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{ "value": "-600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2021-03-04T00:00:00/2022-03-04T00:00:00", "unit": "iso4217:GBP" } }, "fact-380": { "value": "1164800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2023-03-03T00:00:00", "unit": "iso4217:GBP" } }, "fact-381": { "value": "1132400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00", "unit": "iso4217:GBP" } }, "fact-384": { "value": "1 GENERAL INFORMATION AND AUTHORISATION OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements of Whitbread PLC for the year ended 2 March 2023 were authorised for issue by the Board of Directors on 24 April 2023. Whitbread PLC is a public company limited by shares incorporated in the United Kingdom under the Companies Act and is registered in England and Wales. The Company\u2019s ordinary shares are traded on the London Stock Exchange. The address of the registered office is shown on page 120. Whitbread PLC, its subsidiaries and joint ventures, operate hotels and restaurants, located in the UK and internationally. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-382": { "value": "1 GENERAL INFORMATION AND AUTHORISATION OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements of Whitbread PLC for the year ended 2 March 2023 were authorised for issue by the Board of Directors on 24 April 2023. Whitbread PLC is a public company limited by shares incorporated in the United Kingdom under the Companies Act and is registered in England and Wales. The Company\u2019s ordinary shares are traded on the London Stock Exchange. The address of the registered office is shown on page 120. Whitbread PLC, its subsidiaries and joint ventures, operate hotels and restaurants, located in the UK and internationally. 2 ACCOUNTING POLICIES Basis of accounting and preparation The consolidated financial statements of Whitbread PLC and all its subsidiaries have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period and the defined benefit pension scheme as explained in the accounting policies below. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand except when otherwise indicated. The financial year represents the 52 weeks to 2 March 2023 (prior financial year: 53 weeks to 3 March 2022). Going concern A combination of the strong cash flows generated by the business, and the significant available headroom on its credit facilities, support the directors\u2019 view that the Group has sufficient funds available for it to meet its foreseeable working capital requirements. In reaching this conclusion, the directors have considered all elements of the capital allocation framework. The directors have also determined that, over the period of the going concern assessment, there is not expected to be a significant impact as a result of climate change. The directors have therefore concluded that the going concern basis of preparation remains appropriate. Notes to the consolidated financial statements At 2 March 2023 2 ACCOUNTING POLICIES CONTINUED Changes in accounting policies The accounting policies adopted in the preparation of these consolidated financial statements are consistent with those followed in the preparation of the consolidated financial statements for the year ended 3 March 2022, except for the adoption of the new standards and policies applicable for the year ended 2 March 2023. The significant accounting policies adopted during the year are set out below. They have been assessed as having minimal or no financial impact. The Group has applied the following standards and amendments for the first time for the annual reporting period commencing 4 March 2022: \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 proceeds before intended use (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework (effective for periods beginning on or after 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle Standards issued by the IASB not effective for the current year and not early adopted by the Group Whilst the following standards and amendments are relevant to the Group, they have been assessed as having minimal or no financial impact or additional disclosure requirements at this time: \u2022 IFRS 17 Insurance Contracts (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 \u2013 Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimate (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (effective for periods beginning on or after 1 January 2023) The Group does not intend to early adopt any of these new standards or amendments. Basis of consolidation The consolidated financial statements incorporate the accounts of Whitbread PLC and all its subsidiaries, together with the Group\u2019s share of the net assets and results of joint ventures incorporated using the equity method of accounting. These are adjusted, where appropriate, to conform to Group accounting policies. The financial statements of significant trading subsidiaries are prepared for the same reporting year as the parent company. A subsidiary is an entity controlled by the Group. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01, which was accounted for using merger accounting, acquisitions by the Group are accounted for under the acquisition method and any goodwill arising is capitalised as an intangible asset. The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from, or up to, the date that control passes respectively. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. 2 ACCOUNTING POLICIES CONTINUED Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and any equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. When the consideration transferred by the Group in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Changes in the fair value of the contingent consideration at subsequent reporting dates that do not qualify as measurement period adjustments are recognised within finance costs in the consolidated income statement, unless the contingent consideration is classified as equity. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised at fair value, separately from goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Amortisation of IT software and technology is calculated on a straight-line basis over the estimated life which varies between three and ten years. The carrying values are reviewed for impairment if events or changes in circumstances indicate that they may not be recoverable. Software-as-a-Service (SaaS) arrangements SaaS arrangements are service contracts providing the Company with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change accounted for prospectively as a change in accounting estimate. Property, plant and equipment Property, plant and equipment acquired separately from a business are stated at cost or deemed cost at transition to IFRS, less accumulated depreciation and any impairment in value. Gross interest costs incurred on the financing of qualifying assets are capitalised until the time that the assets are available for use. Property, plant and equipment acquired as part of a business combination are recognised at fair value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: \u2022 freehold land is not depreciated; \u2022 freehold and long leasehold buildings are depreciated to their estimated residual values over periods up to 50 years; and \u2022 plant and equipment is depreciated over three to 25 years. Notes to the Consolidated Financial Statements continued 2 ACCOUNTING POLICIES CONTINUED The residual values and estimated useful lives are reviewed annually. Profits or losses on disposal of property, plant and equipment reflect the difference between net selling price and carrying amount at the date of disposal and are recognised in the consolidated income statement. Investment property Investment property assets, including properties which are owned by the Group and properties which are leased by the Group, are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies for investment property are consistent with those described for property, plant and equipment. Leases Right-of-use assets The Group recognises right-of-use assets for hotel and restaurant properties which are used in the Premier Inn business and other equipment at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date, less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use asset is depreciated over the shorter of its estimated useful life and lease term. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments and variable lease payments that depend on an index or a rate less any lease incentives receivable. Variable lease payments that do not depend on an index or a rate (e.g. turnover rent) are recognised as an expense in the period over which the event or condition that triggers the payment occurs. The Group incurs service charges on property leases which are non-lease components of the contract under IFRS 16 and therefore these charges are recorded separately within operating costs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Incremental borrowing rates are determined quarterly and depend on the country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on Government bond rates; a country specific risk adjustment; and a credit risk adjustment based on the Group\u2019s credit rating. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification or a change in the lease term. Cash outflows relating to lease interest are recorded within net cash flows from operating activities and cash outflows relating to principal repayments are included within net cash flows from financing activities in the consolidated cash flow statement. Sale and leaseback A sale and leaseback transaction occurs when the Group sells an asset and immediately reacquires the use of same asset in the same state as sold by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of- use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising therefore relates to the rights transferred to the buyer and development of the underlying asset. Rental income The Group recognises rental income from leases on a straight-line basis over the lease term within other income in the consolidated income statement. Impairment of non-current assets Property, plant and equipment and right-of-use assets The carrying values of property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. For the purposes of the impairment review, the Group considers each trading outlet to be a separate cash generating unit (CGU). Consideration is also given, where appropriate, to the market value of the asset either from independent sources or, in conjunction with an accepted industry valuation methodology. Any impairment in the values of property, plant and equipment and right-of-use assets is charged to the consolidated income statement. The Group assesses assets or groups of assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Individual assets are grouped, for impairment assessment purposes, at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets (cash generating units or CGUs). If such indication of impairment exists or when annual impairment testing for an asset group is required, the Group makes an estimate of the recoverable amount. The recoverable amount of an asset or CGU is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined with reference to the CGU to which the asset belongs. Impairment losses are recognised in the consolidated income statement within operating costs. 2 ACCOUNTING POLICIES CONTINUED An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amounts of other assets in the CGU, on a pro-rata basis. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the CGU\u2019s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimated future cash flows used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the consolidated income statement. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset\u2019s carrying amount, less any residual value, on a straight-line basis over its remaining useful life. For the purposes of impairment testing, all centrally held assets are allocated in line with IAS 36 to CGUs based on management\u2019s view of the consumption of the asset. Any resulting impairment is recorded against the centrally held asset. Goodwill Goodwill acquired through business combinations is allocated to groups of CGUs at the level management monitors goodwill, which is at an operating segment level. The Group performs an annual review of its goodwill to ensure that its carrying amount is not greater than its recoverable amount. The recoverable amount is determined as the greater of fair value, less costs of disposal and value in use. An impairment is then made to reduce the carrying amount to the recoverable amount. Investments in joint ventures The Group assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication of impairment exists, the carrying amount of the investment is compared with its recoverable amount. Where the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount. Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets are measured at the lower of carrying amount and fair value, less the cost of disposal, and are not depreciated or amortised. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the net results of discontinued operations are presented separately in the consolidated income statement. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated on the basis of first in, first out and net realisable value is the estimated selling price less any costs to sell. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted to present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The amortisation of the discount is recognised as a finance cost. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Restructuring costs A restructuring provision is recognised when the Group has developed a detailed formal plan and has raised a valid expectation, in those affected, that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. Notes to the Consolidated Financial Statements continued 2 ACCOUNTING POLICIES CONTINUED Adjusting items and use of alternative performance measures We use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and alternative performance measures (APMs) which are consistent with the way the business performance is measured internally by the Board and Executive Committee. A glossary of APMs and reconciliations to statutory measures is given on pages 206 to 210. The term adjusted profit is not defined under IFRS and may not be directly comparable with adjusted profit measures used by other companies. It is not intended to be a substitute for, or superior to, statutory measures of profit. Adjusted measures of profitability are non-IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS. The Group makes certain adjustments to the statutory profit measures in order to derive many of its APMs. The Group\u2019s policy is to exclude items that are considered to be significant in nature and quantum, not in the normal course of business or are consistent with items that were treated as adjusting in prior periods or that span multiple financial periods. Treatment as an adjusting item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. On this basis, the following are examples of items that may be classified as adjusting items: \u2022 net charges associated with the strategic review of the Group\u2019s hotel and restaurant property estate; \u2022 significant restructuring costs and other associated costs arising from strategy changes that are not considered by the Group to be part of the normal operating costs of the business; \u2022 significant pension charges arising as a result of the changes to UK defined benefit scheme practices; \u2022 net impairment and related charges for sites which are/were underperforming that are considered to be significant in nature and/or value to the trading performance of the business; \u2022 costs in relation to non-trading legacy sites which are deemed to be significant and not reflective of the Group\u2019s ongoing trading results; \u2022 transformation and change costs associated with the implementation of the Group\u2019s strategic IT programme; \u2022 profit or loss on the sale of a business or investment, and the associated cost impact on the continuing business from the sale of the business or investment; \u2022 acquisition costs incurred as part of a business combination or other strategic asset acquisitions; \u2022 amortisation of intangible assets recognised as part of a business combination or other transaction outside of the ordinary course of business; and \u2022 tax settlements in respect of prior years, including the related interest and the impact of changes in the statutory tax rate, the inclusion of which would distort year-on-year comparability, as well as the tax impact of the adjusting items identified above. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. The directors believe that the adjusted profit and earnings per share measures provide additional useful information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and Executive Committee. Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the rates of exchange quoted at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Day-to-day transactions in a foreign currency are recorded in the functional currency at an average rate for the month in which those transactions take place, which is used as a reasonable approximation to the actual transaction rate. Translation differences on monetary items are taken to the consolidated income statement. A number of subsidiaries within the Group have a non-sterling functional currency. The financial performance and end position of these entities are translated into sterling in the consolidated financial statements. Balance sheet items are translated at the rate applicable at the balance sheet date. Transactions reported in the consolidated income statement are translated using an average rate for the month in which they occur. The differences that arise from translating the results of foreign entities at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. All other currency gains and losses are dealt with in the income statement. 2 ACCOUNTING POLICIES CONTINUED Revenue recognition Revenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Consideration is net of discounts, allowances for customer loyalty and other promotional activities and amounts collected on behalf of other parties, such as value added tax. Revenue includes duties which the Group pays as principal. The Group has analysed its business activities and applied the five step model prescribed by IFRS 15 Revenue from Contracts with Customers to each material line of business, as outlined below: Sale of accommodation The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of booking. The performance obligation is met when the customer is given the right to use the accommodation, and so revenue is recognised for each night as it takes place, at the room rate for that night. Sale of food and beverage The contract is established when the customer orders the food or beverage item and the performance obligation is the provision of food and beverage by the outlet. The performance obligation is satisfied when the food and beverage is delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Payment is made on the same day and consequently there are no contract assets or liabilities. Payment terms Customers may pay in advance for accommodation, food and beverage. In this case the Group has received consideration for services not yet provided. This is treated as a contract liability until the performance obligation is met. The Group has taken advantage of the practical expedient in IFRS 15 to not adjust the consideration for the effects of a financing component as the period between payment and the performance obligation is less than one year. Payment terms for corporate customers are generally 30 days with amounts recorded in trade and other receivables once the performance obligations have been met. Contract costs The Group applies the practical expedient in paragraph 94 of IFRS 15 and consequently contract costs incurred related to contracts with an amortisation period of less than one year have been expensed as incurred. Variable consideration The Group makes an estimate, based on historical information, of amounts that will be refunded to customers. The refund liability represents variable consideration under IFRS 15 with revenue recognised reduced by this amount and a corresponding liability recognised in other payables in the consolidated balance sheet. Certain restaurants within the Group offer customer loyalty programmes where the customer can earn vouchers for historic purchases which are redeemable as discounts on future purchases. The loyalty points issued by the Group are a separate performance obligation providing a material right to a future discount. The sales price of goods is allocated to the loyalty points and the goods sold based on their relative standalone selling prices, with the loyalty points standalone price based on the value of the points to the customer, adjusted for expected redemption rates. The amount allocated to loyalty points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Finance income Interest income is recognised as the interest accrues, using the effective interest method. Borrowing costs Borrowing costs are recognised as an expense in the period in which they are incurred, except for gross interest costs incurred on the financing of major projects, which are capitalised until the time that the projects are available for use. Notes to the Consolidated Financial Statements continued 2 ACCOUNTING POLICIES CONTINUED Retirement benefits In respect of the defined benefit pension scheme, the surplus recognised in the consolidated balance sheet represents the fair value of scheme assets, reduced by the present value of the defined benefit obligation. Where the calculation results in a surplus to the Group, the recognised asset is limited to the present value of any future available refunds from the plan. The cost of providing benefits is determined using the projected unit credit actuarial valuation method. Remeasurements are recognised in full in the period in which they occur in the statement of comprehensive income and are not reclassified to the consolidated income statement in subsequent periods. For defined benefit plans, the employer\u2019s portion of the past and current service cost is charged to operating profit, with net interest costs reported within finance costs. In addition, all administration costs, other than those relating to the management of plan assets or taxes payable by the plan itself, are charged as incurred to operating costs in the consolidated income statement. Net interest is calculated by applying the opening discount rate to the opening net defined benefit obligation, taking into account the expected contributions and benefits paid. On 20 November 2020, the High Court ruled that pension schemes will need to revisit and equalise guaranteed minimum pensions for historic individual transfers. The ruling impacted the Group\u2019s actuarial surplus as it will lead to an increase in pension obligations. The Group recognised the increase in its defined benefit liability as a charge to the consolidated income statement. Curtailments and settlements relating to the Group\u2019s defined benefit plan are recognised in the period in which the curtailment or settlement occurs. Payments to defined contribution pension schemes are charged as an expense as they fall due. Government grants A Government grant is recognised in the consolidated balance sheet within other receivables when there is reasonable assurance that it will be received and that the Group will comply with the conditions attached to it. Grants are recognised within other income in the consolidated income statement at a point in time to match the timing of the recognition of the related expenses they are intended to compensate. Where cash is received in advance of the associated conditions being met, the grant is recorded within trade and other payables in the consolidated balance sheet. Share-based payment transactions Equity-settled transactions Certain employees and directors of the Group receive equity-settled remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares. The cost of these equity- settled transactions is measured by reference to the fair value, determined using a stochastic model, at the date at which they are granted. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions or non-vesting conditions are fulfilled, ending on the relevant vesting date. Except for awards subject to market-related conditions for vesting, the cumulative expense recognised for equity- settled transactions, at each reporting date until the vesting date, reflects the extent to which the vesting period has expired, and is adjusted to reflect the directors\u2019 best available estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. If options are subject to market-related conditions, awards are not cumulatively adjusted for the likelihood of these targets being met. Instead, these conditions are included in the fair value of the awards. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. Where an equity-settled award is forfeited, the related expense recognised to date is reversed. Where an equity-settled award is replaced by newly granted instruments, these are accounted for as a modification of the existing award. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share- based payment transaction, or is otherwise beneficial to the employee. 2 ACCOUNTING POLICIES CONTINUED Tax The income tax charge represents both the income tax payable, based on profit for the year, and deferred income tax. Deferred income tax is recognised in full, using the liability method, in respect of temporary differences between the tax base of the Group\u2019s assets and liabilities and their carrying amounts that have originated but have not been reversed by the balance sheet date. No deferred tax is recognised if the temporary difference arises from the initial recognition of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable temporary differences associated with investments in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are charged or credited directly to equity. Otherwise, income tax is recognised in the consolidated income statement. Investments in joint ventures Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint ventures is included in the carrying amount of the investment. The consolidated income statement reflects the Group\u2019s share of the results of operations of the joint ventures. Any change in other comprehensive income of those investees is presented as part of the Group\u2019s consolidated statement of comprehensive income. Unrealised gains and losses resulting from transactions between the Group and the joint ventures are eliminated to the extent of the interest in the joint venture. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. Notes to the Consolidated Financial Statements continued 2 ACCOUNTING POLICIES CONTINUED Financial assets Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its trade receivables and contract assets based on shared characteristics, and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Credit impaired financial assets A financial asset is credit impaired when one of more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred, such as significant financial difficulty of the debtor or default by the debtor. The Group writes off a financial asset where there is no realistic prospect of recovery. Credit losses are recorded within operating costs in the consolidated income statement. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand and deposits (including Money Market Funds) which are short term, highly liquid and which are not at significant risk of changes in value. Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. 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. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. 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 is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group 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. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. 2 ACCOUNTING POLICIES CONTINUED Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. The Group uses a cross currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. Financial liabilities Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements. Financial liabilities are measured at amortised cost using the effective interest rate method unless they are required to be measured at fair value through profit or loss or the Group has opted to measure them at fair value through the profit or loss. The effective interest rate method calculates the amortised cost of a financial liability and allocates interest expense to the relevant period. Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. Contingent consideration Contingent consideration, resulting from business combinations and asset acquisitions, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. Where the period between acquisition and payment is not significant, cash outflows for contingent consideration are included within cash flows from investing activities. Where the period of deferral is significant, excess payments over the fair value recognised at acquisition are recognised within cash flows from financing activities. None of the Group\u2019s contingent consideration is deemed to relate to post-acquisition remuneration. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Although these amounts are based on management\u2019s best estimates, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. These judgements and estimates and the underlying assumptions are reviewed regularly. The Group has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material. Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below) that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Adjusting items During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed earlier in this note. This assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. Notes to the Consolidated Financial Statements continued 2 ACCOUNTING POLICIES CONTINUED Property transaction including sale and leaseback of land During the period, the Group entered into a sale and lease transaction of a single property, comprising land and a hotel currently under construction. Under the agreement, the Group is acting as the developer of the site. As a part of the transaction, the property is being developed into a completed hotel asset via a forward funding agreement with a counterparty. The transaction\u2019s sale, development and subsequent lease contracts were all negotiated together as one commercial transaction, with the transaction prices allocated based on the negotiated position rather than standalone contracts. In relation to the land portion of the site sold, management has reviewed the criteria within IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases, concluding that a sale and leaseback for the land has occurred to the counterparty. In relation to the hotel under construction asset, management has reviewed IFRS 15, concluding that a sale for this asset has occurred to the counterparty and the building leased back in the future will be the completed hotel, not the same asset that was sold. Therefore, management has concluded that the current year sale and future lease of the completed hotel does not represent a sale and leaseback under IFRS 16. Treatment of sale and leaseback of land The land on which the hotel is being developed has been sold with Whitbread holding no rights to re-obtain the legal title. The performance obligation for the sale of land has been satisfied as defined under IFRS 15. A gain of \u00a33.1m is recognised on the sale of the land, which represents the proportion of the land assessed as having been sold and subject to leaseback at practical completion of the site sold. In assessing the gain to be recognised on the sale and leaseback transaction, management has considered the fair value of the land at the sale date against the consideration allocated for the sale of the land. Treatment for sale of hotel under construction During the period, the performance obligation associated with the sale of the hotel under construction was assessed as being satisfied such that the asset has been derecognised. Nil gain was recognised as allocated proceeds were substantially similar to the carrying value of the building. The Group is exposed to cost overruns on the development of the hotel. Due to the allocation of the transaction\u2019s proceeds to the land, net costs of \u00a31.7m have been recognised, reducing the overall transaction\u2019s gain in the reporting period as the commercial terms were negotiated together. The net gain recognised on this transaction of \u00a31.4m has been based on an assessment of the obligations completed under the terms of the agreement. Key sources of estimation uncertainty The following are the key areas of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Defined benefit pension Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. Impairment testing \u2013 Property, plant and equipment and right-of-use assets The performance of the Group\u2019s impairment review requires management to make a number of estimates. These are set out below: Identification of indicators of impairment and reversal The Group assesses each of its CGUs for indicators of impairment or reversal on an annual basis and, where there are indicators of impairment or reversal, management performs an impairment assessment. Inputs used to estimate value in use The estimate of value in use is most sensitive to the following inputs: \u2022 Five-year business plan \u2013 forecast cash flows for the initial five-year period are based on the five-year business plan, which is based on results from FY23. \u2022 Discount rate \u2013 judgement is required in estimating the weighted average cost of capital (WACC) of a typical market participant and in assessing the specific country and currency risks associated with the Group. The rate used is adjusted for the Group\u2019s gearing, including equity, borrowings and lease liabilities. \u2022 Immature sites \u2013 judgement is required to estimate the time taken for sites to reach maturity and the sites\u2019 trading level once they are mature. Methodology used to estimate fair value Fair value is determined using a range of methods, including present value techniques using assumptions consistent with the value in use calculations and market multiple techniques using externally available data. Key estimates and sensitivities for impairment of assets are disclosed in Note 15. 3 SEGMENT INFORMATION The Group provides services in relation to accommodation, food and beverage both in the UK and internationally. Management monitors the operating results of its operating segments separately for the purpose of making decisions about allocating resources and assessing performance. Segment performance is measured based on adjusted operating profit before joint ventures. Included within central and other in the following tables are the costs of running the public company, other central overhead costs and share of profit from joint ventures. Notes to the Consolidated Financial Statements continued 3 SEGMENT INFORMATION CONTINUED The following tables present revenue and profit information regarding business operating segments for the years ended 2 March 2023 and 3 March 2022. REVENUE 52 weeks to 2 March 2023 53 weeks to 3 March 2022 UK & Ireland \u00a3m Germany \u00a3m Central and other \u00a3m Total \u00a3m UK & Ireland \u00a3m Germany \u00a3m Central and other \u00a3m Total \u00a3m Accommodation 1,795.0 100.1 \u2013 1,895.1 1,157.8 29.1 \u2013 1,186.9 Food, beverage and other items 712.7 17.4 \u2013 730.1 510.4 6.1 \u2013 516.5 REVENUE 2,507.7 117.5 \u2013 2,625.2 1,668.2 35.2 \u2013 1,703.4 PROFIT/(LOSS) 52 weeks to 2 March 2023 53 weeks to 3 March 2022 UK & Ireland \u00a3m Germany \u00a3m Central and other \u00a3m Total \u00a3m UK & Ireland \u00a3m Germany \u00a3m Central and other \u00a3m Total \u00a3m ADJUSTED OPERATING PROFIT/(LOSS) BEFORE JOINT VENTURES 616.6 (35.9) (39.5) 541.2 199.6 (15.4) (31.3) 152.9 Share of profit from joint ventures \u2013 \u2013 2.3 2.3 \u2013 \u2013 0.4 0.4 ADJUSTED OPERATING PROFIT/(LOSS) 616.6 (35.9) (37.2) 543.5 199.6 (15.4) (30.9) 153.3 Net finance costs (124.9) (13.8) 8.6 (130.1) (124.7) (8.5) (35.9) (169.1) ADJUSTED PROFIT/(LOSS) BEFORE TAX 491.7 (49.7) (28.6) 413.4 74.9 (23.9) (66.8) (15.8) Adjusting items before tax (Note 6) (38.5) 74.0 PROFIT BEFORE TAX 374.9 58.2 In relation to the previous year\u2019s results, adjusted operating profit/(loss) for the UK & Ireland segment included the impact of \u00a3126.5m from Government grants whilst the German segment included the impact of \u00a344.3m. The UK & Ireland segment includes the impact of the release of a previously held provision of \u00a34.7m. Refer to Note 9 for details. OTHER SEGMENT INFORMATION 52 weeks to 2 March 2023 53 weeks to 3 March 2022 UK & Ireland \u00a3m Germany \u00a3m Central and other \u00a3m Total \u00a3m UK & Ireland \u00a3m Germany \u00a3m Central and other \u00a3m Total \u00a3m Capital expenditure:\u2003 Property, plant and equipment and investment property \u2013 cash basis 405.9 76.1 \u2013 482.0 148.1 52.3 \u2013 200.4 \u2003 Property, plant and equipment and investment property \u2013 accruals basis (Note 14) 430.4 73.7 \u2013 504.1 165.8 54.2 \u2013 220.0 \u2003 Intangible assets (Note 13) 36.7 0.1 \u2013 36.8 21.1 \u2013 \u2013 21.1 Cash outflows from lease interest and payment of principal of lease liabilities 234.0 38.6 \u2013 272.6 234.5 25.8 \u2013 260.3 Depreciation \u2013 property, plant and equipment and investment property (Note 14) 152.2 11.0 \u2013 163.2 148.3 9.6 \u2013 157.9 Depreciation \u2013 right-of-use assets (Note 22) 133.6 32.2 \u2013 165.8 125.2 22.9 \u2013 148.1 Amortisation (Note 13) 16.3 0.2 \u2013 16.5 20.6 0.3 \u2013 20.9 Segment assets and liabilities are not disclosed because they are not reported to, or reviewed by, the Chief Operating Decision Maker. 3 SEGMENT INFORMATION CONTINUED The Group\u2019s revenue, split by country in which the legal entity resides, is as follows: 2022/23 \u00a3m 2021/22 \u00a3m United Kingdom 2,487.7 1,661.8 Germany 117.5 35.2 Other 20.0 6.4 2,625.2 1,703.4 The Group\u2019s non-current assets 1 , split by country in which the legal entity resides, are as follows: 2023 \u00a3m 2022 \u00a3m United Kingdom 6,869.2 6,571.3 Germany 1,216.2 1,009.1 Other 201.2 114.7 8,286.6 7,695.1 1 Non-current assets exclude derivative financial instruments and the surplus on the Group\u2019s defined benefit pension scheme. 4 OTHER INCOME An analysis of the Group\u2019s other income is as follows: 2022/23 \u00a3m 2021/22 \u00a3m Rental income 3.1 7.9 Government grants 1 (Note 9) 4.7 113.8 Other 0.2 0.7 OTHER INCOME BEFORE ADJUSTING ITEMS 8.0 122.4 Legal claim settlement (Note 6) 4.7 \u2013 VAT settlement (Note 6) \u2013 8.7 OTHER INCOME 12.7 131.1 1 \u00a34.7m has been released from a previously held provision relating to Government grants. Refer to Note 9 for details. 5 OPERATING COSTS 2022/23 \u00a3m 2021/22 \u00a3m Cost of inventories recognised as an expense 1 229.0 146.6 Employee benefits expense 2 (Note 7) 784.3 678.9 Amortisation of intangible assets (Note 13) 16.5 20.9 Depreciation \u2013 property, plant and equipment and investment property (Note 14) 163.2 1 57.9 Depreciation \u2013 right-of-use assets (Note 22) 165.8 148.1 Utilities 117.2 87.8 Rates 125.0 71.2 Other site property costs 384.3 27 7.3 Variable lease payment expense (Note 22) 2.1 0.3 Net foreign exchange (gain)/loss (2.1) 2.1 Other operating charges 2 105.2 80.0 Adjusting operating costs 2 (Note 6) 43.2 (65.3) 2,133.7 1,605.8 1 Cost of inventories recognised as an expense includes \u00a36.7m (2021/22: \u00a36.1m) of inventory write downs recorded during the year. 2 Adjusting operating costs includes a charge for net impairments of \u00a333.4m (2021/22: credit of \u00a336.2m), a charge of \u00a39.8m (2021/22: credit of \u00a328.8m) relating to other operating charges and a charge of \u00a30.5m (2021/22: credit of \u00a30.3m) relating to employee benefit expenses (see Note 7). Notes to the Consolidated Financial Statements continued 5 OPERATING COSTS CONTINUED Fees paid to the Group\u2019s auditor during the year consisted of: 2022/23 \u00a3m 2021/22 \u00a3m Audit of the Group\u2019s financial statements 1.2 1.0 Audit of the Group\u2019s subsidiaries 0.6 0.6 TOTAL AUDIT FEES 1.8 1.6 Audit-related assurance 0.1 0.1 Other non-audit fees \u2013 \u2013 TOTAL NON-AUDIT FEES 0.1 0.1 INCLUDED IN OTHER OPERATING CHARGES 1.9 1.7 6 ADJUSTING ITEMS As set out in the policy in Note 2, we use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and APMs which are consistent with the way that the business performance is measured internally. We report adjusted measures because we believe they provide both management and investors with useful additional information about the financial performance of the Group\u2019s businesses. Adjusted measures of profitability represent the equivalent IFRS measures adjusted for specific items that we consider hinder the comparison of the financial performance of the Group\u2019s businesses either from one period to another or with other similar businesses. 2022/23 \u00a3m 2021/22 \u00a3m ADJUSTING ITEMS WERE AS FOLLOWS: Other income: VAT settlement 1 \u2013 8.7 Legal claim settlement 2 4.7 \u2013 ADJUSTING OTHER INCOME 4.7 8.7 Operating costs: Net impairment (charges)/reversals \u2013 property, plant and equipment and right-of-use assets 3 (33.4) 36.2 UK restructuring 4 \u2013 0.3 Net gains on disposals, property and other provisions 5 4.0 28.8 Strategic IT programme costs 6 (13.8) \u2013 ADJUSTING OPERATING COSTS (43.2) 65.3 ADJUSTING ITEMS BEFORE TAX (38.5) 74.0 Tax on adjusting items (1.1) (13.3) Impact of change in tax rates (9.8) (13.1) ADJUSTING TAX EXPENSE (10.9) (26.4) 6 ADJUSTING ITEMS CONTINUED 1 During 2021/22, HMRC confirmed it would not appeal the ruling of the First Tier Tribunal in the case of Rank Group plc that VAT was incorrectly applied to revenues earned from certain gaming machines from 2006 to 2013. The Group has submitted claims for the repayment of overpaid VAT amounting to \u00a38.7m which are substantially similar. 2 During the year, the Group received a settlement of \u00a34.7m in relation to a legal claim made against a payment card scheme provider. 3 During the year, the Group identified impairment indicators and indicators of impairment reversals relating to assets held by the Group both at the half-year end date and at the year-end date. An impairment review of those assets was undertaken, resulting in adjusting net impairment charges of \u00a330.1m. This is made up of impairment charges on trading sites of \u00a385.0m (\u00a376.1m relating to property, plant and equipments and \u00a38.9m relating to right-of-use assets) offset by impairment reversals of \u00a354.9m (\u00a335.5m relating to property, plant and equipment and \u00a319.4m relating to right-of-use assets). In addition, impairment charges of \u00a33.3m have been recorded in relation to assets held for sale during the year. This brings the total adjusting net impairment charges to \u00a333.4m within operating costs. Further information is provided in Note 15. During 2021/22, a total net impairment reversal of \u00a342.0m was recorded, made up of \u00a310.5m of impairment charges on trading sites (\u00a310.1m relating to property, plant and equipment and \u00a30.4m relating to right-of-use assets), offset by impairment reversals of \u00a352.5m (\u00a330.4m relating to property, plant and equipment and \u00a322.1m relating to right-of-use assets). In addition, an impairment charge of \u00a35.8m was recorded in relation to assets classified as held for sale. This brings the total adjusting net impairment reversals to \u00a336.2m within operating costs. 4 During 2021/22, the Group released the remaining provision of \u00a30.3m following the completion of its restructuring of the Support Centre and site operations after it had recognised redundancy and project costs of \u00a312.1m during 2020/21. 5 During the year, the Group entered into a sale and lease transaction of land and a hotel currently under construction. As a result of this transaction, the Group received proceeds of \u00a346.4m and recognised a net gain of \u00a31.4m. The completed hotel and land will be leased back at practical completion to the Group. In addition, the Group increased its property related provision by \u00a30.4m and made a profit on other property disposals of \u00a33.0m. During 2021/22, the Group disposed of a single property as part of a sale and leaseback transaction for gross proceeds of \u00a340.0m. A profit on disposal of \u00a327.5m was recognised on disposal of the property. In addition, during 2021/22, the Group made a profit on other property disposals of \u00a35.7m and recognised other provisions of \u00a34.4m relating to historic indirect tax matters. 6 During the year, the Group has assessed the presentation of costs incurred in relation to the current and future strategic IT programme implementations. The programmes currently scheduled include the Group\u2019s Hotel Management System and HR & Payroll System. These represent significant business change costs for the Group rather than replacements of IT systems with Software as a Service (SaaS). The start date of these projects varies and as such we expect costs to be incurred within this category over the next few financial years, with their strategic benefit seen as lasting multiple years. At this time, the Group expects to incur costs relating to the Group\u2019s Hotel Management System and HR & Payroll System presented within adjusting items across future financial years as follows; during the financial year ended 2024 between \u00a315.0m and \u00a325.0m, during the financial year ended 2025 between \u00a315.0m and \u00a325.0m and during the financial year ended 2026 up to \u00a35.0m. 7 EMPLOYEE BENEFITS EXPENSE 2022/23 \u00a3m 2021/22 \u00a3m Wages and salaries 716.1 621.0 Social security costs 55.4 46.7 Defined contribution pension costs 12.8 11.2 784.3 678.9 The amounts above exclude adjusting items. Wages and salaries excludes a charge of \u00a30.5m this year relating to the Strategic IT programme costs (2021/22: credit of \u00a30.3m relating to the restructuring of Group\u2019s operations). Included in wages and salaries is a share-based payments expense of \u00a317.7m (2021/22: \u00a312.9m), which arises from transactions accounted for as equity-settled share-based payments. Notes to the Consolidated Financial Statements continued 7 EMPLOYEE BENEFITS EXPENSE CONTINUED Employee costs are split between hourly paid and salaried employees as below: 2022/23 \u00a3m 2021/22 \u00a3m Employee costs \u2013 hourly paid 520.1 440.3 Employee costs \u2013 salaried 264.2 238.6 784.3 678.9 Average number of employees directly employed 2022/23 Number 2021/22 Number UK & Ireland 37,865 33,546 Germany 1,139 782 39,004 34,328 Employees of joint ventures are excluded from the numbers above. Directors\u2019 remuneration is disclosed below: 2022/23 \u00a3m 2021/22 \u00a3m Directors\u2019 remuneration 4.8 3.8 Aggregate contributions to the defined contribution pension scheme \u2013 \u2013 Aggregate gains on the exercise of share options 1.0 1.2 The number of directors accruing benefits under the defined benefit pension scheme were nil (2021/22: nil). 8 FINANCE (COSTS)/INCOME 2022/23 \u00a3m 2021/22 \u00a3m FINANCE COSTS Interest on bank loans and overdrafts (5.1) (7.4) Interest on other loans (24.3) (30.0) Interest on lease liabilities (Note 22) (138.7) (133.2) Interest capitalised (Note 14) 2.5 0.9 Unwinding of discount on contingent consideration (Note 26) (0.2) (1.4) Impact of ineffective portion of cash flow and cost of hedging (Note 25) (1.1) (2.5) (166.9) (173.6) FINANCE INCOME Bank interest receivable 23.2 0.7 Other interest receivable \u2013 0.2 IAS 19 pension net finance income (Note 32) 13.6 3.6 36.8 4.5 TOTAL NET FINANCE COSTS (130.1) (169.1) Net finance costs includes \u00a3165.6m (2021/22: \u00a3169.7m) finance costs and \u00a323.2m (2021/22: \u00a30.9m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method. 9 GOVERNMENT GRANTS AND ASSISTANCE During the year, the Group submitted its German Bridge Aid III Plus and IV claims, for which it received net cash of \u00a317.3m. These amounts were recognised in the 2021/22 year for costs the Group incurred from July 2021 to January 2022. No further claims for COVID-related Government support were made in the UK or in Germany, and hence the Group has not recognised any amounts for COVID-related Government support during this financial year. A provision being held in relation to any potential repayments required in respect of the interpretations and assumptions made by Whitbread for UK Coronavirus Job Retention Scheme claims was released during FY23 as management is satisfied that no repayments are required following completion of an HMRC review. This has resulted in a credit to the consolidated income statement of \u00a34.7m as shown below. During the previous year, the Group had claimed Government support designed to mitigate the impact of COVID-19. Grants recognised in the previous year and the provision released in the current year by type are shown below: 2022/23 \u00a3m 2021/22 \u00a3m Release of provisions previously made relating to Government grant claims 4.7 \u2013 UK Coronavirus Job Retention Scheme \u2013 61.7 Ireland Employment Wage Subsidy Scheme \u2013 0.2 Jersey Co-Funded Payroll Scheme \u2013 0.1 UK Hospitality and Leisure Grant \u2013 8.2 German Fixed Cost Grant \u2013 43.3 German Kurzarbeit Scheme \u2013 compensation for social security payments \u2013 0.3 INCLUDED IN OTHER INCOME 4.7 113.8 The Group benefited from the following schemes which led to savings in operating costs: 2022/23 \u00a3m 2021/22 \u00a3m German Kurzarbeit Scheme \u2013 employees support \u2013 0.7 UK Business Rate Relief \u2013 56.3 REDUCTION IN OPERATING COSTS \u2013 57.0 10 TAXATION CONSOLIDATED INCOME STATEMENT 2022/23 \u00a3m 2021/22 \u00a3m Current tax: Current tax expense 35.3 \u2013 Adjustments in respect of previous periods 0.7 (1.0) 36.0 (1.0) Deferred tax: Origination and reversal of temporary differences 51.5 16.5 Effect of in-year rate differential/change in tax rates 9.8 13.1 Adjustments in respect of previous periods (1.2) (12.9) 60.1 16.7 TAX REPORTED IN THE CONSOLIDATED INCOME STATEMENT 96.1 15.7 In relation to the previous year, the adjustments in respect of previous periods arose mainly due to a reassessment of deferred tax on property, plant and equipment. Notes to the Consolidated Financial Statements continued 10 TAXATION CONTINUED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 2022/23 \u00a3m 2021/22 \u00a3m Current tax: Defined benefit pension scheme (0.7) 2.3 Deferred tax: Cash flow hedges \u2013 0.5 Tax on net (loss)/gain on hedge of a net investment (2.1) 0.8 Tax on exchange differences on translation of foreign operations 4.0 (2.7) Defined benefit pension scheme (54.7) 88.0 (52.8) 86.6 TAX REPORTED IN OTHER COMPREHENSIVE INCOME (53.5) 88.9 A reconciliation of the tax expenses/(credit) applicable to adjusted profit/(loss) before tax and profit before tax at the statutory tax rate, to the actual tax expense at the Group\u2019s effective tax rate, for the years ended 2 March 2023 and 3 March 2022 respectively is set out below. All items have been tax effected at the UK statutory rate of 19%, with the exception of the effect of unrecognised losses in overseas companies, which has been tax effected at the statutory rate in the relevant jurisdictions with an adjustment to account for the differential tax rates included in the effect of different tax rates. 2022/23 2021/22 Tax on adjusted profit \u00a3m Tax on profit \u00a3m Tax on adjusted loss \u00a3m Tax on profit \u00a3m PROFIT/(LOSS) BEFORE TAX AS REPORTED IN THE CONSOLIDATED INCOME STATEMENT 413.4 374.9 (15.8) 58.2 Tax at current UK tax rate of 19% (2021/22: 19%) 78.5 71.2 (3.0) 11.1 Effect of different tax rates (7.5) (11.5) (3.8) (3.8) Unrecognised losses in overseas companies 19.5 29.4 11.8 11.8 Effect of super deduction in respect of tax relief for fixed assets (4.5) (4.5) (2.7) (2.7) Expenditure not allowable 2.4 1.4 3.6 1.9 Adjustments to current tax expense in respect of previous years 0.7 0.7 (1.0) (1.0) Adjustments to deferred tax expense in respect of previous years (1.2) (1.2) (13.8) (12.9) Impact of deferred tax in respect of sale and lease transaction (Note 6) \u2013 3.4 \u2013 \u2013 Impact of deferred tax being at a different rate from current tax rate \u2013 9.8 \u2013 13.1 Other movements (2.7) (2.6) (1.8) (1.8) TAX EXPENSE/(CREDIT) REPORTED IN THE CONSOLIDATED INCOME STATEMENT 85.2 96.1 (10.7) 15.7 10 TAXATION CONTINUED Deferred tax The major deferred tax (liabilities)/assets recognised by the Group and movement during the current and prior financial years are as follows: Accelerated capital allowances \u00a3m Rolled over gains and property revaluations \u00a3m Pensions \u00a3m Leases \u00a3m Losses \u00a3m Other 3 \u00a3m Total \u00a3m AT 25 FEBRUARY 2021 (44.2) (57.8) (62.5) 36.0 83.7 0.2 (44.6) (Expense)/credit to consolidated income statement (28.3) (34.7) (15.4) 12.6 53.7 (4.6) (16.7) (Expense)/credit to statement of comprehensive income \u2013 \u2013 (88.0) \u2013 1.9 (0.5) (86.6) Expense to statement of changes in equity \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) (0.3) Foreign exchange and other movements \u2013 \u2013 \u2013 0.1 \u2013 (2.5) (2.4) AT 3 MARCH 2022 (72.5) (92.5) (165.9) 48.7 139.3 (7.7) (150.6) (Expense)/credit to consolidated income statement 1 (14.7) (2.1) (5.2) (3.3) (39.9) 5.1 (60.1) Credit/(expense) to statement of comprehensive income 2 \u2013 \u2013 54.7 \u2013 (1.9) \u2013 52.8 Expense to statement of changes in equity \u2013 \u2013 \u2013 \u2013 \u2013 0.1 0.1 Foreign exchange and other movements \u2013 0.8 \u2013 (1.1) \u2013 (0.1) (0.4) AT 2 MARCH 2023 (87.2) (93.8) (116.4) 44.3 97.5 (2.6) (158.2) 1 The total charge to the consolidated income statement of \u00a360.1m (2022: \u00a316.7m) relates largely to the utilisation of tax losses carried forward in the period \u00a333.0m and accelerated capital allowances arising from super deduction relief \u00a315.0m (2022: comprises a rate change charge of \u00a313.1m), these being the largest components of the net charge. 2 The total credit to other comprehensive income of \u00a352.8m (2022: charge of \u00a386.6m) relates predominantly to a net deferred tax credit on defined benefit pension scheme movements through other comprehensive income \u00a354.7m (2022: charge of \u00a388.0m). 