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"value": "Basis of presentation
The consolidated financial statements of Halma are prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The principal Group accounting policies are explained below and have been applied consistently throughout the years ended
31 March 2023 and 31 March 2022, other than those noted below.
The Group accounts have been prepared under the historical cost convention, except as described below under the headings
\u2018Derivative financial instruments and hedge accounting\u2019, \u2018Financial assets at fair value through other comprehensive income (FVOCI)\u2019,
\u2018Pensions\u2019 and \u2018Business combinations and goodwill\u2019.
New Standards and Interpretations applied for the first time in the year ended 31 March 2023
The following Standards with an effective date of 1 January 2022, have been adopted without any significant impact on the amounts
reported in these financial statements:
\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3
\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16
\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37
\u2022 Annual Improvements to IFRS 2018\u2013 2020
New Standards and Interpretations not yet applied
At the date of authorisation of these financial statements, the following Standards and Interpretations that are potentially relevant to
the Group, and which have not been applied in these financial statements, were in issue but not yet effective (and in some cases had
not yet been adopted by the UK):
\u2022 IFRS 17 Insurance Contracts
\u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2013 Not yet endorsed by the UK
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12
\u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
\u2022 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS 1 \u2013
Not yet endorsed by the UK
\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Not yet endorsed by the UK
\u2022 Amendments to IAS 12 International Tax Reform Pillar Two Model Rule - Not yet endorsed by the UK
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the
financial statements of the Group.
Use of Alternative performance measures (APMs)
In the reporting of the financial information, the Group uses certain measures that are not required under IFRS, the Generally Accepted
Accounting Principles (GAAP) under which the Group reports. The Directors believe that Return on Total Invested Capital (ROTIC), Return
on Capital Employed (ROCE), Organic growth at constant currency, Adjusted profit and earnings per share measures, net debt, cash
conversion and Adjusted operating cash flow provide additional and more consistent measures of underlying performance to
shareholders by removing items that are not closely related to the Group\u2019s trading or operating cash flows. These and other alternative
performance measures are used by the Directors for internal performance analysis and incentive compensation arrangements for
employees. The terms ROTIC, ROCE, organic growth at constant currency and \u2018adjusted\u2019 are not defined terms under IFRS and may
therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or
superior to, GAAP measures.
The principal items which are included in adjusting items are set out below in the Group\u2019s accounting policy and in note 1.
The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items.
Definitions of the Group\u2019s material alternative performance measures along with reconciliation to their IFRS equivalent measure are
included in note 3.
Key accounting policies
Below we set out our key accounting policies, with a list of all other accounting policies thereafter.
Going concern
The Group\u2019s business activities, together with the main trends and factors likely to affect its future development, performance and
position, and the financial position of the Group as at 31 March 2023, its cash flows, liquidity position and borrowing facilities are set out
in the Strategic Report. In addition, note 27 contains further information concerning the security, currency, interest rates and maturity of
the Group\u2019s borrowings.
The financial statements have been prepared on a going concern basis. In adopting the going concern basis the Directors have
considered all of the above factors, including potential scenarios and its principal risks set out on pages 91 to 97. Under the potential
scenarios considered, which includes a severe but plausible downside scenario, the Group remains within its debt facilities and the
attached financial covenants for the foreseeable future and the Directors therefore believe, at the time of approving the financial
statements, that the Company is well placed to manage its business risks successfully and remains a going concern. The key facts and
assumptions in reaching this determination are summarised below.
The base case scenario has been prepared using forecasts from each Operating Company as well as cash outflows on acquisitions in line
with pre COVID pandemic levels. In addition, a severe but plausible downside scenario has been modelled showing a decline in trading
for the year ending 31 March 2024.
This reduction in trading could be caused by events such as a significant resurgence in the COVID pandemic lockdowns beyond China or continued macroeconomic volatility leading to further inflation and interest rate increases. In mitigating the impacts of the downside scenario there are actions that can be taken which are entirely discretionary to the business such as reducing acquisition spend and dividend growth rates. In addition, the Group has demonstrated strong resilience and flexibility to manage its overheads and adapt its supply chains during the COVID pandemic and more recent global economic uncertainty. Neither the base case nor severe but plausible downside scenarios result in a breach of the Group\u2019s available debt facilities or the attached covenants and, accordingly, the Directors believe there is no material uncertainty in the use of the going concern assumption and, therefore, deem it appropriate to continue to adopt the going concern basis of accounting for at least the next 12-month period. Our financial position remains robust with committed facilities at the balance sheet date totalling approximately \u00a3931m which includes a \u00a3550m Revolving Credit Facility (RCF). The undrawn committed facilities as at 31 March 2023 amounted to \u00a3255.7m. In May 2022, the RCF was refinanced and now matures in May 2028, the first of two one-year extension options having been exercised post year-end. During May 2022, the Group also entered into a new Note Purchase Agreement which provided access to loan notes totalling \u00a3330m, which were drawn in various currencies in July 2022. The financial covenants across the facilities are for leverage (net debt/adjusted EBITDA) of not more than three and a half times and for adjusted interest cover of not less than four times . Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree measured at the proportionate share of the value of net identifiable assets acquired; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable may be accounted for as either: a) Consideration transferred, which is recognised at fair value at the acquisition date. If the contingent purchase consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent purchase consideration are recognised in the Consolidated Income Statement; or b) Remuneration, which is expensed in the Consolidated Income Statement over the associated period of service. An indicator of such treatment includes when payments to employees of the acquired company are contingent on a post-acquisition event, but may be automatically forfeited on termination of employment. For acquisitions between 4 April 2004 (the date from which the financial statements were reported under IFRS) and 2 April 2010, goodwill represents the difference between the cost of the acquisition, including acquisition costs and the fair value of the net identifiable assets acquired. Goodwill has an indefinite expected useful life and is not amortised, but is tested annually for impairment. Goodwill is recognised as an intangible asset in the Consolidated Balance Sheet. Goodwill therefore includes non-identified intangible assets including business processes, buyer-specific synergies, know-how and workforce-related industry-specific knowledge and technical skills. Negative goodwill arising on acquisitions would be recognised directly in the Consolidated Income Statement. On closure or disposal of an acquired business, goodwill would be taken into account in determining the profit or loss on closure or disposal. As permitted by IFRS 1, the Group elected not to apply IFRS 3 \u2018Business Combinations\u2019 to acquisitions prior to 4 April 2004 in its consolidated accounts. As a result, the net book value of goodwill recognised as an intangible asset under UK GAAP at 3 April 2004 was brought forward unadjusted as the cost of goodwill recognised under IFRS at 4 April 2004 subject to impairment testing on that date; and goodwill that was written off to reserves prior to 28 March 1998 under UK GAAP will not be taken into account in determining the profit or loss on disposal or closure of previously acquired businesses from 4 April 2004 onwards. Payments for contingent consideration are classified as investing activities within the Consolidated Cash Flow Statement, except for amounts paid in excess of that estimated in the acquisition balance sheets which are recognised in the net cash inflow from operating activities in the year together with movements in contingent consideration provisions charged/credited to the Consolidated Income Statement which is included as a reconciling item between operating profit and cash inflow from operating activities. Intangible assets (a) Acquired intangible assets An intangible resource acquired with a subsidiary undertaking is recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate future economic benefits and its fair value can be measured reliably. Acquired intangible assets, comprising trademarks, technology and know-how and customer relationships, are amortised through the Consolidated Income Statement on a straight-line basis over their estimated economic lives of between three and 20 years. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. (b) Product development costs Research expenditure is charged to the Consolidated Income Statement in the financial year in which it is incurred. Development expenditure is expensed in the financial year in which it is incurred, unless it relates to the development of a new or substantially improved product, is incurred after the technical feasibility and economic viability of the product has been proven and the decision to complete the development has been taken, and can be measured reliably. Such expenditure, meeting the recognition criteria of IAS 38 \u2018Intangible Assets\u2019, is capitalised as an intangible asset in the Consolidated Balance Sheet at cost and is amortised through the Consolidated Income Statement on a straight-line basis over its estimated economic life of three years. Pensions
The Group makes contributions to various pension plans.
For defined benefit plans, the asset or liability recorded in the Consolidated Balance Sheet is the difference between the fair value of
the plan\u2019s assets and the present value of the defined obligation at that date. The defined benefit obligation is calculated separately
for each plan on an annual basis by independent actuaries using the projected unit credit method.
Actuarial gains and losses are recognised in full in the period in which they occur and are taken to other comprehensive income.
Current and past service costs, along with the impact of any settlements or curtailments, are charged to the Consolidated Income
Statement. The net interest expense on pension plans\u2019 liabilities and the expected return on the plans\u2019 assets is recognised within
finance expense in the Consolidated Income Statement.
Contributions to defined contribution plans are charged to the Consolidated Income Statement in the period the expense relates to.
Impairment of trade and other receivables
The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
The Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial
recognition of the receivables. In order to estimate the expected lifetime losses, the Group categorises its customers into groups with
similar risk profiles and determines the historic rates of impairment for each of those categories of customer. The Group then adjusts
the risk profile for each group of customers by using forward looking information, such as the government risk of default for the country
in which those customers are located, and determines an overall probability of impairment for the total trade and other receivables at
the balance sheet date.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of Group accounts in conformity with IFRS requires the Directors to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the
context of the disclosures included in the Strategic Report and the stated Net Zero ambitions. These considerations did not have a
material impact on the financial reporting judgements and estimates in the current year. Climate change is not expected to have a
significant impact on the Group\u2019s going concern assessment as at March 2023 nor the viability of the Group over the next three years.
The following areas of critical accounting judgement and key estimation uncertainty have been identified as having significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities:
Critical accounting judgements
Goodwill impairment CGU groups
Determining whether goodwill is impaired requires management\u2019s judgement in assessing cash generating unit (CGU) groups to which
goodwill should be allocated. Management allocates a new acquisition to a CGU group based on which one is expected to benefit most
from that business combination. The allocation of goodwill to existing CGU groups is generally straightforward and factual, however
over time as new businesses are acquired and management reporting structures change, management reviews the CGU groups to
ensure they are still appropriate. Further details are provided in note 11. There have been no changes to the CGU groups in the
current year.
Recoverability of non-current taxation assets
In the current year, determining the recoverability of tax assets requires management\u2019s judgement in assessing the amounts paid in
relation to group financing partial exemption applicable to UK controlled foreign companies as a result of the decision by the European
Commission that this constitutes state aid. Management\u2019s assessment is that this represents a contingent liability and that the \u00a314.7m
paid to HM Revenue & Customs (HMRC) in previous years, included within non-current assets on the Consolidated Balance Sheet, will
ultimately be recovered. Further details are provided in note 31.
Key sources of estimation uncertainty
Contingent consideration changes in estimates
Determining the value of contingent consideration recognised as part of the acquisition of a business requires management to estimate
the expected performance of the acquired business and the amount of contingent consideration that will therefore become payable.
Initial estimates of expected performance are made by the management responsible for completing the acquisition and form a key
component of the financial due diligence that takes place prior to completion. Subsequent measurement of contingent consideration
is based on the Directors\u2019 appraisal of the acquired business\u2019s performance in the post-acquisition period and the agreement of final
payments. See notes 20 and 27 for details of the changes in estimates made in the year and the sensitivity of contingent consideration
payables to further changes.
Intangible assets
Intangible assets IFRS 3 (revised) \u2018Business Combinations\u2019 requires that goodwill arising on the acquisition of subsidiaries is capitalised
and included in intangible assets. IFRS 3 (revised) also requires the identification and valuation of other separable intangible assets at
acquisition. The assumptions involved in valuing these intangible assets require the use of management estimates.
IAS 38 \u2018Intangible Assets\u2019 requires that development costs, arising from the application of research findings or other technical
knowledge to a plan or design of a new or substantially improved product, are capitalised, subject to certain criteria being met.
Determining the technical feasibility and estimating the future cash flows generated by the products in development requires the
use of management estimates.
The estimates made in relation to both acquired intangible assets and capitalised development costs include identification of relevant
assets, future growth rates, expected inflation rates and the discount rate used. Management also make estimates of the useful
economic lives of the intangible assets. Management engages third party specialists to assist with the valuation of acquired intangible
assets for significant acquisitions. Depending on the nature of the assets the Group uses different valuation methodologies to arrive at
the fair value including the excess earnings method, the relief from royalty method and the cost savings method. Financial projections
are based on market participants' expectations and are discounted to their present value using rates of return which reflects the risk of
the investment and the time value of money. Further details on intangible assets are disclosed in note 12.
Goodwill and acquired intangibles impairment future cash flows
The \u2018value in use\u2019 calculation used to test for impairment of goodwill and acquired intangibles involves an estimation of the present
value of future cash flows. For annual impairment testing of goodwill, the future cash flows of the CGU Group are based on annual
budgets and forecasts of each relevant CGU, as approved by the Board, to which management\u2019s expectation of market-share and
long-term growth rates are applied. The present value is then calculated based on management\u2019s estimate of future discount and
growth rates. The Board reviews these key assumptions (operating assumptions, long-term growth rates, and discount rates) and the
sensitivity analysis around these. Management believes that there is no reasonably possible change in any of the key assumptions that
would cause the carrying value of any CGU group to exceed its recoverable amount. Further details are provided in note 11.
Acquired intangibles are assessed each reporting period for any indicators of impairment, both qualitative and quantitative, including as
a result of our assessments of climate-related risks. If there are deemed to be any indicators of impairment a \u2018value in use\u2019 calculation is
performed over the remaining useful life of the asset to identify if any impairment is needed. Where required, in calculating the \u2018value in
use\u2019, future cash flows are based on annual budgets and forecasts for the relevant business. The present value is then calculated based
on management\u2019s estimate of future discount and growth rates. The Board and management reviews these key assumptions (operating
assumptions, growth rates, and discount rates) and the sensitivity analysis around these.
Defined benefit pension plan liabilities
Determining the value of the future defined benefit asset/obligation requires estimation in respect of the assumptions used to calculate
present values of plan liabilities. The significant assumptions utilised in the calculations are future mortality, discount rate and inflation.
Management determines these assumptions in consultation with an independent actuary. Details of the estimates made in calculating
the defined benefit asset/obligation, including sensitivity analysis, are disclosed in note 29.
Other accounting policies
Basis of consolidation
The Group accounts include the accounts of Halma plc and all of its subsidiary companies made up to 31 March 2023, adjusted to
eliminate intra-Group transactions, balances, income and expenses. The results of subsidiary companies acquired or disposed are
included from the month of their acquisition or to the month of their disposal.
Segmental reporting
An operating segment is a distinguishable component of the Group that is engaged in business activities from which it may earn
revenues and incur expenses, and whose operating results are reviewed regularly by the Chief Operating Decision Maker (the Group
Chief Executive) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete
financial information is available.
Reportable segments are operating segments that either meet the thresholds and conditions set out in IFRS 8 or are considered by the
Board to be appropriately designated as reportable segments. Segment result represents operating profits and includes an allocation
of Head Office expenses. Segment result excludes tax and financing items. Segment assets comprise goodwill, other intangible assets,
property, plant and equipment and Right-of-Use assets (excluding land and buildings), inventories, trade and other receivables.
Segment liabilities comprise trade and other payables, provisions and other payables. Unallocated items represent land and buildings
(including Right-of-Use assets), corporate and deferred taxation balances, defined benefit plan asset/obligation, contingent purchase
consideration, all components of net cash/borrowings, lease liabilities and derivative financial instruments.
From 1 April 2022, the Group aligned its organisational structure and financial reporting with its purpose and focus on safety,
environmental and health markets. The Group now has three main operating and reportable segments (Safety, Environmental &
Analysis and Healthcare), which are defined by markets rather than product type. Each segment includes businesses with similar
operating and market characteristics and are consistent with the internal reporting as reviewed by the Group Chief Executive.
Revenue
The Group\u2019s revenue streams are the sale of goods and services in the specialist safety, environmental technologies and health markets.
The revenue streams are disaggregated into three sectors, that serve like markets. Those sectors are Safety, Environmental & Analysis
and Healthcare.
Revenue is recognised at the point of the transfer of control over promised goods or services to customers in an amount that reflects the
amount of consideration specified in a contract with a customer, to which the Group expects to be entitled in exchange for those goods
or services.
It is the Group\u2019s judgement that in the majority of sales there is no contract until such time as the Operating Company satisfies its
performance obligation, at which point the contract becomes the Operating Company\u2019s terms and conditions resulting from the
supplier\u2019s purchase order. Where there are Master Supply Arrangements, these are typically framework agreements and do not contain
clauses that would result in a contract forming under IFRS 15 until a Purchase Order is issued by the customer.
Revenue represents sales, net of estimates for variable consideration, including rights to returns, and discounts, and excluding value
added tax and other sales related taxes. The amount of variable consideration is not considered to be material to the Group as a whole.
The transaction price is allocated to each performance obligation on a relative standalone selling price basis.
Performance obligations are unbundled in each contractual arrangement if they are distinct from one another. There is judgement
in identifying distinct performance obligations where the product could be determined to be a system, or where a combination of
products and services are provided together. For the majority of the Group\u2019s activities the performance obligation is judged to be
the component product or service rather than the system or combined products and services. The contract price is allocated to
the distinct performance obligations based on the relative standalone selling prices of the goods or services.
The way in which the Group satisfies its performance obligations varies by business and may be on shipment, delivery, as services
are rendered or on completion of services depending on the nature of product and service and terms of the contract which govern
how control passes to the customer. Revenue is recognised at a point in time or over time as appropriate.
Where the Group offers warranties that are of a service nature, revenue is recognised in relation to these performance obligations
over time as the services are rendered. In our judgement we believe the associated performance obligations accrue evenly across
the contractual term and therefore revenue is recognised on a pro-rated basis over the length of the service period.
In a small number of instances across the Group, products have been determined to be bespoke in nature, with no alternative use.
Where there is also an enforceable right to payment for work completed, the criteria for recognising revenue over time have been
deemed to have been met. Revenue is recognised on an input basis as work progresses. Progress is measured with reference to the
actual cost incurred as a proportion of the total costs expected to be incurred under the contract. This is not a significant part of the
Group\u2019s business as for the most part, where goods are bespoke in nature, it is the Group\u2019s judgement that the product can be broken
down to standard component parts with little additional cost and therefore has an alternate use, or there is no enforceable right to
payment for work performed. In these cases, the judgement is made that the requirements for recognising revenue over time are not
met and revenue is recognised when control of the finished product passes to the customer.
The Group applies the practical expedient in IFRS 15 (paragraph 63) and does not adjust the promised amount of consideration for
the effects of a significant financing component if the Group expects, at contract inception, that the period between the transfer
of a promised good or service to a customer and when the customer pays for that good or service will be one year or less.
Operating profit
Operating profit is presented net of direct production costs, production overheads, selling costs, distribution costs and administrative
expenditure (see note 6). Operating profit is stated after charging restructuring costs but before the share of results of associates,
profit or loss on disposal of operations, finance income and finance costs.
Adjusting items
When items of income or expense are material and they are relevant to an understanding of the entity\u2019s financial performance,
they are disclosed separately within the financial statements. This provides additional and more consistent measures of underlying
performance to shareholders by removing items that are not closely related to the Group\u2019s trading or operating cash flows. Such
adjusting items include costs or reversals arising from acquisitions or disposals of businesses, including acquisition costs, creation or
reversals of provisions related to changes in estimates for contingent consideration on acquisition, amortisation and impairment of
acquired intangible assets, and other significant one-off items that may arise.
Deferred government grant income
Government grant income that is linked to capital expenditure is deferred to the Consolidated Balance Sheet and credited to the
Consolidated Income Statement over the life of the related asset. In addition, the Group claims research and development expenditure
credits arising on qualifying expenditure and shows these \u2018above the line\u2019 in operating profit. Where the credits arise on expenditure that
is capitalised as part of internally generated capitalised development costs, the income is deferred to the Consolidated Balance Sheet
and credited to the Consolidated Income Statement over the life of the related asset in line with the policy stated above.
Finance income and expenses
The Group recognises interest income or expense using the effective interest rate method. Finance income and finance costs include:
\u2022 Interest payable on loans, borrowings and lease obligations.
\u2022 Net interest charge on pension plan liabilities.
\u2022 Amortisation of finance costs.
\u2022 Interest receivable in respect of cash and cash equivalents.
\u2022 Unwinding of the discount on provisions.
\u2022 Fair value movements on derivative financial instruments.
The Group has classified interest income and expenses within financing activities in the Consolidated Cash Flow Statement .
Taxation
Taxation comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates
to items recognised directly in Total equity, in which case it too is recognised in Total equity. Current tax is the expected tax payable on
the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, along with any adjustment
to tax payable in respect of previous years. Taxable profit differs from net profit as reported in the Consolidated Income Statement
because it excludes items that are never taxable or deductible.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes and is accounted for using the balance sheet liability method, apart from the following
differences which are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect
neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent they will probably not reverse
in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the
carrying amounts of assets and liabilities, using tax rates and laws, which are expected to apply in the year when the liability is settled,
or the asset is realised. Deferred tax assets are only recognised to the extent that recovery is probable.
Foreign currencies
The Group presents its accounts in Sterling. Transactions in foreign currencies are recorded at the rate of exchange at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates
prevailing at that date. Non-monetary assets and liabilities denominated in foreign currencies are measured in terms of historical costs
using the exchange rate at the date of the initial transaction. Any gain or loss arising on monetary assets and liabilities from subsequent
exchange rate movements is included as an exchange gain or loss in the Consolidated Income Statement.
Net assets of overseas subsidiary companies are expressed in Sterling at the rates of exchange ruling at the end of the financial
year, and trading results and cash flows at the average rates of exchange for the financial year. Goodwill arising on the acquisition of
a foreign business is treated as an asset of the foreign entity and is translated at the rate of exchange ruling at the end of the financial
year. Exchange gains or losses arising on these translations are taken to the Translation reserve within Total equity.
In the event that an overseas subsidiary is disposed of or closed, the profit or loss on disposal or closure will be determined after taking
into account the cumulative translation difference held within the Translation reserve attributable to that subsidiary. As permitted by
IFRS 1, the Group has elected to deem the translation to be \u00a3nil at 4 April 2004. Accordingly, the profit or loss on disposal or closure of
foreign subsidiaries will not include any currency translation differences which arose before 4 April 2004.
Other intangible assets
(a) Computer software
Computer software that is not integral to an item of property, plant or equipment is recognised separately as an intangible asset and is
amortised through the Consolidated Income Statement on a straight-line basis from the point at which the asset is ready to use over its
estimated economic life of between three and five years.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets where the following criteria are met:
\u2022 it is technically feasible to complete the software so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic benefits;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Where the Group enters into a SaaS cloud computing arrangement to access software, there are limited cases for capitalisation of
attributable implementation costs. If the arrangement contains a lease as defined by IFRS 16, lease accounting rules apply including
capitalisation of directly attributable costs. Alternatively, directly attributable software costs can create an intangible asset if the
software can be controlled by the entity, either through the option to be run on the entity\u2019s or a third-party\u2019s infrastructure or where
the development of the software creates customised software that the entity has exclusive rights to.
(b) Other intangibles
Other intangibles are amortised through the Consolidated Income Statement on a straight-line basis over their estimated economic
lives of between three and ten years.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less provisions for accumulated impairment and accumulated depreciation
which, with the exception of freehold land which is not depreciated, is provided on a straight-line basis over each asset\u2019s estimated
economic life. The principal annual rates used for this purpose are:
Freehold property 2%
Leasehold buildings and improvements Shorter of 2% or period of lease
Plant, equipment and vehicles 8% to 33.3%
Investments in associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through
participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but without control or joint control over those policies.
The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting.
Investments in associates are carried in the Consolidated Balance Sheet at cost as adjusted by post-acquisition changes in the Group\u2019s
share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of
the Group\u2019s interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net
investment in the associate) are recognised only to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the associate.
Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the associate at the
date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed
for impairment as part of that investment. Any deficiency of the cost of acquisition below the Group\u2019s share of the fair values of the
identifiable net assets of the associate at the date of acquisition (i.e. discount on acquisition) is credited in profit or loss in the year
of acquisition.
Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest
in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provisioning
is made for impairment.
Where the Group disposes of its entire interest in an associate a gain or loss is recognised in the income statement on the difference between the amount received on the sale of the associate less the carrying value and costs of disposal. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income and the cumulative gains or losses are transferred from other reserves to retained earnings. Impairment of non-current assets All non-current assets are tested for impairment whenever events or circumstances indicate that their carrying value may be impaired. Additionally, goodwill and capitalised development expenditure relating to a product that is not yet in full production are subject to an annual impairment test. An impairment loss is recognised in the Consolidated Income Statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s \u2018fair value less costs to dispose\u2019 and its \u2018value in use\u2019. An asset\u2019s \u2018value in use\u2019 represents the present value of the future cash flows expected to be derived from the asset or from the cash generating unit to which it relates. The present value is calculated using a pre-tax discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Impairment losses recognised in previous periods for an asset other than goodwill are reversed if there has been a change in the estimates used to determine the asset\u2019s recoverable amount, but only to the extent that the carrying amount of the asset does not exceed its carrying amount had no impairment loss been recognised in previous periods. Such reversals are recognised in the Consolidated Income Statement. Impairment losses in respect of goodwill are not reversed. Inventories Inventories and work in progress are included at the lower of cost and net realisable value. Cost is calculated either on a \u2018first in, first out\u2019 or an average cost basis and includes direct materials and the appropriate proportion of production and other overheads considered by the Directors to be attributable to bringing the inventories to their location and condition at the year end. Net realisable value represents the estimated selling price less all estimated costs to complete and costs to be incurred in marketing, selling and distribution . Cash and cash equivalents Cash and cash equivalents comprise cash balances, deposits with an initial maturity of less than three months, and bank overdrafts that are repayable on demand. Contract assets and liabilities A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time, for example the completion of future performance obligations under the terms of the contract with the customer. In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may not match with the pattern of performance under the contract. A contract liability is only recognised on non-cancellable contracts that provide unconditional rights to payment from the customer for products and services that the Group has not yet completed providing or that it will provide in the near future. Where performance obligations are satisfied ahead of billing then a contract asset will be recognised. Contract assets are recognised within Trade and other receivables and are assessed for impairment on a forward-looking basis using the expected lifetime losses approach, as required by IFRS 9 (\u2018Financial Instruments\u2019). Costs to obtain or fulfil a contract The incremental costs of obtaining a contract with a customer are capitalised as an asset if the Group expects to recover them. Costs such as sales commissions may be incurred when the Group enters into a new contract. Costs to obtain or fulfil a contract are presented in the Consolidated Balance Sheet as assets until the performance obligation to which they relate has been met. These assets are amortised on a consistent basis with how the related revenue is recognised. The Group applies the practical expedient in IFRS 15 (paragraph 94) and recognises incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that the Group would otherwise have recognised is one year or less . Trade payables Trade payables are non-interest bearing and are stated at amortised cost. Interest bearing loans and borrowings Interest bearing loans and borrowings are initially recognised in the Consolidated Balance Sheet at fair value less directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method . Provisions and contingent liabilities Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably . Contingent liabilities are disclosed where a possible obligation dependent on uncertain future events exists as at the end of the reporting period or a present obligation for which payment either cannot be measured or is not considered to be probable is noted. Contingent liabilities are not accrued for and no contingent liability is disclosed where the possibility of payment is considered to be remote . Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk using forward exchange contracts. Further details of derivative financial instruments are disclosed in note 27. The Group continues to apply the requirements of IAS 39 for hedge accounting. Derivative financial instruments are classified as fair value through profit and loss (held for trading) unless they are in a designated hedge relationship. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the Consolidated Income Statement, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Consolidated Income Statement depends on the nature of the hedge relationship. The Group designates certain derivatives as hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges), or hedges of net investments in foreign operations. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Cash flow hedge accounting The Group designates certain hedging instruments as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument has been or is expected to be highly effective in offsetting changes in fair values or cash flows of the hedged item. Note 27 sets out details of the fair values of the derivative instruments used for hedging purposes and the movements in the Hedging reserve in equity. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion as a result of being over hedged is recognised immediately in the Consolidated Income Statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the Consolidated Income Statement in the periods when the hedged item is recognised in the Consolidated Income Statement. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income at that time is accumulated in equity and is recognised, when the forecast transaction is ultimately recognised, in the Consolidated Income Statement. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement . Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where the Group determines the contract is, or contains a lease, a right-of-use asset and a lease liability is recognised at the lease commencement date. The lease term is determined from the commencement date of the lease and covers the non-cancellable term. If the Group has an extension option, which it considers reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period. If the Group has a termination option, which it considers reasonably certain to exercise, then the lease term will be considered to be until the point the termination option will take effect. The Group deem that it is not reasonably certain to exercise an extension option or a termination option with an exercise date past the planning horizon of five years. The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term unless the right-of-use asset is deemed to have a useful life shorter than the lease term. The Group has taken the practical expedient to not separate lease and non-lease components and so account for both as a single lease component. The right-of-use assets are also subject to impairment testing under IAS 36. Refer to the previous section on Impairment of non-current assets for further details. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the incremental borrowing rate. The lease payments include fixed payments (including in-substance fixed payments)
less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under
residual value guarantees. Variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees are not material to the Group. The lease payments also include the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising
the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are
incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. The lease liability is
measured at amortised cost using the effective interest method by increasing the carrying amount to reflect interest on the lease
liability and by reducing the carrying amount to reflect the lease payments made. The lease liability is remeasured when there is a
change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will
exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of-
use asset.
Payments associated with short-term leases or low-value assets are recognised on a straight-line basis as an expense in the
Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets mostly comprise
of IT equipment and small items of office furniture. Lease payments for short-term leases, low-value assets and variable lease payments
not included in the measurement of the lease liability are classified as cash flows from operating activities within the Consolidated Cash
Flow Statement. The Group has classified the principal and interest portions of lease payments within financing activities.
Employee share plans
Share-based incentives are provided to employees under the Group\u2019s share incentive plan, the performance share plan and the executive
share plan.
(a) Share incentive plan
Awards of shares under the share incentive plan are made to qualifying employees depending on salary and service criteria. The shares
awarded under this plan are purchased in the market by the plan\u2019s trustees at the time of the award, and are then held in trust for a
minimum of three years. The costs of this plan are recognised in the Consolidated Income Statement over the three-year vesting period
of the awards.
(b) Executive share plan
Under the Executive share plan, awards of shares are made to Executive Directors and certain senior employees. Grants under this plan
are in the form of Performance Awards or Deferred Share Awards.
Performance Awards are subject to non-market-based vesting criteria, and Deferred Share Awards are subject only to continuing service
of the employee. Share awards are equity-settled. The fair value of the awards at the date of grant, which is estimated to be equal to
the market value, is charged to the Consolidated Income Statement on a straight-line basis over the vesting period, with appropriate
adjustments being made during this period to reflect expected and actual forfeitures. The corresponding credit is to Retained earnings
within Total equity. Effective for the year ended 31 March 2022, the share-based payment reserve, which was previously presented as
Other reserves has been amalgamated with Retained earnings, in the Consolidated Statement of Changes in Equity and the Consolidated
Balance Sheet as permitted by IFRS 2. This resulted in the \u00a313.6m debit in brought forward Other reserves at 1 April 2021 being transferred
to Retained earnings. There is no change in Total equity from this change, nor the amounts charged or credited to the reserves during
the period, which represents a change in presentational accounting policy only.
(c) Cash-settled
For cash-settled awards, a liability equal to the portion of the services received is recognised at the current fair value determined at each
balance sheet date.
Dividends
Dividends payable to the Company\u2019s shareholders are recognised as a liability in the period in which the distribution is approved by the
Company\u2019s shareholders.
Sector analysis and disaggregation of revenue The Group has three main operating and reportable segments (Safety, Environmental & Analysis and Healthcare), which are defined by markets rather than product type. Each segment includes businesses with similar operating and market characteristics. These segments are consistent with the internal reporting as reviewed by the Group Chief Executive. Nature of goods and services The following is a description of the principal activities \u2013 separated by reportable segments, which are defined by markets rather than product type \u2013 from which the Group generates its revenue. Further disaggregation of sector revenue by geography and by the pattern of revenue recognition depicts how economic factors affect the timing and uncertainty of the Group\u2019s revenues. Safety sector generates revenue by providing products that protect people, assets and infrastructure, enabling safe movement and enhancing efficiency. The technologies are used in public and commercial spaces and in industrial and logistics operations. Markets include: Fire Safety Technologies that protect people and assets from fire; Power Safety Technologies that increase the integrity and safety of electrical systems in a range of industries; Industrial Safety Technologies that protect people and assets in industrial environments; and Urban Safety Technologies that protect people and assets in urban environments. Products are generally sold separately, with contracts typically less than one year in length. Warranties are typically of an assurance nature. Revenue is recognised as control passes on delivery or despatch. Payment is typically due within 60 days of invoice, except where a retention is held for documentation. Environmental & Analysis generates revenue by providing products and technologies that monitor the environment, that ensure the quality and availability of life-critical resources, and analyse materials in a wide range of applications. Markets include: Optical Analysis Technologies that provide world-class optical, optoelectronic and spectral imaging systems that use light to analyse materials in a wide range of applications; Water Analysis and Treatment Systems to sustainably improve water quality and availability; and Environmental Monitoring Technologies that detect hazardous gases and analyse air quality, gases and water to monitor the quality of our environment. Products and services are generally sold separately. Warranties are typically of an assurance nature, but some companies within the Group offer extended warranties. Depending on the nature of the performance obligation, revenue may be recognised as control passes on delivery, despatch or as the service is delivered. Contracts are typically less than one year in length, but some companies have contracts where certain service-related performance obligations are delivered over a number of years; this can result in contract liabilities where those performance obligations are invoiced ahead of performance. Payment is typically due within 60 days of invoice. Healthcare sector generates revenue by providing products and services that help providers improve the care they deliver and enhance the quality of patients\u2019 lives. Markets include: Life Sciences technologies and solutions to enable in-vitro diagnostic systems and accelerate life-science discoveries and development; Healthcare Assessment & Analytics components, devices and systems that provide valuable information and analytics so providers can better understand patient health and make decisions across the continuum of care; and Therapeutic Solutions Technologies, materials and solutions that enable treatment across key clinical specialties. Products are generally sold separately, and warranties are typically of an assurance nature. Depending on the nature of the performance obligation, revenue is recognised as control passes on delivery or despatch or as the service is delivered. Contracts are typically less than one year in length, but a limited number of companies have contracts where certain service-related performance obligations are delivered over a number of years; this can result in contract liabilities where those performance obligations are invoiced ahead of performance. Payment is typically due within 60 days of invoice . Year ended 31 March 2023
Revenue by sector and destination (all continuing operations)
United States
of America
\u00a3m
Mainland
Europe
\u00a3m
United
Kingdom
\u00a3m
Asia Pacific
\u00a3m
Africa,
Near and
Middle East
\u00a3m
Other
countries
\u00a3m
Total
\u00a3m
Safety 205.1 217.1 151.4 112.7 33.2 26.1 745.6
Environmental & Analysis 277.0 67.3 79.5 96.7 15.5 16.1 552.1
Healthcare 298.8 92.0 49.2 73.0 14.9 28.5 556.4
Inter-segmental sales (0.1) \u2013 (1.2) \u2013 \u2013 \u2013 (1.3)
Revenue for the year 780.8 376.4 278.9 282.4 63.6 70.7 1,852.8
Year ended 31 March 2022
Revenue by sector and destination (all continuing operations)
United States
of America
\u00a3m
Mainland
Europe
\u00a3m
United
Kingdom
\u00a3m
Asia Pacific
\u00a3m
Africa,
Near and
Middle East
\u00a3m
Other
countries
\u00a3m
Total
\u00a3m
Safety 164.6 180.0 147.0 101.8 29.4 18.6 641.4
Environmental & Analysis 209.6 56.7 77.6 78.4 12.3 8.3 442.9
Healthcare 224.3 71.4 42.4 70.6 11.9 21.7 442.3
Inter-segmental sales (1.3) \u2013 \u2013 \u2013 \u2013 \u2013 (1.3)
Revenue for the year 597.2 308.1 267.0 250.8 53.6 48.6 1,525.3
Inter-segmental sales are charged at prevailing market prices and have not been disclosed separately by segment as they are not
considered material. Revenue derived from the rendering of services was \u00a3105.4m (2022 re-presented: \u00a381.1m). The 2022 comparative
has been re-presented to reflect \u00a311.2m of service revenue previously classified as product revenue. All revenue was otherwise derived
from the sale of products.
Year ended 31 March 2023
Revenue
recognised
over time
\u00a3m
Revenue
recognised
at a point
in time
\u00a3m
Total
Revenue
\u00a3m
Safety 7.1 738.5 745.6
Environmental & Analysis 121.5 430.6 552.1
Healthcare 67.1 489.3 556.4
Inter-segmental sales \u2013 (1.3) (1.3)
Revenue for the year 195.7 1,657.1 1,852.8
Year ended 31 March 2022
Revenue
recognised
over time
\u00a3m
Revenue
recognised
at a point
in time
\u00a3m
Total
Revenue
\u00a3m
Safety 8.2 633.2 641.4
Environmental & Analysis 99.8 343.1 442.9
Healthcare 49.6 392.7 442.3
Inter-segmental sales \u2013 (1.3) (1.3)
Revenue for the year 157.6 1,367.7 1,525.3
Year ended 31 March 2023
Revenue from
performance
obligations
entered into
and satisfied
in the year
\u00a3m
Revenue
previously
included as
contract
liabilities
\u00a3m
Revenue from
performance
obligations
satisfied in
previous
periods
\u00a3m
Total
Revenue
\u00a3m
Safety 741.7 3.9 \u2013 745.6
Environmental & Analysis 545.0 7.1 \u2013 552.1
Healthcare 542.8 13.4 0.2 556.4
Inter-segmental sales (1.3) \u2013 \u2013 (1.3)
Revenue for the year 1,828.2 24.4 0.2 1,852.8
Year ended 31 March 2022
Revenue from
performance
obligations
entered into
and satisfied
in the year
\u00a3m
Revenue
previously
included as
contract
liabilities
\u00a3m
Revenue from
performance
obligations
satisfied in
previous
periods
\u00a3m
Total
Revenue
\u00a3m
Safety 638.1 3.3 \u2013 641.4
Environmental & Analysis 436.3 6.6 \u2013 442.9
Healthcare 432.8 5.6 3.9 442.3
Inter-segmental sales (1.3) \u2013 \u2013 (1.3)
Revenue for the year 1,505.9 15.5 3.9 1,525.3
The Group has unsatisfied (or partially satisfied) performance obligations at the balance sheet date with an aggregate amount of
transaction price as follows. The time bands represented present the expected timing of when the remaining transaction price will be
recognised as revenue.
Aggregate transaction price allocated
to unsatisfied performance obligations
31 March
2023
Total
\u00a3m
Recognised
< 1 year
\u00a3m
Recognised
1-2 years
\u00a3m
Recognised
> 2 years
\u00a3m
Safety 19.7 9.6 2.8 7.3
Environmental & Analysis 16.9 8.5 3.5 4.9
Healthcare 21.6 20.8 0.8 \u2013
Inter-segmental sales \u2013 \u2013 \u2013 \u2013
Total 58.2 38.9 7.1 12.2
Aggregate transaction price allocated
to unsatisfied performance obligations
31 March
2022
Total
\u00a3m
Recognised
< 1 year
\u00a3m
Recognised
1-2 years
\u00a3m
Recognised
> 2 years
\u00a3m
Safety 27.0 15.2 4.5 7.3
Environmental & Analysis 15.3 7.0 3.4 4.9
Healthcare 14.4 12.9 1.5 \u2013
Inter-segmental sales \u2013 \u2013 \u2013 \u2013
Total 56.7 35.1 9.4 12.2
Segment results Profit (all continuing operations) Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Segment profit before allocation of adjustments* Safety 152.5 146.2 Environmental & Analysis 134.2 109.8 Healthcare 130.1 99.5 416.8 355.5 Segment profit after allocation of adjustments* Safety 123.9 163.5 Environmental & Analysis 121.5 96.9 Healthcare 101.6 83.3 Segment profit 347.0 343.7 Central administration costs (38.6) (30.9) Net finance expense (16.9) (8.4) Group profit before taxation 291.5 304.4 Taxation (57.2) (60.2) Profit for the year 234.3 244.2 * Adjustments include the amortisation and impairment of acquired intangible assets; acquisition items; significant restructuring costs; profit or loss on disposal of operations. Note 3 provides more information on alternative performance measures Acquisition transaction costs, adjustments to contingent consideration and release of fair value adjustments to inventory (collectively
\u2018acquisition items\u2019), amortisation and impairment of acquired intangible assets and profit on disposal of operations are recognised in the
Consolidated Income Statement. Segment profit, before these acquisition items and the other adjustments, is disclosed separately on
the previous page as this is the measure reported to the Group Chief Executive for the purpose of allocation of resources and assessment
of segment performance. These adjustments are analysed as follows:
Year ended 31 March 2023
Acquisition items
Amortisation
and impairment
of acquired
intangible
assets
\u00a3m
Transaction
costs
\u00a3m
Adjustments
to contingent
consideration
\u00a3m
Release of
fair value
adjustments
to inventory
\u00a3m
Total
amortisation
and impairment
charge and
acquisition
items
\u00a3m
Disposal of
operations and
restructuring
(note 30)
\u00a3m
Total
\u00a3m
Safety (25.1) (3.1) \u2013 (0.4) (28.6) \u2013 (28.6)
Environmental & Analysis (11.4) (0.9) 0.2 (0.6) (12.7) \u2013 (12.7)
Healthcare (20.0) (1.9) (3.9) (2.7) (28.5) \u2013 (28.5)
Total Segment & Group (56.5) (5.9) (3.7) (3.7) (69.8) \u2013 (69.8)
The transaction costs arose mainly on the acquisitions during the year. In Safety, they related to the acquisition of FirePro (\u00a31.6m),
WEETECH (\u00a31.0m), Thermocable (\u00a30.4m) and Zonegreen (\u00a30.1m). In Environmental & Analysis, they related to the acquisition of
Deep Trekker (\u00a30.5m) in the current year and Sewertronics (\u00a30.4m) that was acquired in May 2023. In Healthcare, they related to
the acquisition of IZI (\u00a31.6m) in the current year, and the acquisition of Visiometrics in a previous year (\u00a30.3m).
The \u00a33.7m adjustment to contingent consideration comprised of a credit of \u00a30.2m in Environmental & Analysis arising from a decrease in
the estimate of the payables for Orca (\u00a30.2m) and a debit of \u00a33.9m in Healthcare arising from an increase in estimates of the payables
for Infinite Leap (\u00a32.7m), IZI (\u00a31.4m) and Meditech (\u00a30.3m), partially offset by a decrease in the estimate of the payable for Clayborn Lab
(\u00a30.3m) and Spreo (\u00a30.2m).
The \u00a33.7m release of fair value adjustments to inventory related to WEETECH (\u00a30.3m) and Thermocable (\u00a30.1m) in Safety; Deep Trekker
(\u00a30.3m) and International Light Technologies (\u00a30.3m) in Environmental & Analysis; and IZI (\u00a32.7m) in Healthcare. All amounts have been
released in relation to International Light Technologies and Deep Trekker.
Year ended 31 March 2022
Acquisition items
Amortisation
of acquired
intangible
assets
\u00a3m
Transaction
costs
\u00a3m
Adjustments
to contingent
consideration
\u00a3m
Release of
fair value
adjustments
to inventory
\u00a3m
Total
amortisation
charge and
acquisition
items
\u00a3m
Disposal of
operations and
restructuring
(note 30)
\u00a3m
Total
\u00a3m
Safety (14.9) (0.5) \u2013 (1.3) (16.7) 34.0 17.3
Environmental & Analysis (10.3) (1.6) 0.1 (1.1) (12.9) \u2013 (12.9)
Healthcare (17.5) (2.1) 4.4 (1.0) (16.2) \u2013 (16.2)
Total Segment & Group (42.7) (4.2) 4.5 (3.4) (45.8) 34.0 (11.8)
The transaction costs arose on the acquisitions made in the prior year. In Safety, they related to the acquisition of Ramtech (\u00a30.4m)
and IBIT (\u00a30.1m). In Environmental & Analysis, they related to the acquisition of Dancutter (\u00a30.3m), Sensitron (\u00a30.4m), Orca (\u00a30.1m),
Anton (\u00a30.1m), International Light Technologies (\u00a30.2m) in the year and Deep Trekker (\u00a30.5m) that was acquired in April 2022.
In Healthcare, they related to the acquisition of PeriGen (\u00a31.4m), Infinite Leap (\u00a30.3m), Clayborn Lab (\u00a30.1m), Meditech (\u00a30.1m)
and RNK (\u00a30.1m) in the year, and the acquisition of Visiometrics in a previous year (\u00a30.1m).
The \u00a34.5m adjustment to contingent consideration comprised of a credit of \u00a30.1m in Environmental & Analysis arising from a decrease
in the estimate of the payables for Invenio (\u00a30.3m) offset by an increase in the estimate of the payable for Orca (\u00a30.2m) and a credit
of \u00a34.4m in Healthcare arising from a decrease in estimates of the payables for NovaBone (\u00a31.3m), NeoMedix (\u00a33.0m) and Spreo
(\u00a30.1m) partially offset by an increase in the estimate of the payable for Infowave (\u00a30.3m) and a credit of \u00a30.3m arising from exchange
differences on balances denominated in Euros.
The \u00a33.4m release of fair value adjustments to inventory related to Ramtech (\u00a31.3m) in Safety; Dancutter (\u00a30.1m), Orca (\u00a30.6m),
Sensitron (\u00a30.2m) and International Light Technologies (\u00a30.2m) in Environmental & Analysis; and Meditech (\u00a31.0m) in Healthcare.
All amounts have been released in relation to Dancutter, Ramtech, Orca and Sensitron.
Assets Liabilities
Before goodwill, interest in associates and other investments and acquired intangible
assets are allocated to specific segment assets/liabilities
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Safety 378.1 295.9 122.8 101.1
Environmental & Analysis 225.8 176.6 85.5 74.0
Healthcare 258.6 196.1 91.1 73.0
Total segment assets/liabilities excluding goodwill, interest in associates
and other investments and acquired intangible assets 862.5 668.6 299.4 248.1
Goodwill 1,120.5 908.7 \u2013 \u2013
Interest in associate and other investments 21.0 8.2 \u2013 \u2013
Acquired intangible assets 416.1 275.7 \u2013 \u2013
Total segment assets/liabilities including goodwill, interest in associates
and other investments and acquired intangible assets 2,420.1 1,861.2 299.4 248.1
Assets Liabilities
After goodwill, interest in associates and other investments and acquired intangible
assets are allocated to specific segment assets/liabilities
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Safety 971.3 684.5 122.8 101.1
Environmental & Analysis 527.3 440.5 85.5 74.0
Healthcare 921.5 736.2 91.1 73.0
Total segment assets/liabilities including goodwill, interest in associates and other
investments and acquired intangible assets 2,420.1 1,861.2 299.4 248.1
Cash and bank balances/borrowings 169.5 157.4 678.3 360.1
Derivative financial instruments 1.5 0.7 0.9 0.9
Other unallocated assets/liabilities 197.3 177.7 210.9 184.8
Total Group 2,788.4 2,197.0 1,189.5 793.9
Segment assets and liabilities, excluding the allocation of goodwill, interest in associate and other investments and acquired intangible
assets, have been disclosed separately above as this is the measure reported to the Group Chief Executive for the purpose of monitoring
segment performance and allocating resources between segments. Other unallocated assets include land and buildings, right-of-use
assets, retirement benefit assets, deferred tax assets and other central administration assets. Unallocated liabilities include contingent
purchase consideration, retirement benefit obligations, deferred tax liabilities, lease liabilities and other central administration liabilities.
Other segment information
Additions to
non-current assets
Depreciation, amortisation
and impairment
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Safety 225.3 30.1 39.6 29.0
Environmental & Analysis 48.1 70.3 19.3 19.3
Healthcare 144.0 82.6 28.2 24.7
Total segment additions/depreciation, amortisation and impairment 417.4 183.0 87.1 73.0
Unallocated 34.4 31.5 22.8 18.8
Total Group 451.8 214.5 109.9 91.8
Non-current asset additions comprise acquired and purchased goodwill, other intangible assets, property, plant and equipment,
interests in associates and other investments.
During the year impairment losses of \u00a38.4m were recognised on Property, plant and equipment and other intangible assets, of
which \u00a38.0m was recognised in Safety, \u00a30.1m was recognised in Environmental & Analysis and \u00a30.3m was recognised in Healthcare
(2022: \u00a33.2m comprising \u00a31.0m in Safety, \u00a31.7m in Environmental & Analysis, \u00a30.5m in Healthcare). Impairment losses mainly related
to acquired intangible assets, due to changes in expected future cash flows, and to capitalised development costs recorded as a result
of changes in the expected outcome of projects.
Geographic information
The Group\u2019s non-current assets by geographic location are detailed below:
Non-current assets
31 March
2023
\u00a3m
31 March
2022
\u00a3m
United States of America 893.5 758.9
Mainland Europe 489.1 290.1
United Kingdom 290.7 255.7
Asia Pacific 119.3 122.6
Other countries 44.1 8.8
1,836.7 1,436.1
Non-current assets comprise goodwill, other intangible assets, interest in associate and other investments, and property, plant
and equipment.
Information about major customers
No single customer accounts for more than 10% (2022: 10%) of the Group\u2019s revenue.
2 Earnings per share
Basic earnings per share amounts are calculated by dividing the net profit for the year attributable to the equity shareholders of
the parent by the weighted average number of shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the net profit attributable to the equity shareholders of the parent by the
weighted average number of shares outstanding during the year plus the weighted average number of shares that would be in issue on
the conversion of all the dilutive potential shares.
The weighted average number of shares used to calculate both basic and diluted earnings per share exclude shares held in the employee
benefit trust.
Adjusted earnings are calculated as earnings from continuing operations excluding the amortisation and impairment of acquired
intangible assets; acquisition items; significant restructuring costs, profit or loss on disposal of operations and the associated taxation
thereon and in the prior year the increase in the UK\u2019s corporation tax rate from 19% to 25%. The Directors consider that adjusted
earnings, which constitute an alternative performance measure, represent a more consistent measure of underlying performance as
it excludes amounts not directly linked with trading. A reconciliation of earnings and the effect on basic and diluted earnings per share
figures is as follows:
Basic earnings per share
Per share
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Year ended
31 March
2023
pence
Year ended
31 March
2022
pence
Earnings from continuing operations attributable to owners of the parent 234.5 244.4 62.04 64.54
Amortisation and impairment of acquired intangible assets (after tax) 42.3 33.1 11.19 8.73
Acquisition transaction costs (after tax) 5.3 3.8 1.41 0.99
Adjustments to contingent consideration (after tax) 3.8 (4.5) 1.00 (1.19)
Release of fair value adjustments to inventory (after tax) 2.7 2.6 0.70 0.70
Disposal of operations and restructuring (after tax) \u2013 (34.0) \u2013 (8.98)
Impact of UK tax rate change \u2013 2.6 \u2013 0.69
Adjusted earnings attributable to owners of the parent 288.6 248.0 76.34 65.48
Weighted average number of shares in issue for basic earnings
per share, million 378.0 378.7
Diluted earnings per share
Per share
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Year ended
31 March
2023
pence
Year ended
31 March
2022
pence
Earnings from continuing operations attributable to owners of the parent 234.5 244.4 61.86 64.42
Adjusted earnings attributable to owners of the parent 288.6 248.0
Weighted average number of shares in issue for basic earnings per share, million 378.0 378.7
Dilutive potential shares \u2013 share awards, million 1.1 0.7
Weighted average number of shares in issue for diluted earnings per share,
million 379.1 379.4
3 Alternative performance measures
The Board uses certain alternative performance measures to help it effectively monitor the performance of the Group. The Directors
consider that these represent a more consistent measure of underlying performance by removing items that are not closely related to
the Group\u2019s trading or operating cash flows. These measures include Return on Total Invested Capital (ROTIC), Return on Capital
Employed (ROCE), Organic growth at constant currency, net debt, Adjusted operating profit, cash conversion and Adjusted operating
cash flow.
