Leasehold
improvements
\u00a3m
Plant, technical equipment
and other
\u00a3m
Assets under
construction
\u00a3m
Total
\u00a3m
Cost
At 1 January 2023
0.4
36.1
1.9
38.4
Additions
\u2013
0.4
0.4
0.8
Acquisitions (note 14)
0.1
0.1
\u2013
0.2
Transfers
\u2013
2.0
(2.0)
\u2013
Disposals
(0.1)
(13.7)
\u2013
(13.8)
At 1 January 2024
0.4
24.9
0.3
25.6
Additions
\u2013
0.4
0.3
0.7
Transfers
\u2013
0.3
(0.3)
\u2013
Disposals
(0.4)
(2.0)
\u2013
(2.4)
At 31 December 2024
\u2013
23.6
0.3
23.9
Accumulated depreciation and impairment
At 1 January 2023
0.2
27.6
\u2013
27.8
Charge for year
0.1
2.6
\u2013
2.7
Disposals
(0.1)
(13.7)
\u2013
(13.8)
At 1 January 2024
0.2
16.5
\u2013
16.7
Charge for year
\u2013
2.6
\u2013
2.6
Disposals
(0.2)
(2.0)
\u2013
(2.2)
At 31 December 2024
\u2013
17.1
\u2013
17.1
Net book value at 31 December 2024
\u2013
6.5
0.3
6.8
Net book value at 31 December 2023
0.2
8.4
0.3
8.9
The Group and Company did not have any capital commitments at 31 December 2024 (2023: \u00a3nil). In 2023, acquisitions of \u00a30.2m related to the acquisition of Greenbird Media Limited on 6 July 2023. Disposals of leasehold improvements relates to assets written down on exit from the leasehold premises. Disposals of plant, technical equipment and other assets relates to the write down of assets with \u00a3nil net book value that are no longer in use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6866937": { "value": "14. Business combinations
Two Cities Television Limited
In January 2020, the Group acquired a minority stake of 25% in Two Cities Television Limited (\u2018Two Cities\u2019), with an option to increase its initial stake to a majority position upon Two Cities becoming profitable. On 30 January 2024, this option was exercised, and the Group increased its equity stake in Two Cities to 51%.
On the acquisition date, \u00a30.4m of loan notes were converted, resulting in 10% equity being acquired via new shares issued. In line with the accounting requirements for a business combination achieved in stages, this overall initial stake of 35% has been remeasured at fair value at the acquisition date, resulting in a gain of \u00a32.3m, which is presented within other gains and losses on the face of the consolidated income statement.
The consideration payable for the 16% equity that was then acquired through the option was \u00a32.2m, of which \u00a31.7m was paid on completion. Deferred consideration of \u00a30.5m has been recognised which is payable in H1 2025.
The Group has completed its work in relation to assessing the fair values of identifiable assets acquired and liabilities assumed, therefore the amounts presented below are considered final.
Fair value of identifiable assets and liabilities of Two Cities Television Limited and subsidiary companies
2024
\u00a3m
Intangible assets
6.5
Inventory
9.4
Trade and other receivables
2.4
Cash and cash equivalents
1.3
Deferred tax liabilities
(1.6)
Trade and other payables
(9.3)
Contract liabilities
(11.5)
Fair value of net identifiable liabilities
(2.8)
Non-controlling interest measured at proportionate share of identifiable net assets
(2.0)
Adjustments to non-controlling interest regarding derivative put options
7.1
Goodwill
3.7
Consideration
6.0
Total net cash outflow relating to acquisition of Two Cities Television Limited and subsidiary companies
\u00a3m
Consideration paid
(1.7)
Cash and cash equivalents acquired
1.3
Total cash outflow
(0.4)
\u00a3m
Present value of the expected liability on put options
7.1
The goodwill of \u00a33.7m represents the value placed on the ability of the acquired workforce in place to create and monetise future new productions, formats and intellectual property in scripted drama. It also represents the strategic benefits to be gained from the enlarged scale of the STV drama label portfolio. This has been calculated as the fair value of the consideration transferred, plus the amount of non-controlling interest adjusted for derivative put options relating to subsidiaries acquired, less the net of the fair value of the identifiable assets acquired and liabilities assumed.
From the date of acquisition, Two Cities Television Limited and subsidiary undertakings contributed \u00a331.5m of revenue and \u00a32.7m of adjusted operating profit to the Group\u2019s results.
STV Annual Report and Accounts 2024 135
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Hello Halo Productions Limited
In July 2023, the Group acquired a minority stake of 30% in Hello Halo Productions Limited and its wholly owned subsidiary Hello Halo Kids Limited (together \u2018Hello Halo\u2019), as part of the acquisition of the Greenbird Media Limited group. On 30 August 2024, the Group increased its equity stake in Hello Halo to a majority holding of 51%.
In line with the accounting requirements for a business combination achieved in stages, the initial 30% stake has been remeasured at fair value at the acquisition date, resulting in a gain of \u00a30.8m, which is presented within other gains and losses on the face of the consolidated income statement.
The consideration payable for the 21% equity that was acquired in August was \u00a30.8m, which was paid on completion.
The Group has completed the majority of its work in relation to assessing the fair values of identifiable assets acquired and liabilities assumed with only a small number of minor points to be finalised. Therefore, the fair values have been presented as provisional in the table below but it is not anticipated that there will be any material changes between the provisional and final position, which will be finalised within 12 months from the date of acquisition, as required by the relevant accounting standard.