3 The Other category includes a deferred tax liability of \u00a312.5m (2022: \u00a312.4m) in respect of capitalised interest and a deferred tax asset of \u00a37.1m (2022: \u00a34.0m) in respect of share-based payments. The Group recognises UK deferred tax assets to the extent that taxable profits will be available to utilise deductible temporary differences or unused tax losses. At 2 March 2023, no UK deferred asset is unrecognised (2022: \u00a3nil). The Group has unrecognised German tax losses of \u00a3199.9m (2022: \u00a3128.2m) which can be carried forward indefinitely and offset against future taxable profits in the same tax group. The Group carries out an assessment of the recoverability of these losses for each reporting period and, to the extent that they exceed deferred tax liabilities within the same tax group, does not deem it is appropriate at this stage to recognise any deferred tax asset. Recognition of these assets in their entirety would result in an increase in the reported deferred tax asset of \u00a363.8m (2022: \u00a340.9m). The impact on the effective tax rate from the non-recognition of these assets in the current year is 6.1% (2022: 23.8%). At 2 March 2023, no deferred asset is recognised (2022: \u00a3nil) on gross temporary differences of \u00a311.1m (2022: \u00a313.9m) relating to the accumulated losses of other international subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Tax relief on total interest capitalised amounts to \u00a30.5m (2021/22: \u00a30.2m). Factors affecting the tax charge for future years The UK Budget 2021 announcement on 3 March 2021 included an increase to the UK\u2019s main corporation tax rate to 25%, effective from 1 April 2023. This was substantively enacted in May 2021 and remains the position at the signing of these financial statements. As such, the Group continues to estimate that all UK deferred tax balances expected to be utilised or crystallise after 1 April 2023 should be recognised at the rate of 25%. Notes to the Consolidated Financial Statements continued 11 EARNINGS PER SHARE The basic earnings per share (EPS) figures are calculated by dividing the net profit/(loss) for the year attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the year after deducting treasury shares and shares held by an independently managed employee share ownership trust (ESOT). The diluted earnings per share figures allow for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Where the average share price for the period is lower than the option price, the options become anti-dilutive and are excluded from the calculation. There are 1.0m (2022: 0.7m) shares options excluded from the diluted earnings per share calculation because they would be anti-dilutive. The numbers of shares used for the earnings per share calculations are as follows: 2022/23 million 2021/22 million Basic weighted average number of ordinary shares 201.5 201.9 Effect of dilution \u2013 share options 1.3 1.0 DILUTED WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES 202.8 202.9 The total number of shares in issue at the year-end, as used in the calculation of the basic weighted average number of ordinary shares, was 214.6m, less 12.5m treasury shares held by Whitbread PLC and 1.2m held by the ESOT (2022: 214.5m, less 12.5m treasury shares held by Whitbread PLC and 0.2m held by the ESOT). The profits/(losses) used for the earnings per share calculations are as follows: 2022/23 \u00a3m 2021/22 \u00a3m PROFIT FOR THE YEAR ATTRIBUTABLE TO PARENT SHAREHOLDERS 278.8 42.5 Adjusting items before tax (Note 6) 38.5 (74.0) Adjusting tax expense (Note 6) 10.9 26.4 ADJUSTED PROFIT/(LOSS) FOR THE YEAR ATTRIBUTABLE TO PARENT SHAREHOLDERS 328.2 (5.1) 2022/23 pence 2021/22 pence BASIC EPS ON PROFIT FOR THE YEAR 138.4 21.1 Adjusting items before tax 19.1 (36.7) Adjusting tax expense 5.4 13.1 BASIC EPS ON ADJUSTED PROFIT/(LOSS) FOR THE YEAR 162.9 (2.5) DILUTED EPS ON PROFIT FOR THE YEAR 137.5 20.9 DILUTED EPS ON ADJUSTED PROFIT/(LOSS) FOR THE YEAR 161.8 (2.5) 12 DIVIDENDS PAID AND PROPOSED 2022/23 2021/22 pence per share \u00a3m pence per share \u00a3m Final dividend, proposed and paid, relating to the prior year 34.70 70.1 \u2013 \u2013 Interim dividend, proposed and paid, for the current year 24.40 49.0 \u2013 \u2013 TOTAL EQUITY DIVIDENDS PAID IN THE YEAR 119.1 \u2013 Dividends on other shares: B share dividend \u2013 \u2013 0.30 \u2013 C share dividend 1.00 \u2013 \u2013 \u2013 \u2013 TOTAL DIVIDENDS PAID 119.1 \u2013 Proposed for approval at annual general meeting: Final equity dividend for the current year 49.80 100.0 34.70 70.0 A final dividend of 49.80p per share amounting to a dividend of \u00a3100.0m was recommended by the directors at their meeting on 24 April 2023. A dividend reinvestment plan (DRIP) alternative will be offered. The proposed final dividend is subject to approval by shareholders at the annual general meeting and has not been included as a liability in these consolidated financial statements. 13 INTANGIBLE ASSETS Goodwill \u00a3m IT software and technology \u00a3m Total \u00a3m COST At 25 February 2021 350.1 110.0 460.1 Additions \u2013 21.1 21.1 Assets written off \u2013 (10.8) (10.8) Foreign currency translation \u2013 (0.1) (0.1) AT 3 MARCH 2022 350.1 120.2 470.3 Additions \u2013 36.8 36.8 Assets written off \u2013 (10.5) (10.5) Foreign currency translation \u2013 0.2 0.2 AT 2 MARCH 2023 350.1 146.7 496.8 AMORTISATION AND IMPAIRMENT At 25 February 2021 (239.6) (61.4) (301.0) Amortisation during the year \u2013 (20.9) (20.9) Amortisation on assets written off \u2013 10.8 10.8 Foreign currency translation \u2013 0.1 0.1 AT 3 MARCH 2022 (239.6) (71.4) (311.0) Amortisation during the year \u2013 (16.5) (16.5) Amortisation on assets written off \u2013 10.5 10.5 Foreign currency translation \u2013 (0.2) (0.2) AT 2 MARCH 2023 (239.6) (77.6) (317.2) NET BOOK VALUE AT 2 MARCH 2023 110.5 69.1 179.6 NET BOOK VALUE AT 3 MARCH 2022 110.5 48.8 159.3 Other than goodwill, there are no intangible assets with indefinite lives. IT software and technology assets, which are made up entirely of internally generated assets, have been assessed as having finite lives and are amortised under the straight-line method over periods ranging from three to ten years from the date the asset became fully operational. Note 15 contains details of the impairment review conducted on goodwill as at the year-end date. Capital expenditure commitments Capital expenditure commitments in relation to intangible assets at the year-end amounted to \u00a37.7m (2022: \u00a37.3m). Notes to the Consolidated Financial Statements continued 14 PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTY Land and buildings \u00a3m Plant and equipment \u00a3m Total property, plant and equipment \u00a3m Investment property \u00a3m Total \u00a3m COST At 25 February 2021 3,640.6 1,517.6 5,158.2 21.8 5,180.0 Additions 92.0 128.0 220.0 \u2013 220.0 Interest capitalised 0.9 \u2013 0.9 \u2013 0.9 Net movements to assets held for sale in the year (62.2) (4.5) (66.7) \u2013 (66.7) Disposals (8.8) \u2013 (8.8) \u2013 (8.8) Assets written off (4.1) (57.9) (62.0) \u2013 (62.0) Transfers 21.4 \u2013 21.4 (21.4) \u2013 Foreign currency translation (17.8) (2.5) (20.3) (0.4) (20.7) AT 3 MARCH 2022 3,662.0 1,580.7 5,242.7 \u2013 5,242.7 Additions 295.7 208.4 504.1 \u2013 504.1 Interest capitalised 2.5 \u2013 2.5 \u2013 2.5 Net movements from assets held for sale in the year 6.1 3.8 9.9 \u2013 9.9 Disposals (7.0) (2.0) (9.0) \u2013 (9.0) Assets written off (3.9) (73.7) (77.6) \u2013 (77.6) Asset reclassified from right-of-use asset (3.3) \u2013 (3.3) \u2013 (3.3) Foreign currency translation 30.4 4.5 34.9 \u2013 34.9 AT 2 MARCH 2023 3,982.5 1,721.7 5,704.2 \u2013 5,704.2 DEPRECIATION AND IMPAIRMENT At 25 February 2021 (287.3) (657.8) (945.1) (0.2) (945.3) Depreciation charge for the year (22.9) (135.0) (1 57.9) \u2013 (1 57.9) Net impairment reversal/(charge) (Note 15) 16.9 (2.4) 14.5 \u2013 14.5 Net movements to assets held for sale in the year 7.3 2.4 9.7 \u2013 9.7 Disposals 0.6 \u2013 0.6 \u2013 0.6 Depreciation on assets written off 4.1 57.9 62.0 \u2013 62.0 Transfers (0.2) \u2013 (0.2) 0.2 \u2013 Foreign currency translation 0.1 0.7 0.8 \u2013 0.8 AT 3 MARCH 2022 (281.4) (734.2) (1,015.6) \u2013 (1,015.6) Depreciation charge for the year (23.5) (139.7) (163.2) \u2013 (163.2) Net impairment charge (Note 15) (26.4) (15.5) (41.9) \u2013 (41.9) Net movements from assets held for sale in the year (6.1) (1.8) (7.9) \u2013 (7.9) Disposals 2.2 2.0 4.2 \u2013 4.2 Depreciation on assets written off 3.9 72.1 76.0 \u2013 76.0 Foreign currency translation (0.4) (1.2) (1.6) \u2013 (1.6) AT 2 MARCH 2023 (331.7) (818.3) (1,150.0) \u2013 (1,150.0) NET BOOK VALUE AT 2 MARCH 2023 3,650.8 903.4 4,554.2 \u2013 4,554.2 NET BOOK VALUE AT 3 MARCH 2022 3,380.6 846.5 4,227.1 \u2013 4,227.1 Included above are assets under construction of \u00a3426.9m (2022: \u00a3260.5m). There is a charge in favour of the pension scheme over properties with a market value of \u00a3531.5m (2022: \u00a3531.5m). See Note 32 for further information. Amounts relating to right-of-use assets under IFRS 16 are detailed in Note 22. 14 PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTY CONTINUED Investment property During 2019/20, the Group acquired a freehold site which was leased to a third party and was recorded within investment property. The Group recognised rental income of \u00a3nil (2021/22: \u00a30.2m) within other income and \u00a3nil (2021/22: \u00a30.1m) of direct operating expenses in relation to this property. During 2021/22, the property was transferred to property, plant and equipment as the lease ended and the Group took over the operations of the hotel. CAPITAL EXPENDITURE COMMITMENTS 2023 \u00a3m 2022 \u00a3m Capital expenditure commitments for property, plant and equipment for which no provision has been made 125.4 106.4 Capitalised interest Interest capitalised during the year amounted to \u00a32.5m, using an average rate of 2.5% (2021/22: \u00a30.9m, using an average rate of 2.7%). Assets held for sale During the year, eight property assets with a combined net book value of \u00a35.2m (2021/22: four at \u00a357.0m) were transferred to assets held for sale. Seven property assets with a combined net book value of \u00a37.9m were transferred back to property, plant and equipment (2021/22: no properties). Seven property assets sold during the year had a net book value of \u00a357.5m (2021/22: seven at \u00a311.2m). An impairment loss of \u00a31.4m (2021/22: \u00a3nil) was recognised relating to assets classified as held for sale. By the year-end, there were five sites with a combined net book value of \u00a33.2m (2022: eleven at \u00a364.8m) classified as assets held for sale. There are no gains or losses recognised in other comprehensive income with respect to these assets. Sites are classified as held for sale only if they are available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. If the site does not meet these criteria, it is subsequently transferred back to property, plant and equipment. Included within assets held for sale are assets which were written down to fair value less costs to sell of \u00a31.5m (2022: \u00a315.4m). The fair value of property assets was determined based on current prices in an active market for similar properties. Where such information is not available, management considers information from a variety of sources including current prices for properties of a different nature or recent prices of similar properties, adjusted to reflect those differences. This is a level 3 measurement as per the fair value hierarchy set out in Note 25. The key inputs under this approach are the property size and location. 15 IMPAIRMENT During the year, net impairment charges of \u00a333.4m (2021/22: net impairment reversals of \u00a336.2m) were recognised within operating costs. The increase in market interest rates has driven higher discount rates and has increased impairments in the UK and Germany. Gross impairment charges in the UK of \u00a345.6m, impacted 13 standalone restaurants and those sites where F&B revenues represent a more significant proportion of total sales. The WACC increase resulted in further impairment charges of \u00a38.6m which was offset by impairment reversals of \u00a354.9m as the Group recovered from the COVID-19 pandemic and sites returned to a more normal level of trading. This resulted in a total net impairment reversal of \u00a30.7m being recorded in the UK. In Germany, the pace of expansion and a number of portfolio acquisitions where there is a distribution of performance, which when combined with an increase in market discount rates, has resulted in a \u00a330.8m impairment charge. In addition, impairment charges of \u00a33.3m (2021/22: impairment charges of \u00a35.8m) have been recorded in relation to assets held for sale during the year. The charges/(reversals) were recognised on the following classes of assets: 2022/23 \u00a3m 2021/22 \u00a3m IMPAIRMENT CHARGES/(REVERSALS) INCLUDED IN OPERATING COSTS Property, plant and equipment \u2013 impairment charges 76.1 10.1 Property, plant and equipment \u2013 impairment reversals (35.5) (30.4) Property, plant and equipment \u2013 transfer to assets held for sale 1.3 5.8 Right-of-use assets \u2013 impairment charges 8.9 0.4 Right-of-use assets \u2013 impairment reversals (19.4) (22.1) Assets held for sale 2.0 \u2013 TOTAL CHARGES/(REVERSALS) FOR IMPAIRMENT INCLUDED IN OPERATING COSTS 33.4 (36.2) All of the impairment assessments take account of expected market conditions, which include future risks including climate change and related legislation. Notes to the Consolidated Financial Statements continued 15 IMPAIRMENT CONTINUED Property, plant and equipment and right-of-use assets \u2013 impairment review Where indicators of impairment are identified, an impairment assessment is undertaken. The Group considers each trading site to be a CGU. A trading site will offer a combination of accommodation and food and beverage services. Some trading sites provide food and beverage services only. In assessing whether an asset has been impaired, the carrying amount of the CGU is compared with its recoverable amount. The recoverable amount is the higher of its value in use (VIU) and its fair value less costs of disposal (FVLCD). The Group calculates a VIU for each site. Where the VIU is lower than the carrying value of the CGU, the Group uses a range of methods for estimating the FVLCD. These include applying a market multiple to the CGU EBITDAR and, for leasehold sites, present value techniques using a discounted cash flow method. Both FVLCD methods rely on inputs not normally observable by market participants and are therefore level 3 measurements in the fair value hierarchy. The key assumptions used by management in estimating value in use were: Discount rates The discount rate is based on the Weighted Average Cost of Capital (WACC) of a typical market participant, taking into account specific country and currency risks associated with the Group. The discount rate has increased, reflecting market volatility in the spot risk-free rate and equity risk premium inputs used in the Group\u2019s WACC calculation. 2022/23 2021/22 UK Germany UK Germany Average pre-tax discount rate 11.1% 9.9% 8.7% 7.3% Average post-tax discount rate 8.9% 7.5% 7.0% 5.6% Approved budget period Forecast cash flows for the initial five-year period are based on actual cash flows for FY23 and applying management\u2019s assumptions of the performance of the Group over the next five years. The key assumptions used by management in setting the Board approved financial budgets for the initial five-year period were as follows: \u2022 Forecast period cash flows: The initial five-year period\u2019s cash flows are drawn from the five-year business plan, which is based on results from FY23. \u2022 Forecast growth rates: Forecast growth rates are based on the Group business plan, which includes assumptions around the UK and German economies over the next five years. \u2022 Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of inflation and cost-saving initiatives. \u2022 Local factors impacting the site in the current year or expected to impact the site in future years: Key assumptions include the maturity profile of individual sites, the future potential of immature sites and the impact of increasing or reducing market supply in the local area. Long-term growth rates A long-term growth rate of 2.0% (2022: 2.0%) was used for cash flows subsequent to the five-year approved budget/plan period. This long-term growth rate is a conservative rate and is considered to be lower than the long-term historical growth rates of the underlying territories in which the CGUs operate and the long-term growth rate prospects of the sectors in which the CGUs operate. The key assumptions used by management in estimating the FVLCD were: EBITDAR multiple An EBITDAR multiple is estimated based on a normalised trading basis and market data obtained from external sources. This resulted in a multiple in the range of 7 to 11 times. Discounted cash flows The key assumptions used by management in estimating the FVLCD on a discounted cash flow method were similar to those used in the value in use assessment, modified to reflect estimated cost of disposal and lease payments. The inclusion of lease payments is reflected in the discount rate, increasing WACC for the specific asset class from 11.1% to 12.3% in the UK and from 9.9% to 11.0% in Germany. 15 IMPAIRMENT CONTINUED Sensitivity to changes in assumptions The level of impairment is predominantly dependent upon judgements used in arriving at future growth rates and the discount rates applied to cash flow projections. The impact on the impairment charge of applying a reasonably possible change in assumptions to the growth rates used in the five-year business plan, long-term growth rates, pre-tax discount rates and EBITDAR multiple would be an incremental impairment charge/(reversal) in the year to 2 March 2023 of: INCREMENTAL IMPAIRMENT CHARGE/(REVERSAL) Total \u00a3m Increase to impairment charge/(reversal) if year one\u2019s cash flows reduced by 10% 2.0 Increase to impairment charge/(reversal) if discount rates increased by 2% 14.5 Increase to impairment charge/(reversal) if long-term growth rates reduced by 1% 9.0 Increase to impairment charge/(reversal) if EBITDAR multiple reduced by 10% 14.1 Decrease to impairment charge/(reversal) if year one\u2019s cash flows increased by 10% (2.9) Decrease to impairment charge/(reversal) if discount rates decreased by 2% (29.3) The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. The impairment sensitivities above show the downside risk from a reasonably possible change in the modelled assumptions and are in line with disclosure requirements. Goodwill Goodwill acquired through business combinations is allocated to groups of CGUs at an operating segment level, being the level at which management monitors goodwill. All of the Group\u2019s goodwill is allocated to the UK and Ireland segment. The recoverable amount is the higher of fair value less costs of disposal and value in use using the same assumptions as those used in the site level impairment reviews. The recoverable amount has been determined from value in use calculations. The future cash flows are based on assumptions from the approved budget and cover a five-year period. These forecasts include management\u2019s most recent view of medium-term trading prospects. Cash flows beyond this period are extrapolated using a 2.0% (2022: 2.0%) growth rate. The pre-tax discount rate applied to cash flow projections is 11.1% for the UK (2022: 8.7%). As a result of the German goodwill being impaired in previous years and the level of headroom within the UK segment, there is no reasonably possible change that could result in a further material impairment of goodwill. Investments in joint ventures Changes in consumer behaviour following the COVID-19 pandemic continue to have a significant impact on trading and future forecasts for trading at one of the Group\u2019s joint ventures. Additional loan funding of \u00a31.5m has been provided to Healthy Retail Limited in the year to 2 March 2023 and subsequently impaired. See Note 16. Property, plant and equipment \u2013 assets held for sale During the period, eight hotels were transferred to assets held for sale, resulting in an impairment charge of \u00a31.3m (2021/22: four hotels resulting in an impairment charge of \u00a35.8m). In addition, during 2022/23, an impairment charge of \u00a32.0m (2021/22: \u00a3nil) was recorded in relation to assets which had previously been classified as held for sale as a result of a reduction in expected sales proceeds. Notes to the Consolidated Financial Statements continued 16 INVESTMENT IN JOINT VENTURES Premier Inn Hotels LLC The Group holds a 49% interest in Premier Inn Hotels LLC, a joint venture which operates Premier Inn branded hotels in the United Arab Emirates. The investment forms part of the Group\u2019s international growth strategy. Premier Inn Hotels LLC holds a 49% investment in Premier Inn Qatar Limited. During the year, the Group subscribed for share capital of \u00a3nil (2021/22: \u00a31.4m). Healthy Retail Limited The Group holds a 49% interest in Healthy Retail Limited, a joint venture which operates a chain of 19 stores in London trading as \u2018Pure\u2019, that specialises in fresh, natural healthy meals. Changes in consumer behaviour following the COVID-19 pandemic continue to have a significant impact on the company\u2019s trading and on 7 October 2020 Healthy Retail Limited entered into a Creditor\u2019s Voluntary Agreement (CVA). Pure has also obtained a Coronavirus Business Interruption Loan Scheme facility from Lloyds which is in priority to the Group\u2019s security over loans advanced to the joint venture. The Group has impaired its investments and loans made to Healthy Retail Limited in full, resulting in a charge of \u00a31.5m (2021/22: \u00a31.8m). The Group has an option to purchase the remaining 51% interest which expires on 30 June 2024. The Group continues to account for the investment as a joint venture on the basis that the majority shareholders have an equal representation on the investee\u2019s board of directors, which has control over the relevant activities of the business, and the potential voting rights under the option to purchase are not considered to be substantive. Premier Inn Kier Limited The Group holds a 50% investment in this dormant UK entity. Movement in investment in joint ventures 2023 \u00a3m 2022 \u00a3m Opening investment in joint ventures 41.1 37.3 Share of profit for the year 2.3 0.4 Foreign exchange movements 4.8 2.0 Loans advanced 1.5 1.8 Impairment 1 (1.5) (1.8) Capital contribution \u2013 1.4 CLOSING INVESTMENT IN JOINT VENTURES 48.2 41.1 1 Includes an impairment of loans advanced to joint ventures of \u00a31.5m (2021/22: \u00a31.8m) determined under IFRS 9. 16 INVESTMENT IN JOINT VENTURES CONTINUED 2023 2022 Premier Inn Hotels LLC \u00a3m Healthy Retail Limited \u00a3m Total \u00a3m Premier Inn Hotels LLC \u00a3m Healthy Retail Limited \u00a3m Total \u00a3m SUMMARY OF JOINT VENTURES\u2019 BALANCE SHEETS Current assets 15.6 1.9 17.5 9.1 2.0 11.1 Non-current assets 154.1 16.1 170.2 141.2 20.2 161.4 Current liabilities (16.0) (18.3) (34.3) (10.4) (15.9) (26.3) Non-current liabilities (55.2) (13.2) (68.4) (56.0) (16.1) (72.1) NET ASSETS 98.5 (13.5) 85.0 83.9 (9.8) 74.1 Group\u2019s share of interest in joint ventures\u2019 net assets 48.2 (6.6) 41.6 41.1 (4.9) 36.2 Premium paid on acquisition \u2013 4.5 4.5 \u2013 4.5 4.5 Loans to joint ventures \u2013 9.0 9.0 \u2013 7.5 7.5 Accumulated impairment \u2013 (6.9) (6.9) \u2013 (7.1) ( 7.1) GROUP\u2019S CARRYING AMOUNT OF THE INVESTMENT 48.2 \u2013 48.2 41.1 \u2013 41.1 WITHIN GROSS BALANCE SHEETS Cash and cash equivalents 12.5 0.9 13.4 6.9 1.6 8.5 Current financial liabilities (7.5) (14.9) (22.4) (4.6) (13.1) (17.7) Non-current financial liabilities (55.2) (13.2) (68.4) (56.0) (16.1) (72.1) SUMMARY OF JOINT VENTURES\u2019 INCOME STATEMENT Revenue 28.6 20.9 49.5 18.2 11.8 30.0 Other income \u2013 \u2013 \u2013 \u2013 0.3 0.3 Depreciation and amortisation (4.8) (4.8) (9.6) (4.6) (4.2) (8.8) Other operating costs (16.2) (19.0) (35.2) (10.9) (10.5) (21.4) Finance costs (2.9) (1.5) (4.4) (2.0) (1.3) (3.3) PROFIT/(LOSS) BEFORE TAX 4.7 (4.4) 0.3 0.7 (3.9) (3.2) Income tax \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 PROFIT/(LOSS) AFTER TAX 4.7 (4.4) 0.3 0.7 (3.9) (3.2) GROUP SHARE Profit after tax 1 2.3 \u2013 2.3 0.4 \u2013 0.4 1 The Group\u2019s share of loss after tax of Healthy Retail Limited has been recognised only to the extent that its share of losses equals its interest in the joint venture, following the impairment recorded during the prior year. At 2 March 2023, the Group\u2019s share of the capital commitments of its joint ventures amounted to \u00a30.1m (2022: \u00a30.1m). 17 INVENTORIES 2023 \u00a3m 2022 \u00a3m Finished goods held for resale 15.5 15.0 Consumables 6.2 4.4 21.7 19.4 The carrying value of inventories is stated net of a provision of \u00a33.2m (2022: \u00a32.5m). Notes to the Consolidated Financial Statements continued 18 TRADE AND OTHER RECEIVABLES 2023 \u00a3m 2022 \u00a3m Trade receivables 46.0 45.5 Prepayments and accrued income 49.8 24.2 Other receivables 46.0 46.7 141.8 116.4 Analysed as: Current 141.8 116.4 Non-current \u2013 \u2013 141.8 116.4 Trade and other receivables are non-interest bearing and are generally on 30-day terms. Trade receivables includes \u00a345.1m (2022: \u00a344.2m) relating to contracts with customers. The allowance for expected credit loss relating to trade and other receivables at 2 March 2023 was \u00a31.7m (2022: \u00a32.0m). During the year, credit losses of \u00a31.2m (2021/22: \u00a32.7m) were recognised within operating costs in the consolidated income statement. 19 CASH AND CASH EQUIVALENTS 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 60.2 43.5 Money market funds 769.6 757.3 Short-term deposits 335.0 331.6 1,164.8 1,132.4 Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group. They earn interest at the respective short-term deposit rates. The Group does not have material cash balances which are subject to contractual or regulatory restrictions. For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise the amounts as disclosed above. 20 BORROWINGS Amounts drawn down on the Group\u2019s borrowing facilities are as follows: Current Non-current 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Revolving credit facility \u2013 \u2013 \u2013 \u2013 Senior unsecured bonds \u2013 \u2013 993.4 991.9 \u2013 \u2013 993.4 991.9 Revolving credit facility and covenant The revolving credit facility, which at 3 March 2022 was \u00a3850.0m, was replaced on 25 May 2022 with a new five-year \u00a3775.0m multi-currency revolving credit facility agreement. The new revolving credit facility agreement contains one financial covenant ratio, being net debt/adjusted EBITDA <3.5x. At 2 March 2023, the Group had available \u00a3775.0m (2022: \u00a3850.0m) of undrawn committed borrowing facilities in respect of revolving credit facilities on which all conditions precedent had been met. Senior unsecured bonds The Group has issued senior unsecured bonds with coupons and maturities as shown in the following table: Title Year issued Principal value Maturity Coupon 2025 senior unsecured bonds 2015 \u00a3450.0m 16 October 2025 3.375% 2027 senior unsecured green use of proceeds bonds 2021 \u00a3300.0m 31 May 2027 2.375% 2031 senior unsecured green use of proceeds bonds 2021 \u00a3250.0m 31 May 2031 3.000% Amortised arrangement fees of \u00a32.6m (2022: \u00a33.4m) incurred in relation to the bonds are included in the carrying value and are being amortised over the term of the bonds. The bonds contain an early prepayment option which meets the definition of an embedded derivative. Notes to the Consolidated Financial Statements continued 21 MOVEMENTS IN CASH AND NET DEBT YEAR ENDED 2 MARCH 2023 3 March 2022 \u00a3m Cash flow \u00a3m Net new lease liabilities \u00a3m Foreign exchange \u00a3m Fair value adjustments to loans \u00a3m Amortisation of premiums and discounts \u00a3m 2 March 2023 \u00a3m Cash and cash equivalents 1,132.4 30.5 \u2013 1.9 \u2013 \u2013 1,164.8 LIABILITIES FROM FINANCING ACTIVITIES Borrowings (991.9) \u2013 \u2013 \u2013 \u2013 (1.5) (993.4) Lease liabilities (3,701.8) 133.9 (346.1) (44.4) \u2013 \u2013 (3,958.4) Total liabilities from financing activities (4,693.7) 133.9 (346.1) (44.4) \u2013 (1.5) (4,951.8) Less: lease liabilities 3,701.8 (133.9) 346.1 44.4 \u2013 \u2013 3,958.4 NET CASH 140.5 30.5 \u2013 1.9 \u2013 (1.5) 171.4 YEAR ENDED 3 MARCH 2022 25 February 2021 \u00a3m Cash flow \u00a3m Net new lease liabilities \u00a3m Foreign exchange \u00a3m Fair value adjustments to loans \u00a3m Amortisation of premiums and discounts \u00a3m 3 March 2022 \u00a3m Cash and cash equivalents 1,256.0 (123.0) \u2013 (0.6) \u2013 \u2013 1,132.4 LIABILITIES FROM FINANCING ACTIVITIES Borrowings (1,302.5) 303.9 \u2013 8.1 \u2013 (1.4) (991.9) Lease liabilities (3,231.6) 1 27.1 (619.4) 22.1 \u2013 \u2013 (3,701.8) Derivatives held to hedge financing activities 5.8 \u2013 \u2013 \u2013 (5.8) \u2013 0.0 Total liabilities from financing activities (4,528.3) 431.0 (619.4) 30.2 (5.8) (1.4) (4,693.7) Less: lease liabilities 3,231.6 (1 27.1) 619.4 (22.1) \u2013 \u2013 3,701.8 Less: derivatives held to hedge financing activities (5.8) \u2013 \u2013 \u2013 5.8 \u2013 \u2013 NET (DEBT)/CASH (46.5) 180.9 \u2013 7.5 \u2013 (1.4) 140.5 22 LEASE ARRANGEMENTS The Group leases various buildings which are used within the Premier Inn business. The leases are non-cancellable leases with varying terms, escalation clauses and renewal rights, and include variable payments that are not fixed in amount but based upon a percentage of sales. The Group also leases various plant and equipment under non-cancellable lease agreements. An analysis of the Group\u2019s right-of-use assets and lease liabilities is as follows: RIGHT-OF-USE ASSETS Property \u00a3m Other \u00a3m Total right-of-use assets \u00a3m Investment property 1 \u00a3m Total \u00a3m At 25 February 2021 2,736.7 1.7 2,738.4 65.0 2,803.4 Additions 612.9 0.8 613.7 \u2013 613.7 Net Impairment reversal (Note 15) 21.7 \u2013 21.7 \u2013 21.7 Foreign currency translation (22.9) \u2013 (22.9) \u2013 (22.9) Depreciation (144.0) (1.1) (145.1) (3.0) (148.1) Terminations (0.2) \u2013 (0.2) \u2013 (0.2) Transfers 62.0 \u2013 62.0 (62.0) \u2013 AT 3 MARCH 2022 3,266.2 1.4 3,267.6 \u2013 3,267.6 Additions 368.8 1.2 370.0 \u2013 370.0 Net Impairment reversal (Note 15) 10.5 \u2013 10.5 \u2013 10.5 Foreign currency translation 45.4 \u2013 45.4 \u2013 45.4 Depreciation (164.8) (1.0) (165.8) \u2013 (165.8) Terminations (1.2) \u2013 (1.2) \u2013 (1.2) Reclassification to property, plant and equipment 2 (21.9) \u2013 (21.9) \u2013 (21.9) AT 2 MARCH 2023 3,503.0 1.6 3,504.6 \u2013 3,504.6 LEASE LIABILITIES Property \u00a3m Other \u00a3m Total right-of-use assets \u00a3m Investment property 1 \u00a3m Total \u00a3m At 25 February 2021 3,164.2 1.4 3,165.6 66.0 3,231.6 Additions 618.8 0.8 619.6 \u2013 619.6 Interest 132.0 0.1 132.1 1.1 133.2 Foreign currency translation (22.1) \u2013 (22.1) \u2013 (22.1) Payments (255.9) (0.8) (256.7) (3.6) (260.3) Terminations (0.2) \u2013 (0.2) \u2013 (0.2) Transfers 63.5 \u2013 63.5 (63.5) \u2013 AT 3 MARCH 2022 3,700.3 1.5 3,701.8 \u2013 3,701.8 Additions 371.6 1.2 372.8 \u2013 372.8 Interest 138.7 \u2013 138.7 \u2013 138.7 Foreign currency translation 44.4 \u2013 44.4 \u2013 44.4 Payments (271.3) (1.3) (272.6) \u2013 (272.6) Terminations (1.5) \u2013 (1.5) \u2013 (1.5) Reclassification to property, plant and equipment 2 (25.2) \u2013 (25.2) \u2013 (25.2) AT 2 MARCH 2023 3,957.0 1.4 3,958.4 \u2013 3,958.4 1 During 2020/21, the Group acquired a leasehold site which was sub-leased to a third party and recorded within investment property. During 2021/22, the property was transferred to right-of-use assets for property, plant and equipment as the sub-lease ended and the Group took over the operations of the hotel. 2 During the year, the Group acquired a property over which it had previously held a leasehold interest. During the year, the Group had non-cash additions to right-of-use assets and lease liabilities of \u00a3292.0m (2021/22: \u00a3583.3m) relating to new leases and \u00a380.8m (2021/22: \u00a334.3m) relating to amendments to existing leases. The Group recognised net lease incentives of \u00a32.8m (2021/22: \u00a32.0m) on entering new and amended leases. A maturity analysis of gross lease liability payments is included within Note 24. Notes to the Consolidated Financial Statements continued 22 LEASE ARRANGEMENTS CONTINUED Amounts recognised in the Group income statement 2022/23 \u00a3m 2021/22 \u00a3m Depreciation expense of right-of-use assets 165.8 148.1 Interest expense on lease liabilities 138.7 133.2 Expense relating to low-value assets and short-term leases \u2013 \u2013 Variable lease payment expenses 2.1 0.3 Impairment reversals of right-of-use assets (Note 15) (10.5) (21.7) Lease income (3.1) (7.9) NET LEASE EXPENSE RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT 293.0 252.0 Amounts recognised in the Group cash flow statement The Group\u2019s total cash outflow in relation to leases was \u00a3277.4m (2021/22: \u00a3260.6m). Future possible cash outflows not included in the lease liability The Group has several lease contracts that include extension and termination options. Set out below are the undiscounted future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease liability. 2022/23 \u00a3m 2021/22 \u00a3m Extension options expected not to be exercised 1,246.4 906.6 Termination options expected to be exercised \u2013 \u2013 1,246.4 906.6 The Group uses judgement in determining whether termination and extension option periods will be included within the lease term. The Group assumes that, unless a decision has been made to exit a lease, termination options will not be exercised as a result of historic practices within the Group. At the outset of a lease, the Group assumes that it will not exercise extension options. Due to the length of the Group\u2019s leases, there is generally insufficient evidence that exercising an extension option is certain. Future increases or decreases in rentals linked to an index or rate are not included in the lease liability until the change in cash flows takes effect. Approximately 76% of the Group\u2019s lease liabilities are subject to inflation-linked rentals (with 76% of these leases containing caps) and a further 10% which are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual or five-yearly basis. As at 2 March 2023, the Group was committed to leases with future cash outflows totalling \u00a31,799.7m (2022: \u00a32,106.7m) which had not yet commenced and as such are not accounted for as a liability. A liability and corresponding right-of-use asset will be recognised for these leases at the lease commencement date. The Group as a lessor The Group acts as a lessor in relation to a number of non-trading legacy sites and in subletting space within trading sites. Rental income recognised by the Group during the year is \u00a33.1m (2021/22: \u00a37.9m). Future minimum rentals receivable under non-cancellable operating leases at the year-end are as follows: 2023 \u00a3m 2022 \u00a3m Within one year 2.4 2.9 After one year but not more than five years 6.0 5.2 More than five years 8.3 6.4 16.7 14.5 23 PROVISIONS Restructuring \u00a3m Onerous contracts \u00a3m Property costs \u00a3m Insurance claims \u00a3m Government payments \u00a3m Other \u00a3m Total \u00a3m At 25 February 2021 1.1 10.1 15.7 7.2 3.6 1.8 39.5 Created 0.4 0.9 \u2013 3.0 11.8 \u2013 16.1 Utilised (0.8) (5.3) (9.1) (2.0) (3.8) \u2013 (21.0) Released (0.3) (0.7) \u2013 \u2013 (2.3) \u2013 (3.3) AT 3 MARCH 2022 0.4 5.0 6.6 8.2 9.3 1.8 31.3 Created \u2013 2.0 \u2013 2.8 \u2013 0.8 5.6 Transferred \u2013 \u2013 \u2013 \u2013 2.3 \u2013 2.3 Utilised \u2013 (1.4) (1.0) (2.3) (0.1) (0.1) (4.9) Released (0.4) (0.9) \u2013 \u2013 (4.7) \u2013 (6.0) Foreign exchange \u2013 \u2013 \u2013 \u2013 0.2 \u2013 0.2 AT 2 MARCH 2023 \u2013 4.7 5.6 8.7 7.0 2.5 28.5 Analysed as: Current \u2013 4.7 5.6 0.4 7.0 2.5 20.2 Non-current \u2013 \u2013 \u2013 8.3 \u2013 \u2013 8.3 AT 2 MARCH 2023 \u2013 4.7 5.6 8.7 7.0 2.5 28.5 Analysed as: Current 0.4 2.5 5.2 0.4 9.3 1.8 19.6 Non-current \u2013 2.5 1.4 7.8 \u2013 \u2013 11.7 AT 3 MARCH 2022 0.4 5.0 6.6 8.2 9.3 1.8 31.3 Restructuring A provision of \u00a30.4m was brought forward in relation to the restructure of the Group\u2019s Support Centre and site operations. During the year, the Group released the remaining provision to the income statement. Onerous contracts Onerous contract provisions relate primarily to property, software licences and supplier contracts where the contracts have become onerous. Provision is made for property-related costs for the period that a sublet or assignment of the lease is not possible. Onerous contract provisions are discounted using a discount rate of 2.0% (2022: 2.0%) based on an approximation for the time value of money. Property-related The amount and timing of the cash outflows are subject to variation. The Group utilises the skills and expertise of both internal and external property experts to determine the provision held. Provisions are expected to be utilised over a period of up to 12 years and \u00a30.2m has been utilised in the year. Software Certain software licence agreements were deemed to be onerous when, following the disposal of Costa, it was no longer beneficial to the Group to use the software. In addition, a provision was created in FY20 as a result of the cancellation of a contract relating to the supply of IT equipment. A provision of \u00a30.8m was brought forward in relation to these contracts. During the year, the Group utilised \u00a30.3m (2022: \u00a30.4m) of this provision, with the provision carried forward to be utilised over a two-year period. The software intangible assets associated with these contracts have been fully impaired in previous financial years. Supplier contracts Certain supplier contract arrangements were deemed to be onerous where, as a result of the reduced trading brought on by the COVID-19 pandemic restrictions, minimum order commitments were not going to be met. A provision of \u00a31.1m was brought forward in relation to these contracts. During the year, the Group utilised \u00a30.9m of the provision and created a further \u00a30.2m of provision. Notes to the Consolidated Financial Statements continued 23 PROVISIONS CONTINUED Property costs From FY18 to FY20, the Group established a provision for the performance of remedial works on cladding material at a small number of the Group\u2019s sites. As a result, a provision of \u00a36.6m is brought forward in relation to these costs. During the year, \u00a31.0m of the provision has been utilised. All of the remaining provision is expected to be utilised within one year. Insurance A provision of \u00a38.2m was brought forward in relation to the estimate of the cost of future claims against the Group from employees and the public. The claims covered typically relate to accidents and injuries sustained in Whitbread\u2019s sites. During the year, further provisions of \u00a32.8m were created and \u00a32.3m of the provision was utilised. Government payments The Group has made various claims for Government support which are subject to review by the relevant agencies. The provision recognised represented the Group\u2019s best estimate of amounts potentially repayable under previously submitted claims, and for potential historical indirect tax repayments. A provision of \u00a39.3m was brought forward in relation to these claims. During the year, on confirmation of receipt for grants recognised in the previous financial year for costs related to that year the accrued provision against the other receivable of \u00a32.3m was transferred into provisions, \u00a30.1m of the provision was utilised with \u00a34.7m of the provision released. Due to the complex nature and fast pace of changes in the rules around certain Government payments, the Group has always endeavoured to apply and adhere to the rules in place. In certain areas where a rule interpretation was required, the Group has claimed in accordance with its assumptions. Subsequent third-party review had highlighted that an alternative assumption could be formed and, on the basis of a probable outflow, a provision based on that approach has been made. As disclosed within Note 9, during the year, a provision being held in relation to any potential repayments required in respect of the interpretations and assumptions made by Whitbread for UK Coronavirus Job Retention Scheme claims was released as management is satisfied that no repayments are required following an HMRC review. Other In July 2016, the Group announced its intention to exit hotel operations in South East Asia. This resulted in the recognition of a provision of \u00a33.7m for risks arising from tax affairs and indemnity agreements. At 2 March 2023, \u00a30.1m of the provision had been utilised in the year, with \u00a31.7m of the provision still held for risks arising from indemnity agreements. The remaining costs are expected to be utilised within one year. The Group operates leases where it neither anticipates nor intends exiting a lease, therefore the Group has determined that the circumstances in which these leases would end mean that an outflow of resources is not considered probable and therefore it does not hold a material dilapidations provision. 24 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group\u2019s principal financial instruments, other than derivatives, comprise bank loans, senior unsecured bonds, cash, short-term deposits, trade receivables and trade payables. The Group\u2019s financial instrument policies can be found in the accounting policies in Note 2. The Board agrees policies for managing the financial risks summarised below: Interest rate risk The Group\u2019s exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations. Interest rate swaps are used where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk, in line with the Group treasury policy. At the year-end, (100%) of Group debt was fixed for an average of 4.5 years at an average interest rate of 3.0% (2022: \u00a3991.9m (100%) for 5.5 years at 3.0%). The interest rate swaps for sterling expired in February 2022. In accordance with IFRS 7 Financial Instruments: Disclosures, the Group has undertaken sensitivity analysis on its financial instruments which are affected by changes in interest rates. This analysis has been prepared on the basis of a constant amount of net debt, a constant ratio of fixed to floating interest rates, and on the basis of the hedging instruments in place at 2 March 2023 and 3 March 2022 respectively. Consequently, the analysis relates to the situation at those dates and is not representative of the years then ended. The following assumptions were made: \u2022 balance sheet sensitivity to interest rates applies only to derivative financial instruments, as the carrying value of debt and deposits does not change as interest rates move; and \u2022 gains or losses are recognised in equity or the consolidated income statement in line with the accounting policies set out in Note 2. Based on the Group\u2019s net debt/cash position at the year-end, a 1%pt increase in interest rates would increase the Group\u2019s profit before tax by \u00a311.6m (2022: \u00a311.3m). 24 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONTINUED Liquidity risk In its funding strategy, the Group\u2019s objective is to maintain a balance between the continuity of funding and flexibility through access to a revolving credit facility, additional uncommitted credit lines and the bond market. This strategy includes monitoring the maturity of its financial liabilities to avoid the risk of a shortage of funds. Excess cash used in managing liquidity is placed on interest-bearing deposit where maturity is fixed at no more than three months. Short-term flexibility is achieved through the use of short-term borrowing on the money markets. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 2 March 2023 and 3 March 2022 based on contractual undiscounted payments, including interest: 2 MARCH 2023 On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Carrying value NON-DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Interest-bearing loans and borrowings \u2013 14.6 15.2 824.3 294.6 1,148.7 993.4 Lease liabilities 1 \u2013 70.9 217.6 862.1 5,437.3 6,587.9 3,958.4 Trade and other payables \u2013 198.9 \u2013 3.8 \u2013 202.7 202.7 \u2013 284.4 232.8 1,690.2 5,731.9 7,939.3 5,154.5 DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Cross-currency swaps Derivative contracts \u2013 receipts \u2013 \u2013 (15.2) (480.4) \u2013 (495.6) Derivative contracts \u2013 payments \u2013 \u2013 9.8 481.7 \u2013 491.5 \u2013 \u2013 (5.4) 1.3 \u2013 (4.1) TOTAL \u2013 284.4 227.4 1,691.5 5,731.9 7,935.2 3 MARCH 2022 On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Carrying value NON-DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Interest-bearing loans and borrowings \u2013 19.0 15.2 554.1 594.6 1,182.9 991.9 Lease liabilities 1 \u2013 6 7.3 206.5 1,116.5 4,918.3 6,308.6 3,701.8 Trade and other payables \u2013 163.6 12.4 1.2 \u2013 177.2 176.9 \u2013 249.9 234.1 1,671.8 5,512.9 7,668.7 4,870.6 DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Cross-currency swaps Derivative contracts \u2013 receipts \u2013 \u2013 (15.2) (495.6) \u2013 (510.8) Derivative contracts \u2013 payments \u2013 \u2013 9.1 459.1 \u2013 468.2 \u2013 \u2013 (6.1) (36.5) \u2013 (42.6) TOTAL \u2013 249.9 228.0 1,635.3 5,512.9 7,626.1 1 Contractual undiscounted payments relating to lease liabilities due in more than 5 years includes \u00a31,401.2m (2022: \u00a31,324.5m) due between 5 and 10 years, \u00a32,271.1m (2022: \u00a31,925.3m) due between 10 and 20 years and \u00a31,765.0m (2022: \u00a31,668.5m) due in more than 20 years. Notes to the Consolidated Financial Statements continued 24 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONTINUED Credit risk Due to the high level of cash held at the year-end, the most significant credit risk faced by the Group is that arising on cash and cash equivalents. The Group\u2019s exposure arises from default of the counterparty, with a maximum exposure equal to the carrying value of these instruments. The Group seeks to minimise the risk of default in relation to cash and cash equivalents by spreading investments across a number of counterparties and dealing in accordance with Group treasury policy which specifies acceptable credit ratings and maximum investments for any counterparty. In the event that any of the Group\u2019s banks get into financial difficulty, the Group is exposed to the risk of withdrawal of currently undrawn committed facilities. This risk is mitigated by the Group having a range of counterparties to its facilities. The Group is exposed to a small amount of credit risk attributable to its trade and other receivables. This is minimised by dealing with counterparties with good credit ratings. The amounts included in the balance sheet are net of expected credit losses, which have been estimated by management based on prior experience and any known factors at the balance sheet date. The Group\u2019s maximum exposure to credit risk arising from trade and other receivables, loans to joint ventures, derivatives and cash and cash equivalents is \u00a31,256.7m (2022: \u00a31,240.4m). Foreign currency risk The Group monitors the growth and risks associated with its overseas operations and will undertake hedging activities as and when they are required. In October 2019, the Group entered into a net investment hedge to manage the impact of movements in the GBP:EUR exchange rate on the value of the Group\u2019s investment in its business in Germany. See Note 25 for more details. Capital management The Group\u2019s primary objective in regard to capital management is to ensure that it continues to operate as a going concern and has sufficient funds at its disposal to grow the business for the benefit of shareholders. The Group seeks to maintain a ratio of debt to equity that balances risks and returns and also complies with the Group\u2019s net debt to EBITDA covenant. See pages 36 to 41 of this report for the policies and objectives of the Board regarding capital management, analysis of the Group\u2019s credit facilities and financing plans for the coming years. The Group aims to maintain sufficient funds for working capital and future investment in order to meet growth targets. The management of equity through share buybacks and new issues is considered as part of the overall leverage framework balanced against the funding requirements of future growth. In addition, the Group may carry out a number of sale and leaseback transactions to provide further funding for growth. The revolving credit facility, which at 3 March 2022 was \u00a3850.0m, was replaced on 25 May 2022 with a new 5 year \u00a3775.0m multicurrency revolving credit facility agreement. The new revolving credit facility agreement contains one financial covenant ratio, being: Net Debt/Adjusted EBITDA <3.5x. The above matters are considered at regular intervals and form part of the business planning and budgeting processes. In addition, the Board regularly reviews the Group\u2019s dividend policy and funding strategy. 25 FINANCIAL INSTRUMENTS The carrying value of financial assets and liabilities at each reporting date are as follows: Amortised cost Fair value Carrying value \u00a3m Financial assets \u00a3m Financial liabilities \u00a3m Hedging instruments \u00a3m Other \u00a3m AT 2 MARCH 2023 Trade and other receivables 92.0 \u2013 \u2013 \u2013 92.0 Cash and cash equivalents 395.1 \u2013 \u2013 769.6 1,164.7 Interest-bearing loans and borrowings \u2013 (993.4) \u2013 \u2013 (993.4) Lease liabilities \u2013 (3,958.4) \u2013 \u2013 (3,958.4) Derivative financial instruments \u2013 \u2013 (7.8) \u2013 (7.8) Trade and other payables \u2013 (198.9) \u2013 \u2013 (198.9) Deferred and contingent consideration \u2013 \u2013 \u2013 (3.8) (3.8) AS AT 3 MARCH 2022 Trade and other receivables 92.2 \u2013 \u2013 \u2013 92.2 Cash and cash equivalents 375.1 \u2013 \u2013 757.3 1,132.4 Interest-bearing loans and borrowings \u2013 (991.9) \u2013 \u2013 (991.9) Lease liabilities \u2013 (3,701.8) \u2013 \u2013 (3,701.8) Derivative financial instruments \u2013 \u2013 15.8 \u2013 15.8 Trade and other payables \u2013 (151.8) \u2013 \u2013 (151.8) Deferred and contingent consideration \u2013 \u2013 \u2013 (25.1) (25.1) Fair values IFRS 13 Fair Value Measurement requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. The classification uses the following three-level hierarchy: Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 other techniques for which all inputs, which have a significant effect on the recorded fair value, are observable, either directly or indirectly; and Level 3 \u2013 techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Financial assets and liabilities measured at amortised cost The carrying value of trade and other receivables, cash and cash equivalents, and trade and other payables are considered to be reasonable approximations of their fair values largely due to the short-term maturities of these instruments. The fair value of the Group\u2019s borrowings is estimated at \u00a3879.4m. The fair value of the Group\u2019s borrowings is based on level 1 valuation techniques where there is an active market for the instrument and on level 2 valuation techniques otherwise. Financial assets and liabilities measured at fair value 2023 \u00a3m 2022 \u00a3m FINANCIAL ASSETS Derivative financial instruments \u2013 level 2 \u2013 15.8 FINANCIAL LIABILITIES Derivative financial instruments \u2013 level 2 7.8 \u2013 Deferred and contingent consideration \u2013 level 3 3.8 25.1 Notes to the Consolidated Financial Statements continued 25 FINANCIAL INSTRUMENTS CONTINUED During the year ended 2 March 2023, there were no transfers between fair value measurement levels. Derivative financial instruments include \u00a3nil assets (2022: \u00a315.8m) and \u00a37.8m liabilities (2022: \u00a3nil) due after one year. Deferred and contingent consideration includes \u00a33.8m (2022: \u00a31.2m) due after one year. The fair value of derivative instruments classified as level 2 is calculated by discounting all future cash flows by the relevant market discount rate at the balance sheet date. The fair value of money market funds within cash and cash equivalents classified as level 1 are calculated by reference to their active market value at 2 March 2023. The fair value of deferred and contingent consideration relating to acquisitions is classified as level 3. Details of the valuation are included in Note 26. Derivative financial instruments Cash flow hedges Commodity price risk The Group is exposed to commodity risk in the form of power requirements. The Group manages this risk through a combination of fixed price agreements and hedging. During the year, the Group entered into power commodity price swaps to fix the price of 20% of forecast usage within FY25. Interest rate risk The Group had interest rate swaps in place which matured in February 2022 at the same point as the repayment of US denominated debt. Hedge of net investment in foreign operations In October 2019, the Group entered into cross-currency swaps, whereby it pays an average fixed rate of 2.12% on a notional amount of \u20ac521.0m and receives a fixed rate of 3.375% on a notional amount of \u00a3450.0m. These swaps are being used as a net investment hedge to manage the impact of movements in the GBP:EUR exchange rate on the value of the Group\u2019s investment in its business in Germany. The swaps mature in October 2025 in line with the bonds. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the nominal amount of the swaps. The net investment hedges were assessed to be highly effective at 2 March 2023 and a net unrealised gain of \u00a324.7m (2022: gain of \u00a39.7m) has been recorded in the translation reserve. The Group has recorded costs of hedging of \u00a31.1m (2022: \u00a32.5m) within finance costs in the consolidated income statement as a result of the foreign currency basis spread within the hedging instrument. 25 FINANCIAL INSTRUMENTS CONTINUED The impact of the hedging instruments and hedged items on the statement of financial position is as follows: AT 2 MARCH 2023 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 (6.6) Derivative financial instruments (22.2) Net investment in foreign subsidiaries 22.2 CASH FLOW HEDGES Power commodity swap 10.2 (1.3) Derivative financial instruments (1.3) Highly probable forecast future power usage N/A \u2013 future usage AT 3 MARCH 2022 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 15.8 Derivative financial instruments 9.0 Net investment in foreign subsidiaries (9.0) The impact of the hedging instruments in the consolidated income statement and consolidated statement of comprehensive income is as follows: Total hedging loss recognised in other comprehensive income \u00a3m Amount reclassified from other comprehensive income to profit or loss \u00a3m Line item in the consolidated income statement \u00a3m Accumulated value recognised in cash flow hedge reserve \u00a3m 2022/23 Power commodity swaps (1.3) \u2013 N/A \u2013 future usage (1.3 2021/22 Interest rate swaps (0.2) 2.5 Finance costs \u2013 Cross-currency swaps (8.0) 8.1 Finance costs \u2013 Notes to the Consolidated Financial Statements continued 25 FINANCIAL INSTRUMENTS CONTINUED Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Cash flow hedge reserve \u00a3m Foreign currency translation reserve \u00a3m At 25 February 2021 (1.9) 28.7 Change in fair value recognised in other comprehensive income \u2013 Interest rate swaps (0.2) \u2013 \u2013 Cross-currency swaps (8.0) \u2013 Reclassified to profit or loss as hedged item effects profit or loss \u2013 Interest rate swaps 2.5 \u2013 \u2013 Cross-currency swaps 8.1 \u2013 Foreign exchange arising on consolidation \u2013 (16.0) Fair value movement on derivatives designated as net investment hedges \u2013 9.7 Deferred tax credit (0.5) 1.9 AT 3 MARCH 2022 \u2013 24.3 Change in fair value recognised in other comprehensive income \u2013 Power commodity swap (1.3) \u2013 Foreign exchange arising on consolidation \u2013 37.3 Fair value movement on derivatives designated as net investment hedges \u2013 (24.7) Deferred tax credit \u2013 (1.9) AT 2 MARCH 2023 (1.3) 35.0 Cash flow hedges are expected to impact on the consolidated income statement in line with the liquidity risk table shown in Note 24. There have been no amounts reclassified to profit or loss as a result of the hedged cash flow no longer being expected to occur. The foreign currency translation reserve includes an accumulated loss of \u00a310.5m (2022: gain of \u00a314.2m) relating to derivatives designated as net investment hedges. 26 TRADE AND OTHER PAYABLES 2023 \u00a3m 2022 \u00a3m Trade payables 95.2 73.7 Other taxes and social security 40.2 25.8 Contract liabilities 197.8 146.2 Accruals 239.8 223.0 Other payables 103.7 78.1 Deferred and contingent consideration 3.8 25.1 680.5 571.9 ANALYSED AS: Current 676.7 570.7 Non-current 3.8 1.2 680.5 571.9 Included within contract liabilities is \u00a3195.8m (2022: \u00a3141.4m) relating to customer payments received for accommodation where the stay will take place after the year-end and \u00a34.0m (2022: \u00a34.8m) revenue deferred relating to the Group\u2019s customer loyalty programmes. During the year, \u00a3146.2m presented as a contract liability in 2022 has been recognised in revenue (2022: \u00a341.3m). Trade payables typically have maturities up to 60 days depending on the nature of the purchase transaction and the agreed terms. 26 TRADE AND OTHER PAYABLES CONTINUED Deferred and contingent consideration 2023 \u00a3m 2022 \u00a3m Opening deferred and contingent consideration 25.1 62.8 Recognised on acquisition of assets (Note 35) 2.5 \u2013 Unwinding of discount rate (Note 8) 0.2 1.4 Paid during the period (25.3) (36.3) Foreign exchange movements 1.3 (2.8) CLOSING DEFERRED AND CONTINGENT CONSIDERATION 3.8 25.1 The Group has contingent consideration in relation to four pipeline sites from acquisitions in the current and previous years which is held at fair value. The amounts payable are fixed and become payable once development of the site is complete and the site has been handed over to the Group, which is expected to occur within two years. The fair value is calculated by discounting the future payments from their expected handover date using a risk adjusted discount rate. A 1% decrease/ increase in the discount rate would increase/decrease the value of contingent consideration by \u00a30.1m. Foreign exchange movements on deferred and contingent consideration are recognised within exchange differences on translation of foreign operations in the consolidated statement of comprehensive income. 