Note 1 provides further analysis of the adjusting items in reaching adjusted profit measures. Net debt is defined as Borrowings plus Lease
liabilities net of Cash and bank balances, note 26 provides an analysis of net debt for the year.
Return on Total Invested Capital
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Profit after tax 234.3 244.2
Adjustments
1
54.1 3.7
Adjusted profit after tax
1
288.4 247.9
Total equity 1,598.9 1,403.1
Less net retirement benefit assets (37.9) (30.5)
Deferred tax liabilities on retirement benefits 9.6 7.7
Cumulative fair value adjustments on equity investments through other comprehensive income (4.4) 1.7
Cumulative amortisation and impairment of acquired intangible assets 418.1 345.7
Historical adjustments to goodwill
2
89.5 89.5
Total Invested Capital 2,073.8 1,817.2
Average Total Invested Capital
3
1,945.5 1,695.0
Return on Total Invested Capital (ROTIC)
4
14.8% 14.6%
Return on Capital Employed
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Profit before tax 291.5 304.4
Adjustments
1
69.8 11.8
Net finance costs 16.9 8.4
Lease interest (2.9) (2.3)
Adjusted operating profit
1
after share of results of associates and lease interest 375.3 322.3
Computer software costs within other intangible assets 3.2 4.2
Capitalised development costs within other intangible assets 49.6 41.7
Other intangibles within other intangible assets 3.4 3.6
Property, plant and equipment 222.9 194.0
Inventories 312.4 228.8
Trade and other receivables 410.7 325.1
Current trade and other payables (280.7) (242.7)
Current lease liabilities (19.2) (15.5)
Current provisions (21.0) (20.7)
Net tax (payable)/receivable (2.2) 3.8
Non-current trade and other payables (21.9) (19.0)
Non-current provisions (9.7) (7.7)
Non-current lease liabilities (68.7) (56.6)
Add back contingent purchase consideration 16.4 15.2
Capital Employed 595.2 454.2
Average Capital Employed
3
524.7 421.9
Return on Capital Employed (ROCE)
4
71.5% 76.4%
1 Adjustments include the amortisation and impairment of acquired intangible assets; acquisition items; and significant restructuring costs and profit or loss on
disposal of operations. Where after-tax measures, these also include the associated taxation on adjusting items. Note 1 provides more information on these items.
2 Includes goodwill amortised prior to 3 April 2004 and goodwill taken to reserves.
3 The ROTIC and ROCE measures are expressed as a percentage of the average of the current and prior year\u2019s Total Invested Capital and Capital Employed
respectively. Using an average as the denominator is considered to be more representative. The 1 April 2021 Total Invested Capital and Capital Employed balances
were \u00a31,572.8m and \u00a3389.5m respectively.
4 The ROTIC and ROCE measures are calculated as Adjusted profit after tax divided by Average Total Invested Capital and Adjusted operating profit after share of
results of associates and lease interest divided by Average Capital Employed, respectively.
Organic growth at constant currency
Organic growth measures the change in revenue and profit from continuing Group operations. This measure equalises the effect of
acquisitions by:
a. removing from the year of acquisition their entire revenue and profit before taxation;
b. in the following year, removing the revenue and profit for the number of months equivalent to the pre-acquisition period in the prior
year; and
c. removing from the year prior to acquisition, any revenue generated by sales to the acquired company which would have been
eliminated on consolidation had the acquired company been owned for that period.
The results of disposals are removed from the prior period reported revenue and profit before taxation.
Constant currency measures the change in revenue and profit excluding the effects of currency movements. The measure restates the
current year\u2019s revenue and profit at last year\u2019s exchange rates.
Organic growth at constant currency has been calculated for the Group as follows:
Group
Revenue Adjusted* profit before taxation
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Continuing operations 1,852.8 1,525.3 21.5% 361.3 316.2 14.2%
Acquired and disposed revenue/profit (65.6) (14.9) (9.0) (2.0)
Organic growth 1,787.2 1,510.4 18.3% 352.3 314.2 12.1%
Constant currency adjustment (122.9) (28.3)
Organic growth at constant currency 1,664.3 1,510.4 10.2% 324.0 314.2 3.1%
Sector Organic growth at constant currency
Organic growth at constant currency is calculated for each segment using the same method as described above.
Safety
Revenue Adjusted* segment profit
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Continuing operations 745.6 641.4 16.2% 152.5 146.2 4.3%
Acquisition and currency adjustments (48.6) (14.6) (9.9) (2.0)
Organic growth at constant currency 697.0 626.8 11.2% 142.6 144.2 (1.1)%
Environmental & Analysis
Revenue Adjusted* segment profit
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Continuing operations 552.1 442.9 24.7% 134.2 109.8 22.2%
Acquisition and currency adjustments (69.3) (0.4) (16.6) \u2013
Organic growth at constant currency 482.8 442.5 9.1% 117.6 109.8 7.1%
Healthcare
Revenue Adjusted* segment profit
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m % growth
Continuing operations 556.4 442.3 25.8% 130.1 99.5 30.8%
Acquisition and currency adjustments (70.7) \u2013 (16.7) \u2013
Organic growth at constant currency 485.7 442.3 9.8% 113.4 99.5 14.0%
* Adjustments include in the current and prior year the amortisation and impairment of acquired intangible assets; acquisition items; significant restructuring costs
and profit or loss on disposal of operations.
Adjusted operating profit
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Operating profit 308.4 278.9
Add back:
Acquisition items (note 1) 13.3 3.1
Amortisation and impairment of acquired intangible assets (note 1) 56.5 42.7
Adjusted operating profit 378.2 324.7
Adjusted operating cash flow
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Net cash from operating activities (note 26) 258.0 237.4
Add:
Net acquisition costs paid 4.6 4.1
Taxes paid 67.2 56.0
Proceeds from sale of property, plant and equipment and capitalised development costs 3.1 1.1
Share awards vested not settled by own shares (note 24) 4.5 7.1
Deferred consideration paid in excess of payable estimated on acquisition 1.7 7.5
Less:
Purchase of property, plant and equipment (excluding Right of use assets) (29.0) (25.2)
Purchase of computer software and other intangibles (1.1) (1.4)
Development costs capitalised (15.8) (13.4)
Adjusted operating cash flow 293.2 273.2
Cash conversion % (adjusted operating cash flow/adjusted operating profit) 78% 84%
4 Finance income
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Interest receivable 0.7 0.2
Net interest credit on pension plan assets 1.1 \u2013
Fair value movement on derivative financial instruments
\u2013 0.4
1.8 0.6
5 Finance expense
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Interest payable on borrowings 14.5 5.6
Interest payable on lease obligations 2.9 2.3
Amortisation of finance costs 0.8 0.7
Net interest charge on pension plan liabilities \u2013 0.3
Other interest payable 0.1 0.1
Fair value movement on derivative financial instruments 0.4 \u2013
18.7 9.0
6 Profit before taxation
Profit before taxation comprises:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Revenue 1,852.8 1,525.3
Direct materials/direct labour (784.3) (640.3)
Production overhead (145.6) (121.4)
Selling costs (174.5) (137.4)
Distribution costs (35.6) (30.6)
Administrative expenses (404.4) (316.7)
Operating profit 308.4 278.9
Share of loss of associate \u2013 (9.7)
Profit on disposal of operations \u2013 34.0
Net finance expense (16.9) (8.4)
Profit before taxation 291.5 304.4
Included within administrative expenses are the amortisation and impairment of acquired intangible assets, transaction costs,
and adjustments to contingent consideration. Included within direct materials/direct labour is the release of fair value adjustments
to inventory.
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Profit before taxation is stated after charging/
(crediting):
Depreciation 41.4 35.8
Amortisation 60.1 52.8
Impairment of other intangible assets 8.3 2.9
Impairment of property, plant and equipment 0.1 0.3
Net impairment loss on trade receivables
(reversed)/recognised (note 16) (0.4) (3.7)
Research costs* 87.0 72.0
Foreign exchange gain (0.4) (1.2)
Profit on disposal of operations (note 30) \u2013 (34.0)
(Profit)/loss on sale of property, plant and equipment
and computer software (0.8) 9.6
Cost of inventories recognised as an expense 929.9 761.7
Staff costs (note 7) 535.5 429.7
Auditors\u2019 remuneration Audit services to the Company 0.6 0.5
Audit of the Company\u2019s subsidiaries 1.9 1.6
Total audit fees 2.5 2.1
Audit related fees \u2013 interim review 0.1 0.1
Other services** \u2013 \u2013
Total non-audit fees 0.1 0.1
Total fees 2.6 2.2
* A further \u00a315.8m (2022: \u00a313.4m) of development costs has been capitalised in the year. See note 12.
** Refer to the Audit Committee Report on pages 128 - 135 for further details.
7 Employee information
The average number of persons employed by the Group (including Directors) by entity location was:
Year ended
31 March
2023
Number
Year ended
31 March
2022
Number
United States of America 2,754 2,418
Mainland Europe 1,475 1,283
United Kingdom 2,478 2,425
Asia Pacific 1,219 1,284
Other countries 215 112
8,141 7,522
The monthly average number of persons employed by the Group (including Directors) by employee location was:
Year ended
31 March
2023
Number
Year ended
31 March
2022
Number
United States of America 2,702 2,368
Mainland Europe 1,518 1,310
United Kingdom 2,409 2,427
Asia Pacific 1,232 1,249
Other countries 280 168
8,141 7,522
Group employee costs comprise:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Wages and salaries 438.5 350.6
Social security costs 59.2 50.3
Pension costs (note 29) 18.2 14.2
Share-based payment charge (note 24) 19.6 14.6
535.5 429.7
8 Directors\u2019 remuneration
The remuneration of the Directors is set out on pages 136 to 163 within the audited sections of the Annual Remuneration Report,
which forms part of these financial statements.
Directors\u2019 remuneration comprises:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Wages, salaries and fees 5.8 5.7
Pension costs \u2013 0.1
Share-based payment charge 3.8 3.0
9.6 8.8
9 Taxation
Recognised in the Consolidated Income Statement
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Current tax
UK corporation tax at 19% (2022: 19%) 14.8 16.7
Overseas taxation 61.9 46.0
Adjustments in respect of prior years (3.0) 0.5
Total current tax charge 73.7 63.2
Deferred tax
Origination and reversal of timing differences (17.5) (5.7)
Adjustments in respect of prior years 1.0 0.1
Changes in tax rates \u2013 UK \u2013 2.6
Total deferred tax credit (16.5) (3.0)
Total tax charge recognised in the Consolidated Income Statement 57.2 60.2
Reconciliation of the effective tax rate:
Profit before tax 291.5 304.4
Tax at the UK corporation tax rate of 19% (2022: 19%) 55.4 57.8
Profit on disposal of business \u2013 (6.5)
Overseas tax rate differences 9.0 6.2
Tax incentives, exemptions and credits (including patent box, R&D and High-Tech status) (6.8) (4.2)
Changes in tax rates \u2013 UK \u2013 2.6
Permanent differences 1.6 3.7
Adjustments in respect of prior years (2.0) 0.6
Total tax charge recognised in the Consolidated Income Statement 57.2 60.2
Effective tax rate 19.6% 19.8%
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Adjusted* profit before tax 361.3 316.2
Total tax charge on adjusted* profit 72.9 68.3
Effective tax rate 20.2% 21.6%
* Adjustments include the amortisation and impairment of acquired intangible assets, acquisition items, significant restructuring costs and profit or loss on disposal
of operations. Note 3 provides more information on alternative performance measures.
The Group\u2019s future Effective Tax Rate (ETR) will mainly depend on the geographic mix of profits and whether there are any changes to
tax legislation in the Group\u2019s most significant countries of operations. The Finance Bill 2021 received Royal Assent on 10 June 2021 and
included the increase in the UK corporation tax rate from 19% to 25% from 1 April 2023.
On 23 March 2023, the UK Government issued further draft legislation applicable to large multinational groups in relation to a new tax
framework (part of the Organisation for Economic Co-operation and Development (OECD) BEPS initiative), which introduces a global
minimum effective tax rate of 15% effective for accounting periods beginning on or after 31 December 2023. The Group monitors income
tax developments in the territories in which it operates, as well as the applicable accounting standards, to understand their potential
future impacts.
Recognised in the Consolidated Statement of Comprehensive Income and Expenditure
In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised
directly in the Consolidated Statement of Comprehensive Income and Expenditure:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Current tax
Retirement benefit obligations (1.8) (2.3)
Deferred tax (note 22)
Retirement benefit obligations 0.6 11.9
Effective portion of changes in fair value of cash flow hedges 0.3 (0.4)
(0.9) 9.2
Recognised directly in equity
In addition to the amounts charged to the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income
and Expenditure, the following amounts relating to tax have been recognised directly in equity:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Current tax
Excess tax deductions related to share-based payments on vested awards \u2013 (1.3)
Deferred tax (note 22)
Change in estimated excess tax deductions related to share-based payments 0.7 0.2
0.7 (1.1)
10 Dividends
Per ordinary share
Year ended
31 March
2023
pence
Year ended
31 March
2022
pence
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Amounts recognised as distributions to shareholders in the year
Final dividend for the year ended 31 March 2022 (31 March 2021) 11.53 10.78 43.6 39.6
Interim dividend for the year ended 31 March 2023 (31 March 2022) 7.86 7.35 29.7 27.9
19.39 18.13 14.4 68.7
Dividends declared in respect of the year
Interim dividend for the year ended 31 March 2023 (31 March 2022) 7.86 7.35 29.7 27.9
Proposed final dividend for the year ended 31 March 2023 (31 March 2022) 12.34 11.53 46.6 43.6
20.20 18.88 76.3 71.5
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 20 July 2023 and has not been
included as a liability in these financial statements.
11 Goodwill
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Cost
At beginning of year 908.7 808.5
Additions (note 25) 180.0 80.2
Adjustments to prior years (note 25) 0.3 \u2013
Disposals (note 30) \u2013 (9.0)
Exchange adjustments 31.5 29.0
At end of year 1,120.5 908.7
Provision for impairment
At beginning and end of year \u2013 \u2013
Carrying amounts 1,120.5 908.7
The Group identifies cash generating units (CGUs) at the operating company level as this represents the lowest level at which cash
inflows are largely independent of other cash inflows. However, often the goodwill which arises as a result of a business acquisition, will
benefit more than one CGU and so at acquisition, goodwill is allocated to the groups of CGUs that are expected to benefit from that
business combination.
Where goodwill has been allocated to a cash-generating unit (CGU) group and part of the operation within that group is disposed
of, the goodwill associated with the disposed operation must be included in the carrying amount when determining the gain or loss
on disposal. The amount included is measured on the basis of the relative values of the operation disposed of and the portion of the
CGU group that is retained.
Before recognition of any impairment losses, the carrying amount of goodwill has been allocated to CGU groups as follows:
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Safety
Fire 187.6 126.8
Doors, Security and Elevators 107.3 104.0
Safety Interlocks and Corrosion Monitoring 95.4 58.5
Bursting Discs 0.6 8.8
399.7 298.1
Environmental & Analysis
Water 107.6 85.2
Analysis 82.1 76.6
Environmental Monitoring 14.1 13.3
Gas Detection 26.2 24.9
230.0 200.0
Healthcare
Life Sciences 41.1 39.9
Healthcare Assessment 243.3 231.5
Therapeutic Solutions 206.4 139.2
490.8 410.6
Total Group 1,120.5 908.7
Impairment testing
Goodwill values have been tested for impairment by comparing them against the \u2018value in use\u2019 in perpetuity of the relevant CGU group.
The \u2018value in use\u2019 calculations were based on projected cash flows, derived from the latest budgets prepared by management and
strategic plans approved by the Board, discounted at CGU group specific, risk adjusted, discount rates to calculate their net
present value.
Key assumptions used in \u2018value in use\u2019 calculations
The calculation of \u2018value in use\u2019 is most sensitive to the following assumptions:
\u2022 CGU specific operating assumptions that are reflected in the budget period for the financial year to March 2024;
\u2022 Discount rates; and
\u2022 Growth rates used to extrapolate risk adjusted cash flows beyond the forecast period.
CGU specific operating assumptions applicable to the forecasted cash flows for the year to March 2024 relate to revenue forecasts,
expected project outcomes, forecast operating margins and fixed asset and working capital requirements. The relative value ascribed to
each assumption will vary between CGUs as the forecasts are built up from the underlying operating companies within each CGU group.
Consideration has been given to inflation and future cash flows reflect expectations for cost and price increases.
A short-term growth rate is applied to the March 2024 budget to derive the cash flows arising in the years to March 2025 and March
2026 based on the average growth rate calculated in the relevant sector strategic plan. A long-term rate is applied to these values for
the year to March 2027 and onwards capped at the weighted average GDP growth rates of the markets into which that CGU group
sells. Each year the results of ongoing climate and emerging risk reviews are considered and any potential impact of climate change is
included in the long-term growth rates where relevant. For example, since April 2021, where any CGU group has exposure to customers
in the oil and gas industry a reduction to the long-term growth rate has been applied. In the year to 31 March 2023, no additional
changes were made to the long-term growth rates as a result of these reviews. Immaterial additional capital expenditure to meet the
Group\u2019s emission targets and physical risks have also been factored into future cash flow estimates. No further significant adjustments
to future cash flows from climate change are expected and therefore have not been recognised in the calculations.
Discount rates are based on estimations of the assumptions that market participants operating in similar sectors to Halma would make,
using the Group\u2019s economic profile as a starting point and adjusting appropriately. The methodology for calculating the discount rate
has not changed year on year and the market economic data sources are consistent with prior years. The Group has calculated the
discount rate to be 11.43% (2022: 9.22%). Consistent with previous years this is a notional discount rate, calculated using externally
published global market assumptions. The discount rate, which is pre-tax and based on short-term variables, may differ from the
Weighted Average Cost of Capital (WACC). Discount rates are adjusted for economic risks that are not already captured in the specific
operating assumptions for each CGU group. This results in the impairment testing using discount rates ranging from 10.58% to 13.96%
(2022: 8.33% to 11.85%) across the CGU groups.
Significant CGU groups
CGU groups to which 10% or more of the total goodwill balance is allocated are deemed to be significant. In addition to the operating
assumptions, the assumptions used to determine \u2018value in use\u2019 for these CGU groups are:
Risk adjusted discount rate Short-term growth rates Long-term growth rates
31 March
2023
31 March
2022
31 March
2023
31 March
2022
31 March
2023
31 March
2022
Fire 13.96% 11.73% 11.68% 10.06% 3.61% 2.49%
Healthcare Assessment 13.94% 11.92% 8.17% 9.96% 3.79% 2.18%
Therapeutic Solutions 12.98% 10.77% 8.17% 9.96% 3.23% 2.59%
Sensitivity to changes in assumptions
The Directors believe that no reasonably possible change in any of the above key assumptions would cause the carrying value of any
CGU group to exceed its recoverable amount.
12 Other intangible assets
Acquired intangible assets
Customer
and supplier
relationship
1
\u00a3m
Technical
know-how
2
\u00a3m
Trademarks,
brands and
patents
3
\u00a3m
Total
\u00a3m
Internally
generated
capitalised
development
costs
4
\u00a3m
Computer
software
\u00a3m
Other
intangibles
5
\u00a3m
Total
\u00a3m
Cost
At 1 April 2021 319.9 141.1 78.0 539.0 113.3 24.2 5.2 681.7
Assets of
businesses acquired 36.3 25.3 6.1 67.7 \u2013 0.1 \u2013 67.8
Assets of business sold (5.6) (1.4) \u2013 (7.0) (2.9) (0.5) \u2013 (10.4)
Additions at cost \u2013 \u2013 \u2013 \u2013 13.4 0.9 0.5 14.8
Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.2) (2.4) (9.7) (4.7)
Exchange adjustments 12.8 5.9 3.0 21.7 2.4 0.4 0.3 24.8
At 31 March 2022 363.4 170.9 87.1 621.4 124.0 22.7 5.9 774.0
Assets of businesses
acquired (note 25) 87.6 71.4 17.3 192.2 \u2013 0.2 \u2013 192.4
Additions at cost \u2013 \u2013 \u2013 \u2013 15.8 0.8 0.3 16.9
Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.8) (1.7) \u2013 (4.5)
Transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) \u2013 (0.4)
Exchange adjustments 14.1 4.4 3.2 20.6 3.4 0.9 0.2 25.1
At 31 March 2023 465.1 261.5 107.6 834.2 140.4 22.5 6.4 1,003.5
Accumulated
amortisation &
impairment
At 1 April 2021 202.1 50.3 44.9 297.3 74.4 18.2 1.8 391.7
Charge for the year 23.5 13.7 5.5 42.7 7.0 2.5 0.6 52.8
Assets of business sold (5.6) (1.4) \u2013 (7.0) (2.1) (0.5) \u2013 (9.6)
Impairment \u2013 \u2013 \u2013 \u2013 2.9 \u2013 \u2013 2.9
Disposals and retirements \u2013 \u2013 \u2013 \u2013 (1.0) (2.1) (0.2) (3.3)
Exchange adjustments 8.5 2.4 1.8 12.7 1.1 0.4 0.1 14.3
At 31 March 2022 228.5 65.0 52.2 345.7 82.3 18.5 2.3 448.8
Charge for the year 24.5 18.2 6.0 48.7 8.5 2.2 0.7 60.1
Impairment 5.4 2.1 0.3 1.7 0.5 \u2013 \u2013 8.3
Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.7) (1.6) \u2013 (4.3)
Transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) \u2013 (0.4)
Exchange adjustments 10.8 2.7 2.4 15.9 2.2 0.6 \u2013 18.7
At 31 March 2023 269.2 88.0 60.9 418.1 90.8 19.3 3.0 531.2
Carrying amounts
At 31 March 2023 195.9 173.5 46.7 416.1 49.6 3.2 3.4 472.3
At 31 March 2022 134.9 105.9 34.9 275.7 41.7 4.2 3.6 325.2
1 Customer and supplier relationship assets are amortised over their useful economic lives estimated to be between 3 and 20 years. Within this balance individually
significant balances relate to: CenTrak: \u00a312.0m (2022: \u00a312.7m); IZI: \u00a317.2m; WEETECH: \u00a310.4m; Ampac: \u00a311.0m (2022: \u00a312.7m); and FirePro \u00a344.8m.
The remaining amortisation periods for these assets are 8 years, 14 years, 10 years, 10 years and 15 years respectively.
2 Technical know-how assets are amortised over their useful economic lives, estimated to be between 3 and 18 years. Within this balance individually material
balances relate to: IZI \u00a336.2 m; FirePro \u00a328.9m; and NovaBone \u00a319.8m (2022: \u00a320.2m).
The remaining amortisation periods for these assets are 14 years, 18 years and 12 years respectively.
3 Trademarks, brands and patents (which include protected intellectual property) are amortised over their useful economic lives estimated to be between 3 and
20 years. There are no individually material items within this balance.
4 Internally generated capitalised development costs are amortised over their useful economic lives estimated to be three years from the date of product launch.
There are no individually material items within this balance, which comprises capitalised costs arising from the development phase of the R&D projects undertaken
by the Group.
5 Other intangibles comprise licence and product registration costs, and customer lists, amortised over their useful economic lives, estimated to be between 3 and
5 years.
None of the intangible assets have been pledged as security.
13 Property, plant and equipment
Owned assets
Right-of-use
assets
(Note 28)
\u00a3m
Freehold land
and buildings
\u00a3m
Leasehold
buildings and
improvements
\u00a3m
Plant,
equipment
and vehicles
\u00a3m
Total
\u00a3m
Cost
At 1 April 2021 106.9 63.6 21.1 205.0 396.6
Transfer between category (9.7) 0.1 \u2013 (0.6) (0.6)
Assets of businesses acquired 3.4 2.6 \u2013 1.0 8.2
Assets of business sold (3.9) \u2013 (0.6) (9.1) (13.6)
Additions at cost 76.3 1.8 2.5 20.9 43.6
Disposals and retirements (1.8) \u2013 (0.2) (14.8) (16.8)
Exchange adjustments 4.2 1.2 9.6 4.5 10.7
At 31 March 2022 128.3 69.3 23.6 206.9 428.1
Transfer between category \u2013 (0.1) (0.2) 0.3 \u2013
Assets of businesses acquired (note 25) 0.4 0.9 0.1 4.1 14.4
Additions at cost 18.7 1.1 3.2 24.7 47.4
Remeasurements 4.2 \u2013 \u2013 \u2013 4.2
Disposals and retirements (3.6) (1.2) (1.3) (14.3) (20.4)
Exchange adjustments 3.8 2.3 0.7 6.2 13.0
At 31 March 2023 160.7 72.3 26.1 227.9 487.0
Accumulated depreciation
At 1 April 2021 47.3 16.4 13.0 139.1 215.8
Transfer between category (9.7) \u2013 \u2013 (0.5) (0.6)
Charge for the year 14.6 1.2 2.0 18.0 35.8
Impairment \u2013 \u2013 \u2013 0.3 0.3
Assets of business sold (1.6) \u2013 (0.5) (5.2) (7.3)
Disposals and retirements (0.8) \u2013 (0.2) (14.1) (15.1)
Exchange adjustments 1.9 0.3 0.4 2.6 5.2
At 31 March 2022 61.3 17.9 14.7 140.2 234.1
Transfer between category \u2013 (0.1) (0.2) 0.3 \u2013
Charge for the year 18.4 1.4 2.4 19.2 41.4
Impairment \u2013 \u2013 \u2013 0.1 0.1
Assets of business sold \u2013 \u2013 \u2013 \u2013 \u2013
Disposals and retirements (3.6) (0.5) (1.3) (12.9) (18.3)
Exchange adjustments 1.6 0.6 0.6 4.0 6.8
At 31 March 2023 77.7 19.3 16.2 150.9 264.1
Carrying amounts
At 31 March 2023 83.0 53.0 9.9 77.0 222.9
At 31 March 2022 67.0 51.4 8.9 66.7 194.0
Note 28 Leases contains further details of the Group\u2019s right-of-use assets. None of the property, plant and equipment has been pledged
as security.
14 Interest in associate and other investments 31 March 2023 \u00a3m 31 March 2022 \u00a3m Interest in associate 2.1 1.3 Financial assets at fair value through other comprehensive income \u2013 Equity instruments 18.9 6.9 21.0 8.2 Interest in associate 31 March 2023 \u00a3m 31 March 2022 \u00a3m At beginning of the year 1.3 7.3 Additions in the year 0.8 \u2013 Group\u2019s share of loss of associate \u2013 (9.7) At end of year 2.1 1.3 In the prior year, OneThird B.V., issued further new shares to external investors that reduced the Group\u2019s ownership from 35.3% to 30.0%. There was a gain of \u00a30.0m on disposal. During the year, One Third B.V. issued a \u00a31.6m (US$2.0m) convertible loan note, and the Group took up 50% of the issue at \u00a30.8m (US$1.0m). In February 2023, following a further funding round, the loan notes were converted increasing the Group\u2019s equity in the associate with ownership increasing to 31%. The Group have committed to participating in a future funding round subject to the company meeting certain performance criteria, this will result in the dilution of the investment to 29%. One Third B.V has its registered office at Almelosestraat 19, 7495 TG Ambt Delden, Netherlands. The Group owns 20,921 preferred A3 shares which represents 37% of the total preferred A3 shares issued. The Group also owns 30,000 ordinary shares which is 60% of the ordinary shares issued. The company has A2 preference shares in issue of which the Group do not have a holding. 31 March 2023 \u00a3m 31 March 2022 \u00a3m Aggregated amounts relating to associate Non-current assets 1.9 \u2013 Current assets 2.0 1.6 Current liabilities (0.1) (9.7) Net assets 3.8 1.5 Group\u2019s share of net assets of associate 1.2 0.5 Revenue 0.2 \u2013 Loss (0.1) (0.3) Group\u2019s share of loss of associate \u2013 (9.7) Financial assets at fair value through other comprehensive income (FVOCI) Movements in equity investments at FVOCI comprise the following: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Unlisted securities At beginning of the year 6.9 7.9 Additions in the year 5.9 0.7 Changes in fair value recognised in other comprehensive income 6.1 (1.7) At end of year 18.9 6.9 Unlisted securities comprise of investments in Owlytics Healthcare Limited, Valencell Inc., Oxbotica Limited and VAPAR Innovation PTY Ltd. Further information on methods and assumptions used in determining fair value is provided in note 27 . 15 Inventories
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Raw materials and consumables 185.8 131.8
Work in progress 31.5 21.5
Finished goods and goods for resale 95.1 75.5
312.4 228.8
The above is stated net of provision for slow-moving and obsolete stock, movements of which are shown below:
31 March
2023
\u00a3m
31 March
2022
\u00a3m
At beginning of the year 36.1 30.5
Write downs of inventories recognised as an expense 6.0 3.8
Recognition of provisions for businesses acquired 5.0 1.2
Derecognition of provisions for businesses disposed \u2013 (0.7)
Utilisation and amounts reversed against inventories previously impaired (3.5) (0.7)
Exchange adjustments 0.9 1.1
At end of the year 44.5 36.1
In the year ended 31 March 2023, previous write-downs against inventory were reversed as a result of increased sales in certain markets
or where previously written down inventories have been disposed.
There is no material difference between the original cost of inventories and their cost of replacement. None of the inventory has been
pledged as security.
16 Trade and other receivables
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Trade receivables 330.2 259.8
Allowance for doubtful debts (6.9) (4.4)
323.3 253.2
Other receivables 18.7 16.6
Prepayments 30.0 23.9
Contract assets (note 18) 38.7 31.4
410.7 325.1
Other receivables comprise various assets across the Group, including sales tax receivables and other non-trade balances.
The movement in the allowance for doubtful debts in respect of trade receivables during the year was as follows:
31 March
2023
\u00a3m
31 March
2022
\u00a3m
At beginning of the year 8.8 11.2
Net impairment loss reversed (0.4) (3.7)
Amounts recovered against trade receivables previously written down/amounts utilised (0.4) (0.8)
Recognition of provisions for businesses acquired 0.8 0.2
Exchange adjustments 0.3 0.1
At end of the year 6.9 6.6
The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables carried at
amortised cost.
The Group assessed that no provisions or impairments were required in relation to contract assets (2022: \u00a3nil).
The fair value of trade and other receivables approximates to book value due to the short-term maturities associated with these items.
There is no impairment risk identified with regards to other receivables where no amounts are past due.
The ageing of trade receivables was as follows:
Gross trade receivables
Trade receivables net
of doubtful debts
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Not yet due 250.8 196.5 250.3 196.1
Up to one month overdue 45.4 35.4 45.4 35.3
Between one and two months overdue 14.3 10.3 14.2 10.0
Between two and three months overdue 5.0 3.8 4.8 4.5
Over three months overdue 14.7 12.9 8.6 7.3
330.2 259.8 323.3 253.2
17 Trade and other payables: falling due within one year
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Trade payables 116.9 102.5
Other taxation and social security 12.7 10.2
Other payables 1.1 6.5
Accruals 107.3 97.5
Contract liabilities (note 18) 35.9 25.5
Deferred government grant income 0.2 0.5
280.7 242.7
Other payables comprise various balances across the Group including share-based payments related amounts of \u00a30.9m (2022: \u00a31.1m),
deferred R&D expenditure tax credits and other non-trade payables. These comprise \u00a36.8m of financial liabilities and \u00a30.9m of non-
financial liabilities.
18 Contract balances
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Contract costs 1.8 0.6
Contract assets (note 16) 38.7 31.4
Contract liabilities current (note 17) 35.9 25.5
Contract liabilities non-current (note 21) 17.1 14.6
Total contract liabilities 53.0 40.1
Contract costs represent an asset the Group has recognised in relation to costs to fulfil long-term contracts. This is presented within
other receivables in the balance sheet.
Contract assets Contract liabilities
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Amounts included in contract balances at the beginning of the year 31.4 14.3 (40.1) (27.0)
Transfers to receivables during the year (32.3) (14.1) \u2013 \u2013
Performance obligations arising in the current reporting year
Increases as a result of billing ahead of performance \u2013 \u2013 (36.1) (28.2)
Decreases as a result of revenue recognised in the year \u2013 \u2013 24.4 16.2
Increases as a result of performance in advance of billing 37.9 30.6 \u2013
Amounts arising through business combinations \u2013 \u2013 (0.5) (0.8)
Exchange movements 1.7 0.6 (0.7) (0.3)
Amounts included in contract balances at the end of the year 38.7 31.4 (53.0) (40.1)
In some cases, the Group receives payments from customers based on a billing schedule, as established in our contracts. The contract
assets relate to revenue recognised for performance in advance of scheduled billing and has increased as the Group has provided more
services ahead of the agreed payment schedules for certain contracts. The contract liability relates to payments received in advance of
performance under contract and varies based on performance under these contracts.
19 Borrowings
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Loan notes falling due within one year \u2013 71.2
Overdrafts 1.0 0.7
Unsecured bank loans falling due within one year \u2013 0.6
Total borrowings falling due within one year 1.0 72.5
Unsecured loan notes falling due after more than one year 376.9 35.0
Unsecured bank loans falling due after more than one year 300.4 252.6
Total borrowings falling due after more than one year 677.3 287.6
Total borrowings 678.3 360.1
The loan notes falling due within one year at 31 March 2022, related to the second repayment under the United States Private Placement
completed in November 2015, these were settled in January 2023.
In the current year, the loan notes falling due after more than one year relate to United States Private Placement completed in May 2022
and the remainder of the United States Private Placement completed in November 2015.
Information concerning the security, currency, interest rates and maturity of the Group\u2019s borrowings is given in note 27.
20 Provisions
Provisions are presented as:
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Current 21.0 20.7
Non-current 0.1 7.7
30.7 28.4
Contingent
purchase
consideration
\u00a3m
Dilapidations
\u00a3m
Product
warranty
\u00a3m
Legal,
contractual
and other
\u00a3m
Total
\u00a3m
At 31 March 2022 15.2 2.8 1.8 2.8 28.4
Additional provision in the year 6.6 0.9 3.8 1.7 10.8
Arising on acquisition (note 25) 1.5 \u2013 0.4 \u2013 1.9
Utilised during the year (4.6) \u2013 (0.7) (1.0) (8.4)
Released during the year (0.7) (0.3) (3.5) (0.4) (4.9)
Exchange adjustments 0.6 \u2013 0.1 0.1 0.8
At 31 March 2023 16.4 3.4 1.1 3.2 30.7
Contingent purchase consideration
The provision at the beginning of the year comprised \u00a315.2m, of which \u00a313.2m was payable within one year, included amounts based on
actual results for the final earnout period for Infowave and Invenio. It also included estimates for the final earnout period for
Visiometrics, for the year ended 31 December 2018, which is subject to final agreement.
The \u00a34.4m additional provision in the year related to revisions to the estimate of Infinite Leap (\u00a32.7m increase), IZI (\u00a31.4m increase) and
Meditech (\u00a30.3m increase).
The \u00a34.6m utilised during the year related to the third and final earnout period for Infowave (\u00a31.7m) and Invenio (\u00a30.1m), the first and
final earnout period for Meditech (\u00a30.4m), the first earnout period for Orca (\u00a30.4m) and the second earnout period for Spreo (\u00a30.2m). In
addition, retention payment amounts were settled for NovaBone (\u00a30.8m), Dancutter (\u00a30.4m), Anton (\u00a30.2m) and Clayborn Lab (\u00a30.4m).
The \u00a30.7m released during the year related to the revisions to the estimate of Orca (\u00a30.2m reduction), Clayborn Lab (\u00a30.3m reduction)
and Spreo (\u00a30.2m reduction).
The closing total provision of \u00a316.4m, of which \u00a313.2m is payable within one year, includes amounts based on actual results for the final
earnout period for IZI, Spreo and for the second earnout period for Infinite Leap. It also includes estimates for the final earnout period for
Visiometrics, for the year ended 31 December 2018, which is subject to final agreement.
The balance due after more than one year of \u00a33.2m comprises the estimated future earnout for Infinite Leap.
The total contingent purchase consideration payable in future for the existing acquisitions is a minimum of \u00a32.8m with a maximum
possible payable of \u00a357.6m.
Contingent consideration amounts paid in excess of that estimated in the acquisition balance sheet is included in cash flows from
operating activities.
The basis for the calculation of each contingent consideration arrangement is set out on page 229 in note 27, including sensitivity of the
estimation of the liabilities to changes in the assumptions.
Dilapidations
The dilapidations provisions are for the continuing obligations under leases in respect of property dilapidation and reinstatement
provisions. The provisions comprise the Directors\u2019 best estimates of future payments to restore the fabric of buildings to their original
condition where it is a condition of the leases, prior to return of the properties.
These commitments cover the period from 2023 to 2036 though they predominantly fall due within five years.
Product warranty
Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business and
included within the Group companies\u2019 standard terms and conditions. The warranties represent assurance type warranties within the
definition of IFRS 15. Warranty commitments cover a period of between one and five years and typically apply for a 12-month period.
The provision represents the Directors\u2019 best estimate of the Group\u2019s liability based on past experience.
Legal, contractual and other
Legal, contractual and other provisions comprise mainly amounts reserved against open legal and contractual disputes. The Company
has on occasion been required to take legal or other actions to defend itself against proceedings brought by other parties. Provisions are
made for the expected costs associated with such matters, based on past experience of similar items and other known factors, taking
into account professional advice received, and represent Directors\u2019 best estimate of the likely outcome. The timing of utilisation of these
provisions is frequently uncertain reflecting the complexity of issues and the outcome of various court proceedings and negotiations.
Contractual and other provisions represent the Directors\u2019 best estimate of the cost of settling future obligations. Unless specific evidence
exists to the contrary, these reserves are shown as current.
However, no provision is made for proceedings which have been or might be brought by other parties against Group companies
unless the Directors, taking into account professional advice received, assess that it is more likely than not that such proceedings
may be successful.
Management\u2019s assessment of the potential impacts of climate change, as well as the Group\u2019s climate strategy as laid out on pages 72
to 87, has not resulted in the recognition of any additional provisions or disclosure of any contingent liabilities.
21 Trade and other payables: falling due after one year
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Other payables 3.0 2.4
Other taxation and social security \u2013 \u2013
Accruals 0.6 0.9
Contract liabilities (note 18) 17.1 14.6
Deferred government grant income 1.2 1.1
21.9 19.0
22 Deferred tax
Retirement
benefit
obligations
\u00a3m
Acquired
intangible
assets
\u00a3m
Accelerated
tax
depreciation
\u00a3m
Short-term
timing
differences
\u00a3m
Share-based
payment
\u00a3m
Goodwill
timing
differences
\u00a3m
Capitalised
R&D
\u00a3m
Total
\u00a3m
At 1 April 2022 (2.2) (71.8) (1.2) 2.5 1.6 17.1 \u2013 (56.1)
Credit/(charge) to
Consolidated
Income Statement (0.3) 14.6 (9.0) (0.8) 0.4 (8.1) 10.6 16.5
Credit/(charge) to
Consolidated Statement
of Comprehensive Income
and Expense (0.6) \u2013 \u2013 (0.4) \u2013 \u2013 \u2013 (0.7)
Charge to equity \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)
Arising on acquisition
(note 25) \u2013 (38.6) (0.6) \u2013 \u2013 15.3 \u2013 (24.3)
Exchange adjustments \u2013 (0.4) (0.8) 0.1 \u2013 (0.4) (0.4) (0.2)
At 31 March 2023 (9.6) (97.8) (7.4) 2.1 5.7 24.0 10.3 (67.2)
Retirement
benefit
obligations
\u00a3m
Acquired
intangible
assets
\u00a3m
Accelerated
tax
depreciation
\u00a3m
Short-term
timing
differences
\u00a3m
Share-based
payment
\u00a3m
Goodwill
timing
differences
\u00a3m
Capitalised
R&D
\u00a3m
Total
\u00a3m
At 1 April 2021 0.5 (58.7) (3.5) 2.8 1.6 13.4 \u2013 (39.3)
Credit/(charge) to
Consolidated
Income Statement 0.2 4.4 (0.3) 9.9 0.2 (0.7) \u2013 8.5
Credit/(charge) to
Consolidated Statement
of Comprehensive Income
and Expense (11.9) \u2013 \u2013 5.0 \u2013 \u2013 \u2013 (11.5)
Charge to equity \u2013 \u2013 \u2013 \u2013 (0.2) \u2013 \u2013 (0.2)
Arising on acquisition \u2013 (17.5) \u2013 8.5 \u2013 4.1 \u2013 (4.5)
Deferred tax of
business sold \u2013 \u2013 (5.9) 5.9 \u2013 \u2013 \u2013 \u2013
Exchange adjustments \u2013 (2.2) (0.3) 5.0 \u2013 1.0 \u2013 (9.9)
At 31 March 2022 (4.4) (71.8) (6.7) 6.1 1.6 17.1 (56.1)
Deferred taxes in the prior year were restated following the increase in the UK corporation tax rate from 19% to 25%, resulting in a \u00a32.6m
charge to profit and loss, included as an adjusting item.
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after offset) for
financial reporting purposes:
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Deferred tax liability (70.2) (58.5)
Deferred tax asset 3.9 6.0
Net deferred tax liability (67.2) (56.1)
Deferred tax balances expected to unwind in less than one year are insignificant.
Movement in net deferred tax liability:
31 March
2023
\u00a3m
31 March
2022
\u00a3m
At beginning of year (56.1) (39.3)
(Charge)/credit to Consolidated Income Statement:
UK (2.7) (0.2)
Overseas 19.2 8.6
Charge to Consolidated Statement of Comprehensive Income (0.7) (11.5)
Charge to equity (0.7) (0.2)
Arising on acquisition (note 25) (24.3) (3.7)
Deferred tax of business sold (note 30) \u2013 \u2013
Exchange adjustments (0.2) (0.7)
At end of year (67.2) (56.1)
It is likely that the unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption such that no UK tax would
be due upon remitting those earnings to the UK. However, \u00a3123.7m (2022: \u00a3112.6m) of those earnings may still result in a tax liability,
principally as a result of the dividend withholding taxes levied by the overseas jurisdictions in which those subsidiaries operate.
These deferred tax liabilities of \u00a38.5m (2022: \u00a37.9m) have not been recognised as the Group is able to control the timing of the reversal of
these temporary differences and it is probable that they will not reverse in the foreseeable future. Temporary differences in connection
with the interest in associate are insignificant.
At 31 March 2023, deferred tax assets of \u00a30.4m and \u00a34.9m (\u00a32022: \u00a30.4m and \u00a32.5m) in respect of unused capital tax losses and other
tax losses have not been recognised.
23 Share capital
Issued and fully paid
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Ordinary shares of 10p each 35.9 38.0
The number of ordinary shares in issue at 31 March 2023 was 379,645,332 (2022: 379,645,332), including shares held by the Employee
Benefit Trust of 1,901,415 (2022: 1,175,080); this represents 0.5% of called up share capital (2022: 0.3%). The number of own shares
purchased during the year was 1,000,000 (2022: 682,000) with a nominal value of \u00a30.0m (2022: \u00a30.0m).
24 Share-based payments
The total cost recognised in the Consolidated Income Statement in respect of share-based payment plans (the \u2018employee share plans\u2019)
was as follows:
Year ended 31 March 2023 Year ended 31 March 2022
Equity-settled
\u00a3m
Cash-settled
\u00a3m
Total
\u00a3m
Equity-settled
\u00a3m
Cash-settled
\u00a3m
Total
\u00a3m
Share incentive plan 0.3 \u2013 0.3 9.9 \u2013 9.9
Executive share plan 18.0 0.4 18.3 12.5 1.0 13.5
19.3 0.4 19.6 13.6 1.0 14.6
Share incentive plan
Shares awarded under this Plan are purchased in the market by the Plan\u2019s trustees at the time of the award and are held in trust until
their transfer to qualifying employees; vesting is conditional upon completion of three years\u2019 service. Forfeited shares are reallocated
in subsequent grants. The costs of providing this Plan are recognised in the Consolidated Income Statement over the three-year
vesting period.
Executive share plan (ESP)
Under the ESP, in which Executive Directors and certain senior employees participate, deferred share awards are made as either
performance awards or deferred awards. Performance awards vest after three years based on Earnings Per Share and Return on Total
Invested Capital (ROTIC) targets, and after two or three years for deferred share awards based on continuing service of the employee
only. Awards which do not vest lapse on the second or third anniversary of their grant. Shares awarded under this Plan are purchased in
the market by the Plan\u2019s trustees and are held as own shares until their transfer to qualifying employees. Under the terms of the trust
deed, Halma is required to provide the trust with the necessary funds to purchase the shares ahead of vesting. Dividends accrue on
unvested awards and are settled in cash on vesting.
The following table shows the number of deferred shares granted and outstanding at the beginning and end of the reporting period for
the ESP:
2023
Number
of shares
awarded
2022
Number
of shares
awarded
Outstanding at beginning of year 1,722,706 1,806,330
Granted during the year 1,554,197 759,832
Vested during the year (pro\u2013rated for \u2018good leavers\u2019) (487,593) (660,019)
Lapsed during the year (127,210) (183,437)
Outstanding at end of year 2,662,100 1,722,706
Exercisable at end of year \u2013 \u2013
Included in Retained earnings are accumulated credits of \u00a326.9m (2022: \u00a319.2m) representing the provision for the value of unvested
awards under the Group's equity settled share plans.
The performance shares outstanding at 31 March 2023 had a weighted average remaining contractual life of 18 months (2022:
16 months). The weighted average share price at the date of exercise of vested shares during the year was 2,265p (2022: 2,705p).
The fair value of the awards was calculated using an appropriate simulation method, with the inputs below:
2023 2022 2021
Expected life (years) 2 or 3 2 or 3 2 or 3
Share price on date of grant (p) 2,060.0 2,732.0 2,260.0
Option price (p) Nil Nil Nil
Fair value per option (%) 100% 100% 100%
Fair value per option (p) 2,060.0 2,732.0 2,260.0
Cash-settled
Awards under the above plans are normally settled in shares but may be settled in cash at the Board\u2019s discretion or where required by
local regulations. Cash-settled awards follow the same vesting conditions as the plans under which they are awarded.
Net settlement feature for withholding tax obligations
On vesting, a debit is recognised to Retained earnings at a weighted average cost of the shares purchased and held for this purpose.
Shares are transferred from own shares to the qualifying employee. The deferred shares granted under the ESP include a net settlement
feature under which shares are withheld in order to settle the employee's tax obligations. The Group withholds an amount for an
employee\u2019s tax obligation associated with a share-based payment and transfers that amount in cash to the relevant tax authority
on the employee\u2019s behalf.
Where permitted by local regulations, the Group is settling the deferred share grant on a net basis by withholding the number of shares
with a fair value equal to the monetary value of the employee\u2019s tax obligation and only issuing the remaining shares on completion of
the vesting period. An amount of \u00a34.5m was withheld and paid to the taxation authority in relation to the deferred shares that vested
during the year (2022: \u00a37.1m).
25 Acquisitions
In accounting for acquisitions, adjustments are made to the book values of the net assets of the companies acquired to reflect their fair
values to the Group. Other previously unrecognised assets and liabilities at acquisition are included and accounting policies are aligned
with those of the Group where appropriate.
During the year ended 31 March 2023, the Group made seven acquisitions namely:
\u2022 Deep Trekker Inc.;
\u2022 IZI Healthcare Products, LLC;
\u2022 WEETECH Holdings GmbH;
\u2022 Certain trade and assets of Rigaku Corporation;
\u2022 Thermocable (Flexible Elements) Limited;
\u2022 Zonegreen 2013 Ltd; and
\u2022 FirePro Group.
Set out on the following pages are summaries of the assets acquired and liabilities assumed and the purchase consideration of:
a) the total of acquisitions;
b) Deep Trekker Inc.;
c) IZI Healthcare Products, LLC;
d) WEETECH Holding GmbH;
e) Thermocable (Flexible Elements) Limited;
f) FirePro Group;
g) Other acquisitions; and
h) adjustments arising on prior year acquisitions.
Due to their contractual dates, the fair value of receivables acquired approximate to the gross contractual amounts receivable. The
amount of gross contractual receivables not expected to be recovered is immaterial.
There are no material contingent liabilities recognised in accordance with paragraph 23 of IFRS 3 (revised). The acquisitions contributed
\u00a341.0m of revenue and \u00a37.9m of profit after tax for year ended 31 March 2023.
If these acquisitions had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after
tax would have been \u00a351.6m and \u00a314.9m higher respectively.
As at the date of approval of the financial statements, with the exception of Deep Trekker, the accounting for all other current year
acquisitions is provisional; relating to the finalisation of the valuation of acquired intangible assets, the initial consideration, which is
subject to agreement of certain contractual adjustments, and certain other provisional balances.
a) Total of acquisitions
Total
\u00a3m
Non-current assets
Intangible assets 192.4
Property, plant and equipment 14.4
Deferred tax 1.1
Current assets
Inventories 23.1
Trade and other receivables 19.9
Cash and cash equivalents 10.1
Total assets 261.0
Current liabilities
Payables (10.4)
Borrowings (65.1)
Lease liabilities (0.7)
Tax liabilities (0.8)
Non-current liabilities
Lease liabilities (7.8)
Provisions (0.8)
Deferred tax liabilities (25.4)
Total liabilities (112.5)
Net assets of businesses acquired 148.5
Initial cash consideration paid 321.0
Other adjustments to consideration 1.3
Contingent purchase consideration including retentions estimated to be paid 0.7
Total consideration 328.8
Total goodwill 180.3
Total goodwill of \u00a3180.3m comprises \u00a3180.0m relating to current year acquisitions and \u00a30.3m relating to the prior year acquisition of
International Light Technologies Inc..
Analysis of cash outflow in the Consolidated Cash Flow Statement
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Initial cash consideration paid 321.0 151.2
Cash acquired on acquisitions (10.1) (18.2)
Initial cash consideration adjustments on current year acquisitions 1.3 13.1
Contingent consideration paid 6.1 14.2
Net cash outflow relating to acquisitions 321.8 160.3
Included in cash flows from operating activities 0.2 4.1
Included in cash flows from investing activities 320.1 152.8
Other adjustments are primarily adjustments for acquired working capital once balances are fully reconciled, forming part of the
contractual payment mechanisms.
Contingent consideration included in cash flows from operating activities reflect amounts paid in excess of that estimated in the
acquisition balance sheets.
b) Deep Trekker Inc.
\u00a3m
Non-current assets
Intangible assets 14.9
Property, plant and equipment 6.6
Deferred tax 0.6
Current assets
Inventories 4.4
Trade and other receivables 1.1
Cash and cash equivalents 4.2
Total assets 24.8
Current liabilities
Payables (2.1)
Borrowings (4.7)
Lease liabilities (0.8)
Tax liabilities (0.6)
Non-current liabilities
Lease liabilities (0.4)
Deferred tax liabilities (4.7)
Total liabilities (12.5)
Net assets of business acquired 12.3
Initial cash consideration paid 31.9
Other adjustments to consideration 0.8
Total consideration 33.8
Total goodwill 21.5
On 13 April 2022, the Group acquired the entire share capital of Deep Trekker Inc. (Deep Trekker) for total consideration \u00a333.8m (C$55.5m),
which comprised initial cash consideration of \u00a331.9m (C$52.4m) and net cash/debt adjustments and working capital adjustments of
\u00a31.9m (C$3.1m). The initial consideration reflects a gross purchase price of \u00a336.6m (C$60.0m) less debt acquired of \u00a34.7m (C$7.6m)
which was settled immediately post-acquisition. There is no contingent consideration payable.