Provisional fair value of identifiable assets and liabilities of Hello Halo Productions Limited and subsidiary company
2024
\u00a3m
Intangible assets
0.2
Inventory
2.1
Trade and other receivables
1.3
Contract assets
0.1
Deferred tax liabilities
(0.1)
Trade and other payables
(3.3)
Contract liabilities
(3.2)
Fair value of net identifiable liabilities
(2.9)
Non-controlling interest measured at proportionate share of identifiable net liabilities
\u2013
Adjustments to non-controlling interest regarding derivative put options
2.8
Goodwill
1.9
Consideration
1.8
Total net cash outflow relating to acquisition of Hello Halo Productions Limited and subsidiary company
\u00a3m
Consideration paid
(0.8)
Cash and cash equivalents acquired
\u2013
Total cash outflow
(0.8)
\u00a3m
Present value of the expected liability on put options
2.8
The goodwill of \u00a31.9m represents the value placed on the opportunity to enhance the future growth prospects of the STV Studios unscripted division through increasing the volume of new productions, formats and intellectual property. This has been calculated as the fair value of the consideration transferred, plus the amount of non-controlling interest adjusted for derivative put options relating to subsidiaries acquired, less the net of the fair value of the identifiable assets acquired and liabilities assumed.
From the date of acquisition, Hello Halo contributed \u00a33.6m of revenue and \u00a31.0m of adjusted operating profit to the Group\u2019s results.
136\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
14. Business combinations continued
Rumpus Media Limited
In July 2023, the Group acquired a minority stake of 40% in Rumpus Media Limited (\u2018Rumpus\u2019), as part of the acquisition of the Greenbird Media Limited group. On 17 July 2024, the Group increased its equity stake in Rumpus to a majority holding of 99% following the trigger of a \u2018bad leaver\u2019 provision in the share purchase agreement, which resulted in the additional 59% transferring to the Group for nominal consideration.
In line with the accounting requirements for a business combination achieved in stages, the initial stake of 40% has been remeasured at fair value at the acquisition date, resulting in a loss of \u00a30.2m, which is presented within other gains and losses on the face of the consolidated income statement.
The Group has completed the majority of its work in relation to assessing the fair values of identifiable assets acquired and liabilities assumed with only a small number of minor points to be finalised. Therefore, the fair values have been presented as provisional in the table below but it is not anticipated that there will be any material changes between the provisional and final position, which will be finalised within 12 months from the date of acquisition, as required by the relevant accounting standard.
Provisional fair value of identifiable assets and liabilities of Rumpus Media Limited
2024
\u00a3m
Intangible assets
0.4
Inventory
0.4
Trade and other receivables
0.8
Contract assets
0.3
Cash and cash equivalents
0.7
Deferred tax liabilities
(0.1)
Trade and other payables
(1.1)
Contract liabilities
(0.9)
Borrowings
(0.3)
Fair value of net identifiable assets
0.2
Goodwill
0.2
Consideration
0.4
Total net cash inflow relating to acquisition of Rumpus Media Limited
\u00a3m
Consideration paid
\u2013
Cash and cash equivalents acquired
0.7
Total cash inflow
0.7
Goodwill of \u00a30.2m has been calculated as the fair value of the consideration transferred less the net of the fair value of the identifiable assets acquired and liabilities assumed.
From the date of acquisition, Rumpus contributed \u00a31.9m of revenue and \u00a30.1m of adjusted operating profit to the Group\u2019s results.
STV Annual Report and Accounts 2024 137
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Greenbird Media Limited
During the year, the Group finalised its fair value assessment of the identifiable assets acquired and liabilities assumed of Greenbird Media Limited and subsidiary companies, acquired on 6 July 2023. The table below sets out the adjustments that have been made to the provisional fair values previously disclosed within the annual financial statements for year ended 31 December 2023, to reach the final position.
Fair value of identifiable assets and liabilities of Greenbird Media Limited and subsidiary companies
Provisional
\u00a3m
Adjustments
\u00a3m
Final
\u00a3m
Intangible assets
10.0
\u2013
10.0
Property, plant and equipment
0.2
\u2013
0.2
Right of use asset
0.7
\u2013
0.7
Investments
1.5
\u2013
1.5
Inventory
1.8
\u2013
1.8
Trade and other receivables
2.0
\u2013
2.0
Contract assets
1.9
\u2013
1.9
Cash and cash equivalents
6.9
\u2013
6.9
Deferred tax liabilities
(2.6)
\u2013
(2.6)
Trade and other payables
(15.4)
0.3
(15.1)
Lease liabilities
(0.8)
\u2013
(0.8)
Contract liabilities
(3.5)
\u2013
(3.5)
Fair value of net identifiable assets
2.7
0.3
3.0
Non-controlling interest measured at proportionate share of identifiable net assets
(4.2)
\u2013
(4.2)
Adjustments to non-controlling interest regarding derivative put options
9.6
(0.3)
9.3
Goodwill
14.5
\u2013
14.5
Consideration
22.6
\u2013
22.6
Provisional
\u00a3m
Adjustments
\u00a3m
Final
\u00a3m
Present value of the expected liability on put options
9.6
(0.3)
9.3
Since the acquisition date, finance costs of \u00a31.4m have been recognised in relation to unwinding the discount of the put option liability, with \u00a30.9m recognised in the current year. During the year, the put options have been exercised, resulting in a cash outflow to the minority interests of \u00a34.4m. The estimated liability for the remaining amounts payable of \u00a35.5m is recognised in non-current trade and other payables at the balance sheet date.