27 SHARE CAPITAL ORDINARY SHARE CAPITAL ALLOTTED, CALLED UP AND FULLY PAID ORDINARY SHARES OF 76.80P EACH (2022: 76.80P EACH) million \u00a3m At 25 February 2021 214.4 164.7 Issued on exercise of employee share options 0.1 0.1 AT 3 MARCH 2022 214.5 164.8 Issued on exercise of employee share options 0.1 0.1 AT 2 MARCH 2023 214.6 164.9 Employee share options During the year, options over 0.1m (2021/22: 0.1m) ordinary shares, fully paid, were exercised by employees under the terms of various share option schemes. The Company received proceeds of \u00a32.0m (2021/22: \u00a31.9m) on exercise of these options. Preference share capital B shares C shares ALLOTTED, CALLED UP AND FULLY PAID SHARES OF 1P EACH (2022: 1P EACH) million \u00a3m million \u00a3m AT 25 FEBRUARY 2021, 3 MARCH 2022 AND 2 MARCH 2023 2.0 \u2013 1.9 \u2013 B shareholders are entitled to an annual non-cumulative preference dividend paid in arrears on or around 2 July each year on a notional amount of 155p per share. C shareholders are entitled to an annual non-cumulative preference dividend paid in arrears on or around 14 January each year on a value of 159p per share. Other than shares issued in the normal course of business as part of the share-based payments schemes, there have been no transactions involving ordinary shares or potential ordinary shares since the reporting date and before the completion of these consolidated financial statements. Notes to the Consolidated Financial Statements continued 28 RESERVES Share premium The share premium reserve is the premium paid on the Company\u2019s 76.80p ordinary shares. Capital redemption reserve A capital redemption reserve was created on the cancellation of the Group\u2019s B and C preference shares and also includes the nominal value of cancelled ordinary shares. Retained earnings In accordance with IFRS practice, retained earnings include revaluation reserves which arose on transition to IFRS. Currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries, other foreign currency investments and exchange differences on derivative instruments that provide a hedge against net investments in foreign operations. Other reserves The movement in other reserves during the year is set out in the table below: Treasury reserve \u00a3m Merger reserve \u00a3m Hedging Reserve \u00a3m Excluded component of hedge reserve \u00a3m Total other reserves \u00a3m At 25 February 2021 520.3 1,855.0 1.9 \u2013 2,377.2 Other comprehensive income \u2013 net loss on cash flow hedges (Note 25) \u2013 \u2013 (2.4) \u2013 (2.4) Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25) \u2013 \u2013 0.5 \u2013 0.5 Other comprehensive income \u2013 gain on net investment hedge \u2013 \u2013 \u2013 0.7 0.7 Cost of hedging \u2013 \u2013 \u2013 (2.5) (2.5) Loss on ESOT shares issued (3.2) \u2013 \u2013 \u2013 (3.2) AT 3 MARCH 2022 517.1 1,855.0 \u2013 (1.8) 2,370.3 Other comprehensive income \u2013 net loss on cash flow hedges (Note 25) \u2013 \u2013 1.3 \u2013 1.3 Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25) \u2013 \u2013 \u2013 \u2013 Other comprehensive income \u2013 loss on net investment hedge \u2013 \u2013 \u2013 (2.5) (2.5) Cost of hedging \u2013 \u2013 \u2013 (1.1) (1.1) Purchase of ESOT shares 31.7 \u2013 \u2013 \u2013 31.7 Loss on ESOT shares issued (4.3) \u2013 \u2013 \u2013 (4.3) AT 2 MARCH 2023 544.5 1,855.0 1.3 (5.4) 2,395.4 28 RESERVES CONTINUED Treasury reserve This reserve relates to shares held by an independently managed ESOT and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below: Treasury shares held by Whitbread PLC ESOT shares held million \u00a3m million \u00a3m At 25 February 2021 12.5 514.5 0.4 5.8 Exercised during the year \u2013 \u2013 (0.2) (3.2) AT 3 MARCH 2022 12.5 514.5 0.2 2.6 Purchase of ESOT shares \u2013 \u2013 1.2 31.7 Exercised during the year \u2013 \u2013 (0.2) (4.3) AT 2 MARCH 2023 12.5 514.5 1.2 30.0 During the year, 1.3m shares were purchased by the Group\u2019s independently managed Employee Share Ownership Trust (ESOT) for consideration of \u00a331.7m. Merger reserve The merger reserve arose as a consequence of the merger in 2000/01 of Whitbread Group PLC and Whitbread PLC. Hedging reserve The hedging reserve records movements for effective cash flow hedges measured at fair value. Excluded component of hedge reserve The excluded component of hedge reserve records movements in the elements of derivatives used in hedging arrangements that are excluded from the hedge relationship. 29 ANALYSIS OF CASH FLOWS GIVEN IN THE CASH FLOW STATEMENT 2022/23 \u00a3m 2021/22 \u00a3m Profit for the year 278.8 42.5 Adjustments for: Tax expense 96.1 15.7 Net finance costs (Note 8) 130.1 169.1 Share of profit from joint ventures (2.3) (0.4) Depreciation and amortisation 345.5 326.9 Share-based payments 17.7 12.9 Net impairment charge/(reversals) (Note 15) 34.9 (34.4) Gains on disposals, property, and other provisions (4.0) (28.8) Other non-cash items 0.6 7.7 CASH GENERATED FROM OPERATIONS BEFORE WORKING CAPITAL CHANGES 897.4 511.2 Increase in inventories (2.3) (7.3) Increase in trade and other receivables (10.9) (45.4) Increase in trade and other payables 112.1 235.2 CASH GENERATED FROM OPERATIONS 996.3 693.7 Other non-cash items include an outflow of \u00a30.3m representing bad debt charges (2021/22: \u00a30.8m inflow), an outflow of \u00a30.7m (2021/22: \u00a34.3m inflow) as a result of net provision movements, an inflow of \u00a33.6m (2021/22: \u00a32.6m inflow) representing non-cash pension scheme administration costs and an outflow of \u00a32.1m (2021/22: \u00a3nil) from foreign exchange gains. 30 CONTINGENT LIABILITIES There are no contingent liabilities to be disclosed in the year ended 2 March 2023 (2022: none). Notes to the Consolidated Financial Statements continued 31 SHARE-BASED PAYMENT PLANS Long Term Incentive Plan The LTIP awards were made to directors and senior executives of the Group prior to the adoption of the Restricted Share Plan. Vesting of share awards under the scheme is dependent on continued employment and meeting performance targets over a three-year vesting period. The awards are settled in equity once exercised. Deferred equity awards Share awards are made under the Whitbread Directors Incentive Scheme implemented during 2004/05. The awards are not subject to performance conditions and will vest in full on the release date subject to continued employment at that date. If the director or senior executive of the Group ceases to be an employee of Whitbread prior to the release date, normally three years after the award, by reason of redundancy, retirement, death, injury, ill health, disability or some other reason considered to be a permitted reason by the Remuneration Committee, the awards will be released in full. If employment ceases for any other reason, the proportion of awards which vest depends upon the year in which the award was made and the date that employment ceased. If employment ceases in the first year after an award is made, none of the award vests; between the first and second anniversary, 25% vests; and between the second and third anniversary, 50% vests. The awards are settled in equity once exercised. R&R Scheme The R&R Scheme enables Whitbread to make share awards periodically on a flexible basis. There are typically no performance conditions but these can be imposed by Whitbread at time of grant. The awards issued are subject to being in employment at date of vesting with no performance conditions. If employment at Whitbread ceases prior to the vesting date by reason of resignation or terminated for cause, all unvested shares will lapse. If employment ceases for any other reason, any vesting will be at the discretion of the CEO and, if granted, will be on a pro-rated basis to the leaving date. The awards are settled in equity once exercised. Restricted Share Plan At the general meeting held on 6 December 2019, it was agreed that the Restricted Share Plan would replace the Long Term Incentive Plan. Vesting of all shares under the scheme will depend on continued employment and meeting underpin targets over a period of at least three years. Details of the underpin targets that apply to RSP awards are included in the remuneration report on pages 92 to 115. After vesting, there is an additional holding period applicable to directors and senior executives such that the underpin measurement period and holding period is at least five years. If employment at Whitbread ceases prior to the vesting date by reason of resignation or terminated for cause, all unvested shares will lapse. If employment ceases for any other reason, any vesting will be at the discretion of the Remuneration Committee and, if granted, will be on a pro-rated basis to the leaving date. The awards are settled in equity once exercised. 31 SHARE-BASED PAYMENT PLANS CONTINUED Movements in the number of share awards are as follows: 52 WEEKS TO 2 MARCH 2023 Outstanding at the beginning of the year Granted during the year Exercised during the year Expired during the year Outstanding at the end of the year Exercisable at the end of the year Long Term Incentive Plan 130,499 \u2013 (57,065) (4,457) 68,977 68,977 Deferred equity awards 154,341 176,272 (64,917) (1,836) 263,860 \u2013 R&R Scheme 523,455 84,249 (39,020) (29,525) 539,159 \u2013 Restricted Share Plan 254,875 283,603 (3,186) (58,212) 477,080 \u2013 1,063,170 544,124 (164,188) (94,030) 1,349,076 68,977 53 WEEKS TO 3 MARCH 2022 Outstanding at the beginning of the year Granted during the year Exercised during the year Expired during the year Outstanding at the end of the year Exercisable at the end of the year Long Term Incentive Plan 149,688 \u2013 (17,859) (1,330) 130,499 129,613 Deferred equity awards 242,160 4,345 (79,978) (12,186) 154,341 5,998 R&R Scheme 652,851 12,146 (139,583) (1,959) 523,455 9,586 Restricted Share Plan 106,687 167,673 \u2013 (19,485) 254,875 \u2013 1,151,386 184,164 (237,420) (34,960) 1,063,170 145,197 Employee Sharesave scheme The employee Sharesave scheme is open to all employees and provides for a purchase price equal to the market price on the day preceding the date of invitation, with a 20% discount. The shares can be purchased over the six-month period following the third or fifth anniversary of the commencement date, depending on the length chosen by the employee. The weighted average exercise price (WAEP) of movements in the number of share awards are as follows: 2022/23 2021/22 Options WAEP \u00a3 per share Options WAEP \u00a3 per share Outstanding at the beginning of the year 1,173,108 26.01 1,139,975 26.59 Granted during the year 1 649,795 20.51 410,032 24.86 Exercised during the year (65,199) 27.18 (81,727) 26.15 Expired during the year (497,900) 26.19 (295,172) 26.65 Outstanding at the end of the year 1,259,804 23.01 1,173,108 26.01 Exercisable at the year-end 60,647 27.64 89,941 30.66 Outstanding options to purchase ordinary shares of 76.80p between 2023 and 2028 are exercisable at prices between \u00a324.86 and \u00a331.62 per share (2022: between 2022 and 2027 at prices between \u00a325.33 and \u00a331.62). The weighted average share price at the date of exercise for options exercised during the year was \u00a330.10 (2022: \u00a331.63). The weighted average contractual life of the share options outstanding as at 2 March 2023 is between two and three years. Notes to the Consolidated Financial Statements continued 31 SHARE-BASED PAYMENT PLANS CONTINUED The following table lists the inputs to the model used for the years ended 2 March 2023 and 3 March 2022: Grant date Exercise price \u00a3 Price at grant date \u00a3 Expected term Years Expected dividend yield % Expected volatility % Risk-free rate % Vesting conditions Deferred equity awards 28.04.2022 \u2013 28.75 3.00 2.00 N/A N/A Service 3 Deferred equity awards 27.04.2021 \u2013 32.97 3.00 0.75 N/A N/A Service 3 R&R awards \u2013 2 years 28.04.2022 - 28.75 2.00 2.00 N/A N/A Service 3 R&R awards \u2013 3 years 28.04.2022 - 28.75 3.00 2.00 N/A N/A Service 3 Restricted Share Plan 5 17.01 .2023 \u2013 30.28 0.16 \u2013 N/A N/A Service 3 Restricted Share Plan 5 17.01 .2023 \u2013 30.28 2.66 2.00 N/A N/A Service 3 Restricted Share Plan 5 17.01 .2023 \u2013 30.28 3.66 2.00 N/A N/A Service 3 Restricted Share Plan 5 17.01 .2023 \u2013 30.28 2.16 2.00 N/A N/A Service 3 Restricted Share Plan 5 17.01 .2023 \u2013 30.28 3.24 2.00 N/A N/A Service 3 Restricted Share Plan 27.04.2021 \u2013 32.97 3.00 0.75 N/A N/A Non\u2013market 1,2,3,4 SAYE \u2013 3 years 02.12.2022 20.51 26.09 3.25 2.00 40.0 3.38 Service 3 SAYE \u2013 3 years 23.12.2021 24.86 29.63 3.25 2.00 45.0 0.69 Service 3 SAYE \u2013 5 years 02.12.2022 20.51 26.09 5.25 2.00 40.0 3.29 Service 3 SAYE \u2013 5 years 23.12.2021 24.86 29.63 5.25 2.00 45.0 0.75 Service 3 1 Return on capital employed. 2 Other performance conditions. 3 Employment service. 4 Lease-adjusted net debt. 5 Refer to the Annual report on remuneration. The fair value of share options granted is estimated as at the date of grant using a stochastic model, taking into account the terms and conditions upon which the options were granted. Expected volatility reflects the assumption that historical volatility is indicative of future trends, which may not necessarily be the actual outcome. The risk-free rate is the rate of interest obtainable from Government securities over the expected life of the equity incentive. The expected dividend yield is calculated on the basis of publicly available information at the time of the grant date which, in most cases, is the historic dividend yield. No other features relating to the granting of options were incorporated into the measurement of fair value. Employee share ownership trust The Company funds an ESOT to enable it to acquire and hold shares for the share-based payment plans noted above. The ESOT held 1.2m shares at 2 March 2023 (2022: 0.2m). All dividends on the shares in the ESOT are waived by the Trustee. TOTAL CHARGED TO THE CONSOLIDATED INCOME STATEMENT FOR ALL SCHEMES 2022/23 \u00a3m 2021/22 \u00a3m Deferred equity 2.6 1.5 R&R Scheme 5.8 5.5 Restricted Share Plan 3.7 1.6 Employee Sharesave scheme 5.6 4.3 EQUITY-SETTLED 17.7 12.9 32 RETIREMENT BENEFITS Defined contribution schemes The Group operates a contracted-in defined contribution scheme under the Whitbread Group Pension Fund. Contributions by both employees and Group companies are held in externally invested, trustee-administered funds. The Group contributes a specified percentage of earnings for members of the above defined contribution scheme, and thereafter has no further obligations in relation to the scheme. The total cost charged to the consolidated income statement in relation to the defined contribution scheme in the year was \u00a312.8m (2021/22: \u00a311.0m). At the year-end, the Group owed outstanding contributions of \u00a3nil (2022: \u00a3nil) in respect of the defined contribution scheme. At the year-end, 24,284 employees (2022: 23,449) were active members of the scheme, which also had 58,406 deferred members (2022: 52,303). 32 RETIREMENT BENEFITS CONTINUED Defined benefit scheme The defined benefit (final salary) section of the principal Group pension scheme, the Whitbread Group Pension Fund, was closed to new members on 31 December 2001 and to future accrual on 31 December 2009. The Whitbread Group Pension Fund is set up under UK trust law, registered with His Majesty\u2019s Revenue and Customs and regulated by the Pensions Regulator. The Whitbread Group Pension Fund is governed by a corporate Trustee which operates the scheme in accordance with the requirements of UK pensions legislation. At the year-end, the scheme had no active members (2022: nil), 18,241 deferred pensioners (2022: 18,606) and 15,951 pensions in payment (2022: 16,089). The surplus recognised in the consolidated balance sheet in respect of the defined benefit pension scheme is the fair value of the plan assets less the present value of the defined benefit obligation at the end of the reporting period. The IAS 19 pension cost relating to the defined benefit section of the Whitbread Group Pension Fund is assessed in accordance with actuarial advice from, and calculations provided by, Lane Clark & Peacock, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. As the scheme is closed to future accrual, there is no future service cost. The surplus has been recognised as, under the governing documentation of the Whitbread Group Pension Fund, the Group has an unconditional right to receive a refund, assuming the gradual settlement of the scheme liabilities over time until all members and their dependants have either died or left the scheme, in accordance with the provisions of IFRIC 14 IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The defined benefit scheme entered into a \u00a3660.7m buy-in transaction covering 50% of pensioners on 23 June 2022 whereby the assets of the plan were invested in a bulk purchase annuity policy with the insurer, Standard Life, under which the benefits payable to defined benefit members covered under the policy became fully insured. The difference between the cost of the insurance policy and the accounting value of the liabilities secured was \u00a368.7m and has been recorded within actuarial losses in the statement of other comprehensive income. The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 13.0 years (2022: 17.0 years). Funding Expected contributions to be made in the next reporting period total \u00a316.4m (2021/22: \u00a314.6m). In 2022/23, contributions were \u00a314.5m, with \u00a33.6m from the employer, \u00a310.8m from Moorgate Scottish Limited Partnership (SLP) and \u00a30.1m of benefits settled by the Group in relation to an unfunded scheme (2021/22: \u00a313.0m, with \u00a32.6m from the employer, \u00a310.3m from Moorgate SLP and \u00a30.1m of benefits settled by the Group in relation to an unfunded scheme). In addition, Whitbread paid \u00a31.2m (2021/22: \u00a31.8m) of investment manager expenses. A scheme specific actuarial valuation for the purpose of determining the level of cash contributions to be paid into the Whitbread Group Pension Fund was undertaken as at 31 March 2020 by Towers Watson Ltd using the projected unit credit method. The valuation showed a surplus of assets relative to technical provisions of \u00a355.0m (31 March 2017: deficit of \u00a3450.0m). As a result, no deficit reduction contributions are due. As part of the valuation discussion during 2021/22, Whitbread and the Pension Fund Trustee agreed changes to the security package that supports the Pension Fund. The EBITDA-related covenant was permanently removed and the security that the Trustee holds over \u00a3500.0m of Whitbread\u2019s freehold property increased to \u00a3531.5m and will remain at this level until no further obligations are due under the Scottish Partnership arrangements which is expected to be in 2025. Following that, the security held by the Trustee will be the lower of: \u00a3500.0m; and 120% of the buyout deficit and will remain in place until there is no longer a buyout deficit. Notes to the Consolidated Financial Statements continued 32 RETIREMENT BENEFITS CONTINUED Investment in Moorgate SLP The Pension Scheme will receive a share of the income, profits and a variable capital payment from its investment in Moorgate SLP, which was established by the Group in the year ended 4 March 2010 (the share in profits is accounted for by the Group as contributions when paid). The partnership interests in Moorgate SLP are held by the Group, the general partner and by the Pension Scheme. Moorgate SLP holds an investment in a further partnership, Farringdon Scottish Partnership (SP), which was also established by the Group during 2009/10. Property assets with a market value of \u00a3221.0m were transferred from other Group companies to Farringdon SP and leased back to Whitbread Group PLC and Premier Inn Hotels Limited. The Group retains control over these properties, including the flexibility to substitute alternative properties. However, the Trustee has first charge over the property portfolio and certain other assets with an aggregate value of \u00a3228.0m which is included in the charge of \u00a3531.5m above. The Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. The Pension Scheme is a partner in Moorgate SLP and, as such, is entitled to an annual share of the profits of the partnership over the next two years. At the end of this period, the partnership capital allocated to the Pension Scheme partner will, depending on the funding position of the Pension Scheme at that time, be transferred in cash to the Pension Scheme up to a value of \u00a3150.0m. Under IAS 19, the investment held by the Pension Scheme in Moorgate SLP, a consolidated entity, does not represent a plan asset for the purposes of the consolidated financial statements. Accordingly, the pension surplus position in these consolidated financial statements does not reflect the \u00a321.9m (2022: \u00a396.8m) investment in Moorgate SLP held by the Pension Scheme. Risks Through its defined benefit scheme, the Group is exposed to a number of risks in relation to the IAS 19 surplus, the most significant of which are detailed below: Risk Description Principal impact on assets and obligation reconciliations MARKET VOLATILITY The value of the defined benefit obligation is linked to AA-rated corporate bonds whilst the scheme invests some of its assets in alternative asset classes (including those denominated in foreign currencies). These assets include private equities, secure income assets, gilts, swaps and cash. This exposes the Group to risks including those relating to interest rates, equity markets, foreign exchange and climate change. As a result, any change in market conditions which impacts the value of the scheme\u2019s assets or the interest rate on AA-rated corporate bonds will lead to volatility in the Group\u2019s net pension liability on the balance sheet, pension expense in the income statement and remeasurement of movements in other comprehensive income. There is the potential for heightened market volatility through a number of different sources, including the economic impact of the Russia-Ukraine conflict, the policy intervention of central banks in response to the inflationary environment which could have consequential implications on interest rates, in addition to wider economic impacts. There are also longer term macroeconomic risks, such as the possible risk of recession and constraints on market liquidity, which could all adversely affect the Scheme\u2019s assets. Return on plan assets Actuarial movements in financial assumptions INFLATIONARY RISK Due to the link between the scheme obligation and inflation, an increase in the expected future rate of inflation will lead to higher scheme liabilities, although this is mitigated by the scheme holding inflation-linked assets which aim to match the increase in liabilities. Actuarial movements in financial assumptions ACCOUNTING ASSUMPTIONS The defined benefit obligation is calculated by projecting the future cash flows of the scheme for many years into the future. Consequently, the assumptions used can have a significant impact on the balance sheet position and income statement charge. In practice, future scheme experience may not be in line with the assumptions adopted. For example, an increase in the life expectancy of members would increase scheme liabilities. Discount rate: interest income on scheme assets and cost on liabilities Mortality: actuarial movements in demographic assumptions Actuarial movements in financial assumptions 32 RETIREMENT BENEFITS CONTINUED The principal assumptions used by the independent qualified actuaries in updating the most recent valuation carried out as at 31 March 2020 of the UK scheme to 2 March 2023 for IAS 19 Employee benefits purposes were: At 2 March 2023 % At 3 March 2022 % Pre-April 2006 rate of increase in pensions in payment 3.20 3.40 Post-April 2006 rate of increase in pensions in payment 2.20 2.30 Pension increases in deferment 3.20 3.40 Discount rate 5.00 2.60 Inflation assumption 3.30 3.60 The mortality assumptions are based on standard mortality tables which allow for future mortality improvements. The mortality improvements assumption has been updated to use the CMI 2021 model (2022: CMI 2020). The CMI 2021 model parameters include some weighting for 2021 mortality experience. The assumptions are that a member currently aged 65 will live on average for a further 19.7 years (2022: 20.0 years) if they are male and for a further 22.4 years (2022: 22.6 years) if they are female. For a member who retires in 2043 at age 65, the assumptions are that they will live on average for a further 20.7 years (2022: 21.1 years) after retirement if they are male and for a further 23.6 years (2022: 23.8 years) after retirement if they are female. During the previous year, the Group changed its methodology for determining the discount rate to include single-AA corporate bonds. The amounts recognised in the consolidated income statement in respect of the defined benefit scheme are as follows: 2022/23 \u00a3m 2021/22 \u00a3m Net interest on net defined benefit surplus (13.6) (3.6) Administrative expense 3.6 2.6 TOTAL INCOME RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT (GROSS OF DEFERRED TAX) (10.0) (1.0) The amounts taken to the consolidated statement of comprehensive income are as follows: 2022/23 \u00a3m 2021/22 \u00a3m Actuarial gains (761.5) (218.8) Return on plan assets lower/(greater) than discount rate 985.1 (100.0) REMEASUREMENT EFFECTS RECOGNISED IN OTHER COMPREHENSIVE INCOME 223.6 (318.8) The amounts recognised in the consolidated balance sheet are as follows: 2023 \u00a3m 2022 \u00a3m Present value of defined benefit obligation (1,723.0) (2,521.2) Fair value of scheme assets 2,047.7 3,043.8 SURPLUS RECOGNISED IN THE CONSOLIDATED BALANCE SHEET 324.7 522.6 Changes in the present value of the defined benefit obligation are as follows: 2022/23 \u00a3m 2021/22 \u00a3m Opening defined benefit obligation 2,521.2 2,804.3 Interest cost 64.0 52.3 Remeasurement due to: Changes in financial assumptions (735.3) (266.0) Changes in demographic assumptions (26.2) (33.9) Experience adjustments \u2013 81.1 Benefits paid (100.6) (116.5) Benefits settled by the Group in relation to an unfunded pension scheme 1 (0.1) (0.1) CLOSING DEFINED BENEFIT OBLIGATION 1,723.0 2,521.2 Notes to the Consolidated Financial Statements continued 32 RETIREMENT BENEFITS CONTINUED Changes in the fair value of the scheme assets are as follows: 2022/23 \u00a3m 2021/22 \u00a3m Opening fair value of scheme assets 3,043.8 2,992.3 Interest income on scheme assets 77.6 55.9 Return on plan assets (lower)/greater than discount rate 2 (985.1) 100.0 Contributions from employer 1 3.6 2.6 Additional contributions from Moorgate SLP 1 10.8 10.3 Investment manager expenses paid by the employer 1 1.2 1.8 Benefits paid (100.6) (116.5) Administrative expenses (3.6) (2.6) CLOSING FAIR VALUE OF SCHEME ASSETS 2,047.7 3,043.8 The major categories of plan assets are as follows: 2023 2022 Quoted and pooled \u00a3m Unquoted \u00a3m Total \u00a3m Quoted and pooled \u00a3m Unquoted \u00a3m Total \u00a3m Equities \u2013 \u2013 \u2013 76.4 \u2013 76.4 Alternative assets 1.1 \u2013 1.1 143.0 \u2013 143.0 Bonds \u2013 1.3 1.3 164.6 3.2 167.8 Private markets \u2013 508.4 508.4 \u2013 460.7 460.7 Liability driven Investments 3 990.5 \u2013 990.5 2,160.8 \u2013 2,160.8 Cash and other 4 33.6 0.2 33.8 35.1 \u2013 35.1 Buy-in insurance \u2013 512.6 512.6 \u2013 \u2013 \u2013 1,025.2 1,022.5 2,047.7 2,579.9 463.9 3,043.8 1 The total of these items is equal to the cash paid by the Group as per the consolidated cash flow statement. \u2018Contributions from employer\u2019 include contributions to cover scheme administration expenses. 2 Includes cost of managing fund assets. 3 Liability driven investments includes UK fixed and index-linked gilts, repurchase agreements and reverse repurchase agreements, interest rate and inflation (RPI) swaps, gilt futures and cash. 4 Other primarily relates to assets held in respect of cash and net current assets. The assumptions in relation to discount rate, mortality and inflation have a significant effect on the measurement of scheme liabilities. The following table shows the sensitivity of the valuation to changes in these assumptions: Decrease/(increase) in liability 2023 \u00a3m 2022 \u00a3m DISCOUNT RATE 2.00% increase to discount rate 357.0 2.00% decrease to discount rate (548.0) 1.00% increase to discount rate 359.0 1.00% decrease to discount rate (458.0) INFLATION 0.25% increase to inflation rate (39.0) (73.0) 0.25% decrease to inflation rate 38.0 72.0 LIFE EXPECTANCY Additional one-year increase to life expectancy (71.3) (126.0) The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. Where the discount rate is changed, this will have an impact on the valuation of scheme assets in the opposing direction. The above sensitivities table shows only the expected changes to the gross defined benefit obligation (liability). When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (projected unit credit method) has been applied as when calculating the pension liability recognised within the consolidated balance sheet. The methods and types of assumptions did not change. 33 RELATED PARTY DISCLOSURE The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC, which operate and are incorporated around the world. Note 9 to the Company\u2019s separate financial statements lists details of the interests in subsidiaries and related undertakings. The Group holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. Further details can be found in Note 32. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly and indirectly by Whitbread Group PLC. RELATED PARTY TRANSACTIONS 2022/23 Joint ventures \u00a3m 2021/22 Joint ventures \u00a3m Sales to a related party \u2013 0.1 Purchases from a related party \u2013 \u2013 Amounts owed by related party \u2013 \u2013 Amounts owed to related party \u2013 \u2013 Other transactions with joint ventures For details of the Group\u2019s investments in and loans to joint ventures, see Note 16, those details are excluded from the table above. Key management personnel The key management personnel of the Group are defined as the members of the Whitbread PLC Executive Committee. Compensation of key management personnel (including directors) is set out below. 2022/23 \u00a3m 2021/22 \u00a3m Short-term employee benefits 9.5 8.4 Post-employment benefits \u2013 \u2013 Share-based payments 6.1 3.9 15.6 12.3 Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at normal market prices. Outstanding balances at year-end are unsecured and settlement occurs in cash. There have been no guarantees provided, or received, for any related party receivables. No adjustment for expected credit loss relating to amounts owed by related parties has been made (2022: \u00a3nil). An assessment is undertaken, each financial year, through examining the financial position of the related parties and the market in which the related parties operate. Transactions with other related parties Details of transactions with directors are detailed in Note 7. 34 EVENTS AFTER THE BALANCE SHEET DATE Share buy-back The Board of Directors approved a share buy-back on 24 April 2023 for \u00a3300.0m and is in the process of appointing the relevant brokers to undertake the programme in accordance with that approval. Notes to the Consolidated Financial Statements continued 35 ASSET ACQUISITION Acquisition in 2022/23 On 1 March 2023, the Group acquired the freehold interest of one hotel in Austria and was assigned the leasehold of five hotels within Germany for cash consideration of \u00a325.9m and deferred consideration of \u00a32.5m. This transaction has been accounted for as an asset acquisition under IFRS 3 Business Combinations as the fair value of the assets is concentrated in a single group of similar assets. On acquisition, the Group has recognised PPE of \u00a326.3m, right- of-use assets of \u00a347.1m and lease liabilities of \u00a344.4m in relation to the hotels acquired. The transaction formed part of the Group\u2019s strategic priority of international growth.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-1": { "value": "Whitbread PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-4": { "value": " public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-2": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-3": { "value": "Whitbread PLC, its subsidiaries and joint ventures, operate hotels and restaurants, located in the UK and internationally. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-383": { "value": "2 ACCOUNTING POLICIES Basis of accounting and preparation The consolidated financial statements of Whitbread PLC and all its subsidiaries have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period and the defined benefit pension scheme as explained in the accounting policies below. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand except when otherwise indicated. The financial year represents the 52 weeks to 2 March 2023 (prior financial year: 53 weeks to 3 March 2022). Going concern A combination of the strong cash flows generated by the business, and the significant available headroom on its credit facilities, support the directors\u2019 view that the Group has sufficient funds available for it to meet its foreseeable working capital requirements. In reaching this conclusion, the directors have considered all elements of the capital allocation framework. The directors have also determined that, over the period of the going concern assessment, there is not expected to be a significant impact as a result of climate change. The directors have therefore concluded that the going concern basis of preparation remains appropriate. 2 ACCOUNTING POLICIES CONTINUED Changes in accounting policies The accounting policies adopted in the preparation of these consolidated financial statements are consistent with those followed in the preparation of the consolidated financial statements for the year ended 3 March 2022, except for the adoption of the new standards and policies applicable for the year ended 2 March 2023. The significant accounting policies adopted during the year are set out below. They have been assessed as having minimal or no financial impact. The Group has applied the following standards and amendments for the first time for the annual reporting period commencing 4 March 2022: \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 proceeds before intended use (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework (effective for periods beginning on or after 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle Standards issued by the IASB not effective for the current year and not early adopted by the Group Whilst the following standards and amendments are relevant to the Group, they have been assessed as having minimal or no financial impact or additional disclosure requirements at this time: \u2022 IFRS 17 Insurance Contracts (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 \u2013 Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimate (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (effective for periods beginning on or after 1 January 2023) The Group does not intend to early adopt any of these new standards or amendments. Basis of consolidation The consolidated financial statements incorporate the accounts of Whitbread PLC and all its subsidiaries, together with the Group\u2019s share of the net assets and results of joint ventures incorporated using the equity method of accounting. These are adjusted, where appropriate, to conform to Group accounting policies. The financial statements of significant trading subsidiaries are prepared for the same reporting year as the parent company. A subsidiary is an entity controlled by the Group. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01, which was accounted for using merger accounting, acquisitions by the Group are accounted for under the acquisition method and any goodwill arising is capitalised as an intangible asset. The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from, or up to, the date that control passes respectively. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. 2 ACCOUNTING POLICIES CONTINUED Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and any equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. When the consideration transferred by the Group in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Changes in the fair value of the contingent consideration at subsequent reporting dates that do not qualify as measurement period adjustments are recognised within finance costs in the consolidated income statement, unless the contingent consideration is classified as equity. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised at fair value, separately from goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Amortisation of IT software and technology is calculated on a straight-line basis over the estimated life which varies between three and ten years. The carrying values are reviewed for impairment if events or changes in circumstances indicate that they may not be recoverable. Software-as-a-Service (SaaS) arrangements SaaS arrangements are service contracts providing the Company with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change accounted for prospectively as a change in accounting estimate. Property, plant and equipment Property, plant and equipment acquired separately from a business are stated at cost or deemed cost at transition to IFRS, less accumulated depreciation and any impairment in value. Gross interest costs incurred on the financing of qualifying assets are capitalised until the time that the assets are available for use. Property, plant and equipment acquired as part of a business combination are recognised at fair value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: \u2022 freehold land is not depreciated; \u2022 freehold and long leasehold buildings are depreciated to their estimated residual values over periods up to 50 years; and \u2022 plant and equipment is depreciated over three to 25 years. 2 ACCOUNTING POLICIES CONTINUED The residual values and estimated useful lives are reviewed annually. Profits or losses on disposal of property, plant and equipment reflect the difference between net selling price and carrying amount at the date of disposal and are recognised in the consolidated income statement. Investment property Investment property assets, including properties which are owned by the Group and properties which are leased by the Group, are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies for investment property are consistent with those described for property, plant and equipment. Leases Right-of-use assets The Group recognises right-of-use assets for hotel and restaurant properties which are used in the Premier Inn business and other equipment at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date, less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use asset is depreciated over the shorter of its estimated useful life and lease term. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments and variable lease payments that depend on an index or a rate less any lease incentives receivable. Variable lease payments that do not depend on an index or a rate (e.g. turnover rent) are recognised as an expense in the period over which the event or condition that triggers the payment occurs. The Group incurs service charges on property leases which are non-lease components of the contract under IFRS 16 and therefore these charges are recorded separately within operating costs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Incremental borrowing rates are determined quarterly and depend on the country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on Government bond rates; a country specific risk adjustment; and a credit risk adjustment based on the Group\u2019s credit rating. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification or a change in the lease term. Cash outflows relating to lease interest are recorded within net cash flows from operating activities and cash outflows relating to principal repayments are included within net cash flows from financing activities in the consolidated cash flow statement. Sale and leaseback A sale and leaseback transaction occurs when the Group sells an asset and immediately reacquires the use of same asset in the same state as sold by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of- use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising therefore relates to the rights transferred to the buyer and development of the underlying asset. Rental income The Group recognises rental income from leases on a straight-line basis over the lease term within other income in the consolidated income statement. Impairment of non-current assets Property, plant and equipment and right-of-use assets The carrying values of property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. For the purposes of the impairment review, the Group considers each trading outlet to be a separate cash generating unit (CGU). Consideration is also given, where appropriate, to the market value of the asset either from independent sources or, in conjunction with an accepted industry valuation methodology. Any impairment in the values of property, plant and equipment and right-of-use assets is charged to the consolidated income statement. The Group assesses assets or groups of assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Individual assets are grouped, for impairment assessment purposes, at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets (cash generating units or CGUs). If such indication of impairment exists or when annual impairment testing for an asset group is required, the Group makes an estimate of the recoverable amount. The recoverable amount of an asset or CGU is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined with reference to the CGU to which the asset belongs. Impairment losses are recognised in the consolidated income statement within operating costs. 2 ACCOUNTING POLICIES CONTINUED An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amounts of other assets in the CGU, on a pro-rata basis. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the CGU\u2019s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimated future cash flows used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the consolidated income statement. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset\u2019s carrying amount, less any residual value, on a straight-line basis over its remaining useful life. For the purposes of impairment testing, all centrally held assets are allocated in line with IAS 36 to CGUs based on management\u2019s view of the consumption of the asset. Any resulting impairment is recorded against the centrally held asset. Goodwill Goodwill acquired through business combinations is allocated to groups of CGUs at the level management monitors goodwill, which is at an operating segment level. The Group performs an annual review of its goodwill to ensure that its carrying amount is not greater than its recoverable amount. The recoverable amount is determined as the greater of fair value, less costs of disposal and value in use. An impairment is then made to reduce the carrying amount to the recoverable amount. Investments in joint ventures The Group assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication of impairment exists, the carrying amount of the investment is compared with its recoverable amount. Where the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount. Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets are measured at the lower of carrying amount and fair value, less the cost of disposal, and are not depreciated or amortised. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the net results of discontinued operations are presented separately in the consolidated income statement. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated on the basis of first in, first out and net realisable value is the estimated selling price less any costs to sell. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted to present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The amortisation of the discount is recognised as a finance cost. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Restructuring costs A restructuring provision is recognised when the Group has developed a detailed formal plan and has raised a valid expectation, in those affected, that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. 2 ACCOUNTING POLICIES CONTINUED Adjusting items and use of alternative performance measures We use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and alternative performance measures (APMs) which are consistent with the way the business performance is measured internally by the Board and Executive Committee. A glossary of APMs and reconciliations to statutory measures is given on pages 206 to 210. The term adjusted profit is not defined under IFRS and may not be directly comparable with adjusted profit measures used by other companies. It is not intended to be a substitute for, or superior to, statutory measures of profit. Adjusted measures of profitability are non-IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS. The Group makes certain adjustments to the statutory profit measures in order to derive many of its APMs. The Group\u2019s policy is to exclude items that are considered to be significant in nature and quantum, not in the normal course of business or are consistent with items that were treated as adjusting in prior periods or that span multiple financial periods. Treatment as an adjusting item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. On this basis, the following are examples of items that may be classified as adjusting items: \u2022 net charges associated with the strategic review of the Group\u2019s hotel and restaurant property estate; \u2022 significant restructuring costs and other associated costs arising from strategy changes that are not considered by the Group to be part of the normal operating costs of the business; \u2022 significant pension charges arising as a result of the changes to UK defined benefit scheme practices; \u2022 net impairment and related charges for sites which are/were underperforming that are considered to be significant in nature and/or value to the trading performance of the business; \u2022 costs in relation to non-trading legacy sites which are deemed to be significant and not reflective of the Group\u2019s ongoing trading results; \u2022 transformation and change costs associated with the implementation of the Group\u2019s strategic IT programme; \u2022 profit or loss on the sale of a business or investment, and the associated cost impact on the continuing business from the sale of the business or investment; \u2022 acquisition costs incurred as part of a business combination or other strategic asset acquisitions; \u2022 amortisation of intangible assets recognised as part of a business combination or other transaction outside of the ordinary course of business; and \u2022 tax settlements in respect of prior years, including the related interest and the impact of changes in the statutory tax rate, the inclusion of which would distort year-on-year comparability, as well as the tax impact of the adjusting items identified above. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. The directors believe that the adjusted profit and earnings per share measures provide additional useful information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and Executive Committee. Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the rates of exchange quoted at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Day-to-day transactions in a foreign currency are recorded in the functional currency at an average rate for the month in which those transactions take place, which is used as a reasonable approximation to the actual transaction rate. Translation differences on monetary items are taken to the consolidated income statement. A number of subsidiaries within the Group have a non-sterling functional currency. The financial performance and end position of these entities are translated into sterling in the consolidated financial statements. Balance sheet items are translated at the rate applicable at the balance sheet date. Transactions reported in the consolidated income statement are translated using an average rate for the month in which they occur. The differences that arise from translating the results of foreign entities at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. All other currency gains and losses are dealt with in the income statement. 2 ACCOUNTING POLICIES CONTINUED Revenue recognition Revenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Consideration is net of discounts, allowances for customer loyalty and other promotional activities and amounts collected on behalf of other parties, such as value added tax. Revenue includes duties which the Group pays as principal. The Group has analysed its business activities and applied the five step model prescribed by IFRS 15 Revenue from Contracts with Customers to each material line of business, as outlined below: Sale of accommodation The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of booking. The performance obligation is met when the customer is given the right to use the accommodation, and so revenue is recognised for each night as it takes place, at the room rate for that night. Sale of food and beverage The contract is established when the customer orders the food or beverage item and the performance obligation is the provision of food and beverage by the outlet. The performance obligation is satisfied when the food and beverage is delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Payment is made on the same day and consequently there are no contract assets or liabilities. Payment terms Customers may pay in advance for accommodation, food and beverage. In this case the Group has received consideration for services not yet provided. This is treated as a contract liability until the performance obligation is met. The Group has taken advantage of the practical expedient in IFRS 15 to not adjust the consideration for the effects of a financing component as the period between payment and the performance obligation is less than one year. Payment terms for corporate customers are generally 30 days with amounts recorded in trade and other receivables once the performance obligations have been met. Contract costs The Group applies the practical expedient in paragraph 94 of IFRS 15 and consequently contract costs incurred related to contracts with an amortisation period of less than one year have been expensed as incurred. Variable consideration The Group makes an estimate, based on historical information, of amounts that will be refunded to customers. The refund liability represents variable consideration under IFRS 15 with revenue recognised reduced by this amount and a corresponding liability recognised in other payables in the consolidated balance sheet. Certain restaurants within the Group offer customer loyalty programmes where the customer can earn vouchers for historic purchases which are redeemable as discounts on future purchases. The loyalty points issued by the Group are a separate performance obligation providing a material right to a future discount. The sales price of goods is allocated to the loyalty points and the goods sold based on their relative standalone selling prices, with the loyalty points standalone price based on the value of the points to the customer, adjusted for expected redemption rates. The amount allocated to loyalty points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Finance income Interest income is recognised as the interest accrues, using the effective interest method. Borrowing costs Borrowing costs are recognised as an expense in the period in which they are incurred, except for gross interest costs incurred on the financing of major projects, which are capitalised until the time that the projects are available for use. 2 ACCOUNTING POLICIES CONTINUED Retirement benefits In respect of the defined benefit pension scheme, the surplus recognised in the consolidated balance sheet represents the fair value of scheme assets, reduced by the present value of the defined benefit obligation. Where the calculation results in a surplus to the Group, the recognised asset is limited to the present value of any future available refunds from the plan. The cost of providing benefits is determined using the projected unit credit actuarial valuation method. Remeasurements are recognised in full in the period in which they occur in the statement of comprehensive income and are not reclassified to the consolidated income statement in subsequent periods. For defined benefit plans, the employer\u2019s portion of the past and current service cost is charged to operating profit, with net interest costs reported within finance costs. In addition, all administration costs, other than those relating to the management of plan assets or taxes payable by the plan itself, are charged as incurred to operating costs in the consolidated income statement. Net interest is calculated by applying the opening discount rate to the opening net defined benefit obligation, taking into account the expected contributions and benefits paid. On 20 November 2020, the High Court ruled that pension schemes will need to revisit and equalise guaranteed minimum pensions for historic individual transfers. The ruling impacted the Group\u2019s actuarial surplus as it will lead to an increase in pension obligations. The Group recognised the increase in its defined benefit liability as a charge to the consolidated income statement. Curtailments and settlements relating to the Group\u2019s defined benefit plan are recognised in the period in which the curtailment or settlement occurs. Payments to defined contribution pension schemes are charged as an expense as they fall due. Government grants A Government grant is recognised in the consolidated balance sheet within other receivables when there is reasonable assurance that it will be received and that the Group will comply with the conditions attached to it. Grants are recognised within other income in the consolidated income statement at a point in time to match the timing of the recognition of the related expenses they are intended to compensate. Where cash is received in advance of the associated conditions being met, the grant is recorded within trade and other payables in the consolidated balance sheet. Share-based payment transactions Equity-settled transactions Certain employees and directors of the Group receive equity-settled remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares. The cost of these equity- settled transactions is measured by reference to the fair value, determined using a stochastic model, at the date at which they are granted. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions or non-vesting conditions are fulfilled, ending on the relevant vesting date. Except for awards subject to market-related conditions for vesting, the cumulative expense recognised for equity- settled transactions, at each reporting date until the vesting date, reflects the extent to which the vesting period has expired, and is adjusted to reflect the directors\u2019 best available estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. If options are subject to market-related conditions, awards are not cumulatively adjusted for the likelihood of these targets being met. Instead, these conditions are included in the fair value of the awards. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. Where an equity-settled award is forfeited, the related expense recognised to date is reversed. Where an equity-settled award is replaced by newly granted instruments, these are accounted for as a modification of the existing award. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share- based payment transaction, or is otherwise beneficial to the employee. 