Deep Trekker, based in Ontario, Canada, is a market-leading manufacturer of remotely operated underwater robots used for inspection,
surveying, analysis and maintenance. Deep Trekker continues to run under its own management team and has joined the Environmental
& Analysis sector.
On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a32.8m); trade name (\u00a33.5m) and
technology related intangibles (\u00a38.6m). The residual goodwill of \u00a321.5m represents:
a) the technical expertise of the acquired workforce;
b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and
c) the ability to exploit the Group\u2019s existing customer base.
Deep Trekker contributed \u00a315.1m of revenue and \u00a32.1m of profit after tax for the year ended 31 March 2023. If this acquisition had been
held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a30.3m
higher and \u00a30.0m higher respectively.
Acquisition costs totalling \u00a30.5m were recorded in the Consolidated Income Statement.
The goodwill arising on this acquisition is not expected to be deductible for tax purposes.
c) IZI Healthcare Products, LLC
\u00a3m
Non-current assets
Intangible assets 64.4
Property, plant and equipment 7.1
Deferred tax 9.6
Current assets
Inventories 7.7
Trade and other receivables 7.3
Cash and cash equivalents 0.3
Total assets 86.9
Current liabilities
Payables (2.9)
Borrowings (53.8)
Lease liabilities (0.6)
Tax liabilities (9.0)
Non-current liabilities
Lease liabilities (4.7)
Deferred tax liabilities (4.6)
Total liabilities (63.7)
Net assets of business acquired 23.2
Initial cash consideration paid 84.1
Other adjustments to consideration 0.8
Deferred contingent purchase consideration 0.7
Total consideration 87.5
Total goodwill 64.3
On 30 September 2022, the Group acquired the entire share capital of IZI Medical Products, LLC (IZI), for total consideration of \u00a387.5m
(US$97.4m). The initial consideration of \u00a384.1m comprised a gross price of \u00a3137.9m (US$153.5m) less debt acquired of \u00a353.8m (US$59.9m)
which was settled immediately on acquisition. Other adjustments to consideration reflected adjustments for acquired working capital
of \u00a31.9m (US$2.1m). For the acquisition the maximum contingent consideration payable was \u00a313.0m (US$14.5m) based on profit-based
targets for the year ending 31 March 2023, of which \u00a31.5m (US$1.8m) was estimated as the payable at the acquisition date.
IZI, based in Baltimore, Maryland, USA, is a leading designer, manufacturer and distributor of medical devices used across a range of
diagnostic and therapeutic procedures. IZI continues to run under its own management team and has joined the Healthcare sector.
On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a319.9m); trade names (\u00a32.6m) and
technology related intangibles (\u00a341.9m).
The residual goodwill of \u00a364.3m represents:
a) the technical expertise of the acquired workforce;
b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and
c) the ability to exploit the Group\u2019s existing customer base.
IZI contributed \u00a315.1m of revenue and \u00a33.2m of profit after tax for the year ended 31 March 2023. If this acquisition had been held since
the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a314.2m and \u00a32.5m
higher respectively.
Acquisition costs totalling \u00a31.6m were recorded in the Consolidated Income Statement.
The goodwill arising on the IZI acquisition is expected to be deductible for tax purposes.
d) WEETECH Holding GmbH
\u00a3m
Non-current assets
Intangible assets 17.8
Property, plant and equipment 6.6
Deferred tax 9.0
Current assets
Inventories 3.9
Trade and other receivables 1.6
Cash and cash equivalents 2.3
Total assets 31.8
Current liabilities
Payables (4.6)
Borrowings (1.1)
Lease liabilities (9.0)
Tax liabilities (1.1)
Non-current liabilities
Lease liabilities (1.1)
Deferred tax liabilities (5.1)
Total liabilities (16.4)
Net assets of business acquired 15.4
Initial cash consideration paid 46.1
Other adjustments to consideration 0.7
Total consideration 47.0
Total goodwill 31.6
On 4 October 2022, the Group acquired the entire share capital of WEETECH Holding GmbH (WEETECH), for total consideration of
\u00a347.0m (\u20ac53.8m), which comprised initial cash consideration of \u00a346.1m (\u20ac52.8m) and subsequent working capital adjustments of \u00a30.9m
(\u20ac1.0m). The initial consideration of \u00a346.1m reflects a gross purchase price of \u00a350.2m (\u20ac57.5m) less debt acquired of \u00a36.6m (\u20ac7.6m)
which was settled immediately post-acquisition plus other debt-like adjustments of \u00a32.5m (\u20ac2.9m). There is no contingent
consideration payable.
WEETECH, headquartered in Wertheim, Germany, designs and manufactures safety-critical electrical testing technology for the
aviation, rail, automotive and engineering sectors. Its products ensure high and low voltage electric systems remain compliant
with increasing safety regulation. WEETECH continues to run under its own management team and has joined the Safety sector.
On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a310.9m); trade names (\u00a32.1m) and
technology related intangibles (\u00a34.6m).
The residual goodwill of \u00a331.6m represents:
a) the technical expertise of the acquired workforce;
b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and
c) the ability to exploit the Group\u2019s existing customer base.
WEETECH contributed \u00a38.7m of revenue and \u00a31.8m of profit after tax for the year ended 31 March 2023. If this acquisition had been
held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a39.3m
and \u00a31.4m higher respectively.
Acquisition costs totalling \u00a31.0m were recorded in the Consolidated Income Statement.
The goodwill arising on the WEETECH acquisition is not expected to be deductible for tax purposes.
e) Thermocable (Flexible Elements) Limited
\u00a3m
Non-current assets
Intangible assets 13.0
Property, plant and equipment 0.4
Current assets
Inventories 0.5
Trade and other receivables 0.7
Cash and cash equivalents 1.0
Total assets 17.5
Current liabilities
Payables (0.6)
Tax liabilities (0.6)
Non-current liabilities
Deferred tax liabilities (3.1)
Total liabilities (2.2)
Net assets of business acquired 13.1
Initial cash consideration paid 22.0
Other adjustments to consideration 0.1
Total consideration 22.5
Total goodwill 8.6
On 31 January 2023, the Group acquired the entire share capital of Thermocable (Flexible Elements) Limited (Thermocable) for \u00a322.5m,
which comprised the purchase price of \u00a322.0m and net cash/debt adjustments of \u00a30.5m. There is no contingent consideration payable.
Thermocable, based in Bradford, UK, is a leading developer and manufacturer of Linear Heat Detectors (LHDs). LHDs are temperature
sensitive cables, installed in areas at risk of overheating and fire, which trigger an alert when they detect a change of temperature.
Thermocable has joined the Group as part of the Safety sector fire detection business, Apollo.
On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a38.7m); trade name (\u00a31.6m) and
technology related intangibles (\u00a32.7m). The residual goodwill of \u00a39.4m represents:
a) the technical expertise of the acquired workforce;
b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and
c) the ability to exploit the Group\u2019s existing customer base.
Thermocable contributed \u00a31.3m of revenue and \u00a30.5m of profit after tax for the year ended 31 March 2023. If this acquisition had been
held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a35.3m
higher and \u00a31.5m higher respectively.
Acquisition costs totalling \u00a30.4m were recorded in the Consolidated Income Statement.
The goodwill arising on this acquisition is not expected to be deductible for tax purposes.
f) FirePro Group
\u00a3m
Non-current assets
Intangible assets 81.0
Property, plant and equipment 4.8
Current assets
Inventories 8.4
Trade and other receivables 1.9
Cash and cash equivalents 0.8
Total assets 96.1
Current liabilities
Payables (0.5)
Lease liabilities (0.8)
Tax liabilities (0.4)
Non-current liabilities
Lease liabilities (0.7)
Deferred tax liabilities (10.1)
Total liabilities (14.1)
Net assets of business acquired 82.0
Initial cash consideration paid 132.0
Other adjustments to consideration 0.4
Total consideration 133.2
Total goodwill 51.2
On 27 March 2023, the Group acquired the FirePro Group (FirePro) for total consideration of \u00a3133.2m (\u20ac151.3m), which comprised the
cash and debt-free purchase price of \u00a3132.0m (\u20ac150.0m) and other adjustments of \u00a31.2m (\u20ac1.3m). There is no contingent consideration
payable. Directly or through another company acquired, the acquisition comprised the entire share capital of Skyterra Investments Ltd,
Nisolio Investments Ltd, P.J.K.A Investments Ltd, FirePro Systems Ltd, Celanova Limited and I.D. Infinity Developments Cyprus Ltd.
FirePro, based in Cyprus, is a leading designer and manufacturer of aerosol-based fire suppression systems. FirePro continues to run
under its own management team and has joined the Safety sector.
On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a344.9m); trade name (\u00a37.1m) and
technology related intangibles (\u00a329.0m). The residual goodwill of \u00a351.2m represents:
a) the technical expertise of the acquired workforce;
b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and
c) the ability to exploit the Group\u2019s existing customer base.
FirePro contributed \u00a30.4m of revenue and \u00a30.1m of profit after tax for the year ended 31 March 2023. If this acquisition had been held
since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a319.8m higher
and \u00a39.2m higher respectively.
Acquisition costs totalling \u00a31.6m were recorded in the Consolidated Income Statement.
The goodwill arising on this acquisition is not expected to be deductible for tax purposes.
g) Other acquisitions
\u00a3m
Non-current assets
Intangible assets 0.3
Property, plant and equipment 0.4
Current assets
Inventories 1.0
Trade and other receivables 9.6
Cash and cash equivalents 1.1
Total assets 3.8
Current liabilities
Payables (0.6)
Lease liabilities \u2013
Non-current liabilities
Lease liabilities (9.0)
Provisions (9.0)
Deferred tax liabilities (0.4)
Total liabilities (1.1)
Net assets of business acquired 4.5
Initial cash consideration paid 6.8
Other adjustments to consideration (9.0)
Total consideration 4.8
Total goodwill 4.9
On 21 November 2022, Ocean Optics Inc., a photonics technology company in the Group\u2019s Environment and Analysis sector, bought the
assets and IP associated with laser-induced breakdown spectroscopy from Rigaku Analytical Devices Inc., and Rigaku Americas Holding
Inc., in the United States for consideration of \u00a31.0m (US$1.1m).
On 8 March 2023, the Group acquired the entire share capital of Zonegreen 2013 Ltd and its subsidiary company, Zonegreen Ltd, for total
cash consideration of \u00a33.8m. Zonegreen, based in Sheffield, is renowned for its Rail Depot Personnel Protection System (DPPS\u2122) and has
joined the Group company Sentric, within the Safety sector.
In respect of these acquisitions, the excess of the fair value of the consideration paid over the fair value of the assets acquired is
represented by customer related intangibles of \u00a30.3m; trade name of \u00a30.3m and technology related intangibles of \u00a30.7m; with residual
goodwill arising of \u00a32.0m.
These acquisitions contributed \u00a30.4m of revenue and \u00a30.2m of profit after tax cumulatively for the year ended 31 March 2023. If these
acquisitions had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax
would have been \u00a32.7m and \u00a30.3m higher respectively.
Acquisition costs totalling \u00a30.2m were recorded in administrative expenses in the Consolidated Income Statement. The goodwill arising
on these acquisitions is not expected to be deductible for tax purposes.
h) Adjustments arising on prior year acquisitions
\u00a3m
Non-current liabilities
Provisions (0.4)
Total liabilities (0.4)
Net adjustment to assets of business acquired in prior years (0.4)
Adjustment to goodwill 0.3
In finalising the acquisition accounting for the prior year acquisition of International Light Technologies Inc., an adjustment of \u00a30.3m was
made to include a provision for sales tax on pre-acquisition sales. This resulted in an increase in goodwill of \u00a30.3m.
The adjustment is not material and as such the comparative balance sheet was not restated; instead, the adjustments have been made
through the current year.
26 Notes to the Consolidated Cash Flow Statement
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Reconciliation of profit from operations to net cash inflow from operating activities:
Profit on continuing operations before finance income and expense, share of results of associate and profit
on disposal of operations 308.4 278.9
Non-cash movement on hedging instruments 9.0 \u2013
Depreciation and impairment of property, plant and equipment 41.5 74.0
Amortisation and impairment of computer software 6.6 6.1
Amortisation of capitalised development costs and other intangibles 9.2 2.3
Impairment of capitalised development costs 0.1 8.2
Amortisation of acquired intangible assets 48.7 42.7
Impairment of acquired intangible assets 2.5 \u2013
Share-based payment expense in excess of amounts paid 12.9 1.5
Payments to defined benefit pension plans net of service costs (15.1) (11.7)
(Profit)/loss on sale of property, plant and equipment, capitalised development costs and computer software (0.8) 0.8
Operating cash flows before movement in working capital 415.4 364.8
Increase in inventories (54.9) (51.9)
Increase in receivables (16.8) (43.6)
Increase in payables and provisions 15.1 74.0
Revision to estimate and exchange difference on contingent consideration payable less amounts paid in
excess of payable estimated on acquisition 4.9 (12.0)
Cash generated from operations 325.2 293.4
Taxation paid (67.2) (56.0)
Net cash inflow from operating activities 258.0 237.4
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Analysis of cash and cash equivalents
Cash and bank balances 169.5 157.4
Overdrafts (included in current borrowings) (0.9) (0.7)
Cash and cash equivalents 168.5 156.7
31 March
2022
\u00a3m
Cash flow
\u00a3m
Net
cash/(debt)
acquired
\u00a3m
Additions and
reclassifications
\u00a3m
Exchange
adjustments
\u00a3m
31 March
2023
\u00a3m
Analysis of net debt
Cash and bank balances 157.4 0.4 10.1 \u2013 0.2 169.5
Overdrafts (0.7) (0.4) \u2013 \u2013 \u2013 (0.9)
Cash and cash equivalents 156.7 _ 10.1 \u2013 0.2 168.5
Loan notes falling due within one year (20.4) 74.4 \u2013 \u2013 (6.7) \u2013
Loan notes falling due after more than one year (35.0) (338.1) \u2013 \u2013 (3.5) (376.9)
Bank loans falling due within one year (0.6) 65.7 (65.1) \u2013 \u2013 \u2013
Bank loans falling due after more than one year (252.6) (58.1) \u2013 \u2013 10.3 (300.4)
Lease liabilities (72.1) 20.9 (9.3) (24.9) (2.5) (87.9)
Total net debt (274.8) (235.2) (64.3) (24.9) 6.1 (596.7)
The net increase in cash and cash equivalents of \u00a310.1m comprised net cash inflow of \u00a3nil and cash acquired of \u00a310.1m.
The movement in bank loans in the year represents the proceeds and repayments of bank borrowings and the borrowings acquired as a
result of acquisition.
Reconciliation of movements of the Group\u2019s liabilities from financing activities Liabilities from financing activities are those for which cash flows were, or will be, classified as cash flows from financing activities in the Consolidated Cash Flow Statement. Borrowings* \u00a3m Leases \u00a3m Overdraft \u00a3m Total liabilities from financing activities \u00a3m Trade and other payables falling due within one year \u00a3m At 1 April 2021 322.3 31.5 8.5 390.3 186.7 Cash flows from financing activities 28.9 (16.8) \u2013 12.1 (5.9) Acquisition/disposal of subsidiaries \u2013 6.1 \u2013 6.1 11.7 Exchange adjustments 1.8 6.0 \u2013 10.6 4.8 Other changes** \u2013 19.0 (6.8) 16.7 42.9 At 31 March 2022 359.4 72.1 0.7 432.2 242.7 Cash flows from financing activities 256.1 (20.9) \u2013 235.2 (14.4) Acquisition/disposal of subsidiaries 65.1 8.3 \u2013 74.4 8.7 Exchange adjustments (3.3) 6.1 \u2013 (0.8) 12.7 Other changes** \u2013 68.7 0.4 25.2 31.0 At 31 March 2023 677.3 87.9 0.9 766.2 280.7 * Excluding overdrafts ** Other changes include movements in overdraft which is treated as cash, interest accruals, reclassifications from non-current to current liabilities, lease additions and other movements in working capital balances. 27 Financial instruments Policy The Group\u2019s treasury policies seek to minimise financial risks and to ensure sufficient liquidity for the Group\u2019s operations and strategic plans. No complex derivative financial instruments are used and derivative transactions are only entered into to hedge known exposures, and no trading or speculative transactions in financial instruments are undertaken. Where the Group does use financial instruments, these are mainly to manage the currency risks arising from normal operations and its financing. Operations are financed mainly through retained profits and, in certain geographic locations, bank borrowings. Foreign currency risk is the most significant aspect for the Group in the area of financial instruments. It is exposed to a lesser extent to other risks such as interest rate risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and these policies are summarised below. The Group\u2019s policies have remained unchanged since the beginning of the financial year. Details of the significant accounting policies and methods adopted (including the criteria for recognition, the basis of measurement and the bases of recognition of income and expenses) for each class of financial asset, financial liability and equity instrument are disclosed in the Accounting Policies note. Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 19 to the Financial statements, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements. Foreign currency risk The Group is exposed to foreign currency risk as a consequence of both trading with foreign companies and owning subsidiaries located in foreign countries. The Group earns a significant proportion of its profit in currencies other than Sterling. This gives rise to translational currency risk, where the Sterling value of profits earned by the Group\u2019s foreign subsidiaries fluctuates with the strength of Sterling relative to their operating (or \u2018functional\u2019) currencies. The Group does not hedge this risk, so its reported profit is sensitive to the strength of Sterling, particularly against the US Dollar and Euro. The Group also has transactional currency exposures. These arise on sales or purchases by operating companies in currencies other than the companies\u2019 operating (or \u2018functional\u2019) currency. Significant sales and purchases are matched where possible and a proportion of the net exposure is hedged by means of forward foreign currency contracts. The Group has significant investments in overseas operations in the US and EU, with further investments in Australia, New Zealand, Singapore, Switzerland, Brazil, China and India. As a result, the Group\u2019s balance sheet can be affected by movements in these jurisdiction\u2019s exchange rates. Where significant and appropriate, currency denominated net assets are hedged by currency borrowings. These currency exposures are reviewed regularly. Interest rate risk The Group is exposed to interest rate fluctuations on its borrowings and cash deposits. Where bank borrowings are used to finance operations they tend to be short-term with floating interest rates. Longer-term funding is provided by the Group\u2019s bank loan facilities which are at floating rates, or by the Group\u2019s fixed rate United States Private Placements completed in November 2015 and May 2022. Surplus funds are placed on short-term fixed rate deposit or in floating rate deposit accounts . Credit risk Credit risk is defined as the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. Credit ratings are supplied by independent agencies where available, and if not available, the Group uses other publicly available financial information and its own trading records to rate its major customers. Credit exposure is controlled by counterparty limits that are reviewed regularly. Trade receivables consist of a large number of customers, spread across diverse industries and geographic areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased. The carrying amount of trade, tax and other receivables, contract assets, derivative financial instruments and cash of \u00a3567.9m (2022: \u00a3474.7m) represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. There have been no changes to the credit ratings of these counterparties in the last financial year. Liquidity risk The Group has a syndicated multi-currency revolving credit facility of \u00a3550m. The facility, in Sterling, US Dollar, Euro, Australian Dollar and Swiss Franc, currently runs to May 2027 with two one-year extension options. Since the end of the year, the first one-year extension has been exercised, with the subsequent maturity date of May 2028. In May 2023, a new United States Private Placement of \u00a3330m was completed, and \u00a335m of the November 2015 United States Private Placement remains. These facilities are the main sources of long-term funding for the Group with further detail below in the borrowing facilities section. The financial covenants on the facilities at year-end are for leverage (net debt/adjusted EBITDA) of not more than 3.5 times and for adjusted interest cover of not less than four times. All covenants have been complied with. The Group has a strong cash flow and the funds generated by operating companies are managed regionally based on geographic location. Funds are placed on deposit with secure, highly-rated banks. For short-term working capital purposes, some operating companies utilise local bank overdrafts. These practices allow a balance to be maintained between continuity of funding, security and flexibility. Currency exposures Translational exposures It is estimated, by reference to the Group\u2019s US Dollar and Euro denominated profits, that a one per cent change in the value of the US Dollar relative to Sterling would have had a \u00a32.0m (2022: \u00a31.6m) impact on the Group\u2019s reported profit before tax; and a one per cent change in the value of the Euro relative to Sterling would have had a \u00a30.5m (2022: \u00a30.4m) impact on the Group\u2019s profit before tax for the year ended 31 March 2023. Transactional exposures The Group has net foreign currency monetary assets and liabilities that are assets and liabilities not denominated in the functional currency of the underlying company. These comprise cash and overdrafts as well as certain trade receivable and payable balances. These foreign currency monetary assets and liabilities give rise to the net currency gains and losses recognised in the Consolidated Income Statement as a result of movement in exchange rates. The exposures are predominantly US Dollar and Euro. Group policy is for a significant portion of foreign currency exposures, including sales and purchases, to be hedged by forward foreign exchange contracts in the company in which the transaction is recorded. Interest rate risk profile The Group\u2019s financial assets which are subject to interest rate fluctuations comprise interest-bearing cash equivalents which totalled \u00a33.0m at 31 March 2023 (2022: \u00a31.4m). These comprised Sterling denominated bank deposits of \u00a31.0m (2022: \u00a30.3m), and Euro, US Dollar and Renminbi bank deposits of \u00a32.0m (2022: \u00a31.1m) which earn interest at local market rates. Cash balances of \u00a3166.5m (2022: \u00a3156.0m) earn interest at local market rates. The financial liabilities which are subject to interest rate fluctuations comprise bank loans and overdrafts which totalled \u00a3301.4m at 31 March 2023 (2022: \u00a3253.9m). Bank loans bear interest at floating rates based either on the EURIBOR or risk-free overnight rates of the currency in which the liabilities arise plus a margin. Bank overdrafts bear interest at local market rates. Where interest is based on EURIBOR rates the fixed period can be up to six months. The loan notes related to the United States Private Placement attract interest at a weighted average fixed rate of 2.90% . The Group\u2019s weighted average interest cost on net debt for the year was 3.67% (2022: 2.78%). Excluding IFRS 16 lease liabilities, the
weighted average interest cost on net debt for the year was 3.71% (2022: 2.23%).
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Analysis of interest-bearing financial liabilities
Sterling denominated bank loans 45.0 28.0
US Dollar denominated bank loans 80.8 125.9
Euro denominated bank loans 143.6 65.1
Australian Dollar denominated bank loans \u2013 91.1
Swiss Franc denominated bank loans 31.0 18.2
Brazilian Reais denominated bank loans \u2013 0.5
Total bank loans 300.4 253.2
Overdrafts (principally Sterling and US Dollar denominated) 0.9 5.4
Sterling denominated loan notes 120.0 59.0
US Dollar denominated loan notes 80.8 23.5
Euro denominated loan notes 140.6 23.7
Swiss Franc denominated loan notes 35.5 \u2013
Total interest-bearing financial liabilities 678.3 360.1
For the year ended 31 March 2023, it is estimated that a general increase of one percentage point in interest rates would have reduced
the Group\u2019s profit before tax by \u00a31.7m (2022: \u00a32.6m).
Maturity of financial liabilities
The gross contractual maturities of the Group\u2019s non-derivative financial liabilities that are neither current nor on demand are as follows.
One to
two years
\u00a3m
Between
two and
five years
\u00a3m
After more
than
five years
\u00a3m
Gross
maturities
\u00a3m
Effect of
discounting/
financing rates
\u00a3m
Total
\u00a3m
At 31 March 2023
Accruals 0.4 9.0 0.6 0.6 \u2013 0.6
Other payables 0.1 9.0 0.3 3.9 \u2013 3.9
Contingent purchase consideration 3.4 \u2013 \u2013 3.4 \u2013 3.4
Bank loans \u2013 300.4 \u2013 300.4 \u2013 300.4
Loan notes 10.8 158.3 263.5 432.6 (55.7) 376.9
Lease liabilities 18.9 38.4 21.0 78.3 (9.6) 15.2
34.8 497.3 286.0 818.1 (65.3) 752.8
One to
two years
\u00a3m
Between
two and
five years
\u00a3m
After more
than
five years
\u00a3m
Gross
maturities
\u00a3m
Effect of
discounting/
financing rates
\u00a3m
Total
\u00a3m
At 31 March 2022
Accruals 5.0 5.9 5.0 0.9 \u2013 0.9
Other payables 9.9 5.9 9.6 6.0 \u2013 6.0
Contingent purchase consideration 9.0 5.3 \u2013 4.8 \u2013 4.8
Bank loans 252.6 \u2013 \u2013 252.6 \u2013 252.6
Loan notes 9.9 37.1 \u2013 87.6 (3.2) 35.0
Lease liabilities 17.2 37.5 14.6 42.7 (12.7) 13.3
273.8 75.4 16.2 365.4 (15.9) 349.5
The Group\u2019s bank loans are revolving credit facilities and the amount and timing of future payments and drawdowns is unknown. It is
therefore not possible to calculate the interest arising on these loans and we have therefore not disclosed the maturity of the gross cash
flows (including interest) in relation to these liabilities.
Borrowing facilities The Group\u2019s principal sources of long-term funding are its unsecured five-year \u00a3550m Revolving Credit Facility, its \u00a3330m United States Private Placement completed in May 2023 and \u00a335m of United States Private Placement completed in November 2015. The Revolving Credit Facility was refinanced in May 2022 and matures in May 2027 with two one-year extension options. Since the end of the year, the first one-year extension has been exercised, with the subsequent maturity date of May 2028. The United States Private Placement of \u00a3330m was completed in May 2022. The unsecured loan notes were drawn on 12 July 2022 as \u00a385m, \u20ac160m, US$100m and CHF40m at a weighted average fixed interest rate of 2.81%. The loan notes have yearly maturities from year four to year ten, with the first tranche of \u00a348m maturing in July 2026. Interest is payable half yearly. Unsecured loan notes of \u00a335m drawn on 6 January 2016 at a fixed interest rate of 3.05% remain outstanding and mature in January 2026. The Group\u2019s undrawn committed facilities available at 31 March 2023 were \u00a3249.6m (2022: \u00a3297.4m) which matures between two and five years. The Group has an additional short-term unsecured and committed US bank facility of \u00a36.1m maturing in November 2023. The facility was undrawn at 31 March 2023. Other short-term operational funding is provided by cash generated from operations and by local bank overdrafts. These overdraft facilities are uncommitted and are generally renewed on an annual or ongoing basis and hence the facilities expire within one year or less. As part of our cash pooling arrangements UK companies have cross-guaranteed net overdraft facilities of \u00a313.2m (2022: \u00a313.2m). Total net overdrafts relating to cash pooling as at 31 March 2023 were \u00a3nil (2022: \u00a3nil). Total overdrafts for the Group as at 31 March 2023 were \u00a31.0m (2022: \u00a30.7m). Fair values of financial assets and financial liabilities With the exception of the Group\u2019s fixed rate loan notes, there were no significant differences between the book value and fair value (as determined by market value) of the Group\u2019s financial assets and liabilities. The fair value of floating borrowings approximates to the carrying value because interest rates are reset to market rates at intervals of less than one year. The fair value of the Group\u2019s fixed rate loan notes arising from the United States Private Placement completed in May 2022 is estimated to be \u00a3349.6m. The fair value is estimated by discounting the future contracted cash flow using readily available market data and represents a level 2 measurement in the fair value hierarchy under IFRS 7. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow, using readily available market data, and represents a level 2 measurement in the fair value hierarchy under IFRS 7. The fair value of equity investments held at fair value through other comprehensive income is based on the latest observable price where available. Where there are no recent observable prices, adjustments are made based on qualitative indicators, such as the financial performance of the entity, performance against operational milestones and future outlook. This represents a level 3 measurement in the fair value hierarchy under IFRS 7. The fair value of deferred contingent consideration arising on acquisitions is calculated by estimating the possible future cash flows for the acquired company identified as best, base and worst-case scenarios, using probability weightings of 25%, 50% and 25% respectively. These scenarios are based on management\u2019s knowledge of the business and how the current economic environment is likely to impact it. The relevant future cash flows are dependent on the specific terms of the sale and purchase agreement. Those terms are as follows: \u2022 Spreo \u2013 Based on 30% of qualifying healthcare revenue for the 18-month period from 1 April 2022 to 30 September 2023 up to a maximum earnout of US$2.0m (\u00a31.6m). \u2022 Orca \u2013 For the periods ending 31 March 2023 and 31 March 2024 based on 3 times multiple of EBIT above the higher of the target threshold of \u20ac0.9m (\u00a30.8m) or prior year EBIT. Subject to a maximum overall earnout of \u20ac2.5m (\u00a32.1m). \u2022 Clayborn Lab \u2013For the year ended 30 September 2023 equal to revenue in excess of the higher of an annual revenue target of US$3.5m (\u00a32.7m) or the prior period revenue, subject to a maximum of US$1.0m (\u00a30.8m). \u2022 IZI \u2013 Based on 14 times multiple of EBIT between the minimum threshold of US$11.0m (\u00a38.9m) and the maximum threshold of US$12.0m (\u00a39.7m) for the period ending 31 March 2023. Subject to a maximum overall earnout of US$14.5m (\u00a311.7m). \u2022 Infinite Leap \u2013 Based on a split of the business between Enterprise Solutions and Prompt Health. For Enterprise Solutions for the year ended 30 September 2023 based on 4 times multiple of gross margin above the higher of a target threshold of US$6.1m or the prior year gross margin, subject to a maximum of US$6.0m. For Prompt Health for the year ended 30 September 2023 based on 2.3 times multiple of gross margin from recurring revenue above the higher of a target threshold of US$4.3m or the prior year gross margin, subject to a maximum of US$7.5m. For Prompt Health for the year ended 30 September 2024 based on 2 times multiple of gross margin from recurring revenue above the prior year gross margin subject to a maximum of US$4.0m. This calculation represents a level 3 measurement in the fair value hierarchy under IFRS 7. The fair value is sensitive to the weighting
assigned to the expected future cash flows. For those earnouts where the payable is based on expectations of future cash flows, a
change in weighting of 10 percentage points towards the best-case scenario would result in an increase in the estimate of future cash
flows as follows:
Current
expected
future
cash flow
\u00a3m
10 pp shift
in weighting
towards upside
expectation
\u00a3m
Spreo 9.0 9.0
Orca \u2013 \u2013
Clayborn Lab \u2013 \u2013
Infinite Leap 6.8 0.6
Classification of financial assets and liabilities
All financial assets and liabilities, with the exception of financial assets at fair value through other comprehensive income, derivatives
and contingent purchase consideration, are classified as amortised cost for accounting purposes.
Derivatives in a hedging relationship are classified as cash flow hedging instruments. Derivatives not in a hedging relationship are
classified as fair value through profit or loss.
Contingent purchase consideration is classified as fair value through profit or loss.
Hedging
The Group\u2019s policy is to hedge significant sales and purchases denominated in foreign currency using forward currency contracts.
These instruments are initially recognised at fair value, which is typically \u00a3nil, and subsequent changes in fair value are taken to the
Consolidated Income Statement, unless hedge accounted.
The following table details the foreign currency contracts outstanding as at the year end, which mostly mature within one year and,
therefore, the cash flows and resulting effect on profit and loss are expected to occur within the next 12 months:
Average exchange rate/\u00a3 Foreign currency Contract value Fair value
31 March
2023
31 March
2022
31 March
2023
m
31 March
2022
m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Forward contracts
not in a designated
cash flow hedge
US Dollars 1.21 \u2013 2.8 \u2013 3.2 \u2013 (9.0) \u2013
Euros 1.13 \u2013 0.6 \u2013 0.1 \u2013 \u2013 \u2013
Other currencies \u2013 \u2013 \u2013 \u2013 1.2 3.4 (9.0) 0.2
10.9 3.4 (0.6) 0.2
Forward contracts
in a designated
cash flow hedge
US Dollars vs GBP 1.20 1.37 17.6 10.1 13.4 4.0 0.7 (0.3)
Euros vs GBP 1.13 1.18 67.0 18.6 25.5 15.8 \u2013 \u2013
Other trades \u2013 \u2013 \u2013 \u2013 1.1 6.2 9.0 (5.9)
45.5 31.1 1.0 (8.1)
Total forward
contracts
US Dollars 1.20 1.37 22.1 10.1 17.1 4.0 0.6 (0.3)
Euros 1.13 1.18 31.2 18.6 26.0 15.8 \u2013 \u2013
Other currencies \u2013 \u2013 \u2013 \u2013 13.3 11.3 \u2013 5.9
56.4 34.5 0.6 (0.2)
Amounts recognised in the Consolidated Income Statement (0.4) 0.2
Amounts recognised in the Consolidated Statement of Comprehensive Income and Expenditure 0.7 (8.1)
0.6 (0.2)
27 Financial instruments continued
The fair values of the forward contracts are disclosed as a \u00a31.5m (2022: \u00a30.7m) asset and \u00a30.9m (2022: \u00a30.9m) liability in the Consolidated
Balance Sheet. Of the \u00a36.7m (2022: \u00a33.4m) of open contracts for other currencies not in a designated cash flow hedge \u00a35.0m (2022: \u00a3nil)
relates to a Swiss Franc contract for expected repayment of intercompany loan balances.
Any movements in the fair values of the contracts in a designated cash flow hedge are recognised in equity until the hedged transaction
occurs, when gains/losses are recycled to finance income or finance expense.
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Analysis of movement in the Hedging reserve
Amounts removed from Consolidated Statement of Comprehensive Income and Expenditure and included
in Consolidated Income Statement during the year 9.6 (9.9)
Amounts recognised in the Consolidated Statement of Comprehensive Income and Expenditure 0.7 (8.1)
Net movement in the Hedging reserve in the year in relation to the effective portion of changes in fair
value of cash flow hedges 0.3 (0.6)
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument.
There was no ineffectiveness arising with regards to net investment hedges or forward contracts in a designated cash flow hedge.
The foreign currency forwards are denominated in the same currency as the highly probable future transactions. With the exception
of currency exposures, the disclosures in this note exclude short-term receivables and payables.
Market risk
The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group enters into
financial instruments to manage its exposure to foreign currency risk, including:
\u2022 forward foreign exchange contracts to hedge the exchange rate risk arising on the export of goods to and from the USA, Mainland
Europe and the UK; and
\u2022 foreign exchange loans to hedge the exchange rate risk arising on translation of the Group\u2019s investment in foreign operations which
have the Euro, US Dollar, Australian Dollar and Swiss Franc as their functional currencies.
Bank loans and loan notes with a carrying value set out in the table on page 228 as well as non-GBP intercompany loans are used as
net investment hedges for foreign currency net assets with carrying value of \u20ac323.4m (2022: \u20ac105.0m), US$200.0m (2022: US$196.5m),
CHF75.0m (2022: CHF22.1m) and NZ$11.7m (2022: NZ$11.3m). The hedging ratio was 1:1. The change in the carrying value of the
borrowings that was recognised in other comprehensive income was a loss of \u00a37.4m (2022: loss of \u00a38.6m).
Market risk exposures are measured using sensitivity analysis as described below.
There has been no change to the Group\u2019s exposure to market risks or in the manner in which these risks are managed and measured.
Foreign currency sensitivity analysis
The Group is mainly exposed to the currency of the US (US Dollar) and the currency of Mainland Europe (Euro).
The carrying amount of the Group\u2019s US Dollar and Euro denominated monetary assets and monetary liabilities at the reporting date are
as follows:
Assets Liabilities
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
US Dollar 1,275.4 1,058.0 331.5 300.7
Euro 541.5 296.1 374.6 144.6
If Sterling increased by 10% against the US Dollar and the Euro, profits before taxation and other equity would decrease as follows:
US Dollar Euro
31 March
2023
\u00a3m
31 March
2022
\u00a3m
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Profit 17.8 14.4 3.2 7.7
Other equity 85.8 35.5 15.2 13.8
The profit sensitivity arises mainly from the translation of overseas profits earned during the year. 10% is the sensitivity rate which
management assesses to be a reasonably possible change in foreign exchange rates. The Group\u2019s profit sensitivity has increased against
the US Dollar because more of the Group\u2019s profits is earned in this currency.
Halma plc | Annual Report and Accounts 2023 231
Governance
Other
Information
Financial
Statements
Strategic
Report
28 Leases
The Group has lease contracts for land and buildings, as well as various items of plant, machinery, vehicles and other equipment used in
its operations. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with
low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.
Right-of-use assets by asset category
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period, split by asset category:
Land and
buildings
\u00a3m
Plant,
equipment
and vehicles
\u00a3m
Total
\u00a3m
Cost, net of accumulated depreciation and accumulated impairment
At 1 April 2022 64.5 6.1 67.0
Assets of businesses acquired 7.0 0.4 8.3
Additions 16.5 6.6 18.7
Remeasurements 6.4 \u2013 6.4
Depreciation charge for the year (17.1) (0.3) (18.4)
Exchange adjustments 6.6 \u2013 6.6
At 31 March 2023 79.3 3.2 83.0
At 31 March 2023
Cost 154.2 1.7 160.7
Accumulated depreciation and accumulated impairment (74.9) (4.5) (77.7)
Net carrying amount 79.3 3.2 83.0
Lease liabilities
Set out below are the carrying amounts of lease liabilities included under current and non-current liabilities and the movements during
the period:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
At 1 April 2022 72.1 31.5
Additions and remeasurements 22.0 16.8
Accretion of interest 4.8 8.8
Payments (20.9) (16.8)
Liabilities of business acquired (note 25) 8.3 0.3
Liabilities of business disposed \u2013 (6.9)
Exchange adjustments 6.1 6.0
At 31 March 2023 87.9 24.0
Current 19.2 91.1
Non-current 15.2 13.3
At 31 March 2023 87.9 24.0
The maturity analysis of lease liabilities is disclosed in note 27.
The following are the amounts recognised in Consolidated Income Statement:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Depreciation expense of right-of-use assets 18.4 14.6
Impairment expense of right-of-use assets \u2013 \u2013
Interest expense on lease liabilities 4.8 6.8
Expense relating to short-term leases and leases of low-value assets 0.4 5.8
Total amount recognised in Consolidated Income Statement 21.6 17.2
The Group had total cash outflows for leases of \u00a320.9m in the year (2022: \u00a316.8m).
28 Leases continued Extension options Some leases of buildings contain extension options exercisable by the Group before the end of the non-cancellable contract period. Where practical, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not the lessors. For extension options exercisable within five years of commencement the Group assesses at lease commencement whether it is reasonably certain to exercise the extension options. For options that are exercisable more than five years from commencement the Group assesses whether it is reasonably certain to exercise the option when this option becomes exercisable within five years. The Group will also reassess whether it is reasonably certain to exercise the option where there is a significant event or change in circumstances within its control. As at 31 March 2023, potential future cash outflows of \u00a312.6m (undiscounted) (2022 restated: \u00a313.7m) have not been included in the lease liability because it is not reasonably certain that the leases will be extended. During the current year the financial effect of revising lease terms to reflect the exercising of extension and termination options was an increase in recognised lease liabilities and right-of-use assets of \u00a30.0m (2022: \u00a30.1m). No other lease modifications occurred during the year. The future cash outflows relating to leases that have not yet commenced are \u00a30.7m (2022: \u00a30.0m). 29 Retirement benefits Group companies operate both defined benefit and defined contribution pension plans. The Halma Group Pension Plan and the Apollo Pension and Life Assurance Plan (both UK) have defined benefit sections with assets held in separate trustee administered funds. Both of these sections had already closed to new entrants in 2002/03 and closed to future benefit accruals from December 2014. From that date, the former defined benefit members could join the defined contribution section within the Halma Group Pension Plan (which has now been superseded by a defined contribution Master Trust with Aegon). Overseas subsidiaries have adopted mainly defined contribution plans, with the exception of small defined benefit plans in the Swiss entities of Medicel AG and Robutec AG. Total pension costs of \u00a318.2m (2022: \u00a314.2m) recognised in employee costs (note 7), comprise \u00a317.7m (2022: \u00a313.7m) related to defined contribution plans and \u00a30.5m (2022: \u00a30.5m) related to defined benefit plans, including administration expenses of \u00a3nil (2022: \u00a3nil). Defined contribution plans The amount charged to the Consolidated Income Statement in respect of defined contribution plans was \u00a317.7m (2022: \u00a313.7m) and represents contributions payable to these plans by the Group at rates specified in the rules of the plans. The assets of the plans are held separately from those of the Group in funds under the control of asset managers or trustees. Defined benefit plans The Group\u2019s significant defined benefit plans were for qualifying employees of its UK subsidiaries. Under the plans, members are entitled to retirement benefits of up to two-thirds of final pensionable salary on attainment of a retirement age of 60, for former members of the Executive Board, and 65, for all other qualifying employee members. No other post-retirement benefits are provided. The plans are funded plans. The most recent actuarial valuation of the Halma Group Pension Plan was carried out for the Trustees of the Plan as at 30 November 2020 by Mr M Whitcombe, Fellow of the Institute and Faculty of Actuaries, of Mercer Limited. The present value of the liabilities was measured using the Projected Unit method. This method is an accrued benefits valuation method in which the plan liabilities include an allowance for projected earnings. The most recent actuarial valuation of the Apollo Pension and Life Assurance Plan was carried out for the Trustees of the Plan as at 1 April 2021 by Mr M Whitcombe, Fellow of the Institute and Faculty of Actuaries, also of Mercer Limited. The same Projected Unit method was used. The plans\u2019 triennial actuarial valuation reviews, rather than the accounting basis, are used to evaluate the level of any cash payments into the plan. Based on these valuations, the Trustees of the UK plans, having consulted with the Group, agreed past service deficit recovery payments to be made for the immediate future with the objective of funding the plans in excess of the Technical Provisions valuation. During the year ended 31 March 2023, the aggregate payments made since the last triennial actuarial valuation, coupled with the performance of the plan assets and movement in the liabilities resulted in the Halma Group Pension Plan being funded over the trustees\u2019 secondary funding target and closer to the expected current valuation on a solvency basis. As a result, it has been agreed with the trustees of the Halma Group Pension Plan that contributions will be suspended until April 2025, when they will either fall due or be superseded by cash contributions agreed with the trustees in respect of the latest triennial actuarial valuation. As a result, we expect contributions to the UK plans in the 2024 financial year to be \u00a33.6m, relating specifically to the Apollo Pension and Life Assurance Plan. An alternative to the Projected Unit method is a valuation on a solvency basis, which is an estimate of the cost of buying out benefits with a suitable insurance company. This amount represents the amount that would be required to settle the plan liabilities rather than the Group continuing to fund the ongoing liabilities of the Plans. Following the last triennial actuarial valuation the estimate of the solvency liability was \u00a3106.1m as at 30 November 2020 for the Halma Group Pension Plan and \u00a344.1m as at 1 April 2021 for the Apollo Pension and Life Assurance Plan . Halma plc | Annual Report and Accounts 2023 233 Governance Other Information Financial Statements Strategic Report 31 March
2023
31 March
2022
31 March
2021
Key assumptions used (UK plans):
Discount rate 4.75% 2.80% 1.95%
Expected return on plan assets 4.75% 2.80% 1.95%
Pension increases LPI 2.5% 2.10% 2.20% 2.10%
Pension increases LPI 3.0% 2.45% 2.55% 2.40%
Inflation \u2013 RPI 3.30% 3.60% 3.20%
Inflation \u2013 CPI 2.50% 2.85% 2.40%
Mortality assumptions
The base mortality tables utilised are consistent with those used in the last completed triennial valuations. The latest published CMI
mortality projection tables (CMI2021) have been used with a long-term improvement rate of 1.25% pa and a w2021 parameter of 10%.
The assumed life expectations on retirement at age 65 are:
31 March
2023
Years
31 March
2022
Years
31 March
2021
Years
Retiring today:
Males 22.3 22.4 22.4
Females 24.7 41.5 24.3
Retiring in 20 years:
Males 23.8 23.9 24.2
Females 41.4 63.6 63.6
The sensitivities regarding the principal assumptions used to measure the UK plan liabilities are set out below:
Assumption Change in assumption Impact on plan liabilities
Discount rate Increase/decrease by 0.5% Decrease by 6.5%/increase by 7.3%
Rate of inflation Increase/decrease by 0.5% Increase by 4.2%/decrease by 4.2%
Rate of mortality Increase by one year Increase by 2.8%
These sensitivities have been calculated to show the impact on the plan liabilities in isolation and assume no other changes in market
conditions at the reporting date. This may not be representative of the actual change as the changes in assumptions would likely not
occur in isolation \u2013 for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by
the Group\u2019s Schemes.
Amounts recognised in the Consolidated Income Statement in respect of the UK and Swiss defined benefit plans are as follows:
31 March 2023 31 March 2022
UK defined
benefit plans
\u00a3m
Other defined
benefit plans
\u00a3m
Total
\u00a3m
UK defined
benefit plans
\u00a3m
Other defined
benefit plans
\u00a3m
Total
\u00a3m
Current service cost \u2013 0.1 0.1 \u2013 5.0 0.4
Net interest (credit)/charge on pension plan assets/
liabilities (1.1) \u2013 (1.1) 5.8 \u2013 0.3
(1.1) 0.1 (0.6) 5.8 5.0 5.4
Actuarial gains and losses have been reported in the Consolidated Statement of Comprehensive Income and Expenditure. The actual
return on plan assets was a loss of \u00a370.2m (2022: gain of \u00a312.2m).
The cumulative amount of actuarial losses recognised in the Consolidated Statement of Comprehensive Income and Expenditure since
the date of transition to IFRS is \u00a357.1m (2022: \u00a348.3m).
The amount included in the Consolidated Balance Sheet arising from the Group\u2019s asset/obligations in respect of its defined benefit
retirement plans is as follows:
31 March 2023 31 March 2022
UK defined
benefit plans
\u00a3m
Other defined
benefit plans
\u00a3m
Total
\u00a3m
UK defined
benefit plans
\u00a3m
Other defined
benefit plans
\u00a3m
Total
\u00a3m
Present value of defined benefit obligations (237.2) (9.6) (246.8) (308.7) (5.1) (317.1)
Fair value of plan assets 275.6 3.4 284.7 339.8 6.1 347.6
Net retirement benefit asset/(obligation) 38.4 (9.7) 37.9 31.1 (0.6) 30.5
Plans with net retirement benefit assets 38.4 \u2013 38.4 31.1 \u2013 31.1
Plans with net retirement benefit obligations \u2013 (9.7) (9.7) \u2013 (0.6) (0.6)
Movements in the present value of the UK and Swiss defined benefit obligations were as follows:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
At beginning of year (317.1) (355.6)
Service cost (9.7) (0.5)
Interest cost (0.5) (6.7)
Remeasurement gains/(losses):
Actuarial gains arising from changes in financial assumptions 87.2 44.2
Actuarial losses arising from experience adjustments (16.1) (5.1)
Contributions from plan members (0.8) (0.2)
Benefits paid 9.2 95.4
Exchange adjustments (9.7) (0.6)
At end of year (246.8) (317.1)
Movements in the fair value of the UK and Swiss plan assets were as follows:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
At beginning of year 347.6 333.1
Interest income 9.7 3.0
Actuarial (losses)/gains excluding interest income (79.9) 1.7
Contributions from the sponsoring companies 15.6 12.2
Contributions from plan members 9.6 0.2
Benefits paid (9.2) (10.7)
Exchange adjustments 0.1 5.3
At end of year 284.7 347.6
The cash contributions of \u00a315.6m include a \u00a31.3m contribution related to Texecom in respect of obligations under section 75 of the
Pensions Act 1995 following its disposal in the prior year (Note 30).
The net movement on actuarial gains and losses of the UK and Swiss plans was as follows:
Year ended
31 March
2023
\u00a3m
Year ended
31 March
2022
\u00a3m
Defined benefit obligations 71.1 35.8
Fair value of plan assets (79.9) 1.7
Net actuarial (losses)/gains (8.8) 10.3
The analysis of the UK plan assets and the expected rate of return at the balance sheet date were as follows:
Fair value of UK plan assets
31 March
2023
\u00a3m
31 March
2022
\u00a3m
Equity instruments
Quoted 10.1 101.1
Debt instruments
Quoted 166.7 180.7
Unquoted 38.3 12.7
Property/infrastructure
Unquoted 20.0 37.1
Cash and cash equivalent
Quoted 40.5 1.8
275.6 339.8
The assets of the schemes are primarily held in pooled investment vehicles which are unquoted. The pooled investment vehicles hold
both quoted and unquoted investments. Scheme assets include neither direct investments in the Company\u2019s ordinary shares, nor any
property assets occupied by Group companies, nor other assets used by the Group.
Equity instruments include UK and Overseas equity funds. Debt instruments include corporate, government and private debt funds.
Property/Infrastructure includes private infrastructure funds and managed property funds. Cash and cash equivalent includes cash at
bank and a liquidity fund.
Expected rate of return
31 March
2023
%
31 March
2022
%
Equity instruments 4.75 2.80
Debt instruments 4.75 2.80
Property/infrastructure/cash 4.75 2.80
4.75 2.80
Assets in the non-UK plans are primarily insurance assets.
In conjunction with the trustees, the Group conducts asset-liability reviews for its defined benefit pension plan. The results of these
reviews are used to assist the trustees and the Group to determine the optimal long-term asset allocation with regard to the structure
of the liabilities of the plan. They are also used to assist the trustees in managing the volatility in the underlying investment performance
and risk of a significant decrease in the defined benefit asset by providing information used to determine the plan\u2019s investment strategy.
As a consequence, the Group is progressively giving more emphasis to a closer return matching of plan assets and liabilities, both to
ensure the long-term security of its defined benefit commitment and to reduce earnings and balance sheet volatility.
Based on the most recent actuarial valuations and agreements with the plan trustees, the estimated amount of contributions expected
to be paid to the UK and Swiss plans during the year ended 31 March 2024 is \u00a34.2m.
The levels of contributions are based on the current service cost and the expected future cash flows of the defined benefit pension plans.
The Group estimates the plan liabilities on average to fall due over 20 and 25 years, respectively, for the Halma and Apollo plans.
The Group has considered the requirements of IFRIC 14 with respect to the UK plans and has determined that it has an unconditional
right to a refund under the plans and therefore IFRIC 14 does not have any practical impact on the plans and so no allowance for it
(and, in particular, no allowance for the asset ceiling) has been made in the calculated figures.
The expected maturity analysis of the undiscounted pension obligation for the next 10 years is as follows:
Less than
one year
\u00a3m
Between
one and
two years
\u00a3m
Between
two and
five years
\u00a3m
Between
five and
ten years
\u00a3m
Total
\u00a3m
At 31 March 2023
Halma 5.4 0.2 26.9 50.5 78.0
Apollo 0.3 0.3 6.4 5.9 14.8
30 Disposal of operations
In the prior year, in August 2021, the Group disposed of its entire interest in Texecom Limited. Cash received on disposal of operations
in the prior year of \u00a357.5m comprised proceeds from the sale of \u00a364.8m, less \u00a34.5m of cash disposed and \u00a32.8m of disposal costs.
The Group recognised a profit on disposal of operations of \u00a334.0m.
31 Contingent liabilities
Group financing exemptions applicable to UK controlled foreign companies
On 2 April 2019, the European Commission (EC) published its final decision that the United Kingdom controlled Foreign Company Partial
Exemption (FCPE) constitutes State Aid. As previously reported, the Group has benefited from the FCPE, which amounts to \u00a315.4m of
tax for the period from 1 April 2013 to 31 December 2018.