Cash outflow relating to acquisition of Greenbird Media Limited and subsidiary companies
2024
\u00a3m
Deferred consideration paid
(0.6)
138\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
14. Business combinations continued
Summary of acquisition related transactions for year ended 31 December 2024
Two Cities
\u00a3m
Hello Halo
\u00a3m
Rumpus
\u00a3m
Greenbird Media
\u00a3m
Total
\u00a3m
Cash (outflow)/inflow
Consideration paid, net of cash acquired
(0.4)
(0.8)
\u00a00.7
\u2013
(0.5)
Deferred consideration paid
\u2013
\u2013
\u2013
(0.6)
(0.6)
Acquisition of subsidiary undertakings, net of cash acquired
(0.4)
(0.8)
\u00a00.7
(0.6)
(1.1)
Purchase of additional shares in subsidiary undertakings
\u2013
\u2013
\u2013
(4.4)
(4.4)
Changes in non-controlling interest
Proportionate share of net (assets)/liabilities at acquisition date
(2.0)
\u2013
\u2013
\u2013
(2.0)
Present value of expected liability on put options recognised on acquisition
\u00a07.1
\u00a02.8
\u2013
\u2013
\u00a09.9
Adjustments recognised following finalisation of fair value of assets acquired and liabilities assumed
\u2013
\u2013
\u2013
(0.3)
(0.3)
\u00a05.1
\u00a02.8
\u2013
(0.3)
\u00a07.6
Other gains and (losses)
Revaluation of initial investment held to fair value at acquisition date
\u00a02.3
\u00a00.8
(0.2)
\u2013
\u00a02.9
Revaluation of expected liability of put options to fair value as at 31 December 2024
\u00a01.0
\u2013
\u2013
\u00a00.9
\u00a01.9
\u00a03.3
\u00a00.8
(0.2)
\u00a00.9
\u00a04.8
Summary of acquisition related transactions for year ended 31 December 2023
Greenbird Media
\u00a3m
Cash (outflow)/inflow
Acquisition of subsidiary undertakings, net of cash acquired
(15.0)
Changes in non-controlling interest
Proportionate share of net (assets)/liabilities at acquisition date
(4.2)
Present value of expected liability on put options recognised on acquisition
9.6
5.4
2024
\u00a3m
2023
\u00a3m
Group
Associates
2.1
3.9
Other
0.2
0.2
2.3
4.1
2024
\u00a3m
2023
\u00a3m
Associates
At 1 January
3.9
2.4
Additions
\u2013
1.7
Share of loss
\u2013
(0.2)
Reallocations
(1.8)
\u2013
At 31 December
2.1
3.9
The investments in associates are initially recognised at cost and have subsequently been updated to reflect the Group\u2019s share of post-acquisition profits or losses in accordance with the equity method of accounting.
At 1 January 2024, minority investments were held in Two Cities Television Limited, Hello Halo Productions Limited and Rumpus Media Limited, totalling \u00a31.8m. The Group\u2019s shareholding was increased to a majority stake in each of these entities during the year (see note 14). The \u00a31.8m investment value held in these associates has been reallocated to investments in subsidiaries and eliminated on consolidation.
The additions in associates during 2023 related to the acquisition of a further 15% stake in quiz show producer, Mighty Productions Limited, for a total consideration of \u00a30.3m in July 2023 and the acquisition of investment in six associates for total consideration of \u00a31.4m, as part of the acquisition of Greenbird Media Limited, ranging from an ownership stake of 25% to 40%.
The Group also owns a 25% shareholding in the unscripted production company, Hello Mary.
No dividends have been received from any associate undertaking. The class of shares held in associates are all ordinary.
The Group also holds shares in Mirriad Advertising plc which has a nominal fair value at the balance sheet date. This investment is measured at fair value through the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865194": { "value": "2024
\u00a3m
2023
\u00a3m
Group
Associates
2.1
3.9
Other
0.2
0.2
2.3
4.1
2024
\u00a3m
2023
\u00a3m
Associates
At 1 January
3.9
2.4
Additions
\u2013
1.7
Share of loss
\u2013
(0.2)
Reallocations
(1.8)
\u2013
At 31 December
2.1
3.9
The investments in associates are initially recognised at cost and have subsequently been updated to reflect the Group\u2019s share of post-acquisition profits or losses in accordance with the equity method of accounting.
The additions in associates during 2023 related to the acquisition of a further 15% stake in quiz show producer, Mighty Productions Limited, for a total consideration of \u00a30.3m in July 2023 and the acquisition of investment in six associates for total consideration of \u00a31.4m, as part of the acquisition of Greenbird Media Limited, ranging from an ownership stake of 25% to 40%.
The Group also owns a 25% shareholding in the unscripted production company, Hello Mary.
No dividends have been received from any associate undertaking. The class of shares held in associates are all ordinary.