2 ACCOUNTING POLICIES CONTINUED Tax The income tax charge represents both the income tax payable, based on profit for the year, and deferred income tax. Deferred income tax is recognised in full, using the liability method, in respect of temporary differences between the tax base of the Group\u2019s assets and liabilities and their carrying amounts that have originated but have not been reversed by the balance sheet date. No deferred tax is recognised if the temporary difference arises from the initial recognition of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable temporary differences associated with investments in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are charged or credited directly to equity. Otherwise, income tax is recognised in the consolidated income statement. Investments in joint ventures Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint ventures is included in the carrying amount of the investment. The consolidated income statement reflects the Group\u2019s share of the results of operations of the joint ventures. Any change in other comprehensive income of those investees is presented as part of the Group\u2019s consolidated statement of comprehensive income. Unrealised gains and losses resulting from transactions between the Group and the joint ventures are eliminated to the extent of the interest in the joint venture. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. 2 ACCOUNTING POLICIES CONTINUED Financial assets Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its trade receivables and contract assets based on shared characteristics, and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Credit impaired financial assets A financial asset is credit impaired when one of more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred, such as significant financial difficulty of the debtor or default by the debtor. The Group writes off a financial asset where there is no realistic prospect of recovery. Credit losses are recorded within operating costs in the consolidated income statement. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand and deposits (including Money Market Funds) which are short term, highly liquid and which are not at significant risk of changes in value. Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. 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. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. 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 is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group 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. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. 2 ACCOUNTING POLICIES CONTINUED Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. The Group uses a cross currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. Financial liabilities Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements. Financial liabilities are measured at amortised cost using the effective interest rate method unless they are required to be measured at fair value through profit or loss or the Group has opted to measure them at fair value through the profit or loss. The effective interest rate method calculates the amortised cost of a financial liability and allocates interest expense to the relevant period. Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. Contingent consideration Contingent consideration, resulting from business combinations and asset acquisitions, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. Where the period between acquisition and payment is not significant, cash outflows for contingent consideration are included within cash flows from investing activities. Where the period of deferral is significant, excess payments over the fair value recognised at acquisition are recognised within cash flows from financing activities. None of the Group\u2019s contingent consideration is deemed to relate to post-acquisition remuneration. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Although these amounts are based on management\u2019s best estimates, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. These judgements and estimates and the underlying assumptions are reviewed regularly. The Group has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material. Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below) that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Adjusting items During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed earlier in this note. This assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. 2 ACCOUNTING POLICIES CONTINUED Property transaction including sale and leaseback of land During the period, the Group entered into a sale and lease transaction of a single property, comprising land and a hotel currently under construction. Under the agreement, the Group is acting as the developer of the site. As a part of the transaction, the property is being developed into a completed hotel asset via a forward funding agreement with a counterparty. The transaction\u2019s sale, development and subsequent lease contracts were all negotiated together as one commercial transaction, with the transaction prices allocated based on the negotiated position rather than standalone contracts. In relation to the land portion of the site sold, management has reviewed the criteria within IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases, concluding that a sale and leaseback for the land has occurred to the counterparty. In relation to the hotel under construction asset, management has reviewed IFRS 15, concluding that a sale for this asset has occurred to the counterparty and the building leased back in the future will be the completed hotel, not the same asset that was sold. Therefore, management has concluded that the current year sale and future lease of the completed hotel does not represent a sale and leaseback under IFRS 16. Treatment of sale and leaseback of land The land on which the hotel is being developed has been sold with Whitbread holding no rights to re-obtain the legal title. The performance obligation for the sale of land has been satisfied as defined under IFRS 15. A gain of \u00a33.1m is recognised on the sale of the land, which represents the proportion of the land assessed as having been sold and subject to leaseback at practical completion of the site sold. In assessing the gain to be recognised on the sale and leaseback transaction, management has considered the fair value of the land at the sale date against the consideration allocated for the sale of the land. Treatment for sale of hotel under construction During the period, the performance obligation associated with the sale of the hotel under construction was assessed as being satisfied such that the asset has been derecognised. Nil gain was recognised as allocated proceeds were substantially similar to the carrying value of the building. The Group is exposed to cost overruns on the development of the hotel. Due to the allocation of the transaction\u2019s proceeds to the land, net costs of \u00a31.7m have been recognised, reducing the overall transaction\u2019s gain in the reporting period as the commercial terms were negotiated together. The net gain recognised on this transaction of \u00a31.4m has been based on an assessment of the obligations completed under the terms of the agreement. Key sources of estimation uncertainty The following are the key areas of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Defined benefit pension Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. Impairment testing \u2013 Property, plant and equipment and right-of-use assets The performance of the Group\u2019s impairment review requires management to make a number of estimates. These are set out below: Identification of indicators of impairment and reversal The Group assesses each of its CGUs for indicators of impairment or reversal on an annual basis and, where there are indicators of impairment or reversal, management performs an impairment assessment. Inputs used to estimate value in use The estimate of value in use is most sensitive to the following inputs: \u2022 Five-year business plan \u2013 forecast cash flows for the initial five-year period are based on the five-year business plan, which is based on results from FY23. \u2022 Discount rate \u2013 judgement is required in estimating the weighted average cost of capital (WACC) of a typical market participant and in assessing the specific country and currency risks associated with the Group. The rate used is adjusted for the Group\u2019s gearing, including equity, borrowings and lease liabilities. \u2022 Immature sites \u2013 judgement is required to estimate the time taken for sites to reach maturity and the sites\u2019 trading level once they are mature. Methodology used to estimate fair value Fair value is determined using a range of methods, including present value techniques using assumptions consistent with the value in use calculations and market multiple techniques using externally available data. Key estimates and sensitivities for impairment of assets are disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-385": { "value": "Basis of accounting and preparation The consolidated financial statements of Whitbread PLC and all its subsidiaries have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period and the defined benefit pension scheme as explained in the accounting policies below. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand except when otherwise indicated. The financial year represents the 52 weeks to 2 March 2023 (prior financial year: 53 weeks to 3 March 2022). Going concern A combination of the strong cash flows generated by the business, and the significant available headroom on its credit facilities, support the directors\u2019 view that the Group has sufficient funds available for it to meet its foreseeable working capital requirements. In reaching this conclusion, the directors have considered all elements of the capital allocation framework. The directors have also determined that, over the period of the going concern assessment, there is not expected to be a significant impact as a result of climate change. The directors have therefore concluded that the going concern basis of preparation remains appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-446": { "value": "The consolidated financial statements of Whitbread PLC and all its subsidiaries have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-447": { "value": "Going concern A combination of the strong cash flows generated by the business, and the significant available headroom on its credit facilities, support the directors\u2019 view that the Group has sufficient funds available for it to meet its foreseeable working capital requirements. In reaching this conclusion, the directors have considered all elements of the capital allocation framework. The directors have also determined that, over the period of the going concern assessment, there is not expected to be a significant impact as a result of climate change. The directors have therefore concluded that the going concern basis of preparation remains appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-386": { "value": "Changes in accounting policies The accounting policies adopted in the preparation of these consolidated financial statements are consistent with those followed in the preparation of the consolidated financial statements for the year ended 3 March 2022, except for the adoption of the new standards and policies applicable for the year ended 2 March 2023. The significant accounting policies adopted during the year are set out below. They have been assessed as having minimal or no financial impact. The Group has applied the following standards and amendments for the first time for the annual reporting period commencing 4 March 2022: \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 proceeds before intended use (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework (effective for periods beginning on or after 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle Standards issued by the IASB not effective for the current year and not early adopted by the Group Whilst the following standards and amendments are relevant to the Group, they have been assessed as having minimal or no financial impact or additional disclosure requirements at this time: \u2022 IFRS 17 Insurance Contracts (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 \u2013 Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimate (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (effective for periods beginning on or after 1 January 2023) The Group does not intend to early adopt any of these new standards or amendments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-448": { "value": "The accounting policies adopted in the preparation of these consolidated financial statements are consistent with those followed in the preparation of the consolidated financial statements for the year ended 3 March 2022, except for the adoption of the new standards and policies applicable for the year ended 2 March 2023. The significant accounting policies adopted during the year are set out below. They have been assessed as having minimal or no financial impact. The Group has applied the following standards and amendments for the first time for the annual reporting period commencing 4 March 2022: \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 proceeds before intended use (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (effective for periods beginning on or after 1 January 2022) \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework (effective for periods beginning on or after 1 January 2022) \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-449": { "value": "Standards issued by the IASB not effective for the current year and not early adopted by the Group Whilst the following standards and amendments are relevant to the Group, they have been assessed as having minimal or no financial impact or additional disclosure requirements at this time: \u2022 IFRS 17 Insurance Contracts (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 \u2013 Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimate (effective for periods beginning on or after 1 January 2023) \u2022 Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (effective for periods beginning on or after 1 January 2023) The Group does not intend to early adopt any of these new standards or amendments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-387": { "value": "Basis of consolidation The consolidated financial statements incorporate the accounts of Whitbread PLC and all its subsidiaries, together with the Group\u2019s share of the net assets and results of joint ventures incorporated using the equity method of accounting. These are adjusted, where appropriate, to conform to Group accounting policies. The financial statements of significant trading subsidiaries are prepared for the same reporting year as the parent company. A subsidiary is an entity controlled by the Group. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01, which was accounted for using merger accounting, acquisitions by the Group are accounted for under the acquisition method and any goodwill arising is capitalised as an intangible asset. The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from, or up to, the date that control passes respectively. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-450": { "value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and any equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. When the consideration transferred by the Group in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Changes in the fair value of the contingent consideration at subsequent reporting dates that do not qualify as measurement period adjustments are recognised within finance costs in the consolidated income statement, unless the contingent consideration is classified as equity. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-388": { "value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and any equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. When the consideration transferred by the Group in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Changes in the fair value of the contingent consideration at subsequent reporting dates that do not qualify as measurement period adjustments are recognised within finance costs in the consolidated income statement, unless the contingent consideration is classified as equity. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-480": { "value": "Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised at fair value, separately from goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Amortisation of IT software and technology is calculated on a straight-line basis over the estimated life which varies between three and ten years. The carrying values are reviewed for impairment if events or changes in circumstances indicate that they may not be recoverable. Software-as-a-Service (SaaS) arrangements SaaS arrangements are service contracts providing the Company with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change accounted for prospectively as a change in accounting estimate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-389": { "value": "Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-390": { "value": "Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised at fair value, separately from goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Amortisation of IT software and technology is calculated on a straight-line basis over the estimated life which varies between three and ten years. The carrying values are reviewed for impairment if events or changes in circumstances indicate that they may not be recoverable. Software-as-a-Service (SaaS) arrangements SaaS arrangements are service contracts providing the Company with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change accounted for prospectively as a change in accounting estimate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-391": { "value": "Property, plant and equipment Property, plant and equipment acquired separately from a business are stated at cost or deemed cost at transition to IFRS, less accumulated depreciation and any impairment in value. Gross interest costs incurred on the financing of qualifying assets are capitalised until the time that the assets are available for use. Property, plant and equipment acquired as part of a business combination are recognised at fair value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: \u2022 freehold land is not depreciated; \u2022 freehold and long leasehold buildings are depreciated to their estimated residual values over periods up to 50 years; and \u2022 plant and equipment is depreciated over three to 25 years. The residual values and estimated useful lives are reviewed annually. Profits or losses on disposal of property, plant and equipment reflect the difference between net selling price and carrying amount at the date of disposal and are recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-392": { "value": "Investment property Investment property assets, including properties which are owned by the Group and properties which are leased by the Group, are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies for investment property are consistent with those described for property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-393": { "value": "Leases Right-of-use assets The Group recognises right-of-use assets for hotel and restaurant properties which are used in the Premier Inn business and other equipment at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date, less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use asset is depreciated over the shorter of its estimated useful life and lease term. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments and variable lease payments that depend on an index or a rate less any lease incentives receivable. Variable lease payments that do not depend on an index or a rate (e.g. turnover rent) are recognised as an expense in the period over which the event or condition that triggers the payment occurs. The Group incurs service charges on property leases which are non-lease components of the contract under IFRS 16 and therefore these charges are recorded separately within operating costs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Incremental borrowing rates are determined quarterly and depend on the country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on Government bond rates; a country specific risk adjustment; and a credit risk adjustment based on the Group\u2019s credit rating. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification or a change in the lease term. Cash outflows relating to lease interest are recorded within net cash flows from operating activities and cash outflows relating to principal repayments are included within net cash flows from financing activities in the consolidated cash flow statement. Sale and leaseback A sale and leaseback transaction occurs when the Group sells an asset and immediately reacquires the use of same asset in the same state as sold by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of- use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising therefore relates to the rights transferred to the buyer and development of the underlying asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-394": { "value": "Rental income The Group recognises rental income from leases on a straight-line basis over the lease term within other income in the consolidated income statement. ", "dimensions": { "concept": "whitbreadplc:DescriptioOfAccountingPolicyForRentalIncome", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-395": { "value": "Impairment of non-current assets Property, plant and equipment and right-of-use assets The carrying values of property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. For the purposes of the impairment review, the Group considers each trading outlet to be a separate cash generating unit (CGU). Consideration is also given, where appropriate, to the market value of the asset either from independent sources or, in conjunction with an accepted industry valuation methodology. Any impairment in the values of property, plant and equipment and right-of-use assets is charged to the consolidated income statement. The Group assesses assets or groups of assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Individual assets are grouped, for impairment assessment purposes, at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets (cash generating units or CGUs). If such indication of impairment exists or when annual impairment testing for an asset group is required, the Group makes an estimate of the recoverable amount. The recoverable amount of an asset or CGU is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined with reference to the CGU to which the asset belongs. Impairment losses are recognised in the consolidated income statement within operating costs. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amounts of other assets in the CGU, on a pro-rata basis. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the CGU\u2019s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimated future cash flows used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the consolidated income statement. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset\u2019s carrying amount, less any residual value, on a straight-line basis over its remaining useful life. For the purposes of impairment testing, all centrally held assets are allocated in line with IAS 36 to CGUs based on management\u2019s view of the consumption of the asset. Any resulting impairment is recorded against the centrally held asset. Goodwill Goodwill acquired through business combinations is allocated to groups of CGUs at the level management monitors goodwill, which is at an operating segment level. The Group performs an annual review of its goodwill to ensure that its carrying amount is not greater than its recoverable amount. The recoverable amount is determined as the greater of fair value, less costs of disposal and value in use. An impairment is then made to reduce the carrying amount to the recoverable amount. Investments in joint ventures The Group assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication of impairment exists, the carrying amount of the investment is compared with its recoverable amount. Where the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-396": { "value": "Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets are measured at the lower of carrying amount and fair value, less the cost of disposal, and are not depreciated or amortised. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the net results of discontinued operations are presented separately in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-397": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated on the basis of first in, first out and net realisable value is the estimated selling price less any costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-398": { "value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted to present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The amortisation of the discount is recognised as a finance cost. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Restructuring costs A restructuring provision is recognised when the Group has developed a detailed formal plan and has raised a valid expectation, in those affected, that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-399": { "value": "Adjusting items and use of alternative performance measures We use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and alternative performance measures (APMs) which are consistent with the way the business performance is measured internally by the Board and Executive Committee. A glossary of APMs and reconciliations to statutory measures is given on pages 206 to 210. The term adjusted profit is not defined under IFRS and may not be directly comparable with adjusted profit measures used by other companies. It is not intended to be a substitute for, or superior to, statutory measures of profit. Adjusted measures of profitability are non-IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS. The Group makes certain adjustments to the statutory profit measures in order to derive many of its APMs. The Group\u2019s policy is to exclude items that are considered to be significant in nature and quantum, not in the normal course of business or are consistent with items that were treated as adjusting in prior periods or that span multiple financial periods. Treatment as an adjusting item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. On this basis, the following are examples of items that may be classified as adjusting items: \u2022 net charges associated with the strategic review of the Group\u2019s hotel and restaurant property estate; \u2022 significant restructuring costs and other associated costs arising from strategy changes that are not considered by the Group to be part of the normal operating costs of the business; \u2022 significant pension charges arising as a result of the changes to UK defined benefit scheme practices; \u2022 net impairment and related charges for sites which are/were underperforming that are considered to be significant in nature and/or value to the trading performance of the business; \u2022 costs in relation to non-trading legacy sites which are deemed to be significant and not reflective of the Group\u2019s ongoing trading results; \u2022 transformation and change costs associated with the implementation of the Group\u2019s strategic IT programme; \u2022 profit or loss on the sale of a business or investment, and the associated cost impact on the continuing business from the sale of the business or investment; \u2022 acquisition costs incurred as part of a business combination or other strategic asset acquisitions; \u2022 amortisation of intangible assets recognised as part of a business combination or other transaction outside of the ordinary course of business; and \u2022 tax settlements in respect of prior years, including the related interest and the impact of changes in the statutory tax rate, the inclusion of which would distort year-on-year comparability, as well as the tax impact of the adjusting items identified above. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. The directors believe that the adjusted profit and earnings per share measures provide additional useful information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and Executive Committee. ", "dimensions": { "concept": "whitbreadplc:DesciptionOfAccountingPolicyForAdjustingItemsAndUseOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-400": { "value": "Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the rates of exchange quoted at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Day-to-day transactions in a foreign currency are recorded in the functional currency at an average rate for the month in which those transactions take place, which is used as a reasonable approximation to the actual transaction rate. Translation differences on monetary items are taken to the consolidated income statement. A number of subsidiaries within the Group have a non-sterling functional currency. The financial performance and end position of these entities are translated into sterling in the consolidated financial statements. Balance sheet items are translated at the rate applicable at the balance sheet date. Transactions reported in the consolidated income statement are translated using an average rate for the month in which they occur. The differences that arise from translating the results of foreign entities at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. All other currency gains and losses are dealt with in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-451": { "value": "Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the rates of exchange quoted at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Day-to-day transactions in a foreign currency are recorded in the functional currency at an average rate for the month in which those transactions take place, which is used as a reasonable approximation to the actual transaction rate. Translation differences on monetary items are taken to the consolidated income statement. A number of subsidiaries within the Group have a non-sterling functional currency. The financial performance and end position of these entities are translated into sterling in the consolidated financial statements. Balance sheet items are translated at the rate applicable at the balance sheet date. Transactions reported in the consolidated income statement are translated using an average rate for the month in which they occur. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-401": { "value": "Revenue recognition Revenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Consideration is net of discounts, allowances for customer loyalty and other promotional activities and amounts collected on behalf of other parties, such as value added tax. Revenue includes duties which the Group pays as principal. The Group has analysed its business activities and applied the five step model prescribed by IFRS 15 Revenue from Contracts with Customers to each material line of business, as outlined below: Sale of accommodation The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of booking. The performance obligation is met when the customer is given the right to use the accommodation, and so revenue is recognised for each night as it takes place, at the room rate for that night. Sale of food and beverage The contract is established when the customer orders the food or beverage item and the performance obligation is the provision of food and beverage by the outlet. The performance obligation is satisfied when the food and beverage is delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Payment is made on the same day and consequently there are no contract assets or liabilities. Payment terms Customers may pay in advance for accommodation, food and beverage. In this case the Group has received consideration for services not yet provided. This is treated as a contract liability until the performance obligation is met. The Group has taken advantage of the practical expedient in IFRS 15 to not adjust the consideration for the effects of a financing component as the period between payment and the performance obligation is less than one year. Payment terms for corporate customers are generally 30 days with amounts recorded in trade and other receivables once the performance obligations have been met. Contract costs The Group applies the practical expedient in paragraph 94 of IFRS 15 and consequently contract costs incurred related to contracts with an amortisation period of less than one year have been expensed as incurred. Variable consideration The Group makes an estimate, based on historical information, of amounts that will be refunded to customers. The refund liability represents variable consideration under IFRS 15 with revenue recognised reduced by this amount and a corresponding liability recognised in other payables in the consolidated balance sheet. Certain restaurants within the Group offer customer loyalty programmes where the customer can earn vouchers for historic purchases which are redeemable as discounts on future purchases. The loyalty points issued by the Group are a separate performance obligation providing a material right to a future discount. The sales price of goods is allocated to the loyalty points and the goods sold based on their relative standalone selling prices, with the loyalty points standalone price based on the value of the points to the customer, adjusted for expected redemption rates. The amount allocated to loyalty points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-452": { "value": "Finance income Interest income is recognised as the interest accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-402": { "value": "Finance income Interest income is recognised as the interest accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-403": { "value": "Borrowing costs Borrowing costs are recognised as an expense in the period in which they are incurred, except for gross interest costs incurred on the financing of major projects, which are capitalised until the time that the projects are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-404": { "value": "Retirement benefits In respect of the defined benefit pension scheme, the surplus recognised in the consolidated balance sheet represents the fair value of scheme assets, reduced by the present value of the defined benefit obligation. Where the calculation results in a surplus to the Group, the recognised asset is limited to the present value of any future available refunds from the plan. The cost of providing benefits is determined using the projected unit credit actuarial valuation method. Remeasurements are recognised in full in the period in which they occur in the statement of comprehensive income and are not reclassified to the consolidated income statement in subsequent periods. For defined benefit plans, the employer\u2019s portion of the past and current service cost is charged to operating profit, with net interest costs reported within finance costs. In addition, all administration costs, other than those relating to the management of plan assets or taxes payable by the plan itself, are charged as incurred to operating costs in the consolidated income statement. Net interest is calculated by applying the opening discount rate to the opening net defined benefit obligation, taking into account the expected contributions and benefits paid. On 20 November 2020, the High Court ruled that pension schemes will need to revisit and equalise guaranteed minimum pensions for historic individual transfers. The ruling impacted the Group\u2019s actuarial surplus as it will lead to an increase in pension obligations. The Group recognised the increase in its defined benefit liability as a charge to the consolidated income statement. Curtailments and settlements relating to the Group\u2019s defined benefit plan are recognised in the period in which the curtailment or settlement occurs. Payments to defined contribution pension schemes are charged as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-405": { "value": "Government grants A Government grant is recognised in the consolidated balance sheet within other receivables when there is reasonable assurance that it will be received and that the Group will comply with the conditions attached to it. Grants are recognised within other income in the consolidated income statement at a point in time to match the timing of the recognition of the related expenses they are intended to compensate. Where cash is received in advance of the associated conditions being met, the grant is recorded within trade and other payables in the consolidated balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-406": { "value": "Share-based payment transactions Equity-settled transactions Certain employees and directors of the Group receive equity-settled remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares. The cost of these equity- settled transactions is measured by reference to the fair value, determined using a stochastic model, at the date at which they are granted. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions or non-vesting conditions are fulfilled, ending on the relevant vesting date. Except for awards subject to market-related conditions for vesting, the cumulative expense recognised for equity- settled transactions, at each reporting date until the vesting date, reflects the extent to which the vesting period has expired, and is adjusted to reflect the directors\u2019 best available estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. If options are subject to market-related conditions, awards are not cumulatively adjusted for the likelihood of these targets being met. Instead, these conditions are included in the fair value of the awards. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. Where an equity-settled award is forfeited, the related expense recognised to date is reversed. Where an equity-settled award is replaced by newly granted instruments, these are accounted for as a modification of the existing award. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share- based payment transaction, or is otherwise beneficial to the employee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-453": { "value": "Tax The income tax charge represents both the income tax payable, based on profit for the year, and deferred income tax. Deferred income tax is recognised in full, using the liability method, in respect of temporary differences between the tax base of the Group\u2019s assets and liabilities and their carrying amounts that have originated but have not been reversed by the balance sheet date. No deferred tax is recognised if the temporary difference arises from the initial recognition of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable temporary differences associated with investments in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are charged or credited directly to equity. Otherwise, income tax is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-407": { "value": "Tax The income tax charge represents both the income tax payable, based on profit for the year, and deferred income tax. Deferred income tax is recognised in full, using the liability method, in respect of temporary differences between the tax base of the Group\u2019s assets and liabilities and their carrying amounts that have originated but have not been reversed by the balance sheet date. No deferred tax is recognised if the temporary difference arises from the initial recognition of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable temporary differences associated with investments in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are charged or credited directly to equity. Otherwise, income tax is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-408": { "value": "Investments in joint ventures Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint ventures is included in the carrying amount of the investment. The consolidated income statement reflects the Group\u2019s share of the results of operations of the joint ventures. Any change in other comprehensive income of those investees is presented as part of the Group\u2019s consolidated statement of comprehensive income. Unrealised gains and losses resulting from transactions between the Group and the joint ventures are eliminated to the extent of the interest in the joint venture. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-409": { "value": "Financial assets Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its trade receivables and contract assets based on shared characteristics, and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Credit impaired financial assets A financial asset is credit impaired when one of more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred, such as significant financial difficulty of the debtor or default by the debtor. The Group writes off a financial asset where there is no realistic prospect of recovery. Credit losses are recorded within operating costs in the consolidated income statement. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand and deposits (including Money Market Funds) which are short term, highly liquid and which are not at significant risk of changes in value. Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-454": { "value": "Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its trade receivables and contract assets based on shared characteristics, and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-456": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand and deposits (including Money Market Funds) which are short term, highly liquid and which are not at significant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-457": { "value": "Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-481": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. 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. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. 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 is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group 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. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. The Group uses a cross currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-455": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. 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. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. 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 is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group 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. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. The Group uses a cross currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-410": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. 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. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. 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 is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group 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. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge: hedge item is the same as the actual ratio of hedge: hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. The Group uses a cross currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-411": { "value": "Financial liabilities Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements. Financial liabilities are measured at amortised cost using the effective interest rate method unless they are required to be measured at fair value through profit or loss or the Group has opted to measure them at fair value through the profit or loss. The effective interest rate method calculates the amortised cost of a financial liability and allocates interest expense to the relevant period. Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. Contingent consideration Contingent consideration, resulting from business combinations and asset acquisitions, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. Where the period between acquisition and payment is not significant, cash outflows for contingent consideration are included within cash flows from investing activities. Where the period of deferral is significant, excess payments over the fair value recognised at acquisition are recognised within cash flows from financing activities. None of the Group\u2019s contingent consideration is deemed to relate to post-acquisition remuneration. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-458": { "value": "Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-459": { "value": "Contingent consideration Contingent consideration, resulting from business combinations and asset acquisitions, is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. Where the period between acquisition and payment is not significant, cash outflows for contingent consideration are included within cash flows from investing activities. Where the period of deferral is significant, excess payments over the fair value recognised at acquisition are recognised within cash flows from financing activities. None of the Group\u2019s contingent consideration is deemed to relate to post-acquisition remuneration. ", "dimensions": { "concept": "whitbreadplc:AccountingPolicyForContingentConsideration", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-412": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Although these amounts are based on management\u2019s best estimates, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. These judgements and estimates and the underlying assumptions are reviewed regularly. The Group has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material. Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below) that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Adjusting items During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed earlier in this note. This assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. Property transaction including sale and leaseback of land During the period, the Group entered into a sale and lease transaction of a single property, comprising land and a hotel currently under construction. Under the agreement, the Group is acting as the developer of the site. As a part of the transaction, the property is being developed into a completed hotel asset via a forward funding agreement with a counterparty. The transaction\u2019s sale, development and subsequent lease contracts were all negotiated together as one commercial transaction, with the transaction prices allocated based on the negotiated position rather than standalone contracts. In relation to the land portion of the site sold, management has reviewed the criteria within IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases, concluding that a sale and leaseback for the land has occurred to the counterparty. In relation to the hotel under construction asset, management has reviewed IFRS 15, concluding that a sale for this asset has occurred to the counterparty and the building leased back in the future will be the completed hotel, not the same asset that was sold. Therefore, management has concluded that the current year sale and future lease of the completed hotel does not represent a sale and leaseback under IFRS 16. Treatment of sale and leaseback of land The land on which the hotel is being developed has been sold with Whitbread holding no rights to re-obtain the legal title. The performance obligation for the sale of land has been satisfied as defined under IFRS 15. A gain of \u00a33.1m is recognised on the sale of the land, which represents the proportion of the land assessed as having been sold and subject to leaseback at practical completion of the site sold. In assessing the gain to be recognised on the sale and leaseback transaction, management has considered the fair value of the land at the sale date against the consideration allocated for the sale of the land. Treatment for sale of hotel under construction During the period, the performance obligation associated with the sale of the hotel under construction was assessed as being satisfied such that the asset has been derecognised. Nil gain was recognised as allocated proceeds were substantially similar to the carrying value of the building. The Group is exposed to cost overruns on the development of the hotel. Due to the allocation of the transaction\u2019s proceeds to the land, net costs of \u00a31.7m have been recognised, reducing the overall transaction\u2019s gain in the reporting period as the commercial terms were negotiated together. The net gain recognised on this transaction of \u00a31.4m has been based on an assessment of the obligations completed under the terms of the agreement. Key sources of estimation uncertainty The following are the key areas of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Defined benefit pension Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. Impairment testing \u2013 Property, plant and equipment and right-of-use assets The performance of the Group\u2019s impairment review requires management to make a number of estimates. These are set out below: Identification of indicators of impairment and reversal The Group assesses each of its CGUs for indicators of impairment or reversal on an annual basis and, where there are indicators of impairment or reversal, management performs an impairment assessment. Inputs used to estimate value in use The estimate of value in use is most sensitive to the following inputs: \u2022 Five-year business plan \u2013 forecast cash flows for the initial five-year period are based on the five-year business plan, which is based on results from FY23. \u2022 Discount rate \u2013 judgement is required in estimating the weighted average cost of capital (WACC) of a typical market participant and in assessing the specific country and currency risks associated with the Group. The rate used is adjusted for the Group\u2019s gearing, including equity, borrowings and lease liabilities. \u2022 Immature sites \u2013 judgement is required to estimate the time taken for sites to reach maturity and the sites\u2019 trading level once they are mature. Methodology used to estimate fair value Fair value is determined using a range of methods, including present value techniques using assumptions consistent with the value in use calculations and market multiple techniques using externally available data. Key estimates and sensitivities for impairment of assets are disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-460": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Although these amounts are based on management\u2019s best estimates, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. These judgements and estimates and the underlying assumptions are reviewed regularly. The Group has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material. Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below) that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Adjusting items During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed earlier in this note. This assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. Property transaction including sale and leaseback of land During the period, the Group entered into a sale and lease transaction of a single property, comprising land and a hotel currently under construction. Under the agreement, the Group is acting as the developer of the site. As a part of the transaction, the property is being developed into a completed hotel asset via a forward funding agreement with a counterparty. The transaction\u2019s sale, development and subsequent lease contracts were all negotiated together as one commercial transaction, with the transaction prices allocated based on the negotiated position rather than standalone contracts. In relation to the land portion of the site sold, management has reviewed the criteria within IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases, concluding that a sale and leaseback for the land has occurred to the counterparty. In relation to the hotel under construction asset, management has reviewed IFRS 15, concluding that a sale for this asset has occurred to the counterparty and the building leased back in the future will be the completed hotel, not the same asset that was sold. Therefore, management has concluded that the current year sale and future lease of the completed hotel does not represent a sale and leaseback under IFRS 16. Treatment of sale and leaseback of land The land on which the hotel is being developed has been sold with Whitbread holding no rights to re-obtain the legal title. The performance obligation for the sale of land has been satisfied as defined under IFRS 15. A gain of \u00a33.1m is recognised on the sale of the land, which represents the proportion of the land assessed as having been sold and subject to leaseback at practical completion of the site sold. In assessing the gain to be recognised on the sale and leaseback transaction, management has considered the fair value of the land at the sale date against the consideration allocated for the sale of the land. Treatment for sale of hotel under construction During the period, the performance obligation associated with the sale of the hotel under construction was assessed as being satisfied such that the asset has been derecognised. Nil gain was recognised as allocated proceeds were substantially similar to the carrying value of the building. The Group is exposed to cost overruns on the development of the hotel. Due to the allocation of the transaction\u2019s proceeds to the land, net costs of \u00a31.7m have been recognised, reducing the overall transaction\u2019s gain in the reporting period as the commercial terms were negotiated together. The net gain recognised on this transaction of \u00a31.4m has been based on an assessment of the obligations completed under the terms of the agreement. Key sources of estimation uncertainty The following are the key areas of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Defined benefit pension Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. Impairment testing \u2013 Property, plant and equipment and right-of-use assets The performance of the Group\u2019s impairment review requires management to make a number of estimates. These are set out below: Identification of indicators of impairment and reversal The Group assesses each of its CGUs for indicators of impairment or reversal on an annual basis and, where there are indicators of impairment or reversal, management performs an impairment assessment. Inputs used to estimate value in use The estimate of value in use is most sensitive to the following inputs: \u2022 Five-year business plan \u2013 forecast cash flows for the initial five-year period are based on the five-year business plan, which is based on results from FY23. \u2022 Discount rate \u2013 judgement is required in estimating the weighted average cost of capital (WACC) of a typical market participant and in assessing the specific country and currency risks associated with the Group. The rate used is adjusted for the Group\u2019s gearing, including equity, borrowings and lease liabilities. \u2022 Immature sites \u2013 judgement is required to estimate the time taken for sites to reach maturity and the sites\u2019 trading level once they are mature. Methodology used to estimate fair value Fair value is determined using a range of methods, including present value techniques using assumptions consistent with the value in use calculations and market multiple techniques using externally available data. Key estimates and sensitivities for impairment of assets are disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-413": { "value": "
3 SEGMENT INFORMATION
The Group provides services in relation to accommodation, food and beverage both in the UK and internationally.
Management monitors the operating results of its operating segments separately for the purpose of making decisions
about allocating resources and assessing performance. Segment performance is measured based on adjusted operating
profit before joint ventures. Included within central and other in the following tables are the costs of running the public
company, other central overhead costs and share of profit from joint ventures.