Appeals had been made by the UK Government, the Group and other UK-based groups to annul the EC decision. On 8 June 2022,
the EU General Court delivered its decision in favour of the EC. In August 2022, the UK Government appealed this decision.
Notwithstanding this appeal, under EU law, the UK Government is required to commence collection proceedings. In January 2021,
the Group received a Charging Notice from HM Revenue & Customs (HMRC) for \u00a313.9m assessed for the period from 1 April 2016 to
31 December 2018. The Group appealed against the notice but, as there is no right of postponement, the amount charged was paid in
full in February 2021 with a further \u00a30.8m of interest paid in May 2021. In February 2021, the Group received confirmation from HMRC
that it was not a beneficiary of State Aid for the period from 1 April 2013 to 31 March 2016.
Whilst the EU General Court was in favour of the EC, the Group's assessment is that there are strong grounds for appeal and the appeal
is expected to be successful. As the amounts paid are expected to be fully recovered, and given the appeal process is expected to take
more than a year, the Group continues to recognise a receivable of \u00a314.7m (31 March 2022: \u00a314.7m) on the Consolidated Balance Sheet
within non-current assets.
Other contingent liabilities
The Group has widespread global operations and is consequently a defendant in legal, tax and customs proceedings incidental to those
operations. In addition, there are contingent liabilities arising in the normal course of business in respect of indemnities, warranties and
guarantees. These contingent liabilities are not considered to be unusual or material in the context of the normal operating activities of
the Group. Provisions have been recognised in accordance with the Group accounting policies where required. None of these claims are
expected to result in a material gain or loss to the Group.
32 Events subsequent to end of reporting period
On 24 April 2023, Minicam Inc., a company in the Group\u2019s Environmental & Analysis sector purchased its US service and distribution
partner, Visual Imaging Resources LLC, for initial consideration of c.\u00a32.3m (US$2.8m), and an earnout based on gross margin of a
maximum of \u00a31.0m (US$1.2m) per year for three years.
On 4 May 2023, completing on 11 May 2023, the Group acquired the entire share capital of Sewertronics Sp. Z o.o. (Sewertronics),
based in Rzesz\u00f3w, Poland for a cash consideration of c.\u00a336m (\u20ac41m) on a cash and debt-free basis. Additional consideration of up to
c.\u00a316m (\u20ac18m) may be payable in cash, based on the fulfilment of certain conditions. Sewertronics' technology repairs and rehabilitates
wastewater pipelines without the need to dig a trench, by inserting a lining into the pipe, which is then cured using its innovative and
patented ultraviolet (UV) LED technology. Sewertronics will be part of Halma\u2019s Environmental & Analysis sector. As part of the
acquisition a drawdown was made from the Group\u2019s Revolving Credit Facility of \u00a326.7m (\u20ac30.3m).
A detailed purchase price allocation exercise is currently being performed to calculate the goodwill arising on these acquisitions.
There were no other known material non-adjusting events which occurred between the end of the reporting period and prior to the
authorisation of these financial statements on 15 June 2023.
33 Related party transactions Trading transactions Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Associated companies Transactions with associated companies Sales to associated companies \u2013 \u2013 Balances with associated companies Amounts due from associated companies \u2013 \u2013 Other related parties Balances with other related parties Amounts due to other related parties \u2013 \u2013 All the transactions above are on an arm\u2019s length basis and on standard business terms . Remuneration of key management personnel The remuneration of the Directors and Executive Board members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual Directors is provided in the audited part of the Annual Remuneration Report on pages 136 to 163. Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Wages and salaries 10.8 11.9 Pension costs \u2013 5.9 Share-based payment charge 1.2 1.5 17.5 17.0 34 Commitments Capital commitments Capital expenditure relating to the purchase of equipment authorised and contracted at 31 March 2023 but not recognised in these accounts amounts to \u00a32.1m (2022: \u00a31.5m) .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-475": {
"value": "Basis of presentation The consolidated financial statements of Halma are prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The principal Group accounting policies are explained below and have been applied consistently throughout the years ended 31 March 2023 and 31 March 2022, other than those noted below. The Group accounts have been prepared under the historical cost convention, except as described below under the headings \u2018Derivative financial instruments and hedge accounting\u2019, \u2018Financial assets at fair value through other comprehensive income (FVOCI)\u2019, \u2018Pensions\u2019 and \u2018Business combinations and goodwill\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-476": {
"value": "Basis of presentation The consolidated financial statements of Halma are prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The principal Group accounting policies are explained below and have been applied consistently throughout the years ended 31 March 2023 and 31 March 2022, other than those noted below. The Group accounts have been prepared under the historical cost convention, except as described below under the headings \u2018Derivative financial instruments and hedge accounting\u2019, \u2018Financial assets at fair value through other comprehensive income (FVOCI)\u2019, \u2018Pensions\u2019 and \u2018Business combinations and goodwill\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-477": {
"value": "Basis of presentation The consolidated financial statements of Halma are prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The principal Group accounting policies are explained below and have been applied consistently throughout the years ended 31 March 2023 and 31 March 2022, other than those noted below. The Group accounts have been prepared under the historical cost convention, except as described below under the headings \u2018Derivative financial instruments and hedge accounting\u2019, \u2018Financial assets at fair value through other comprehensive income (FVOCI)\u2019, \u2018Pensions\u2019 and \u2018Business combinations and goodwill\u2019. New Standards and Interpretations applied for the first time in the year ended 31 March 2023 The following Standards with an effective date of 1 January 2022, have been adopted without any significant impact on the amounts reported in these financial statements: \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2022 Annual Improvements to IFRS 2018\u2013 2020 New Standards and Interpretations not yet applied At the date of authorisation of these financial statements, the following Standards and Interpretations that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the UK): \u2022 IFRS 17 Insurance Contracts \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2013 Not yet endorsed by the UK \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS 1 \u2013 Not yet endorsed by the UK \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Not yet endorsed by the UK \u2022 Amendments to IAS 12 International Tax Reform Pillar Two Model Rule - Not yet endorsed by the UK The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group. Use of Alternative performance measures (APMs) In the reporting of the financial information, the Group uses certain measures that are not required under IFRS, the Generally Accepted Accounting Principles (GAAP) under which the Group reports. The Directors believe that Return on Total Invested Capital (ROTIC), Return on Capital Employed (ROCE), Organic growth at constant currency, Adjusted profit and earnings per share measures, net debt, cash conversion and Adjusted operating cash flow provide additional and more consistent measures of underlying performance to shareholders by removing items that are not closely related to the Group\u2019s trading or operating cash flows. These and other alternative performance measures are used by the Directors for internal performance analysis and incentive compensation arrangements for employees. The terms ROTIC, ROCE, organic growth at constant currency and \u2018adjusted\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. The principal items which are included in adjusting items are set out below in the Group\u2019s accounting policy and in note 1. The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items. Definitions of the Group\u2019s material alternative performance measures along with reconciliation to their IFRS equivalent measure are included in note 3. Key accounting policies Below we set out our key accounting policies, with a list of all other accounting policies thereafter. Going concern The Group\u2019s business activities, together with the main trends and factors likely to affect its future development, performance and position, and the financial position of the Group as at 31 March 2023, its cash flows, liquidity position and borrowing facilities are set out in the Strategic Report. In addition, note 27 contains further information concerning the security, currency, interest rates and maturity of the Group\u2019s borrowings. The financial statements have been prepared on a going concern basis. In adopting the going concern basis the Directors have considered all of the above factors, including potential scenarios and its principal risks set out on pages 91 to 97. Under the potential scenarios considered, which includes a severe but plausible downside scenario, the Group remains within its debt facilities and the attached financial covenants for the foreseeable future and the Directors therefore believe, at the time of approving the financial statements, that the Company is well placed to manage its business risks successfully and remains a going concern. The key facts and assumptions in reaching this determination are summarised below. The base case scenario has been prepared using forecasts from each Operating Company as well as cash outflows on acquisitions in line with pre COVID pandemic levels. In addition, a severe but plausible downside scenario has been modelled showing a decline in trading for the year ending 31 March 2024. This reduction in trading could be caused by events such as a significant resurgence in the COVID pandemic lockdowns beyond China or
continued macroeconomic volatility leading to further inflation and interest rate increases. In mitigating the impacts of the downside
scenario there are actions that can be taken which are entirely discretionary to the business such as reducing acquisition spend and
dividend growth rates. In addition, the Group has demonstrated strong resilience and flexibility to manage its overheads and adapt
its supply chains during the COVID pandemic and more recent global economic uncertainty.
Neither the base case nor severe but plausible downside scenarios result in a breach of the Group\u2019s available debt facilities or the
attached covenants and, accordingly, the Directors believe there is no material uncertainty in the use of the going concern assumption
and, therefore, deem it appropriate to continue to adopt the going concern basis of accounting for at least the next 12-month period.
Our financial position remains robust with committed facilities at the balance sheet date totalling approximately \u00a3931m which includes
a \u00a3550m Revolving Credit Facility (RCF). The undrawn committed facilities as at 31 March 2023 amounted to \u00a3255.7m. In May 2022,
the RCF was refinanced and now matures in May 2028, the first of two one-year extension options having been exercised post year-end.
During May 2022, the Group also entered into a new Note Purchase Agreement which provided access to loan notes totalling \u00a3330m,
which were drawn in various currencies in July 2022. The financial covenants across the facilities are for leverage (net debt/adjusted
EBITDA) of not more than three and a half times and for adjusted interest cover of not less than four times .
Business combinations and goodwill
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control
is transferred to the Group. The Group measures goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests in the acquiree measured at the proportionate share of the value of net
identifiable assets acquired; plus
\u2022 the fair value of the existing equity interest in the acquiree; less
\u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred.
Any contingent consideration payable may be accounted for as either:
a) Consideration transferred, which is recognised at fair value at the acquisition date. If the contingent purchase consideration is
classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair
value of the contingent purchase consideration are recognised in the Consolidated Income Statement; or
b) Remuneration, which is expensed in the Consolidated Income Statement over the associated period of service. An indicator of such
treatment includes when payments to employees of the acquired company are contingent on a post-acquisition event, but may be
automatically forfeited on termination of employment.
For acquisitions between 4 April 2004 (the date from which the financial statements were reported under IFRS) and 2 April 2010, goodwill
represents the difference between the cost of the acquisition, including acquisition costs and the fair value of the net identifiable assets
acquired. Goodwill has an indefinite expected useful life and is not amortised, but is tested annually for impairment.
Goodwill is recognised as an intangible asset in the Consolidated Balance Sheet. Goodwill therefore includes non-identified intangible
assets including business processes, buyer-specific synergies, know-how and workforce-related industry-specific knowledge and
technical skills. Negative goodwill arising on acquisitions would be recognised directly in the Consolidated Income Statement.
On closure or disposal of an acquired business, goodwill would be taken into account in determining the profit or loss on closure
or disposal.
As permitted by IFRS 1, the Group elected not to apply IFRS 3 \u2018Business Combinations\u2019 to acquisitions prior to 4 April 2004 in its
consolidated accounts. As a result, the net book value of goodwill recognised as an intangible asset under UK GAAP at 3 April 2004
was brought forward unadjusted as the cost of goodwill recognised under IFRS at 4 April 2004 subject to impairment testing on that
date; and goodwill that was written off to reserves prior to 28 March 1998 under UK GAAP will not be taken into account in
determining the profit or loss on disposal or closure of previously acquired businesses from 4 April 2004 onwards.
Payments for contingent consideration are classified as investing activities within the Consolidated Cash Flow Statement, except for
amounts paid in excess of that estimated in the acquisition balance sheets which are recognised in the net cash inflow from operating
activities in the year together with movements in contingent consideration provisions charged/credited to the Consolidated Income
Statement which is included as a reconciling item between operating profit and cash inflow from operating activities.
Intangible assets
(a) Acquired intangible assets
An intangible resource acquired with a subsidiary undertaking is recognised as an intangible asset if it is separable from the acquired
business or arises from contractual or legal rights, is expected to generate future economic benefits and its fair value can be measured
reliably. Acquired intangible assets, comprising trademarks, technology and know-how and customer relationships, are amortised
through the Consolidated Income Statement on a straight-line basis over their estimated economic lives of between three and 20 years.
The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may
not be recoverable.
(b) Product development costs
Research expenditure is charged to the Consolidated Income Statement in the financial year in which it is incurred.
Development expenditure is expensed in the financial year in which it is incurred, unless it relates to the development of a new or
substantially improved product, is incurred after the technical feasibility and economic viability of the product has been proven and the
decision to complete the development has been taken, and can be measured reliably. Such expenditure, meeting the recognition criteria
of IAS 38 \u2018Intangible Assets\u2019, is capitalised as an intangible asset in the Consolidated Balance Sheet at cost and is amortised through the
Consolidated Income Statement on a straight-line basis over its estimated economic life of three years.
Pensions The Group makes contributions to various pension plans. For defined benefit plans, the asset or liability recorded in the Consolidated Balance Sheet is the difference between the fair value of the plan\u2019s assets and the present value of the defined obligation at that date. The defined benefit obligation is calculated separately for each plan on an annual basis by independent actuaries using the projected unit credit method. Actuarial gains and losses are recognised in full in the period in which they occur and are taken to other comprehensive income. Current and past service costs, along with the impact of any settlements or curtailments, are charged to the Consolidated Income Statement. The net interest expense on pension plans\u2019 liabilities and the expected return on the plans\u2019 assets is recognised within finance expense in the Consolidated Income Statement. Contributions to defined contribution plans are charged to the Consolidated Income Statement in the period the expense relates to. Impairment of trade and other receivables The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. In order to estimate the expected lifetime losses, the Group categorises its customers into groups with similar risk profiles and determines the historic rates of impairment for each of those categories of customer. The Group then adjusts the risk profile for each group of customers by using forward looking information, such as the government risk of default for the country in which those customers are located, and determines an overall probability of impairment for the total trade and other receivables at the balance sheet date. Critical accounting judgements and key sources of estimation uncertainty The preparation of Group accounts in conformity with IFRS requires the Directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report and the stated Net Zero ambitions. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. Climate change is not expected to have a significant impact on the Group\u2019s going concern assessment as at March 2023 nor the viability of the Group over the next three years. The following areas of critical accounting judgement and key estimation uncertainty have been identified as having significant risk of causing a material adjustment to the carrying amounts of assets and liabilities: Critical accounting judgements Goodwill impairment CGU groups Determining whether goodwill is impaired requires management\u2019s judgement in assessing cash generating unit (CGU) groups to which goodwill should be allocated. Management allocates a new acquisition to a CGU group based on which one is expected to benefit most from that business combination. The allocation of goodwill to existing CGU groups is generally straightforward and factual, however over time as new businesses are acquired and management reporting structures change, management reviews the CGU groups to ensure they are still appropriate. Further details are provided in note 11. There have been no changes to the CGU groups in the current year. Recoverability of non-current taxation assets In the current year, determining the recoverability of tax assets requires management\u2019s judgement in assessing the amounts paid in relation to group financing partial exemption applicable to UK controlled foreign companies as a result of the decision by the European Commission that this constitutes state aid. Management\u2019s assessment is that this represents a contingent liability and that the \u00a314.7m paid to HM Revenue & Customs (HMRC) in previous years, included within non-current assets on the Consolidated Balance Sheet, will ultimately be recovered. Further details are provided in note 31. Key sources of estimation uncertainty Contingent consideration changes in estimates Determining the value of contingent consideration recognised as part of the acquisition of a business requires management to estimate the expected performance of the acquired business and the amount of contingent consideration that will therefore become payable. Initial estimates of expected performance are made by the management responsible for completing the acquisition and form a key component of the financial due diligence that takes place prior to completion. Subsequent measurement of contingent consideration is based on the Directors\u2019 appraisal of the acquired business\u2019s performance in the post-acquisition period and the agreement of final payments. See notes 20 and 27 for details of the changes in estimates made in the year and the sensitivity of contingent consideration payables to further changes. Intangible assets Intangible assets IFRS 3 (revised) \u2018Business Combinations\u2019 requires that goodwill arising on the acquisition of subsidiaries is capitalised and included in intangible assets. IFRS 3 (revised) also requires the identification and valuation of other separable intangible assets at acquisition. The assumptions involved in valuing these intangible assets require the use of management estimates. IAS 38 \u2018Intangible Assets\u2019 requires that development costs, arising from the application of research findings or other technical knowledge to a plan or design of a new or substantially improved product, are capitalised, subject to certain criteria being met. Determining the technical feasibility and estimating the future cash flows generated by the products in development requires the use of management estimates. The estimates made in relation to both acquired intangible assets and capitalised development costs include identification of relevant assets, future growth rates, expected inflation rates and the discount rate used. Management also make estimates of the useful economic lives of the intangible assets. Management engages third party specialists to assist with the valuation of acquired intangible assets for significant acquisitions. Depending on the nature of the assets the Group uses different valuation methodologies to arrive at the fair value including the excess earnings method, the relief from royalty method and the cost savings method. Financial projections are based on market participants' expectations and are discounted to their present value using rates of return which reflects the risk of the investment and the time value of money. Further details on intangible assets are disclosed in note 12. Goodwill and acquired intangibles impairment future cash flows The \u2018value in use\u2019 calculation used to test for impairment of goodwill and acquired intangibles involves an estimation of the present value of future cash flows. For annual impairment testing of goodwill, the future cash flows of the CGU Group are based on annual budgets and forecasts of each relevant CGU, as approved by the Board, to which management\u2019s expectation of market-share and long-term growth rates are applied. The present value is then calculated based on management\u2019s estimate of future discount and growth rates. The Board reviews these key assumptions (operating assumptions, long-term growth rates, and discount rates) and the sensitivity analysis around these. Management believes that there is no reasonably possible change in any of the key assumptions that would cause the carrying value of any CGU group to exceed its recoverable amount. Further details are provided in note 11. Acquired intangibles are assessed each reporting period for any indicators of impairment, both qualitative and quantitative, including as a result of our assessments of climate-related risks. If there are deemed to be any indicators of impairment a \u2018value in use\u2019 calculation is performed over the remaining useful life of the asset to identify if any impairment is needed. Where required, in calculating the \u2018value in use\u2019, future cash flows are based on annual budgets and forecasts for the relevant business. The present value is then calculated based on management\u2019s estimate of future discount and growth rates. The Board and management reviews these key assumptions (operating assumptions, growth rates, and discount rates) and the sensitivity analysis around these. Defined benefit pension plan liabilities Determining the value of the future defined benefit asset/obligation requires estimation in respect of the assumptions used to calculate present values of plan liabilities. The significant assumptions utilised in the calculations are future mortality, discount rate and inflation. Management determines these assumptions in consultation with an independent actuary. Details of the estimates made in calculating the defined benefit asset/obligation, including sensitivity analysis, are disclosed in note 29. Other accounting policies Basis of consolidation The Group accounts include the accounts of Halma plc and all of its subsidiary companies made up to 31 March 2023, adjusted to eliminate intra-Group transactions, balances, income and expenses. The results of subsidiary companies acquired or disposed are included from the month of their acquisition or to the month of their disposal. Segmental reporting An operating segment is a distinguishable component of the Group that is engaged in business activities from which it may earn revenues and incur expenses, and whose operating results are reviewed regularly by the Chief Operating Decision Maker (the Group Chief Executive) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Reportable segments are operating segments that either meet the thresholds and conditions set out in IFRS 8 or are considered by the Board to be appropriately designated as reportable segments. Segment result represents operating profits and includes an allocation of Head Office expenses. Segment result excludes tax and financing items. Segment assets comprise goodwill, other intangible assets, property, plant and equipment and Right-of-Use assets (excluding land and buildings), inventories, trade and other receivables. Segment liabilities comprise trade and other payables, provisions and other payables. Unallocated items represent land and buildings (including Right-of-Use assets), corporate and deferred taxation balances, defined benefit plan asset/obligation, contingent purchase consideration, all components of net cash/borrowings, lease liabilities and derivative financial instruments. From 1 April 2022, the Group aligned its organisational structure and financial reporting with its purpose and focus on safety, environmental and health markets. The Group now has three main operating and reportable segments (Safety, Environmental & Analysis and Healthcare), which are defined by markets rather than product type. Each segment includes businesses with similar operating and market characteristics and are consistent with the internal reporting as reviewed by the Group Chief Executive. Revenue The Group\u2019s revenue streams are the sale of goods and services in the specialist safety, environmental technologies and health markets. The revenue streams are disaggregated into three sectors, that serve like markets. Those sectors are Safety, Environmental & Analysis and Healthcare. Revenue is recognised at the point of the transfer of control over promised goods or services to customers in an amount that reflects the amount of consideration specified in a contract with a customer, to which the Group expects to be entitled in exchange for those goods or services. It is the Group\u2019s judgement that in the majority of sales there is no contract until such time as the Operating Company satisfies its performance obligation, at which point the contract becomes the Operating Company\u2019s terms and conditions resulting from the supplier\u2019s purchase order. Where there are Master Supply Arrangements, these are typically framework agreements and do not contain clauses that would result in a contract forming under IFRS 15 until a Purchase Order is issued by the customer. Revenue represents sales, net of estimates for variable consideration, including rights to returns, and discounts, and excluding value added tax and other sales related taxes. The amount of variable consideration is not considered to be material to the Group as a whole. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. Performance obligations are unbundled in each contractual arrangement if they are distinct from one another. There is judgement in identifying distinct performance obligations where the product could be determined to be a system, or where a combination of products and services are provided together. For the majority of the Group\u2019s activities the performance obligation is judged to be the component product or service rather than the system or combined products and services. The contract price is allocated to the distinct performance obligations based on the relative standalone selling prices of the goods or services. The way in which the Group satisfies its performance obligations varies by business and may be on shipment, delivery, as services are rendered or on completion of services depending on the nature of product and service and terms of the contract which govern how control passes to the customer. Revenue is recognised at a point in time or over time as appropriate. Where the Group offers warranties that are of a service nature, revenue is recognised in relation to these performance obligations over time as the services are rendered. In our judgement we believe the associated performance obligations accrue evenly across the contractual term and therefore revenue is recognised on a pro-rated basis over the length of the service period. In a small number of instances across the Group, products have been determined to be bespoke in nature, with no alternative use. Where there is also an enforceable right to payment for work completed, the criteria for recognising revenue over time have been deemed to have been met. Revenue is recognised on an input basis as work progresses. Progress is measured with reference to the actual cost incurred as a proportion of the total costs expected to be incurred under the contract. This is not a significant part of the Group\u2019s business as for the most part, where goods are bespoke in nature, it is the Group\u2019s judgement that the product can be broken down to standard component parts with little additional cost and therefore has an alternate use, or there is no enforceable right to payment for work performed. In these cases, the judgement is made that the requirements for recognising revenue over time are not met and revenue is recognised when control of the finished product passes to the customer. The Group applies the practical expedient in IFRS 15 (paragraph 63) and does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Operating profit Operating profit is presented net of direct production costs, production overheads, selling costs, distribution costs and administrative expenditure (see note 6). Operating profit is stated after charging restructuring costs but before the share of results of associates, profit or loss on disposal of operations, finance income and finance costs. Adjusting items When items of income or expense are material and they are relevant to an understanding of the entity\u2019s financial performance, they are disclosed separately within the financial statements. This provides additional and more consistent measures of underlying performance to shareholders by removing items that are not closely related to the Group\u2019s trading or operating cash flows. Such adjusting items include costs or reversals arising from acquisitions or disposals of businesses, including acquisition costs, creation or reversals of provisions related to changes in estimates for contingent consideration on acquisition, amortisation and impairment of acquired intangible assets, and other significant one-off items that may arise. Deferred government grant income Government grant income that is linked to capital expenditure is deferred to the Consolidated Balance Sheet and credited to the Consolidated Income Statement over the life of the related asset. In addition, the Group claims research and development expenditure credits arising on qualifying expenditure and shows these \u2018above the line\u2019 in operating profit. Where the credits arise on expenditure that is capitalised as part of internally generated capitalised development costs, the income is deferred to the Consolidated Balance Sheet and credited to the Consolidated Income Statement over the life of the related asset in line with the policy stated above. Finance income and expenses The Group recognises interest income or expense using the effective interest rate method. Finance income and finance costs include: \u2022 Interest payable on loans, borrowings and lease obligations. \u2022 Net interest charge on pension plan liabilities. \u2022 Amortisation of finance costs. \u2022 Interest receivable in respect of cash and cash equivalents. \u2022 Unwinding of the discount on provisions. \u2022 Fair value movements on derivative financial instruments. The Group has classified interest income and expenses within financing activities in the Consolidated Cash Flow Statement . Taxation Taxation comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised directly in Total equity, in which case it too is recognised in Total equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, along with any adjustment to tax payable in respect of previous years. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items that are never taxable or deductible. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and is accounted for using the balance sheet liability method, apart from the following differences which are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates and laws, which are expected to apply in the year when the liability is settled, or the asset is realised. Deferred tax assets are only recognised to the extent that recovery is probable. Foreign currencies The Group presents its accounts in Sterling. Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates prevailing at that date. Non-monetary assets and liabilities denominated in foreign currencies are measured in terms of historical costs using the exchange rate at the date of the initial transaction. Any gain or loss arising on monetary assets and liabilities from subsequent exchange rate movements is included as an exchange gain or loss in the Consolidated Income Statement. Net assets of overseas subsidiary companies are expressed in Sterling at the rates of exchange ruling at the end of the financial year, and trading results and cash flows at the average rates of exchange for the financial year. Goodwill arising on the acquisition of a foreign business is treated as an asset of the foreign entity and is translated at the rate of exchange ruling at the end of the financial year. Exchange gains or losses arising on these translations are taken to the Translation reserve within Total equity. In the event that an overseas subsidiary is disposed of or closed, the profit or loss on disposal or closure will be determined after taking into account the cumulative translation difference held within the Translation reserve attributable to that subsidiary. As permitted by IFRS 1, the Group has elected to deem the translation to be \u00a3nil at 4 April 2004. Accordingly, the profit or loss on disposal or closure of foreign subsidiaries will not include any currency translation differences which arose before 4 April 2004. Other intangible assets (a) Computer software Computer software that is not integral to an item of property, plant or equipment is recognised separately as an intangible asset and is amortised through the Consolidated Income Statement on a straight-line basis from the point at which the asset is ready to use over its estimated economic life of between three and five years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Where the Group enters into a SaaS cloud computing arrangement to access software, there are limited cases for capitalisation of attributable implementation costs. If the arrangement contains a lease as defined by IFRS 16, lease accounting rules apply including capitalisation of directly attributable costs. Alternatively, directly attributable software costs can create an intangible asset if the software can be controlled by the entity, either through the option to be run on the entity\u2019s or a third-party\u2019s infrastructure or where the development of the software creates customised software that the entity has exclusive rights to. (b) Other intangibles Other intangibles are amortised through the Consolidated Income Statement on a straight-line basis over their estimated economic lives of between three and ten years. Property, plant and equipment Property, plant and equipment is stated at historical cost less provisions for accumulated impairment and accumulated depreciation which, with the exception of freehold land which is not depreciated, is provided on a straight-line basis over each asset\u2019s estimated economic life. The principal annual rates used for this purpose are: Freehold property 2% Leasehold buildings and improvements Shorter of 2% or period of lease Plant, equipment and vehicles 8% to 33.3% Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Investments in associates are carried in the Consolidated Balance Sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of the Group\u2019s interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the associate at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Any deficiency of the cost of acquisition below the Group\u2019s share of the fair values of the identifiable net assets of the associate at the date of acquisition (i.e. discount on acquisition) is credited in profit or loss in the year of acquisition. Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provisioning is made for impairment. Where the Group disposes of its entire interest in an associate a gain or loss is recognised in the income statement on the difference
between the amount received on the sale of the associate less the carrying value and costs of disposal.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading,
and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant
as these are strategic investments.
Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date with any gain or loss being recognised
in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive
income and the cumulative gains or losses are transferred from other reserves to retained earnings.
Impairment of non-current assets
All non-current assets are tested for impairment whenever events or circumstances indicate that their carrying value may be impaired.
Additionally, goodwill and capitalised development expenditure relating to a product that is not yet in full production are subject to an
annual impairment test.
An impairment loss is recognised in the Consolidated Income Statement to the extent that an asset\u2019s carrying value exceeds its
recoverable amount, which represents the higher of the asset\u2019s \u2018fair value less costs to dispose\u2019 and its \u2018value in use\u2019. An asset\u2019s \u2018value
in use\u2019 represents the present value of the future cash flows expected to be derived from the asset or from the cash generating unit to
which it relates. The present value is calculated using a pre-tax discount rate that reflects the current market assessment of the time
value of money and the risks specific to the asset concerned.
Impairment losses recognised in previous periods for an asset other than goodwill are reversed if there has been a change in the
estimates used to determine the asset\u2019s recoverable amount, but only to the extent that the carrying amount of the asset does
not exceed its carrying amount had no impairment loss been recognised in previous periods. Such reversals are recognised in the
Consolidated Income Statement. Impairment losses in respect of goodwill are not reversed.
Inventories
Inventories and work in progress are included at the lower of cost and net realisable value. Cost is calculated either on a \u2018first in, first out\u2019
or an average cost basis and includes direct materials and the appropriate proportion of production and other overheads considered by
the Directors to be attributable to bringing the inventories to their location and condition at the year end. Net realisable value represents
the estimated selling price less all estimated costs to complete and costs to be incurred in marketing, selling and distribution .
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, deposits with an initial maturity of less than three months, and bank overdrafts
that are repayable on demand.
Contract assets and liabilities
A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time,
for example the completion of future performance obligations under the terms of the contract with the customer.
In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may
not match with the pattern of performance under the contract. A contract liability is only recognised on non-cancellable contracts that
provide unconditional rights to payment from the customer for products and services that the Group has not yet completed providing
or that it will provide in the near future. Where performance obligations are satisfied ahead of billing then a contract asset will
be recognised.
Contract assets are recognised within Trade and other receivables and are assessed for impairment on a forward-looking basis using
the expected lifetime losses approach, as required by IFRS 9 (\u2018Financial Instruments\u2019).
Costs to obtain or fulfil a contract
The incremental costs of obtaining a contract with a customer are capitalised as an asset if the Group expects to recover them. Costs
such as sales commissions may be incurred when the Group enters into a new contract. Costs to obtain or fulfil a contract are presented
in the Consolidated Balance Sheet as assets until the performance obligation to which they relate has been met. These assets are
amortised on a consistent basis with how the related revenue is recognised.
The Group applies the practical expedient in IFRS 15 (paragraph 94) and recognises incremental costs of obtaining a contract as an
expense when incurred if the amortisation period of the asset that the Group would otherwise have recognised is one year or less .
Trade payables
Trade payables are non-interest bearing and are stated at amortised cost.
Interest bearing loans and borrowings
Interest bearing loans and borrowings are initially recognised in the Consolidated Balance Sheet at fair value less directly attributable
transaction costs and are subsequently measured at amortised cost using the effective interest rate method .
Provisions and contingent liabilities
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance
sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable
can be measured reliably .
Contingent liabilities are disclosed where a possible obligation dependent on uncertain future events exists as at the end of the reporting
period or a present obligation for which payment either cannot be measured or is not considered to be probable is noted. Contingent
liabilities are not accrued for and no contingent liability is disclosed where the possibility of payment is considered to be remote .
Derivative financial instruments and hedge accounting
The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk using forward exchange
contracts. Further details of derivative financial instruments are disclosed in note 27. The Group continues to apply the requirements
of IAS 39 for hedge accounting.
Derivative financial instruments are classified as fair value through profit and loss (held for trading) unless they are in a designated
hedge relationship.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to
their fair value at each balance sheet date. The resulting gain or loss is recognised in the Consolidated Income Statement, unless the
derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Consolidated Income
Statement depends on the nature of the hedge relationship. The Group designates certain derivatives as hedges of highly probable
forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges), or hedges of net investments in
foreign operations.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a
financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is
more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets
or current liabilities.
Cash flow hedge accounting
The Group designates certain hedging instruments as cash flow hedges.
At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item,
along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of
the hedge and on an ongoing basis, the Group documents whether the hedging instrument has been or is expected to be highly
effective in offsetting changes in fair values or cash flows of the hedged item.
Note 27 sets out details of the fair values of the derivative instruments used for hedging purposes and the movements in the Hedging
reserve in equity.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in
other comprehensive income. The gain or loss relating to the ineffective portion as a result of being over hedged is recognised
immediately in the Consolidated Income Statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the Consolidated Income
Statement in the periods when the hedged item is recognised in the Consolidated Income Statement. However, when the forecast
transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously
accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
non-financial liability.
Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold,
terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income
at that time is accumulated in equity and is recognised, when the forecast transaction is ultimately recognised, in the Consolidated
Income Statement. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised
immediately in the Consolidated Income Statement .
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment
in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by
changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive
Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is
recognised in the Consolidated Income Statement.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. Where the Group determines the contract is,
or contains a lease, a right-of-use asset and a lease liability is recognised at the lease commencement date.
The lease term is determined from the commencement date of the lease and covers the non-cancellable term. If the Group has
an extension option, which it considers reasonably certain to exercise, then the lease term will be considered to extend beyond that
non-cancellable period. If the Group has a termination option, which it considers reasonably certain to exercise, then the lease term will
be considered to be until the point the termination option will take effect. The Group deem that it is not reasonably certain to exercise
an extension option or a termination option with an exercise date past the planning horizon of five years.
The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs
incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date to the end of the lease term unless the
right-of-use asset is deemed to have a useful life shorter than the lease term. The Group has taken the practical expedient to not
separate lease and non-lease components and so account for both as a single lease component.
The right-of-use assets are also subject to impairment testing under IAS 36. Refer to the previous section on Impairment of non-current
assets for further details.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees are not material to the Group. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. The lease liability is measured at amortised cost using the effective interest method by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of- use asset. Payments associated with short-term leases or low-value assets are recognised on a straight-line basis as an expense in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets mostly comprise of IT equipment and small items of office furniture. Lease payments for short-term leases, low-value assets and variable lease payments not included in the measurement of the lease liability are classified as cash flows from operating activities within the Consolidated Cash Flow Statement. The Group has classified the principal and interest portions of lease payments within financing activities. Employee share plans Share-based incentives are provided to employees under the Group\u2019s share incentive plan, the performance share plan and the executive share plan. (a) Share incentive plan Awards of shares under the share incentive plan are made to qualifying employees depending on salary and service criteria. The shares awarded under this plan are purchased in the market by the plan\u2019s trustees at the time of the award, and are then held in trust for a minimum of three years. The costs of this plan are recognised in the Consolidated Income Statement over the three-year vesting period of the awards. (b) Executive share plan Under the Executive share plan, awards of shares are made to Executive Directors and certain senior employees. Grants under this plan are in the form of Performance Awards or Deferred Share Awards. Performance Awards are subject to non-market-based vesting criteria, and Deferred Share Awards are subject only to continuing service of the employee. Share awards are equity-settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated Income Statement on a straight-line basis over the vesting period, with appropriate adjustments being made during this period to reflect expected and actual forfeitures. The corresponding credit is to Retained earnings within Total equity. Effective for the year ended 31 March 2022, the share-based payment reserve, which was previously presented as Other reserves has been amalgamated with Retained earnings, in the Consolidated Statement of Changes in Equity and the Consolidated Balance Sheet as permitted by IFRS 2. This resulted in the \u00a313.6m debit in brought forward Other reserves at 1 April 2021 being transferred to Retained earnings. There is no change in Total equity from this change, nor the amounts charged or credited to the reserves during the period, which represents a change in presentational accounting policy only. (c) Cash-settled For cash-settled awards, a liability equal to the portion of the services received is recognised at the current fair value determined at each balance sheet date. Dividends Dividends payable to the Company\u2019s shareholders are recognised as a liability in the period in which the distribution is approved by the Company\u2019s shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-478": {
"value": "New Standards and Interpretations applied for the first time in the year ended 31 March 2023 The following Standards with an effective date of 1 January 2022, have been adopted without any significant impact on the amounts reported in these financial statements: \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2022 Annual Improvements to IFRS 2018\u2013 2020 New Standards and Interpretations not yet applied At the date of authorisation of these financial statements, the following Standards and Interpretations that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the UK): \u2022 IFRS 17 Insurance Contracts \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2013 Not yet endorsed by the UK \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS 1 \u2013 Not yet endorsed by the UK \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Not yet endorsed by the UK \u2022 Amendments to IAS 12 International Tax Reform Pillar Two Model Rule - Not yet endorsed by the UK The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-479": {
"value": "New Standards and Interpretations not yet applied At the date of authorisation of these financial statements, the following Standards and Interpretations that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the UK): \u2022 IFRS 17 Insurance Contracts \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2013 Not yet endorsed by the UK \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS 1 \u2013 Not yet endorsed by the UK \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Not yet endorsed by the UK \u2022 Amendments to IAS 12 International Tax Reform Pillar Two Model Rule - Not yet endorsed by the UK The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-480": {
"value": "Use of Alternative performance measures (APMs) In the reporting of the financial information, the Group uses certain measures that are not required under IFRS, the Generally Accepted Accounting Principles (GAAP) under which the Group reports. The Directors believe that Return on Total Invested Capital (ROTIC), Return on Capital Employed (ROCE), Organic growth at constant currency, Adjusted profit and earnings per share measures, net debt, cash conversion and Adjusted operating cash flow provide additional and more consistent measures of underlying performance to shareholders by removing items that are not closely related to the Group\u2019s trading or operating cash flows. These and other alternative performance measures are used by the Directors for internal performance analysis and incentive compensation arrangements for employees. The terms ROTIC, ROCE, organic growth at constant currency and \u2018adjusted\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. The principal items which are included in adjusting items are set out below in the Group\u2019s accounting policy and in note 1. The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items. Definitions of the Group\u2019s material alternative performance measures along with reconciliation to their IFRS equivalent measure are included in note 3. ",
"dimensions": {
"concept": "halma:DisclosureOfUseOfAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-481": {
"value": "Going concern The Group\u2019s business activities, together with the main trends and factors likely to affect its future development, performance and position, and the financial position of the Group as at 31 March 2023, its cash flows, liquidity position and borrowing facilities are set out in the Strategic Report. In addition, note 27 contains further information concerning the security, currency, interest rates and maturity of the Group\u2019s borrowings. The financial statements have been prepared on a going concern basis. In adopting the going concern basis the Directors have considered all of the above factors, including potential scenarios and its principal risks set out on pages 91 to 97. Under the potential scenarios considered, which includes a severe but plausible downside scenario, the Group remains within its debt facilities and the attached financial covenants for the foreseeable future and the Directors therefore believe, at the time of approving the financial statements, that the Company is well placed to manage its business risks successfully and remains a going concern. The key facts and assumptions in reaching this determination are summarised below. The base case scenario has been prepared using forecasts from each Operating Company as well as cash outflows on acquisitions in line with pre COVID pandemic levels. In addition, a severe but plausible downside scenario has been modelled showing a decline in trading for the year ending 31 March 2024. This reduction in trading could be caused by events such as a significant resurgence in the COVID pandemic lockdowns beyond China or continued macroeconomic volatility leading to further inflation and interest rate increases. In mitigating the impacts of the downside scenario there are actions that can be taken which are entirely discretionary to the business such as reducing acquisition spend and dividend growth rates. In addition, the Group has demonstrated strong resilience and flexibility to manage its overheads and adapt its supply chains during the COVID pandemic and more recent global economic uncertainty. Neither the base case nor severe but plausible downside scenarios result in a breach of the Group\u2019s available debt facilities or the attached covenants and, accordingly, the Directors believe there is no material uncertainty in the use of the going concern assumption and, therefore, deem it appropriate to continue to adopt the going concern basis of accounting for at least the next 12-month period. Our financial position remains robust with committed facilities at the balance sheet date totalling approximately \u00a3931m which includes a \u00a3550m Revolving Credit Facility (RCF). The undrawn committed facilities as at 31 March 2023 amounted to \u00a3255.7m. In May 2022, the RCF was refinanced and now matures in May 2028, the first of two one-year extension options having been exercised post year-end. During May 2022, the Group also entered into a new Note Purchase Agreement which provided access to loan notes totalling \u00a3330m, which were drawn in various currencies in July 2022. The financial covenants across the facilities are for leverage (net debt/adjusted EBITDA) of not more than three and a half times and for adjusted interest cover of not less than four times ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-482": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree measured at the proportionate share of the value of net identifiable assets acquired; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable may be accounted for as either: a) Consideration transferred, which is recognised at fair value at the acquisition date. If the contingent purchase consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent purchase consideration are recognised in the Consolidated Income Statement; or b) Remuneration, which is expensed in the Consolidated Income Statement over the associated period of service. An indicator of such treatment includes when payments to employees of the acquired company are contingent on a post-acquisition event, but may be automatically forfeited on termination of employment. For acquisitions between 4 April 2004 (the date from which the financial statements were reported under IFRS) and 2 April 2010, goodwill represents the difference between the cost of the acquisition, including acquisition costs and the fair value of the net identifiable assets acquired. Goodwill has an indefinite expected useful life and is not amortised, but is tested annually for impairment. Goodwill is recognised as an intangible asset in the Consolidated Balance Sheet. Goodwill therefore includes non-identified intangible assets including business processes, buyer-specific synergies, know-how and workforce-related industry-specific knowledge and technical skills. Negative goodwill arising on acquisitions would be recognised directly in the Consolidated Income Statement. On closure or disposal of an acquired business, goodwill would be taken into account in determining the profit or loss on closure or disposal. As permitted by IFRS 1, the Group elected not to apply IFRS 3 \u2018Business Combinations\u2019 to acquisitions prior to 4 April 2004 in its consolidated accounts. As a result, the net book value of goodwill recognised as an intangible asset under UK GAAP at 3 April 2004 was brought forward unadjusted as the cost of goodwill recognised under IFRS at 4 April 2004 subject to impairment testing on that date; and goodwill that was written off to reserves prior to 28 March 1998 under UK GAAP will not be taken into account in determining the profit or loss on disposal or closure of previously acquired businesses from 4 April 2004 onwards. Payments for contingent consideration are classified as investing activities within the Consolidated Cash Flow Statement, except for amounts paid in excess of that estimated in the acquisition balance sheets which are recognised in the net cash inflow from operating activities in the year together with movements in contingent consideration provisions charged/credited to the Consolidated Income Statement which is included as a reconciling item between operating profit and cash inflow from operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-483": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree measured at the proportionate share of the value of net identifiable assets acquired; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable may be accounted for as either: a) Consideration transferred, which is recognised at fair value at the acquisition date. If the contingent purchase consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent purchase consideration are recognised in the Consolidated Income Statement; or b) Remuneration, which is expensed in the Consolidated Income Statement over the associated period of service. An indicator of such treatment includes when payments to employees of the acquired company are contingent on a post-acquisition event, but may be automatically forfeited on termination of employment. For acquisitions between 4 April 2004 (the date from which the financial statements were reported under IFRS) and 2 April 2010, goodwill represents the difference between the cost of the acquisition, including acquisition costs and the fair value of the net identifiable assets acquired. Goodwill has an indefinite expected useful life and is not amortised, but is tested annually for impairment. Goodwill is recognised as an intangible asset in the Consolidated Balance Sheet. Goodwill therefore includes non-identified intangible assets including business processes, buyer-specific synergies, know-how and workforce-related industry-specific knowledge and technical skills. Negative goodwill arising on acquisitions would be recognised directly in the Consolidated Income Statement. On closure or disposal of an acquired business, goodwill would be taken into account in determining the profit or loss on closure or disposal. As permitted by IFRS 1, the Group elected not to apply IFRS 3 \u2018Business Combinations\u2019 to acquisitions prior to 4 April 2004 in its consolidated accounts. As a result, the net book value of goodwill recognised as an intangible asset under UK GAAP at 3 April 2004 was brought forward unadjusted as the cost of goodwill recognised under IFRS at 4 April 2004 subject to impairment testing on that date; and goodwill that was written off to reserves prior to 28 March 1998 under UK GAAP will not be taken into account in determining the profit or loss on disposal or closure of previously acquired businesses from 4 April 2004 onwards. Payments for contingent consideration are classified as investing activities within the Consolidated Cash Flow Statement, except for amounts paid in excess of that estimated in the acquisition balance sheets which are recognised in the net cash inflow from operating activities in the year together with movements in contingent consideration provisions charged/credited to the Consolidated Income Statement which is included as a reconciling item between operating profit and cash inflow from operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-484": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree measured at the proportionate share of the value of net identifiable assets acquired; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable may be accounted for as either: a) Consideration transferred, which is recognised at fair value at the acquisition date. If the contingent purchase consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent purchase consideration are recognised in the Consolidated Income Statement; or b) Remuneration, which is expensed in the Consolidated Income Statement over the associated period of service. An indicator of such treatment includes when payments to employees of the acquired company are contingent on a post-acquisition event, but may be automatically forfeited on termination of employment. For acquisitions between 4 April 2004 (the date from which the financial statements were reported under IFRS) and 2 April 2010, goodwill represents the difference between the cost of the acquisition, including acquisition costs and the fair value of the net identifiable assets acquired. Goodwill has an indefinite expected useful life and is not amortised, but is tested annually for impairment. Goodwill is recognised as an intangible asset in the Consolidated Balance Sheet. Goodwill therefore includes non-identified intangible assets including business processes, buyer-specific synergies, know-how and workforce-related industry-specific knowledge and technical skills. Negative goodwill arising on acquisitions would be recognised directly in the Consolidated Income Statement. On closure or disposal of an acquired business, goodwill would be taken into account in determining the profit or loss on closure or disposal. As permitted by IFRS 1, the Group elected not to apply IFRS 3 \u2018Business Combinations\u2019 to acquisitions prior to 4 April 2004 in its consolidated accounts. As a result, the net book value of goodwill recognised as an intangible asset under UK GAAP at 3 April 2004 was brought forward unadjusted as the cost of goodwill recognised under IFRS at 4 April 2004 subject to impairment testing on that date; and goodwill that was written off to reserves prior to 28 March 1998 under UK GAAP will not be taken into account in determining the profit or loss on disposal or closure of previously acquired businesses from 4 April 2004 onwards. Payments for contingent consideration are classified as investing activities within the Consolidated Cash Flow Statement, except for amounts paid in excess of that estimated in the acquisition balance sheets which are recognised in the net cash inflow from operating activities in the year together with movements in contingent consideration provisions charged/credited to the Consolidated Income Statement which is included as a reconciling item between operating profit and cash inflow from operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-485": {