The Group also holds shares in Mirriad Advertising plc which has a nominal fair value at the balance sheet date. This investment is measured at fair value through the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865230": { "value": "2024
\u00a3m
2023
\u00a3m
Group
Associates
2.1
3.9
Other
0.2
0.2
2.3
4.1
2024
\u00a3m
2023
\u00a3m
Associates
At 1 January
3.9
2.4
Additions
\u2013
1.7
Share of loss
\u2013
(0.2)
Reallocations
(1.8)
\u2013
At 31 December
2.1
3.9
The Group also holds shares in Mirriad Advertising plc which has a nominal fair value at the balance sheet date. This investment is measured at fair value through the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865214": { "value": "Subsidiary undertakings
A full list of subsidiary undertakings as at 31 December 2024 is as follows:
Undertaking
Principal activity
Registered address
STV News Services Limited*
Investment holding undertaking
(1)
\u00a0STV Television Limited
Investment holding undertaking
\u00a0STV Central Limited
Television broadcasting
\u00a0STV North Limited
Television broadcasting
\u00a0STV Studios Limited
Programme production
\u00a0STV Drama Productions Limited
Programme production
\u00a0STV Documentaries Limited
Programme production
\u00a0STV Factual Limited
Programme production
\u00a0STV Drama Productions 3 Limited
Programme production
\u00a0STV Tod Productions Limited
Programme production
\u00a0Primal Media Limited (52%)
Programme production
(1)
\u00a0STV Studios Services Limited (formerly Greenbird Media Limited)
Investment holding undertaking
(1)
\u00a0Teal Media Limited
Advertising inventory trading
(1)
\u00a0Crackit Productions Limited (99%)
Programme production
(2)
\u00a0Tuesday\u2019s Child Television Limited (63%)
Programme production
(2)
\u00a0Interstellar Television Limited (32%)
Programme production
(2)
\u00a0Show Me The Honey Limited (32%)
Programme production
(2)
\u00a0Master or Servant Limited (63%)
Programme production
(2)
\u00a0Rumpus Media Limited (99%)\u2020
Programme production
(2)
\u00a0Hello Halo Productions Limited (51%)\u2020
Programme production
(2)
\u00a0Hello Halo Kids Limited (51%)\u2020
Programme production
(2)
\u00a0Two Cities Television Limited (51%)\u2020
Programme production
(3)
\u00a0Two Cities 1984 Limited (51%)\u2020
Programme production
(3)
\u00a0Two Cities (Blue Lights) Limited (51%)\u2020
Programme production
(3)
\u00a0Two Cities (Blue Lights 2) Limited (51%)\u2020
Programme production
(3)
\u00a0Two Cities (Blue Lights 3) Limited (51%)\u2020
Programme production
\u00a0Two Cities (Vienna) Limited (51%)\u2020
Programme production
(3)
\u00a0Ginger Television Productions Limited
Dormant
(1)
\u00a0SKA Ginger Productions Limited (50%)
Dormant
(1)
\u00a0Altissimo Music Limited
Music rights
\u00a0stv.tv Limited
Dormant
\u00a0Solutions.tv Limited
Dormant
\u00a0Grampian Television Limited
Dormant
STV Services Limited*
Group services undertaking
\u00a0Scottish News Network Limited
Dormant
Rise & Shine (Television) Limited*
Dormant
\u00a0Peoples champion.com Limited
Dormant
\u00a0The Ginger Media Group Limited
Dormant
(1)
*\tDirectly held.\u2020\tAcquired in the year.
The registered address for all companies (except where noted) is Pacific Quay, Glasgow, G51 1PQ.
(1)\t6th Floor, 236 Grays Inn Road, London, England, WC1X 8HB
(2)\t71 Queen Victoria Street, London, England, EC4V 4BE
(3)\t18 Glasshouse Studios Fryern Court Road, Fordingbridge, Hampshire, England, SP6 1QX
The investments are stated in the balance sheet at cost less amounts written off for impairment in value. All the above investments are 100% shareholdings except where stated. All subsidiary undertakings are incorporated in the United Kingdom. All shares held are classed as ordinary shares.
All subsidiary undertakings have a financial year end of 31 December 2024 except for STV Drama Productions 3 Limited (31 July), STV Tod Productions Limited (31 August), Two Cities (Blue Lights) Limited (31 May), Two Cities (Blue Lights 2) Limited, Two Cities (Blue Lights 3) Limited (both 30 June) and Two Cities (Vienna) Limited (31 August). The reason that the financial years are non-coterminous with the Group is due to the timing of production commissions and deliveries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865196": { "value": "The investments are stated in the balance sheet at cost less amounts written off for impairment in value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865197": { "value": "16. Inventories
\u00a0
Group
2024
\u00a3m
2023
\u00a3m
Deferred programme production
14.2
12.7
Programme production work in progress
14.6
11.1
Recorded programmes
\u2013
0.6
28.8
24.4
Deferred programme production stock represents costs of original production which are deferred and recognised against future revenue streams expected to be generated in the secondary sales market. This asset is classified as current, even though it will be realised into cash over several years, due to the homogeneous nature of the inventory which would result in an arbitrary split between the current and non-current categories, and to be consistent with normal industry practice. It is anticipated that \u00a31.3m (2023: \u00a31.3m) is likely to be realised within 12 months.
At 31 December 2024, the net present value (NPV) of the future sales, estimated over a maximum period of 15 years for drama and 10 years for other genres of programming, was \u00a317.6m (2023: \u00a314.4m), compared to a net book value of \u00a314.2m (2023: \u00a312.7m). A discount rate of 10.1% (2023: 10.3%) was applied. Future sales in 2025 are expected to be \u00a32.5m.
The sensitivities regarding the principal assumptions used to support the carrying value of the deferred programme production stock are set out below:
Assumption
Change in assumption
Impact on NPV
Discount rate
Increase/decrease by 0.25%
Decrease/increase by \u00a30.2m
Rate of price inflation (RPI)
Increase/decrease by 0.25%
Increase/decrease by \u00a30.2m
Sales
Increase/decrease by 10.0%
Increase/decrease by \u00a32.2m
17. Trade and other receivables\t
Group
Current
Non-current
31 December 2024
\u00a3m
31 December 2023
\u00a3m
31 December 2024
\u00a3m
31 December 2023
\u00a3m
Trade receivables
16.3
13.9
\u2013
\u2013
Prepayments
4.1
8.2
\u2013
\u2013
Contract assets
9.0
12.9
\u2013
\u2013
Other receivables
14.8
1.8
0.5
1.0
Income tax recoverable
3.8
2.1
\u2013
\u2013
48.0
38.9
0.5
1.0
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
The increase in other receivables primarily relates to production activity in a subsidiary company that has taken place overseas. \u00a39.8m of the balance at the year end relates to foreign tax that is due to be received in 2025.