3 SEGMENT INFORMATION CONTINUED
The following tables present revenue and profit information regarding business operating segments for the years ended
2 March 2023 and 3 March 2022.
REVENUE
52 weeks to 2 March 2023 53 weeks to 3 March 2022
UK &
Ireland
\u00a3m
Germany
\u00a3m
Central
and other
\u00a3m
Total
\u00a3m
UK &
Ireland
\u00a3m
Germany
\u00a3m
Central
and other
\u00a3m
Total
\u00a3m
Accommodation 1,795.0 100.1 \u2013 1,895.1 1,157.8 29.1 \u2013 1,186.9
Food, beverage and other items 712.7 17.4 \u2013 730.1 510.4 6.1 \u2013 516.5
REVENUE 2,507.7 117.5 \u2013 2,625.2 1,668.2 35.2 \u2013 1,703.4
PROFIT/(LOSS)
52 weeks to 2 March 2023 53 weeks to 3 March 2022
UK &
Ireland
\u00a3m
Germany
\u00a3m
Central
and other
\u00a3m
Total
\u00a3m
UK &
Ireland
\u00a3m
Germany
\u00a3m
Central
and other
\u00a3m
Total
\u00a3m
ADJUSTED OPERATING
PROFIT/(LOSS) BEFORE
JOINT VENTURES 616.6 (35.9) (39.5) 541.2 199.6 (15.4) (31.3) 152.9
Share of profit from joint
ventures \u2013 \u2013 2.3 2.3 \u2013 \u2013 0.4 0.4
ADJUSTED OPERATING
PROFIT/(LOSS) 616.6 (35.9) (37.2) 543.5 199.6 (15.4) (30.9) 153.3
Net finance costs (124.9) (13.8) 8.6 (130.1) (124.7) (8.5) (35.9) (169.1)
ADJUSTED PROFIT/(LOSS)
BEFORE TAX 491.7 (49.7) (28.6) 413.4 74.9 (23.9) (66.8) (15.8)
Adjusting items before tax
(Note 6) (38.5) 74.0
PROFIT BEFORE TAX 374.9 58.2
In relation to the previous year\u2019s results, adjusted operating profit/(loss) for the UK & Ireland segment included the impact
of \u00a3126.5m from Government grants whilst the German segment included the impact of \u00a344.3m. The UK & Ireland segment
includes the impact of the release of a previously held provision of \u00a34.7m. Refer to Note 9 for details.
OTHER SEGMENT
INFORMATION
52 weeks to 2 March 2023 53 weeks to 3 March 2022
UK &
Ireland
\u00a3m
Germany
\u00a3m
Central
and other
\u00a3m
Total
\u00a3m
UK &
Ireland
\u00a3m
Germany
\u00a3m
Central
and other
\u00a3m
Total
\u00a3m
Capital expenditure:
\u2003 Property, plant and equipment
and investment property \u2013
cash basis 405.9 76.1 \u2013 482.0 148.1 52.3 \u2013 200.4
\u2003 Property, plant and equipment
and investment property \u2013
accruals basis (Note 14) 430.4 73.7 \u2013 504.1 165.8 54.2 \u2013 220.0
\u2003 Intangible assets (Note 13) 36.7 0.1 \u2013 36.8 21.1 \u2013 \u2013 21.1
Cash outflows from lease
interest and payment of principal
of lease liabilities 234.0 38.6 \u2013 272.6 234.5 25.8 \u2013 260.3
Depreciation \u2013 property, plant
and equipment and investment
property (Note 14) 152.2 11.0 \u2013 163.2 148.3 9.6 \u2013 157.9
Depreciation \u2013 right-of-use
assets (Note 22) 133.6 32.2 \u2013 165.8 125.2 22.9 \u2013 148.1
Amortisation (Note 13) 16.3 0.2 \u2013 16.5 20.6 0.3 \u2013 20.9
Segment assets and liabilities are not disclosed because they are not reported to, or reviewed by, the Chief Operating
Decision Maker.
3 SEGMENT INFORMATION CONTINUED
The Group\u2019s revenue, split by country in which the legal entity resides, is as follows:
2022/23
\u00a3m
2021/22
\u00a3m
United Kingdom 2,487.7 1,661.8
Germany 117.5 35.2
Other 20.0 6.4
2,625.2 1,703.4
The Group\u2019s non-current assets
1
, split by country in which the legal entity resides, are as follows:
2023
\u00a3m
2022
\u00a3m
United Kingdom 6,869.2 6,571.3
Germany 1,216.2 1,009.1
Other 201.2 114.7
8,286.6 7,695.1
1 Non-current assets exclude derivative financial instruments and the surplus on the Group\u2019s defined benefit pension scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-463": { "value": "The Group\u2019s revenue, split by country in which the legal entity resides, is as follows: 2022/23 \u00a3m 2021/22 \u00a3m United Kingdom 2,487.7 1,661.8 Germany 117.5 35.2 Other 20.0 6.4 2,625.2 1,703.4 The Group\u2019s non-current assets 1 , split by country in which the legal entity resides, are as follows: 2023 \u00a3m 2022 \u00a3m United Kingdom 6,869.2 6,571.3 Germany 1,216.2 1,009.1 Other 201.2 114.7 8,286.6 7,695.1 1 Non-current assets exclude derivative financial instruments and the surplus on the Group\u2019s defined benefit pension scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-414": { "value": "4 OTHER INCOME An analysis of the Group\u2019s other income is as follows: 2022/23 \u00a3m 2021/22 \u00a3m Rental income 3.1 7.9 Government grants 1 (Note 9) 4.7 113.8 Other 0.2 0.7 OTHER INCOME BEFORE ADJUSTING ITEMS 8.0 122.4 Legal claim settlement (Note 6) 4.7 \u2013 VAT settlement (Note 6) \u2013 8.7 OTHER INCOME 12.7 131.1 1 \u00a34.7m has been released from a previously held provision relating to Government grants. Refer to Note 9 for details. 5 OPERATING COSTS 2022/23 \u00a3m 2021/22 \u00a3m Cost of inventories recognised as an expense 1 229.0 146.6 Employee benefits expense 2 (Note 7) 784.3 678.9 Amortisation of intangible assets (Note 13) 16.5 20.9 Depreciation \u2013 property, plant and equipment and investment property (Note 14) 163.2 1 57.9 Depreciation \u2013 right-of-use assets (Note 22) 165.8 148.1 Utilities 117.2 87.8 Rates 125.0 71.2 Other site property costs 384.3 27 7.3 Variable lease payment expense (Note 22) 2.1 0.3 Net foreign exchange (gain)/loss (2.1) 2.1 Other operating charges 2 105.2 80.0 Adjusting operating costs 2 (Note 6) 43.2 (65.3) 2,133.7 1,605.8 1 Cost of inventories recognised as an expense includes \u00a36.7m (2021/22: \u00a36.1m) of inventory write downs recorded during the year. 2 Adjusting operating costs includes a charge for net impairments of \u00a333.4m (2021/22: credit of \u00a336.2m), a charge of \u00a39.8m (2021/22: credit of \u00a328.8m) relating to other operating charges and a charge of \u00a30.5m (2021/22: credit of \u00a30.3m) relating to employee benefit expenses (see Note 7). 5 OPERATING COSTS CONTINUED Fees paid to the Group\u2019s auditor during the year consisted of: 2022/23 \u00a3m 2021/22 \u00a3m Audit of the Group\u2019s financial statements 1.2 1.0 Audit of the Group\u2019s subsidiaries 0.6 0.6 TOTAL AUDIT FEES 1.8 1.6 Audit-related assurance 0.1 0.1 Other non-audit fees \u2013 \u2013 TOTAL NON-AUDIT FEES 0.1 0.1 INCLUDED IN OTHER OPERATING CHARGES 1.9 1.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-461": { "value": "4 OTHER INCOME An analysis of the Group\u2019s other income is as follows: 2022/23 \u00a3m 2021/22 \u00a3m Rental income 3.1 7.9 Government grants 1 (Note 9) 4.7 113.8 Other 0.2 0.7 OTHER INCOME BEFORE ADJUSTING ITEMS 8.0 122.4 Legal claim settlement (Note 6) 4.7 \u2013 VAT settlement (Note 6) \u2013 8.7 OTHER INCOME 12.7 131.1 1 \u00a34.7m has been released from a previously held provision relating to Government grants. Refer to Note 9 for details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-462": { "value": "5 OPERATING COSTS 2022/23 \u00a3m 2021/22 \u00a3m Cost of inventories recognised as an expense 1 229.0 146.6 Employee benefits expense 2 (Note 7) 784.3 678.9 Amortisation of intangible assets (Note 13) 16.5 20.9 Depreciation \u2013 property, plant and equipment and investment property (Note 14) 163.2 1 57.9 Depreciation \u2013 right-of-use assets (Note 22) 165.8 148.1 Utilities 117.2 87.8 Rates 125.0 71.2 Other site property costs 384.3 27 7.3 Variable lease payment expense (Note 22) 2.1 0.3 Net foreign exchange (gain)/loss (2.1) 2.1 Other operating charges 2 105.2 80.0 Adjusting operating costs 2 (Note 6) 43.2 (65.3) 2,133.7 1,605.8 1 Cost of inventories recognised as an expense includes \u00a36.7m (2021/22: \u00a36.1m) of inventory write downs recorded during the year. 2 Adjusting operating costs includes a charge for net impairments of \u00a333.4m (2021/22: credit of \u00a336.2m), a charge of \u00a39.8m (2021/22: credit of \u00a328.8m) relating to other operating charges and a charge of \u00a30.5m (2021/22: credit of \u00a30.3m) relating to employee benefit expenses (see Note 7). 5 OPERATING COSTS CONTINUED Fees paid to the Group\u2019s auditor during the year consisted of: 2022/23 \u00a3m 2021/22 \u00a3m Audit of the Group\u2019s financial statements 1.2 1.0 Audit of the Group\u2019s subsidiaries 0.6 0.6 TOTAL AUDIT FEES 1.8 1.6 Audit-related assurance 0.1 0.1 Other non-audit fees \u2013 \u2013 TOTAL NON-AUDIT FEES 0.1 0.1 INCLUDED IN OTHER OPERATING CHARGES 1.9 1.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-482": { "value": "Fees paid to the Group\u2019s auditor during the year consisted of: 2022/23 \u00a3m 2021/22 \u00a3m Audit of the Group\u2019s financial statements 1.2 1.0 Audit of the Group\u2019s subsidiaries 0.6 0.6 TOTAL AUDIT FEES 1.8 1.6 Audit-related assurance 0.1 0.1 Other non-audit fees \u2013 \u2013 TOTAL NON-AUDIT FEES 0.1 0.1 INCLUDED IN OTHER OPERATING CHARGES 1.9 1.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-415": { "value": "
6 ADJUSTING ITEMS
As set out in the policy in Note 2, we use a range of measures to monitor the financial performance of the Group. These
measures include both statutory measures in accordance with IFRS and APMs which are consistent with the way that
the business performance is measured internally. We report adjusted measures because we believe they provide both
management and investors with useful additional information about the financial performance of the Group\u2019s businesses.
Adjusted measures of profitability represent the equivalent IFRS measures adjusted for specific items that we consider
hinder the comparison of the financial performance of the Group\u2019s businesses either from one period to another or with
other similar businesses.
2022/23
\u00a3m
2021/22
\u00a3m
ADJUSTING ITEMS WERE AS FOLLOWS:
Other income:
VAT settlement
1
\u2013 8.7
Legal claim settlement
2
4.7 \u2013
ADJUSTING OTHER INCOME 4.7 8.7
Operating costs:
Net impairment (charges)/reversals \u2013 property, plant and equipment and right-of-use assets
3
(33.4) 36.2
UK restructuring
4
\u2013 0.3
Net gains on disposals, property and other provisions
5
4.0 28.8
Strategic IT programme costs
6
(13.8) \u2013
ADJUSTING OPERATING COSTS (43.2) 65.3
ADJUSTING ITEMS BEFORE TAX (38.5) 74.0
Tax on adjusting items (1.1) (13.3)
Impact of change in tax rates (9.8) (13.1)
ADJUSTING TAX EXPENSE (10.9) (26.4)
6 ADJUSTING ITEMS CONTINUED
1 During 2021/22, HMRC confirmed it would not appeal the ruling of the First Tier Tribunal in the case of Rank Group plc that VAT was incorrectly applied to revenues
earned from certain gaming machines from 2006 to 2013. The Group has submitted claims for the repayment of overpaid VAT amounting to \u00a38.7m which are
substantially similar.
2 During the year, the Group received a settlement of \u00a34.7m in relation to a legal claim made against a payment card scheme provider.
3 During the year, the Group identified impairment indicators and indicators of impairment reversals relating to assets held by the Group both at the half-year end
date and at the year-end date. An impairment review of those assets was undertaken, resulting in adjusting net impairment charges of \u00a330.1m. This is made up of
impairment charges on trading sites of \u00a385.0m (\u00a376.1m relating to property, plant and equipments and \u00a38.9m relating to right-of-use assets) offset by impairment
reversals of \u00a354.9m (\u00a335.5m relating to property, plant and equipment and \u00a319.4m relating to right-of-use assets). In addition, impairment charges of \u00a33.3m have been
recorded in relation to assets held for sale during the year. This brings the total adjusting net impairment charges to \u00a333.4m within operating costs. Further information
is provided in Note 15.
During 2021/22, a total net impairment reversal of \u00a342.0m was recorded, made up of \u00a310.5m of impairment charges on trading sites (\u00a310.1m relating to property, plant
and equipment and \u00a30.4m relating to right-of-use assets), offset by impairment reversals of \u00a352.5m (\u00a330.4m relating to property, plant and equipment and \u00a322.1m
relating to right-of-use assets). In addition, an impairment charge of \u00a35.8m was recorded in relation to assets classified as held for sale. This brings the total adjusting
net impairment reversals to \u00a336.2m within operating costs.
4 During 2021/22, the Group released the remaining provision of \u00a30.3m following the completion of its restructuring of the Support Centre and site operations after it
had recognised redundancy and project costs of \u00a312.1m during 2020/21.
5 During the year, the Group entered into a sale and lease transaction of land and a hotel currently under construction. As a result of this transaction, the Group received
proceeds of \u00a346.4m and recognised a net gain of \u00a31.4m. The completed hotel and land will be leased back at practical completion to the Group. In addition, the Group
increased its property related provision by \u00a30.4m and made a profit on other property disposals of \u00a33.0m.
During 2021/22, the Group disposed of a single property as part of a sale and leaseback transaction for gross proceeds of \u00a340.0m. A profit on disposal of \u00a327.5m was
recognised on disposal of the property. In addition, during 2021/22, the Group made a profit on other property disposals of \u00a35.7m and recognised other provisions of
\u00a34.4m relating to historic indirect tax matters.
6 During the year, the Group has assessed the presentation of costs incurred in relation to the current and future strategic IT programme implementations.
The programmes currently scheduled include the Group\u2019s Hotel Management System and HR & Payroll System. These represent significant business change costs for
the Group rather than replacements of IT systems with Software as a Service (SaaS). The start date of these projects varies and as such we expect costs to be incurred
within this category over the next few financial years, with their strategic benefit seen as lasting multiple years. At this time, the Group expects to incur costs relating
to the Group\u2019s Hotel Management System and HR & Payroll System presented within adjusting items across future financial years as follows; during the financial year
ended 2024 between \u00a315.0m and \u00a325.0m, during the financial year ended 2025 between \u00a315.0m and \u00a325.0m and during the financial year ended 2026 up to \u00a35.0m.
", "dimensions": { "concept": "whitbreadplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-416": { "value": "
7 EMPLOYEE BENEFITS EXPENSE
2022/23
\u00a3m
2021/22
\u00a3m
Wages and salaries 716.1 621.0
Social security costs 55.4 46.7
Defined contribution pension costs 12.8 11.2
784.3 678.9
The amounts above exclude adjusting items. Wages and salaries excludes a charge of \u00a30.5m this year relating to the
Strategic IT programme costs (2021/22: credit of \u00a30.3m relating to the restructuring of Group\u2019s operations).
Included in wages and salaries is a share-based payments expense of \u00a317.7m (2021/22: \u00a312.9m), which arises from
transactions accounted for as equity-settled share-based payments.
7 EMPLOYEE BENEFITS EXPENSE CONTINUED
Employee costs are split between hourly paid and salaried employees as below:
2022/23
\u00a3m
2021/22
\u00a3m
Employee costs \u2013 hourly paid 520.1 440.3
Employee costs \u2013 salaried 264.2 238.6
784.3 678.9
Average number of employees directly employed
2022/23
Number
2021/22
Number
UK & Ireland 37,865 33,546
Germany 1,139 782
39,004 34,328
Employees of joint ventures are excluded from the numbers above.
Directors\u2019 remuneration is disclosed below:
2022/23
\u00a3m
2021/22
\u00a3m
Directors\u2019 remuneration 4.8 3.8
Aggregate contributions to the defined contribution pension scheme \u2013 \u2013
Aggregate gains on the exercise of share options 1.0 1.2
The number of directors accruing benefits under the defined benefit pension scheme were nil (2021/22: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-417": { "value": "8 FINANCE (COSTS)/INCOME 2022/23 \u00a3m 2021/22 \u00a3m FINANCE COSTS Interest on bank loans and overdrafts (5.1) (7.4) Interest on other loans (24.3) (30.0) Interest on lease liabilities (Note 22) (138.7) (133.2) Interest capitalised (Note 14) 2.5 0.9 Unwinding of discount on contingent consideration (Note 26) (0.2) (1.4) Impact of ineffective portion of cash flow and cost of hedging (Note 25) (1.1) (2.5) (166.9) (173.6) FINANCE INCOME Bank interest receivable 23.2 0.7 Other interest receivable \u2013 0.2 IAS 19 pension net finance income (Note 32) 13.6 3.6 36.8 4.5 TOTAL NET FINANCE COSTS (130.1) (169.1) Net finance costs includes \u00a3165.6m (2021/22: \u00a3169.7m) finance costs and \u00a323.2m (2021/22: \u00a30.9m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-483": { "value": "8 FINANCE (COSTS)/INCOME 2022/23 \u00a3m 2021/22 \u00a3m FINANCE COSTS Interest on bank loans and overdrafts (5.1) (7.4) Interest on other loans (24.3) (30.0) Interest on lease liabilities (Note 22) (138.7) (133.2) Interest capitalised (Note 14) 2.5 0.9 Unwinding of discount on contingent consideration (Note 26) (0.2) (1.4) Impact of ineffective portion of cash flow and cost of hedging (Note 25) (1.1) (2.5) (166.9) (173.6) FINANCE INCOME Bank interest receivable 23.2 0.7 Other interest receivable \u2013 0.2 IAS 19 pension net finance income (Note 32) 13.6 3.6 36.8 4.5 TOTAL NET FINANCE COSTS (130.1) (169.1) Net finance costs includes \u00a3165.6m (2021/22: \u00a3169.7m) finance costs and \u00a323.2m (2021/22: \u00a30.9m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-464": { "value": "8 FINANCE (COSTS)/INCOME 2022/23 \u00a3m 2021/22 \u00a3m FINANCE COSTS Interest on bank loans and overdrafts (5.1) (7.4) Interest on other loans (24.3) (30.0) Interest on lease liabilities (Note 22) (138.7) (133.2) Interest capitalised (Note 14) 2.5 0.9 Unwinding of discount on contingent consideration (Note 26) (0.2) (1.4) Impact of ineffective portion of cash flow and cost of hedging (Note 25) (1.1) (2.5) (166.9) (173.6) FINANCE INCOME Bank interest receivable 23.2 0.7 Other interest receivable \u2013 0.2 IAS 19 pension net finance income (Note 32) 13.6 3.6 36.8 4.5 TOTAL NET FINANCE COSTS (130.1) (169.1) Net finance costs includes \u00a3165.6m (2021/22: \u00a3169.7m) finance costs and \u00a323.2m (2021/22: \u00a30.9m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-418": { "value": "9 GOVERNMENT GRANTS AND ASSISTANCE During the year, the Group submitted its German Bridge Aid III Plus and IV claims, for which it received net cash of \u00a317.3m. These amounts were recognised in the 2021/22 year for costs the Group incurred from July 2021 to January 2022. No further claims for COVID-related Government support were made in the UK or in Germany, and hence the Group has not recognised any amounts for COVID-related Government support during this financial year. A provision being held in relation to any potential repayments required in respect of the interpretations and assumptions made by Whitbread for UK Coronavirus Job Retention Scheme claims was released during FY23 as management is satisfied that no repayments are required following completion of an HMRC review. This has resulted in a credit to the consolidated income statement of \u00a34.7m as shown below. During the previous year, the Group had claimed Government support designed to mitigate the impact of COVID-19. Grants recognised in the previous year and the provision released in the current year by type are shown below: 2022/23 \u00a3m 2021/22 \u00a3m Release of provisions previously made relating to Government grant claims 4.7 \u2013 UK Coronavirus Job Retention Scheme \u2013 61.7 Ireland Employment Wage Subsidy Scheme \u2013 0.2 Jersey Co-Funded Payroll Scheme \u2013 0.1 UK Hospitality and Leisure Grant \u2013 8.2 German Fixed Cost Grant \u2013 43.3 German Kurzarbeit Scheme \u2013 compensation for social security payments \u2013 0.3 INCLUDED IN OTHER INCOME 4.7 113.8 The Group benefited from the following schemes which led to savings in operating costs: 2022/23 \u00a3m 2021/22 \u00a3m German Kurzarbeit Scheme \u2013 employees support \u2013 0.7 UK Business Rate Relief \u2013 56.3 REDUCTION IN OPERATING COSTS \u2013 57.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-419": { "value": "10 TAXATION CONSOLIDATED INCOME STATEMENT 2022/23 \u00a3m 2021/22 \u00a3m Current tax: Current tax expense 35.3 \u2013 Adjustments in respect of previous periods 0.7 (1.0) 36.0 (1.0) Deferred tax: Origination and reversal of temporary differences 51.5 16.5 Effect of in-year rate differential/change in tax rates 9.8 13.1 Adjustments in respect of previous periods (1.2) (12.9) 60.1 16.7 TAX REPORTED IN THE CONSOLIDATED INCOME STATEMENT 96.1 15.7 In relation to the previous year, the adjustments in respect of previous periods arose mainly due to a reassessment of deferred tax on property, plant and equipment. 10 TAXATION CONTINUED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 2022/23 \u00a3m 2021/22 \u00a3m Current tax: Defined benefit pension scheme (0.7) 2.3 Deferred tax: Cash flow hedges \u2013 0.5 Tax on net (loss)/gain on hedge of a net investment (2.1) 0.8 Tax on exchange differences on translation of foreign operations 4.0 (2.7) Defined benefit pension scheme (54.7) 88.0 (52.8) 86.6 TAX REPORTED IN OTHER COMPREHENSIVE INCOME (53.5) 88.9 A reconciliation of the tax expenses/(credit) applicable to adjusted profit/(loss) before tax and profit before tax at the statutory tax rate, to the actual tax expense at the Group\u2019s effective tax rate, for the years ended 2 March 2023 and 3 March 2022 respectively is set out below. All items have been tax effected at the UK statutory rate of 19%, with the exception of the effect of unrecognised losses in overseas companies, which has been tax effected at the statutory rate in the relevant jurisdictions with an adjustment to account for the differential tax rates included in the effect of different tax rates. 2022/23 2021/22 Tax on adjusted profit \u00a3m Tax on profit \u00a3m Tax on adjusted loss \u00a3m Tax on profit \u00a3m PROFIT/(LOSS) BEFORE TAX AS REPORTED IN THE CONSOLIDATED INCOME STATEMENT 413.4 374.9 (15.8) 58.2 Tax at current UK tax rate of 19% (2021/22: 19%) 78.5 71.2 (3.0) 11.1 Effect of different tax rates (7.5) (11.5) (3.8) (3.8) Unrecognised losses in overseas companies 19.5 29.4 11.8 11.8 Effect of super deduction in respect of tax relief for fixed assets (4.5) (4.5) (2.7) (2.7) Expenditure not allowable 2.4 1.4 3.6 1.9 Adjustments to current tax expense in respect of previous years 0.7 0.7 (1.0) (1.0) Adjustments to deferred tax expense in respect of previous years (1.2) (1.2) (13.8) (12.9) Impact of deferred tax in respect of sale and lease transaction (Note 6) \u2013 3.4 \u2013 \u2013 Impact of deferred tax being at a different rate from current tax rate \u2013 9.8 \u2013 13.1 Other movements (2.7) (2.6) (1.8) (1.8) TAX EXPENSE/(CREDIT) REPORTED IN THE CONSOLIDATED INCOME STATEMENT 85.2 96.1 (10.7) 15.7 10 TAXATION CONTINUED Deferred tax The major deferred tax (liabilities)/assets recognised by the Group and movement during the current and prior financial years are as follows: Accelerated capital allowances \u00a3m Rolled over gains and property revaluations \u00a3m Pensions \u00a3m Leases \u00a3m Losses \u00a3m Other 3 \u00a3m Total \u00a3m AT 25 FEBRUARY 2021 (44.2) (57.8) (62.5) 36.0 83.7 0.2 (44.6) (Expense)/credit to consolidated income statement (28.3) (34.7) (15.4) 12.6 53.7 (4.6) (16.7) (Expense)/credit to statement of comprehensive income \u2013 \u2013 (88.0) \u2013 1.9 (0.5) (86.6) Expense to statement of changes in equity \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) (0.3) Foreign exchange and other movements \u2013 \u2013 \u2013 0.1 \u2013 (2.5) (2.4) AT 3 MARCH 2022 (72.5) (92.5) (165.9) 48.7 139.3 (7.7) (150.6) (Expense)/credit to consolidated income statement 1 (14.7) (2.1) (5.2) (3.3) (39.9) 5.1 (60.1) Credit/(expense) to statement of comprehensive income 2 \u2013 \u2013 54.7 \u2013 (1.9) \u2013 52.8 Expense to statement of changes in equity \u2013 \u2013 \u2013 \u2013 \u2013 0.1 0.1 Foreign exchange and other movements \u2013 0.8 \u2013 (1.1) \u2013 (0.1) (0.4) AT 2 MARCH 2023 (87.2) (93.8) (116.4) 44.3 97.5 (2.6) (158.2) 1 The total charge to the consolidated income statement of \u00a360.1m (2022: \u00a316.7m) relates largely to the utilisation of tax losses carried forward in the period \u00a333.0m and accelerated capital allowances arising from super deduction relief \u00a315.0m (2022: comprises a rate change charge of \u00a313.1m), these being the largest components of the net charge. 2 The total credit to other comprehensive income of \u00a352.8m (2022: charge of \u00a386.6m) relates predominantly to a net deferred tax credit on defined benefit pension scheme movements through other comprehensive income \u00a354.7m (2022: charge of \u00a388.0m). 3 The Other category includes a deferred tax liability of \u00a312.5m (2022: \u00a312.4m) in respect of capitalised interest and a deferred tax asset of \u00a37.1m (2022: \u00a34.0m) in respect of share-based payments. The Group recognises UK deferred tax assets to the extent that taxable profits will be available to utilise deductible temporary differences or unused tax losses. At 2 March 2023, no UK deferred asset is unrecognised (2022: \u00a3nil). The Group has unrecognised German tax losses of \u00a3199.9m (2022: \u00a3128.2m) which can be carried forward indefinitely and offset against future taxable profits in the same tax group. The Group carries out an assessment of the recoverability of these losses for each reporting period and, to the extent that they exceed deferred tax liabilities within the same tax group, does not deem it is appropriate at this stage to recognise any deferred tax asset. Recognition of these assets in their entirety would result in an increase in the reported deferred tax asset of \u00a363.8m (2022: \u00a340.9m). The impact on the effective tax rate from the non-recognition of these assets in the current year is 6.1% (2022: 23.8%). At 2 March 2023, no deferred asset is recognised (2022: \u00a3nil) on gross temporary differences of \u00a311.1m (2022: \u00a313.9m) relating to the accumulated losses of other international subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Tax relief on total interest capitalised amounts to \u00a30.5m (2021/22: \u00a30.2m). Factors affecting the tax charge for future years The UK Budget 2021 announcement on 3 March 2021 included an increase to the UK\u2019s main corporation tax rate to 25%, effective from 1 April 2023. This was substantively enacted in May 2021 and remains the position at the signing of these financial statements. As such, the Group continues to estimate that all UK deferred tax balances expected to be utilised or crystallise after 1 April 2023 should be recognised at the rate of 25%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-465": { "value": "10 TAXATION CONSOLIDATED INCOME STATEMENT 2022/23 \u00a3m 2021/22 \u00a3m Current tax: Current tax expense 35.3 \u2013 Adjustments in respect of previous periods 0.7 (1.0) 36.0 (1.0) Deferred tax: Origination and reversal of temporary differences 51.5 16.5 Effect of in-year rate differential/change in tax rates 9.8 13.1 Adjustments in respect of previous periods (1.2) (12.9) 60.1 16.7 TAX REPORTED IN THE CONSOLIDATED INCOME STATEMENT 96.1 15.7 In relation to the previous year, the adjustments in respect of previous periods arose mainly due to a reassessment of deferred tax on property, plant and equipment. 10 TAXATION CONTINUED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 2022/23 \u00a3m 2021/22 \u00a3m Current tax: Defined benefit pension scheme (0.7) 2.3 Deferred tax: Cash flow hedges \u2013 0.5 Tax on net (loss)/gain on hedge of a net investment (2.1) 0.8 Tax on exchange differences on translation of foreign operations 4.0 (2.7) Defined benefit pension scheme (54.7) 88.0 (52.8) 86.6 TAX REPORTED IN OTHER COMPREHENSIVE INCOME (53.5) 88.9 A reconciliation of the tax expenses/(credit) applicable to adjusted profit/(loss) before tax and profit before tax at the statutory tax rate, to the actual tax expense at the Group\u2019s effective tax rate, for the years ended 2 March 2023 and 3 March 2022 respectively is set out below. All items have been tax effected at the UK statutory rate of 19%, with the exception of the effect of unrecognised losses in overseas companies, which has been tax effected at the statutory rate in the relevant jurisdictions with an adjustment to account for the differential tax rates included in the effect of different tax rates. 2022/23 2021/22 Tax on adjusted profit \u00a3m Tax on profit \u00a3m Tax on adjusted loss \u00a3m Tax on profit \u00a3m PROFIT/(LOSS) BEFORE TAX AS REPORTED IN THE CONSOLIDATED INCOME STATEMENT 413.4 374.9 (15.8) 58.2 Tax at current UK tax rate of 19% (2021/22: 19%) 78.5 71.2 (3.0) 11.1 Effect of different tax rates (7.5) (11.5) (3.8) (3.8) Unrecognised losses in overseas companies 19.5 29.4 11.8 11.8 Effect of super deduction in respect of tax relief for fixed assets (4.5) (4.5) (2.7) (2.7) Expenditure not allowable 2.4 1.4 3.6 1.9 Adjustments to current tax expense in respect of previous years 0.7 0.7 (1.0) (1.0) Adjustments to deferred tax expense in respect of previous years (1.2) (1.2) (13.8) (12.9) Impact of deferred tax in respect of sale and lease transaction (Note 6) \u2013 3.4 \u2013 \u2013 Impact of deferred tax being at a different rate from current tax rate \u2013 9.8 \u2013 13.1 Other movements (2.7) (2.6) (1.8) (1.8) TAX EXPENSE/(CREDIT) REPORTED IN THE CONSOLIDATED INCOME STATEMENT 85.2 96.1 (10.7) 15.7 10 TAXATION CONTINUED Deferred tax The major deferred tax (liabilities)/assets recognised by the Group and movement during the current and prior financial years are as follows: Accelerated capital allowances \u00a3m Rolled over gains and property revaluations \u00a3m Pensions \u00a3m Leases \u00a3m Losses \u00a3m Other 3 \u00a3m Total \u00a3m AT 25 FEBRUARY 2021 (44.2) (57.8) (62.5) 36.0 83.7 0.2 (44.6) (Expense)/credit to consolidated income statement (28.3) (34.7) (15.4) 12.6 53.7 (4.6) (16.7) (Expense)/credit to statement of comprehensive income \u2013 \u2013 (88.0) \u2013 1.9 (0.5) (86.6) Expense to statement of changes in equity \u2013 \u2013 \u2013 \u2013 \u2013 (0.3) (0.3) Foreign exchange and other movements \u2013 \u2013 \u2013 0.1 \u2013 (2.5) (2.4) AT 3 MARCH 2022 (72.5) (92.5) (165.9) 48.7 139.3 (7.7) (150.6) (Expense)/credit to consolidated income statement 1 (14.7) (2.1) (5.2) (3.3) (39.9) 5.1 (60.1) Credit/(expense) to statement of comprehensive income 2 \u2013 \u2013 54.7 \u2013 (1.9) \u2013 52.8 Expense to statement of changes in equity \u2013 \u2013 \u2013 \u2013 \u2013 0.1 0.1 Foreign exchange and other movements \u2013 0.8 \u2013 (1.1) \u2013 (0.1) (0.4) AT 2 MARCH 2023 (87.2) (93.8) (116.4) 44.3 97.5 (2.6) (158.2) 1 The total charge to the consolidated income statement of \u00a360.1m (2022: \u00a316.7m) relates largely to the utilisation of tax losses carried forward in the period \u00a333.0m and accelerated capital allowances arising from super deduction relief \u00a315.0m (2022: comprises a rate change charge of \u00a313.1m), these being the largest components of the net charge. 2 The total credit to other comprehensive income of \u00a352.8m (2022: charge of \u00a386.6m) relates predominantly to a net deferred tax credit on defined benefit pension scheme movements through other comprehensive income \u00a354.7m (2022: charge of \u00a388.0m). 3 The Other category includes a deferred tax liability of \u00a312.5m (2022: \u00a312.4m) in respect of capitalised interest and a deferred tax asset of \u00a37.1m (2022: \u00a34.0m) in respect of share-based payments. The Group recognises UK deferred tax assets to the extent that taxable profits will be available to utilise deductible temporary differences or unused tax losses. At 2 March 2023, no UK deferred asset is unrecognised (2022: \u00a3nil). The Group has unrecognised German tax losses of \u00a3199.9m (2022: \u00a3128.2m) which can be carried forward indefinitely and offset against future taxable profits in the same tax group. The Group carries out an assessment of the recoverability of these losses for each reporting period and, to the extent that they exceed deferred tax liabilities within the same tax group, does not deem it is appropriate at this stage to recognise any deferred tax asset. Recognition of these assets in their entirety would result in an increase in the reported deferred tax asset of \u00a363.8m (2022: \u00a340.9m). The impact on the effective tax rate from the non-recognition of these assets in the current year is 6.1% (2022: 23.8%). At 2 March 2023, no deferred asset is recognised (2022: \u00a3nil) on gross temporary differences of \u00a311.1m (2022: \u00a313.9m) relating to the accumulated losses of other international subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Tax relief on total interest capitalised amounts to \u00a30.5m (2021/22: \u00a30.2m). Factors affecting the tax charge for future years The UK Budget 2021 announcement on 3 March 2021 included an increase to the UK\u2019s main corporation tax rate to 25%, effective from 1 April 2023. This was substantively enacted in May 2021 and remains the position at the signing of these financial statements. As such, the Group continues to estimate that all UK deferred tax balances expected to be utilised or crystallise after 1 April 2023 should be recognised at the rate of 25%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-420": { "value": "11 EARNINGS PER SHARE The basic earnings per share (EPS) figures are calculated by dividing the net profit/(loss) for the year attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the year after deducting treasury shares and shares held by an independently managed employee share ownership trust (ESOT). The diluted earnings per share figures allow for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Where the average share price for the period is lower than the option price, the options become anti-dilutive and are excluded from the calculation. There are 1.0m (2022: 0.7m) shares options excluded from the diluted earnings per share calculation because they would be anti-dilutive. The numbers of shares used for the earnings per share calculations are as follows: 2022/23 million 2021/22 million Basic weighted average number of ordinary shares 201.5 201.9 Effect of dilution \u2013 share options 1.3 1.0 DILUTED WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES 202.8 202.9 The total number of shares in issue at the year-end, as used in the calculation of the basic weighted average number of ordinary shares, was 214.6m, less 12.5m treasury shares held by Whitbread PLC and 1.2m held by the ESOT (2022: 214.5m, less 12.5m treasury shares held by Whitbread PLC and 0.2m held by the ESOT). The profits/(losses) used for the earnings per share calculations are as follows: 2022/23 \u00a3m 2021/22 \u00a3m PROFIT FOR THE YEAR ATTRIBUTABLE TO PARENT SHAREHOLDERS 278.8 42.5 Adjusting items before tax (Note 6) 38.5 (74.0) Adjusting tax expense (Note 6) 10.9 26.4 ADJUSTED PROFIT/(LOSS) FOR THE YEAR ATTRIBUTABLE TO PARENT SHAREHOLDERS 328.2 (5.1) 2022/23 pence 2021/22 pence BASIC EPS ON PROFIT FOR THE YEAR 138.4 21.1 Adjusting items before tax 19.1 (36.7) Adjusting tax expense 5.4 13.1 BASIC EPS ON ADJUSTED PROFIT/(LOSS) FOR THE YEAR 162.9 (2.5) DILUTED EPS ON PROFIT FOR THE YEAR 137.5 20.9 DILUTED EPS ON ADJUSTED PROFIT/(LOSS) FOR THE YEAR 161.8 (2.5) ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-421": { "value": "12 DIVIDENDS PAID AND PROPOSED 2022/23 2021/22 pence per share \u00a3m pence per share \u00a3m Final dividend, proposed and paid, relating to the prior year 34.70 70.1 \u2013 \u2013 Interim dividend, proposed and paid, for the current year 24.40 49.0 \u2013 \u2013 TOTAL EQUITY DIVIDENDS PAID IN THE YEAR 119.1 \u2013 Dividends on other shares: B share dividend \u2013 \u2013 0.30 \u2013 C share dividend 1.00 \u2013 \u2013 \u2013 \u2013 TOTAL DIVIDENDS PAID 119.1 \u2013 Proposed for approval at annual general meeting: Final equity dividend for the current year 49.80 100.0 34.70 70.0 A final dividend of 49.80p per share amounting to a dividend of \u00a3100.0m was recommended by the directors at their meeting on 24 April 2023. A dividend reinvestment plan (DRIP) alternative will be offered. The proposed final dividend is subject to approval by shareholders at the annual general meeting and has not been included as a liability in these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-422": { "value": "13 INTANGIBLE ASSETS Goodwill \u00a3m IT software and technology \u00a3m Total \u00a3m COST At 25 February 2021 350.1 110.0 460.1 Additions \u2013 21.1 21.1 Assets written off \u2013 (10.8) (10.8) Foreign currency translation \u2013 (0.1) (0.1) AT 3 MARCH 2022 350.1 120.2 470.3 Additions \u2013 36.8 36.8 Assets written off \u2013 (10.5) (10.5) Foreign currency translation \u2013 0.2 0.2 AT 2 MARCH 2023 350.1 146.7 496.8 AMORTISATION AND IMPAIRMENT At 25 February 2021 (239.6) (61.4) (301.0) Amortisation during the year \u2013 (20.9) (20.9) Amortisation on assets written off \u2013 10.8 10.8 Foreign currency translation \u2013 0.1 0.1 AT 3 MARCH 2022 (239.6) (71.4) (311.0) Amortisation during the year \u2013 (16.5) (16.5) Amortisation on assets written off \u2013 10.5 10.5 Foreign currency translation \u2013 (0.2) (0.2) AT 2 MARCH 2023 (239.6) (77.6) (317.2) NET BOOK VALUE AT 2 MARCH 2023 110.5 69.1 179.6 NET BOOK VALUE AT 3 MARCH 2022 110.5 48.8 159.3 Other than goodwill, there are no intangible assets with indefinite lives. IT software and technology assets, which are made up entirely of internally generated assets, have been assessed as having finite lives and are amortised under the straight-line method over periods ranging from three to ten years from the date the asset became fully operational. Note 15 contains details of the impairment review conducted on goodwill as at the year-end date. Capital expenditure commitments Capital expenditure commitments in relation to intangible assets at the year-end amounted to \u00a37.7m (2022: \u00a37.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-484": { "value": "13 INTANGIBLE ASSETS Goodwill \u00a3m IT software and technology \u00a3m Total \u00a3m COST At 25 February 2021 350.1 110.0 460.1 Additions \u2013 21.1 21.1 Assets written off \u2013 (10.8) (10.8) Foreign currency translation \u2013 (0.1) (0.1) AT 3 MARCH 2022 350.1 120.2 470.3 Additions \u2013 36.8 36.8 Assets written off \u2013 (10.5) (10.5) Foreign currency translation \u2013 0.2 0.2 AT 2 MARCH 2023 350.1 146.7 496.8 AMORTISATION AND IMPAIRMENT At 25 February 2021 (239.6) (61.4) (301.0) Amortisation during the year \u2013 (20.9) (20.9) Amortisation on assets written off \u2013 10.8 10.8 Foreign currency translation \u2013 0.1 0.1 AT 3 MARCH 2022 (239.6) (71.4) (311.0) Amortisation during the year \u2013 (16.5) (16.5) Amortisation on assets written off \u2013 10.5 10.5 Foreign currency translation \u2013 (0.2) (0.2) AT 2 MARCH 2023 (239.6) (77.6) (317.2) NET BOOK VALUE AT 2 MARCH 2023 110.5 69.1 179.6 NET BOOK VALUE AT 3 MARCH 2022 110.5 48.8 159.3 Other than goodwill, there are no intangible assets with indefinite lives. IT software and technology assets, which are made up entirely of internally generated assets, have been assessed as having finite lives and are amortised under the straight-line method over periods ranging from three to ten years from the date the asset became fully operational. Note 15 contains details of the impairment review conducted on goodwill as at the year-end date. Capital expenditure commitments Capital expenditure commitments in relation to intangible assets at the year-end amounted to \u00a37.7m (2022: \u00a37.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-466": { "value": "13 INTANGIBLE ASSETS Goodwill \u00a3m IT software and technology \u00a3m Total \u00a3m COST At 25 February 2021 350.1 110.0 460.1 Additions \u2013 21.1 21.1 Assets written off \u2013 (10.8) (10.8) Foreign currency translation \u2013 (0.1) (0.1) AT 3 MARCH 2022 350.1 120.2 470.3 Additions \u2013 36.8 36.8 Assets written off \u2013 (10.5) (10.5) Foreign currency translation \u2013 0.2 0.2 AT 2 MARCH 2023 350.1 146.7 496.8 AMORTISATION AND IMPAIRMENT At 25 February 2021 (239.6) (61.4) (301.0) Amortisation during the year \u2013 (20.9) (20.9) Amortisation on assets written off \u2013 10.8 10.8 Foreign currency translation \u2013 0.1 0.1 AT 3 MARCH 2022 (239.6) (71.4) (311.0) Amortisation during the year \u2013 (16.5) (16.5) Amortisation on assets written off \u2013 10.5 10.5 Foreign currency translation \u2013 (0.2) (0.2) AT 2 MARCH 2023 (239.6) (77.6) (317.2) NET BOOK VALUE AT 2 MARCH 2023 110.5 69.1 179.6 NET BOOK VALUE AT 3 MARCH 2022 110.5 48.8 159.3 Other than goodwill, there are no intangible assets with indefinite lives. IT software and technology assets, which are made up entirely of internally generated assets, have been assessed as having finite lives and are amortised under the straight-line method over periods ranging from three to ten years from the date the asset became fully operational. Note 15 contains details of the impairment review conducted on goodwill as at the year-end date. Capital expenditure commitments Capital expenditure commitments in relation to intangible assets at the year-end amounted to \u00a37.7m (2022: \u00a37.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-423": { "value": "14 PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTY Land and buildings \u00a3m Plant and equipment \u00a3m Total property, plant and equipment \u00a3m Investment property \u00a3m Total \u00a3m COST At 25 February 2021 3,640.6 1,517.6 5,158.2 21.8 5,180.0 Additions 92.0 128.0 220.0 \u2013 220.0 Interest capitalised 0.9 \u2013 0.9 \u2013 0.9 Net movements to assets held for sale in the year (62.2) (4.5) (66.7) \u2013 (66.7) Disposals (8.8) \u2013 (8.8) \u2013 (8.8) Assets written off (4.1) (57.9) (62.0) \u2013 (62.0) Transfers 21.4 \u2013 21.4 (21.4) \u2013 Foreign currency translation (17.8) (2.5) (20.3) (0.4) (20.7) AT 3 MARCH 2022 3,662.0 1,580.7 5,242.7 \u2013 5,242.7 Additions 295.7 208.4 504.1 \u2013 504.1 Interest capitalised 2.5 \u2013 2.5 \u2013 2.5 Net movements from assets held for sale in the year 6.1 3.8 9.9 \u2013 9.9 Disposals (7.0) (2.0) (9.0) \u2013 (9.0) Assets written off (3.9) (73.7) (77.6) \u2013 (77.6) Asset reclassified from right-of-use asset (3.3) \u2013 (3.3) \u2013 (3.3) Foreign currency translation 30.4 4.5 34.9 \u2013 34.9 AT 2 MARCH 2023 3,982.5 1,721.7 5,704.2 \u2013 5,704.2 DEPRECIATION AND IMPAIRMENT At 25 February 2021 (287.3) (657.8) (945.1) (0.2) (945.3) Depreciation charge for the year (22.9) (135.0) (1 57.9) \u2013 (1 57.9) Net impairment reversal/(charge) (Note 15) 16.9 (2.4) 14.5 \u2013 14.5 Net movements to assets held for sale in the year 7.3 2.4 9.7 \u2013 9.7 Disposals 0.6 \u2013 0.6 \u2013 0.6 Depreciation on assets written off 4.1 57.9 62.0 \u2013 62.0 Transfers (0.2) \u2013 (0.2) 0.2 \u2013 Foreign currency translation 0.1 0.7 0.8 \u2013 0.8 AT 3 MARCH 2022 (281.4) (734.2) (1,015.6) \u2013 (1,015.6) Depreciation charge for the year (23.5) (139.7) (163.2) \u2013 (163.2) Net impairment charge (Note 15) (26.4) (15.5) (41.9) \u2013 (41.9) Net movements from assets held for sale in the year (6.1) (1.8) (7.9) \u2013 (7.9) Disposals 2.2 2.0 4.2 \u2013 4.2 Depreciation on assets written off 3.9 72.1 76.0 \u2013 76.0 Foreign currency translation (0.4) (1.2) (1.6) \u2013 (1.6) AT 2 MARCH 2023 (331.7) (818.3) (1,150.0) \u2013 (1,150.0) NET BOOK VALUE AT 2 MARCH 2023 3,650.8 903.4 4,554.2 \u2013 4,554.2 NET BOOK VALUE AT 3 MARCH 2022 3,380.6 846.5 4,227.1 \u2013 4,227.1 Included above are assets under construction of \u00a3426.9m (2022: \u00a3260.5m). There is a charge in favour of the pension scheme over properties with a market value of \u00a3531.5m (2022: \u00a3531.5m). See Note 32 for further information. Amounts relating to right-of-use assets under IFRS 16 are detailed in Note 22. 14 PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTY CONTINUED Investment property During 2019/20, the Group acquired a freehold site which was leased to a third party and was recorded within investment property. The Group recognised rental income of \u00a3nil (2021/22: \u00a30.2m) within other income and \u00a3nil (2021/22: \u00a30.1m) of direct operating expenses in relation to this property. During 2021/22, the property was transferred to property, plant and equipment as the lease ended and the Group took over the operations of the hotel. CAPITAL EXPENDITURE COMMITMENTS 2023 \u00a3m 2022 \u00a3m Capital expenditure commitments for property, plant and equipment for which no provision has been made 125.4 106.4 Capitalised interest Interest capitalised during the year amounted to \u00a32.5m, using an average rate of 2.5% (2021/22: \u00a30.9m, using an average rate of 2.7%). Assets held for sale During the year, eight property assets with a combined net book value of \u00a35.2m (2021/22: four at \u00a357.0m) were transferred to assets held for sale. Seven property assets with a combined net book value of \u00a37.9m were transferred back to property, plant and equipment (2021/22: no properties). Seven property assets sold during the year had a net book value of \u00a357.5m (2021/22: seven at \u00a311.2m). An impairment loss of \u00a31.4m (2021/22: \u00a3nil) was recognised relating to assets classified as held for sale. By the year-end, there were five sites with a combined net book value of \u00a33.2m (2022: eleven at \u00a364.8m) classified as assets held for sale. There are no gains or losses recognised in other comprehensive income with respect to these assets. Sites are classified as held for sale only if they are available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. If the site does not meet these criteria, it is subsequently transferred back to property, plant and equipment. Included within assets held for sale are assets which were written down to fair value less costs to sell of \u00a31.5m (2022: \u00a315.4m). The fair value of property assets was determined based on current prices in an active market for similar properties. Where such information is not available, management considers information from a variety of sources including current prices for properties of a different nature or recent prices of similar properties, adjusted to reflect those differences. This is a level 3 measurement as per the fair value hierarchy set out in Note 25. The key inputs under this approach are the property size and location. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-485": { "value": "14 PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTY Land and buildings \u00a3m Plant and equipment \u00a3m Total property, plant and equipment \u00a3m Investment property \u00a3m Total \u00a3m COST At 25 February 2021 3,640.6 1,517.6 5,158.2 21.8 5,180.0 Additions 92.0 128.0 220.0 \u2013 220.0 Interest capitalised 0.9 \u2013 0.9 \u2013 0.9 Net movements to assets held for sale in the year (62.2) (4.5) (66.7) \u2013 (66.7) Disposals (8.8) \u2013 (8.8) \u2013 (8.8) Assets written off (4.1) (57.9) (62.0) \u2013 (62.0) Transfers 21.4 \u2013 21.4 (21.4) \u2013 Foreign currency translation (17.8) (2.5) (20.3) (0.4) (20.7) AT 3 MARCH 2022 3,662.0 1,580.7 5,242.7 \u2013 5,242.7 Additions 295.7 208.4 504.1 \u2013 504.1 Interest capitalised 2.5 \u2013 2.5 \u2013 2.5 Net movements from assets held for sale in the year 6.1 3.8 9.9 \u2013 9.9 Disposals (7.0) (2.0) (9.0) \u2013 (9.0) Assets written off (3.9) (73.7) (77.6) \u2013 (77.6) Asset reclassified from right-of-use asset (3.3) \u2013 (3.3) \u2013 (3.3) Foreign currency translation 30.4 4.5 34.9 \u2013 34.9 AT 2 MARCH 2023 3,982.5 1,721.7 5,704.2 \u2013 5,704.2 DEPRECIATION AND IMPAIRMENT At 25 February 2021 (287.3) (657.8) (945.1) (0.2) (945.3) Depreciation charge for the year (22.9) (135.0) (1 57.9) \u2013 (1 57.9) Net impairment reversal/(charge) (Note 15) 16.9 (2.4) 14.5 \u2013 14.5 Net movements to assets held for sale in the year 7.3 2.4 9.7 \u2013 9.7 Disposals 0.6 \u2013 0.6 \u2013 0.6 Depreciation on assets written off 4.1 57.9 62.0 \u2013 62.0 Transfers (0.2) \u2013 (0.2) 0.2 \u2013 Foreign currency translation 0.1 0.7 0.8 \u2013 0.8 AT 3 MARCH 2022 (281.4) (734.2) (1,015.6) \u2013 (1,015.6) Depreciation charge for the year (23.5) (139.7) (163.2) \u2013 (163.2) Net impairment charge (Note 15) (26.4) (15.5) (41.9) \u2013 (41.9) Net movements from assets held for sale in the year (6.1) (1.8) (7.9) \u2013 (7.9) Disposals 2.2 2.0 4.2 \u2013 4.2 Depreciation on assets written off 3.9 72.1 76.0 \u2013 76.0 Foreign currency translation (0.4) (1.2) (1.6) \u2013 (1.6) AT 2 MARCH 2023 (331.7) (818.3) (1,150.0) \u2013 (1,150.0) NET BOOK VALUE AT 2 MARCH 2023 3,650.8 903.4 4,554.2 \u2013 4,554.2 NET BOOK VALUE AT 3 MARCH 2022 3,380.6 846.5 4,227.1 \u2013 4,227.1 Included above are assets under construction of \u00a3426.9m (2022: \u00a3260.5m). There is a charge in favour of the pension scheme over properties with a market value of \u00a3531.5m (2022: \u00a3531.5m). See Note 32 for further information. Amounts relating to right-of-use assets under IFRS 16 are detailed in Note 22. 14 PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTY CONTINUED Investment property During 2019/20, the Group acquired a freehold site which was leased to a third party and was recorded within investment property. The Group recognised rental income of \u00a3nil (2021/22: \u00a30.2m) within other income and \u00a3nil (2021/22: \u00a30.1m) of direct operating expenses in relation to this property. During 2021/22, the property was transferred to property, plant and equipment as the lease ended and the Group took over the operations of the hotel. CAPITAL EXPENDITURE COMMITMENTS 2023 \u00a3m 2022 \u00a3m Capital expenditure commitments for property, plant and equipment for which no provision has been made 125.4 106.4 Capitalised interest Interest capitalised during the year amounted to \u00a32.5m, using an average rate of 2.5% (2021/22: \u00a30.9m, using an average rate of 2.7%). Assets held for sale During the year, eight property assets with a combined net book value of \u00a35.2m (2021/22: four at \u00a357.0m) were transferred to assets held for sale. Seven property assets with a combined net book value of \u00a37.9m were transferred back to property, plant and equipment (2021/22: no properties). Seven property assets sold during the year had a net book value of \u00a357.5m (2021/22: seven at \u00a311.2m). An impairment loss of \u00a31.4m (2021/22: \u00a3nil) was recognised relating to assets classified as held for sale. By the year-end, there were five sites with a combined net book value of \u00a33.2m (2022: eleven at \u00a364.8m) classified as assets held for sale. There are no gains or losses recognised in other comprehensive income with respect to these assets. Sites are classified as held for sale only if they are available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. If the site does not meet these criteria, it is subsequently transferred back to property, plant and equipment. Included within assets held for sale are assets which were written down to fair value less costs to sell of \u00a31.5m (2022: \u00a315.4m). The fair value of property assets was determined based on current prices in an active market for similar properties. Where such information is not available, management considers information from a variety of sources including current prices for properties of a different nature or recent prices of similar properties, adjusted to reflect those differences. This is a level 3 measurement as per the fair value hierarchy set out in Note 25. The key inputs under this approach are the property size and location. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-467": { "value": "Assets held for sale During the year, eight property assets with a combined net book value of \u00a35.2m (2021/22: four at \u00a357.0m) were transferred to assets held for sale. Seven property assets with a combined net book value of \u00a37.9m were transferred back to property, plant and equipment (2021/22: no properties). Seven property assets sold during the year had a net book value of \u00a357.5m (2021/22: seven at \u00a311.2m). An impairment loss of \u00a31.4m (2021/22: \u00a3nil) was recognised relating to assets classified as held for sale. By the year-end, there were five sites with a combined net book value of \u00a33.2m (2022: eleven at \u00a364.8m) classified as assets held for sale. There are no gains or losses recognised in other comprehensive income with respect to these assets. Sites are classified as held for sale only if they are available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. If the site does not meet these criteria, it is subsequently transferred back to property, plant and equipment. Included within assets held for sale are assets which were written down to fair value less costs to sell of \u00a31.5m (2022: \u00a315.4m). The fair value of property assets was determined based on current prices in an active market for similar properties. Where such information is not available, management considers information from a variety of sources including current prices for properties of a different nature or recent prices of similar properties, adjusted to reflect those differences. This is a level 3 measurement as per the fair value hierarchy set out in Note 25. The key inputs under this approach are the property size and location. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-424": { "value": "
15 IMPAIRMENT
During the year, net impairment charges of \u00a333.4m (2021/22: net impairment reversals of \u00a336.2m) were recognised within
operating costs. The increase in market interest rates has driven higher discount rates and has increased impairments in the
UK and Germany. Gross impairment charges in the UK of \u00a345.6m, impacted 13 standalone restaurants and those sites where
F&B revenues represent a more significant proportion of total sales. The WACC increase resulted in further impairment
charges of \u00a38.6m which was offset by impairment reversals of \u00a354.9m as the Group recovered from the COVID-19 pandemic
and sites returned to a more normal level of trading. This resulted in a total net impairment reversal of \u00a30.7m being recorded
in the UK. In Germany, the pace of expansion and a number of portfolio acquisitions where there is a distribution of
performance, which when combined with an increase in market discount rates, has resulted in a \u00a330.8m impairment charge.