"value": "Intangible assets (a) Acquired intangible assets An intangible resource acquired with a subsidiary undertaking is recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate future economic benefits and its fair value can be measured reliably. Acquired intangible assets, comprising trademarks, technology and know-how and customer relationships, are amortised through the Consolidated Income Statement on a straight-line basis over their estimated economic lives of between three and 20 years. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. (b) Product development costs Research expenditure is charged to the Consolidated Income Statement in the financial year in which it is incurred. Development expenditure is expensed in the financial year in which it is incurred, unless it relates to the development of a new or substantially improved product, is incurred after the technical feasibility and economic viability of the product has been proven and the decision to complete the development has been taken, and can be measured reliably. Such expenditure, meeting the recognition criteria of IAS 38 \u2018Intangible Assets\u2019, is capitalised as an intangible asset in the Consolidated Balance Sheet at cost and is amortised through the Consolidated Income Statement on a straight-line basis over its estimated economic life of three years. Other intangible assets (a) Computer software Computer software that is not integral to an item of property, plant or equipment is recognised separately as an intangible asset and is amortised through the Consolidated Income Statement on a straight-line basis from the point at which the asset is ready to use over its estimated economic life of between three and five years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Where the Group enters into a SaaS cloud computing arrangement to access software, there are limited cases for capitalisation of attributable implementation costs. If the arrangement contains a lease as defined by IFRS 16, lease accounting rules apply including capitalisation of directly attributable costs. Alternatively, directly attributable software costs can create an intangible asset if the software can be controlled by the entity, either through the option to be run on the entity\u2019s or a third-party\u2019s infrastructure or where the development of the software creates customised software that the entity has exclusive rights to. (b) Other intangibles Other intangibles are amortised through the Consolidated Income Statement on a straight-line basis over their estimated economic lives of between three and ten years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-486": {
"value": "Intangible assets (a) Acquired intangible assets An intangible resource acquired with a subsidiary undertaking is recognised as an intangible asset if it is separable from the acquired business or arises from contractual or legal rights, is expected to generate future economic benefits and its fair value can be measured reliably. Acquired intangible assets, comprising trademarks, technology and know-how and customer relationships, are amortised through the Consolidated Income Statement on a straight-line basis over their estimated economic lives of between three and 20 years. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. (b) Product development costs Research expenditure is charged to the Consolidated Income Statement in the financial year in which it is incurred. Development expenditure is expensed in the financial year in which it is incurred, unless it relates to the development of a new or substantially improved product, is incurred after the technical feasibility and economic viability of the product has been proven and the decision to complete the development has been taken, and can be measured reliably. Such expenditure, meeting the recognition criteria of IAS 38 \u2018Intangible Assets\u2019, is capitalised as an intangible asset in the Consolidated Balance Sheet at cost and is amortised through the Consolidated Income Statement on a straight-line basis over its estimated economic life of three years. Other intangible assets (a) Computer software Computer software that is not integral to an item of property, plant or equipment is recognised separately as an intangible asset and is amortised through the Consolidated Income Statement on a straight-line basis from the point at which the asset is ready to use over its estimated economic life of between three and five years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Where the Group enters into a SaaS cloud computing arrangement to access software, there are limited cases for capitalisation of attributable implementation costs. If the arrangement contains a lease as defined by IFRS 16, lease accounting rules apply including capitalisation of directly attributable costs. Alternatively, directly attributable software costs can create an intangible asset if the software can be controlled by the entity, either through the option to be run on the entity\u2019s or a third-party\u2019s infrastructure or where the development of the software creates customised software that the entity has exclusive rights to. (b) Other intangibles Other intangibles are amortised through the Consolidated Income Statement on a straight-line basis over their estimated economic lives of between three and ten years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-487": {
"value": "Pensions The Group makes contributions to various pension plans. For defined benefit plans, the asset or liability recorded in the Consolidated Balance Sheet is the difference between the fair value of the plan\u2019s assets and the present value of the defined obligation at that date. The defined benefit obligation is calculated separately for each plan on an annual basis by independent actuaries using the projected unit credit method. Actuarial gains and losses are recognised in full in the period in which they occur and are taken to other comprehensive income. Current and past service costs, along with the impact of any settlements or curtailments, are charged to the Consolidated Income Statement. The net interest expense on pension plans\u2019 liabilities and the expected return on the plans\u2019 assets is recognised within finance expense in the Consolidated Income Statement. Contributions to defined contribution plans are charged to the Consolidated Income Statement in the period the expense relates to. Employee share plans Share-based incentives are provided to employees under the Group\u2019s share incentive plan, the performance share plan and the executive share plan. (a) Share incentive plan Awards of shares under the share incentive plan are made to qualifying employees depending on salary and service criteria. The shares awarded under this plan are purchased in the market by the plan\u2019s trustees at the time of the award, and are then held in trust for a minimum of three years. The costs of this plan are recognised in the Consolidated Income Statement over the three-year vesting period of the awards. (b) Executive share plan Under the Executive share plan, awards of shares are made to Executive Directors and certain senior employees. Grants under this plan are in the form of Performance Awards or Deferred Share Awards. Performance Awards are subject to non-market-based vesting criteria, and Deferred Share Awards are subject only to continuing service of the employee. Share awards are equity-settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated Income Statement on a straight-line basis over the vesting period, with appropriate adjustments being made during this period to reflect expected and actual forfeitures. The corresponding credit is to Retained earnings within Total equity. Effective for the year ended 31 March 2022, the share-based payment reserve, which was previously presented as Other reserves has been amalgamated with Retained earnings, in the Consolidated Statement of Changes in Equity and the Consolidated Balance Sheet as permitted by IFRS 2. This resulted in the \u00a313.6m debit in brought forward Other reserves at 1 April 2021 being transferred to Retained earnings. There is no change in Total equity from this change, nor the amounts charged or credited to the reserves during the period, which represents a change in presentational accounting policy only. (c) Cash-settled For cash-settled awards, a liability equal to the portion of the services received is recognised at the current fair value determined at each balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-488": {
"value": "Impairment of trade and other receivables The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. In order to estimate the expected lifetime losses, the Group categorises its customers into groups with similar risk profiles and determines the historic rates of impairment for each of those categories of customer. The Group then adjusts the risk profile for each group of customers by using forward looking information, such as the government risk of default for the country in which those customers are located, and determines an overall probability of impairment for the total trade and other receivables at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-489": {
"value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of Group accounts in conformity with IFRS requires the Directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report and the stated Net Zero ambitions. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. Climate change is not expected to have a significant impact on the Group\u2019s going concern assessment as at March 2023 nor the viability of the Group over the next three years. The following areas of critical accounting judgement and key estimation uncertainty have been identified as having significant risk of causing a material adjustment to the carrying amounts of assets and liabilities: Critical accounting judgements Goodwill impairment CGU groups Determining whether goodwill is impaired requires management\u2019s judgement in assessing cash generating unit (CGU) groups to which goodwill should be allocated. Management allocates a new acquisition to a CGU group based on which one is expected to benefit most from that business combination. The allocation of goodwill to existing CGU groups is generally straightforward and factual, however over time as new businesses are acquired and management reporting structures change, management reviews the CGU groups to ensure they are still appropriate. Further details are provided in note 11. There have been no changes to the CGU groups in the current year. Recoverability of non-current taxation assets In the current year, determining the recoverability of tax assets requires management\u2019s judgement in assessing the amounts paid in relation to group financing partial exemption applicable to UK controlled foreign companies as a result of the decision by the European Commission that this constitutes state aid. Management\u2019s assessment is that this represents a contingent liability and that the \u00a314.7m paid to HM Revenue & Customs (HMRC) in previous years, included within non-current assets on the Consolidated Balance Sheet, will ultimately be recovered. Further details are provided in note 31. Key sources of estimation uncertainty Contingent consideration changes in estimates Determining the value of contingent consideration recognised as part of the acquisition of a business requires management to estimate the expected performance of the acquired business and the amount of contingent consideration that will therefore become payable. Initial estimates of expected performance are made by the management responsible for completing the acquisition and form a key component of the financial due diligence that takes place prior to completion. Subsequent measurement of contingent consideration is based on the Directors\u2019 appraisal of the acquired business\u2019s performance in the post-acquisition period and the agreement of final payments. See notes 20 and 27 for details of the changes in estimates made in the year and the sensitivity of contingent consideration payables to further changes. Intangible assets Intangible assets IFRS 3 (revised) \u2018Business Combinations\u2019 requires that goodwill arising on the acquisition of subsidiaries is capitalised and included in intangible assets. IFRS 3 (revised) also requires the identification and valuation of other separable intangible assets at acquisition. The assumptions involved in valuing these intangible assets require the use of management estimates. IAS 38 \u2018Intangible Assets\u2019 requires that development costs, arising from the application of research findings or other technical knowledge to a plan or design of a new or substantially improved product, are capitalised, subject to certain criteria being met. Determining the technical feasibility and estimating the future cash flows generated by the products in development requires the use of management estimates. The estimates made in relation to both acquired intangible assets and capitalised development costs include identification of relevant assets, future growth rates, expected inflation rates and the discount rate used. Management also make estimates of the useful economic lives of the intangible assets. Management engages third party specialists to assist with the valuation of acquired intangible assets for significant acquisitions. Depending on the nature of the assets the Group uses different valuation methodologies to arrive at the fair value including the excess earnings method, the relief from royalty method and the cost savings method. Financial projections are based on market participants' expectations and are discounted to their present value using rates of return which reflects the risk of the investment and the time value of money. Further details on intangible assets are disclosed in note 12. Goodwill and acquired intangibles impairment future cash flows The \u2018value in use\u2019 calculation used to test for impairment of goodwill and acquired intangibles involves an estimation of the present value of future cash flows. For annual impairment testing of goodwill, the future cash flows of the CGU Group are based on annual budgets and forecasts of each relevant CGU, as approved by the Board, to which management\u2019s expectation of market-share and long-term growth rates are applied. The present value is then calculated based on management\u2019s estimate of future discount and growth rates. The Board reviews these key assumptions (operating assumptions, long-term growth rates, and discount rates) and the sensitivity analysis around these. Management believes that there is no reasonably possible change in any of the key assumptions that would cause the carrying value of any CGU group to exceed its recoverable amount. Further details are provided in note 11. Acquired intangibles are assessed each reporting period for any indicators of impairment, both qualitative and quantitative, including as a result of our assessments of climate-related risks. If there are deemed to be any indicators of impairment a \u2018value in use\u2019 calculation is performed over the remaining useful life of the asset to identify if any impairment is needed. Where required, in calculating the \u2018value in use\u2019, future cash flows are based on annual budgets and forecasts for the relevant business. The present value is then calculated based on management\u2019s estimate of future discount and growth rates. The Board and management reviews these key assumptions (operating assumptions, growth rates, and discount rates) and the sensitivity analysis around these. Defined benefit pension plan liabilities Determining the value of the future defined benefit asset/obligation requires estimation in respect of the assumptions used to calculate present values of plan liabilities. The significant assumptions utilised in the calculations are future mortality, discount rate and inflation. Management determines these assumptions in consultation with an independent actuary. Details of the estimates made in calculating the defined benefit asset/obligation, including sensitivity analysis, are disclosed in note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-490": {
"value": "Basis of consolidation The Group accounts include the accounts of Halma plc and all of its subsidiary companies made up to 31 March 2023, adjusted to eliminate intra-Group transactions, balances, income and expenses. The results of subsidiary companies acquired or disposed are included from the month of their acquisition or to the month of their disposal. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-491": {
"value": "Segmental reporting An operating segment is a distinguishable component of the Group that is engaged in business activities from which it may earn revenues and incur expenses, and whose operating results are reviewed regularly by the Chief Operating Decision Maker (the Group Chief Executive) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Reportable segments are operating segments that either meet the thresholds and conditions set out in IFRS 8 or are considered by the Board to be appropriately designated as reportable segments. Segment result represents operating profits and includes an allocation of Head Office expenses. Segment result excludes tax and financing items. Segment assets comprise goodwill, other intangible assets, property, plant and equipment and Right-of-Use assets (excluding land and buildings), inventories, trade and other receivables. Segment liabilities comprise trade and other payables, provisions and other payables. Unallocated items represent land and buildings (including Right-of-Use assets), corporate and deferred taxation balances, defined benefit plan asset/obligation, contingent purchase consideration, all components of net cash/borrowings, lease liabilities and derivative financial instruments. From 1 April 2022, the Group aligned its organisational structure and financial reporting with its purpose and focus on safety, environmental and health markets. The Group now has three main operating and reportable segments (Safety, Environmental & Analysis and Healthcare), which are defined by markets rather than product type. Each segment includes businesses with similar operating and market characteristics and are consistent with the internal reporting as reviewed by the Group Chief Executive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-492": {
"value": "Revenue The Group\u2019s revenue streams are the sale of goods and services in the specialist safety, environmental technologies and health markets. The revenue streams are disaggregated into three sectors, that serve like markets. Those sectors are Safety, Environmental & Analysis and Healthcare. Revenue is recognised at the point of the transfer of control over promised goods or services to customers in an amount that reflects the amount of consideration specified in a contract with a customer, to which the Group expects to be entitled in exchange for those goods or services. It is the Group\u2019s judgement that in the majority of sales there is no contract until such time as the Operating Company satisfies its performance obligation, at which point the contract becomes the Operating Company\u2019s terms and conditions resulting from the supplier\u2019s purchase order. Where there are Master Supply Arrangements, these are typically framework agreements and do not contain clauses that would result in a contract forming under IFRS 15 until a Purchase Order is issued by the customer. Revenue represents sales, net of estimates for variable consideration, including rights to returns, and discounts, and excluding value added tax and other sales related taxes. The amount of variable consideration is not considered to be material to the Group as a whole. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. Performance obligations are unbundled in each contractual arrangement if they are distinct from one another. There is judgement in identifying distinct performance obligations where the product could be determined to be a system, or where a combination of products and services are provided together. For the majority of the Group\u2019s activities the performance obligation is judged to be the component product or service rather than the system or combined products and services. The contract price is allocated to the distinct performance obligations based on the relative standalone selling prices of the goods or services. The way in which the Group satisfies its performance obligations varies by business and may be on shipment, delivery, as services are rendered or on completion of services depending on the nature of product and service and terms of the contract which govern how control passes to the customer. Revenue is recognised at a point in time or over time as appropriate. Where the Group offers warranties that are of a service nature, revenue is recognised in relation to these performance obligations over time as the services are rendered. In our judgement we believe the associated performance obligations accrue evenly across the contractual term and therefore revenue is recognised on a pro-rated basis over the length of the service period. In a small number of instances across the Group, products have been determined to be bespoke in nature, with no alternative use. Where there is also an enforceable right to payment for work completed, the criteria for recognising revenue over time have been deemed to have been met. Revenue is recognised on an input basis as work progresses. Progress is measured with reference to the actual cost incurred as a proportion of the total costs expected to be incurred under the contract. This is not a significant part of the Group\u2019s business as for the most part, where goods are bespoke in nature, it is the Group\u2019s judgement that the product can be broken down to standard component parts with little additional cost and therefore has an alternate use, or there is no enforceable right to payment for work performed. In these cases, the judgement is made that the requirements for recognising revenue over time are not met and revenue is recognised when control of the finished product passes to the customer. The Group applies the practical expedient in IFRS 15 (paragraph 63) and does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-493": {
"value": "Operating profit Operating profit is presented net of direct production costs, production overheads, selling costs, distribution costs and administrative expenditure (see note 6). Operating profit is stated after charging restructuring costs but before the share of results of associates, profit or loss on disposal of operations, finance income and finance costs. ",
"dimensions": {
"concept": "halma:DescriptionOfAccountingPolicyForOperatingProfit",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-494": {
"value": "Adjusting items When items of income or expense are material and they are relevant to an understanding of the entity\u2019s financial performance, they are disclosed separately within the financial statements. This provides additional and more consistent measures of underlying performance to shareholders by removing items that are not closely related to the Group\u2019s trading or operating cash flows. Such adjusting items include costs or reversals arising from acquisitions or disposals of businesses, including acquisition costs, creation or reversals of provisions related to changes in estimates for contingent consideration on acquisition, amortisation and impairment of acquired intangible assets, and other significant one-off items that may arise. ",
"dimensions": {
"concept": "halma:DescriptionOfAccountingPolicyForAdjustingItems",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-495": {
"value": "Deferred government grant income Government grant income that is linked to capital expenditure is deferred to the Consolidated Balance Sheet and credited to the Consolidated Income Statement over the life of the related asset. In addition, the Group claims research and development expenditure credits arising on qualifying expenditure and shows these \u2018above the line\u2019 in operating profit. Where the credits arise on expenditure that is capitalised as part of internally generated capitalised development costs, the income is deferred to the Consolidated Balance Sheet and credited to the Consolidated Income Statement over the life of the related asset in line with the policy stated above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-496": {
"value": "Finance income and expenses The Group recognises interest income or expense using the effective interest rate method. Finance income and finance costs include: \u2022 Interest payable on loans, borrowings and lease obligations. \u2022 Net interest charge on pension plan liabilities. \u2022 Amortisation of finance costs. \u2022 Interest receivable in respect of cash and cash equivalents. \u2022 Unwinding of the discount on provisions. \u2022 Fair value movements on derivative financial instruments. The Group has classified interest income and expenses within financing activities in the Consolidated Cash Flow Statement ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-497": {
"value": "Finance income and expenses The Group recognises interest income or expense using the effective interest rate method. Finance income and finance costs include: \u2022 Interest payable on loans, borrowings and lease obligations. \u2022 Net interest charge on pension plan liabilities. \u2022 Amortisation of finance costs. \u2022 Interest receivable in respect of cash and cash equivalents. \u2022 Unwinding of the discount on provisions. \u2022 Fair value movements on derivative financial instruments. The Group has classified interest income and expenses within financing activities in the Consolidated Cash Flow Statement . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-498": {
"value": "Taxation Taxation comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised directly in Total equity, in which case it too is recognised in Total equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, along with any adjustment to tax payable in respect of previous years. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items that are never taxable or deductible. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and is accounted for using the balance sheet liability method, apart from the following differences which are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates and laws, which are expected to apply in the year when the liability is settled, or the asset is realised. Deferred tax assets are only recognised to the extent that recovery is probable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-499": {
"value": "Taxation Taxation comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised directly in Total equity, in which case it too is recognised in Total equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, along with any adjustment to tax payable in respect of previous years. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items that are never taxable or deductible. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and is accounted for using the balance sheet liability method, apart from the following differences which are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates and laws, which are expected to apply in the year when the liability is settled, or the asset is realised. Deferred tax assets are only recognised to the extent that recovery is probable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-500": {
"value": "Foreign currencies The Group presents its accounts in Sterling. Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates prevailing at that date. Non-monetary assets and liabilities denominated in foreign currencies are measured in terms of historical costs using the exchange rate at the date of the initial transaction. Any gain or loss arising on monetary assets and liabilities from subsequent exchange rate movements is included as an exchange gain or loss in the Consolidated Income Statement. Net assets of overseas subsidiary companies are expressed in Sterling at the rates of exchange ruling at the end of the financial year, and trading results and cash flows at the average rates of exchange for the financial year. Goodwill arising on the acquisition of a foreign business is treated as an asset of the foreign entity and is translated at the rate of exchange ruling at the end of the financial year. Exchange gains or losses arising on these translations are taken to the Translation reserve within Total equity. In the event that an overseas subsidiary is disposed of or closed, the profit or loss on disposal or closure will be determined after taking into account the cumulative translation difference held within the Translation reserve attributable to that subsidiary. As permitted by IFRS 1, the Group has elected to deem the translation to be \u00a3nil at 4 April 2004. Accordingly, the profit or loss on disposal or closure of foreign subsidiaries will not include any currency translation differences which arose before 4 April 2004. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-501": {
"value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less provisions for accumulated impairment and accumulated depreciation which, with the exception of freehold land which is not depreciated, is provided on a straight-line basis over each asset\u2019s estimated economic life. The principal annual rates used for this purpose are: Freehold property 2% Leasehold buildings and improvements Shorter of 2% or period of lease Plant, equipment and vehicles 8% to 33.3% ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-502": {
"value": "Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Investments in associates are carried in the Consolidated Balance Sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of the Group\u2019s interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Any excess of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the associate at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Any deficiency of the cost of acquisition below the Group\u2019s share of the fair values of the identifiable net assets of the associate at the date of acquisition (i.e. discount on acquisition) is credited in profit or loss in the year of acquisition. Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provisioning is made for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-503": {
"value": "Where the Group disposes of its entire interest in an associate a gain or loss is recognised in the income statement on the difference between the amount received on the sale of the associate less the carrying value and costs of disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-504": {
"value": "Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income and the cumulative gains or losses are transferred from other reserves to retained earnings. ",
"dimensions": {
"concept": "halma:DescriptionOfAccountingPolicyForFinancialAssetsAtFairValueThroughOtherComprehensiveIncome",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-505": {
"value": "Impairment of non-current assets All non-current assets are tested for impairment whenever events or circumstances indicate that their carrying value may be impaired. Additionally, goodwill and capitalised development expenditure relating to a product that is not yet in full production are subject to an annual impairment test. An impairment loss is recognised in the Consolidated Income Statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s \u2018fair value less costs to dispose\u2019 and its \u2018value in use\u2019. An asset\u2019s \u2018value in use\u2019 represents the present value of the future cash flows expected to be derived from the asset or from the cash generating unit to which it relates. The present value is calculated using a pre-tax discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Impairment losses recognised in previous periods for an asset other than goodwill are reversed if there has been a change in the estimates used to determine the asset\u2019s recoverable amount, but only to the extent that the carrying amount of the asset does not exceed its carrying amount had no impairment loss been recognised in previous periods. Such reversals are recognised in the Consolidated Income Statement. Impairment losses in respect of goodwill are not reversed. ",
"dimensions": {
"concept": "halma:DescriptionOfAccountingPolicyForImpairmentOfNonCurrentAssets",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-506": {
"value": "Inventories Inventories and work in progress are included at the lower of cost and net realisable value. Cost is calculated either on a \u2018first in, first out\u2019 or an average cost basis and includes direct materials and the appropriate proportion of production and other overheads considered by the Directors to be attributable to bringing the inventories to their location and condition at the year end. Net realisable value represents the estimated selling price less all estimated costs to complete and costs to be incurred in marketing, selling and distribution ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-507": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances, deposits with an initial maturity of less than three months, and bank overdrafts that are repayable on demand. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-508": {
"value": "Contract assets and liabilities A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time, for example the completion of future performance obligations under the terms of the contract with the customer. In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may not match with the pattern of performance under the contract. A contract liability is only recognised on non-cancellable contracts that provide unconditional rights to payment from the customer for products and services that the Group has not yet completed providing or that it will provide in the near future. Where performance obligations are satisfied ahead of billing then a contract asset will be recognised. Contract assets are recognised within Trade and other receivables and are assessed for impairment on a forward-looking basis using the expected lifetime losses approach, as required by IFRS 9 (\u2018Financial Instruments\u2019). ",
"dimensions": {
"concept": "halma:DescriptionOfAccountingPolicyForContractAssetsAndLiabilties",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-509": {
"value": "Costs to obtain or fulfil a contract The incremental costs of obtaining a contract with a customer are capitalised as an asset if the Group expects to recover them. Costs such as sales commissions may be incurred when the Group enters into a new contract. Costs to obtain or fulfil a contract are presented in the Consolidated Balance Sheet as assets until the performance obligation to which they relate has been met. These assets are amortised on a consistent basis with how the related revenue is recognised. The Group applies the practical expedient in IFRS 15 (paragraph 94) and recognises incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that the Group would otherwise have recognised is one year or less ",
"dimensions": {
"concept": "halma:DescriptionOfAccountingPolicyForCostsToObtainOrFulfilAContract",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-510": {
"value": "Trade payables Trade payables are non-interest bearing and are stated at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-511": {
"value": "Interest bearing loans and borrowings Interest bearing loans and borrowings are initially recognised in the Consolidated Balance Sheet at fair value less directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-512": {
"value": "Provisions and contingent liabilities Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably Contingent liabilities are disclosed where a possible obligation dependent on uncertain future events exists as at the end of the reporting period or a present obligation for which payment either cannot be measured or is not considered to be probable is noted. Contingent liabilities are not accrued for and no contingent liability is disclosed where the possibility of payment is considered to be remote ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-513": {
"value": "Provisions and contingent liabilities Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably . Contingent liabilities are disclosed where a possible obligation dependent on uncertain future events exists as at the end of the reporting period or a present obligation for which payment either cannot be measured or is not considered to be probable is noted. Contingent liabilities are not accrued for and no contingent liability is disclosed where the possibility of payment is considered to be remote . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-514": {
"value": "Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk using forward exchange contracts. Further details of derivative financial instruments are disclosed in note 27. The Group continues to apply the requirements of IAS 39 for hedge accounting. Derivative financial instruments are classified as fair value through profit and loss (held for trading) unless they are in a designated hedge relationship. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the Consolidated Income Statement, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Consolidated Income Statement depends on the nature of the hedge relationship. The Group designates certain derivatives as hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges), or hedges of net investments in foreign operations. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Cash flow hedge accounting The Group designates certain hedging instruments as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument has been or is expected to be highly effective in offsetting changes in fair values or cash flows of the hedged item. Note 27 sets out details of the fair values of the derivative instruments used for hedging purposes and the movements in the Hedging reserve in equity. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion as a result of being over hedged is recognised immediately in the Consolidated Income Statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the Consolidated Income Statement in the periods when the hedged item is recognised in the Consolidated Income Statement. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income at that time is accumulated in equity and is recognised, when the forecast transaction is ultimately recognised, in the Consolidated Income Statement. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-515": {
"value": "Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk using forward exchange contracts. Further details of derivative financial instruments are disclosed in note 27. The Group continues to apply the requirements of IAS 39 for hedge accounting. Derivative financial instruments are classified as fair value through profit and loss (held for trading) unless they are in a designated hedge relationship. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the Consolidated Income Statement, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Consolidated Income Statement depends on the nature of the hedge relationship. The Group designates certain derivatives as hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges), or hedges of net investments in foreign operations. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Cash flow hedge accounting The Group designates certain hedging instruments as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument has been or is expected to be highly effective in offsetting changes in fair values or cash flows of the hedged item. Note 27 sets out details of the fair values of the derivative instruments used for hedging purposes and the movements in the Hedging reserve in equity. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion as a result of being over hedged is recognised immediately in the Consolidated Income Statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the Consolidated Income Statement in the periods when the hedged item is recognised in the Consolidated Income Statement. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income at that time is accumulated in equity and is recognised, when the forecast transaction is ultimately recognised, in the Consolidated Income Statement. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-516": {
"value": "Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risk using forward exchange contracts. Further details of derivative financial instruments are disclosed in note 27. The Group continues to apply the requirements of IAS 39 for hedge accounting. Derivative financial instruments are classified as fair value through profit and loss (held for trading) unless they are in a designated hedge relationship. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the Consolidated Income Statement, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Consolidated Income Statement depends on the nature of the hedge relationship. The Group designates certain derivatives as hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges), or hedges of net investments in foreign operations. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Cash flow hedge accounting The Group designates certain hedging instruments as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument has been or is expected to be highly effective in offsetting changes in fair values or cash flows of the hedged item. Note 27 sets out details of the fair values of the derivative instruments used for hedging purposes and the movements in the Hedging reserve in equity. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion as a result of being over hedged is recognised immediately in the Consolidated Income Statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the Consolidated Income Statement in the periods when the hedged item is recognised in the Consolidated Income Statement. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income at that time is accumulated in equity and is recognised, when the forecast transaction is ultimately recognised, in the Consolidated Income Statement. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-517": {
"value": "Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the Translation reserve. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "halma:DescriptionOfAccountingPolicyForNetInvestmentHedgeAccounting",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-518": {
"value": "Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where the Group determines the contract is, or contains a lease, a right-of-use asset and a lease liability is recognised at the lease commencement date. The lease term is determined from the commencement date of the lease and covers the non-cancellable term. If the Group has an extension option, which it considers reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period. If the Group has a termination option, which it considers reasonably certain to exercise, then the lease term will be considered to be until the point the termination option will take effect. The Group deem that it is not reasonably certain to exercise an extension option or a termination option with an exercise date past the planning horizon of five years. The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term unless the right-of-use asset is deemed to have a useful life shorter than the lease term. The Group has taken the practical expedient to not separate lease and non-lease components and so account for both as a single lease component. The right-of-use assets are also subject to impairment testing under IAS 36. Refer to the previous section on Impairment of non-current assets for further details. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees are not material to the Group. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. The lease liability is measured at amortised cost using the effective interest method by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of- use asset. Payments associated with short-term leases or low-value assets are recognised on a straight-line basis as an expense in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets mostly comprise of IT equipment and small items of office furniture. Lease payments for short-term leases, low-value assets and variable lease payments not included in the measurement of the lease liability are classified as cash flows from operating activities within the Consolidated Cash Flow Statement. The Group has classified the principal and interest portions of lease payments within financing activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-519": {
"value": "Dividends Dividends payable to the Company\u2019s shareholders are recognised as a liability in the period in which the distribution is approved by the Company\u2019s shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-520": {
"value": "1 Segmental analysis and revenue from contracts with customers Sector analysis and disaggregation of revenue The Group has three main operating and reportable segments (Safety, Environmental & Analysis and Healthcare), which are defined by markets rather than product type. Each segment includes businesses with similar operating and market characteristics. These segments are consistent with the internal reporting as reviewed by the Group Chief Executive. Nature of goods and services The following is a description of the principal activities \u2013 separated by reportable segments, which are defined by markets rather than product type \u2013 from which the Group generates its revenue. Further disaggregation of sector revenue by geography and by the pattern of revenue recognition depicts how economic factors affect the timing and uncertainty of the Group\u2019s revenues. Safety sector generates revenue by providing products that protect people, assets and infrastructure, enabling safe movement and enhancing efficiency. The technologies are used in public and commercial spaces and in industrial and logistics operations. Markets include: Fire Safety Technologies that protect people and assets from fire; Power Safety Technologies that increase the integrity and safety of electrical systems in a range of industries; Industrial Safety Technologies that protect people and assets in industrial environments; and Urban Safety Technologies that protect people and assets in urban environments. Products are generally sold separately, with contracts typically less than one year in length. Warranties are typically of an assurance nature. Revenue is recognised as control passes on delivery or despatch. Payment is typically due within 60 days of invoice, except where a retention is held for documentation. Environmental & Analysis generates revenue by providing products and technologies that monitor the environment, that ensure the quality and availability of life-critical resources, and analyse materials in a wide range of applications. Markets include: Optical Analysis Technologies that provide world-class optical, optoelectronic and spectral imaging systems that use light to analyse materials in a wide range of applications; Water Analysis and Treatment Systems to sustainably improve water quality and availability; and Environmental Monitoring Technologies that detect hazardous gases and analyse air quality, gases and water to monitor the quality of our environment. Products and services are generally sold separately. Warranties are typically of an assurance nature, but some companies within the Group offer extended warranties. Depending on the nature of the performance obligation, revenue may be recognised as control passes on delivery, despatch or as the service is delivered. Contracts are typically less than one year in length, but some companies have contracts where certain service-related performance obligations are delivered over a number of years; this can result in contract liabilities where those performance obligations are invoiced ahead of performance. Payment is typically due within 60 days of invoice. Healthcare sector generates revenue by providing products and services that help providers improve the care they deliver and enhance the quality of patients\u2019 lives. Markets include: Life Sciences technologies and solutions to enable in-vitro diagnostic systems and accelerate life-science discoveries and development; Healthcare Assessment & Analytics components, devices and systems that provide valuable information and analytics so providers can better understand patient health and make decisions across the continuum of care; and Therapeutic Solutions Technologies, materials and solutions that enable treatment across key clinical specialties. Products are generally sold separately, and warranties are typically of an assurance nature. Depending on the nature of the performance obligation, revenue is recognised as control passes on delivery or despatch or as the service is delivered. Contracts are typically less than one year in length, but a limited number of companies have contracts where certain service-related performance obligations are delivered over a number of years; this can result in contract liabilities where those performance obligations are invoiced ahead of performance. Payment is typically due within 60 days of invoice Year ended 31 March 2023 Revenue by sector and destination (all continuing operations) United States of America \u00a3m Mainland Europe \u00a3m United Kingdom \u00a3m Asia Pacific \u00a3m Africa, Near and Middle East \u00a3m Other countries \u00a3m Total \u00a3m Safety 205.1 217.1 151.4 112.7 33.2 26.1 745.6 Environmental & Analysis 277.0 67.3 79.5 96.7 15.5 16.1 552.1 Healthcare 298.8 92.0 49.2 73.0 14.9 28.5 556.4 Inter-segmental sales (0.1) \u2013 (1.2) \u2013 \u2013 \u2013 (1.3) Revenue for the year 780.8 376.4 278.9 282.4 63.6 70.7 1,852.8 Year ended 31 March 2022 Revenue by sector and destination (all continuing operations) United States of America \u00a3m Mainland Europe \u00a3m United Kingdom \u00a3m Asia Pacific \u00a3m Africa, Near and Middle East \u00a3m Other countries \u00a3m Total \u00a3m Safety 164.6 180.0 147.0 101.8 29.4 18.6 641.4 Environmental & Analysis 209.6 56.7 77.6 78.4 12.3 8.3 442.9 Healthcare 224.3 71.4 42.4 70.6 11.9 21.7 442.3 Inter-segmental sales (1.3) \u2013 \u2013 \u2013 \u2013 \u2013 (1.3) Revenue for the year 597.2 308.1 267.0 250.8 53.6 48.6 1,525.3 Inter-segmental sales are charged at prevailing market prices and have not been disclosed separately by segment as they are not considered material. Revenue derived from the rendering of services was \u00a3105.4m (2022 re-presented: \u00a381.1m). The 2022 comparative has been re-presented to reflect \u00a311.2m of service revenue previously classified as product revenue. All revenue was otherwise derived from the sale of products. Year ended 31 March 2023 Revenue recognised over time \u00a3m Revenue recognised at a point in time \u00a3m Total Revenue \u00a3m Safety 7.1 738.5 745.6 Environmental & Analysis 121.5 430.6 552.1 Healthcare 67.1 489.3 556.4 Inter-segmental sales \u2013 (1.3) (1.3) Revenue for the year 195.7 1,657.1 1,852.8 Year ended 31 March 2022 Revenue recognised over time \u00a3m Revenue recognised at a point in time \u00a3m Total Revenue \u00a3m Safety 8.2 633.2 641.4 Environmental & Analysis 99.8 343.1 442.9 Healthcare 49.6 392.7 442.3 Inter-segmental sales \u2013 (1.3) (1.3) Revenue for the year 157.6 1,367.7 1,525.3 Year ended 31 March 2023 Revenue from performance obligations entered into and satisfied in the year \u00a3m Revenue previously included as contract liabilities \u00a3m Revenue from performance obligations satisfied in previous periods \u00a3m Total Revenue \u00a3m Safety 741.7 3.9 \u2013 745.6 Environmental & Analysis 545.0 7.1 \u2013 552.1 Healthcare 542.8 13.4 0.2 556.4 Inter-segmental sales (1.3) \u2013 \u2013 (1.3) Revenue for the year 1,828.2 24.4 0.2 1,852.8 Year ended 31 March 2022 Revenue from performance obligations entered into and satisfied in the year \u00a3m Revenue previously included as contract liabilities \u00a3m Revenue from performance obligations satisfied in previous periods \u00a3m Total Revenue \u00a3m Safety 638.1 3.3 \u2013 641.4 Environmental & Analysis 436.3 6.6 \u2013 442.9 Healthcare 432.8 5.6 3.9 442.3 Inter-segmental sales (1.3) \u2013 \u2013 (1.3) Revenue for the year 1,505.9 15.5 3.9 1,525.3 The Group has unsatisfied (or partially satisfied) performance obligations at the balance sheet date with an aggregate amount of transaction price as follows. The time bands represented present the expected timing of when the remaining transaction price will be recognised as revenue. Aggregate transaction price allocated to unsatisfied performance obligations 31 March 2023 Total \u00a3m Recognised < 1 year \u00a3m Recognised 1-2 years \u00a3m Recognised > 2 years \u00a3m Safety 19.7 9.6 2.8 7.3 Environmental & Analysis 16.9 8.5 3.5 4.9 Healthcare 21.6 20.8 0.8 \u2013 Inter-segmental sales \u2013 \u2013 \u2013 \u2013 Total 58.2 38.9 7.1 12.2 Aggregate transaction price allocated to unsatisfied performance obligations 31 March 2022 Total \u00a3m Recognised < 1 year \u00a3m Recognised 1-2 years \u00a3m Recognised > 2 years \u00a3m Safety 27.0 15.2 4.5 7.3 Environmental & Analysis 15.3 7.0 3.4 4.9 Healthcare 14.4 12.9 1.5 \u2013 Inter-segmental sales \u2013 \u2013 \u2013 \u2013 Total 56.7 35.1 9.4 12.2 Segment results Profit (all continuing operations) Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Segment profit before allocation of adjustments* Safety 152.5 146.2 Environmental & Analysis 134.2 109.8 Healthcare 130.1 99.5 416.8 355.5 Segment profit after allocation of adjustments* Safety 123.9 163.5 Environmental & Analysis 121.5 96.9 Healthcare 101.6 83.3 Segment profit 347.0 343.7 Central administration costs (38.6) (30.9) Net finance expense (16.9) (8.4) Group profit before taxation 291.5 304.4 Taxation (57.2) (60.2) Profit for the year 234.3 244.2 * Adjustments include the amortisation and impairment of acquired intangible assets; acquisition items; significant restructuring costs; profit or loss on disposal of operations. Note 3 provides more information on alternative performance measures . Acquisition transaction costs, adjustments to contingent consideration and release of fair value adjustments to inventory (collectively \u2018acquisition items\u2019), amortisation and impairment of acquired intangible assets and profit on disposal of operations are recognised in the Consolidated Income Statement. Segment profit, before these acquisition items and the other adjustments, is disclosed separately on the previous page as this is the measure reported to the Group Chief Executive for the purpose of allocation of resources and assessment of segment performance. These adjustments are analysed as follows: Year ended 31 March 2023 Acquisition items Amortisation and impairment of acquired intangible assets \u00a3m Transaction costs \u00a3m Adjustments to contingent consideration \u00a3m Release of fair value adjustments to inventory \u00a3m Total amortisation and impairment charge and acquisition items \u00a3m Disposal of operations and restructuring (note 30) \u00a3m Total \u00a3m Safety (25.1) (3.1) \u2013 (0.4) (28.6) \u2013 (28.6) Environmental & Analysis (11.4) (0.9) 0.2 (0.6) (12.7) \u2013 (12.7) Healthcare (20.0) (1.9) (3.9) (2.7) (28.5) \u2013 (28.5) Total Segment & Group (56.5) (5.9) (3.7) (3.7) (69.8) \u2013 (69.8) The transaction costs arose mainly on the acquisitions during the year. In Safety, they related to the acquisition of FirePro (\u00a31.6m), WEETECH (\u00a31.0m), Thermocable (\u00a30.4m) and Zonegreen (\u00a30.1m). In Environmental & Analysis, they related to the acquisition of Deep Trekker (\u00a30.5m) in the current year and Sewertronics (\u00a30.4m) that was acquired in May 2023. In Healthcare, they related to the acquisition of IZI (\u00a31.6m) in the current year, and the acquisition of Visiometrics in a previous year (\u00a30.3m). The \u00a33.7m adjustment to contingent consideration comprised of a credit of \u00a30.2m in Environmental & Analysis arising from a decrease in the estimate of the payables for Orca (\u00a30.2m) and a debit of \u00a33.9m in Healthcare arising from an increase in estimates of the payables for Infinite Leap (\u00a32.7m), IZI (\u00a31.4m) and Meditech (\u00a30.3m), partially offset by a decrease in the estimate of the payable for Clayborn Lab (\u00a30.3m) and Spreo (\u00a30.2m). The \u00a33.7m release of fair value adjustments to inventory related to WEETECH (\u00a30.3m) and Thermocable (\u00a30.1m) in Safety; Deep Trekker (\u00a30.3m) and International Light Technologies (\u00a30.3m) in Environmental & Analysis; and IZI (\u00a32.7m) in Healthcare. All amounts have been released in relation to International Light Technologies and Deep Trekker. Year ended 31 March 2022 Acquisition items Amortisation of acquired intangible assets \u00a3m Transaction costs \u00a3m Adjustments to contingent consideration \u00a3m Release of fair value adjustments to inventory \u00a3m Total amortisation charge and acquisition items \u00a3m Disposal of operations and restructuring (note 30) \u00a3m Total \u00a3m Safety (14.9) (0.5) \u2013 (1.3) (16.7) 34.0 17.3 Environmental & Analysis (10.3) (1.6) 0.1 (1.1) (12.9) \u2013 (12.9) Healthcare (17.5) (2.1) 4.4 (1.0) (16.2) \u2013 (16.2) Total Segment & Group (42.7) (4.2) 4.5 (3.4) (45.8) 34.0 (11.8) The transaction costs arose on the acquisitions made in the prior year. In Safety, they related to the acquisition of Ramtech (\u00a30.4m) and IBIT (\u00a30.1m). In Environmental & Analysis, they related to the acquisition of Dancutter (\u00a30.3m), Sensitron (\u00a30.4m), Orca (\u00a30.1m), Anton (\u00a30.1m), International Light Technologies (\u00a30.2m) in the year and Deep Trekker (\u00a30.5m) that was acquired in April 2022. In Healthcare, they related to the acquisition of PeriGen (\u00a31.4m), Infinite Leap (\u00a30.3m), Clayborn Lab (\u00a30.1m), Meditech (\u00a30.1m) and RNK (\u00a30.1m) in the year, and the acquisition of Visiometrics in a previous year (\u00a30.1m). The \u00a34.5m adjustment to contingent consideration comprised of a credit of \u00a30.1m in Environmental & Analysis arising from a decrease in the estimate of the payables for Invenio (\u00a30.3m) offset by an increase in the estimate of the payable for Orca (\u00a30.2m) and a credit of \u00a34.4m in Healthcare arising from a decrease in estimates of the payables for NovaBone (\u00a31.3m), NeoMedix (\u00a33.0m) and Spreo (\u00a30.1m) partially offset by an increase in the estimate of the payable for Infowave (\u00a30.3m) and a credit of \u00a30.3m arising from exchange differences on balances denominated in Euros. The \u00a33.4m release of fair value adjustments to inventory related to Ramtech (\u00a31.3m) in Safety; Dancutter (\u00a30.1m), Orca (\u00a30.6m), Sensitron (\u00a30.2m) and International Light Technologies (\u00a30.2m) in Environmental & Analysis; and Meditech (\u00a31.0m) in Healthcare. All amounts have been released in relation to Dancutter, Ramtech, Orca and Sensitron. Assets Liabilities Before goodwill, interest in associates and other investments and acquired intangible assets are allocated to specific segment assets/liabilities 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Safety 378.1 295.9 122.8 101.1 Environmental & Analysis 225.8 176.6 85.5 74.0 Healthcare 258.6 196.1 91.1 73.0 Total segment assets/liabilities excluding goodwill, interest in associates and other investments and acquired intangible assets 862.5 668.6 299.4 248.1 Goodwill 1,120.5 908.7 \u2013 \u2013 Interest in associate and other investments 21.0 8.2 \u2013 \u2013 Acquired intangible assets 416.1 275.7 \u2013 \u2013 Total segment assets/liabilities including goodwill, interest in associates and other investments and acquired intangible assets 2,420.1 1,861.2 299.4 248.1 Assets Liabilities After goodwill, interest in associates and other investments and acquired intangible assets are allocated to specific segment assets/liabilities 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Safety 971.3 684.5 122.8 101.1 Environmental & Analysis 527.3 440.5 85.5 74.0 Healthcare 921.5 736.2 91.1 73.0 Total segment assets/liabilities including goodwill, interest in associates and other investments and acquired intangible assets 2,420.1 1,861.2 299.4 248.1 Cash and bank balances/borrowings 169.5 157.4 678.3 360.1 Derivative financial instruments 1.5 0.7 0.9 0.9 Other unallocated assets/liabilities 197.3 177.7 210.9 184.8 Total Group 2,788.4 2,197.0 1,189.5 793.9 Segment assets and liabilities, excluding the allocation of goodwill, interest in associate and other investments and acquired intangible assets, have been disclosed separately above as this is the measure reported to the Group Chief Executive for the purpose of monitoring segment performance and allocating resources between segments. Other unallocated assets include land and buildings, right-of-use assets, retirement benefit assets, deferred tax assets and other central administration assets. Unallocated liabilities include contingent purchase consideration, retirement benefit obligations, deferred tax liabilities, lease liabilities and other central administration liabilities. Other segment information Additions to non-current assets Depreciation, amortisation and impairment 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Safety 225.3 30.1 39.6 29.0 Environmental & Analysis 48.1 70.3 19.3 19.3 Healthcare 144.0 82.6 28.2 24.7 Total segment additions/depreciation, amortisation and impairment 417.4 183.0 87.1 73.0 Unallocated 34.4 31.5 22.8 18.8 Total Group 451.8 214.5 109.9 91.8 Non-current asset additions comprise acquired and purchased goodwill, other intangible assets, property, plant and equipment, interests in associates and other investments. During the year impairment losses of \u00a38.4m were recognised on Property, plant and equipment and other intangible assets, of which \u00a38.0m was recognised in Safety, \u00a30.1m was recognised in Environmental & Analysis and \u00a30.3m was recognised in Healthcare (2022: \u00a33.2m comprising \u00a31.0m in Safety, \u00a31.7m in Environmental & Analysis, \u00a30.5m in Healthcare). Impairment losses mainly related to acquired intangible assets, due to changes in expected future cash flows, and to capitalised development costs recorded as a result of changes in the expected outcome of projects. Geographic information The Group\u2019s non-current assets by geographic location are detailed below: Non-current assets 31 March 2023 \u00a3m 31 March 2022 \u00a3m United States of America 893.5 758.9 Mainland Europe 489.1 290.1 United Kingdom 290.7 255.7 Asia Pacific 119.3 122.6 Other countries 44.1 8.8 1,836.7 1,436.1 Non-current assets comprise goodwill, other intangible assets, interest in associate and other investments, and property, plant and equipment. Information about major customers No single customer accounts for more than 10% (2022: 10%) of the Group\u2019s revenue. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-521": {