Parent
Current
Non-current
31 December 2024
\u00a3m
31 December 2023
\u00a3m
31 December 2024
\u00a3m
31 December 2023
\u00a3m
Amounts owed by Group undertakings
\u2013
\u2013
112.3
125.4
Other receivables
0.9
0.6
\u2013
\u2013
0.9
0.6
112.3
125.4
A reconciliation of the contract assets balance is included in note 18.
Amounts owed by Group undertakings are unsecured with no interest chargeable.
142\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
17. Trade and other receivables continued\u00a0
Group
At 31 December, the ageing analysis of the trade receivables, net of any provisions for impairment, is as follows:
2024
\u00a3m
2023
\u00a3m
Not past due
10.2
10.7
Up to 30 days overdue
4.7
2.5
Between 30 and 90 days overdue
0.6
0.4
Over 90 days overdue
0.8
0.3
16.3
13.9
The Group engages in a number of contra deals whereby advertising is provided in exchange for goods and services instead of cash consideration. The proportion of contra deals not yet utilised by the Group sit within balances that are more than 90 days overdue.
The Group applies the simplified approach to measuring expected credit losses, and so uses a lifetime expected loss allowance. At 31 December 2024, trade receivables with an initial carrying value of \u00a3nil (2023: \u00a3nil) were impaired and fully provided for. The movements in the provision were as follows:
2024
\u00a3m
2023
\u00a3m
At 1 January
\u2013
0.1
Charge for the year
\u2013
\u2013
Amounts utilised
\u2013
(0.1)
Unused amounts reversed
\u2013
\u2013
\u2013
\u2013
The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Except for those trade receivables that have been provided for, all trade receivables are expected to be recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865233": { "value": "Group
Current
Non-current
31 December 2024
\u00a3m
31 December 2023
\u00a3m
31 December 2024
\u00a3m
31 December 2023
\u00a3m
Trade receivables
16.3
13.9
\u2013
\u2013
Prepayments
4.1
8.2
\u2013
\u2013
Contract assets
9.0
12.9
\u2013
\u2013
Other receivables
14.8
1.8
0.5
1.0
Income tax recoverable
3.8
2.1
\u2013
\u2013
48.0
38.9
0.5
1.0
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
The increase in other receivables primarily relates to production activity in a subsidiary company that has taken place overseas. \u00a39.8m of the balance at the year end relates to foreign tax that is due to be received in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865232": { "value": "Group
Current
Non-current
31 December 2024
\u00a3m
31 December 2023
\u00a3m
31 December 2024
\u00a3m
31 December 2023
\u00a3m
Trade receivables
16.3
13.9
\u2013
\u2013
Prepayments
4.1
8.2
\u2013
\u2013
Contract assets
9.0
12.9
\u2013
\u2013
Other receivables
14.8
1.8
0.5
1.0
Income tax recoverable
3.8
2.1
\u2013
\u2013
48.0
38.9
0.5
1.0
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
The increase in other receivables primarily relates to production activity in a subsidiary company that has taken place overseas. \u00a39.8m of the balance at the year end relates to foreign tax that is due to be received in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865231": { "value": "Group
Current
Non-current
31 December 2024
\u00a3m
31 December 2023
\u00a3m
31 December 2024
\u00a3m
31 December 2023
\u00a3m
Trade receivables
16.3
13.9
\u2013
\u2013
Prepayments
4.1
8.2
\u2013
\u2013
Contract assets
9.0
12.9
\u2013
\u2013
Other receivables
14.8
1.8
0.5
1.0
Income tax recoverable
3.8
2.1
\u2013
\u2013
48.0
38.9
0.5
1.0
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
The increase in other receivables primarily relates to production activity in a subsidiary company that has taken place overseas. \u00a39.8m of the balance at the year end relates to foreign tax that is due to be received in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865215": { "value": "Group
Current
Non-current
31 December 2024
\u00a3m
31 December 2023
\u00a3m
31 December 2024
\u00a3m
31 December 2023
\u00a3m
Trade receivables
16.3
13.9
\u2013
\u2013
Prepayments
4.1
8.2
\u2013
\u2013
Contract assets
9.0
12.9
\u2013
\u2013
Other receivables
14.8
1.8
0.5
1.0
Income tax recoverable
3.8
2.1
\u2013
\u2013
48.0
38.9
0.5
1.0
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
The increase in other receivables primarily relates to production activity in a subsidiary company that has taken place overseas. \u00a39.8m of the balance at the year end relates to foreign tax that is due to be received in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865234": { "value": "Income tax recoverable
3.8
2.1
\u2013
\u2013
The Group applies the simplified approach to measuring expected credit losses, and so uses a lifetime expected loss allowance. At 31 December 2024, trade receivables with an initial carrying value of \u00a3nil (2023: \u00a3nil) were impaired and fully provided for. The movements in the provision were as follows:
2024
\u00a3m
2023
\u00a3m
At 1 January
\u2013
0.1
Charge for the year
\u2013
\u2013
Amounts utilised
\u2013
(0.1)
Unused amounts reversed
\u2013
\u2013
\u2013
\u2013
18. Trade and other payables
Group
Company
Current
Non-current
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Trade and other payables
7.1
14.7
15.2
5.9
\u2013
\u2013
Accrued expenses
16.1
14.0
\u2013
\u2013
\u2013
\u2013
Contract liabilities
21.4
6.0
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.3
3.8
Social security and other taxes
3.5
3.2
\u2013
\u2013
\u2013
\u2013
48.1
37.9
15.2
5.9
3.3
3.8
The Directors consider that the carrying amount of trade and other payables approximates their fair value.