In addition, impairment charges of \u00a33.3m (2021/22: impairment charges of \u00a35.8m) have been recorded in relation to assets
held for sale during the year. The charges/(reversals) were recognised on the following classes of assets:
2022/23
\u00a3m
2021/22
\u00a3m
IMPAIRMENT CHARGES/(REVERSALS) INCLUDED IN OPERATING COSTS
Property, plant and equipment \u2013 impairment charges 76.1 10.1
Property, plant and equipment \u2013 impairment reversals (35.5) (30.4)
Property, plant and equipment \u2013 transfer to assets held for sale 1.3 5.8
Right-of-use assets \u2013 impairment charges 8.9 0.4
Right-of-use assets \u2013 impairment reversals (19.4) (22.1)
Assets held for sale 2.0 \u2013
TOTAL CHARGES/(REVERSALS) FOR IMPAIRMENT INCLUDED IN OPERATING COSTS 33.4 (36.2)
All of the impairment assessments take account of expected market conditions, which include future risks including climate
change and related legislation.
15 IMPAIRMENT CONTINUED
Property, plant and equipment and right-of-use assets \u2013 impairment review
Where indicators of impairment are identified, an impairment assessment is undertaken. The Group considers each trading
site to be a CGU. A trading site will offer a combination of accommodation and food and beverage services. Some trading
sites provide food and beverage services only. In assessing whether an asset has been impaired, the carrying amount of
the CGU is compared with its recoverable amount. The recoverable amount is the higher of its value in use (VIU) and its fair
value less costs of disposal (FVLCD).
The Group calculates a VIU for each site. Where the VIU is lower than the carrying value of the CGU, the Group uses a range
of methods for estimating the FVLCD. These include applying a market multiple to the CGU EBITDAR and, for leasehold
sites, present value techniques using a discounted cash flow method. Both FVLCD methods rely on inputs not normally
observable by market participants and are therefore level 3 measurements in the fair value hierarchy.
The key assumptions used by management in estimating value in use were:
Discount rates
The discount rate is based on the Weighted Average Cost of Capital (WACC) of a typical market participant, taking into
account specific country and currency risks associated with the Group. The discount rate has increased, reflecting market
volatility in the spot risk-free rate and equity risk premium inputs used in the Group\u2019s WACC calculation.
2022/23 2021/22
UK Germany UK Germany
Average pre-tax discount rate 11.1% 9.9% 8.7% 7.3%
Average post-tax discount rate 8.9% 7.5% 7.0% 5.6%
Approved budget period
Forecast cash flows for the initial five-year period are based on actual cash flows for FY23 and applying management\u2019s
assumptions of the performance of the Group over the next five years.
The key assumptions used by management in setting the Board approved financial budgets for the initial five-year period
were as follows:
\u2022 Forecast period cash flows: The initial five-year period\u2019s cash flows are drawn from the five-year business plan, which is
based on results from FY23.
\u2022 Forecast growth rates: Forecast growth rates are based on the Group business plan, which includes assumptions around
the UK and German economies over the next five years.
\u2022 Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of inflation
and cost-saving initiatives.
\u2022 Local factors impacting the site in the current year or expected to impact the site in future years: Key assumptions
include the maturity profile of individual sites, the future potential of immature sites and the impact of increasing or
reducing market supply in the local area.
Long-term growth rates
A long-term growth rate of 2.0% (2022: 2.0%) was used for cash flows subsequent to the five-year approved budget/plan
period. This long-term growth rate is a conservative rate and is considered to be lower than the long-term historical growth
rates of the underlying territories in which the CGUs operate and the long-term growth rate prospects of the sectors in
which the CGUs operate.
The key assumptions used by management in estimating the FVLCD were:
EBITDAR multiple
An EBITDAR multiple is estimated based on a normalised trading basis and market data obtained from external sources.
This resulted in a multiple in the range of 7 to 11 times.
Discounted cash flows
The key assumptions used by management in estimating the FVLCD on a discounted cash flow method were similar to those
used in the value in use assessment, modified to reflect estimated cost of disposal and lease payments. The inclusion of lease
payments is reflected in the discount rate, increasing WACC for the specific asset class from 11.1% to 12.3% in the UK and from
9.9% to 11.0% in Germany.
15 IMPAIRMENT CONTINUED
Sensitivity to changes in assumptions
The level of impairment is predominantly dependent upon judgements used in arriving at future growth rates and the
discount rates applied to cash flow projections. The impact on the impairment charge of applying a reasonably possible
change in assumptions to the growth rates used in the five-year business plan, long-term growth rates, pre-tax discount
rates and EBITDAR multiple would be an incremental impairment charge/(reversal) in the year to 2 March 2023 of:
INCREMENTAL IMPAIRMENT CHARGE/(REVERSAL)
Total
\u00a3m
Increase to impairment charge/(reversal) if year one\u2019s cash flows reduced by 10% 2.0
Increase to impairment charge/(reversal) if discount rates increased by 2% 14.5
Increase to impairment charge/(reversal) if long-term growth rates reduced by 1% 9.0
Increase to impairment charge/(reversal) if EBITDAR multiple reduced by 10% 14.1
Decrease to impairment charge/(reversal) if year one\u2019s cash flows increased by 10% (2.9)
Decrease to impairment charge/(reversal) if discount rates decreased by 2% (29.3)
The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant.
In practice, this is unlikely to occur and changes in some of the assumptions may be correlated.
The impairment sensitivities above show the downside risk from a reasonably possible change in the modelled assumptions
and are in line with disclosure requirements.
Goodwill
Goodwill acquired through business combinations is allocated to groups of CGUs at an operating segment level, being the
level at which management monitors goodwill. All of the Group\u2019s goodwill is allocated to the UK and Ireland segment.
The recoverable amount is the higher of fair value less costs of disposal and value in use using the same assumptions as
those used in the site level impairment reviews. The recoverable amount has been determined from value in use calculations.
The future cash flows are based on assumptions from the approved budget and cover a five-year period. These forecasts
include management\u2019s most recent view of medium-term trading prospects. Cash flows beyond this period are extrapolated
using a 2.0% (2022: 2.0%) growth rate. The pre-tax discount rate applied to cash flow projections is 11.1% for the UK
(2022: 8.7%).
As a result of the German goodwill being impaired in previous years and the level of headroom within the UK segment, there
is no reasonably possible change that could result in a further material impairment of goodwill.
Investments in joint ventures
Changes in consumer behaviour following the COVID-19 pandemic continue to have a significant impact on trading and
future forecasts for trading at one of the Group\u2019s joint ventures. Additional loan funding of \u00a31.5m has been provided to
Healthy Retail Limited in the year to 2 March 2023 and subsequently impaired. See Note 16.
Property, plant and equipment \u2013 assets held for sale
During the period, eight hotels were transferred to assets held for sale, resulting in an impairment charge of \u00a31.3m (2021/22:
four hotels resulting in an impairment charge of \u00a35.8m). In addition, during 2022/23, an impairment charge of \u00a32.0m
(2021/22: \u00a3nil) was recorded in relation to assets which had previously been classified as held for sale as a result of a
reduction in expected sales proceeds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-425": { "value": "16 INVESTMENT IN JOINT VENTURES Premier Inn Hotels LLC The Group holds a 49% interest in Premier Inn Hotels LLC, a joint venture which operates Premier Inn branded hotels in the United Arab Emirates. The investment forms part of the Group\u2019s international growth strategy. Premier Inn Hotels LLC holds a 49% investment in Premier Inn Qatar Limited. During the year, the Group subscribed for share capital of \u00a3nil (2021/22: \u00a31.4m). Healthy Retail Limited The Group holds a 49% interest in Healthy Retail Limited, a joint venture which operates a chain of 19 stores in London trading as \u2018Pure\u2019, that specialises in fresh, natural healthy meals. Changes in consumer behaviour following the COVID-19 pandemic continue to have a significant impact on the company\u2019s trading and on 7 October 2020 Healthy Retail Limited entered into a Creditor\u2019s Voluntary Agreement (CVA). Pure has also obtained a Coronavirus Business Interruption Loan Scheme facility from Lloyds which is in priority to the Group\u2019s security over loans advanced to the joint venture. The Group has impaired its investments and loans made to Healthy Retail Limited in full, resulting in a charge of \u00a31.5m (2021/22: \u00a31.8m). The Group has an option to purchase the remaining 51% interest which expires on 30 June 2024. The Group continues to account for the investment as a joint venture on the basis that the majority shareholders have an equal representation on the investee\u2019s board of directors, which has control over the relevant activities of the business, and the potential voting rights under the option to purchase are not considered to be substantive. Premier Inn Kier Limited The Group holds a 50% investment in this dormant UK entity. Movement in investment in joint ventures 2023 \u00a3m 2022 \u00a3m Opening investment in joint ventures 41.1 37.3 Share of profit for the year 2.3 0.4 Foreign exchange movements 4.8 2.0 Loans advanced 1.5 1.8 Impairment 1 (1.5) (1.8) Capital contribution \u2013 1.4 CLOSING INVESTMENT IN JOINT VENTURES 48.2 41.1 1 Includes an impairment of loans advanced to joint ventures of \u00a31.5m (2021/22: \u00a31.8m) determined under IFRS 9. 16 INVESTMENT IN JOINT VENTURES CONTINUED 2023 2022 Premier Inn Hotels LLC \u00a3m Healthy Retail Limited \u00a3m Total \u00a3m Premier Inn Hotels LLC \u00a3m Healthy Retail Limited \u00a3m Total \u00a3m SUMMARY OF JOINT VENTURES\u2019 BALANCE SHEETS Current assets 15.6 1.9 17.5 9.1 2.0 11.1 Non-current assets 154.1 16.1 170.2 141.2 20.2 161.4 Current liabilities (16.0) (18.3) (34.3) (10.4) (15.9) (26.3) Non-current liabilities (55.2) (13.2) (68.4) (56.0) (16.1) (72.1) NET ASSETS 98.5 (13.5) 85.0 83.9 (9.8) 74.1 Group\u2019s share of interest in joint ventures\u2019 net assets 48.2 (6.6) 41.6 41.1 (4.9) 36.2 Premium paid on acquisition \u2013 4.5 4.5 \u2013 4.5 4.5 Loans to joint ventures \u2013 9.0 9.0 \u2013 7.5 7.5 Accumulated impairment \u2013 (6.9) (6.9) \u2013 (7.1) ( 7.1) GROUP\u2019S CARRYING AMOUNT OF THE INVESTMENT 48.2 \u2013 48.2 41.1 \u2013 41.1 WITHIN GROSS BALANCE SHEETS Cash and cash equivalents 12.5 0.9 13.4 6.9 1.6 8.5 Current financial liabilities (7.5) (14.9) (22.4) (4.6) (13.1) (17.7) Non-current financial liabilities (55.2) (13.2) (68.4) (56.0) (16.1) (72.1) SUMMARY OF JOINT VENTURES\u2019 INCOME STATEMENT Revenue 28.6 20.9 49.5 18.2 11.8 30.0 Other income \u2013 \u2013 \u2013 \u2013 0.3 0.3 Depreciation and amortisation (4.8) (4.8) (9.6) (4.6) (4.2) (8.8) Other operating costs (16.2) (19.0) (35.2) (10.9) (10.5) (21.4) Finance costs (2.9) (1.5) (4.4) (2.0) (1.3) (3.3) PROFIT/(LOSS) BEFORE TAX 4.7 (4.4) 0.3 0.7 (3.9) (3.2) Income tax \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 PROFIT/(LOSS) AFTER TAX 4.7 (4.4) 0.3 0.7 (3.9) (3.2) GROUP SHARE Profit after tax 1 2.3 \u2013 2.3 0.4 \u2013 0.4 1 The Group\u2019s share of loss after tax of Healthy Retail Limited has been recognised only to the extent that its share of losses equals its interest in the joint venture, following the impairment recorded during the prior year. At 2 March 2023, the Group\u2019s share of the capital commitments of its joint ventures amounted to \u00a30.1m (2022: \u00a30.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-426": { "value": "17 INVENTORIES 2023 \u00a3m 2022 \u00a3m Finished goods held for resale 15.5 15.0 Consumables 6.2 4.4 21.7 19.4 The carrying value of inventories is stated net of a provision of \u00a33.2m (2022: \u00a32.5m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-427": { "value": "18 TRADE AND OTHER RECEIVABLES 2023 \u00a3m 2022 \u00a3m Trade receivables 46.0 45.5 Prepayments and accrued income 49.8 24.2 Other receivables 46.0 46.7 141.8 116.4 Analysed as: Current 141.8 116.4 Non-current \u2013 \u2013 141.8 116.4 Trade and other receivables are non-interest bearing and are generally on 30-day terms. Trade receivables includes \u00a345.1m (2022: \u00a344.2m) relating to contracts with customers. The allowance for expected credit loss relating to trade and other receivables at 2 March 2023 was \u00a31.7m (2022: \u00a32.0m). During the year, credit losses of \u00a31.2m (2021/22: \u00a32.7m) were recognised within operating costs in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-428": { "value": "19 CASH AND CASH EQUIVALENTS 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 60.2 43.5 Money market funds 769.6 757.3 Short-term deposits 335.0 331.6 1,164.8 1,132.4 Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group. They earn interest at the respective short-term deposit rates. The Group does not have material cash balances which are subject to contractual or regulatory restrictions. For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise the amounts as disclosed above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-429": { "value": "
20 BORROWINGS
Amounts drawn down on the Group\u2019s borrowing facilities are as follows:
Current Non-current
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Revolving credit facility \u2013 \u2013 \u2013 \u2013
Senior unsecured bonds \u2013 \u2013 993.4 991.9
\u2013 \u2013 993.4 991.9
Revolving credit facility and covenant
The revolving credit facility, which at 3 March 2022 was \u00a3850.0m, was replaced on 25 May 2022 with a new five-year
\u00a3775.0m multi-currency revolving credit facility agreement. The new revolving credit facility agreement contains one
financial covenant ratio, being net debt/adjusted EBITDA <3.5x.
At 2 March 2023, the Group had available \u00a3775.0m (2022: \u00a3850.0m) of undrawn committed borrowing facilities in respect of
revolving credit facilities on which all conditions precedent had been met.
Senior unsecured bonds
The Group has issued senior unsecured bonds with coupons and maturities as shown in the following table:
Title Year issued Principal value Maturity Coupon
2025 senior unsecured bonds 2015 \u00a3450.0m 16 October 2025 3.375%
2027 senior unsecured green use of proceeds bonds 2021 \u00a3300.0m 31 May 2027 2.375%
2031 senior unsecured green use of proceeds bonds 2021 \u00a3250.0m 31 May 2031 3.000%
Amortised arrangement fees of \u00a32.6m (2022: \u00a33.4m) incurred in relation to the bonds are included in the carrying value and
are being amortised over the term of the bonds. The bonds contain an early prepayment option which meets the definition
of an embedded derivative.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-430": { "value": "21 MOVEMENTS IN CASH AND NET DEBT YEAR ENDED 2 MARCH 2023 3 March 2022 \u00a3m Cash flow \u00a3m Net new lease liabilities \u00a3m Foreign exchange \u00a3m Fair value adjustments to loans \u00a3m Amortisation of premiums and discounts \u00a3m 2 March 2023 \u00a3m Cash and cash equivalents 1,132.4 30.5 \u2013 1.9 \u2013 \u2013 1,164.8 LIABILITIES FROM FINANCING ACTIVITIES Borrowings (991.9) \u2013 \u2013 \u2013 \u2013 (1.5) (993.4) Lease liabilities (3,701.8) 133.9 (346.1) (44.4) \u2013 \u2013 (3,958.4) Total liabilities from financing activities (4,693.7) 133.9 (346.1) (44.4) \u2013 (1.5) (4,951.8) Less: lease liabilities 3,701.8 (133.9) 346.1 44.4 \u2013 \u2013 3,958.4 NET CASH 140.5 30.5 \u2013 1.9 \u2013 (1.5) 171.4 YEAR ENDED 3 MARCH 2022 25 February 2021 \u00a3m Cash flow \u00a3m Net new lease liabilities \u00a3m Foreign exchange \u00a3m Fair value adjustments to loans \u00a3m Amortisation of premiums and discounts \u00a3m 3 March 2022 \u00a3m Cash and cash equivalents 1,256.0 (123.0) \u2013 (0.6) \u2013 \u2013 1,132.4 LIABILITIES FROM FINANCING ACTIVITIES Borrowings (1,302.5) 303.9 \u2013 8.1 \u2013 (1.4) (991.9) Lease liabilities (3,231.6) 1 27.1 (619.4) 22.1 \u2013 \u2013 (3,701.8) Derivatives held to hedge financing activities 5.8 \u2013 \u2013 \u2013 (5.8) \u2013 0.0 Total liabilities from financing activities (4,528.3) 431.0 (619.4) 30.2 (5.8) (1.4) (4,693.7) Less: lease liabilities 3,231.6 (1 27.1) 619.4 (22.1) \u2013 \u2013 3,701.8 Less: derivatives held to hedge financing activities (5.8) \u2013 \u2013 \u2013 5.8 \u2013 \u2013 NET (DEBT)/CASH (46.5) 180.9 \u2013 7.5 \u2013 (1.4) 140.5 ", "dimensions": { "concept": "whitbreadplc:DisclosureOfMovementsInCashAndNetDebt", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-431": { "value": "22 LEASE ARRANGEMENTS The Group leases various buildings which are used within the Premier Inn business. The leases are non-cancellable leases with varying terms, escalation clauses and renewal rights, and include variable payments that are not fixed in amount but based upon a percentage of sales. The Group also leases various plant and equipment under non-cancellable lease agreements. An analysis of the Group\u2019s right-of-use assets and lease liabilities is as follows: RIGHT-OF-USE ASSETS Property \u00a3m Other \u00a3m Total right-of-use assets \u00a3m Investment property 1 \u00a3m Total \u00a3m At 25 February 2021 2,736.7 1.7 2,738.4 65.0 2,803.4 Additions 612.9 0.8 613.7 \u2013 613.7 Net Impairment reversal (Note 15) 21.7 \u2013 21.7 \u2013 21.7 Foreign currency translation (22.9) \u2013 (22.9) \u2013 (22.9) Depreciation (144.0) (1.1) (145.1) (3.0) (148.1) Terminations (0.2) \u2013 (0.2) \u2013 (0.2) Transfers 62.0 \u2013 62.0 (62.0) \u2013 AT 3 MARCH 2022 3,266.2 1.4 3,267.6 \u2013 3,267.6 Additions 368.8 1.2 370.0 \u2013 370.0 Net Impairment reversal (Note 15) 10.5 \u2013 10.5 \u2013 10.5 Foreign currency translation 45.4 \u2013 45.4 \u2013 45.4 Depreciation (164.8) (1.0) (165.8) \u2013 (165.8) Terminations (1.2) \u2013 (1.2) \u2013 (1.2) Reclassification to property, plant and equipment 2 (21.9) \u2013 (21.9) \u2013 (21.9) AT 2 MARCH 2023 3,503.0 1.6 3,504.6 \u2013 3,504.6 LEASE LIABILITIES Property \u00a3m Other \u00a3m Total right-of-use assets \u00a3m Investment property 1 \u00a3m Total \u00a3m At 25 February 2021 3,164.2 1.4 3,165.6 66.0 3,231.6 Additions 618.8 0.8 619.6 \u2013 619.6 Interest 132.0 0.1 132.1 1.1 133.2 Foreign currency translation (22.1) \u2013 (22.1) \u2013 (22.1) Payments (255.9) (0.8) (256.7) (3.6) (260.3) Terminations (0.2) \u2013 (0.2) \u2013 (0.2) Transfers 63.5 \u2013 63.5 (63.5) \u2013 AT 3 MARCH 2022 3,700.3 1.5 3,701.8 \u2013 3,701.8 Additions 371.6 1.2 372.8 \u2013 372.8 Interest 138.7 \u2013 138.7 \u2013 138.7 Foreign currency translation 44.4 \u2013 44.4 \u2013 44.4 Payments (271.3) (1.3) (272.6) \u2013 (272.6) Terminations (1.5) \u2013 (1.5) \u2013 (1.5) Reclassification to property, plant and equipment 2 (25.2) \u2013 (25.2) \u2013 (25.2) AT 2 MARCH 2023 3,957.0 1.4 3,958.4 \u2013 3,958.4 1 During 2020/21, the Group acquired a leasehold site which was sub-leased to a third party and recorded within investment property. During 2021/22, the property was transferred to right-of-use assets for property, plant and equipment as the sub-lease ended and the Group took over the operations of the hotel. 2 During the year, the Group acquired a property over which it had previously held a leasehold interest. During the year, the Group had non-cash additions to right-of-use assets and lease liabilities of \u00a3292.0m (2021/22: \u00a3583.3m) relating to new leases and \u00a380.8m (2021/22: \u00a334.3m) relating to amendments to existing leases. The Group recognised net lease incentives of \u00a32.8m (2021/22: \u00a32.0m) on entering new and amended leases. A maturity analysis of gross lease liability payments is included within Note 24. 22 LEASE ARRANGEMENTS CONTINUED Amounts recognised in the Group income statement 2022/23 \u00a3m 2021/22 \u00a3m Depreciation expense of right-of-use assets 165.8 148.1 Interest expense on lease liabilities 138.7 133.2 Expense relating to low-value assets and short-term leases \u2013 \u2013 Variable lease payment expenses 2.1 0.3 Impairment reversals of right-of-use assets (Note 15) (10.5) (21.7) Lease income (3.1) (7.9) NET LEASE EXPENSE RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT 293.0 252.0 Amounts recognised in the Group cash flow statement The Group\u2019s total cash outflow in relation to leases was \u00a3277.4m (2021/22: \u00a3260.6m). Future possible cash outflows not included in the lease liability The Group has several lease contracts that include extension and termination options. Set out below are the undiscounted future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease liability. 2022/23 \u00a3m 2021/22 \u00a3m Extension options expected not to be exercised 1,246.4 906.6 Termination options expected to be exercised \u2013 \u2013 1,246.4 906.6 The Group uses judgement in determining whether termination and extension option periods will be included within the lease term. The Group assumes that, unless a decision has been made to exit a lease, termination options will not be exercised as a result of historic practices within the Group. At the outset of a lease, the Group assumes that it will not exercise extension options. Due to the length of the Group\u2019s leases, there is generally insufficient evidence that exercising an extension option is certain. Future increases or decreases in rentals linked to an index or rate are not included in the lease liability until the change in cash flows takes effect. Approximately 76% of the Group\u2019s lease liabilities are subject to inflation-linked rentals (with 76% of these leases containing caps) and a further 10% which are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual or five-yearly basis. As at 2 March 2023, the Group was committed to leases with future cash outflows totalling \u00a31,799.7m (2022: \u00a32,106.7m) which had not yet commenced and as such are not accounted for as a liability. A liability and corresponding right-of-use asset will be recognised for these leases at the lease commencement date. The Group as a lessor The Group acts as a lessor in relation to a number of non-trading legacy sites and in subletting space within trading sites. Rental income recognised by the Group during the year is \u00a33.1m (2021/22: \u00a37.9m). Future minimum rentals receivable under non-cancellable operating leases at the year-end are as follows: 2023 \u00a3m 2022 \u00a3m Within one year 2.4 2.9 After one year but not more than five years 6.0 5.2 More than five years 8.3 6.4 16.7 14.5 Strategic report Governance Financial statements Other information Whi", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-468": { "value": "RIGHT-OF-USE ASSETS Property \u00a3m Other \u00a3m Total right-of-use assets \u00a3m Investment property 1 \u00a3m Total \u00a3m At 25 February 2021 2,736.7 1.7 2,738.4 65.0 2,803.4 Additions 612.9 0.8 613.7 \u2013 613.7 Net Impairment reversal (Note 15) 21.7 \u2013 21.7 \u2013 21.7 Foreign currency translation (22.9) \u2013 (22.9) \u2013 (22.9) Depreciation (144.0) (1.1) (145.1) (3.0) (148.1) Terminations (0.2) \u2013 (0.2) \u2013 (0.2) Transfers 62.0 \u2013 62.0 (62.0) \u2013 AT 3 MARCH 2022 3,266.2 1.4 3,267.6 \u2013 3,267.6 Additions 368.8 1.2 370.0 \u2013 370.0 Net Impairment reversal (Note 15) 10.5 \u2013 10.5 \u2013 10.5 Foreign currency translation 45.4 \u2013 45.4 \u2013 45.4 Depreciation (164.8) (1.0) (165.8) \u2013 (165.8) Terminations (1.2) \u2013 (1.2) \u2013 (1.2) Reclassification to property, plant and equipment 2 (21.9) \u2013 (21.9) \u2013 (21.9) AT 2 MARCH 2023 3,503.0 1.6 3,504.6 \u2013 3,504.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-432": { "value": "23 PROVISIONS Restructuring \u00a3m Onerous contracts \u00a3m Property costs \u00a3m Insurance claims \u00a3m Government payments \u00a3m Other \u00a3m Total \u00a3m At 25 February 2021 1.1 10.1 15.7 7.2 3.6 1.8 39.5 Created 0.4 0.9 \u2013 3.0 11.8 \u2013 16.1 Utilised (0.8) (5.3) (9.1) (2.0) (3.8) \u2013 (21.0) Released (0.3) (0.7) \u2013 \u2013 (2.3) \u2013 (3.3) AT 3 MARCH 2022 0.4 5.0 6.6 8.2 9.3 1.8 31.3 Created \u2013 2.0 \u2013 2.8 \u2013 0.8 5.6 Transferred \u2013 \u2013 \u2013 \u2013 2.3 \u2013 2.3 Utilised \u2013 (1.4) (1.0) (2.3) (0.1) (0.1) (4.9) Released (0.4) (0.9) \u2013 \u2013 (4.7) \u2013 (6.0) Foreign exchange \u2013 \u2013 \u2013 \u2013 0.2 \u2013 0.2 AT 2 MARCH 2023 \u2013 4.7 5.6 8.7 7.0 2.5 28.5 Analysed as: Current \u2013 4.7 5.6 0.4 7.0 2.5 20.2 Non-current \u2013 \u2013 \u2013 8.3 \u2013 \u2013 8.3 AT 2 MARCH 2023 \u2013 4.7 5.6 8.7 7.0 2.5 28.5 Analysed as: Current 0.4 2.5 5.2 0.4 9.3 1.8 19.6 Non-current \u2013 2.5 1.4 7.8 \u2013 \u2013 11.7 AT 3 MARCH 2022 0.4 5.0 6.6 8.2 9.3 1.8 31.3 Restructuring A provision of \u00a30.4m was brought forward in relation to the restructure of the Group\u2019s Support Centre and site operations. During the year, the Group released the remaining provision to the income statement. Onerous contracts Onerous contract provisions relate primarily to property, software licences and supplier contracts where the contracts have become onerous. Provision is made for property-related costs for the period that a sublet or assignment of the lease is not possible. Onerous contract provisions are discounted using a discount rate of 2.0% (2022: 2.0%) based on an approximation for the time value of money. Property-related The amount and timing of the cash outflows are subject to variation. The Group utilises the skills and expertise of both internal and external property experts to determine the provision held. Provisions are expected to be utilised over a period of up to 12 years and \u00a30.2m has been utilised in the year. Software Certain software licence agreements were deemed to be onerous when, following the disposal of Costa, it was no longer beneficial to the Group to use the software. In addition, a provision was created in FY20 as a result of the cancellation of a contract relating to the supply of IT equipment. A provision of \u00a30.8m was brought forward in relation to these contracts. During the year, the Group utilised \u00a30.3m (2022: \u00a30.4m) of this provision, with the provision carried forward to be utilised over a two-year period. The software intangible assets associated with these contracts have been fully impaired in previous financial years. Supplier contracts Certain supplier contract arrangements were deemed to be onerous where, as a result of the reduced trading brought on by the COVID-19 pandemic restrictions, minimum order commitments were not going to be met. A provision of \u00a31.1m was brought forward in relation to these contracts. During the year, the Group utilised \u00a30.9m of the provision and created a further \u00a30.2m of provision. 23 PROVISIONS CONTINUED Property costs From FY18 to FY20, the Group established a provision for the performance of remedial works on cladding material at a small number of the Group\u2019s sites. As a result, a provision of \u00a36.6m is brought forward in relation to these costs. During the year, \u00a31.0m of the provision has been utilised. All of the remaining provision is expected to be utilised within one year. Insurance A provision of \u00a38.2m was brought forward in relation to the estimate of the cost of future claims against the Group from employees and the public. The claims covered typically relate to accidents and injuries sustained in Whitbread\u2019s sites. During the year, further provisions of \u00a32.8m were created and \u00a32.3m of the provision was utilised. Government payments The Group has made various claims for Government support which are subject to review by the relevant agencies. The provision recognised represented the Group\u2019s best estimate of amounts potentially repayable under previously submitted claims, and for potential historical indirect tax repayments. A provision of \u00a39.3m was brought forward in relation to these claims. During the year, on confirmation of receipt for grants recognised in the previous financial year for costs related to that year the accrued provision against the other receivable of \u00a32.3m was transferred into provisions, \u00a30.1m of the provision was utilised with \u00a34.7m of the provision released. Due to the complex nature and fast pace of changes in the rules around certain Government payments, the Group has always endeavoured to apply and adhere to the rules in place. In certain areas where a rule interpretation was required, the Group has claimed in accordance with its assumptions. Subsequent third-party review had highlighted that an alternative assumption could be formed and, on the basis of a probable outflow, a provision based on that approach has been made. As disclosed within Note 9, during the year, a provision being held in relation to any potential repayments required in respect of the interpretations and assumptions made by Whitbread for UK Coronavirus Job Retention Scheme claims was released as management is satisfied that no repayments are required following an HMRC review. Other In July 2016, the Group announced its intention to exit hotel operations in South East Asia. This resulted in the recognition of a provision of \u00a33.7m for risks arising from tax affairs and indemnity agreements. At 2 March 2023, \u00a30.1m of the provision had been utilised in the year, with \u00a31.7m of the provision still held for risks arising from indemnity agreements. The remaining costs are expected to be utilised within one year. The Group operates leases where it neither anticipates nor intends exiting a lease, therefore the Group has determined that the circumstances in which these leases would end mean that an outflow of resources is not considered probable and therefore it does not hold a material dilapidations provision. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-433": { "value": "
24 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group\u2019s principal financial instruments, other than derivatives, comprise bank loans, senior unsecured bonds, cash,
short-term deposits, trade receivables and trade payables. The Group\u2019s financial instrument policies can be found in the
accounting policies in Note 2. The Board agrees policies for managing the financial risks summarised below:
Interest rate risk
The Group\u2019s exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations.
Interest rate swaps are used where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk,
in line with the Group treasury policy. At the year-end, (100%) of Group debt was fixed for an average of 4.5 years at an
average interest rate of 3.0% (2022: \u00a3991.9m (100%) for 5.5 years at 3.0%). The interest rate swaps for sterling expired in
February 2022.
In accordance with IFRS 7 Financial Instruments: Disclosures, the Group has undertaken sensitivity analysis on its financial
instruments which are affected by changes in interest rates. This analysis has been prepared on the basis of a constant
amount of net debt, a constant ratio of fixed to floating interest rates, and on the basis of the hedging instruments in place
at 2 March 2023 and 3 March 2022 respectively. Consequently, the analysis relates to the situation at those dates and is not
representative of the years then ended. The following assumptions were made:
\u2022 balance sheet sensitivity to interest rates applies only to derivative financial instruments, as the carrying value of debt
and deposits does not change as interest rates move; and
\u2022 gains or losses are recognised in equity or the consolidated income statement in line with the accounting policies set
out in Note 2.
Based on the Group\u2019s net debt/cash position at the year-end, a 1%pt increase in interest rates would increase the Group\u2019s
profit before tax by \u00a311.6m (2022: \u00a311.3m).
24 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONTINUED
Liquidity risk
In its funding strategy, the Group\u2019s objective is to maintain a balance between the continuity of funding and flexibility
through access to a revolving credit facility, additional uncommitted credit lines and the bond market. This strategy includes
monitoring the maturity of its financial liabilities to avoid the risk of a shortage of funds.