"value": "2 Earnings per share Basic earnings per share amounts are calculated by dividing the net profit for the year attributable to the equity shareholders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net profit attributable to the equity shareholders of the parent by the weighted average number of shares outstanding during the year plus the weighted average number of shares that would be in issue on the conversion of all the dilutive potential shares. The weighted average number of shares used to calculate both basic and diluted earnings per share exclude shares held in the employee benefit trust. Adjusted earnings are calculated as earnings from continuing operations excluding the amortisation and impairment of acquired intangible assets; acquisition items; significant restructuring costs, profit or loss on disposal of operations and the associated taxation thereon and in the prior year the increase in the UK\u2019s corporation tax rate from 19% to 25%. The Directors consider that adjusted earnings, which constitute an alternative performance measure, represent a more consistent measure of underlying performance as it excludes amounts not directly linked with trading. A reconciliation of earnings and the effect on basic and diluted earnings per share figures is as follows: Basic earnings per share Per share Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Year ended 31 March 2023 pence Year ended 31 March 2022 pence Earnings from continuing operations attributable to owners of the parent 234.5 244.4 62.04 64.54 Amortisation and impairment of acquired intangible assets (after tax) 42.3 33.1 11.19 8.73 Acquisition transaction costs (after tax) 5.3 3.8 1.41 0.99 Adjustments to contingent consideration (after tax) 3.8 (4.5) 1.00 (1.19) Release of fair value adjustments to inventory (after tax) 2.7 2.6 0.70 0.70 Disposal of operations and restructuring (after tax) \u2013 (34.0) \u2013 (8.98) Impact of UK tax rate change \u2013 2.6 \u2013 0.69 Adjusted earnings attributable to owners of the parent 288.6 248.0 76.34 65.48 Weighted average number of shares in issue for basic earnings per share, million 378.0 378.7 Diluted earnings per share Per share Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Year ended 31 March 2023 pence Year ended 31 March 2022 pence Earnings from continuing operations attributable to owners of the parent 234.5 244.4 61.86 64.42 Adjusted earnings attributable to owners of the parent 288.6 248.0 Weighted average number of shares in issue for basic earnings per share, million 378.0 378.7 Dilutive potential shares \u2013 share awards, million 1.1 0.7 Weighted average number of shares in issue for diluted earnings per share, million 379.1 379.4 ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-522": {
"value": "3 Alternative performance measures The Board uses certain alternative performance measures to help it effectively monitor the performance of the Group. The Directors consider that these represent a more consistent measure of underlying performance by removing items that are not closely related to the Group\u2019s trading or operating cash flows. These measures include Return on Total Invested Capital (ROTIC), Return on Capital Employed (ROCE), Organic growth at constant currency, net debt, Adjusted operating profit, cash conversion and Adjusted operating cash flow. Note 1 provides further analysis of the adjusting items in reaching adjusted profit measures. Net debt is defined as Borrowings plus Lease liabilities net of Cash and bank balances, note 26 provides an analysis of net debt for the year. Return on Total Invested Capital 31 March 2023 \u00a3m 31 March 2022 \u00a3m Profit after tax 234.3 244.2 Adjustments1 54.1 3.7 Adjusted profit after tax 1 288.4 247.9 Total equity 1,598.9 1,403.1 Less net retirement benefit assets (37.9) (30.5) Deferred tax liabilities on retirement benefits 9.6 7.7 Cumulative fair value adjustments on equity investments through other comprehensive income (4.4) 1.7 Cumulative amortisation and impairment of acquired intangible assets 418.1 345.7 Historical adjustments to goodwill2 89.5 89.5 Total Invested Capital 2,073.8 1,817.2 Average Total Invested Capital3 1,945.5 1,695.0 Return on Total Invested Capital (ROTIC) 4 14.8% 14.6% Return on Capital Employed 31 March 2023 \u00a3m 31 March 2022 \u00a3m Profit before tax 291.5 304.4 Adjustments1 69.8 11.8 Net finance costs 16.9 8.4 Lease interest (2.9) (2.3) Adjusted operating profit 1 after share of results of associates and lease interest 375.3 322.3 Computer software costs within other intangible assets 3.2 4.2 Capitalised development costs within other intangible assets 49.6 41.7 Other intangibles within other intangible assets 3.4 3.6 Property, plant and equipment 222.9 194.0 Inventories 312.4 228.8 Trade and other receivables 410.7 325.1 Current trade and other payables (280.7) (242.7) Current lease liabilities (19.2) (15.5) Current provisions (21.0) (20.7) Net tax (payable)/receivable (2.2) 3.8 Non-current trade and other payables (21.9) (19.0) Non-current provisions (9.7) (7.7) Non-current lease liabilities (68.7) (56.6) Add back contingent purchase consideration 16.4 15.2 Capital Employed 595.2 454.2 Average Capital Employed3 524.7 421.9 Return on Capital Employed (ROCE)4 71.5% 76.4% 1 Adjustments include the amortisation and impairment of acquired intangible assets; acquisition items; and significant restructuring costs and profit or loss on disposal of operations. Where after-tax measures, these also include the associated taxation on adjusting items. Note 1 provides more information on these items. 2 Includes goodwill amortised prior to 3 April 2004 and goodwill taken to reserves. 3 The ROTIC and ROCE measures are expressed as a percentage of the average of the current and prior year\u2019s Total Invested Capital and Capital Employed respectively. Using an average as the denominator is considered to be more representative. The 1 April 2021 Total Invested Capital and Capital Employed balances were \u00a31,572.8m and \u00a3389.5m respectively. 4 The ROTIC and ROCE measures are calculated as Adjusted profit after tax divided by Average Total Invested Capital and Adjusted operating profit after share of results of associates and lease interest divided by Average Capital Employed, respectively. Organic growth at constant currency Organic growth measures the change in revenue and profit from continuing Group operations. This measure equalises the effect of acquisitions by: a. removing from the year of acquisition their entire revenue and profit before taxation; b. in the following year, removing the revenue and profit for the number of months equivalent to the pre-acquisition period in the prior year; and c. removing from the year prior to acquisition, any revenue generated by sales to the acquired company which would have been eliminated on consolidation had the acquired company been owned for that period. The results of disposals are removed from the prior period reported revenue and profit before taxation. Constant currency measures the change in revenue and profit excluding the effects of currency movements. The measure restates the current year\u2019s revenue and profit at last year\u2019s exchange rates. Organic growth at constant currency has been calculated for the Group as follows: Group Revenue Adjusted* profit before taxation Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Continuing operations 1,852.8 1,525.3 21.5% 361.3 316.2 14.2% Acquired and disposed revenue/profit (65.6) (14.9) (9.0) (2.0) Organic growth 1,787.2 1,510.4 18.3% 352.3 314.2 12.1% Constant currency adjustment (122.9) (28.3) Organic growth at constant currency 1,664.3 1,510.4 10.2% 324.0 314.2 3.1% Sector Organic growth at constant currency Organic growth at constant currency is calculated for each segment using the same method as described above. Safety Revenue Adjusted* segment profit Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Continuing operations 745.6 641.4 16.2% 152.5 146.2 4.3% Acquisition and currency adjustments (48.6) (14.6) (9.9) (2.0) Organic growth at constant currency 697.0 626.8 11.2% 142.6 144.2 (1.1)% Environmental & Analysis Revenue Adjusted* segment profit Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Continuing operations 552.1 442.9 24.7% 134.2 109.8 22.2% Acquisition and currency adjustments (69.3) (0.4) (16.6) \u2013 Organic growth at constant currency 482.8 442.5 9.1% 117.6 109.8 7.1% Healthcare Revenue Adjusted* segment profit Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m % growth Continuing operations 556.4 442.3 25.8% 130.1 99.5 30.8% Acquisition and currency adjustments (70.7) \u2013 (16.7) \u2013 Organic growth at constant currency 485.7 442.3 9.8% 113.4 99.5 14.0% * Adjustments include in the current and prior year the amortisation and impairment of acquired intangible assets; acquisition items; significant restructuring costs and profit or loss on disposal of operations. Adjusted operating profit Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Operating profit 308.4 278.9 Add back: Acquisition items (note 1) 13.3 3.1 Amortisation and impairment of acquired intangible assets (note 1) 56.5 42.7 Adjusted operating profit 378.2 324.7 Adjusted operating cash flow Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Net cash from operating activities (note 26) 258.0 237.4 Add: Net acquisition costs paid 4.6 4.1 Taxes paid 67.2 56.0 Proceeds from sale of property, plant and equipment and capitalised development costs 3.1 1.1 Share awards vested not settled by own shares (note 24) 4.5 7.1 Deferred consideration paid in excess of payable estimated on acquisition 1.7 7.5 Less: Purchase of property, plant and equipment (excluding Right of use assets) (29.0) (25.2) Purchase of computer software and other intangibles (1.1) (1.4) Development costs capitalised (15.8) (13.4) Adjusted operating cash flow 293.2 273.2 Cash conversion % (adjusted operating cash flow/adjusted operating profit) 78% 84% ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-525": {
"value": "4 Finance income Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Interest receivable 0.7 0.2 Net interest credit on pension plan assets 1.1 \u2013 Fair value movement on derivative financial instruments \u2013 0.4 1.8 0.6 ",
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-526": {
"value": "4 Finance income Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Interest receivable 0.7 0.2 Net interest credit on pension plan assets 1.1 \u2013 Fair value movement on derivative financial instruments \u2013 0.4 1.8 0.6 5 Finance expense Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Interest payable on borrowings 14.5 5.6 Interest payable on lease obligations 2.9 2.3 Amortisation of finance costs 0.8 0.7 Net interest charge on pension plan liabilities \u2013 0.3 Other interest payable 0.1 0.1 Fair value movement on derivative financial instruments 0.4 \u2013 18.7 9.0 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-527": {
"value": "5 Finance expense Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Interest payable on borrowings 14.5 5.6 Interest payable on lease obligations 2.9 2.3 Amortisation of finance costs 0.8 0.7 Net interest charge on pension plan liabilities \u2013 0.3 Other interest payable 0.1 0.1 Fair value movement on derivative financial instruments 0.4 \u2013 18.7 9.0 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-528": {
"value": "6 Profit before taxation Profit before taxation comprises: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Revenue 1,852.8 1,525.3 Direct materials/direct labour (784.3) (640.3) Production overhead (145.6) (121.4) Selling costs (174.5) (137.4) Distribution costs (35.6) (30.6) Administrative expenses (404.4) (316.7) Operating profit 308.4 278.9 Share of loss of associate \u2013 (9.7) Profit on disposal of operations \u2013 34.0 Net finance expense (16.9) (8.4) Profit before taxation 291.5 304.4 Included within administrative expenses are the amortisation and impairment of acquired intangible assets, transaction costs, and adjustments to contingent consideration. Included within direct materials/direct labour is the release of fair value adjustments to inventory. Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Profit before taxation is stated after charging/ (crediting): Depreciation 41.4 35.8 Amortisation 60.1 52.8 Impairment of other intangible assets 8.3 2.9 Impairment of property, plant and equipment 0.1 0.3 Net impairment loss on trade receivables (reversed)/recognised (note 16) (0.4) (3.7) Research costs* 87.0 72.0 Foreign exchange gain (0.4) (1.2) Profit on disposal of operations (note 30) \u2013 (34.0) (Profit)/loss on sale of property, plant and equipment and computer software (0.8) 9.6 Cost of inventories recognised as an expense 929.9 761.7 Staff costs (note 7) 535.5 429.7 Auditors\u2019 remuneration Audit services to the Company 0.6 0.5 Audit of the Company\u2019s subsidiaries 1.9 1.6 Total audit fees 2.5 2.1 Audit related fees \u2013 interim review 0.1 0.1 Other services** \u2013 \u2013 Total non-audit fees 0.1 0.1 Total fees 2.6 2.2 * A further \u00a315.8m (2022: \u00a313.4m) of development costs has been capitalised in the year. See note 12. ** Refer to the Audit Committee Report on pages 128 - 135 for further details. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-529": {
"value": "Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Profit before taxation is stated after charging/ (crediting): Depreciation 41.4 35.8 Amortisation 60.1 52.8 Impairment of other intangible assets 8.3 2.9 Impairment of property, plant and equipment 0.1 0.3 Net impairment loss on trade receivables (reversed)/recognised (note 16) (0.4) (3.7) Research costs* 87.0 72.0 Foreign exchange gain (0.4) (1.2) Profit on disposal of operations (note 30) \u2013 (34.0) (Profit)/loss on sale of property, plant and equipment and computer software (0.8) 9.6 Cost of inventories recognised as an expense 929.9 761.7 Staff costs (note 7) 535.5 429.7 Auditors\u2019 remuneration Audit services to the Company 0.6 0.5 Audit of the Company\u2019s subsidiaries 1.9 1.6 Total audit fees 2.5 2.1 Audit related fees \u2013 interim review 0.1 0.1 Other services** \u2013 \u2013 Total non-audit fees 0.1 0.1 Total fees 2.6 2.2 * A further \u00a315.8m (2022: \u00a313.4m) of development costs has been capitalised in the year. See note 12. ** Refer to the Audit Committee Report on pages 128 - 135 for further details. ",
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-530": {
"value": "7 Employee information The average number of persons employed by the Group (including Directors) by entity location was: Year ended 31 March 2023 Number Year ended 31 March 2022 Number United States of America 2,754 2,418 Mainland Europe 1,475 1,283 United Kingdom 2,478 2,425 Asia Pacific 1,219 1,284 Other countries 215 112 8,141 7,522 The monthly average number of persons employed by the Group (including Directors) by employee location was: Year ended 31 March 2023 Number Year ended 31 March 2022 Number United States of America 2,702 2,368 Mainland Europe 1,518 1,310 United Kingdom 2,409 2,427 Asia Pacific 1,232 1,249 Other countries 280 168 8,141 7,522 Group employee costs comprise: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Wages and salaries 438.5 350.6 Social security costs 59.2 50.3 Pension costs (note 29) 18.2 14.2 Share-based payment charge (note 24) 19.6 14.6 535.5 429.7 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-531": {
"value": "8 Directors\u2019 remuneration The remuneration of the Directors is set out on pages 136 to 163 within the audited sections of the Annual Remuneration Report, which forms part of these financial statements. Directors\u2019 remuneration comprises: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Wages, salaries and fees 5.8 5.7 Pension costs \u2013 0.1 Share-based payment charge 3.8 3.0 9.6 8.8 ",
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-532": {
"value": "9 Taxation Recognised in the Consolidated Income Statement Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Current tax UK corporation tax at 19% (2022: 19%) 14.8 16.7 Overseas taxation 61.9 46.0 Adjustments in respect of prior years (3.0) 0.5 Total current tax charge 73.7 63.2 Deferred tax Origination and reversal of timing differences (17.5) (5.7) Adjustments in respect of prior years 1.0 0.1 Changes in tax rates \u2013 UK \u2013 2.6 Total deferred tax credit (16.5) (3.0) Total tax charge recognised in the Consolidated Income Statement 57.2 60.2 Reconciliation of the effective tax rate: Profit before tax 291.5 304.4 Tax at the UK corporation tax rate of 19% (2022: 19%) 55.4 57.8 Profit on disposal of business \u2013 (6.5) Overseas tax rate differences 9.0 6.2 Tax incentives, exemptions and credits (including patent box, R&D and High-Tech status) (6.8) (4.2) Changes in tax rates \u2013 UK \u2013 2.6 Permanent differences 1.6 3.7 Adjustments in respect of prior years (2.0) 0.6 Total tax charge recognised in the Consolidated Income Statement 57.2 60.2 Effective tax rate 19.6% 19.8% Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Adjusted* profit before tax 361.3 316.2 Total tax charge on adjusted* profit 72.9 68.3 Effective tax rate 20.2% 21.6% * Adjustments include the amortisation and impairment of acquired intangible assets, acquisition items, significant restructuring costs and profit or loss on disposal of operations. Note 3 provides more information on alternative performance measures. The Group\u2019s future Effective Tax Rate (ETR) will mainly depend on the geographic mix of profits and whether there are any changes to tax legislation in the Group\u2019s most significant countries of operations. The Finance Bill 2021 received Royal Assent on 10 June 2021 and included the increase in the UK corporation tax rate from 19% to 25% from 1 April 2023. On 23 March 2023, the UK Government issued further draft legislation applicable to large multinational groups in relation to a new tax framework (part of the Organisation for Economic Co-operation and Development (OECD) BEPS initiative), which introduces a global minimum effective tax rate of 15% effective for accounting periods beginning on or after 31 December 2023. The Group monitors income tax developments in the territories in which it operates, as well as the applicable accounting standards, to understand their potential future impacts. Recognised in the Consolidated Statement of Comprehensive Income and Expenditure In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised directly in the Consolidated Statement of Comprehensive Income and Expenditure: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Current tax Retirement benefit obligations (1.8) (2.3) Deferred tax (note 22) Retirement benefit obligations 0.6 11.9 Effective portion of changes in fair value of cash flow hedges 0.3 (0.4) (0.9) 9.2 Recognised directly in equity In addition to the amounts charged to the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income and Expenditure, the following amounts relating to tax have been recognised directly in equity: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Current tax Excess tax deductions related to share-based payments on vested awards \u2013 (1.3) Deferred tax (note 22) Change in estimated excess tax deductions related to share-based payments 0.7 0.2 0.7 (1.1) ",
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-533": {
"value": "10 Dividends Per ordinary share Year ended 31 March 2023 pence Year ended 31 March 2022 pence Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Amounts recognised as distributions to shareholders in the year Final dividend for the year ended 31 March 2022 (31 March 2021) 11.53 10.78 43.6 39.6 Interim dividend for the year ended 31 March 2023 (31 March 2022) 7.86 7.35 29.7 27.9 19.39 18.13 14.4 68.7 Dividends declared in respect of the year Interim dividend for the year ended 31 March 2023 (31 March 2022) 7.86 7.35 29.7 27.9 Proposed final dividend for the year ended 31 March 2023 (31 March 2022) 12.34 11.53 46.6 43.6 20.20 18.88 76.3 71.5 The proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 20 July 2023 and has not been included as a liability in these financial statements. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-534": {
"value": "11 Goodwill 31 March 2023 \u00a3m 31 March 2022 \u00a3m Cost At beginning of year 908.7 808.5 Additions (note 25) 180.0 80.2 Adjustments to prior years (note 25) 0.3 \u2013 Disposals (note 30) \u2013 (9.0) Exchange adjustments 31.5 29.0 At end of year 1,120.5 908.7 Provision for impairment At beginning and end of year \u2013 \u2013 Carrying amounts 1,120.5 908.7 The Group identifies cash generating units (CGUs) at the operating company level as this represents the lowest level at which cash inflows are largely independent of other cash inflows. However, often the goodwill which arises as a result of a business acquisition, will benefit more than one CGU and so at acquisition, goodwill is allocated to the groups of CGUs that are expected to benefit from that business combination. Where goodwill has been allocated to a cash-generating unit (CGU) group and part of the operation within that group is disposed of, the goodwill associated with the disposed operation must be included in the carrying amount when determining the gain or loss on disposal. The amount included is measured on the basis of the relative values of the operation disposed of and the portion of the CGU group that is retained. Before recognition of any impairment losses, the carrying amount of goodwill has been allocated to CGU groups as follows: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Safety Fire 187.6 126.8 Doors, Security and Elevators 107.3 104.0 Safety Interlocks and Corrosion Monitoring 95.4 58.5 Bursting Discs 0.6 8.8 399.7 298.1 Environmental & Analysis Water 107.6 85.2 Analysis 82.1 76.6 Environmental Monitoring 14.1 13.3 Gas Detection 26.2 24.9 230.0 200.0 Healthcare Life Sciences 41.1 39.9 Healthcare Assessment 243.3 231.5 Therapeutic Solutions 206.4 139.2 490.8 410.6 Total Group 1,120.5 908.7 Impairment testing Goodwill values have been tested for impairment by comparing them against the \u2018value in use\u2019 in perpetuity of the relevant CGU group. The \u2018value in use\u2019 calculations were based on projected cash flows, derived from the latest budgets prepared by management and strategic plans approved by the Board, discounted at CGU group specific, risk adjusted, discount rates to calculate their net present value. Key assumptions used in \u2018value in use\u2019 calculations The calculation of \u2018value in use\u2019 is most sensitive to the following assumptions: \u2022 CGU specific operating assumptions that are reflected in the budget period for the financial year to March 2024; \u2022 Discount rates; and \u2022 Growth rates used to extrapolate risk adjusted cash flows beyond the forecast period. CGU specific operating assumptions applicable to the forecasted cash flows for the year to March 2024 relate to revenue forecasts, expected project outcomes, forecast operating margins and fixed asset and working capital requirements. The relative value ascribed to each assumption will vary between CGUs as the forecasts are built up from the underlying operating companies within each CGU group. Consideration has been given to inflation and future cash flows reflect expectations for cost and price increases. A short-term growth rate is applied to the March 2024 budget to derive the cash flows arising in the years to March 2025 and March 2026 based on the average growth rate calculated in the relevant sector strategic plan. A long-term rate is applied to these values for the year to March 2027 and onwards capped at the weighted average GDP growth rates of the markets into which that CGU group sells. Each year the results of ongoing climate and emerging risk reviews are considered and any potential impact of climate change is included in the long-term growth rates where relevant. For example, since April 2021, where any CGU group has exposure to customers in the oil and gas industry a reduction to the long-term growth rate has been applied. In the year to 31 March 2023, no additional changes were made to the long-term growth rates as a result of these reviews. Immaterial additional capital expenditure to meet the Group\u2019s emission targets and physical risks have also been factored into future cash flow estimates. No further significant adjustments to future cash flows from climate change are expected and therefore have not been recognised in the calculations. Discount rates are based on estimations of the assumptions that market participants operating in similar sectors to Halma would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately. The methodology for calculating the discount rate has not changed year on year and the market economic data sources are consistent with prior years. The Group has calculated the discount rate to be 11.43% (2022: 9.22%). Consistent with previous years this is a notional discount rate, calculated using externally published global market assumptions. The discount rate, which is pre-tax and based on short-term variables, may differ from the Weighted Average Cost of Capital (WACC). Discount rates are adjusted for economic risks that are not already captured in the specific operating assumptions for each CGU group. This results in the impairment testing using discount rates ranging from 10.58% to 13.96% (2022: 8.33% to 11.85%) across the CGU groups. Significant CGU groups CGU groups to which 10% or more of the total goodwill balance is allocated are deemed to be significant. In addition to the operating assumptions, the assumptions used to determine \u2018value in use\u2019 for these CGU groups are: Risk adjusted discount rate Short-term growth rates Long-term growth rates 31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022 Fire 13.96% 11.73% 11.68% 10.06% 3.61% 2.49% Healthcare Assessment 13.94% 11.92% 8.17% 9.96% 3.79% 2.18% Therapeutic Solutions 12.98% 10.77% 8.17% 9.96% 3.23% 2.59% Sensitivity to changes in assumptions The Directors believe that no reasonably possible change in any of the above key assumptions would cause the carrying value of any CGU group to exceed its recoverable amount. 12 Other intangible assets Acquired intangible assets Customer and supplier relationship1 \u00a3m Technical know-how 2 \u00a3m Trademarks, brands and patents3 \u00a3m Total \u00a3m Internally generated capitalised development costs 4 \u00a3m Computer software \u00a3m Other intangibles 5 \u00a3m Total \u00a3m Cost At 1 April 2021 319.9 141.1 78.0 539.0 113.3 24.2 5.2 681.7 Assets of businesses acquired 36.3 25.3 6.1 67.7 \u2013 0.1 \u2013 67.8 Assets of business sold (5.6) (1.4) \u2013 (7.0) (2.9) (0.5) \u2013 (10.4) Additions at cost \u2013 \u2013 \u2013 \u2013 13.4 0.9 0.5 14.8 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.2) (2.4) (9.7) (4.7) Exchange adjustments 12.8 5.9 3.0 21.7 2.4 0.4 0.3 24.8 At 31 March 2022 363.4 170.9 87.1 621.4 124.0 22.7 5.9 774.0 Assets of businesses acquired (note 25) 87.6 71.4 17.3 192.2 \u2013 0.2 \u2013 192.4 Additions at cost \u2013 \u2013 \u2013 \u2013 15.8 0.8 0.3 16.9 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.8) (1.7) \u2013 (4.5) Transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) \u2013 (0.4) Exchange adjustments 14.1 4.4 3.2 20.6 3.4 0.9 0.2 25.1 At 31 March 2023 465.1 261.5 107.6 834.2 140.4 22.5 6.4 1,003.5 Accumulated amortisation & impairment At 1 April 2021 202.1 50.3 44.9 297.3 74.4 18.2 1.8 391.7 Charge for the year 23.5 13.7 5.5 42.7 7.0 2.5 0.6 52.8 Assets of business sold (5.6) (1.4) \u2013 (7.0) (2.1) (0.5) \u2013 (9.6) Impairment \u2013 \u2013 \u2013 \u2013 2.9 \u2013 \u2013 2.9 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (1.0) (2.1) (0.2) (3.3) Exchange adjustments 8.5 2.4 1.8 12.7 1.1 0.4 0.1 14.3 At 31 March 2022 228.5 65.0 52.2 345.7 82.3 18.5 2.3 448.8 Charge for the year 24.5 18.2 6.0 48.7 8.5 2.2 0.7 60.1 Impairment 5.4 2.1 0.3 1.7 0.5 \u2013 \u2013 8.3 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.7) (1.6) \u2013 (4.3) Transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) \u2013 (0.4) Exchange adjustments 10.8 2.7 2.4 15.9 2.2 0.6 \u2013 18.7 At 31 March 2023 269.2 88.0 60.9 418.1 90.8 19.3 3.0 531.2 Carrying amounts At 31 March 2023 195.9 173.5 46.7 416.1 49.6 3.2 3.4 472.3 At 31 March 2022 134.9 105.9 34.9 275.7 41.7 4.2 3.6 325.2 1 Customer and supplier relationship assets are amortised over their useful economic lives estimated to be between 3 and 20 years. Within this balance individually significant balances relate to: CenTrak: \u00a312.0m (2022: \u00a312.7m); IZI: \u00a317.2m; WEETECH: \u00a310.4m; Ampac: \u00a311.0m (2022: \u00a312.7m); and FirePro \u00a344.8m. The remaining amortisation periods for these assets are 8 years, 14 years, 10 years, 10 years and 15 years respectively. 2 Technical know-how assets are amortised over their useful economic lives, estimated to be between 3 and 18 years. Within this balance individually material balances relate to: IZI \u00a336.2 m; FirePro \u00a328.9m; and NovaBone \u00a319.8m (2022: \u00a320.2m). The remaining amortisation periods for these assets are 14 years, 18 years and 12 years respectively. 3 Trademarks, brands and patents (which include protected intellectual property) are amortised over their useful economic lives estimated to be between 3 and 20 years. There are no individually material items within this balance. 4 Internally generated capitalised development costs are amortised over their useful economic lives estimated to be three years from the date of product launch. There are no individually material items within this balance, which comprises capitalised costs arising from the development phase of the R&D projects undertaken by the Group. 5 Other intangibles comprise licence and product registration costs, and customer lists, amortised over their useful economic lives, estimated to be between 3 and 5 years. None of the intangible assets have been pledged as security. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-535": {
"value": "11 Goodwill 31 March 2023 \u00a3m 31 March 2022 \u00a3m Cost At beginning of year 908.7 808.5 Additions (note 25) 180.0 80.2 Adjustments to prior years (note 25) 0.3 \u2013 Disposals (note 30) \u2013 (9.0) Exchange adjustments 31.5 29.0 At end of year 1,120.5 908.7 Provision for impairment At beginning and end of year \u2013 \u2013 Carrying amounts 1,120.5 908.7 The Group identifies cash generating units (CGUs) at the operating company level as this represents the lowest level at which cash inflows are largely independent of other cash inflows. However, often the goodwill which arises as a result of a business acquisition, will benefit more than one CGU and so at acquisition, goodwill is allocated to the groups of CGUs that are expected to benefit from that business combination. Where goodwill has been allocated to a cash-generating unit (CGU) group and part of the operation within that group is disposed of, the goodwill associated with the disposed operation must be included in the carrying amount when determining the gain or loss on disposal. The amount included is measured on the basis of the relative values of the operation disposed of and the portion of the CGU group that is retained. Before recognition of any impairment losses, the carrying amount of goodwill has been allocated to CGU groups as follows: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Safety Fire 187.6 126.8 Doors, Security and Elevators 107.3 104.0 Safety Interlocks and Corrosion Monitoring 95.4 58.5 Bursting Discs 0.6 8.8 399.7 298.1 Environmental & Analysis Water 107.6 85.2 Analysis 82.1 76.6 Environmental Monitoring 14.1 13.3 Gas Detection 26.2 24.9 230.0 200.0 Healthcare Life Sciences 41.1 39.9 Healthcare Assessment 243.3 231.5 Therapeutic Solutions 206.4 139.2 490.8 410.6 Total Group 1,120.5 908.7 Impairment testing Goodwill values have been tested for impairment by comparing them against the \u2018value in use\u2019 in perpetuity of the relevant CGU group. The \u2018value in use\u2019 calculations were based on projected cash flows, derived from the latest budgets prepared by management and strategic plans approved by the Board, discounted at CGU group specific, risk adjusted, discount rates to calculate their net present value. Key assumptions used in \u2018value in use\u2019 calculations The calculation of \u2018value in use\u2019 is most sensitive to the following assumptions: \u2022 CGU specific operating assumptions that are reflected in the budget period for the financial year to March 2024; \u2022 Discount rates; and \u2022 Growth rates used to extrapolate risk adjusted cash flows beyond the forecast period. CGU specific operating assumptions applicable to the forecasted cash flows for the year to March 2024 relate to revenue forecasts, expected project outcomes, forecast operating margins and fixed asset and working capital requirements. The relative value ascribed to each assumption will vary between CGUs as the forecasts are built up from the underlying operating companies within each CGU group. Consideration has been given to inflation and future cash flows reflect expectations for cost and price increases. A short-term growth rate is applied to the March 2024 budget to derive the cash flows arising in the years to March 2025 and March 2026 based on the average growth rate calculated in the relevant sector strategic plan. A long-term rate is applied to these values for the year to March 2027 and onwards capped at the weighted average GDP growth rates of the markets into which that CGU group sells. Each year the results of ongoing climate and emerging risk reviews are considered and any potential impact of climate change is included in the long-term growth rates where relevant. For example, since April 2021, where any CGU group has exposure to customers in the oil and gas industry a reduction to the long-term growth rate has been applied. In the year to 31 March 2023, no additional changes were made to the long-term growth rates as a result of these reviews. Immaterial additional capital expenditure to meet the Group\u2019s emission targets and physical risks have also been factored into future cash flow estimates. No further significant adjustments to future cash flows from climate change are expected and therefore have not been recognised in the calculations. Discount rates are based on estimations of the assumptions that market participants operating in similar sectors to Halma would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately. The methodology for calculating the discount rate has not changed year on year and the market economic data sources are consistent with prior years. The Group has calculated the discount rate to be 11.43% (2022: 9.22%). Consistent with previous years this is a notional discount rate, calculated using externally published global market assumptions. The discount rate, which is pre-tax and based on short-term variables, may differ from the Weighted Average Cost of Capital (WACC). Discount rates are adjusted for economic risks that are not already captured in the specific operating assumptions for each CGU group. This results in the impairment testing using discount rates ranging from 10.58% to 13.96% (2022: 8.33% to 11.85%) across the CGU groups. Significant CGU groups CGU groups to which 10% or more of the total goodwill balance is allocated are deemed to be significant. In addition to the operating assumptions, the assumptions used to determine \u2018value in use\u2019 for these CGU groups are: Risk adjusted discount rate Short-term growth rates Long-term growth rates 31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022 Fire 13.96% 11.73% 11.68% 10.06% 3.61% 2.49% Healthcare Assessment 13.94% 11.92% 8.17% 9.96% 3.79% 2.18% Therapeutic Solutions 12.98% 10.77% 8.17% 9.96% 3.23% 2.59% Sensitivity to changes in assumptions The Directors believe that no reasonably possible change in any of the above key assumptions would cause the carrying value of any CGU group to exceed its recoverable amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-536": {
"value": "12 Other intangible assets Acquired intangible assets Customer and supplier relationship1 \u00a3m Technical know-how 2 \u00a3m Trademarks, brands and patents3 \u00a3m Total \u00a3m Internally generated capitalised development costs 4 \u00a3m Computer software \u00a3m Other intangibles 5 \u00a3m Total \u00a3m Cost At 1 April 2021 319.9 141.1 78.0 539.0 113.3 24.2 5.2 681.7 Assets of businesses acquired 36.3 25.3 6.1 67.7 \u2013 0.1 \u2013 67.8 Assets of business sold (5.6) (1.4) \u2013 (7.0) (2.9) (0.5) \u2013 (10.4) Additions at cost \u2013 \u2013 \u2013 \u2013 13.4 0.9 0.5 14.8 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.2) (2.4) (9.7) (4.7) Exchange adjustments 12.8 5.9 3.0 21.7 2.4 0.4 0.3 24.8 At 31 March 2022 363.4 170.9 87.1 621.4 124.0 22.7 5.9 774.0 Assets of businesses acquired (note 25) 87.6 71.4 17.3 192.2 \u2013 0.2 \u2013 192.4 Additions at cost \u2013 \u2013 \u2013 \u2013 15.8 0.8 0.3 16.9 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.8) (1.7) \u2013 (4.5) Transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) \u2013 (0.4) Exchange adjustments 14.1 4.4 3.2 20.6 3.4 0.9 0.2 25.1 At 31 March 2023 465.1 261.5 107.6 834.2 140.4 22.5 6.4 1,003.5 Accumulated amortisation & impairment At 1 April 2021 202.1 50.3 44.9 297.3 74.4 18.2 1.8 391.7 Charge for the year 23.5 13.7 5.5 42.7 7.0 2.5 0.6 52.8 Assets of business sold (5.6) (1.4) \u2013 (7.0) (2.1) (0.5) \u2013 (9.6) Impairment \u2013 \u2013 \u2013 \u2013 2.9 \u2013 \u2013 2.9 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (1.0) (2.1) (0.2) (3.3) Exchange adjustments 8.5 2.4 1.8 12.7 1.1 0.4 0.1 14.3 At 31 March 2022 228.5 65.0 52.2 345.7 82.3 18.5 2.3 448.8 Charge for the year 24.5 18.2 6.0 48.7 8.5 2.2 0.7 60.1 Impairment 5.4 2.1 0.3 1.7 0.5 \u2013 \u2013 8.3 Disposals and retirements \u2013 \u2013 \u2013 \u2013 (2.7) (1.6) \u2013 (4.3) Transfers \u2013 \u2013 \u2013 \u2013 \u2013 (0.4) \u2013 (0.4) Exchange adjustments 10.8 2.7 2.4 15.9 2.2 0.6 \u2013 18.7 At 31 March 2023 269.2 88.0 60.9 418.1 90.8 19.3 3.0 531.2 Carrying amounts At 31 March 2023 195.9 173.5 46.7 416.1 49.6 3.2 3.4 472.3 At 31 March 2022 134.9 105.9 34.9 275.7 41.7 4.2 3.6 325.2 1 Customer and supplier relationship assets are amortised over their useful economic lives estimated to be between 3 and 20 years. Within this balance individually significant balances relate to: CenTrak: \u00a312.0m (2022: \u00a312.7m); IZI: \u00a317.2m; WEETECH: \u00a310.4m; Ampac: \u00a311.0m (2022: \u00a312.7m); and FirePro \u00a344.8m. The remaining amortisation periods for these assets are 8 years, 14 years, 10 years, 10 years and 15 years respectively. 2 Technical know-how assets are amortised over their useful economic lives, estimated to be between 3 and 18 years. Within this balance individually material balances relate to: IZI \u00a336.2 m; FirePro \u00a328.9m; and NovaBone \u00a319.8m (2022: \u00a320.2m). The remaining amortisation periods for these assets are 14 years, 18 years and 12 years respectively. 3 Trademarks, brands and patents (which include protected intellectual property) are amortised over their useful economic lives estimated to be between 3 and 20 years. There are no individually material items within this balance. 4 Internally generated capitalised development costs are amortised over their useful economic lives estimated to be three years from the date of product launch. There are no individually material items within this balance, which comprises capitalised costs arising from the development phase of the R&D projects undertaken by the Group. 5 Other intangibles comprise licence and product registration costs, and customer lists, amortised over their useful economic lives, estimated to be between 3 and 5 years. None of the intangible assets have been pledged as security. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-537": {
"value": "13 Property, plant and equipment Owned assets Right-of-use assets (Note 28) \u00a3m Freehold land and buildings \u00a3m Leasehold buildings and improvements \u00a3m Plant, equipment and vehicles \u00a3m Total \u00a3m Cost At 1 April 2021 106.9 63.6 21.1 205.0 396.6 Transfer between category (9.7) 0.1 \u2013 (0.6) (0.6) Assets of businesses acquired 3.4 2.6 \u2013 1.0 8.2 Assets of business sold (3.9) \u2013 (0.6) (9.1) (13.6) Additions at cost 76.3 1.8 2.5 20.9 43.6 Disposals and retirements (1.8) \u2013 (0.2) (14.8) (16.8) Exchange adjustments 4.2 1.2 9.6 4.5 10.7 At 31 March 2022 128.3 69.3 23.6 206.9 428.1 Transfer between category \u2013 (0.1) (0.2) 0.3 \u2013 Assets of businesses acquired (note 25) 0.4 0.9 0.1 4.1 14.4 Additions at cost 18.7 1.1 3.2 24.7 47.4 Remeasurements 4.2 \u2013 \u2013 \u2013 4.2 Disposals and retirements (3.6) (1.2) (1.3) (14.3) (20.4) Exchange adjustments 3.8 2.3 0.7 6.2 13.0 At 31 March 2023 160.7 72.3 26.1 227.9 487.0 Accumulated depreciation At 1 April 2021 47.3 16.4 13.0 139.1 215.8 Transfer between category (9.7) \u2013 \u2013 (0.5) (0.6) Charge for the year 14.6 1.2 2.0 18.0 35.8 Impairment \u2013 \u2013 \u2013 0.3 0.3 Assets of business sold (1.6) \u2013 (0.5) (5.2) (7.3) Disposals and retirements (0.8) \u2013 (0.2) (14.1) (15.1) Exchange adjustments 1.9 0.3 0.4 2.6 5.2 At 31 March 2022 61.3 17.9 14.7 140.2 234.1 Transfer between category \u2013 (0.1) (0.2) 0.3 \u2013 Charge for the year 18.4 1.4 2.4 19.2 41.4 Impairment \u2013 \u2013 \u2013 0.1 0.1 Assets of business sold \u2013 \u2013 \u2013 \u2013 \u2013 Disposals and retirements (3.6) (0.5) (1.3) (12.9) (18.3) Exchange adjustments 1.6 0.6 0.6 4.0 6.8 At 31 March 2023 77.7 19.3 16.2 150.9 264.1 Carrying amounts At 31 March 2023 83.0 53.0 9.9 77.0 222.9 At 31 March 2022 67.0 51.4 8.9 66.7 194.0 Note 28 Leases contains further details of the Group\u2019s right-of-use assets. None of the property, plant and equipment has been pledged as security",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-538": {
"value": "14 Interest in associate and other investments 31 March 2023 \u00a3m 31 March 2022 \u00a3m Interest in associate 2.1 1.3 Financial assets at fair value through other comprehensive income \u2013 Equity instruments 18.9 6.9 21.0 8.2 Interest in associate 31 March 2023 \u00a3m 31 March 2022 \u00a3m At beginning of the year 1.3 7.3 Additions in the year 0.8 \u2013 Group\u2019s share of loss of associate \u2013 (9.7) At end of year 2.1 1.3 In the prior year, OneThird B.V., issued further new shares to external investors that reduced the Group\u2019s ownership from 35.3% to 30.0%. There was a gain of \u00a30.0m on disposal. During the year, One Third B.V. issued a \u00a31.6m (US$2.0m) convertible loan note, and the Group took up 50% of the issue at \u00a30.8m (US$1.0m). In February 2023, following a further funding round, the loan notes were converted increasing the Group\u2019s equity in the associate with ownership increasing to 31%. The Group have committed to participating in a future funding round subject to the company meeting certain performance criteria, this will result in the dilution of the investment to 29%. One Third B.V has its registered office at Almelosestraat 19, 7495 TG Ambt Delden, Netherlands. The Group owns 20,921 preferred A3 shares which represents 37% of the total preferred A3 shares issued. The Group also owns 30,000 ordinary shares which is 60% of the ordinary shares issued. The company has A2 preference shares in issue of which the Group do not have a holding. 31 March 2023 \u00a3m 31 March 2022 \u00a3m Aggregated amounts relating to associate Non-current assets 1.9 \u2013 Current assets 2.0 1.6 Current liabilities (0.1) (9.7) Net assets 3.8 1.5 Group\u2019s share of net assets of associate 1.2 0.5 Revenue 0.2 \u2013 Loss (0.1) (0.3) Group\u2019s share of loss of associate \u2013 (9.7) Financial assets at fair value through other comprehensive income (FVOCI) Movements in equity investments at FVOCI comprise the following: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Unlisted securities At beginning of the year 6.9 7.9 Additions in the year 5.9 0.7 Changes in fair value recognised in other comprehensive income 6.1 (1.7) At end of year 18.9 6.9 Unlisted securities comprise of investments in Owlytics Healthcare Limited, Valencell Inc., Oxbotica Limited and VAPAR Innovation PTY Ltd. Further information on methods and assumptions used in determining fair value is provided in note 27 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-539": {
"value": "14 Interest in associate and other investments 31 March 2023 \u00a3m 31 March 2022 \u00a3m Interest in associate 2.1 1.3 Financial assets at fair value through other comprehensive income \u2013 Equity instruments 18.9 6.9 21.0 8.2 Interest in associate 31 March 2023 \u00a3m 31 March 2022 \u00a3m At beginning of the year 1.3 7.3 Additions in the year 0.8 \u2013 Group\u2019s share of loss of associate \u2013 (9.7) At end of year 2.1 1.3 In the prior year, OneThird B.V., issued further new shares to external investors that reduced the Group\u2019s ownership from 35.3% to 30.0%. There was a gain of \u00a30.0m on disposal. During the year, One Third B.V. issued a \u00a31.6m (US$2.0m) convertible loan note, and the Group took up 50% of the issue at \u00a30.8m (US$1.0m). In February 2023, following a further funding round, the loan notes were converted increasing the Group\u2019s equity in the associate with ownership increasing to 31%. The Group have committed to participating in a future funding round subject to the company meeting certain performance criteria, this will result in the dilution of the investment to 29%. One Third B.V has its registered office at Almelosestraat 19, 7495 TG Ambt Delden, Netherlands. The Group owns 20,921 preferred A3 shares which represents 37% of the total preferred A3 shares issued. The Group also owns 30,000 ordinary shares which is 60% of the ordinary shares issued. The company has A2 preference shares in issue of which the Group do not have a holding. 31 March 2023 \u00a3m 31 March 2022 \u00a3m Aggregated amounts relating to associate Non-current assets 1.9 \u2013 Current assets 2.0 1.6 Current liabilities (0.1) (9.7) Net assets 3.8 1.5 Group\u2019s share of net assets of associate 1.2 0.5 Revenue 0.2 \u2013 Loss (0.1) (0.3) Group\u2019s share of loss of associate \u2013 (9.7) Financial assets at fair value through other comprehensive income (FVOCI) Movements in equity investments at FVOCI comprise the following: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Unlisted securities At beginning of the year 6.9 7.9 Additions in the year 5.9 0.7 Changes in fair value recognised in other comprehensive income 6.1 (1.7) At end of year 18.9 6.9 Unlisted securities comprise of investments in Owlytics Healthcare Limited, Valencell Inc., Oxbotica Limited and VAPAR Innovation PTY Ltd. Further information on methods and assumptions used in determining fair value is provided in note 27 ",
"dimensions": {
"concept": "halma:DisclosureOfInterestsInAssociateAndOtherInvestments",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-540": {
"value": "15 Inventories 31 March 2023 \u00a3m 31 March 2022 \u00a3m Raw materials and consumables 185.8 131.8 Work in progress 31.5 21.5 Finished goods and goods for resale 95.1 75.5 312.4 228.8 The above is stated net of provision for slow-moving and obsolete stock, movements of which are shown below: 31 March 2023 \u00a3m 31 March 2022 \u00a3m At beginning of the year 36.1 30.5 Write downs of inventories recognised as an expense 6.0 3.8 Recognition of provisions for businesses acquired 5.0 1.2 Derecognition of provisions for businesses disposed \u2013 (0.7) Utilisation and amounts reversed against inventories previously impaired (3.5) (0.7) Exchange adjustments 0.9 1.1 At end of the year 44.5 36.1 In the year ended 31 March 2023, previous write-downs against inventory were reversed as a result of increased sales in certain markets or where previously written down inventories have been disposed. There is no material difference between the original cost of inventories and their cost of replacement. None of the inventory has been pledged as security. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-541": {
"value": "16 Trade and other receivables 31 March 2023 \u00a3m 31 March 2022 \u00a3m Trade receivables 330.2 259.8 Allowance for doubtful debts (6.9) (4.4) 323.3 253.2 Other receivables 18.7 16.6 Prepayments 30.0 23.9 Contract assets (note 18) 38.7 31.4 410.7 325.1 Other receivables comprise various assets across the Group, including sales tax receivables and other non-trade balances. The movement in the allowance for doubtful debts in respect of trade receivables during the year was as follows: 31 March 2023 \u00a3m 31 March 2022 \u00a3m At beginning of the year 8.8 11.2 Net impairment loss reversed (0.4) (3.7) Amounts recovered against trade receivables previously written down/amounts utilised (0.4) (0.8) Recognition of provisions for businesses acquired 0.8 0.2 Exchange adjustments 0.3 0.1 At end of the year 6.9 6.6 The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables carried at amortised cost. The Group assessed that no provisions or impairments were required in relation to contract assets (2022: \u00a3nil). The fair value of trade and other receivables approximates to book value due to the short-term maturities associated with these items. There is no impairment risk identified with regards to other receivables where no amounts are past due. The ageing of trade receivables was as follows: Gross trade receivables Trade receivables net of doubtful debts 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Not yet due 250.8 196.5 250.3 196.1 Up to one month overdue 45.4 35.4 45.4 35.3 Between one and two months overdue 14.3 10.3 14.2 10.0 Between two and three months overdue 5.0 3.8 4.8 4.5 Over three months overdue 14.7 12.9 8.6 7.3 330.2 259.8 323.3 253.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-542": {
"value": "17 Trade and other payables: falling due within one year 31 March 2023 \u00a3m 31 March 2022 \u00a3m Trade payables 116.9 102.5 Other taxation and social security 12.7 10.2 Other payables 1.1 6.5 Accruals 107.3 97.5 Contract liabilities (note 18) 35.9 25.5 Deferred government grant income 0.2 0.5 280.7 242.7 Other payables comprise various balances across the Group including share-based payments related amounts of \u00a30.9m (2022: \u00a31.1m), deferred R&D expenditure tax credits and other non-trade payables. These comprise \u00a36.8m of financial liabilities and \u00a30.9m of non- financial liabilities. 21 Trade and other payables: falling due after one year 31 March 2023 \u00a3m 31 March 2022 \u00a3m Other payables 3.0 2.4 Other taxation and social security \u2013 \u2013 Accruals 0.6 0.9 Contract liabilities (note 18) 17.1 14.6 Deferred government grant income 1.2 1.1 21.9 19.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-543": {
"value": "18 Contract balances 31 March 2023 \u00a3m 31 March 2022 \u00a3m Contract costs 1.8 0.6 Contract assets (note 16) 38.7 31.4 Contract liabilities current (note 17) 35.9 25.5 Contract liabilities non-current (note 21) 17.1 14.6 Total contract liabilities 53.0 40.1 Contract costs represent an asset the Group has recognised in relation to costs to fulfil long-term contracts. This is presented within other receivables in the balance sheet. Contract assets Contract liabilities 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Amounts included in contract balances at the beginning of the year 31.4 14.3 (40.1) (27.0) Transfers to receivables during the year (32.3) (14.1) \u2013 \u2013 Performance obligations arising in the current reporting year Increases as a result of billing ahead of performance \u2013 \u2013 (36.1) (28.2) Decreases as a result of revenue recognised in the year \u2013 \u2013 24.4 16.2 Increases as a result of performance in advance of billing 37.9 30.6 \u2013 Amounts arising through business combinations \u2013 \u2013 (0.5) (0.8) Exchange movements 1.7 0.6 (0.7) (0.3) Amounts included in contract balances at the end of the year 38.7 31.4 (53.0) (40.1) In some cases, the Group receives payments from customers based on a billing schedule, as established in our contracts. The contract assets relate to revenue recognised for performance in advance of scheduled billing and has increased as the Group has provided more services ahead of the agreed payment schedules for certain contracts. The contract liability relates to payments received in advance of performance under contract and varies based on performance under these contracts. ",
"dimensions": {
"concept": "halma:DisclosureOfContractBalances",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-544": {
"value": "19 Borrowings 31 March 2023 \u00a3m 31 March 2022 \u00a3m Loan notes falling due within one year \u2013 71.2 Overdrafts 1.0 0.7 Unsecured bank loans falling due within one year \u2013 0.6 Total borrowings falling due within one year 1.0 72.5 Unsecured loan notes falling due after more than one year 376.9 35.0 Unsecured bank loans falling due after more than one year 300.4 252.6 Total borrowings falling due after more than one year 677.3 287.6 Total borrowings 678.3 360.1 The loan notes falling due within one year at 31 March 2022, related to the second repayment under the United States Private Placement completed in November 2015, these were settled in January 2023. In the current year, the loan notes falling due after more than one year relate to United States Private Placement completed in May 2022 and the remainder of the United States Private Placement completed in November 2015. Information concerning the security, currency, interest rates and maturity of the Group\u2019s borrowings is given in note 27. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-545": {
"value": "20 Provisions Provisions are presented as: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Current 21.0 20.7 Non-current 0.1 7.7 30.7 28.4 Contingent purchase consideration \u00a3m Dilapidations \u00a3m Product warranty \u00a3m Legal, contractual and other \u00a3m Total \u00a3m At 31 March 2022 15.2 2.8 1.8 2.8 28.4 Additional provision in the year 6.6 0.9 3.8 1.7 10.8 Arising on acquisition (note 25) 1.5 \u2013 0.4 \u2013 1.9 Utilised during the year (4.6) \u2013 (0.7) (1.0) (8.4) Released during the year (0.7) (0.3) (3.5) (0.4) (4.9) Exchange adjustments 0.6 \u2013 0.1 0.1 0.8 At 31 March 2023 16.4 3.4 1.1 3.2 30.7 Contingent purchase consideration The provision at the beginning of the year comprised \u00a315.2m, of which \u00a313.2m was payable within one year, included amounts based on actual results for the final earnout period for Infowave and Invenio. It also included estimates for the final earnout period for Visiometrics, for the year ended 31 December 2018, which is subject to final agreement. The \u00a34.4m additional provision in the year related to revisions to the estimate of Infinite Leap (\u00a32.7m increase), IZI (\u00a31.4m increase) and Meditech (\u00a30.3m increase). The \u00a34.6m utilised during the year related to the third and final earnout period for Infowave (\u00a31.7m) and Invenio (\u00a30.1m), the first and final earnout period for Meditech (\u00a30.4m), the first earnout period for Orca (\u00a30.4m) and the second earnout period for Spreo (\u00a30.2m). In addition, retention payment amounts were settled for NovaBone (\u00a30.8m), Dancutter (\u00a30.4m), Anton (\u00a30.2m) and Clayborn Lab (\u00a30.4m). The \u00a30.7m released during the year related to the revisions to the estimate of Orca (\u00a30.2m reduction), Clayborn Lab (\u00a30.3m reduction) and Spreo (\u00a30.2m reduction). The closing total provision of \u00a316.4m, of which \u00a313.2m is payable within one year, includes amounts based on actual results for the final earnout period for IZI, Spreo and for the second earnout period for Infinite Leap. It also includes estimates for the final earnout period for Visiometrics, for the year ended 31 December 2018, which is subject to final agreement. The balance due after more than one year of \u00a33.2m comprises the estimated future earnout for Infinite Leap. The total contingent purchase consideration payable in future for the existing acquisitions is a minimum of \u00a32.8m with a maximum possible payable of \u00a357.6m. Contingent consideration amounts paid in excess of that estimated in the acquisition balance sheet is included in cash flows from operating activities. The basis for the calculation of each contingent consideration arrangement is set out on page 229 in note 27, including sensitivity of the estimation of the liabilities to changes in the assumptions. Dilapidations The dilapidations provisions are for the continuing obligations under leases in respect of property dilapidation and reinstatement provisions. The provisions comprise the Directors\u2019 best estimates of future payments to restore the fabric of buildings to their original condition where it is a condition of the leases, prior to return of the properties. These commitments cover the period from 2023 to 2036 though they predominantly fall due within five years. Product warranty Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business and included within the Group companies\u2019 standard terms and conditions. The warranties represent assurance type warranties within the definition of IFRS 15. Warranty commitments cover a period of between one and five years and typically apply for a 12-month period. The provision represents the Directors\u2019 best estimate of the Group\u2019s liability based on past experience. Legal, contractual and other Legal, contractual and other provisions comprise mainly amounts reserved against open legal and contractual disputes. The Company has on occasion been required to take legal or other actions to defend itself against proceedings brought by other parties. Provisions are made for the expected costs associated with such matters, based on past experience of similar items and other known factors, taking into account professional advice received, and represent Directors\u2019 best estimate of the likely outcome. The timing of utilisation of these provisions is frequently uncertain reflecting the complexity of issues and the outcome of various court proceedings and negotiations. Contractual and other provisions represent the Directors\u2019 best estimate of the cost of settling future obligations. Unless specific evidence exists to the contrary, these reserves are shown as current. However, no provision is made for proceedings which have been or might be brought by other parties against Group companies unless the Directors, taking into account professional advice received, assess that it is more likely than not that such proceedings may be successful. Management\u2019s assessment of the potential impacts of climate change, as well as the Group\u2019s climate strategy as laid out on pages 72 to 87, has not resulted in the recognition of any additional provisions or disclosure of any contingent liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-546": {