Trade and other payables include put option liabilities acquired from business combinations of \u00a315.2m (2023: \u00a310.1m), and will mature over the next five years. Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service.
The amounts owed to Group undertakings are unsecured with no interest chargeable.
2024
2023
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Balance at 1 January
12.9
(6.0)
8.6
(31.1)
Acquisitions (note 14)
0.4
(15.6)
1.9
(3.5)
Transfers to trade receivables
(13.2)
\u2013
(8.6)
\u2013
Changes to the measurement of progress
8.9
\u2013
11.0
\u2013
Revenue recognised in the period
\u2013
21.5
\u2013
33.6
Cash received
\u2013
(21.3)
\u2013
(5.0)
Balance at 31 December
9.0
(21.4)
12.9
(6.0)
The contract liabilities balance will all be recognised as revenue within one year of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865216": { "value": "18. Trade and other payables
Group
Company
Current
Non-current
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Trade and other payables
7.1
14.7
15.2
5.9
\u2013
\u2013
Accrued expenses
16.1
14.0
\u2013
\u2013
\u2013
\u2013
Contract liabilities
21.4
6.0
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.3
3.8
Social security and other taxes
3.5
3.2
\u2013
\u2013
\u2013
\u2013
48.1
37.9
15.2
5.9
3.3
3.8
The Directors consider that the carrying amount of trade and other payables approximates their fair value.
Trade and other payables include put option liabilities acquired from business combinations of \u00a315.2m (2023: \u00a310.1m), and will mature over the next five years. Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service.
The amounts owed to Group undertakings are unsecured with no interest chargeable.
STV Annual Report and Accounts 2024 143
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
2024
2023
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Balance at 1 January
12.9
(6.0)
8.6
(31.1)
Acquisitions (note 14)
0.4
(15.6)
1.9
(3.5)
Transfers to trade receivables
(13.2)
\u2013
(8.6)
\u2013
Changes to the measurement of progress
8.9
\u2013
11.0
\u2013
Revenue recognised in the period
\u2013
21.5
\u2013
33.6
Cash received
\u2013
(21.3)
\u2013
(5.0)
Balance at 31 December
9.0
(21.4)
12.9
(6.0)
The contract liabilities balance will all be recognised as revenue within one year of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865235": { "value": "18. Trade and other payables
Group
Company
Current
Non-current
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Trade and other payables
7.1
14.7
15.2
5.9
\u2013
\u2013
Accrued expenses
16.1
14.0
\u2013
\u2013
\u2013
\u2013
Contract liabilities
21.4
6.0
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.3
3.8
Social security and other taxes
3.5
3.2
\u2013
\u2013
\u2013
\u2013
48.1
37.9
15.2
5.9
3.3
3.8
Group
Company
Current
Non-current
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Trade and other payables
7.1
14.7
15.2
5.9
\u2013
\u2013
Accrued expenses
16.1
14.0
\u2013
\u2013
\u2013
\u2013
Contract liabilities
21.4
6.0
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.3
3.8
Social security and other taxes
3.5
3.2
\u2013
\u2013
\u2013
\u2013
48.1
37.9
15.2
5.9
3.3
3.8
Group
Company
Current
Non-current
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Trade and other payables
7.1
14.7
15.2
5.9
\u2013
\u2013
Accrued expenses
16.1
14.0
\u2013
\u2013
\u2013
\u2013
Contract liabilities
21.4
6.0
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.3
3.8
Social security and other taxes
3.5
3.2
\u2013
\u2013
\u2013
\u2013
48.1
37.9
15.2
5.9
3.3
3.8
19. Borrowings
Non-current liabilities
Group
2024
\u00a3m
2023
\u00a3m
Bank loans
39.6
41.6
At the balance sheet date, the Group had a \u00a370m revolving credit facility (RCF) in place, with a \u00a310m accordion, maturing in March 2026. The principle financial covenants are the ratio of net debt to EBITDA (which must be below 3 times) and interest cover (which must be higher than 4 times).