Excess cash used in managing liquidity is placed on interest-bearing deposit where maturity is fixed at no more than three
months. Short-term flexibility is achieved through the use of short-term borrowing on the money markets.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 2 March 2023 and 3 March 2022 based
on contractual undiscounted payments, including interest:
2 MARCH 2023
On
demand
\u00a3m
Less than
3 months
\u00a3m
3 to 12
months
\u00a3m
1 to 5
years
\u00a3m
More than
5 years
\u00a3m
Total
\u00a3m
Carrying
value
NON-DERIVATIVE FINANCIAL ASSETS/LIABILITIES:
Interest-bearing loans and borrowings \u2013 14.6 15.2 824.3 294.6 1,148.7 993.4
Lease liabilities
1
\u2013 70.9 217.6 862.1 5,437.3 6,587.9 3,958.4
Trade and other payables \u2013 198.9 \u2013 3.8 \u2013 202.7 202.7
\u2013 284.4 232.8 1,690.2 5,731.9 7,939.3 5,154.5
DERIVATIVE FINANCIAL ASSETS/LIABILITIES:
Cross-currency swaps
Derivative contracts \u2013 receipts \u2013 \u2013 (15.2) (480.4) \u2013 (495.6)
Derivative contracts \u2013 payments \u2013 \u2013 9.8 481.7 \u2013 491.5
\u2013 \u2013 (5.4) 1.3 \u2013 (4.1)
TOTAL \u2013 284.4 227.4 1,691.5 5,731.9 7,935.2
3 MARCH 2022
On
demand
\u00a3m
Less than
3 months
\u00a3m
3 to 12
months
\u00a3m
1 to 5
years
\u00a3m
More than
5 years
\u00a3m
Total
\u00a3m
Carrying
value
NON-DERIVATIVE FINANCIAL ASSETS/LIABILITIES:
Interest-bearing loans and borrowings \u2013 19.0 15.2 554.1 594.6 1,182.9 991.9
Lease liabilities
1
\u2013 6 7.3 206.5 1,116.5 4,918.3 6,308.6 3,701.8
Trade and other payables \u2013 163.6 12.4 1.2 \u2013 177.2 176.9
\u2013 249.9 234.1 1,671.8 5,512.9 7,668.7 4,870.6
DERIVATIVE FINANCIAL ASSETS/LIABILITIES:
Cross-currency swaps
Derivative contracts \u2013 receipts \u2013 \u2013 (15.2) (495.6) \u2013 (510.8)
Derivative contracts \u2013 payments \u2013 \u2013 9.1 459.1 \u2013 468.2
\u2013 \u2013 (6.1) (36.5) \u2013 (42.6)
TOTAL \u2013 249.9 228.0 1,635.3 5,512.9 7,626.1
1 Contractual undiscounted payments relating to lease liabilities due in more than 5 years includes \u00a31,401.2m (2022: \u00a31,324.5m) due between 5 and 10 years, \u00a32,271.1m
(2022: \u00a31,925.3m) due between 10 and 20 years and \u00a31,765.0m (2022: \u00a31,668.5m) due in more than 20 years.
24 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONTINUED
Credit risk
Due to the high level of cash held at the year-end, the most significant credit risk faced by the Group is that arising on cash
and cash equivalents. The Group\u2019s exposure arises from default of the counterparty, with a maximum exposure equal to the
carrying value of these instruments. The Group seeks to minimise the risk of default in relation to cash and cash equivalents
by spreading investments across a number of counterparties and dealing in accordance with Group treasury policy which
specifies acceptable credit ratings and maximum investments for any counterparty.
In the event that any of the Group\u2019s banks get into financial difficulty, the Group is exposed to the risk of withdrawal of
currently undrawn committed facilities. This risk is mitigated by the Group having a range of counterparties to its facilities.
The Group is exposed to a small amount of credit risk attributable to its trade and other receivables. This is minimised
by dealing with counterparties with good credit ratings. The amounts included in the balance sheet are net of expected
credit losses, which have been estimated by management based on prior experience and any known factors at the balance
sheet date.
The Group\u2019s maximum exposure to credit risk arising from trade and other receivables, loans to joint ventures, derivatives
and cash and cash equivalents is \u00a31,256.7m (2022: \u00a31,240.4m).
Foreign currency risk
The Group monitors the growth and risks associated with its overseas operations and will undertake hedging activities
as and when they are required. In October 2019, the Group entered into a net investment hedge to manage the impact of
movements in the GBP:EUR exchange rate on the value of the Group\u2019s investment in its business in Germany. See Note 25
for more details.
Capital management
The Group\u2019s primary objective in regard to capital management is to ensure that it continues to operate as a going concern
and has sufficient funds at its disposal to grow the business for the benefit of shareholders. The Group seeks to maintain
a ratio of debt to equity that balances risks and returns and also complies with the Group\u2019s net debt to EBITDA covenant.
See pages 36 to 41 of this report for the policies and objectives of the Board regarding capital management, analysis of the
Group\u2019s credit facilities and financing plans for the coming years.
The Group aims to maintain sufficient funds for working capital and future investment in order to meet growth targets.
The management of equity through share buybacks and new issues is considered as part of the overall leverage framework
balanced against the funding requirements of future growth. In addition, the Group may carry out a number of sale and
leaseback transactions to provide further funding for growth.
The revolving credit facility, which at 3 March 2022 was \u00a3850.0m, was replaced on 25 May 2022 with a new 5 year \u00a3775.0m
multicurrency revolving credit facility agreement. The new revolving credit facility agreement contains one financial
covenant ratio, being: Net Debt/Adjusted EBITDA <3.5x.
The above matters are considered at regular intervals and form part of the business planning and budgeting processes.
In addition, the Board regularly reviews the Group\u2019s dividend policy and funding strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-469": { "value": "Interest rate risk The Group\u2019s exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations. Interest rate swaps are used where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk, in line with the Group treasury policy. At the year-end, (100%) of Group debt was fixed for an average of 4.5 years at an average interest rate of 3.0% (2022: \u00a3991.9m (100%) for 5.5 years at 3.0%). The interest rate swaps for sterling expired in February 2022. In accordance with IFRS 7 Financial Instruments: Disclosures, the Group has undertaken sensitivity analysis on its financial instruments which are affected by changes in interest rates. This analysis has been prepared on the basis of a constant amount of net debt, a constant ratio of fixed to floating interest rates, and on the basis of the hedging instruments in place at 2 March 2023 and 3 March 2022 respectively. Consequently, the analysis relates to the situation at those dates and is not representative of the years then ended. The following assumptions were made: \u2022 balance sheet sensitivity to interest rates applies only to derivative financial instruments, as the carrying value of debt and deposits does not change as interest rates move; and \u2022 gains or losses are recognised in equity or the consolidated income statement in line with the accounting policies set out in Note 2. Based on the Group\u2019s net debt/cash position at the year-end, a 1%pt increase in interest rates would increase the Group\u2019s profit before tax by \u00a311.6m (2022: \u00a311.3m). ", "dimensions": { "concept": "whitbreadplc:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-470": { "value": "Liquidity risk In its funding strategy, the Group\u2019s objective is to maintain a balance between the continuity of funding and flexibility through access to a revolving credit facility, additional uncommitted credit lines and the bond market. This strategy includes monitoring the maturity of its financial liabilities to avoid the risk of a shortage of funds. Excess cash used in managing liquidity is placed on interest-bearing deposit where maturity is fixed at no more than three months. Short-term flexibility is achieved through the use of short-term borrowing on the money markets. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 2 March 2023 and 3 March 2022 based on contractual undiscounted payments, including interest: 2 MARCH 2023 On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Carrying value NON-DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Interest-bearing loans and borrowings \u2013 14.6 15.2 824.3 294.6 1,148.7 993.4 Lease liabilities 1 \u2013 70.9 217.6 862.1 5,437.3 6,587.9 3,958.4 Trade and other payables \u2013 198.9 \u2013 3.8 \u2013 202.7 202.7 \u2013 284.4 232.8 1,690.2 5,731.9 7,939.3 5,154.5 DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Cross-currency swaps Derivative contracts \u2013 receipts \u2013 \u2013 (15.2) (480.4) \u2013 (495.6) Derivative contracts \u2013 payments \u2013 \u2013 9.8 481.7 \u2013 491.5 \u2013 \u2013 (5.4) 1.3 \u2013 (4.1) TOTAL \u2013 284.4 227.4 1,691.5 5,731.9 7,935.2 3 MARCH 2022 On demand \u00a3m Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Carrying value NON-DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Interest-bearing loans and borrowings \u2013 19.0 15.2 554.1 594.6 1,182.9 991.9 Lease liabilities 1 \u2013 6 7.3 206.5 1,116.5 4,918.3 6,308.6 3,701.8 Trade and other payables \u2013 163.6 12.4 1.2 \u2013 177.2 176.9 \u2013 249.9 234.1 1,671.8 5,512.9 7,668.7 4,870.6 DERIVATIVE FINANCIAL ASSETS/LIABILITIES: Cross-currency swaps Derivative contracts \u2013 receipts \u2013 \u2013 (15.2) (495.6) \u2013 (510.8) Derivative contracts \u2013 payments \u2013 \u2013 9.1 459.1 \u2013 468.2 \u2013 \u2013 (6.1) (36.5) \u2013 (42.6) TOTAL \u2013 249.9 228.0 1,635.3 5,512.9 7,626.1 1 Contractual undiscounted payments relating to lease liabilities due in more than 5 years includes \u00a31,401.2m (2022: \u00a31,324.5m) due between 5 and 10 years, \u00a32,271.1m (2022: \u00a31,925.3m) due between 10 and 20 years and \u00a31,765.0m (2022: \u00a31,668.5m) due in more than 20 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-471": { "value": "Credit risk Due to the high level of cash held at the year-end, the most significant credit risk faced by the Group is that arising on cash and cash equivalents. The Group\u2019s exposure arises from default of the counterparty, with a maximum exposure equal to the carrying value of these instruments. The Group seeks to minimise the risk of default in relation to cash and cash equivalents by spreading investments across a number of counterparties and dealing in accordance with Group treasury policy which specifies acceptable credit ratings and maximum investments for any counterparty. In the event that any of the Group\u2019s banks get into financial difficulty, the Group is exposed to the risk of withdrawal of currently undrawn committed facilities. This risk is mitigated by the Group having a range of counterparties to its facilities. The Group is exposed to a small amount of credit risk attributable to its trade and other receivables. This is minimised by dealing with counterparties with good credit ratings. The amounts included in the balance sheet are net of expected credit losses, which have been estimated by management based on prior experience and any known factors at the balance sheet date. The Group\u2019s maximum exposure to credit risk arising from trade and other receivables, loans to joint ventures, derivatives and cash and cash equivalents is \u00a31,256.7m (2022: \u00a31,240.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-472": { "value": "Foreign currency risk The Group monitors the growth and risks associated with its overseas operations and will undertake hedging activities as and when they are required. In October 2019, the Group entered into a net investment hedge to manage the impact of movements in the GBP:EUR exchange rate on the value of the Group\u2019s investment in its business in Germany. See Note 25 for more details. ", "dimensions": { "concept": "whitbreadplc:DisclosureOfForeignCurrencyRisk", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-473": { "value": "Capital management The Group\u2019s primary objective in regard to capital management is to ensure that it continues to operate as a going concern and has sufficient funds at its disposal to grow the business for the benefit of shareholders. The Group seeks to maintain a ratio of debt to equity that balances risks and returns and also complies with the Group\u2019s net debt to EBITDA covenant. See pages 36 to 41 of this report for the policies and objectives of the Board regarding capital management, analysis of the Group\u2019s credit facilities and financing plans for the coming years. The Group aims to maintain sufficient funds for working capital and future investment in order to meet growth targets. The management of equity through share buybacks and new issues is considered as part of the overall leverage framework balanced against the funding requirements of future growth. In addition, the Group may carry out a number of sale and leaseback transactions to provide further funding for growth. The revolving credit facility, which at 3 March 2022 was \u00a3850.0m, was replaced on 25 May 2022 with a new 5 year \u00a3775.0m multicurrency revolving credit facility agreement. The new revolving credit facility agreement contains one financial covenant ratio, being: Net Debt/Adjusted EBITDA <3.5x. The above matters are considered at regular intervals and form part of the business planning and budgeting processes. In addition, the Board regularly reviews the Group\u2019s dividend policy and funding strategy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-434": { "value": "25 FINANCIAL INSTRUMENTS The carrying value of financial assets and liabilities at each reporting date are as follows: Amortised cost Fair value Carrying value \u00a3m Financial assets \u00a3m Financial liabilities \u00a3m Hedging instruments \u00a3m Other \u00a3m AT 2 MARCH 2023 Trade and other receivables 92.0 \u2013 \u2013 \u2013 92.0 Cash and cash equivalents 395.1 \u2013 \u2013 769.6 1,164.7 Interest-bearing loans and borrowings \u2013 (993.4) \u2013 \u2013 (993.4) Lease liabilities \u2013 (3,958.4) \u2013 \u2013 (3,958.4) Derivative financial instruments \u2013 \u2013 (7.8) \u2013 (7.8) Trade and other payables \u2013 (198.9) \u2013 \u2013 (198.9) Deferred and contingent consideration \u2013 \u2013 \u2013 (3.8) (3.8) AS AT 3 MARCH 2022 Trade and other receivables 92.2 \u2013 \u2013 \u2013 92.2 Cash and cash equivalents 375.1 \u2013 \u2013 757.3 1,132.4 Interest-bearing loans and borrowings \u2013 (991.9) \u2013 \u2013 (991.9) Lease liabilities \u2013 (3,701.8) \u2013 \u2013 (3,701.8) Derivative financial instruments \u2013 \u2013 15.8 \u2013 15.8 Trade and other payables \u2013 (151.8) \u2013 \u2013 (151.8) Deferred and contingent consideration \u2013 \u2013 \u2013 (25.1) (25.1) Fair values IFRS 13 Fair Value Measurement requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. The classification uses the following three-level hierarchy: Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 other techniques for which all inputs, which have a significant effect on the recorded fair value, are observable, either directly or indirectly; and Level 3 \u2013 techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Financial assets and liabilities measured at amortised cost The carrying value of trade and other receivables, cash and cash equivalents, and trade and other payables are considered to be reasonable approximations of their fair values largely due to the short-term maturities of these instruments. The fair value of the Group\u2019s borrowings is estimated at \u00a3879.4m. The fair value of the Group\u2019s borrowings is based on level 1 valuation techniques where there is an active market for the instrument and on level 2 valuation techniques otherwise. Financial assets and liabilities measured at fair value 2023 \u00a3m 2022 \u00a3m FINANCIAL ASSETS Derivative financial instruments \u2013 level 2 \u2013 15.8 FINANCIAL LIABILITIES Derivative financial instruments \u2013 level 2 7.8 \u2013 Deferred and contingent consideration \u2013 level 3 3.8 25.1 25 FINANCIAL INSTRUMENTS CONTINUED During the year ended 2 March 2023, there were no transfers between fair value measurement levels. Derivative financial instruments include \u00a3nil assets (2022: \u00a315.8m) and \u00a37.8m liabilities (2022: \u00a3nil) due after one year. Deferred and contingent consideration includes \u00a33.8m (2022: \u00a31.2m) due after one year. The fair value of derivative instruments classified as level 2 is calculated by discounting all future cash flows by the relevant market discount rate at the balance sheet date. The fair value of money market funds within cash and cash equivalents classified as level 1 are calculated by reference to their active market value at 2 March 2023. The fair value of deferred and contingent consideration relating to acquisitions is classified as level 3. Details of the valuation are included in Note 26. Derivative financial instruments Cash flow hedges Commodity price risk The Group is exposed to commodity risk in the form of power requirements. The Group manages this risk through a combination of fixed price agreements and hedging. During the year, the Group entered into power commodity price swaps to fix the price of 20% of forecast usage within FY25. Interest rate risk The Group had interest rate swaps in place which matured in February 2022 at the same point as the repayment of US denominated debt. Hedge of net investment in foreign operations In October 2019, the Group entered into cross-currency swaps, whereby it pays an average fixed rate of 2.12% on a notional amount of \u20ac521.0m and receives a fixed rate of 3.375% on a notional amount of \u00a3450.0m. These swaps are being used as a net investment hedge to manage the impact of movements in the GBP:EUR exchange rate on the value of the Group\u2019s investment in its business in Germany. The swaps mature in October 2025 in line with the bonds. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the nominal amount of the swaps. The net investment hedges were assessed to be highly effective at 2 March 2023 and a net unrealised gain of \u00a324.7m (2022: gain of \u00a39.7m) has been recorded in the translation reserve. The Group has recorded costs of hedging of \u00a31.1m (2022: \u00a32.5m) within finance costs in the consolidated income statement as a result of the foreign currency basis spread within the hedging instrument. 25 FINANCIAL INSTRUMENTS CONTINUED The impact of the hedging instruments and hedged items on the statement of financial position is as follows: AT 2 MARCH 2023 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 (6.6) Derivative financial instruments (22.2) Net investment in foreign subsidiaries 22.2 CASH FLOW HEDGES Power commodity swap 10.2 (1.3) Derivative financial instruments (1.3) Highly probable forecast future power usage N/A \u2013 future usage AT 3 MARCH 2022 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 15.8 Derivative financial instruments 9.0 Net investment in foreign subsidiaries (9.0) The impact of the hedging instruments in the consolidated income statement and consolidated statement of comprehensive income is as follows: Total hedging loss recognised in other comprehensive income \u00a3m Amount reclassified from other comprehensive income to profit or loss \u00a3m Line item in the consolidated income statement \u00a3m Accumulated value recognised in cash flow hedge reserve \u00a3m 2022/23 Power commodity swaps (1.3) \u2013 N/A \u2013 future usage (1.3 ) 2021/22 Interest rate swaps (0.2) 2.5 Finance costs \u2013 Cross-currency swaps (8.0) 8.1 Finance costs \u2013 25 FINANCIAL INSTRUMENTS CONTINUED Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Cash flow hedge reserve \u00a3m Foreign currency translation reserve \u00a3m At 25 February 2021 (1.9) 28.7 Change in fair value recognised in other comprehensive income \u2013 Interest rate swaps (0.2) \u2013 \u2013 Cross-currency swaps (8.0) \u2013 Reclassified to profit or loss as hedged item effects profit or loss \u2013 Interest rate swaps 2.5 \u2013 \u2013 Cross-currency swaps 8.1 \u2013 Foreign exchange arising on consolidation \u2013 (16.0) Fair value movement on derivatives designated as net investment hedges \u2013 9.7 Deferred tax credit (0.5) 1.9 AT 3 MARCH 2022 \u2013 24.3 Change in fair value recognised in other comprehensive income \u2013 Power commodity swap (1.3) \u2013 Foreign exchange arising on consolidation \u2013 37.3 Fair value movement on derivatives designated as net investment hedges \u2013 (24.7) Deferred tax credit \u2013 (1.9) AT 2 MARCH 2023 (1.3) 35.0 Cash flow hedges are expected to impact on the consolidated income statement in line with the liquidity risk table shown in Note 24. There have been no amounts reclassified to profit or loss as a result of the hedged cash flow no longer being expected to occur. The foreign currency translation reserve includes an accumulated loss of \u00a310.5m (2022: gain of \u00a314.2m) relating to derivatives designated as net investment hedges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-474": { "value": "Fair values IFRS 13 Fair Value Measurement requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. The classification uses the following three-level hierarchy: Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 other techniques for which all inputs, which have a significant effect on the recorded fair value, are observable, either directly or indirectly; and Level 3 \u2013 techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Financial assets and liabilities measured at amortised cost The carrying value of trade and other receivables, cash and cash equivalents, and trade and other payables are considered to be reasonable approximations of their fair values largely due to the short-term maturities of these instruments. The fair value of the Group\u2019s borrowings is estimated at \u00a3879.4m. The fair value of the Group\u2019s borrowings is based on level 1 valuation techniques where there is an active market for the instrument and on level 2 valuation techniques otherwise. Financial assets and liabilities measured at fair value 2023 \u00a3m 2022 \u00a3m FINANCIAL ASSETS Derivative financial instruments \u2013 level 2 \u2013 15.8 FINANCIAL LIABILITIES Derivative financial instruments \u2013 level 2 7.8 \u2013 Deferred and contingent consideration \u2013 level 3 3.8 25.1 During the year ended 2 March 2023, there were no transfers between fair value measurement levels. Derivative financial instruments include \u00a3nil assets (2022: \u00a315.8m) and \u00a37.8m liabilities (2022: \u00a3nil) due after one year. Deferred and contingent consideration includes \u00a33.8m (2022: \u00a31.2m) due after one year. The fair value of derivative instruments classified as level 2 is calculated by discounting all future cash flows by the relevant market discount rate at the balance sheet date. The fair value of money market funds within cash and cash equivalents classified as level 1 are calculated by reference to their active market value at 2 March 2023. The fair value of deferred and contingent consideration relating to acquisitions is classified as level 3. Details of the valuation are included in Note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-486": { "value": "Derivative financial instruments Cash flow hedges Commodity price risk The Group is exposed to commodity risk in the form of power requirements. The Group manages this risk through a combination of fixed price agreements and hedging. During the year, the Group entered into power commodity price swaps to fix the price of 20% of forecast usage within FY25. Interest rate risk The Group had interest rate swaps in place which matured in February 2022 at the same point as the repayment of US denominated debt. Hedge of net investment in foreign operations In October 2019, the Group entered into cross-currency swaps, whereby it pays an average fixed rate of 2.12% on a notional amount of \u20ac521.0m and receives a fixed rate of 3.375% on a notional amount of \u00a3450.0m. These swaps are being used as a net investment hedge to manage the impact of movements in the GBP:EUR exchange rate on the value of the Group\u2019s investment in its business in Germany. The swaps mature in October 2025 in line with the bonds. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the nominal amount of the swaps. The net investment hedges were assessed to be highly effective at 2 March 2023 and a net unrealised gain of \u00a324.7m (2022: gain of \u00a39.7m) has been recorded in the translation reserve. The Group has recorded costs of hedging of \u00a31.1m (2022: \u00a32.5m) within finance costs in the consolidated income statement as a result of the foreign currency basis spread within the hedging instrument. The impact of the hedging instruments and hedged items on the statement of financial position is as follows: AT 2 MARCH 2023 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 (6.6) Derivative financial instruments (22.2) Net investment in foreign subsidiaries 22.2 CASH FLOW HEDGES Power commodity swap 10.2 (1.3) Derivative financial instruments (1.3) Highly probable forecast future power usage N/A \u2013 future usage AT 3 MARCH 2022 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 15.8 Derivative financial instruments 9.0 Net investment in foreign subsidiaries (9.0) The impact of the hedging instruments in the consolidated income statement and consolidated statement of comprehensive income is as follows: Total hedging loss recognised in other comprehensive income \u00a3m Amount reclassified from other comprehensive income to profit or loss \u00a3m Line item in the consolidated income statement \u00a3m Accumulated value recognised in cash flow hedge reserve \u00a3m 2022/23 Power commodity swaps (1.3) \u2013 N/A \u2013 future usage (1.3 ) 2021/22 Interest rate swaps (0.2) 2.5 Finance costs \u2013 Cross-currency swaps (8.0) 8.1 Finance costs Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Cash flow hedge reserve \u00a3m Foreign currency translation reserve \u00a3m At 25 February 2021 (1.9) 28.7 Change in fair value recognised in other comprehensive income \u2013 Interest rate swaps (0.2) \u2013 \u2013 Cross-currency swaps (8.0) \u2013 Reclassified to profit or loss as hedged item effects profit or loss \u2013 Interest rate swaps 2.5 \u2013 \u2013 Cross-currency swaps 8.1 \u2013 Foreign exchange arising on consolidation \u2013 (16.0) Fair value movement on derivatives designated as net investment hedges \u2013 9.7 Deferred tax credit (0.5) 1.9 AT 3 MARCH 2022 \u2013 24.3 Change in fair value recognised in other comprehensive income \u2013 Power commodity swap (1.3) \u2013 Foreign exchange arising on consolidation \u2013 37.3 Fair value movement on derivatives designated as net investment hedges \u2013 (24.7) Deferred tax credit \u2013 (1.9) AT 2 MARCH 2023 (1.3) 35.0 Cash flow hedges are expected to impact on the consolidated income statement in line with the liquidity risk table shown in Note 24. There have been no amounts reclassified to profit or loss as a result of the hedged cash flow no longer being expected to occur. The foreign currency translation reserve includes an accumulated loss of \u00a310.5m (2022: gain of \u00a314.2m) relating to derivatives designated as net investment hedges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-475": { "value": "Derivative financial instruments Cash flow hedges Commodity price risk The Group is exposed to commodity risk in the form of power requirements. The Group manages this risk through a combination of fixed price agreements and hedging. During the year, the Group entered into power commodity price swaps to fix the price of 20% of forecast usage within FY25. Interest rate risk The Group had interest rate swaps in place which matured in February 2022 at the same point as the repayment of US denominated debt. Hedge of net investment in foreign operations In October 2019, the Group entered into cross-currency swaps, whereby it pays an average fixed rate of 2.12% on a notional amount of \u20ac521.0m and receives a fixed rate of 3.375% on a notional amount of \u00a3450.0m. These swaps are being used as a net investment hedge to manage the impact of movements in the GBP:EUR exchange rate on the value of the Group\u2019s investment in its business in Germany. The swaps mature in October 2025 in line with the bonds. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the nominal amount of the swaps. The net investment hedges were assessed to be highly effective at 2 March 2023 and a net unrealised gain of \u00a324.7m (2022: gain of \u00a39.7m) has been recorded in the translation reserve. The Group has recorded costs of hedging of \u00a31.1m (2022: \u00a32.5m) within finance costs in the consolidated income statement as a result of the foreign currency basis spread within the hedging instrument. The impact of the hedging instruments and hedged items on the statement of financial position is as follows: AT 2 MARCH 2023 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 (6.6) Derivative financial instruments (22.2) Net investment in foreign subsidiaries 22.2 CASH FLOW HEDGES Power commodity swap 10.2 (1.3) Derivative financial instruments (1.3) Highly probable forecast future power usage N/A \u2013 future usage AT 3 MARCH 2022 Notional amount \u00a3m Carrying amount \u00a3m Line item in statement of financial position \u00a3m Change in fair value used for measuring ineffectiveness for the year \u00a3m Hedged item \u00a3m Change in fair value of hedged item \u00a3m NET INVESTMENT IN FOREIGN OPERATIONS Cross-currency swaps 450.0 15.8 Derivative financial instruments 9.0 Net investment in foreign subsidiaries (9.0) The impact of the hedging instruments in the consolidated income statement and consolidated statement of comprehensive income is as follows: Total hedging loss recognised in other comprehensive income \u00a3m Amount reclassified from other comprehensive income to profit or loss \u00a3m Line item in the consolidated income statement \u00a3m Accumulated value recognised in cash flow hedge reserve \u00a3m 2022/23 Power commodity swaps (1.3) \u2013 N/A \u2013 future usage (1.3 ) 2021/22 Interest rate swaps (0.2) 2.5 Finance costs \u2013 Cross-currency swaps (8.0) 8.1 Finance costs \u2013 Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Cash flow hedge reserve \u00a3m Foreign currency translation reserve \u00a3m At 25 February 2021 (1.9) 28.7 Change in fair value recognised in other comprehensive income \u2013 Interest rate swaps (0.2) \u2013 \u2013 Cross-currency swaps (8.0) \u2013 Reclassified to profit or loss as hedged item effects profit or loss \u2013 Interest rate swaps 2.5 \u2013 \u2013 Cross-currency swaps 8.1 \u2013 Foreign exchange arising on consolidation \u2013 (16.0) Fair value movement on derivatives designated as net investment hedges \u2013 9.7 Deferred tax credit (0.5) 1.9 AT 3 MARCH 2022 \u2013 24.3 Change in fair value recognised in other comprehensive income \u2013 Power commodity swap (1.3) \u2013 Foreign exchange arising on consolidation \u2013 37.3 Fair value movement on derivatives designated as net investment hedges \u2013 (24.7) Deferred tax credit \u2013 (1.9) AT 2 MARCH 2023 (1.3) 35.0 Cash flow hedges are expected to impact on the consolidated income statement in line with the liquidity risk table shown in Note 24. There have been no amounts reclassified to profit or loss as a result of the hedged cash flow no longer being expected to occur. The foreign currency translation reserve includes an accumulated loss of \u00a310.5m (2022: gain of \u00a314.2m) relating to derivatives designated as net investment hedges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-435": { "value": "26 TRADE AND OTHER PAYABLES 2023 \u00a3m 2022 \u00a3m Trade payables 95.2 73.7 Other taxes and social security 40.2 25.8 Contract liabilities 197.8 146.2 Accruals 239.8 223.0 Other payables 103.7 78.1 Deferred and contingent consideration 3.8 25.1 680.5 571.9 ANALYSED AS: Current 676.7 570.7 Non-current 3.8 1.2 680.5 571.9 Included within contract liabilities is \u00a3195.8m (2022: \u00a3141.4m) relating to customer payments received for accommodation where the stay will take place after the year-end and \u00a34.0m (2022: \u00a34.8m) revenue deferred relating to the Group\u2019s customer loyalty programmes. During the year, \u00a3146.2m presented as a contract liability in 2022 has been recognised in revenue (2022: \u00a341.3m). Trade payables typically have maturities up to 60 days depending on the nature of the purchase transaction and the agreed terms. 26 TRADE AND OTHER PAYABLES CONTINUED Deferred and contingent consideration 2023 \u00a3m 2022 \u00a3m Opening deferred and contingent consideration 25.1 62.8 Recognised on acquisition of assets (Note 35) 2.5 \u2013 Unwinding of discount rate (Note 8) 0.2 1.4 Paid during the period (25.3) (36.3) Foreign exchange movements 1.3 (2.8) CLOSING DEFERRED AND CONTINGENT CONSIDERATION 3.8 25.1 The Group has contingent consideration in relation to four pipeline sites from acquisitions in the current and previous years which is held at fair value. The amounts payable are fixed and become payable once development of the site is complete and the site has been handed over to the Group, which is expected to occur within two years. The fair value is calculated by discounting the future payments from their expected handover date using a risk adjusted discount rate. A 1% decrease/ increase in the discount rate would increase/decrease the value of contingent consideration by \u00a30.1m. Foreign exchange movements on deferred and contingent consideration are recognised within exchange differences on translation of foreign operations in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-436": { "value": "27 SHARE CAPITAL ORDINARY SHARE CAPITAL ALLOTTED, CALLED UP AND FULLY PAID ORDINARY SHARES OF 76.80P EACH (2022: 76.80P EACH) million \u00a3m At 25 February 2021 214.4 164.7 Issued on exercise of employee share options 0.1 0.1 AT 3 MARCH 2022 214.5 164.8 Issued on exercise of employee share options 0.1 0.1 AT 2 MARCH 2023 214.6 164.9 Employee share options During the year, options over 0.1m (2021/22: 0.1m) ordinary shares, fully paid, were exercised by employees under the terms of various share option schemes. The Company received proceeds of \u00a32.0m (2021/22: \u00a31.9m) on exercise of these options. Preference share capital B shares C shares ALLOTTED, CALLED UP AND FULLY PAID SHARES OF 1P EACH (2022: 1P EACH) million \u00a3m million \u00a3m AT 25 FEBRUARY 2021, 3 MARCH 2022 AND 2 MARCH 2023 2.0 \u2013 1.9 \u2013 B shareholders are entitled to an annual non-cumulative preference dividend paid in arrears on or around 2 July each year on a notional amount of 155p per share. C shareholders are entitled to an annual non-cumulative preference dividend paid in arrears on or around 14 January each year on a value of 159p per share. Other than shares issued in the normal course of business as part of the share-based payments schemes, there have been no transactions involving ordinary shares or potential ordinary shares since the reporting date and before the completion of these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-476": { "value": "27 SHARE CAPITAL ORDINARY SHARE CAPITAL ALLOTTED, CALLED UP AND FULLY PAID ORDINARY SHARES OF 76.80P EACH (2022: 76.80P EACH) million \u00a3m At 25 February 2021 214.4 164.7 Issued on exercise of employee share options 0.1 0.1 AT 3 MARCH 2022 214.5 164.8 Issued on exercise of employee share options 0.1 0.1 AT 2 MARCH 2023 214.6 164.9 Employee share options During the year, options over 0.1m (2021/22: 0.1m) ordinary shares, fully paid, were exercised by employees under the terms of various share option schemes. The Company received proceeds of \u00a32.0m (2021/22: \u00a31.9m) on exercise of these options. Preference share capital B shares C shares ALLOTTED, CALLED UP AND FULLY PAID SHARES OF 1P EACH (2022: 1P EACH) million \u00a3m million \u00a3m AT 25 FEBRUARY 2021, 3 MARCH 2022 AND 2 MARCH 2023 2.0 \u2013 1.9 \u2013 B shareholders are entitled to an annual non-cumulative preference dividend paid in arrears on or around 2 July each year on a notional amount of 155p per share. C shareholders are entitled to an annual non-cumulative preference dividend paid in arrears on or around 14 January each year on a value of 159p per share. Other than shares issued in the normal course of business as part of the share-based payments schemes, there have been no transactions involving ordinary shares or potential ordinary shares since the reporting date and before the completion of these consolidated financial statements. 28 RESERVES Share premium The share premium reserve is the premium paid on the Company\u2019s 76.80p ordinary shares. Capital redemption reserve A capital redemption reserve was created on the cancellation of the Group\u2019s B and C preference shares and also includes the nominal value of cancelled ordinary shares. Retained earnings In accordance with IFRS practice, retained earnings include revaluation reserves which arose on transition to IFRS. Currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries, other foreign currency investments and exchange differences on derivative instruments that provide a hedge against net investments in foreign operations. Other reserves The movement in other reserves during the year is set out in the table below: Treasury reserve \u00a3m Merger reserve \u00a3m Hedging Reserve \u00a3m Excluded component of hedge reserve \u00a3m Total other reserves \u00a3m At 25 February 2021 520.3 1,855.0 1.9 \u2013 2,377.2 Other comprehensive income \u2013 net loss on cash flow hedges (Note 25) \u2013 \u2013 (2.4) \u2013 (2.4) Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25) \u2013 \u2013 0.5 \u2013 0.5 Other comprehensive income \u2013 gain on net investment hedge \u2013 \u2013 \u2013 0.7 0.7 Cost of hedging \u2013 \u2013 \u2013 (2.5) (2.5) Loss on ESOT shares issued (3.2) \u2013 \u2013 \u2013 (3.2) AT 3 MARCH 2022 517.1 1,855.0 \u2013 (1.8) 2,370.3 Other comprehensive income \u2013 net loss on cash flow hedges (Note 25) \u2013 \u2013 1.3 \u2013 1.3 Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25) \u2013 \u2013 \u2013 \u2013 Other comprehensive income \u2013 loss on net investment hedge \u2013 \u2013 \u2013 (2.5) (2.5) Cost of hedging \u2013 \u2013 \u2013 (1.1) (1.1) Purchase of ESOT shares 31.7 \u2013 \u2013 \u2013 31.7 Loss on ESOT shares issued (4.3) \u2013 \u2013 \u2013 (4.3) AT 2 MARCH 2023 544.5 1,855.0 1.3 (5.4) 2,395.4 28 RESERVES CONTINUED Treasury reserve This reserve relates to shares held by an independently managed ESOT and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below: Treasury shares held by Whitbread PLC ESOT shares held million \u00a3m million \u00a3m At 25 February 2021 12.5 514.5 0.4 5.8 Exercised during the year \u2013 \u2013 (0.2) (3.2) AT 3 MARCH 2022 12.5 514.5 0.2 2.6 Purchase of ESOT shares \u2013 \u2013 1.2 31.7 Exercised during the year \u2013 \u2013 (0.2) (4.3) AT 2 MARCH 2023 12.5 514.5 1.2 30.0 During the year, 1.3m shares were purchased by the Group\u2019s independently managed Employee Share Ownership Trust (ESOT) for consideration of \u00a331.7m. Merger reserve The merger reserve arose as a consequence of the merger in 2000/01 of Whitbread Group PLC and Whitbread PLC. Hedging reserve The hedging reserve records movements for effective cash flow hedges measured at fair value. Excluded component of hedge reserve The excluded component of hedge reserve records movements in the elements of derivatives used in hedging arrangements that are excluded from the hedge relationship. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-437": { "value": "28 RESERVES Share premium The share premium reserve is the premium paid on the Company\u2019s 76.80p ordinary shares. Capital redemption reserve A capital redemption reserve was created on the cancellation of the Group\u2019s B and C preference shares and also includes the nominal value of cancelled ordinary shares. Retained earnings In accordance with IFRS practice, retained earnings include revaluation reserves which arose on transition to IFRS. Currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries, other foreign currency investments and exchange differences on derivative instruments that provide a hedge against net investments in foreign operations. Other reserves The movement in other reserves during the year is set out in the table below: Treasury reserve \u00a3m Merger reserve \u00a3m Hedging Reserve \u00a3m Excluded component of hedge reserve \u00a3m Total other reserves \u00a3m At 25 February 2021 520.3 1,855.0 1.9 \u2013 2,377.2 Other comprehensive income \u2013 net loss on cash flow hedges (Note 25) \u2013 \u2013 (2.4) \u2013 (2.4) Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25) \u2013 \u2013 0.5 \u2013 0.5 Other comprehensive income \u2013 gain on net investment hedge \u2013 \u2013 \u2013 0.7 0.7 Cost of hedging \u2013 \u2013 \u2013 (2.5) (2.5) Loss on ESOT shares issued (3.2) \u2013 \u2013 \u2013 (3.2) AT 3 MARCH 2022 517.1 1,855.0 \u2013 (1.8) 2,370.3 Other comprehensive income \u2013 net loss on cash flow hedges (Note 25) \u2013 \u2013 1.3 \u2013 1.3 Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25) \u2013 \u2013 \u2013 \u2013 Other comprehensive income \u2013 loss on net investment hedge \u2013 \u2013 \u2013 (2.5) (2.5) Cost of hedging \u2013 \u2013 \u2013 (1.1) (1.1) Purchase of ESOT shares 31.7 \u2013 \u2013 \u2013 31.7 Loss on ESOT shares issued (4.3) \u2013 \u2013 \u2013 (4.3) AT 2 MARCH 2023 544.5 1,855.0 1.3 (5.4) 2,395.4 28 RESERVES CONTINUED Treasury reserve This reserve relates to shares held by an independently managed ESOT and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below: Treasury shares held by Whitbread PLC ESOT shares held million \u00a3m million \u00a3m At 25 February 2021 12.5 514.5 0.4 5.8 Exercised during the year \u2013 \u2013 (0.2) (3.2) AT 3 MARCH 2022 12.5 514.5 0.2 2.6 Purchase of ESOT shares \u2013 \u2013 1.2 31.7 Exercised during the year \u2013 \u2013 (0.2) (4.3) AT 2 MARCH 2023 12.5 514.5 1.2 30.0 During the year, 1.3m shares were purchased by the Group\u2019s independently managed Employee Share Ownership Trust (ESOT) for consideration of \u00a331.7m. Merger reserve The merger reserve arose as a consequence of the merger in 2000/01 of Whitbread Group PLC and Whitbread PLC. Hedging reserve The hedging reserve records movements for effective cash flow hedges measured at fair value. Excluded component of hedge reserve The excluded component of hedge reserve records movements in the elements of derivatives used in hedging arrangements that are excluded from the hedge relationship. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-487": { "value": "Treasury reserve This reserve relates to shares held by an independently managed ESOT and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below: Treasury shares held by Whitbread PLC ESOT shares held million \u00a3m million \u00a3m At 25 February 2021 12.5 514.5 0.4 5.8 Exercised during the year \u2013 \u2013 (0.2) (3.2) AT 3 MARCH 2022 12.5 514.5 0.2 2.6 Purchase of ESOT shares \u2013 \u2013 1.2 31.7 Exercised during the year \u2013 \u2013 (0.2) (4.3) AT 2 MARCH 2023 12.5 514.5 1.2 30.0 During the year, 1.3m shares were purchased by the Group\u2019s independently managed Employee Share Ownership Trust (ESOT) for consideration of \u00a331.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-438": { "value": "29 ANALYSIS OF CASH FLOWS GIVEN IN THE CASH FLOW STATEMENT 2022/23 \u00a3m 2021/22 \u00a3m Profit for the year 278.8 42.5 Adjustments for: Tax expense 96.1 15.7 Net finance costs (Note 8) 130.1 169.1 Share of profit from joint ventures (2.3) (0.4) Depreciation and amortisation 345.5 326.9 Share-based payments 17.7 12.9 Net impairment charge/(reversals) (Note 15) 34.9 (34.4) Gains on disposals, property, and other provisions (4.0) (28.8) Other non-cash items 0.6 7.7 CASH GENERATED FROM OPERATIONS BEFORE WORKING CAPITAL CHANGES 897.4 511.2 Increase in inventories (2.3) (7.3) Increase in trade and other receivables (10.9) (45.4) Increase in trade and other payables 112.1 235.2 CASH GENERATED FROM OPERATIONS 996.3 693.7 Other non-cash items include an outflow of \u00a30.3m representing bad debt charges (2021/22: \u00a30.8m inflow), an outflow of \u00a30.7m (2021/22: \u00a34.3m inflow) as a result of net provision movements, an inflow of \u00a33.6m (2021/22: \u00a32.6m inflow) representing non-cash pension scheme administration costs and an outflow of \u00a32.1m (2021/22: \u00a3nil) from foreign exchange gains. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-439": { "value": "30 CONTINGENT LIABILITIES There are no contingent liabilities to be disclosed in the year ended 2 March 2023 (2022: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-440": { "value": "
31 SHARE-BASED PAYMENT PLANS
Long Term Incentive Plan
The LTIP awards were made to directors and senior executives of the Group prior to the adoption of the Restricted Share
Plan. Vesting of share awards under the scheme is dependent on continued employment and meeting performance targets
over a three-year vesting period. The awards are settled in equity once exercised.
Deferred equity awards
Share awards are made under the Whitbread Directors Incentive Scheme implemented during 2004/05. The awards are
not subject to performance conditions and will vest in full on the release date subject to continued employment at that date.
If the director or senior executive of the Group ceases to be an employee of Whitbread prior to the release date, normally
three years after the award, by reason of redundancy, retirement, death, injury, ill health, disability or some other reason
considered to be a permitted reason by the Remuneration Committee, the awards will be released in full. If employment
ceases for any other reason, the proportion of awards which vest depends upon the year in which the award was made and
the date that employment ceased. If employment ceases in the first year after an award is made, none of the award vests;
between the first and second anniversary, 25% vests; and between the second and third anniversary, 50% vests. The awards
are settled in equity once exercised.
R&R Scheme
The R&R Scheme enables Whitbread to make share awards periodically on a flexible basis. There are typically no
performance conditions but these can be imposed by Whitbread at time of grant. The awards issued are subject to being in
employment at date of vesting with no performance conditions. If employment at Whitbread ceases prior to the vesting date
by reason of resignation or terminated for cause, all unvested shares will lapse. If employment ceases for any other reason,
any vesting will be at the discretion of the CEO and, if granted, will be on a pro-rated basis to the leaving date. The awards
are settled in equity once exercised.
Restricted Share Plan
At the general meeting held on 6 December 2019, it was agreed that the Restricted Share Plan would replace the Long
Term Incentive Plan. Vesting of all shares under the scheme will depend on continued employment and meeting underpin
targets over a period of at least three years. Details of the underpin targets that apply to RSP awards are included in the
remuneration report on pages 92 to 115. After vesting, there is an additional holding period applicable to directors and
senior executives such that the underpin measurement period and holding period is at least five years. If employment at
Whitbread ceases prior to the vesting date by reason of resignation or terminated for cause, all unvested shares will lapse.
If employment ceases for any other reason, any vesting will be at the discretion of the Remuneration Committee and, if
granted, will be on a pro-rated basis to the leaving date. The awards are settled in equity once exercised.
31 SHARE-BASED PAYMENT PLANS CONTINUED
Movements in the number of share awards are as follows:
52 WEEKS TO 2 MARCH 2023
Outstanding
at the
beginning
of the year
Granted
during the
year
Exercised
during the
year
Expired
during the
year
Outstanding
at the end
of the year
Exercisable
at the end
of the year
Long Term Incentive Plan 130,499 \u2013 (57,065) (4,457) 68,977 68,977
Deferred equity awards 154,341 176,272 (64,917) (1,836) 263,860 \u2013
R&R Scheme 523,455 84,249 (39,020) (29,525) 539,159 \u2013
Restricted Share Plan 254,875 283,603 (3,186) (58,212) 477,080 \u2013
1,063,170 544,124 (164,188) (94,030) 1,349,076 68,977
53 WEEKS TO 3 MARCH 2022
Outstanding
at the
beginning of
the year
Granted
during the
year
Exercised
during the
year
Expired
during the
year
Outstanding
at the end of
the year
Exercisable
at the end of
the year
Long Term Incentive Plan 149,688 \u2013 (17,859) (1,330) 130,499 129,613
Deferred equity awards 242,160 4,345 (79,978) (12,186) 154,341 5,998
R&R Scheme 652,851 12,146 (139,583) (1,959) 523,455 9,586
Restricted Share Plan 106,687 167,673 \u2013 (19,485) 254,875 \u2013
1,151,386 184,164 (237,420) (34,960) 1,063,170 145,197
Employee Sharesave scheme
The employee Sharesave scheme is open to all employees and provides for a purchase price equal to the market price on the
day preceding the date of invitation, with a 20% discount. The shares can be purchased over the six-month period following
the third or fifth anniversary of the commencement date, depending on the length chosen by the employee.