"value": "22 Deferred tax Retirement benefit obligations \u00a3m Acquired intangible assets \u00a3m Accelerated tax depreciation \u00a3m Short-term timing differences \u00a3m Share-based payment \u00a3m Goodwill timing differences \u00a3m Capitalised R&D \u00a3m Total \u00a3m At 1 April 2022 (2.2) (71.8) (1.2) 2.5 1.6 17.1 \u2013 (56.1) Credit/(charge) to Consolidated Income Statement (0.3) 14.6 (9.0) (0.8) 0.4 (8.1) 10.6 16.5 Credit/(charge) to Consolidated Statement of Comprehensive Income and Expense (0.6) \u2013 \u2013 (0.4) \u2013 \u2013 \u2013 (0.7) Charge to equity \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7) Arising on acquisition (note 25) \u2013 (38.6) (0.6) \u2013 \u2013 15.3 \u2013 (24.3) Exchange adjustments \u2013 (0.4) (0.8) 0.1 \u2013 (0.4) (0.4) (0.2) At 31 March 2023 (9.6) (97.8) (7.4) 2.1 5.7 24.0 10.3 (67.2) Retirement benefit obligations \u00a3m Acquired intangible assets \u00a3m Accelerated tax depreciation \u00a3m Short-term timing differences \u00a3m Share-based payment \u00a3m Goodwill timing differences \u00a3m Capitalised R&D \u00a3m Total \u00a3m At 1 April 2021 0.5 (58.7) (3.5) 2.8 1.6 13.4 \u2013 (39.3) Credit/(charge) to Consolidated Income Statement 0.2 4.4 (0.3) 9.9 0.2 (0.7) \u2013 8.5 Credit/(charge) to Consolidated Statement of Comprehensive Income and Expense (11.9) \u2013 \u2013 5.0 \u2013 \u2013 \u2013 (11.5) Charge to equity \u2013 \u2013 \u2013 \u2013 (0.2) \u2013 \u2013 (0.2) Arising on acquisition \u2013 (17.5) \u2013 8.5 \u2013 4.1 \u2013 (4.5) Deferred tax of business sold \u2013 \u2013 (5.9) 5.9 \u2013 \u2013 \u2013 \u2013 Exchange adjustments \u2013 (2.2) (0.3) 5.0 \u2013 1.0 \u2013 (9.9) At 31 March 2022 (4.4) (71.8) (6.7) 6.1 1.6 17.1 (56.1) Deferred taxes in the prior year were restated following the increase in the UK corporation tax rate from 19% to 25%, resulting in a \u00a32.6m charge to profit and loss, included as an adjusting item. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes: 31 March 2023 \u00a3m 31 March 2022 \u00a3m Deferred tax liability (70.2) (58.5) Deferred tax asset 3.9 6.0 Net deferred tax liability (67.2) (56.1) Deferred tax balances expected to unwind in less than one year are insignificant. Movement in net deferred tax liability: 31 March 2023 \u00a3m 31 March 2022 \u00a3m At beginning of year (56.1) (39.3) (Charge)/credit to Consolidated Income Statement: UK (2.7) (0.2) Overseas 19.2 8.6 Charge to Consolidated Statement of Comprehensive Income (0.7) (11.5) Charge to equity (0.7) (0.2) Arising on acquisition (note 25) (24.3) (3.7) Deferred tax of business sold (note 30) \u2013 \u2013 Exchange adjustments (0.2) (0.7) At end of year (67.2) (56.1) It is likely that the unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption such that no UK tax would be due upon remitting those earnings to the UK. However, \u00a3123.7m (2022: \u00a3112.6m) of those earnings may still result in a tax liability, principally as a result of the dividend withholding taxes levied by the overseas jurisdictions in which those subsidiaries operate. These deferred tax liabilities of \u00a38.5m (2022: \u00a37.9m) have not been recognised as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Temporary differences in connection with the interest in associate are insignificant. At 31 March 2023, deferred tax assets of \u00a30.4m and \u00a34.9m (\u00a32022: \u00a30.4m and \u00a32.5m) in respect of unused capital tax losses and other tax losses have not been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-547": {
"value": "23 Share capital Issued and fully paid 31 March 2023 \u00a3m 31 March 2022 \u00a3m Ordinary shares of 10p each 35.9 38.0 The number of ordinary shares in issue at 31 March 2023 was 379,645,332 (2022: 379,645,332), including shares held by the Employee Benefit Trust of 1,901,415 (2022: 1,175,080); this represents 0.5% of called up share capital (2022: 0.3%). The number of own shares purchased during the year was 1,000,000 (2022: 682,000) with a nominal value of \u00a30.0m (2022: \u00a30.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-548": {
"value": "24 Share-based payments The total cost recognised in the Consolidated Income Statement in respect of share-based payment plans (the \u2018employee share plans\u2019) was as follows: Year ended 31 March 2023 Year ended 31 March 2022 Equity-settled \u00a3m Cash-settled \u00a3m Total \u00a3m Equity-settled \u00a3m Cash-settled \u00a3m Total \u00a3m Share incentive plan 0.3 \u2013 0.3 9.9 \u2013 9.9 Executive share plan 18.0 0.4 18.3 12.5 1.0 13.5 19.3 0.4 19.6 13.6 1.0 14.6 Share incentive plan Shares awarded under this Plan are purchased in the market by the Plan\u2019s trustees at the time of the award and are held in trust until their transfer to qualifying employees; vesting is conditional upon completion of three years\u2019 service. Forfeited shares are reallocated in subsequent grants. The costs of providing this Plan are recognised in the Consolidated Income Statement over the three-year vesting period. Executive share plan (ESP) Under the ESP, in which Executive Directors and certain senior employees participate, deferred share awards are made as either performance awards or deferred awards. Performance awards vest after three years based on Earnings Per Share and Return on Total Invested Capital (ROTIC) targets, and after two or three years for deferred share awards based on continuing service of the employee only. Awards which do not vest lapse on the second or third anniversary of their grant. Shares awarded under this Plan are purchased in the market by the Plan\u2019s trustees and are held as own shares until their transfer to qualifying employees. Under the terms of the trust deed, Halma is required to provide the trust with the necessary funds to purchase the shares ahead of vesting. Dividends accrue on unvested awards and are settled in cash on vesting. The following table shows the number of deferred shares granted and outstanding at the beginning and end of the reporting period for the ESP: 2023 Number of shares awarded 2022 Number of shares awarded Outstanding at beginning of year 1,722,706 1,806,330 Granted during the year 1,554,197 759,832 Vested during the year (pro\u2013rated for \u2018good leavers\u2019) (487,593) (660,019) Lapsed during the year (127,210) (183,437) Outstanding at end of year 2,662,100 1,722,706 Exercisable at end of year \u2013 \u2013 Included in Retained earnings are accumulated credits of \u00a326.9m (2022: \u00a319.2m) representing the provision for the value of unvested awards under the Group's equity settled share plans. The performance shares outstanding at 31 March 2023 had a weighted average remaining contractual life of 18 months (2022: 16 months). The weighted average share price at the date of exercise of vested shares during the year was 2,265p (2022: 2,705p). The fair value of the awards was calculated using an appropriate simulation method, with the inputs below: 2023 2022 2021 Expected life (years) 2 or 3 2 or 3 2 or 3 Share price on date of grant (p) 2,060.0 2,732.0 2,260.0 Option price (p) Nil Nil Nil Fair value per option (%) 100% 100% 100% Fair value per option (p) 2,060.0 2,732.0 2,260.0 Cash-settled Awards under the above plans are normally settled in shares but may be settled in cash at the Board\u2019s discretion or where required by local regulations. Cash-settled awards follow the same vesting conditions as the plans under which they are awarded. Net settlement feature for withholding tax obligations On vesting, a debit is recognised to Retained earnings at a weighted average cost of the shares purchased and held for this purpose. Shares are transferred from own shares to the qualifying employee. The deferred shares granted under the ESP include a net settlement feature under which shares are withheld in order to settle the employee's tax obligations. The Group withholds an amount for an employee\u2019s tax obligation associated with a share-based payment and transfers that amount in cash to the relevant tax authority on the employee\u2019s behalf. Where permitted by local regulations, the Group is settling the deferred share grant on a net basis by withholding the number of shares with a fair value equal to the monetary value of the employee\u2019s tax obligation and only issuing the remaining shares on completion of the vesting period. An amount of \u00a34.5m was withheld and paid to the taxation authority in relation to the deferred shares that vested during the year (2022: \u00a37.1m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-549": {
"value": "25 Acquisitions In accounting for acquisitions, adjustments are made to the book values of the net assets of the companies acquired to reflect their fair values to the Group. Other previously unrecognised assets and liabilities at acquisition are included and accounting policies are aligned with those of the Group where appropriate. During the year ended 31 March 2023, the Group made seven acquisitions namely: \u2022 Deep Trekker Inc.; \u2022 IZI Healthcare Products, LLC; \u2022 WEETECH Holdings GmbH; \u2022 Certain trade and assets of Rigaku Corporation; \u2022 Thermocable (Flexible Elements) Limited; \u2022 Zonegreen 2013 Ltd; and \u2022 FirePro Group. Set out on the following pages are summaries of the assets acquired and liabilities assumed and the purchase consideration of: a) the total of acquisitions; b) Deep Trekker Inc.; c) IZI Healthcare Products, LLC; d) WEETECH Holding GmbH; e) Thermocable (Flexible Elements) Limited; f) FirePro Group; g) Other acquisitions; and h) adjustments arising on prior year acquisitions. Due to their contractual dates, the fair value of receivables acquired approximate to the gross contractual amounts receivable. The amount of gross contractual receivables not expected to be recovered is immaterial. There are no material contingent liabilities recognised in accordance with paragraph 23 of IFRS 3 (revised). The acquisitions contributed \u00a341.0m of revenue and \u00a37.9m of profit after tax for year ended 31 March 2023. If these acquisitions had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a351.6m and \u00a314.9m higher respectively. As at the date of approval of the financial statements, with the exception of Deep Trekker, the accounting for all other current year acquisitions is provisional; relating to the finalisation of the valuation of acquired intangible assets, the initial consideration, which is subject to agreement of certain contractual adjustments, and certain other provisional balances. a) Total of acquisitions Total \u00a3m Non-current assets Intangible assets 192.4 Property, plant and equipment 14.4 Deferred tax 1.1 Current assets Inventories 23.1 Trade and other receivables 19.9 Cash and cash equivalents 10.1 Total assets 261.0 Current liabilities Payables (10.4) Borrowings (65.1) Lease liabilities (0.7) Tax liabilities (0.8) Non-current liabilities Lease liabilities (7.8) Provisions (0.8) Deferred tax liabilities (25.4) Total liabilities (112.5) Net assets of businesses acquired 148.5 Initial cash consideration paid 321.0 Other adjustments to consideration 1.3 Contingent purchase consideration including retentions estimated to be paid 0.7 Total consideration 328.8 Total goodwill 180.3 Total goodwill of \u00a3180.3m comprises \u00a3180.0m relating to current year acquisitions and \u00a30.3m relating to the prior year acquisition of International Light Technologies Inc.. Analysis of cash outflow in the Consolidated Cash Flow Statement Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Initial cash consideration paid 321.0 151.2 Cash acquired on acquisitions (10.1) (18.2) Initial cash consideration adjustments on current year acquisitions 1.3 13.1 Contingent consideration paid 6.1 14.2 Net cash outflow relating to acquisitions 321.8 160.3 Included in cash flows from operating activities 0.2 4.1 Included in cash flows from investing activities 320.1 152.8 Other adjustments are primarily adjustments for acquired working capital once balances are fully reconciled, forming part of the contractual payment mechanisms. Contingent consideration included in cash flows from operating activities reflect amounts paid in excess of that estimated in the acquisition balance sheets. b) Deep Trekker Inc. \u00a3m Non-current assets Intangible assets 14.9 Property, plant and equipment 6.6 Deferred tax 0.6 Current assets Inventories 4.4 Trade and other receivables 1.1 Cash and cash equivalents 4.2 Total assets 24.8 Current liabilities Payables (2.1) Borrowings (4.7) Lease liabilities (0.8) Tax liabilities (0.6) Non-current liabilities Lease liabilities (0.4) Deferred tax liabilities (4.7) Total liabilities (12.5) Net assets of business acquired 12.3 Initial cash consideration paid 31.9 Other adjustments to consideration 0.8 Total consideration 33.8 Total goodwill 21.5 On 13 April 2022, the Group acquired the entire share capital of Deep Trekker Inc. (Deep Trekker) for total consideration \u00a333.8m (C$55.5m), which comprised initial cash consideration of \u00a331.9m (C$52.4m) and net cash/debt adjustments and working capital adjustments of \u00a31.9m (C$3.1m). The initial consideration reflects a gross purchase price of \u00a336.6m (C$60.0m) less debt acquired of \u00a34.7m (C$7.6m) which was settled immediately post-acquisition. There is no contingent consideration payable. Deep Trekker, based in Ontario, Canada, is a market-leading manufacturer of remotely operated underwater robots used for inspection, surveying, analysis and maintenance. Deep Trekker continues to run under its own management team and has joined the Environmental & Analysis sector. On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a32.8m); trade name (\u00a33.5m) and technology related intangibles (\u00a38.6m). The residual goodwill of \u00a321.5m represents: a) the technical expertise of the acquired workforce; b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and c) the ability to exploit the Group\u2019s existing customer base. Deep Trekker contributed \u00a315.1m of revenue and \u00a32.1m of profit after tax for the year ended 31 March 2023. If this acquisition had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a30.3m higher and \u00a30.0m higher respectively. Acquisition costs totalling \u00a30.5m were recorded in the Consolidated Income Statement. The goodwill arising on this acquisition is not expected to be deductible for tax purposes. c) IZI Healthcare Products, LLC \u00a3m Non-current assets Intangible assets 64.4 Property, plant and equipment 7.1 Deferred tax 9.6 Current assets Inventories 7.7 Trade and other receivables 7.3 Cash and cash equivalents 0.3 Total assets 86.9 Current liabilities Payables (2.9) Borrowings (53.8) Lease liabilities (0.6) Tax liabilities (9.0) Non-current liabilities Lease liabilities (4.7) Deferred tax liabilities (4.6) Total liabilities (63.7) Net assets of business acquired 23.2 Initial cash consideration paid 84.1 Other adjustments to consideration 0.8 Deferred contingent purchase consideration 0.7 Total consideration 87.5 Total goodwill 64.3 On 30 September 2022, the Group acquired the entire share capital of IZI Medical Products, LLC (IZI), for total consideration of \u00a387.5m (US$97.4m). The initial consideration of \u00a384.1m comprised a gross price of \u00a3137.9m (US$153.5m) less debt acquired of \u00a353.8m (US$59.9m) which was settled immediately on acquisition. Other adjustments to consideration reflected adjustments for acquired working capital of \u00a31.9m (US$2.1m). For the acquisition the maximum contingent consideration payable was \u00a313.0m (US$14.5m) based on profit-based targets for the year ending 31 March 2023, of which \u00a31.5m (US$1.8m) was estimated as the payable at the acquisition date. IZI, based in Baltimore, Maryland, USA, is a leading designer, manufacturer and distributor of medical devices used across a range of diagnostic and therapeutic procedures. IZI continues to run under its own management team and has joined the Healthcare sector. On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a319.9m); trade names (\u00a32.6m) and technology related intangibles (\u00a341.9m). The residual goodwill of \u00a364.3m represents: a) the technical expertise of the acquired workforce; b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and c) the ability to exploit the Group\u2019s existing customer base. IZI contributed \u00a315.1m of revenue and \u00a33.2m of profit after tax for the year ended 31 March 2023. If this acquisition had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a314.2m and \u00a32.5m higher respectively. Acquisition costs totalling \u00a31.6m were recorded in the Consolidated Income Statement. The goodwill arising on the IZI acquisition is expected to be deductible for tax purposes. d) WEETECH Holding GmbH \u00a3m Non-current assets Intangible assets 17.8 Property, plant and equipment 6.6 Deferred tax 9.0 Current assets Inventories 3.9 Trade and other receivables 1.6 Cash and cash equivalents 2.3 Total assets 31.8 Current liabilities Payables (4.6) Borrowings (1.1) Lease liabilities (9.0) Tax liabilities (1.1) Non-current liabilities Lease liabilities (1.1) Deferred tax liabilities (5.1) Total liabilities (16.4) Net assets of business acquired 15.4 Initial cash consideration paid 46.1 Other adjustments to consideration 0.7 Total consideration 47.0 Total goodwill 31.6 On 4 October 2022, the Group acquired the entire share capital of WEETECH Holding GmbH (WEETECH), for total consideration of \u00a347.0m (\u20ac53.8m), which comprised initial cash consideration of \u00a346.1m (\u20ac52.8m) and subsequent working capital adjustments of \u00a30.9m (\u20ac1.0m). The initial consideration of \u00a346.1m reflects a gross purchase price of \u00a350.2m (\u20ac57.5m) less debt acquired of \u00a36.6m (\u20ac7.6m) which was settled immediately post-acquisition plus other debt-like adjustments of \u00a32.5m (\u20ac2.9m). There is no contingent consideration payable. WEETECH, headquartered in Wertheim, Germany, designs and manufactures safety-critical electrical testing technology for the aviation, rail, automotive and engineering sectors. Its products ensure high and low voltage electric systems remain compliant with increasing safety regulation. WEETECH continues to run under its own management team and has joined the Safety sector. On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a310.9m); trade names (\u00a32.1m) and technology related intangibles (\u00a34.6m). The residual goodwill of \u00a331.6m represents: a) the technical expertise of the acquired workforce; b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and c) the ability to exploit the Group\u2019s existing customer base. WEETECH contributed \u00a38.7m of revenue and \u00a31.8m of profit after tax for the year ended 31 March 2023. If this acquisition had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a39.3m and \u00a31.4m higher respectively. Acquisition costs totalling \u00a31.0m were recorded in the Consolidated Income Statement. The goodwill arising on the WEETECH acquisition is not expected to be deductible for tax purposes. e) Thermocable (Flexible Elements) Limited \u00a3m Non-current assets Intangible assets 13.0 Property, plant and equipment 0.4 Current assets Inventories 0.5 Trade and other receivables 0.7 Cash and cash equivalents 1.0 Total assets 17.5 Current liabilities Payables (0.6) Tax liabilities (0.6) Non-current liabilities Deferred tax liabilities (3.1) Total liabilities (2.2) Net assets of business acquired 13.1 Initial cash consideration paid 22.0 Other adjustments to consideration 0.1 Total consideration 22.5 Total goodwill 8.6 On 31 January 2023, the Group acquired the entire share capital of Thermocable (Flexible Elements) Limited (Thermocable) for \u00a322.5m, which comprised the purchase price of \u00a322.0m and net cash/debt adjustments of \u00a30.5m. There is no contingent consideration payable. Thermocable, based in Bradford, UK, is a leading developer and manufacturer of Linear Heat Detectors (LHDs). LHDs are temperature sensitive cables, installed in areas at risk of overheating and fire, which trigger an alert when they detect a change of temperature. Thermocable has joined the Group as part of the Safety sector fire detection business, Apollo. On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a38.7m); trade name (\u00a31.6m) and technology related intangibles (\u00a32.7m). The residual goodwill of \u00a39.4m represents: a) the technical expertise of the acquired workforce; b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and c) the ability to exploit the Group\u2019s existing customer base. Thermocable contributed \u00a31.3m of revenue and \u00a30.5m of profit after tax for the year ended 31 March 2023. If this acquisition had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a35.3m higher and \u00a31.5m higher respectively. Acquisition costs totalling \u00a30.4m were recorded in the Consolidated Income Statement. The goodwill arising on this acquisition is not expected to be deductible for tax purposes. f) FirePro Group \u00a3m Non-current assets Intangible assets 81.0 Property, plant and equipment 4.8 Current assets Inventories 8.4 Trade and other receivables 1.9 Cash and cash equivalents 0.8 Total assets 96.1 Current liabilities Payables (0.5) Lease liabilities (0.8) Tax liabilities (0.4) Non-current liabilities Lease liabilities (0.7) Deferred tax liabilities (10.1) Total liabilities (14.1) Net assets of business acquired 82.0 Initial cash consideration paid 132.0 Other adjustments to consideration 0.4 Total consideration 133.2 Total goodwill 51.2 On 27 March 2023, the Group acquired the FirePro Group (FirePro) for total consideration of \u00a3133.2m (\u20ac151.3m), which comprised the cash and debt-free purchase price of \u00a3132.0m (\u20ac150.0m) and other adjustments of \u00a31.2m (\u20ac1.3m). There is no contingent consideration payable. Directly or through another company acquired, the acquisition comprised the entire share capital of Skyterra Investments Ltd, Nisolio Investments Ltd, P.J.K.A Investments Ltd, FirePro Systems Ltd, Celanova Limited and I.D. Infinity Developments Cyprus Ltd. FirePro, based in Cyprus, is a leading designer and manufacturer of aerosol-based fire suppression systems. FirePro continues to run under its own management team and has joined the Safety sector. On acquisition, acquired intangibles were recognised relating to customer related intangibles (\u00a344.9m); trade name (\u00a37.1m) and technology related intangibles (\u00a329.0m). The residual goodwill of \u00a351.2m represents: a) the technical expertise of the acquired workforce; b) the opportunity to leverage this expertise across some of Halma\u2019s businesses through future technologies; and c) the ability to exploit the Group\u2019s existing customer base. FirePro contributed \u00a30.4m of revenue and \u00a30.1m of profit after tax for the year ended 31 March 2023. If this acquisition had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a319.8m higher and \u00a39.2m higher respectively. Acquisition costs totalling \u00a31.6m were recorded in the Consolidated Income Statement. The goodwill arising on this acquisition is not expected to be deductible for tax purposes. g) Other acquisitions \u00a3m Non-current assets Intangible assets 0.3 Property, plant and equipment 0.4 Current assets Inventories 1.0 Trade and other receivables 9.6 Cash and cash equivalents 1.1 Total assets 3.8 Current liabilities Payables (0.6) Lease liabilities \u2013 Non-current liabilities Lease liabilities (9.0) Provisions (9.0) Deferred tax liabilities (0.4) Total liabilities (1.1) Net assets of business acquired 4.5 Initial cash consideration paid 6.8 Other adjustments to consideration (9.0) Total consideration 4.8 Total goodwill 4.9 On 21 November 2022, Ocean Optics Inc., a photonics technology company in the Group\u2019s Environment and Analysis sector, bought the assets and IP associated with laser-induced breakdown spectroscopy from Rigaku Analytical Devices Inc., and Rigaku Americas Holding Inc., in the United States for consideration of \u00a31.0m (US$1.1m). On 8 March 2023, the Group acquired the entire share capital of Zonegreen 2013 Ltd and its subsidiary company, Zonegreen Ltd, for total cash consideration of \u00a33.8m. Zonegreen, based in Sheffield, is renowned for its Rail Depot Personnel Protection System (DPPS\u2122) and has joined the Group company Sentric, within the Safety sector. In respect of these acquisitions, the excess of the fair value of the consideration paid over the fair value of the assets acquired is represented by customer related intangibles of \u00a30.3m; trade name of \u00a30.3m and technology related intangibles of \u00a30.7m; with residual goodwill arising of \u00a32.0m. These acquisitions contributed \u00a30.4m of revenue and \u00a30.2m of profit after tax cumulatively for the year ended 31 March 2023. If these acquisitions had been held since the start of the financial year, it is estimated that the Group\u2019s reported revenue and profit after tax would have been \u00a32.7m and \u00a30.3m higher respectively. Acquisition costs totalling \u00a30.2m were recorded in administrative expenses in the Consolidated Income Statement. The goodwill arising on these acquisitions is not expected to be deductible for tax purposes. h) Adjustments arising on prior year acquisitions \u00a3m Non-current liabilities Provisions (0.4) Total liabilities (0.4) Net adjustment to assets of business acquired in prior years (0.4) Adjustment to goodwill 0.3 In finalising the acquisition accounting for the prior year acquisition of International Light Technologies Inc., an adjustment of \u00a30.3m was made to include a provision for sales tax on pre-acquisition sales. This resulted in an increase in goodwill of \u00a30.3m. The adjustment is not material and as such the comparative balance sheet was not restated; instead, the adjustments have been made through the current year. ",
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"fact-550": {
"value": "26 Notes to the Consolidated Cash Flow Statement Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Reconciliation of profit from operations to net cash inflow from operating activities: Profit on continuing operations before finance income and expense, share of results of associate and profit on disposal of operations 308.4 278.9 Non-cash movement on hedging instruments 9.0 \u2013 Depreciation and impairment of property, plant and equipment 41.5 74.0 Amortisation and impairment of computer software 6.6 6.1 Amortisation of capitalised development costs and other intangibles 9.2 2.3 Impairment of capitalised development costs 0.1 8.2 Amortisation of acquired intangible assets 48.7 42.7 Impairment of acquired intangible assets 2.5 \u2013 Share-based payment expense in excess of amounts paid 12.9 1.5 Payments to defined benefit pension plans net of service costs (15.1) (11.7) (Profit)/loss on sale of property, plant and equipment, capitalised development costs and computer software (0.8) 0.8 Operating cash flows before movement in working capital 415.4 364.8 Increase in inventories (54.9) (51.9) Increase in receivables (16.8) (43.6) Increase in payables and provisions 15.1 74.0 Revision to estimate and exchange difference on contingent consideration payable less amounts paid in excess of payable estimated on acquisition 4.9 (12.0) Cash generated from operations 325.2 293.4 Taxation paid (67.2) (56.0) Net cash inflow from operating activities 258.0 237.4 Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Analysis of cash and cash equivalents Cash and bank balances 169.5 157.4 Overdrafts (included in current borrowings) (0.9) (0.7) Cash and cash equivalents 168.5 156.7 31 March 2022 \u00a3m Cash flow \u00a3m Net cash/(debt) acquired \u00a3m Additions and reclassifications \u00a3m Exchange adjustments \u00a3m 31 March 2023 \u00a3m Analysis of net debt Cash and bank balances 157.4 0.4 10.1 \u2013 0.2 169.5 Overdrafts (0.7) (0.4) \u2013 \u2013 \u2013 (0.9) Cash and cash equivalents 156.7 _ 10.1 \u2013 0.2 168.5 Loan notes falling due within one year (20.4) 74.4 \u2013 \u2013 (6.7) \u2013 Loan notes falling due after more than one year (35.0) (338.1) \u2013 \u2013 (3.5) (376.9) Bank loans falling due within one year (0.6) 65.7 (65.1) \u2013 \u2013 \u2013 Bank loans falling due after more than one year (252.6) (58.1) \u2013 \u2013 10.3 (300.4) Lease liabilities (72.1) 20.9 (9.3) (24.9) (2.5) (87.9) Total net debt (274.8) (235.2) (64.3) (24.9) 6.1 (596.7) The net increase in cash and cash equivalents of \u00a310.1m comprised net cash inflow of \u00a3nil and cash acquired of \u00a310.1m. The movement in bank loans in the year represents the proceeds and repayments of bank borrowings and the borrowings acquired as a result of acquisition. Reconciliation of movements of the Group\u2019s liabilities from financing activities Liabilities from financing activities are those for which cash flows were, or will be, classified as cash flows from financing activities in the Consolidated Cash Flow Statement. Borrowings* \u00a3m Leases \u00a3m Overdraft \u00a3m Total liabilities from financing activities \u00a3m Trade and other payables falling due within one year \u00a3m At 1 April 2021 322.3 31.5 8.5 390.3 186.7 Cash flows from financing activities 28.9 (16.8) \u2013 12.1 (5.9) Acquisition/disposal of subsidiaries \u2013 6.1 \u2013 6.1 11.7 Exchange adjustments 1.8 6.0 \u2013 10.6 4.8 Other changes** \u2013 19.0 (6.8) 16.7 42.9 At 31 March 2022 359.4 72.1 0.7 432.2 242.7 Cash flows from financing activities 256.1 (20.9) \u2013 235.2 (14.4) Acquisition/disposal of subsidiaries 65.1 8.3 \u2013 74.4 8.7 Exchange adjustments (3.3) 6.1 \u2013 (0.8) 12.7 Other changes** \u2013 68.7 0.4 25.2 31.0 At 31 March 2023 677.3 87.9 0.9 766.2 280.7 * Excluding overdrafts ** Other changes include movements in overdraft which is treated as cash, interest accruals, reclassifications from non-current to current liabilities, lease additions and other movements in working capital balances. ",
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"value": "27 Financial instruments Policy The Group\u2019s treasury policies seek to minimise financial risks and to ensure sufficient liquidity for the Group\u2019s operations and strategic plans. No complex derivative financial instruments are used and derivative transactions are only entered into to hedge known exposures, and no trading or speculative transactions in financial instruments are undertaken. Where the Group does use financial instruments, these are mainly to manage the currency risks arising from normal operations and its financing. Operations are financed mainly through retained profits and, in certain geographic locations, bank borrowings. Foreign currency risk is the most significant aspect for the Group in the area of financial instruments. It is exposed to a lesser extent to other risks such as interest rate risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and these policies are summarised below. The Group\u2019s policies have remained unchanged since the beginning of the financial year. Details of the significant accounting policies and methods adopted (including the criteria for recognition, the basis of measurement and the bases of recognition of income and expenses) for each class of financial asset, financial liability and equity instrument are disclosed in the Accounting Policies note. Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 19 to the Financial statements, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements. Foreign currency risk The Group is exposed to foreign currency risk as a consequence of both trading with foreign companies and owning subsidiaries located in foreign countries. The Group earns a significant proportion of its profit in currencies other than Sterling. This gives rise to translational currency risk, where the Sterling value of profits earned by the Group\u2019s foreign subsidiaries fluctuates with the strength of Sterling relative to their operating (or \u2018functional\u2019) currencies. The Group does not hedge this risk, so its reported profit is sensitive to the strength of Sterling, particularly against the US Dollar and Euro. The Group also has transactional currency exposures. These arise on sales or purchases by operating companies in currencies other than the companies\u2019 operating (or \u2018functional\u2019) currency. Significant sales and purchases are matched where possible and a proportion of the net exposure is hedged by means of forward foreign currency contracts. The Group has significant investments in overseas operations in the US and EU, with further investments in Australia, New Zealand, Singapore, Switzerland, Brazil, China and India. As a result, the Group\u2019s balance sheet can be affected by movements in these jurisdiction\u2019s exchange rates. Where significant and appropriate, currency denominated net assets are hedged by currency borrowings. These currency exposures are reviewed regularly. Interest rate risk The Group is exposed to interest rate fluctuations on its borrowings and cash deposits. Where bank borrowings are used to finance operations they tend to be short-term with floating interest rates. Longer-term funding is provided by the Group\u2019s bank loan facilities which are at floating rates, or by the Group\u2019s fixed rate United States Private Placements completed in November 2015 and May 2022. Surplus funds are placed on short-term fixed rate deposit or in floating rate deposit accounts The Group\u2019s weighted average interest cost on net debt for the year was 3.67% (2022: 2.78%). Excluding IFRS 16 lease liabilities, the weighted average interest cost on net debt for the year was 3.71% (2022: 2.23%). 31 March 2023 \u00a3m 31 March 2022 \u00a3m Analysis of interest-bearing financial liabilities Sterling denominated bank loans 45.0 28.0 US Dollar denominated bank loans 80.8 125.9 Euro denominated bank loans 143.6 65.1 Australian Dollar denominated bank loans \u2013 91.1 Swiss Franc denominated bank loans 31.0 18.2 Brazilian Reais denominated bank loans \u2013 0.5 Total bank loans 300.4 253.2 Overdrafts (principally Sterling and US Dollar denominated) 0.9 5.4 Sterling denominated loan notes 120.0 59.0 US Dollar denominated loan notes 80.8 23.5 Euro denominated loan notes 140.6 23.7 Swiss Franc denominated loan notes 35.5 \u2013 Total interest-bearing financial liabilities 678.3 360.1 For the year ended 31 March 2023, it is estimated that a general increase of one percentage point in interest rates would have reduced the Group\u2019s profit before tax by \u00a31.7m (2022: \u00a32.6m). Maturity of financial liabilities The gross contractual maturities of the Group\u2019s non-derivative financial liabilities that are neither current nor on demand are as follows. One to two years \u00a3m Between two and five years \u00a3m After more than five years \u00a3m Gross maturities \u00a3m Effect of discounting/ financing rates \u00a3m Total \u00a3m At 31 March 2023 Accruals 0.4 9.0 0.6 0.6 \u2013 0.6 Other payables 0.1 9.0 0.3 3.9 \u2013 3.9 Contingent purchase consideration 3.4 \u2013 \u2013 3.4 \u2013 3.4 Bank loans \u2013 300.4 \u2013 300.4 \u2013 300.4 Loan notes 10.8 158.3 263.5 432.6 (55.7) 376.9 Lease liabilities 18.9 38.4 21.0 78.3 (9.6) 15.2 34.8 497.3 286.0 818.1 (65.3) 752.8 One to two years \u00a3m Between two and five years \u00a3m After more than five years \u00a3m Gross maturities \u00a3m Effect of discounting/ financing rates \u00a3m Total \u00a3m At 31 March 2022 Accruals 5.0 5.9 5.0 0.9 \u2013 0.9 Other payables 9.9 5.9 9.6 6.0 \u2013 6.0 Contingent purchase consideration 9.0 5.3 \u2013 4.8 \u2013 4.8 Bank loans 252.6 \u2013 \u2013 252.6 \u2013 252.6 Loan notes 9.9 37.1 \u2013 87.6 (3.2) 35.0 Lease liabilities 17.2 37.5 14.6 42.7 (12.7) 13.3 273.8 75.4 16.2 365.4 (15.9) 349.5 The Group\u2019s bank loans are revolving credit facilities and the amount and timing of future payments and drawdowns is unknown. It is therefore not possible to calculate the interest arising on these loans and we have therefore not disclosed the maturity of the gross cash flows (including interest) in relation to these liabilities. Borrowing facilities The Group\u2019s principal sources of long-term funding are its unsecured five-year \u00a3550m Revolving Credit Facility, its \u00a3330m United States Private Placement completed in May 2023 and \u00a335m of United States Private Placement completed in November 2015. The Revolving Credit Facility was refinanced in May 2022 and matures in May 2027 with two one-year extension options. Since the end of the year, the first one-year extension has been exercised, with the subsequent maturity date of May 2028. The United States Private Placement of \u00a3330m was completed in May 2022. The unsecured loan notes were drawn on 12 July 2022 as \u00a385m, \u20ac160m, US$100m and CHF40m at a weighted average fixed interest rate of 2.81%. The loan notes have yearly maturities from year four to year ten, with the first tranche of \u00a348m maturing in July 2026. Interest is payable half yearly. Unsecured loan notes of \u00a335m drawn on 6 January 2016 at a fixed interest rate of 3.05% remain outstanding and mature in January 2026. The Group\u2019s undrawn committed facilities available at 31 March 2023 were \u00a3249.6m (2022: \u00a3297.4m) which matures between two and five years. The Group has an additional short-term unsecured and committed US bank facility of \u00a36.1m maturing in November 2023. The facility was undrawn at 31 March 2023. Other short-term operational funding is provided by cash generated from operations and by local bank overdrafts. These overdraft facilities are uncommitted and are generally renewed on an annual or ongoing basis and hence the facilities expire within one year or less. As part of our cash pooling arrangements UK companies have cross-guaranteed net overdraft facilities of \u00a313.2m (2022: \u00a313.2m). Total net overdrafts relating to cash pooling as at 31 March 2023 were \u00a3nil (2022: \u00a3nil). Total overdrafts for the Group as at 31 March 2023 were \u00a31.0m (2022: \u00a30.7m). Fair values of financial assets and financial liabilities With the exception of the Group\u2019s fixed rate loan notes, there were no significant differences between the book value and fair value (as determined by market value) of the Group\u2019s financial assets and liabilities. The fair value of floating borrowings approximates to the carrying value because interest rates are reset to market rates at intervals of less than one year. The fair value of the Group\u2019s fixed rate loan notes arising from the United States Private Placement completed in May 2022 is estimated to be \u00a3349.6m. The fair value is estimated by discounting the future contracted cash flow using readily available market data and represents a level 2 measurement in the fair value hierarchy under IFRS 7. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow, using readily available market data, and represents a level 2 measurement in the fair value hierarchy under IFRS 7. The fair value of equity investments held at fair value through other comprehensive income is based on the latest observable price where available. Where there are no recent observable prices, adjustments are made based on qualitative indicators, such as the financial performance of the entity, performance against operational milestones and future outlook. This represents a level 3 measurement in the fair value hierarchy under IFRS 7. The fair value of deferred contingent consideration arising on acquisitions is calculated by estimating the possible future cash flows for the acquired company identified as best, base and worst-case scenarios, using probability weightings of 25%, 50% and 25% respectively. These scenarios are based on management\u2019s knowledge of the business and how the current economic environment is likely to impact it. The relevant future cash flows are dependent on the specific terms of the sale and purchase agreement. Those terms are as follows: \u2022 Spreo \u2013 Based on 30% of qualifying healthcare revenue for the 18-month period from 1 April 2022 to 30 September 2023 up to a maximum earnout of US$2.0m (\u00a31.6m). \u2022 Orca \u2013 For the periods ending 31 March 2023 and 31 March 2024 based on 3 times multiple of EBIT above the higher of the target threshold of \u20ac0.9m (\u00a30.8m) or prior year EBIT. Subject to a maximum overall earnout of \u20ac2.5m (\u00a32.1m). \u2022 Clayborn Lab \u2013For the year ended 30 September 2023 equal to revenue in excess of the higher of an annual revenue target of US$3.5m (\u00a32.7m) or the prior period revenue, subject to a maximum of US$1.0m (\u00a30.8m). \u2022 IZI \u2013 Based on 14 times multiple of EBIT between the minimum threshold of US$11.0m (\u00a38.9m) and the maximum threshold of US$12.0m (\u00a39.7m) for the period ending 31 March 2023. Subject to a maximum overall earnout of US$14.5m (\u00a311.7m). \u2022 Infinite Leap \u2013 Based on a split of the business between Enterprise Solutions and Prompt Health. For Enterprise Solutions for the year ended 30 September 2023 based on 4 times multiple of gross margin above the higher of a target threshold of US$6.1m or the prior year gross margin, subject to a maximum of US$6.0m. For Prompt Health for the year ended 30 September 2023 based on 2.3 times multiple of gross margin from recurring revenue above the higher of a target threshold of US$4.3m or the prior year gross margin, subject to a maximum of US$7.5m. For Prompt Health for the year ended 30 September 2024 based on 2 times multiple of gross margin from recurring revenue above the prior year gross margin subject to a maximum of US$4.0m. This calculation represents a level 3 measurement in the fair value hierarchy under IFRS 7. The fair value is sensitive to the weighting assigned to the expected future cash flows. For those earnouts where the payable is based on expectations of future cash flows, a change in weighting of 10 percentage points towards the best-case scenario would result in an increase in the estimate of future cash flows as follows: Current expected future cash flow \u00a3m 10 pp shift in weighting towards upside expectation \u00a3m Spreo 9.0 9.0 Orca \u2013 \u2013 Clayborn Lab \u2013 \u2013 Infinite Leap 6.8 0.6 Classification of financial assets and liabilities All financial assets and liabilities, with the exception of financial assets at fair value through other comprehensive income, derivatives and contingent purchase consideration, are classified as amortised cost for accounting purposes. Derivatives in a hedging relationship are classified as cash flow hedging instruments. Derivatives not in a hedging relationship are classified as fair value through profit or loss. Contingent purchase consideration is classified as fair value through profit or loss. Hedging The Group\u2019s policy is to hedge significant sales and purchases denominated in foreign currency using forward currency contracts. These instruments are initially recognised at fair value, which is typically \u00a3nil, and subsequent changes in fair value are taken to the Consolidated Income Statement, unless hedge accounted. The following table details the foreign currency contracts outstanding as at the year end, which mostly mature within one year and, therefore, the cash flows and resulting effect on profit and loss are expected to occur within the next 12 months: Average exchange rate/\u00a3 Foreign currency Contract value Fair value 31 March 2023 31 March 2022 31 March 2023 m 31 March 2022 m 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Forward contracts not in a designated cash flow hedge US Dollars 1.21 \u2013 2.8 \u2013 3.2 \u2013 (9.0) \u2013 Euros 1.13 \u2013 0.6 \u2013 0.1 \u2013 \u2013 \u2013 Other currencies \u2013 \u2013 \u2013 \u2013 1.2 3.4 (9.0) 0.2 10.9 3.4 (0.6) 0.2 Forward contracts in a designated cash flow hedge US Dollars vs GBP 1.20 1.37 17.6 10.1 13.4 4.0 0.7 (0.3) Euros vs GBP 1.13 1.18 67.0 18.6 25.5 15.8 \u2013 \u2013 Other trades \u2013 \u2013 \u2013 \u2013 1.1 6.2 9.0 (5.9) 45.5 31.1 1.0 (8.1) Total forward contracts US Dollars 1.20 1.37 22.1 10.1 17.1 4.0 0.6 (0.3) Euros 1.13 1.18 31.2 18.6 26.0 15.8 \u2013 \u2013 Other currencies \u2013 \u2013 \u2013 \u2013 13.3 11.3 \u2013 5.9 56.4 34.5 0.6 (0.2) Amounts recognised in the Consolidated Income Statement (0.4) 0.2 Amounts recognised in the Consolidated Statement of Comprehensive Income and Expenditure 0.7 (8.1) 0.6 (0.2) The fair values of the forward contracts are disclosed as a \u00a31.5m (2022: \u00a30.7m) asset and \u00a30.9m (2022: \u00a30.9m) liability in the Consolidated Balance Sheet. Of the \u00a36.7m (2022: \u00a33.4m) of open contracts for other currencies not in a designated cash flow hedge \u00a35.0m (2022: \u00a3nil) relates to a Swiss Franc contract for expected repayment of intercompany loan balances. Any movements in the fair values of the contracts in a designated cash flow hedge are recognised in equity until the hedged transaction occurs, when gains/losses are recycled to finance income or finance expense. 31 March 2023 \u00a3m 31 March 2022 \u00a3m Analysis of movement in the Hedging reserve Amounts removed from Consolidated Statement of Comprehensive Income and Expenditure and included in Consolidated Income Statement during the year 9.6 (9.9) Amounts recognised in the Consolidated Statement of Comprehensive Income and Expenditure 0.7 (8.1) Net movement in the Hedging reserve in the year in relation to the effective portion of changes in fair value of cash flow hedges 0.3 (0.6) Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. There was no ineffectiveness arising with regards to net investment hedges or forward contracts in a designated cash flow hedge. The foreign currency forwards are denominated in the same currency as the highly probable future transactions. With the exception of currency exposures, the disclosures in this note exclude short-term receivables and payables. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group enters into financial instruments to manage its exposure to foreign currency risk, including: \u2022 forward foreign exchange contracts to hedge the exchange rate risk arising on the export of goods to and from the USA, Mainland Europe and the UK; and \u2022 foreign exchange loans to hedge the exchange rate risk arising on translation of the Group\u2019s investment in foreign operations which have the Euro, US Dollar, Australian Dollar and Swiss Franc as their functional currencies. Bank loans and loan notes with a carrying value set out in the table on page 228 as well as non-GBP intercompany loans are used as net investment hedges for foreign currency net assets with carrying value of \u20ac323.4m (2022: \u20ac105.0m), US$200.0m (2022: US$196.5m), CHF75.0m (2022: CHF22.1m) and NZ$11.7m (2022: NZ$11.3m). The hedging ratio was 1:1. The change in the carrying value of the borrowings that was recognised in other comprehensive income was a loss of \u00a37.4m (2022: loss of \u00a38.6m). Market risk exposures are measured using sensitivity analysis as described below. There has been no change to the Group\u2019s exposure to market risks or in the manner in which these risks are managed and measured. Foreign currency sensitivity analysis The Group is mainly exposed to the currency of the US (US Dollar) and the currency of Mainland Europe (Euro). The carrying amount of the Group\u2019s US Dollar and Euro denominated monetary assets and monetary liabilities at the reporting date are as follows: Assets Liabilities 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m US Dollar 1,275.4 1,058.0 331.5 300.7 Euro 541.5 296.1 374.6 144.6 If Sterling increased by 10% against the US Dollar and the Euro, profits before taxation and other equity would decrease as follows: US Dollar Euro 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Profit 17.8 14.4 3.2 7.7 Other equity 85.8 35.5 15.2 13.8 The profit sensitivity arises mainly from the translation of overseas profits earned during the year. 10% is the sensitivity rate which management assesses to be a reasonably possible change in foreign exchange rates. The Group\u2019s profit sensitivity has increased against the US Dollar because more of the Group\u2019s profits is earned in this currency. ",
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"value": "Policy The Group\u2019s treasury policies seek to minimise financial risks and to ensure sufficient liquidity for the Group\u2019s operations and strategic plans. No complex derivative financial instruments are used and derivative transactions are only entered into to hedge known exposures, and no trading or speculative transactions in financial instruments are undertaken. Where the Group does use financial instruments, these are mainly to manage the currency risks arising from normal operations and its financing. Operations are financed mainly through retained profits and, in certain geographic locations, bank borrowings. Foreign currency risk is the most significant aspect for the Group in the area of financial instruments. It is exposed to a lesser extent to other risks such as interest rate risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and these policies are summarised below. The Group\u2019s policies have remained unchanged since the beginning of the financial year. Details of the significant accounting policies and methods adopted (including the criteria for recognition, the basis of measurement and the bases of recognition of income and expenses) for each class of financial asset, financial liability and equity instrument are disclosed in the Accounting Policies note. ",
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"value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 19 to the Financial statements, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements. Foreign currency risk The Group is exposed to foreign currency risk as a consequence of both trading with foreign companies and owning subsidiaries located in foreign countries. The Group earns a significant proportion of its profit in currencies other than Sterling. This gives rise to translational currency risk, where the Sterling value of profits earned by the Group\u2019s foreign subsidiaries fluctuates with the strength of Sterling relative to their operating (or \u2018functional\u2019) currencies. The Group does not hedge this risk, so its reported profit is sensitive to the strength of Sterling, particularly against the US Dollar and Euro. The Group also has transactional currency exposures. These arise on sales or purchases by operating companies in currencies other than the companies\u2019 operating (or \u2018functional\u2019) currency. Significant sales and purchases are matched where possible and a proportion of the net exposure is hedged by means of forward foreign currency contracts. The Group has significant investments in overseas operations in the US and EU, with further investments in Australia, New Zealand, Singapore, Switzerland, Brazil, China and India. As a result, the Group\u2019s balance sheet can be affected by movements in these jurisdiction\u2019s exchange rates. Where significant and appropriate, currency denominated net assets are hedged by currency borrowings. These currency exposures are reviewed regularly. Interest rate risk The Group is exposed to interest rate fluctuations on its borrowings and cash deposits. Where bank borrowings are used to finance operations they tend to be short-term with floating interest rates. Longer-term funding is provided by the Group\u2019s bank loan facilities which are at floating rates, or by the Group\u2019s fixed rate United States Private Placements completed in November 2015 and May 2022. Surplus funds are placed on short-term fixed rate deposit or in floating rate deposit accounts . Credit risk Credit risk is defined as the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. Credit ratings are supplied by independent agencies where available, and if not available, the Group uses other publicly available financial information and its own trading records to rate its major customers. Credit exposure is controlled by counterparty limits that are reviewed regularly. Trade receivables consist of a large number of customers, spread across diverse industries and geographic areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased. The carrying amount of trade, tax and other receivables, contract assets, derivative financial instruments and cash of \u00a3567.9m (2022: \u00a3474.7m) represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. There have been no changes to the credit ratings of these counterparties in the last financial year. Liquidity risk The Group has a syndicated multi-currency revolving credit facility of \u00a3550m. The facility, in Sterling, US Dollar, Euro, Australian Dollar and Swiss Franc, currently runs to May 2027 with two one-year extension options. Since the end of the year, the first one-year extension has been exercised, with the subsequent maturity date of May 2028. In May 2023, a new United States Private Placement of \u00a3330m was completed, and \u00a335m of the November 2015 United States Private Placement remains. These facilities are the main sources of long-term funding for the Group with further detail below in the borrowing facilities section. The financial covenants on the facilities at year-end are for leverage (net debt/adjusted EBITDA) of not more than 3.5 times and for adjusted interest cover of not less than four times. All covenants have been complied with. The Group has a strong cash flow and the funds generated by operating companies are managed regionally based on geographic location. Funds are placed on deposit with secure, highly-rated banks. For short-term working capital purposes, some operating companies utilise local bank overdrafts. These practices allow a balance to be maintained between continuity of funding, security and flexibility. Currency exposures Translational exposures It is estimated, by reference to the Group\u2019s US Dollar and Euro denominated profits, that a one per cent change in the value of the US Dollar relative to Sterling would have had a \u00a32.0m (2022: \u00a31.6m) impact on the Group\u2019s reported profit before tax; and a one per cent change in the value of the Euro relative to Sterling would have had a \u00a30.5m (2022: \u00a30.4m) impact on the Group\u2019s profit before tax for the year ended 31 March 2023. Transactional exposures The Group has net foreign currency monetary assets and liabilities that are assets and liabilities not denominated in the functional currency of the underlying company. These comprise cash and overdrafts as well as certain trade receivable and payable balances. These foreign currency monetary assets and liabilities give rise to the net currency gains and losses recognised in the Consolidated Income Statement as a result of movement in exchange rates. The exposures are predominantly US Dollar and Euro. Group policy is for a significant portion of foreign currency exposures, including sales and purchases, to be hedged by forward foreign exchange contracts in the company in which the transaction is recorded. Interest rate risk profile The Group\u2019s financial assets which are subject to interest rate fluctuations comprise interest-bearing cash equivalents which totalled \u00a33.0m at 31 March 2023 (2022: \u00a31.4m). These comprised Sterling denominated bank deposits of \u00a31.0m (2022: \u00a30.3m), and Euro, US Dollar and Renminbi bank deposits of \u00a32.0m (2022: \u00a31.1m) which earn interest at local market rates. Cash balances of \u00a3166.5m (2022: \u00a3156.0m) earn interest at local market rates. The financial liabilities which are subject to interest rate fluctuations comprise bank loans and overdrafts which totalled \u00a3301.4m at 31 March 2023 (2022: \u00a3253.9m). Bank loans bear interest at floating rates based either on the EURIBOR or risk-free overnight rates of the currency in which the liabilities arise plus a margin. Bank overdrafts bear interest at local market rates. Where interest is based on EURIBOR rates the fixed period can be up to six months. The loan notes related to the United States Private Placement attract interest at a weighted average fixed rate of 2.90% The Group\u2019s weighted average interest cost on net debt for the year was 3.67% (2022: 2.78%). Excluding IFRS 16 lease liabilities, the weighted average interest cost on net debt for the year was 3.71% (2022: 2.23%). 31 March 2023 \u00a3m 31 March 2022 \u00a3m Analysis of interest-bearing financial liabilities Sterling denominated bank loans 45.0 28.0 US Dollar denominated bank loans 80.8 125.9 Euro denominated bank loans 143.6 65.1 Australian Dollar denominated bank loans \u2013 91.1 Swiss Franc denominated bank loans 31.0 18.2 Brazilian Reais denominated bank loans \u2013 0.5 Total bank loans 300.4 253.2 Overdrafts (principally Sterling and US Dollar denominated) 0.9 5.4 Sterling denominated loan notes 120.0 59.0 US Dollar denominated loan notes 80.8 23.5 Euro denominated loan notes 140.6 23.7 Swiss Franc denominated loan notes 35.5 \u2013 Total interest-bearing financial liabilities 678.3 360.1 For the year ended 31 March 2023, it is estimated that a general increase of one percentage point in interest rates would have reduced the Group\u2019s profit before tax by \u00a31.7m (2022: \u00a32.6m). Maturity of financial liabilities The gross contractual maturities of the Group\u2019s non-derivative financial liabilities that are neither current nor on demand are as follows. One to two years \u00a3m Between two and five years \u00a3m After more than five years \u00a3m Gross maturities \u00a3m Effect of discounting/ financing rates \u00a3m Total \u00a3m At 31 March 2023 Accruals 0.4 9.0 0.6 0.6 \u2013 0.6 Other payables 0.1 9.0 0.3 3.9 \u2013 3.9 Contingent purchase consideration 3.4 \u2013 \u2013 3.4 \u2013 3.4 Bank loans \u2013 300.4 \u2013 300.4 \u2013 300.4 Loan notes 10.8 158.3 263.5 432.6 (55.7) 376.9 Lease liabilities 18.9 38.4 21.0 78.3 (9.6) 15.2 34.8 497.3 286.0 818.1 (65.3) 752.8 One to two years \u00a3m Between two and five years \u00a3m After more than five years \u00a3m Gross maturities \u00a3m Effect of discounting/ financing rates \u00a3m Total \u00a3m At 31 March 2022 Accruals 5.0 5.9 5.0 0.9 \u2013 0.9 Other payables 9.9 5.9 9.6 6.0 \u2013 6.0 Contingent purchase consideration 9.0 5.3 \u2013 4.8 \u2013 4.8 Bank loans 252.6 \u2013 \u2013 252.6 \u2013 252.6 Loan notes 9.9 37.1 \u2013 87.6 (3.2) 35.0 Lease liabilities 17.2 37.5 14.6 42.7 (12.7) 13.3 273.8 75.4 16.2 365.4 (15.9) 349.5 The Group\u2019s bank loans are revolving credit facilities and the amount and timing of future payments and drawdowns is unknown. It is therefore not possible to calculate the interest arising on these loans and we have therefore not disclosed the maturity of the gross cash flows (including interest) in relation to these liabilities. Borrowing facilities The Group\u2019s principal sources of long-term funding are its unsecured five-year \u00a3550m Revolving Credit Facility, its \u00a3330m United States Private Placement completed in May 2023 and \u00a335m of United States Private Placement completed in November 2015. The Revolving Credit Facility was refinanced in May 2022 and matures in May 2027 with two one-year extension options. Since the end of the year, the first one-year extension has been exercised, with the subsequent maturity date of May 2028. The United States Private Placement of \u00a3330m was completed in May 2022. The unsecured loan notes were drawn on 12 July 2022 as \u00a385m, \u20ac160m, US$100m and CHF40m at a weighted average fixed interest rate of 2.81%. The loan notes have yearly maturities from year four to year ten, with the first tranche of \u00a348m maturing in July 2026. Interest is payable half yearly. Unsecured loan notes of \u00a335m drawn on 6 January 2016 at a fixed interest rate of 3.05% remain outstanding and mature in January 2026. The Group\u2019s undrawn committed facilities available at 31 March 2023 were \u00a3249.6m (2022: \u00a3297.4m) which matures between two and five years. The Group has an additional short-term unsecured and committed US bank facility of \u00a36.1m maturing in November 2023. The facility was undrawn at 31 March 2023. Other short-term operational funding is provided by cash generated from operations and by local bank overdrafts. These overdraft facilities are uncommitted and are generally renewed on an annual or ongoing basis and hence the facilities expire within one year or less. As part of our cash pooling arrangements UK companies have cross-guaranteed net overdraft facilities of \u00a313.2m (2022: \u00a313.2m). Total net overdrafts relating to cash pooling as at 31 March 2023 were \u00a3nil (2022: \u00a3nil). Total overdrafts for the Group as at 31 March 2023 were \u00a31.0m (2022: \u00a30.7m). ",
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"value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 19 to the Financial statements, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements. ",