The effective interest rate on bank loans was:
2024
%
2023
%
Bank loans (floating)
7.2
6.6
Current liabilities
Group
Company
31 December 2024
\u00a3m
31 December 2023
\u00a3m
31 December 2024
\u00a3m
31 December 2023
\u00a3m
Bank overdraft
\u2013
4.6
\u2013
3.2
Bank loans
10.2
\u2013
\u2013
\u2013
10.2
4.6
\u2013
3.2
\u00a0The Group has two loan facilities relating to production financing of which \u00a39.9m in total was drawn down at the balance sheet date. The commissioned programmes to which the facilities relate are expected to deliver in 2025 with all amounts drawn down to be settled during the year. There also exists borrowings under CBILS of \u00a30.3m in one of the subsidiary companies, which has been repaid in Q1 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865219": { "value": "20. Lease liabilities
Group
2024
\u00a3m
2023
\u00a3m
Current
0.8
1.2
Non-current
16.6
17.9
17.4
19.1
The income statement shows the following amounts relating to leases:
Group
2024
\u00a3m
2023
\u00a3m
Interest expense (included in finance costs)
0.5
0.5
144\u00a0\u00a0STV Annual Report and Accounts 2024
Notes to the financial statements
For the year ended 31 December 2024
20. Lease liabilities continued
Maturity analysis
Minimum payments
Present value
of payments
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Not later than 1 year
1.3
1.7
0.8
1.2
Later than 1 year but not later than 5 years
5.3
5.7
3.7
4.1
Later than 5 years
15.1
16.4
12.9
13.8
21.7
23.8
17.4
19.1
Less: future finance charges
(4.3)
(4.7)
Present value of lease obligations
17.4
19.1
22. Deferred tax
The analysis of the deferred tax balance is as follows:
Group
Company
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Deferred tax assets
19.5
19.8
4.8
6.4
Deferred tax liabilities
(3.8)
(2.6)
\u2013
\u2013
Net deferred tax assets
15.7
17.2
4.8
6.4
The movement in deferred tax assets and liabilities during the year, taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Tax trading losses
\u00a3m
Other temporary differences
\u00a3m
Accelerated
tax depreciation
\u00a3m
Retirement
benefit obligations
\u00a3m
Total
\u00a3m
Group
At 1 January 2023
5.4
0.7
0.1
15.7
21.9
Credit/(charge) to income
0.2
\u2013
(0.3)
(1.5)
(1.6)
Charge to equity/OCI
\u2013
\u2013
\u2013
(0.5)
(0.5)
Liability recognised on acquisition (note 14)
\u2013
(2.6)
\u2013
\u2013
(2.6)
At 1 January 2024
5.6
(1.9)
(0.2)
13.7
17.2
Credit/(charge) to income
1.5
0.2
0.2
(1.7)
0.2
Credit to equity/OCI
\u2013
\u2013
\u2013
0.1
0.1
Liability recognised on acquisition (note 14)
\u2013
(1.8)
\u2013
\u2013
(1.8)
At 31 December 2024
7.1
(3.5)
\u2013
12.1
15.7
Company
At 1 January 2023
\u2013
\u2013
\u2013
7.3
7.3
Charge to income
\u2013
\u2013
\u2013
(0.5)
(0.5)
Charge to equity/OCI
\u2013
\u2013
\u2013
(0.4)
(0.4)
At 1 January 2024
\u2013
\u2013
\u2013
6.4
6.4
Charge to income
\u2013
\u2013
\u2013
(0.6)
(0.6)
Charge to equity/OCI
\u2013
\u2013
\u2013
(1.0)
(1.0)
At 31 December 2024
\u2013
\u2013
\u2013
4.8
4.8
The Finance Act 2024, which received Royal Assent on 24 May 2024, had no impact on the corporation tax figures. The deferred tax balances at 31 December 2024 have been stated at a rate of 25% (2023: 25%), which is the rate at which the temporary differences are expected to unwind. A deferred tax asset has been recognised in respect of certain temporary differences as it is probable that the Group will generate sufficient taxable profits in the future against which these temporary differences can be offset.
A deferred tax asset of \u00a313.5m has not been recognised (2023: \u00a314.8m), calculated with reference to the headline rate of 25%. There are no associated expiry dates applicable. The following table summarises the nature and size of deferred tax assets not recognised.
Company
Loss category
Gross
amount
\u00a3m
Deferred tax asset not recognised
\u00a3m
STV Group plc
Capital
42.7
10.7
STV News Services Ltd
Non-trade loan relationships
8.7
2.2
STV Central Ltd
Trading
1.8
0.4
STV Television Ltd
Management expenses
0.7
0.2
23. Ordinary shares and share premium
Number
of shares
(thousands)
Ordinary
shares
\u00a3m
Share premium
\u00a3m
Total
\u00a3m
Group and Company
At 1 January and 31 December 2024
46,723
23.3
115.1
138.4
The total authorised number of ordinary shares is 63 million shares (2023: 63 million shares) with a par value of \u00a30.50 per share (2023: \u00a30.50 per share). All issued shares are fully paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6867990": { "value": "26. Share-based compensation
The purpose of the share-based compensation plans is to align the interests of management and employees with those of shareholders by providing incentives to improve the Company\u2019s performance on a long-term basis, thereby increasing shareholder value.
The Company has the following plans currently operating:
i)\tLong-term incentive plans
ii)\tEmployee share plans
Total share-based compensation costs were \u00a30.1m (2023: \u00a30.6m).
i) Long-term incentive plans (LTIP)
The Group has a long-term incentive plan for Executive Directors and other senior executives. Awards are normally granted in the form of a right to acquire shares in the Company for a zero or nominal amount. Awards vest over a period of at least three years, subject to the satisfaction of performance conditions.
The performance measures are agreed by the Remuneration Committee based on what they consider to be aligned with the delivery of strategy and creation of long term shareholder value. The Committee has discretion to use different or additional measures or weightings to ensure that the LTIP remains appropriately aligned to the business strategy and objectives. The performance measures are based on a combination of earnings growth and total shareholder return and are valued based on an appropriate option pricing model.
The assumptions used for the 2024 LTIP valuation are:
%
Risk-free interest rate expected
4.2
Dividend yield expected share
3.8
Price volatility
31.9
Awards granted under the Company\u2019s long term incentive plan that were outstanding at the end of the year had the following market prices at the date of award:
Year awarded
Market price on grant date
\u00a3
2024
Number
2023
Number
2015 LTIP
4.25
1,607
1,607
2016 LTIP
3.67
3,755
3,755
2017 LTIP
3.65
7,118
7,118
2019 LTIP
3.55
142,780
209,565
2020 LTIP
2.85
139,943
192,285
2021 LTIP
3.30
51,894
468,448
2022 LTIP
3.20
\u2013
471,267
2023 LTIP
2.52
437,331
609,473
2024 LTIP
2.40
489,123
\u2013
The weighted average fair value of share options outstanding was \u00a32.7m (2023: 6.7m).
ii) Employee share plans
The employee share plans are open to all employees. They provide for a grant price approximately equal to 90% of the middle market quotation of a share on the dealing day last preceding the relevant date of invitation, as derived from the London Stock Exchange daily office list, and can be purchased once a year. There are currently 2 employee share plans outstanding and the exercise prices for options under these plans range from \u00a32.35 to \u00a32.47. At 31 December 2024 there were 335,187 (2023: 306,319) options outstanding under the plans. The employee share plans are valued using the Black-Scholes model.