The weighted average exercise price (WAEP) of movements in the number of share awards are as follows:
2022/23 2021/22
Options
WAEP \u00a3 per
share Options
WAEP \u00a3 per
share
Outstanding at the beginning of the year 1,173,108 26.01 1,139,975 26.59
Granted during the year
1
649,795 20.51 410,032 24.86
Exercised during the year (65,199) 27.18 (81,727) 26.15
Expired during the year (497,900) 26.19 (295,172) 26.65
Outstanding at the end of the year 1,259,804 23.01 1,173,108 26.01
Exercisable at the year-end 60,647 27.64 89,941 30.66
Outstanding options to purchase ordinary shares of 76.80p between 2023 and 2028 are exercisable at prices between
\u00a324.86 and \u00a331.62 per share (2022: between 2022 and 2027 at prices between \u00a325.33 and \u00a331.62). The weighted average
share price at the date of exercise for options exercised during the year was \u00a330.10 (2022: \u00a331.63).
The weighted average contractual life of the share options outstanding as at 2 March 2023 is between two and three years.
31 SHARE-BASED PAYMENT PLANS CONTINUED
The following table lists the inputs to the model used for the years ended 2 March 2023 and 3 March 2022:
Grant date
Exercise
price
\u00a3
Price at
grant date
\u00a3
Expected
term
Years
Expected
dividend
yield
%
Expected
volatility
%
Risk-free
rate %
Vesting
conditions
Deferred equity awards 28.04.2022 \u2013 28.75 3.00 2.00 N/A N/A Service
3
Deferred equity awards 27.04.2021 \u2013 32.97 3.00 0.75 N/A N/A Service
3
R&R awards \u2013 2 years 28.04.2022 - 28.75 2.00 2.00 N/A N/A Service
3
R&R awards \u2013 3 years 28.04.2022 - 28.75 3.00 2.00 N/A N/A Service
3
Restricted Share Plan
5
17.01 .2023 \u2013 30.28 0.16 \u2013 N/A N/A Service
3
Restricted Share Plan
5
17.01 .2023 \u2013 30.28 2.66 2.00 N/A N/A Service
3
Restricted Share Plan
5
17.01 .2023 \u2013 30.28 3.66 2.00 N/A N/A Service
3
Restricted Share Plan
5
17.01 .2023 \u2013 30.28 2.16 2.00 N/A N/A Service
3
Restricted Share Plan
5
17.01 .2023 \u2013 30.28 3.24 2.00 N/A N/A Service
3
Restricted Share Plan 27.04.2021 \u2013 32.97 3.00 0.75 N/A N/A Non\u2013market
1,2,3,4
SAYE \u2013 3 years 02.12.2022 20.51 26.09 3.25 2.00 40.0 3.38 Service
3
SAYE \u2013 3 years 23.12.2021 24.86 29.63 3.25 2.00 45.0 0.69 Service
3
SAYE \u2013 5 years 02.12.2022 20.51 26.09 5.25 2.00 40.0 3.29 Service
3
SAYE \u2013 5 years 23.12.2021 24.86 29.63 5.25 2.00 45.0 0.75 Service
3
1 Return on capital employed.
2 Other performance conditions.
3 Employment service.
4 Lease-adjusted net debt.
5 Refer to the Annual report on remuneration.
The fair value of share options granted is estimated as at the date of grant using a stochastic model, taking into account the
terms and conditions upon which the options were granted.
Expected volatility reflects the assumption that historical volatility is indicative of future trends, which may not necessarily
be the actual outcome. The risk-free rate is the rate of interest obtainable from Government securities over the expected life
of the equity incentive. The expected dividend yield is calculated on the basis of publicly available information at the time of
the grant date which, in most cases, is the historic dividend yield. No other features relating to the granting of options were
incorporated into the measurement of fair value.
Employee share ownership trust
The Company funds an ESOT to enable it to acquire and hold shares for the share-based payment plans noted above.
The ESOT held 1.2m shares at 2 March 2023 (2022: 0.2m). All dividends on the shares in the ESOT are waived by the Trustee.
TOTAL CHARGED TO THE CONSOLIDATED INCOME STATEMENT FOR ALL SCHEMES
2022/23
\u00a3m
2021/22
\u00a3m
Deferred equity 2.6 1.5
R&R Scheme 5.8 5.5
Restricted Share Plan 3.7 1.6
Employee Sharesave scheme 5.6 4.3
EQUITY-SETTLED 17.7 12.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-441": { "value": "
32 RETIREMENT BENEFITS
Defined contribution schemes
The Group operates a contracted-in defined contribution scheme under the Whitbread Group Pension Fund. Contributions
by both employees and Group companies are held in externally invested, trustee-administered funds.
The Group contributes a specified percentage of earnings for members of the above defined contribution scheme, and
thereafter has no further obligations in relation to the scheme. The total cost charged to the consolidated income statement
in relation to the defined contribution scheme in the year was \u00a312.8m (2021/22: \u00a311.0m). At the year-end, the Group owed
outstanding contributions of \u00a3nil (2022: \u00a3nil) in respect of the defined contribution scheme.
At the year-end, 24,284 employees (2022: 23,449) were active members of the scheme, which also had 58,406 deferred
members (2022: 52,303).
32 RETIREMENT BENEFITS CONTINUED
Defined benefit scheme
The defined benefit (final salary) section of the principal Group pension scheme, the Whitbread Group Pension Fund,
was closed to new members on 31 December 2001 and to future accrual on 31 December 2009. The Whitbread Group
Pension Fund is set up under UK trust law, registered with His Majesty\u2019s Revenue and Customs and regulated by the
Pensions Regulator. The Whitbread Group Pension Fund is governed by a corporate Trustee which operates the scheme in
accordance with the requirements of UK pensions legislation.
At the year-end, the scheme had no active members (2022: nil), 18,241 deferred pensioners (2022: 18,606) and 15,951
pensions in payment (2022: 16,089).
The surplus recognised in the consolidated balance sheet in respect of the defined benefit pension scheme is the fair
value of the plan assets less the present value of the defined benefit obligation at the end of the reporting period. The IAS
19 pension cost relating to the defined benefit section of the Whitbread Group Pension Fund is assessed in accordance
with actuarial advice from, and calculations provided by, Lane Clark & Peacock, using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using
interest rates of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension
obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
or credited to equity in other comprehensive income in the period in which they arise. As the scheme is closed to future
accrual, there is no future service cost.
The surplus has been recognised as, under the governing documentation of the Whitbread Group Pension Fund, the Group
has an unconditional right to receive a refund, assuming the gradual settlement of the scheme liabilities over time until all
members and their dependants have either died or left the scheme, in accordance with the provisions of IFRIC 14 IAS 19 \u2013
The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.
The defined benefit scheme entered into a \u00a3660.7m buy-in transaction covering 50% of pensioners on 23 June 2022
whereby the assets of the plan were invested in a bulk purchase annuity policy with the insurer, Standard Life, under which
the benefits payable to defined benefit members covered under the policy became fully insured. The difference between
the cost of the insurance policy and the accounting value of the liabilities secured was \u00a368.7m and has been recorded within
actuarial losses in the statement of other comprehensive income.
The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 13.0 years
(2022: 17.0 years).
Funding
Expected contributions to be made in the next reporting period total \u00a316.4m (2021/22: \u00a314.6m). In 2022/23, contributions
were \u00a314.5m, with \u00a33.6m from the employer, \u00a310.8m from Moorgate Scottish Limited Partnership (SLP) and \u00a30.1m of
benefits settled by the Group in relation to an unfunded scheme (2021/22: \u00a313.0m, with \u00a32.6m from the employer, \u00a310.3m
from Moorgate SLP and \u00a30.1m of benefits settled by the Group in relation to an unfunded scheme). In addition, Whitbread
paid \u00a31.2m (2021/22: \u00a31.8m) of investment manager expenses.
A scheme specific actuarial valuation for the purpose of determining the level of cash contributions to be paid into the
Whitbread Group Pension Fund was undertaken as at 31 March 2020 by Towers Watson Ltd using the projected unit credit
method. The valuation showed a surplus of assets relative to technical provisions of \u00a355.0m (31 March 2017: deficit of
\u00a3450.0m). As a result, no deficit reduction contributions are due.
As part of the valuation discussion during 2021/22, Whitbread and the Pension Fund Trustee agreed changes to the security
package that supports the Pension Fund. The EBITDA-related covenant was permanently removed and the security that
the Trustee holds over \u00a3500.0m of Whitbread\u2019s freehold property increased to \u00a3531.5m and will remain at this level until no
further obligations are due under the Scottish Partnership arrangements which is expected to be in 2025. Following that, the
security held by the Trustee will be the lower of: \u00a3500.0m; and 120% of the buyout deficit and will remain in place until there
is no longer a buyout deficit.
32 RETIREMENT BENEFITS CONTINUED
Investment in Moorgate SLP
The Pension Scheme will receive a share of the income, profits and a variable capital payment from its investment in
Moorgate SLP, which was established by the Group in the year ended 4 March 2010 (the share in profits is accounted for by
the Group as contributions when paid). The partnership interests in Moorgate SLP are held by the Group, the general partner
and by the Pension Scheme.
Moorgate SLP holds an investment in a further partnership, Farringdon Scottish Partnership (SP), which was also established
by the Group during 2009/10. Property assets with a market value of \u00a3221.0m were transferred from other Group
companies to Farringdon SP and leased back to Whitbread Group PLC and Premier Inn Hotels Limited. The Group retains
control over these properties, including the flexibility to substitute alternative properties. However, the Trustee has first
charge over the property portfolio and certain other assets with an aggregate value of \u00a3228.0m which is included in the
charge of \u00a3531.5m above. The Group retains control over both partnerships and, as such, they are fully consolidated in these
consolidated financial statements.
The Pension Scheme is a partner in Moorgate SLP and, as such, is entitled to an annual share of the profits of the partnership
over the next two years. At the end of this period, the partnership capital allocated to the Pension Scheme partner will,
depending on the funding position of the Pension Scheme at that time, be transferred in cash to the Pension Scheme up to a
value of \u00a3150.0m.
Under IAS 19, the investment held by the Pension Scheme in Moorgate SLP, a consolidated entity, does not represent a
plan asset for the purposes of the consolidated financial statements. Accordingly, the pension surplus position in these
consolidated financial statements does not reflect the \u00a321.9m (2022: \u00a396.8m) investment in Moorgate SLP held by the
Pension Scheme.
Risks
Through its defined benefit scheme, the Group is exposed to a number of risks in relation to the IAS 19 surplus, the most
significant of which are detailed below:
Risk Description
Principal impact on assets and
obligation reconciliations
MARKET VOLATILITY The value of the defined benefit obligation is linked to
AA-rated corporate bonds whilst the scheme invests some
of its assets in alternative asset classes (including those
denominated in foreign currencies). These assets include
private equities, secure income assets, gilts, swaps and cash.
This exposes the Group to risks including those relating to
interest rates, equity markets, foreign exchange and climate
change. As a result, any change in market conditions which
impacts the value of the scheme\u2019s assets or the interest rate
on AA-rated corporate bonds will lead to volatility in the
Group\u2019s net pension liability on the balance sheet, pension
expense in the income statement and remeasurement of
movements in other comprehensive income. There is the
potential for heightened market volatility through a number
of different sources, including the economic impact of the
Russia-Ukraine conflict, the policy intervention of central
banks in response to the inflationary environment which
could have consequential implications on interest rates, in
addition to wider economic impacts. There are also longer
term macroeconomic risks, such as the possible risk of
recession and constraints on market liquidity, which could all
adversely affect the Scheme\u2019s assets.
Return on plan assets
Actuarial movements in
financial assumptions
INFLATIONARY RISK Due to the link between the scheme obligation and inflation,
an increase in the expected future rate of inflation will lead
to higher scheme liabilities, although this is mitigated by the
scheme holding inflation-linked assets which aim to match
the increase in liabilities.
Actuarial movements in
financial assumptions
ACCOUNTING
ASSUMPTIONS
The defined benefit obligation is calculated by projecting
the future cash flows of the scheme for many years into
the future. Consequently, the assumptions used can have a
significant impact on the balance sheet position and income
statement charge. In practice, future scheme experience
may not be in line with the assumptions adopted. For
example, an increase in the life expectancy of members
would increase scheme liabilities.
Discount rate: interest income
on scheme assets and cost
on liabilities
Mortality: actuarial movements
in demographic assumptions
Actuarial movements in
financial assumptions
32 RETIREMENT BENEFITS CONTINUED
The principal assumptions used by the independent qualified actuaries in updating the most recent valuation carried out as
at 31 March 2020 of the UK scheme to 2 March 2023 for IAS 19 Employee benefits purposes were:
At
2 March
2023
%
At
3 March
2022
%
Pre-April 2006 rate of increase in pensions in payment 3.20 3.40
Post-April 2006 rate of increase in pensions in payment 2.20 2.30
Pension increases in deferment 3.20 3.40
Discount rate 5.00 2.60
Inflation assumption 3.30 3.60
The mortality assumptions are based on standard mortality tables which allow for future mortality improvements. The
mortality improvements assumption has been updated to use the CMI 2021 model (2022: CMI 2020). The CMI 2021 model
parameters include some weighting for 2021 mortality experience. The assumptions are that a member currently aged 65
will live on average for a further 19.7 years (2022: 20.0 years) if they are male and for a further 22.4 years (2022: 22.6 years) if
they are female. For a member who retires in 2043 at age 65, the assumptions are that they will live on average for a further
20.7 years (2022: 21.1 years) after retirement if they are male and for a further 23.6 years (2022: 23.8 years) after retirement if
they are female.
During the previous year, the Group changed its methodology for determining the discount rate to include single-AA
corporate bonds.
The amounts recognised in the consolidated income statement in respect of the defined benefit scheme are as follows:
2022/23
\u00a3m
2021/22
\u00a3m
Net interest on net defined benefit surplus (13.6) (3.6)
Administrative expense 3.6 2.6
TOTAL INCOME RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT
(GROSS OF DEFERRED TAX) (10.0) (1.0)
The amounts taken to the consolidated statement of comprehensive income are as follows:
2022/23
\u00a3m
2021/22
\u00a3m
Actuarial gains (761.5) (218.8)
Return on plan assets lower/(greater) than discount rate 985.1 (100.0)
REMEASUREMENT EFFECTS RECOGNISED IN OTHER COMPREHENSIVE INCOME 223.6 (318.8)
The amounts recognised in the consolidated balance sheet are as follows:
2023
\u00a3m
2022
\u00a3m
Present value of defined benefit obligation (1,723.0) (2,521.2)
Fair value of scheme assets 2,047.7 3,043.8
SURPLUS RECOGNISED IN THE CONSOLIDATED BALANCE SHEET 324.7 522.6
Changes in the present value of the defined benefit obligation are as follows:
2022/23
\u00a3m
2021/22
\u00a3m
Opening defined benefit obligation 2,521.2 2,804.3
Interest cost 64.0 52.3
Remeasurement due to:
Changes in financial assumptions (735.3) (266.0)
Changes in demographic assumptions (26.2) (33.9)
Experience adjustments \u2013 81.1
Benefits paid (100.6) (116.5)
Benefits settled by the Group in relation to an unfunded pension scheme
1
(0.1) (0.1)
CLOSING DEFINED BENEFIT OBLIGATION 1,723.0 2,521.2
32 RETIREMENT BENEFITS CONTINUED
Changes in the fair value of the scheme assets are as follows:
2022/23
\u00a3m
2021/22
\u00a3m
Opening fair value of scheme assets 3,043.8 2,992.3
Interest income on scheme assets 77.6 55.9
Return on plan assets (lower)/greater than discount rate
2
(985.1) 100.0
Contributions from employer
1
3.6 2.6
Additional contributions from Moorgate SLP
1
10.8 10.3
Investment manager expenses paid by the employer
1
1.2 1.8
Benefits paid (100.6) (116.5)
Administrative expenses (3.6) (2.6)
CLOSING FAIR VALUE OF SCHEME ASSETS 2,047.7 3,043.8
The major categories of plan assets are as follows:
2023 2022
Quoted
and pooled
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted and
pooled
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equities \u2013 \u2013 \u2013 76.4 \u2013 76.4
Alternative assets 1.1 \u2013 1.1 143.0 \u2013 143.0
Bonds \u2013 1.3 1.3 164.6 3.2 167.8
Private markets \u2013 508.4 508.4 \u2013 460.7 460.7
Liability driven Investments
3
990.5 \u2013 990.5 2,160.8 \u2013 2,160.8
Cash and other
4
33.6 0.2 33.8 35.1 \u2013 35.1
Buy-in insurance \u2013 512.6 512.6 \u2013 \u2013 \u2013
1,025.2 1,022.5 2,047.7 2,579.9 463.9 3,043.8
1 The total of these items is equal to the cash paid by the Group as per the consolidated cash flow statement. \u2018Contributions from employer\u2019 include contributions to
cover scheme administration expenses.
2 Includes cost of managing fund assets.
3 Liability driven investments includes UK fixed and index-linked gilts, repurchase agreements and reverse repurchase agreements, interest rate and inflation (RPI)
swaps, gilt futures and cash.
4 Other primarily relates to assets held in respect of cash and net current assets.
The assumptions in relation to discount rate, mortality and inflation have a significant effect on the measurement of scheme
liabilities. The following table shows the sensitivity of the valuation to changes in these assumptions:
Decrease/(increase)
in liability
2023
\u00a3m
2022
\u00a3m
DISCOUNT RATE
2.00% increase to discount rate 357.0
2.00% decrease to discount rate (548.0)
1.00% increase to discount rate 359.0
1.00% decrease to discount rate (458.0)
INFLATION
0.25% increase to inflation rate (39.0) (73.0)
0.25% decrease to inflation rate 38.0 72.0
LIFE EXPECTANCY
Additional one-year increase to life expectancy (71.3) (126.0)
The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant.
In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. Where the discount rate is
changed, this will have an impact on the valuation of scheme assets in the opposing direction. The above sensitivities table
shows only the expected changes to the gross defined benefit obligation (liability). When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions, the same method (projected unit credit method) has been
applied as when calculating the pension liability recognised within the consolidated balance sheet. The methods and types
of assumptions did not change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-477": { "value": "Defined contribution schemes The Group operates a contracted-in defined contribution scheme under the Whitbread Group Pension Fund. Contributions by both employees and Group companies are held in externally invested, trustee-administered funds. The Group contributes a specified percentage of earnings for members of the above defined contribution scheme, and thereafter has no further obligations in relation to the scheme. The total cost charged to the consolidated income statement in relation to the defined contribution scheme in the year was \u00a312.8m (2021/22: \u00a311.0m). At the year-end, the Group owed outstanding contributions of \u00a3nil (2022: \u00a3nil) in respect of the defined contribution scheme. At the year-end, 24,284 employees (2022: 23,449) were active members of the scheme, which also had 58,406 deferred members (2022: 52,303). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-478": { "value": "Defined benefit scheme The defined benefit (final salary) section of the principal Group pension scheme, the Whitbread Group Pension Fund, was closed to new members on 31 December 2001 and to future accrual on 31 December 2009. The Whitbread Group Pension Fund is set up under UK trust law, registered with His Majesty\u2019s Revenue and Customs and regulated by the Pensions Regulator. The Whitbread Group Pension Fund is governed by a corporate Trustee which operates the scheme in accordance with the requirements of UK pensions legislation. At the year-end, the scheme had no active members (2022: nil), 18,241 deferred pensioners (2022: 18,606) and 15,951 pensions in payment (2022: 16,089). The surplus recognised in the consolidated balance sheet in respect of the defined benefit pension scheme is the fair value of the plan assets less the present value of the defined benefit obligation at the end of the reporting period. The IAS 19 pension cost relating to the defined benefit section of the Whitbread Group Pension Fund is assessed in accordance with actuarial advice from, and calculations provided by, Lane Clark & Peacock, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. As the scheme is closed to future accrual, there is no future service cost. The surplus has been recognised as, under the governing documentation of the Whitbread Group Pension Fund, the Group has an unconditional right to receive a refund, assuming the gradual settlement of the scheme liabilities over time until all members and their dependants have either died or left the scheme, in accordance with the provisions of IFRIC 14 IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The defined benefit scheme entered into a \u00a3660.7m buy-in transaction covering 50% of pensioners on 23 June 2022 whereby the assets of the plan were invested in a bulk purchase annuity policy with the insurer, Standard Life, under which the benefits payable to defined benefit members covered under the policy became fully insured. The difference between the cost of the insurance policy and the accounting value of the liabilities secured was \u00a368.7m and has been recorded within actuarial losses in the statement of other comprehensive income. The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 13.0 years (2022: 17.0 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-442": { "value": "33 RELATED PARTY DISCLOSURE The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC, which operate and are incorporated around the world. Note 9 to the Company\u2019s separate financial statements lists details of the interests in subsidiaries and related undertakings. The Group holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. Further details can be found in Note 32. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly and indirectly by Whitbread Group PLC. RELATED PARTY TRANSACTIONS 2022/23 Joint ventures \u00a3m 2021/22 Joint ventures \u00a3m Sales to a related party \u2013 0.1 Purchases from a related party \u2013 \u2013 Amounts owed by related party \u2013 \u2013 Amounts owed to related party \u2013 \u2013 Other transactions with joint ventures For details of the Group\u2019s investments in and loans to joint ventures, see Note 16, those details are excluded from the table above. Key management personnel The key management personnel of the Group are defined as the members of the Whitbread PLC Executive Committee. Compensation of key management personnel (including directors) is set out below. 2022/23 \u00a3m 2021/22 \u00a3m Short-term employee benefits 9.5 8.4 Post-employment benefits \u2013 \u2013 Share-based payments 6.1 3.9 15.6 12.3 Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at normal market prices. Outstanding balances at year-end are unsecured and settlement occurs in cash. There have been no guarantees provided, or received, for any related party receivables. No adjustment for expected credit loss relating to amounts owed by related parties has been made (2022: \u00a3nil). An assessment is undertaken, each financial year, through examining the financial position of the related parties and the market in which the related parties operate. Transactions with other related parties Details of transactions with directors are detailed in Note 7. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-488": { "value": "33 RELATED PARTY DISCLOSURE The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC, which operate and are incorporated around the world. Note 9 to the Company\u2019s separate financial statements lists details of the interests in subsidiaries and related undertakings. The Group holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. Further details can be found in Note 32. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly and indirectly by Whitbread Group PLC. RELATED PARTY TRANSACTIONS 2022/23 Joint ventures \u00a3m 2021/22 Joint ventures \u00a3m Sales to a related party \u2013 0.1 Purchases from a related party \u2013 \u2013 Amounts owed by related party \u2013 \u2013 Amounts owed to related party \u2013 \u2013 Other transactions with joint ventures For details of the Group\u2019s investments in and loans to joint ventures, see Note 16, those details are excluded from the table above. Key management personnel The key management personnel of the Group are defined as the members of the Whitbread PLC Executive Committee. Compensation of key management personnel (including directors) is set out below. 2022/23 \u00a3m 2021/22 \u00a3m Short-term employee benefits 9.5 8.4 Post-employment benefits \u2013 \u2013 Share-based payments 6.1 3.9 15.6 12.3 Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at normal market prices. Outstanding balances at year-end are unsecured and settlement occurs in cash. There have been no guarantees provided, or received, for any related party receivables. No adjustment for expected credit loss relating to amounts owed by related parties has been made (2022: \u00a3nil). An assessment is undertaken, each financial year, through examining the financial position of the related parties and the market in which the related parties operate. Transactions with other related parties Details of transactions with directors are detailed in Note 7. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-479": { "value": "33 RELATED PARTY DISCLOSURE The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC, which operate and are incorporated around the world. Note 9 to the Company\u2019s separate financial statements lists details of the interests in subsidiaries and related undertakings. The Group holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. Further details can be found in Note 32. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly and indirectly by Whitbread Group PLC. RELATED PARTY TRANSACTIONS 2022/23 Joint ventures \u00a3m 2021/22 Joint ventures \u00a3m Sales to a related party \u2013 0.1 Purchases from a related party \u2013 \u2013 Amounts owed by related party \u2013 \u2013 Amounts owed to related party \u2013 \u2013 Other transactions with joint ventures For details of the Group\u2019s investments in and loans to joint ventures, see Note 16, those details are excluded from the table above. Key management personnel The key management personnel of the Group are defined as the members of the Whitbread PLC Executive Committee. Compensation of key management personnel (including directors) is set out below. 2022/23 \u00a3m 2021/22 \u00a3m Short-term employee benefits 9.5 8.4 Post-employment benefits \u2013 \u2013 Share-based payments 6.1 3.9 15.6 12.3 Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at normal market prices. Outstanding balances at year-end are unsecured and settlement occurs in cash. There have been no guarantees provided, or received, for any related party receivables. No adjustment for expected credit loss relating to amounts owed by related parties has been made (2022: \u00a3nil). An assessment is undertaken, each financial year, through examining the financial position of the related parties and the market in which the related parties operate. Transactions with other related parties Details of transactions with directors are detailed in Note 7. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-443": { "value": "34 EVENTS AFTER THE BALANCE SHEET DATE Share buy-back The Board of Directors approved a share buy-back on 24 April 2023 for \u00a3300.0m and is in the process of appointing the relevant brokers to undertake the programme in accordance with that approval. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-444": { "value": "35 ASSET ACQUISITION Acquisition in 2022/23 On 1 March 2023, the Group acquired the freehold interest of one hotel in Austria and was assigned the leasehold of five hotels within Germany for cash consideration of \u00a325.9m and deferred consideration of \u00a32.5m. This transaction has been accounted for as an asset acquisition under IFRS 3 Business Combinations as the fair value of the assets is concentrated in a single group of similar assets. On acquisition, the Group has recognised PPE of \u00a326.3m, right- of-use assets of \u00a347.1m and lease liabilities of \u00a344.4m in relation to the hotels acquired. The transaction formed part of the Group\u2019s strategic priority of international growth.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-445": { "value": "
Active related undertakings
Company name
Country of
incorporation Class of shares held
% of class
of shares
held by
the parent
company
% of class of
shares held
by the Group
(if different
from the
parent
company)
% of
nominal
value
(where
applicable)
AIRE HIEX Stuttgart Verwaltungs GmbH Germany
8
Ordinary EUR 50,000 \u2013 100.0 100.0
Brickwoods Limited England
1
Ordinary \u00a30.25 \u2013 100.0 100.0
Duttons Brewery Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Elm Hotel Holdings Limited England
1
Ordinary \u00a30.10 \u2013 100.0 100.0
Farringdon Scottish Partnership Scotland
2
N/A N/A N/A N/A
Healthy Retail Limited England
18
A ordinary \u00a30.01 \u2013 100.0 49.0
B ordinary \u00a30.01 \u2013 \u2013 \u2013
C ordinary \u00a30.01 \u2013 \u2013 \u2013
London Hotel Holdings Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Milton (SC) 2 Limited Scotland
2
Ordinary \u00a31.00 \u2013 100.0 100.0
Milton (SC) Limited Scotland
2
Ordinary \u00a31.00 \u2013 100.0 100.0
Milton 1 Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Moorgate Scottish Limited Partnership Scotland
2
N/A N/A N/A N/A
PI Hotels and Restaurants Ireland Limited Ireland
3
Ordinary EUR 1.00 \u2013 100.0 100.0
Premier Inn (Bath Street) Limited Jersey
5
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn (Guernsey) Limited Guernsey
16
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn (Isle of Man) Limited Isle of Man
4
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn (Jersey) Limited Jersey
5
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn (UK) Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn AT Holding GmbH Austria
19
Ordinary EUR 35,000 \u2013 100.0 100.0
Premier Inn AT Immobilienbesitz GmbH Austria
19
Ordinary EUR 35,000 \u2013 100.0 100.0
Premier Inn AT Hotelbetriebsgesellschaft GmbH Austria
19
Ordinary EUR 35,000 \u2013 100.0 100.0
Premier Inn Dortmund K\u00f6nigswall GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Essen City Hauptbahnhof GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Flensburg City GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Frankfurt City Ostbahnhof GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Frankfurt Eschborn GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Glasgow Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Hamburg Nordanalstrasse GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Holding GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Hotel GmbH Germany
8
There are no classes of
shares. The total nominal
share capital amounts
to EUR 300.000 and is
divided into two shares,
one in the nominal
amount of EUR 275.000
and one in the nominal
amount of EUR 25.000
\u2013 100.0 100.0
Premier Inn Hotels Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn Hotels LLC United Arab
Emirates
6
Ordinary AED 1,000 \u2013 49.0 49.0
Premier Inn Hotels Qatar Qatar
7
Ordinary QAR 100.00 \u2013 24.0 24.0
Premier Inn Immo 19 GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Immo 20 GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn International Development Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn Manchester Airport Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn Manchester Trafford Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Premier Inn Mannheim Quadrate T1 GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn M\u00fcnchen Frankfurter Ring GmbH Germany
8
Ordinary EUR 25,000 \u2013 100.0 100.0
Premier Inn Ochre Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Company name Country of incorporation Class of shares held % of class of shares held by the parent company % of class of shares held by the Group (if different from the parent company) % of nominal value (where applicable) Premier Inn Rostock City Hafen GmbH Germany 8 Ordinary EUR 25,000 \u2013 100.0 100.0 Premier Inn Verwaltungsgesellschaft S\u00fcd GmbH Germany 8 Ordinary EUR 50,000 \u2013 100.0 100.0 Premier Inn Westminster Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Premier Travel Inn India Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 PT. Whitbread Indonesia Indonesia 10 Ordinary USD 1.00 \u2013 100.0 100.0 PTI Middle East Limited United Arab Emirates 11 Ordinary AED 1,000 \u2013 100.0 100.0 Silk Street Hotels Limited England 1 Deferred \u00a31.00 \u2013 100.0 99.1 Ordinary USD 0.01 \u2013 100.0 0.1 St Andrews Homes Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swift Hotels Limited England 1 Ordinary \u00a31.00 \u2013 100.0 99.9 Preference \u00a35.00 \u2013 100.0 0.1 T.F. Ashe & Nephew Limited England 1 Deferred \u00a31.00 \u2013 100.0 99.9 Ordinary \u00a30.01 \u2013 100.0 0.1 UNA 312. Equity Management GmbH Germany 8 Ordinary EUR 25,000 \u2013 100.0 100.0 UNA 352. Equity Management GmbH Germany 8 Ordinary EUR 25,000 \u2013 100.0 100.0 Whitbread Asia Pacific Private Limited Singapore 12 Ordinary SGD 1.00 \u2013 100.0 100.0 Whitbread East Pennines Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Group PLC England 1 Ordinary \u00a30.25 100 \u2013 50.0 A ordinary \u00a30.25 100 \u2013 50.0 Whitbread Hotel Company Limited England 1 Ordinary \u00a30.10 \u2013 100.0 100.0 Whitbread International Sourcing Business Services (Shanghai) Co., Ltd China 9 Ordinary RMB 1.00 \u2013 100.0 100.0 Whitbread Properties Limited England 1 5% non-cumulative preference \u00a30.50 \u2013 100.0 24.9 7% non-cumulative preference \u00a30.25 \u2013 100.0 16.4 Ordinary \u00a30.175 \u2013 100.0 58.7 Whitbread West Pennines Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 WHRI Development DMCC United Arab Emirates 13 Ordinary AED 1,000 \u2013 100.0 100.0 WHRI Holding Company Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Dormant related undertakings Company name Country of incorporation Class of shares held % of class of shares held by the parent company % of class of shares held by the Group (if different from the parent company) % of nominal value (where applicable) Advisebegin Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Alastair Campbell & Company Limited Scotland 15 Ordinary \u00a31.00 \u2013 100.0 100.0 Archibald Campbell Hope & King Limited Scotland 15 Ordinary \u00a31.00 \u2013 100.0 100.0 Autumn Days Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Belgrave Hotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Belstead Brook Manor Hotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Brewers Fayre Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Britannia Inns Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Broughton Park Hotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Carpenters of Widnes Limited England 1 Ordinary \u00a30.01 \u2013 100.0 100.0 Deferred ordinary \u00a31.00 \u2013 100.0 100.0 Active related undertakings continued
Dormant related undertakings continued
Company name
Country of
incorporation Class of shares held
% of class
of shares
held by
the parent
company
% of class of
shares held
by the Group
(if different
from the
parent
company)
% of
nominal
value
(where
applicable)
Cherwell Inns Limited England
1
A ordinary non-voting
\u00a31.00
\u2013 100.0 66.7
Ordinary \u00a31.00 \u2013 100.0 33.3
Chiswell Overseas Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Chiswell Properties Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Churchgate Manor Hotel Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Country Club Hotels Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Cromwell Hotel (Stevenage) England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Cymric Hotel Company Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Danesk Limited Scotland
14
Ordinary \u00a31.00 \u2013 100.0 100.0
David Williams (Builth) Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Dealend Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Delamont Freres Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Delaunay Freres Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Dome Restaurants Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Dragon Inns and Restaurants Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Dukes Head 1988 Limited England
1
B ordinary \u00a31.00 \u2013 100.0 100.0
W ordinary \u00a31.00 \u2013 100.0 100.0
E. Lacon & Co., Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
E.B. Holdings Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Evan Evans Bevan Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Finite Hotel Systems Limited England
1
A ordinary \u00a31.00 \u2013 100.0 50.0
B ordinary \u00a31.00 \u2013 100.0 50.0
Fleet Wines & Spirits Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Forest of Arden Golf and Country Club Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Gable Care Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Goodhews (Castle) England
1
A ordinary \u00a31.00 \u2013 100.0 51.0
Ordinary \u00a31.00 \u2013 100.0 49.0
Goodhews (Holdings) Limited England
1
A ordinary \u00a31.00 \u2013 100.0 42.2
B ordinary \u00a31.00 \u2013 100.0 42.2
C ordinary \u00a31.00 \u2013 100.0 15.6
Goodhews (Inns) England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Goodhews (Restaurants) England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Goodhews B. & S. Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Goodhews Enterprises England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Goodhews Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Gough Brothers Limited England
1
Deferred ordinary \u00a3.0.20 \u2013 100.0 97.6
Ordinary \u00a30.20 \u2013 100.0 2.4
Grosvenor Leisure Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Hammock Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Hart & Co., (Boats) Limited England
1
1% non-cumulative
preference \u00a31.00
\u2013 100.0 99.0
Ordinary \u00a31.00 \u2013 100.0 1.0
1% non-cumulative
preference \u00a30.01
\u2013 100.0 \u2013
Harveys Leisure Promotions Limited England
1
A ordinary \u00a31.00 \u2013 100.0 70.0
B ordinary \u00a31.00 \u2013 100.0 30.0
Hunter & Oliver Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
J. Burton (Warwick) Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
J. J. Norman and Ellery Limited England
1
Ordinary \u00a31.00 \u2013 100.0 100.0
Company name Country of incorporation Class of shares held % of class of shares held by the parent company % of class of shares held by the Group (if different from the parent company) % of nominal value (where applicable) James Bell and Company Limited England 1 Deferred ordinary \u00a30.25 \u2013 100.0 96.2 Ordinary \u00a30.01 \u2013 100.0 3.8 Jestbread Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Kingsmills Hotel Company Limited Scotland 17 Ordinary \u00a31.00 \u2013 100.0 100.0 Lambtons Ale Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Latewise Limited England 1 Ordinary \u00a31.00 \u2013 53.4 53.4 Lawnpark Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Leisure and Retail Resources Limited England 1 Ordinary \u00a31.00 \u2013 99.6 99.6 Lloyds Avenue Catering Limited England 1 3% non-cumulative preference \u00a31.00 \u2013 100.0 50.0 Ordinary \u00a31.00 \u2013 100.0 50.0 London International Hotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Lorimer & Clark, Limited Scotland 15 Ordinary \u00a31.00 \u2013 100.0 100.0 Mackeson & Company Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Mackies Wine Company Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Maredrove Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Marine Hotel Porthcawl Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Marlow Catering Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Meon Valley Golf and Country Club Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Milton 2 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Morans of Bristol Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Morris\u2019s Wine Stores Limited England 1 Ordinary \u00a31.00 \u2013 100.0 5.4 5.6% non-cumulative preference \u00a31.00 \u2013 100.0 94.6 New Clapton Stadium Company Limited England 1 Ordinary \u00a30.05 \u2013 100.0 100.0 Norseman Lager Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Pacific Caledonian Properties Limited Scotland 14 Ordinary \u00a31.00 \u2013 100.0 100.0 Percheron Properties Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Peter Dominic Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 PI Hotels York Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Piquant Caterers Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Pizzaland Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Premier Inn Kier Limited England 1 A ordinary \u00a31.00 \u2013 \u2013 \u2013 B ordinary \u00a31.00 \u2013 100.0 50.0 Premier Inn Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Premier Inn Troon Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Priory Leisure Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 R.C. Gough and Co. Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Raybain (Northern) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Raybain (Wine Bars) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Respotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Rhymney Breweries Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 S & S Property Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 S.H. Ward & Company Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Salford Automatics Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Scorechance 1 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Scorechance 12 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Scorechance 17 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Scorechance 25 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Dormant related undertakings continued Dormant related undertakings continued Company name Country of incorporation Class of shares held % of class of shares held by the parent company % of class of shares held by the Group (if different from the parent company) % of nominal value (where applicable) Scorechance 8 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Sheffield Automatics Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Shewell Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Silk Street Hotel Liverpool Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Small & Co. (Engineering) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Small & Co. Limited England 1 7% cumulative preference \u00a31.00 \u2013 100.0 0.7 Ordinary \u00a31.00 \u2013 100.0 99.3 Spring Soft Drinks Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Sprowston Manor Hotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Square October 1 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Square October 2 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Square October 3 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 St Andrews Homes (1995) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 St Martins Care Homes Investments Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Stoneshell Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Stripe Travel Inn Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Strong and Co. of Romsey Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Summerfields Care Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Sun Taverns Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Sweetings (Chop House) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swift (Lurchrise) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swift Hotels (1995) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swift Hotels (Management) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swift Inns and Restaurants Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swift Profit Sharing Scheme Trustees Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swift Quest Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Swingbridge Hotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Tewkesbury Park Golf and Country Club Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 The Barcave Group Limited England 1 7% cumulative preference \u00a31.00 \u2013 100.0 90.9 Ordinary \u00a31.00 \u2013 100.0 9.1 The Dominic Group Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 The Four Seasons Hotel Investments Limited England 1 8% cumulative preference A \u00a31.00 \u2013 100.0 33.0 8% cumulative preference B \u00a31.00 \u2013 100.0 28.1 Ordinary \u00a31.00 \u2013 100.0 30.2 Preferred ordinary \u00a31.00 \u2013 100.0 8.8 The Four Seasons Hotel Investments Management Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 The Four Seasons Hotel Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 The Oyster Spa Company Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 The Portsmouth and Brighton United Breweries, Limited England 1 Ordinary \u00a30.25 \u2013 100.0 100.0 Thomas Wethered & Sons Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Threlfalls (Liverpool & Birkenhead) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Threlfalls (Salford) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Company name Country of incorporation Class of shares held % of class of shares held by the parent company % of class of shares held by the Group (if different from the parent company) % of nominal value (where applicable) Trentrise Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Uncle Sam\u2019s Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Virlat Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 W. M. Darley, Limited England 1 Ordinary \u00a31.00 \u2013 100.0 49.8 Preference \u00a31.00 \u2013 100.0 49.8 Preferred ordinary \u00a30.01 \u2013 100.0 0.4 W. R. Wines Limited England 1 Deferred \u00a31.00 \u2013 100.0 99.0 Ordinary \u00a30.01 \u2013 100.0 1.0 West Country Breweries Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Wentworth Guarantee Company Limited England 1 N/A N/A N/A N/A Wheeler Gate Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread (Condor) Holdings Limited England 1 Ordinary \u00a30.0001 \u2013 100.0 100.0 Whitbread (G.C.) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Company Two Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Developments Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Devon Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Directors 1 Limited England 1 Ordinary \u00a30.05 \u2013 100.0 100.0 Whitbread Directors 2 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Dunstable Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Enterprise Centre Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Finance PLC England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Fremlins Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Golf and Country Club Limited England 1 5% non-cumulative preference \u00a31.00 \u2013 100.0 45.0 A ordinary \u00a31.00 \u2013 100.0 55.0 Whitbread Golf Club Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Guarantee Company Two Limited England 1 N/A N/A N/A N/A Whitbread Healthcare Trustees Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Hotel (Bournemouth) Limited England 1 Ordinary \u00a30.05 \u2013 100.0 100.0 Whitbread Hotels (Management) Limited England 1 Deferred \u00a31.00 \u2013 100.0 100.0 USD 0.01 \u2013 100.0 \u2013 Whitbread International Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread International Trading Limited England 1 Ordinary \u00a30.25 \u2013 100.0 100.0 Whitbread Investment Company Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Investment Company Securities Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread London Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Nominees Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Pension Trustee Directors Company Limited England 1 N/A N/A N/A N/A Whitbread Pension Trustees England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Pub and Bars Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Pub Partnership Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Pub Restaurants Business Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Quest Trustee Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Restaurants (Australia) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 \u2013 Ordinary \u00a30.56 \u2013 100.0 100.0 Whitbread Restaurants Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Dormant related undertakings continued Company name Country of incorporation Class of shares held % of class of shares held by the parent company % of class of shares held by the Group (if different from the parent company) % of nominal value (where applicable) Whitbread Scotland Limited Scotland 14 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Secretaries Limited England 1 Ordinary \u00a30.05 \u2013 100.0 50.0 4% preference \u00a30.05 \u2013 100.0 50.0 Whitbread Share Ownership Trustees Limited England 1 N/A N/A N/A N/A Whitbread Spa Company Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Sunderland (1995) Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Sunderland 2 Limited England 1 Ordinary \u00a31.00 \u2013 100.0 57.0 5.6% non-cumulative preference \u00a31.00 \u2013 100.0 43.0 Whitbread Sunderland Limited England 1 Ordinary \u00a35.00 \u2013 100.0 50.0 Preference \u00a35.00 \u2013 100.0 50.0 Whitbread Trafalgar Properties Limited England 1 A ordinary \u00a31.00 \u2013 100.0 50.0 B ordinary \u00a31.00 \u2013 100.0 50.0 Whitbread UK Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Wales Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Whitbread Wessex Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 White Cross Films Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Wiggin Tree Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 Willhouse Limited England 1 Deferred \u00a31.00 \u2013 100.0 50.0 Q ordinary \u00a31.00 \u2013 100.0 25.0 W ordinary \u00a31.00 \u2013 100.0 25.0 William Overy Crane Hire Limited England 1 Ordinary \u00a31.00 \u2013 100.0 100.0 The registered office of the above companies is as follows: 1 Whitbread Court, Houghton Hall Business Park, Porz Avenue, Dunstable, Beds, LU5 5XE. 2 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN. 3 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1, Ireland. 4 2nd Floor, St Mary\u2019s Court, 20 Hill Street, Douglas, IM1 1EU, Isle of Man. 5 4th Floor, St Paul\u2019s Gate, 22-24 New Street, St Helier, JE1 4TR, Jersey. 6 Ground Floor, Premier Inn Dubai Investment Park, P.O. Box 35118, Dubai, United Arab Emirates. 7 3rd Floor, Tornado Towers, PO Box 34040, Doha, Qatar. 8 Messeturm (12th Floor), Friedrich-Ebert-Anlage 49, 60308 Frankfurt am Main, Germany. 9 Room 742, 968 West Beijing Road, Jing\u2019an District, Shanghai, China. 10 Gandaria 8 Office Tower, 19th Floor Unit A1, Jalan Sultan Iskandarmuda, Kebayoran Lama, 12240, Indonesia. 11 TMF Services B.V., Nassima Tower, Office 1401, Sheikh Zayed Road, PO Box 213975, Dubai, United Arab Emirates. 12 38 Beach Road, 29-11 South Beach Tower, Singapore 189767, Singapore. 13 Almas 6C, Almas Tower, Jumeirah Lake Towers, Dubai, United Arab Emirates. 14 4th Floor, 115 George Street, Edinburgh, EH2 4JN, Scotland. 15 The Royal Scot Hotel, 111 Glasgow Road, Edinburgh, EH12 8NF, Scotland. 16 11 New St, Guernsey GY1 3EG, Guernsey. 17 Swallow Royal Scot Hotel, Glasgow Road, Edinburgh, EN12 8NF, Scotland. 18 100 Moorgate, London, England, EC2M 6AB. 19 Hegelgasse 13, 1010 Wien, Austria. Dormant related undertakings continued", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-6": { "value": "Whitbread PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } }, "fact-5": { "value": "Whitbread Court Houghton Hall Business Park Porz Avenue Dunstable Bedfordshire LU5 5XE", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2022-03-04T00:00:00/2023-03-03T00:00:00" } } } }