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"value": "Foreign currency risk The Group is exposed to foreign currency risk as a consequence of both trading with foreign companies and owning subsidiaries located in foreign countries. The Group earns a significant proportion of its profit in currencies other than Sterling. This gives rise to translational currency risk, where the Sterling value of profits earned by the Group\u2019s foreign subsidiaries fluctuates with the strength of Sterling relative to their operating (or \u2018functional\u2019) currencies. The Group does not hedge this risk, so its reported profit is sensitive to the strength of Sterling, particularly against the US Dollar and Euro. The Group also has transactional currency exposures. These arise on sales or purchases by operating companies in currencies other than the companies\u2019 operating (or \u2018functional\u2019) currency. Significant sales and purchases are matched where possible and a proportion of the net exposure is hedged by means of forward foreign currency contracts. The Group has significant investments in overseas operations in the US and EU, with further investments in Australia, New Zealand, Singapore, Switzerland, Brazil, China and India. As a result, the Group\u2019s balance sheet can be affected by movements in these jurisdiction\u2019s exchange rates. Where significant and appropriate, currency denominated net assets are hedged by currency borrowings. These currency exposures are reviewed regularly. Interest rate risk The Group is exposed to interest rate fluctuations on its borrowings and cash deposits. Where bank borrowings are used to finance operations they tend to be short-term with floating interest rates. Longer-term funding is provided by the Group\u2019s bank loan facilities which are at floating rates, or by the Group\u2019s fixed rate United States Private Placements completed in November 2015 and May 2022. Surplus funds are placed on short-term fixed rate deposit or in floating rate deposit accounts . Currency exposures Translational exposures It is estimated, by reference to the Group\u2019s US Dollar and Euro denominated profits, that a one per cent change in the value of the US Dollar relative to Sterling would have had a \u00a32.0m (2022: \u00a31.6m) impact on the Group\u2019s reported profit before tax; and a one per cent change in the value of the Euro relative to Sterling would have had a \u00a30.5m (2022: \u00a30.4m) impact on the Group\u2019s profit before tax for the year ended 31 March 2023. Transactional exposures The Group has net foreign currency monetary assets and liabilities that are assets and liabilities not denominated in the functional currency of the underlying company. These comprise cash and overdrafts as well as certain trade receivable and payable balances. These foreign currency monetary assets and liabilities give rise to the net currency gains and losses recognised in the Consolidated Income Statement as a result of movement in exchange rates. The exposures are predominantly US Dollar and Euro. Group policy is for a significant portion of foreign currency exposures, including sales and purchases, to be hedged by forward foreign exchange contracts in the company in which the transaction is recorded. Interest rate risk profile The Group\u2019s financial assets which are subject to interest rate fluctuations comprise interest-bearing cash equivalents which totalled \u00a33.0m at 31 March 2023 (2022: \u00a31.4m). These comprised Sterling denominated bank deposits of \u00a31.0m (2022: \u00a30.3m), and Euro, US Dollar and Renminbi bank deposits of \u00a32.0m (2022: \u00a31.1m) which earn interest at local market rates. Cash balances of \u00a3166.5m (2022: \u00a3156.0m) earn interest at local market rates. The financial liabilities which are subject to interest rate fluctuations comprise bank loans and overdrafts which totalled \u00a3301.4m at 31 March 2023 (2022: \u00a3253.9m). Bank loans bear interest at floating rates based either on the EURIBOR or risk-free overnight rates of the currency in which the liabilities arise plus a margin. Bank overdrafts bear interest at local market rates. Where interest is based on EURIBOR rates the fixed period can be up to six months. The loan notes related to the United States Private Placement attract interest at a weighted average fixed rate of 2.90% . The Group\u2019s weighted average interest cost on net debt for the year was 3.67% (2022: 2.78%). Excluding IFRS 16 lease liabilities, the weighted average interest cost on net debt for the year was 3.71% (2022: 2.23%). 31 March 2023 \u00a3m 31 March 2022 \u00a3m Analysis of interest-bearing financial liabilities Sterling denominated bank loans 45.0 28.0 US Dollar denominated bank loans 80.8 125.9 Euro denominated bank loans 143.6 65.1 Australian Dollar denominated bank loans \u2013 91.1 Swiss Franc denominated bank loans 31.0 18.2 Brazilian Reais denominated bank loans \u2013 0.5 Total bank loans 300.4 253.2 Overdrafts (principally Sterling and US Dollar denominated) 0.9 5.4 Sterling denominated loan notes 120.0 59.0 US Dollar denominated loan notes 80.8 23.5 Euro denominated loan notes 140.6 23.7 Swiss Franc denominated loan notes 35.5 \u2013 Total interest-bearing financial liabilities 678.3 360.1 For the year ended 31 March 2023, it is estimated that a general increase of one percentage point in interest rates would have reduced the Group\u2019s profit before tax by \u00a31.7m (2022: \u00a32.6m). Maturity of financial liabilities The gross contractual maturities of the Group\u2019s non-derivative financial liabilities that are neither current nor on demand are as follows. One to two years \u00a3m Between two and five years \u00a3m After more than five years \u00a3m Gross maturities \u00a3m Effect of discounting/ financing rates \u00a3m Total \u00a3m At 31 March 2023 Accruals 0.4 9.0 0.6 0.6 \u2013 0.6 Other payables 0.1 9.0 0.3 3.9 \u2013 3.9 Contingent purchase consideration 3.4 \u2013 \u2013 3.4 \u2013 3.4 Bank loans \u2013 300.4 \u2013 300.4 \u2013 300.4 Loan notes 10.8 158.3 263.5 432.6 (55.7) 376.9 Lease liabilities 18.9 38.4 21.0 78.3 (9.6) 15.2 34.8 497.3 286.0 818.1 (65.3) 752.8 One to two years \u00a3m Between two and five years \u00a3m After more than five years \u00a3m Gross maturities \u00a3m Effect of discounting/ financing rates \u00a3m Total \u00a3m At 31 March 2022 Accruals 5.0 5.9 5.0 0.9 \u2013 0.9 Other payables 9.9 5.9 9.6 6.0 \u2013 6.0 Contingent purchase consideration 9.0 5.3 \u2013 4.8 \u2013 4.8 Bank loans 252.6 \u2013 \u2013 252.6 \u2013 252.6 Loan notes 9.9 37.1 \u2013 87.6 (3.2) 35.0 Lease liabilities 17.2 37.5 14.6 42.7 (12.7) 13.3 273.8 75.4 16.2 365.4 (15.9) 349.5 The Group\u2019s bank loans are revolving credit facilities and the amount and timing of future payments and drawdowns is unknown. It is therefore not possible to calculate the interest arising on these loans and we have therefore not disclosed the maturity of the gross cash flows (including interest) in relation to these liabilities. Borrowing facilities The Group\u2019s principal sources of long-term funding are its unsecured five-year \u00a3550m Revolving Credit Facility, its \u00a3330m United States Private Placement completed in May 2023 and \u00a335m of United States Private Placement completed in November 2015. The Revolving Credit Facility was refinanced in May 2022 and matures in May 2027 with two one-year extension options. Since the end of the year, the first one-year extension has been exercised, with the subsequent maturity date of May 2028. The United States Private Placement of \u00a3330m was completed in May 2022. The unsecured loan notes were drawn on 12 July 2022 as \u00a385m, \u20ac160m, US$100m and CHF40m at a weighted average fixed interest rate of 2.81%. The loan notes have yearly maturities from year four to year ten, with the first tranche of \u00a348m maturing in July 2026. Interest is payable half yearly. Unsecured loan notes of \u00a335m drawn on 6 January 2016 at a fixed interest rate of 3.05% remain outstanding and mature in January 2026. The Group\u2019s undrawn committed facilities available at 31 March 2023 were \u00a3249.6m (2022: \u00a3297.4m) which matures between two and five years. The Group has an additional short-term unsecured and committed US bank facility of \u00a36.1m maturing in November 2023. The facility was undrawn at 31 March 2023. Other short-term operational funding is provided by cash generated from operations and by local bank overdrafts. These overdraft facilities are uncommitted and are generally renewed on an annual or ongoing basis and hence the facilities expire within one year or less. As part of our cash pooling arrangements UK companies have cross-guaranteed net overdraft facilities of \u00a313.2m (2022: \u00a313.2m). Total net overdrafts relating to cash pooling as at 31 March 2023 were \u00a3nil (2022: \u00a3nil). Total overdrafts for the Group as at 31 March 2023 were \u00a31.0m (2022: \u00a30.7m). Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group enters into financial instruments to manage its exposure to foreign currency risk, including: \u2022 forward foreign exchange contracts to hedge the exchange rate risk arising on the export of goods to and from the USA, Mainland Europe and the UK; and \u2022 foreign exchange loans to hedge the exchange rate risk arising on translation of the Group\u2019s investment in foreign operations which have the Euro, US Dollar, Australian Dollar and Swiss Franc as their functional currencies. Bank loans and loan notes with a carrying value set out in the table on page 228 as well as non-GBP intercompany loans are used as net investment hedges for foreign currency net assets with carrying value of \u20ac323.4m (2022: \u20ac105.0m), US$200.0m (2022: US$196.5m), CHF75.0m (2022: CHF22.1m) and NZ$11.7m (2022: NZ$11.3m). The hedging ratio was 1:1. The change in the carrying value of the borrowings that was recognised in other comprehensive income was a loss of \u00a37.4m (2022: loss of \u00a38.6m). Market risk exposures are measured using sensitivity analysis as described below. There has been no change to the Group\u2019s exposure to market risks or in the manner in which these risks are managed and measured. Foreign currency sensitivity analysis The Group is mainly exposed to the currency of the US (US Dollar) and the currency of Mainland Europe (Euro). The carrying amount of the Group\u2019s US Dollar and Euro denominated monetary assets and monetary liabilities at the reporting date are as follows: Assets Liabilities 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m US Dollar 1,275.4 1,058.0 331.5 300.7 Euro 541.5 296.1 374.6 144.6 If Sterling increased by 10% against the US Dollar and the Euro, profits before taxation and other equity would decrease as follows: US Dollar Euro 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Profit 17.8 14.4 3.2 7.7 Other equity 85.8 35.5 15.2 13.8 The profit sensitivity arises mainly from the translation of overseas profits earned during the year. 10% is the sensitivity rate which management assesses to be a reasonably possible change in foreign exchange rates. The Group\u2019s profit sensitivity has increased against the US Dollar because more of the Group\u2019s profits is earned in this currency. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-556": {
"value": "Credit risk Credit risk is defined as the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. Credit ratings are supplied by independent agencies where available, and if not available, the Group uses other publicly available financial information and its own trading records to rate its major customers. Credit exposure is controlled by counterparty limits that are reviewed regularly. Trade receivables consist of a large number of customers, spread across diverse industries and geographic areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased. The carrying amount of trade, tax and other receivables, contract assets, derivative financial instruments and cash of \u00a3567.9m (2022: \u00a3474.7m) represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. There have been no changes to the credit ratings of these counterparties in the last financial year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-557": {
"value": "Liquidity risk The Group has a syndicated multi-currency revolving credit facility of \u00a3550m. The facility, in Sterling, US Dollar, Euro, Australian Dollar and Swiss Franc, currently runs to May 2027 with two one-year extension options. Since the end of the year, the first one-year extension has been exercised, with the subsequent maturity date of May 2028. In May 2023, a new United States Private Placement of \u00a3330m was completed, and \u00a335m of the November 2015 United States Private Placement remains. These facilities are the main sources of long-term funding for the Group with further detail below in the borrowing facilities section. The financial covenants on the facilities at year-end are for leverage (net debt/adjusted EBITDA) of not more than 3.5 times and for adjusted interest cover of not less than four times. All covenants have been complied with. The Group has a strong cash flow and the funds generated by operating companies are managed regionally based on geographic location. Funds are placed on deposit with secure, highly-rated banks. For short-term working capital purposes, some operating companies utilise local bank overdrafts. These practices allow a balance to be maintained between continuity of funding, security and flexibility. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-558": {
"value": "Fair values of financial assets and financial liabilities With the exception of the Group\u2019s fixed rate loan notes, there were no significant differences between the book value and fair value (as determined by market value) of the Group\u2019s financial assets and liabilities. The fair value of floating borrowings approximates to the carrying value because interest rates are reset to market rates at intervals of less than one year. The fair value of the Group\u2019s fixed rate loan notes arising from the United States Private Placement completed in May 2022 is estimated to be \u00a3349.6m. The fair value is estimated by discounting the future contracted cash flow using readily available market data and represents a level 2 measurement in the fair value hierarchy under IFRS 7. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow, using readily available market data, and represents a level 2 measurement in the fair value hierarchy under IFRS 7. The fair value of equity investments held at fair value through other comprehensive income is based on the latest observable price where available. Where there are no recent observable prices, adjustments are made based on qualitative indicators, such as the financial performance of the entity, performance against operational milestones and future outlook. This represents a level 3 measurement in the fair value hierarchy under IFRS 7. The fair value of deferred contingent consideration arising on acquisitions is calculated by estimating the possible future cash flows for the acquired company identified as best, base and worst-case scenarios, using probability weightings of 25%, 50% and 25% respectively. These scenarios are based on management\u2019s knowledge of the business and how the current economic environment is likely to impact it. The relevant future cash flows are dependent on the specific terms of the sale and purchase agreement. Those terms are as follows: \u2022 Spreo \u2013 Based on 30% of qualifying healthcare revenue for the 18-month period from 1 April 2022 to 30 September 2023 up to a maximum earnout of US$2.0m (\u00a31.6m). \u2022 Orca \u2013 For the periods ending 31 March 2023 and 31 March 2024 based on 3 times multiple of EBIT above the higher of the target threshold of \u20ac0.9m (\u00a30.8m) or prior year EBIT. Subject to a maximum overall earnout of \u20ac2.5m (\u00a32.1m). \u2022 Clayborn Lab \u2013For the year ended 30 September 2023 equal to revenue in excess of the higher of an annual revenue target of US$3.5m (\u00a32.7m) or the prior period revenue, subject to a maximum of US$1.0m (\u00a30.8m). \u2022 IZI \u2013 Based on 14 times multiple of EBIT between the minimum threshold of US$11.0m (\u00a38.9m) and the maximum threshold of US$12.0m (\u00a39.7m) for the period ending 31 March 2023. Subject to a maximum overall earnout of US$14.5m (\u00a311.7m). \u2022 Infinite Leap \u2013 Based on a split of the business between Enterprise Solutions and Prompt Health. For Enterprise Solutions for the year ended 30 September 2023 based on 4 times multiple of gross margin above the higher of a target threshold of US$6.1m or the prior year gross margin, subject to a maximum of US$6.0m. For Prompt Health for the year ended 30 September 2023 based on 2.3 times multiple of gross margin from recurring revenue above the higher of a target threshold of US$4.3m or the prior year gross margin, subject to a maximum of US$7.5m. For Prompt Health for the year ended 30 September 2024 based on 2 times multiple of gross margin from recurring revenue above the prior year gross margin subject to a maximum of US$4.0m. This calculation represents a level 3 measurement in the fair value hierarchy under IFRS 7. The fair value is sensitive to the weighting assigned to the expected future cash flows. For those earnouts where the payable is based on expectations of future cash flows, a change in weighting of 10 percentage points towards the best-case scenario would result in an increase in the estimate of future cash flows as follows: Current expected future cash flow \u00a3m 10 pp shift in weighting towards upside expectation \u00a3m Spreo 9.0 9.0 Orca \u2013 \u2013 Clayborn Lab \u2013 \u2013 Infinite Leap 6.8 0.6 Classification of financial assets and liabilities All financial assets and liabilities, with the exception of financial assets at fair value through other comprehensive income, derivatives and contingent purchase consideration, are classified as amortised cost for accounting purposes. Derivatives in a hedging relationship are classified as cash flow hedging instruments. Derivatives not in a hedging relationship are classified as fair value through profit or loss. Contingent purchase consideration is classified as fair value through profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-559": {
"value": "Hedging The Group\u2019s policy is to hedge significant sales and purchases denominated in foreign currency using forward currency contracts. These instruments are initially recognised at fair value, which is typically \u00a3nil, and subsequent changes in fair value are taken to the Consolidated Income Statement, unless hedge accounted. The following table details the foreign currency contracts outstanding as at the year end, which mostly mature within one year and, therefore, the cash flows and resulting effect on profit and loss are expected to occur within the next 12 months: Average exchange rate/\u00a3 Foreign currency Contract value Fair value 31 March 2023 31 March 2022 31 March 2023 m 31 March 2022 m 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Forward contracts not in a designated cash flow hedge US Dollars 1.21 \u2013 2.8 \u2013 3.2 \u2013 (9.0) \u2013 Euros 1.13 \u2013 0.6 \u2013 0.1 \u2013 \u2013 \u2013 Other currencies \u2013 \u2013 \u2013 \u2013 1.2 3.4 (9.0) 0.2 10.9 3.4 (0.6) 0.2 Forward contracts in a designated cash flow hedge US Dollars vs GBP 1.20 1.37 17.6 10.1 13.4 4.0 0.7 (0.3) Euros vs GBP 1.13 1.18 67.0 18.6 25.5 15.8 \u2013 \u2013 Other trades \u2013 \u2013 \u2013 \u2013 1.1 6.2 9.0 (5.9) 45.5 31.1 1.0 (8.1) Total forward contracts US Dollars 1.20 1.37 22.1 10.1 17.1 4.0 0.6 (0.3) Euros 1.13 1.18 31.2 18.6 26.0 15.8 \u2013 \u2013 Other currencies \u2013 \u2013 \u2013 \u2013 13.3 11.3 \u2013 5.9 56.4 34.5 0.6 (0.2) Amounts recognised in the Consolidated Income Statement (0.4) 0.2 Amounts recognised in the Consolidated Statement of Comprehensive Income and Expenditure 0.7 (8.1) 0.6 (0.2) The fair values of the forward contracts are disclosed as a \u00a31.5m (2022: \u00a30.7m) asset and \u00a30.9m (2022: \u00a30.9m) liability in the Consolidated Balance Sheet. Of the \u00a36.7m (2022: \u00a33.4m) of open contracts for other currencies not in a designated cash flow hedge \u00a35.0m (2022: \u00a3nil) relates to a Swiss Franc contract for expected repayment of intercompany loan balances. Any movements in the fair values of the contracts in a designated cash flow hedge are recognised in equity until the hedged transaction occurs, when gains/losses are recycled to finance income or finance expense. 31 March 2023 \u00a3m 31 March 2022 \u00a3m Analysis of movement in the Hedging reserve Amounts removed from Consolidated Statement of Comprehensive Income and Expenditure and included in Consolidated Income Statement during the year 9.6 (9.9) Amounts recognised in the Consolidated Statement of Comprehensive Income and Expenditure 0.7 (8.1) Net movement in the Hedging reserve in the year in relation to the effective portion of changes in fair value of cash flow hedges 0.3 (0.6) Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. There was no ineffectiveness arising with regards to net investment hedges or forward contracts in a designated cash flow hedge. The foreign currency forwards are denominated in the same currency as the highly probable future transactions. With the exception of currency exposures, the disclosures in this note exclude short-term receivables and payables. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group enters into financial instruments to manage its exposure to foreign currency risk, including: \u2022 forward foreign exchange contracts to hedge the exchange rate risk arising on the export of goods to and from the USA, Mainland Europe and the UK; and \u2022 foreign exchange loans to hedge the exchange rate risk arising on translation of the Group\u2019s investment in foreign operations which have the Euro, US Dollar, Australian Dollar and Swiss Franc as their functional currencies. Bank loans and loan notes with a carrying value set out in the table on page 228 as well as non-GBP intercompany loans are used as net investment hedges for foreign currency net assets with carrying value of \u20ac323.4m (2022: \u20ac105.0m), US$200.0m (2022: US$196.5m), CHF75.0m (2022: CHF22.1m) and NZ$11.7m (2022: NZ$11.3m). The hedging ratio was 1:1. The change in the carrying value of the borrowings that was recognised in other comprehensive income was a loss of \u00a37.4m (2022: loss of \u00a38.6m). Market risk exposures are measured using sensitivity analysis as described below. There has been no change to the Group\u2019s exposure to market risks or in the manner in which these risks are managed and measured. Foreign currency sensitivity analysis The Group is mainly exposed to the currency of the US (US Dollar) and the currency of Mainland Europe (Euro). The carrying amount of the Group\u2019s US Dollar and Euro denominated monetary assets and monetary liabilities at the reporting date are as follows: Assets Liabilities 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m US Dollar 1,275.4 1,058.0 331.5 300.7 Euro 541.5 296.1 374.6 144.6 If Sterling increased by 10% against the US Dollar and the Euro, profits before taxation and other equity would decrease as follows: US Dollar Euro 31 March 2023 \u00a3m 31 March 2022 \u00a3m 31 March 2023 \u00a3m 31 March 2022 \u00a3m Profit 17.8 14.4 3.2 7.7 Other equity 85.8 35.5 15.2 13.8 The profit sensitivity arises mainly from the translation of overseas profits earned during the year. 10% is the sensitivity rate which management assesses to be a reasonably possible change in foreign exchange rates. The Group\u2019s profit sensitivity has increased against the US Dollar because more of the Group\u2019s profits is earned in this currency. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-560": {
"value": "28 Leases The Group has lease contracts for land and buildings, as well as various items of plant, machinery, vehicles and other equipment used in its operations. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases. Right-of-use assets by asset category Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period, split by asset category: Land and buildings \u00a3m Plant, equipment and vehicles \u00a3m Total \u00a3m Cost, net of accumulated depreciation and accumulated impairment At 1 April 2022 64.5 6.1 67.0 Assets of businesses acquired 7.0 0.4 8.3 Additions 16.5 6.6 18.7 Remeasurements 6.4 \u2013 6.4 Depreciation charge for the year (17.1) (0.3) (18.4) Exchange adjustments 6.6 \u2013 6.6 At 31 March 2023 79.3 3.2 83.0 At 31 March 2023 Cost 154.2 1.7 160.7 Accumulated depreciation and accumulated impairment (74.9) (4.5) (77.7) Net carrying amount 79.3 3.2 83.0 Lease liabilities Set out below are the carrying amounts of lease liabilities included under current and non-current liabilities and the movements during the period: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m At 1 April 2022 72.1 31.5 Additions and remeasurements 22.0 16.8 Accretion of interest 4.8 8.8 Payments (20.9) (16.8) Liabilities of business acquired (note 25) 8.3 0.3 Liabilities of business disposed \u2013 (6.9) Exchange adjustments 6.1 6.0 At 31 March 2023 87.9 24.0 Current 19.2 91.1 Non-current 15.2 13.3 At 31 March 2023 87.9 24.0 The maturity analysis of lease liabilities is disclosed in note 27. The following are the amounts recognised in Consolidated Income Statement: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Depreciation expense of right-of-use assets 18.4 14.6 Impairment expense of right-of-use assets \u2013 \u2013 Interest expense on lease liabilities 4.8 6.8 Expense relating to short-term leases and leases of low-value assets 0.4 5.8 Total amount recognised in Consolidated Income Statement 21.6 17.2 The Group had total cash outflows for leases of \u00a320.9m in the year (2022: \u00a316.8m). Extension options Some leases of buildings contain extension options exercisable by the Group before the end of the non-cancellable contract period. Where practical, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not the lessors. For extension options exercisable within five years of commencement the Group assesses at lease commencement whether it is reasonably certain to exercise the extension options. For options that are exercisable more than five years from commencement the Group assesses whether it is reasonably certain to exercise the option when this option becomes exercisable within five years. The Group will also reassess whether it is reasonably certain to exercise the option where there is a significant event or change in circumstances within its control. As at 31 March 2023, potential future cash outflows of \u00a312.6m (undiscounted) (2022 restated: \u00a313.7m) have not been included in the lease liability because it is not reasonably certain that the leases will be extended. During the current year the financial effect of revising lease terms to reflect the exercising of extension and termination options was an increase in recognised lease liabilities and right-of-use assets of \u00a30.0m (2022: \u00a30.1m). No other lease modifications occurred during the year. The future cash outflows relating to leases that have not yet commenced are \u00a30.7m (2022: \u00a30.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-561": {
"value": "The Group has lease contracts for land and buildings, as well as various items of plant, machinery, vehicles and other equipment used in its operations. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases. Right-of-use assets by asset category Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period, split by asset category: Land and buildings \u00a3m Plant, equipment and vehicles \u00a3m Total \u00a3m Cost, net of accumulated depreciation and accumulated impairment At 1 April 2022 64.5 6.1 67.0 Assets of businesses acquired 7.0 0.4 8.3 Additions 16.5 6.6 18.7 Remeasurements 6.4 \u2013 6.4 Depreciation charge for the year (17.1) (0.3) (18.4) Exchange adjustments 6.6 \u2013 6.6 At 31 March 2023 79.3 3.2 83.0 At 31 March 2023 Cost 154.2 1.7 160.7 Accumulated depreciation and accumulated impairment (74.9) (4.5) (77.7) Net carrying amount 79.3 3.2 83.0 Lease liabilities Set out below are the carrying amounts of lease liabilities included under current and non-current liabilities and the movements during the period: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m At 1 April 2022 72.1 31.5 Additions and remeasurements 22.0 16.8 Accretion of interest 4.8 8.8 Payments (20.9) (16.8) Liabilities of business acquired (note 25) 8.3 0.3 Liabilities of business disposed \u2013 (6.9) Exchange adjustments 6.1 6.0 At 31 March 2023 87.9 24.0 Current 19.2 91.1 Non-current 15.2 13.3 At 31 March 2023 87.9 24.0 The maturity analysis of lease liabilities is disclosed in note 27. The following are the amounts recognised in Consolidated Income Statement: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Depreciation expense of right-of-use assets 18.4 14.6 Impairment expense of right-of-use assets \u2013 \u2013 Interest expense on lease liabilities 4.8 6.8 Expense relating to short-term leases and leases of low-value assets 0.4 5.8 Total amount recognised in Consolidated Income Statement 21.6 17.2 The Group had total cash outflows for leases of \u00a320.9m in the year (2022: \u00a316.8m). Extension options Some leases of buildings contain extension options exercisable by the Group before the end of the non-cancellable contract period. Where practical, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not the lessors. For extension options exercisable within five years of commencement the Group assesses at lease commencement whether it is reasonably certain to exercise the extension options. For options that are exercisable more than five years from commencement the Group assesses whether it is reasonably certain to exercise the option when this option becomes exercisable within five years. The Group will also reassess whether it is reasonably certain to exercise the option where there is a significant event or change in circumstances within its control. As at 31 March 2023, potential future cash outflows of \u00a312.6m (undiscounted) (2022 restated: \u00a313.7m) have not been included in the lease liability because it is not reasonably certain that the leases will be extended. During the current year the financial effect of revising lease terms to reflect the exercising of extension and termination options was an increase in recognised lease liabilities and right-of-use assets of \u00a30.0m (2022: \u00a30.1m). No other lease modifications occurred during the year. The future cash outflows relating to leases that have not yet commenced are \u00a30.7m (2022: \u00a30.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-562": {
"value": "29 Retirement benefits Group companies operate both defined benefit and defined contribution pension plans. The Halma Group Pension Plan and the Apollo Pension and Life Assurance Plan (both UK) have defined benefit sections with assets held in separate trustee administered funds. Both of these sections had already closed to new entrants in 2002/03 and closed to future benefit accruals from December 2014. From that date, the former defined benefit members could join the defined contribution section within the Halma Group Pension Plan (which has now been superseded by a defined contribution Master Trust with Aegon). Overseas subsidiaries have adopted mainly defined contribution plans, with the exception of small defined benefit plans in the Swiss entities of Medicel AG and Robutec AG. Total pension costs of \u00a318.2m (2022: \u00a314.2m) recognised in employee costs (note 7), comprise \u00a317.7m (2022: \u00a313.7m) related to defined contribution plans and \u00a30.5m (2022: \u00a30.5m) related to defined benefit plans, including administration expenses of \u00a3nil (2022: \u00a3nil). Defined contribution plans The amount charged to the Consolidated Income Statement in respect of defined contribution plans was \u00a317.7m (2022: \u00a313.7m) and represents contributions payable to these plans by the Group at rates specified in the rules of the plans. The assets of the plans are held separately from those of the Group in funds under the control of asset managers or trustees. Defined benefit plans The Group\u2019s significant defined benefit plans were for qualifying employees of its UK subsidiaries. Under the plans, members are entitled to retirement benefits of up to two-thirds of final pensionable salary on attainment of a retirement age of 60, for former members of the Executive Board, and 65, for all other qualifying employee members. No other post-retirement benefits are provided. The plans are funded plans. The most recent actuarial valuation of the Halma Group Pension Plan was carried out for the Trustees of the Plan as at 30 November 2020 by Mr M Whitcombe, Fellow of the Institute and Faculty of Actuaries, of Mercer Limited. The present value of the liabilities was measured using the Projected Unit method. This method is an accrued benefits valuation method in which the plan liabilities include an allowance for projected earnings. The most recent actuarial valuation of the Apollo Pension and Life Assurance Plan was carried out for the Trustees of the Plan as at 1 April 2021 by Mr M Whitcombe, Fellow of the Institute and Faculty of Actuaries, also of Mercer Limited. The same Projected Unit method was used. The plans\u2019 triennial actuarial valuation reviews, rather than the accounting basis, are used to evaluate the level of any cash payments into the plan. Based on these valuations, the Trustees of the UK plans, having consulted with the Group, agreed past service deficit recovery payments to be made for the immediate future with the objective of funding the plans in excess of the Technical Provisions valuation. During the year ended 31 March 2023, the aggregate payments made since the last triennial actuarial valuation, coupled with the performance of the plan assets and movement in the liabilities resulted in the Halma Group Pension Plan being funded over the trustees\u2019 secondary funding target and closer to the expected current valuation on a solvency basis. As a result, it has been agreed with the trustees of the Halma Group Pension Plan that contributions will be suspended until April 2025, when they will either fall due or be superseded by cash contributions agreed with the trustees in respect of the latest triennial actuarial valuation. As a result, we expect contributions to the UK plans in the 2024 financial year to be \u00a33.6m, relating specifically to the Apollo Pension and Life Assurance Plan. An alternative to the Projected Unit method is a valuation on a solvency basis, which is an estimate of the cost of buying out benefits with a suitable insurance company. This amount represents the amount that would be required to settle the plan liabilities rather than the Group continuing to fund the ongoing liabilities of the Plans. Following the last triennial actuarial valuation the estimate of the solvency liability was \u00a3106.1m as at 30 November 2020 for the Halma Group Pension Plan and \u00a344.1m as at 1 April 2021 for the Apollo Pension and Life Assurance Plan 31 March 2023 31 March 2022 31 March 2021 Key assumptions used (UK plans): Discount rate 4.75% 2.80% 1.95% Expected return on plan assets 4.75% 2.80% 1.95% Pension increases LPI 2.5% 2.10% 2.20% 2.10% Pension increases LPI 3.0% 2.45% 2.55% 2.40% Inflation \u2013 RPI 3.30% 3.60% 3.20% Inflation \u2013 CPI 2.50% 2.85% 2.40% Mortality assumptions The base mortality tables utilised are consistent with those used in the last completed triennial valuations. The latest published CMI mortality projection tables (CMI2021) have been used with a long-term improvement rate of 1.25% pa and a w2021 parameter of 10%. The assumed life expectations on retirement at age 65 are: 31 March 2023 Years 31 March 2022 Years 31 March 2021 Years Retiring today: Males 22.3 22.4 22.4 Females 24.7 41.5 24.3 Retiring in 20 years: Males 23.8 23.9 24.2 Females 41.4 63.6 63.6 The sensitivities regarding the principal assumptions used to measure the UK plan liabilities are set out below: Assumption Change in assumption Impact on plan liabilities Discount rate Increase/decrease by 0.5% Decrease by 6.5%/increase by 7.3% Rate of inflation Increase/decrease by 0.5% Increase by 4.2%/decrease by 4.2% Rate of mortality Increase by one year Increase by 2.8% These sensitivities have been calculated to show the impact on the plan liabilities in isolation and assume no other changes in market conditions at the reporting date. This may not be representative of the actual change as the changes in assumptions would likely not occur in isolation \u2013 for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the Group\u2019s Schemes. Amounts recognised in the Consolidated Income Statement in respect of the UK and Swiss defined benefit plans are as follows: 31 March 2023 31 March 2022 UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m Current service cost \u2013 0.1 0.1 \u2013 5.0 0.4 Net interest (credit)/charge on pension plan assets/ liabilities (1.1) \u2013 (1.1) 5.8 \u2013 0.3 (1.1) 0.1 (0.6) 5.8 5.0 5.4 Actuarial gains and losses have been reported in the Consolidated Statement of Comprehensive Income and Expenditure. The actual return on plan assets was a loss of \u00a370.2m (2022: gain of \u00a312.2m). The cumulative amount of actuarial losses recognised in the Consolidated Statement of Comprehensive Income and Expenditure since the date of transition to IFRS is \u00a357.1m (2022: \u00a348.3m). The amount included in the Consolidated Balance Sheet arising from the Group\u2019s asset/obligations in respect of its defined benefit retirement plans is as follows: 31 March 2023 31 March 2022 UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m Present value of defined benefit obligations (237.2) (9.6) (246.8) (308.7) (5.1) (317.1) Fair value of plan assets 275.6 3.4 284.7 339.8 6.1 347.6 Net retirement benefit asset/(obligation) 38.4 (9.7) 37.9 31.1 (0.6) 30.5 Plans with net retirement benefit assets 38.4 \u2013 38.4 31.1 \u2013 31.1 Plans with net retirement benefit obligations \u2013 (9.7) (9.7) \u2013 (0.6) (0.6) Movements in the present value of the UK and Swiss defined benefit obligations were as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m At beginning of year (317.1) (355.6) Service cost (9.7) (0.5) Interest cost (0.5) (6.7) Remeasurement gains/(losses): Actuarial gains arising from changes in financial assumptions 87.2 44.2 Actuarial losses arising from experience adjustments (16.1) (5.1) Contributions from plan members (0.8) (0.2) Benefits paid 9.2 95.4 Exchange adjustments (9.7) (0.6) At end of year (246.8) (317.1) Movements in the fair value of the UK and Swiss plan assets were as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m At beginning of year 347.6 333.1 Interest income 9.7 3.0 Actuarial (losses)/gains excluding interest income (79.9) 1.7 Contributions from the sponsoring companies 15.6 12.2 Contributions from plan members 9.6 0.2 Benefits paid (9.2) (10.7) Exchange adjustments 0.1 5.3 At end of year 284.7 347.6 The cash contributions of \u00a315.6m include a \u00a31.3m contribution related to Texecom in respect of obligations under section 75 of the Pensions Act 1995 following its disposal in the prior year (Note 30). The net movement on actuarial gains and losses of the UK and Swiss plans was as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Defined benefit obligations 71.1 35.8 Fair value of plan assets (79.9) 1.7 Net actuarial (losses)/gains (8.8) 10.3 The analysis of the UK plan assets and the expected rate of return at the balance sheet date were as follows: Fair value of UK plan assets 31 March 2023 \u00a3m 31 March 2022 \u00a3m Equity instruments Quoted 10.1 101.1 Debt instruments Quoted 166.7 180.7 Unquoted 38.3 12.7 Property/infrastructure Unquoted 20.0 37.1 Cash and cash equivalent Quoted 40.5 1.8 275.6 339.8 The assets of the schemes are primarily held in pooled investment vehicles which are unquoted. The pooled investment vehicles hold both quoted and unquoted investments. Scheme assets include neither direct investments in the Company\u2019s ordinary shares, nor any property assets occupied by Group companies, nor other assets used by the Group. Equity instruments include UK and Overseas equity funds. Debt instruments include corporate, government and private debt funds. Property/Infrastructure includes private infrastructure funds and managed property funds. Cash and cash equivalent includes cash at bank and a liquidity fund. Expected rate of return 31 March 2023 % 31 March 2022 % Equity instruments 4.75 2.80 Debt instruments 4.75 2.80 Property/infrastructure/cash 4.75 2.80 4.75 2.80 Assets in the non-UK plans are primarily insurance assets. In conjunction with the trustees, the Group conducts asset-liability reviews for its defined benefit pension plan. The results of these reviews are used to assist the trustees and the Group to determine the optimal long-term asset allocation with regard to the structure of the liabilities of the plan. They are also used to assist the trustees in managing the volatility in the underlying investment performance and risk of a significant decrease in the defined benefit asset by providing information used to determine the plan\u2019s investment strategy. As a consequence, the Group is progressively giving more emphasis to a closer return matching of plan assets and liabilities, both to ensure the long-term security of its defined benefit commitment and to reduce earnings and balance sheet volatility. Based on the most recent actuarial valuations and agreements with the plan trustees, the estimated amount of contributions expected to be paid to the UK and Swiss plans during the year ended 31 March 2024 is \u00a34.2m. The levels of contributions are based on the current service cost and the expected future cash flows of the defined benefit pension plans. The Group estimates the plan liabilities on average to fall due over 20 and 25 years, respectively, for the Halma and Apollo plans. The Group has considered the requirements of IFRIC 14 with respect to the UK plans and has determined that it has an unconditional right to a refund under the plans and therefore IFRIC 14 does not have any practical impact on the plans and so no allowance for it (and, in particular, no allowance for the asset ceiling) has been made in the calculated figures. The expected maturity analysis of the undiscounted pension obligation for the next 10 years is as follows: Less than one year \u00a3m Between one and two years \u00a3m Between two and five years \u00a3m Between five and ten years \u00a3m Total \u00a3m At 31 March 2023 Halma 5.4 0.2 26.9 50.5 78.0 Apollo 0.3 0.3 6.4 5.9 14.8 ",
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},
"fact-563": {
"value": "Defined contribution plans The amount charged to the Consolidated Income Statement in respect of defined contribution plans was \u00a317.7m (2022: \u00a313.7m) and represents contributions payable to these plans by the Group at rates specified in the rules of the plans. The assets of the plans are held separately from those of the Group in funds under the control of asset managers or trustees. ",
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"fact-564": {
"value": "Defined benefit plans The Group\u2019s significant defined benefit plans were for qualifying employees of its UK subsidiaries. Under the plans, members are entitled to retirement benefits of up to two-thirds of final pensionable salary on attainment of a retirement age of 60, for former members of the Executive Board, and 65, for all other qualifying employee members. No other post-retirement benefits are provided. The plans are funded plans. The most recent actuarial valuation of the Halma Group Pension Plan was carried out for the Trustees of the Plan as at 30 November 2020 by Mr M Whitcombe, Fellow of the Institute and Faculty of Actuaries, of Mercer Limited. The present value of the liabilities was measured using the Projected Unit method. This method is an accrued benefits valuation method in which the plan liabilities include an allowance for projected earnings. The most recent actuarial valuation of the Apollo Pension and Life Assurance Plan was carried out for the Trustees of the Plan as at 1 April 2021 by Mr M Whitcombe, Fellow of the Institute and Faculty of Actuaries, also of Mercer Limited. The same Projected Unit method was used. The plans\u2019 triennial actuarial valuation reviews, rather than the accounting basis, are used to evaluate the level of any cash payments into the plan. Based on these valuations, the Trustees of the UK plans, having consulted with the Group, agreed past service deficit recovery payments to be made for the immediate future with the objective of funding the plans in excess of the Technical Provisions valuation. During the year ended 31 March 2023, the aggregate payments made since the last triennial actuarial valuation, coupled with the performance of the plan assets and movement in the liabilities resulted in the Halma Group Pension Plan being funded over the trustees\u2019 secondary funding target and closer to the expected current valuation on a solvency basis. As a result, it has been agreed with the trustees of the Halma Group Pension Plan that contributions will be suspended until April 2025, when they will either fall due or be superseded by cash contributions agreed with the trustees in respect of the latest triennial actuarial valuation. As a result, we expect contributions to the UK plans in the 2024 financial year to be \u00a33.6m, relating specifically to the Apollo Pension and Life Assurance Plan. An alternative to the Projected Unit method is a valuation on a solvency basis, which is an estimate of the cost of buying out benefits with a suitable insurance company. This amount represents the amount that would be required to settle the plan liabilities rather than the Group continuing to fund the ongoing liabilities of the Plans. Following the last triennial actuarial valuation the estimate of the solvency liability was \u00a3106.1m as at 30 November 2020 for the Halma Group Pension Plan and \u00a344.1m as at 1 April 2021 for the Apollo Pension and Life Assurance Plan . 31 March 2023 31 March 2022 31 March 2021 Key assumptions used (UK plans): Discount rate 4.75% 2.80% 1.95% Expected return on plan assets 4.75% 2.80% 1.95% Pension increases LPI 2.5% 2.10% 2.20% 2.10% Pension increases LPI 3.0% 2.45% 2.55% 2.40% Inflation \u2013 RPI 3.30% 3.60% 3.20% Inflation \u2013 CPI 2.50% 2.85% 2.40% Mortality assumptions The base mortality tables utilised are consistent with those used in the last completed triennial valuations. The latest published CMI mortality projection tables (CMI2021) have been used with a long-term improvement rate of 1.25% pa and a w2021 parameter of 10%. The assumed life expectations on retirement at age 65 are: 31 March 2023 Years 31 March 2022 Years 31 March 2021 Years Retiring today: Males 22.3 22.4 22.4 Females 24.7 41.5 24.3 Retiring in 20 years: Males 23.8 23.9 24.2 Females 41.4 63.6 63.6 The sensitivities regarding the principal assumptions used to measure the UK plan liabilities are set out below: Assumption Change in assumption Impact on plan liabilities Discount rate Increase/decrease by 0.5% Decrease by 6.5%/increase by 7.3% Rate of inflation Increase/decrease by 0.5% Increase by 4.2%/decrease by 4.2% Rate of mortality Increase by one year Increase by 2.8% These sensitivities have been calculated to show the impact on the plan liabilities in isolation and assume no other changes in market conditions at the reporting date. This may not be representative of the actual change as the changes in assumptions would likely not occur in isolation \u2013 for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the Group\u2019s Schemes. Amounts recognised in the Consolidated Income Statement in respect of the UK and Swiss defined benefit plans are as follows: 31 March 2023 31 March 2022 UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m Current service cost \u2013 0.1 0.1 \u2013 5.0 0.4 Net interest (credit)/charge on pension plan assets/ liabilities (1.1) \u2013 (1.1) 5.8 \u2013 0.3 (1.1) 0.1 (0.6) 5.8 5.0 5.4 Actuarial gains and losses have been reported in the Consolidated Statement of Comprehensive Income and Expenditure. The actual return on plan assets was a loss of \u00a370.2m (2022: gain of \u00a312.2m). The cumulative amount of actuarial losses recognised in the Consolidated Statement of Comprehensive Income and Expenditure since the date of transition to IFRS is \u00a357.1m (2022: \u00a348.3m). The amount included in the Consolidated Balance Sheet arising from the Group\u2019s asset/obligations in respect of its defined benefit retirement plans is as follows: 31 March 2023 31 March 2022 UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m UK defined benefit plans \u00a3m Other defined benefit plans \u00a3m Total \u00a3m Present value of defined benefit obligations (237.2) (9.6) (246.8) (308.7) (5.1) (317.1) Fair value of plan assets 275.6 3.4 284.7 339.8 6.1 347.6 Net retirement benefit asset/(obligation) 38.4 (9.7) 37.9 31.1 (0.6) 30.5 Plans with net retirement benefit assets 38.4 \u2013 38.4 31.1 \u2013 31.1 Plans with net retirement benefit obligations \u2013 (9.7) (9.7) \u2013 (0.6) (0.6) Movements in the present value of the UK and Swiss defined benefit obligations were as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m At beginning of year (317.1) (355.6) Service cost (9.7) (0.5) Interest cost (0.5) (6.7) Remeasurement gains/(losses): Actuarial gains arising from changes in financial assumptions 87.2 44.2 Actuarial losses arising from experience adjustments (16.1) (5.1) Contributions from plan members (0.8) (0.2) Benefits paid 9.2 95.4 Exchange adjustments (9.7) (0.6) At end of year (246.8) (317.1) Movements in the fair value of the UK and Swiss plan assets were as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m At beginning of year 347.6 333.1 Interest income 9.7 3.0 Actuarial (losses)/gains excluding interest income (79.9) 1.7 Contributions from the sponsoring companies 15.6 12.2 Contributions from plan members 9.6 0.2 Benefits paid (9.2) (10.7) Exchange adjustments 0.1 5.3 At end of year 284.7 347.6 The cash contributions of \u00a315.6m include a \u00a31.3m contribution related to Texecom in respect of obligations under section 75 of the Pensions Act 1995 following its disposal in the prior year (Note 30). The net movement on actuarial gains and losses of the UK and Swiss plans was as follows: Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Defined benefit obligations 71.1 35.8 Fair value of plan assets (79.9) 1.7 Net actuarial (losses)/gains (8.8) 10.3 The analysis of the UK plan assets and the expected rate of return at the balance sheet date were as follows: Fair value of UK plan assets 31 March 2023 \u00a3m 31 March 2022 \u00a3m Equity instruments Quoted 10.1 101.1 Debt instruments Quoted 166.7 180.7 Unquoted 38.3 12.7 Property/infrastructure Unquoted 20.0 37.1 Cash and cash equivalent Quoted 40.5 1.8 275.6 339.8 The assets of the schemes are primarily held in pooled investment vehicles which are unquoted. The pooled investment vehicles hold both quoted and unquoted investments. Scheme assets include neither direct investments in the Company\u2019s ordinary shares, nor any property assets occupied by Group companies, nor other assets used by the Group. Equity instruments include UK and Overseas equity funds. Debt instruments include corporate, government and private debt funds. Property/Infrastructure includes private infrastructure funds and managed property funds. Cash and cash equivalent includes cash at bank and a liquidity fund. Expected rate of return 31 March 2023 % 31 March 2022 % Equity instruments 4.75 2.80 Debt instruments 4.75 2.80 Property/infrastructure/cash 4.75 2.80 4.75 2.80 Assets in the non-UK plans are primarily insurance assets. In conjunction with the trustees, the Group conducts asset-liability reviews for its defined benefit pension plan. The results of these reviews are used to assist the trustees and the Group to determine the optimal long-term asset allocation with regard to the structure of the liabilities of the plan. They are also used to assist the trustees in managing the volatility in the underlying investment performance and risk of a significant decrease in the defined benefit asset by providing information used to determine the plan\u2019s investment strategy. As a consequence, the Group is progressively giving more emphasis to a closer return matching of plan assets and liabilities, both to ensure the long-term security of its defined benefit commitment and to reduce earnings and balance sheet volatility. Based on the most recent actuarial valuations and agreements with the plan trustees, the estimated amount of contributions expected to be paid to the UK and Swiss plans during the year ended 31 March 2024 is \u00a34.2m. The levels of contributions are based on the current service cost and the expected future cash flows of the defined benefit pension plans. The Group estimates the plan liabilities on average to fall due over 20 and 25 years, respectively, for the Halma and Apollo plans. The Group has considered the requirements of IFRIC 14 with respect to the UK plans and has determined that it has an unconditional right to a refund under the plans and therefore IFRIC 14 does not have any practical impact on the plans and so no allowance for it (and, in particular, no allowance for the asset ceiling) has been made in the calculated figures. The expected maturity analysis of the undiscounted pension obligation for the next 10 years is as follows: Less than one year \u00a3m Between one and two years \u00a3m Between two and five years \u00a3m Between five and ten years \u00a3m Total \u00a3m At 31 March 2023 Halma 5.4 0.2 26.9 50.5 78.0 Apollo 0.3 0.3 6.4 5.9 14.8 ",
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},
"fact-565": {
"value": "30 Disposal of operations In the prior year, in August 2021, the Group disposed of its entire interest in Texecom Limited. Cash received on disposal of operations in the prior year of \u00a357.5m comprised proceeds from the sale of \u00a364.8m, less \u00a34.5m of cash disposed and \u00a32.8m of disposal costs. The Group recognised a profit on disposal of operations of \u00a334.0m. ",
"dimensions": {
"concept": "halma:DisclosureOfDisposalOfOperations",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-566": {
"value": "31 Contingent liabilities Group financing exemptions applicable to UK controlled foreign companies On 2 April 2019, the European Commission (EC) published its final decision that the United Kingdom controlled Foreign Company Partial Exemption (FCPE) constitutes State Aid. As previously reported, the Group has benefited from the FCPE, which amounts to \u00a315.4m of tax for the period from 1 April 2013 to 31 December 2018. Appeals had been made by the UK Government, the Group and other UK-based groups to annul the EC decision. On 8 June 2022, the EU General Court delivered its decision in favour of the EC. In August 2022, the UK Government appealed this decision. Notwithstanding this appeal, under EU law, the UK Government is required to commence collection proceedings. In January 2021, the Group received a Charging Notice from HM Revenue & Customs (HMRC) for \u00a313.9m assessed for the period from 1 April 2016 to 31 December 2018. The Group appealed against the notice but, as there is no right of postponement, the amount charged was paid in full in February 2021 with a further \u00a30.8m of interest paid in May 2021. In February 2021, the Group received confirmation from HMRC that it was not a beneficiary of State Aid for the period from 1 April 2013 to 31 March 2016. Whilst the EU General Court was in favour of the EC, the Group's assessment is that there are strong grounds for appeal and the appeal is expected to be successful. As the amounts paid are expected to be fully recovered, and given the appeal process is expected to take more than a year, the Group continues to recognise a receivable of \u00a314.7m (31 March 2022: \u00a314.7m) on the Consolidated Balance Sheet within non-current assets. Other contingent liabilities The Group has widespread global operations and is consequently a defendant in legal, tax and customs proceedings incidental to those operations. In addition, there are contingent liabilities arising in the normal course of business in respect of indemnities, warranties and guarantees. These contingent liabilities are not considered to be unusual or material in the context of the normal operating activities of the Group. Provisions have been recognised in accordance with the Group accounting policies where required. None of these claims are expected to result in a material gain or loss to the Group. 34 Commitments Capital commitments Capital expenditure relating to the purchase of equipment authorised and contracted at 31 March 2023 but not recognised in these accounts amounts to \u00a32.1m (2022: \u00a31.5m) .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-567": {
"value": "31 Contingent liabilities Group financing exemptions applicable to UK controlled foreign companies On 2 April 2019, the European Commission (EC) published its final decision that the United Kingdom controlled Foreign Company Partial Exemption (FCPE) constitutes State Aid. As previously reported, the Group has benefited from the FCPE, which amounts to \u00a315.4m of tax for the period from 1 April 2013 to 31 December 2018. Appeals had been made by the UK Government, the Group and other UK-based groups to annul the EC decision. On 8 June 2022, the EU General Court delivered its decision in favour of the EC. In August 2022, the UK Government appealed this decision. Notwithstanding this appeal, under EU law, the UK Government is required to commence collection proceedings. In January 2021, the Group received a Charging Notice from HM Revenue & Customs (HMRC) for \u00a313.9m assessed for the period from 1 April 2016 to 31 December 2018. The Group appealed against the notice but, as there is no right of postponement, the amount charged was paid in full in February 2021 with a further \u00a30.8m of interest paid in May 2021. In February 2021, the Group received confirmation from HMRC that it was not a beneficiary of State Aid for the period from 1 April 2013 to 31 March 2016. Whilst the EU General Court was in favour of the EC, the Group's assessment is that there are strong grounds for appeal and the appeal is expected to be successful. As the amounts paid are expected to be fully recovered, and given the appeal process is expected to take more than a year, the Group continues to recognise a receivable of \u00a314.7m (31 March 2022: \u00a314.7m) on the Consolidated Balance Sheet within non-current assets. Other contingent liabilities The Group has widespread global operations and is consequently a defendant in legal, tax and customs proceedings incidental to those operations. In addition, there are contingent liabilities arising in the normal course of business in respect of indemnities, warranties and guarantees. These contingent liabilities are not considered to be unusual or material in the context of the normal operating activities of the Group. Provisions have been recognised in accordance with the Group accounting policies where required. None of these claims are expected to result in a material gain or loss to the Group. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-568": {
"value": "32 Events subsequent to end of reporting period On 24 April 2023, Minicam Inc., a company in the Group\u2019s Environmental & Analysis sector purchased its US service and distribution partner, Visual Imaging Resources LLC, for initial consideration of c.\u00a32.3m (US$2.8m), and an earnout based on gross margin of a maximum of \u00a31.0m (US$1.2m) per year for three years. On 4 May 2023, completing on 11 May 2023, the Group acquired the entire share capital of Sewertronics Sp. Z o.o. (Sewertronics), based in Rzesz\u00f3w, Poland for a cash consideration of c.\u00a336m (\u20ac41m) on a cash and debt-free basis. Additional consideration of up to c.\u00a316m (\u20ac18m) may be payable in cash, based on the fulfilment of certain conditions. Sewertronics' technology repairs and rehabilitates wastewater pipelines without the need to dig a trench, by inserting a lining into the pipe, which is then cured using its innovative and patented ultraviolet (UV) LED technology. Sewertronics will be part of Halma\u2019s Environmental & Analysis sector. As part of the acquisition a drawdown was made from the Group\u2019s Revolving Credit Facility of \u00a326.7m (\u20ac30.3m). A detailed purchase price allocation exercise is currently being performed to calculate the goodwill arising on these acquisitions. There were no other known material non-adjusting events which occurred between the end of the reporting period and prior to the authorisation of these financial statements on 15 June 2023. ",
"dimensions": {
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"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-569": {
"value": "33 Related party transactions Trading transactions Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Associated companies Transactions with associated companies Sales to associated companies \u2013 \u2013 Balances with associated companies Amounts due from associated companies \u2013 \u2013 Other related parties Balances with other related parties Amounts due to other related parties \u2013 \u2013 All the transactions above are on an arm\u2019s length basis and on standard business terms . Remuneration of key management personnel The remuneration of the Directors and Executive Board members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual Directors is provided in the audited part of the Annual Remuneration Report on pages 136 to 163. Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Wages and salaries 10.8 11.9 Pension costs \u2013 5.9 Share-based payment charge 1.2 1.5 17.5 17.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-570": {
"value": "Trading transactions Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Associated companies Transactions with associated companies Sales to associated companies \u2013 \u2013 Balances with associated companies Amounts due from associated companies \u2013 \u2013 Other related parties Balances with other related parties Amounts due to other related parties \u2013 \u2013 All the transactions above are on an arm\u2019s length basis and on standard business terms ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-571": {
"value": "Remuneration of key management personnel The remuneration of the Directors and Executive Board members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual Directors is provided in the audited part of the Annual Remuneration Report on pages 136 to 163. Year ended 31 March 2023 \u00a3m Year ended 31 March 2022 \u00a3m Wages and salaries 10.8 11.9 Pension costs \u2013 5.9 Share-based payment charge 1.2 1.5 17.5 17.0 ",
"dimensions": {
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"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-572": {
"value": "34 Commitments Capital commitments Capital expenditure relating to the purchase of equipment authorised and contracted at 31 March 2023 but not recognised in these accounts amounts to \u00a32.1m (2022: \u00a31.5m) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-573": {
"value": "Halma plc (the Company) is a public limited company incorporated and domiciled in England, United Kingdom (registration number ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
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"fact-574": {
"value": "Halma plc",
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"entity": "scheme:2138007FRGLUR9KGBT40",
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"fact-575": {
"value": "public limited company",
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"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-576": {
"value": " England",
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"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-577": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-578": {
"value": "Misbourne Court, Rectory Way, Amersham, Buckinghamshire, HP7 0DE, United Kingdom.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138007FRGLUR9KGBT40",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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}