Notes to the financial statements
For the year ended 31 December 2024
STV Annual Report and Accounts 2024 151
Overview Strategic Report Governance Financial Statements\u00a0Additional Information
Employee Benefits Trust
The Group has investments in its own shares as a result of shares purchased by the STV Employees\u2019 Benefit Trust (\u2018EBT\u2019). Transactions with the Group-sponsored EBT are included in these financial statements and consist of the EBT\u2019s purchases of shares in STV plc, which is accounted for as a reduction to retained earnings. The table below shows the number of STV plc shares held in the EBT at 31 December 2024 and the purchases/(releases) from the EBT made in the year to satisfy awards under the Group\u2019s share schemes disclosed above and in relation to shares awarded to certain employees for the achievement of long term service milestones (Loyalty awards):
Scheme
Shares held at
Average
exercise price
\u00a3
Number of shares (released)/purchased
Nominal value
\u00a3
1 January 2024
1,173,922
586,961
2019 LTIP releases
2.09
(64,925)
2020 LTIP releases
2.09
(52,071)
2021 LTIP releases
2.09
(19,309)
Loyalty releases
2.32
(5,573)
31 December 2024
1,032,044
516,022
The total number of shares held by the EBT at 31 December 2024 represents 2.2% (2023: 2.5%) of STV\u2019s issued share capital. The market value of own shares held at 31 December 2024 is \u00a32.2m (2023: \u00a32.3m). The weighted average exercise price of share options outstanding was \u00a32.67 (2023: \u00a33.02). The weighted average remaining contractual life of share options outstanding was 7.5 years (2023: 9.0 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865200": { "value": "Capital management
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. This is achieved through monitoring cashflow forecasts, utilising cost effective production financing where practical and through regular review of both current and forecast covenant metrics. The Group also targets a return on invested capital at a rate that is at least equivalent to the Group\u2019s weighted average cost of capital when assessing potential investments.
The capital structure of the Company consists of debt, which includes the bank loans disclosed in note 19, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865202": { "value": "27. Financial risk management continued
c. Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its payment obligations. Prudent liquidity management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the nature of the underlying business, the aim is to maintain flexibility in funding by keeping committed credit lines available.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising the undrawn borrowing facility (note 19) and net cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at a Group level. In addition, the Group\u2019s liquidity management policy includes projecting cash flows and considering the level of liquid assets necessary to meet these: monitoring balance sheet liquidity ratios against internal targets and bank facility requirements; and maintaining debt financing plans.
d. Cash flow interest rate risk
As the Group has no significant interest bearing assets, the Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from long-term borrowings.
Borrowings issued at short-term floating rates expose the Group to cash flow interest rate risk.
Regular sensitivity analysis is carried out, and on the level of borrowings of the Group at 31 December 2024, a movement of 1.00% in interest rates would change the level of interest paid in the year by +/- \u00a30.5m (2023: \u00a30.3m). 1.00% is considered a reasonably possible change from the decrease already observed in the Bank of England base rate in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865222": { "value": "c. Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its payment obligations. Prudent liquidity management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the nature of the underlying business, the aim is to maintain flexibility in funding by keeping committed credit lines available.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising the undrawn borrowing facility (note 19) and net cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at a Group level. In addition, the Group\u2019s liquidity management policy includes projecting cash flows and considering the level of liquid assets necessary to meet these: monitoring balance sheet liquidity ratios against internal targets and bank facility requirements; and maintaining debt financing plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865203": { "value": "28. Transactions with related parties
Key management compensation
Key management personnel are deemed to be the Executive and Non-Executive Directors of the Group, as they have authority and responsibility for controlling the Group\u2019s activities. Key management remuneration is detailed as follows:
2024
\u00a3m
2023
\u00a3m
Short-term employee benefits*
1.8
1.6
* See the Directors\u2019 Remuneration Report on pages 92 to 105 for details.
Other related party transactions
The Group provided advertising with an estimated fair value of \u00a30.6m (2023: \u00a30.6m) for nil consideration to the charity organisation STV Appeal. The charity purchased advertising from the Group for a total of \u00a30.2m (2023: \u00a30.1m).
Amounts paid to the Group\u2019s retirement benefit plans are set out in note 25.
A \u00a30.6m dividend was paid to the Managing Director and minority shareholder of subsidiary company Tuesday\u2019s Child Television Limited during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865201": { "value": "Key management compensation
Key management personnel are deemed to be the Executive and Non-Executive Directors of the Group, as they have authority and responsibility for controlling the Group\u2019s activities. Key management remuneration is detailed as follows:
2024
\u00a3m
2023
\u00a3m
Short-term employee benefits*
1.8
1.6
* See the Directors\u2019 Remuneration Report on pages 92 to 105 for details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865223": { "value": "30. Post balance sheet events
Group
In February 2025, the Group successfully refinanced its revolving credit facility (RCF) and put in place a new RCF for \u00a370m, with \u00a320m accordion, for a term of at least 3 years (two 1-year extension options are available). The key financial covenants remain the same as the previous RCF and are leverage (ratio of net debt to EBITDA), which must be less than 3x, and interest cover, which must be more than 4x. There is no margin ratchet associated with the new RCF and the Group will pay a flat rate of interest regardless of leverage for the duration of the facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_6865204": { "value": "Pacific Quay Glasgow G51 1PQ ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }