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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-500": { "value": "58820000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-501": { "value": "55384000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-502": { "value": "-0", "decimals": -3, "dimensions": { "concept": "rotorkplc:ReceiptForNonControllingInterestInNewlyEstablishedSubsidiaryClassifiedAsFinancingActivities", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-503": { "value": "-1415000", "decimals": -3, "dimensions": { "concept": 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"iso4217:GBP" } }, "fact-507": { "value": "-9785000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-508": { "value": "114770000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-509": { "value": "123474000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-510": { "value": "-4982000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-511": { "value": "1081000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-512": { "value": "146372000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-513": { "value": "114770000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-518": { "value": "
Except where indicated, values in these notes are in \u00a3000.
Rotork plc is a public company limited by shares, registered and domiciled in England. The consolidated
financial statements of the Company for the year ended 31 December 2023 comprise the Company
and its subsidiaries (together referred to as the Group). The accounting policies contained below in
note 1 and the disclosures in notes 2 to 31 all relate to the Group financial statements. The Company
balance sheet, accounting policies and applicable notes can be found following note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "value": "
1. Accounting policies
The accounting policies applied in the preparation of these consolidated financial statements
are set out below. These policies have been consistently applied to the years presented, unless
otherwise stated.
Basis of preparation
The consolidated financial statements of Rotork plc have been prepared in accordance with
UK-adopted international accounting standards and in conformity with the requirements of the
Companies Act 2006.
The consolidated financial statements have been prepared under the historical cost convention
except for defined benefit pension schemes, share based payments and derivative financial
instruments as referred to in the respective accounting policies below.
New accounting standards and interpretations
A number of amended standards became applicable for the current reporting period. The application
of these amendments has not had any material impact on the disclosures, net assets or results of
the Group.
New standards and interpretations not yet adopted
Further narrow scope amendments have been issued which are mandatory for periods commencing
on or after 1 January 2024. The application of these amendments will not have any material impact
on the disclosures, net assets or results of the Group.
Adjustments to profit
Adjustments to profit are items of income and expense which, because of the nature, size and/or
infrequency of the events giving rise to them, merit separate presentation. These specific items
are presented as a foot note to the income statement to provide greater clarity and an enhanced
understanding of the impact of these items on the Group\u2019s financial performance. In doing so, it also
facilitates greater comparison of the Group\u2019s results with prior periods and assessment of trends in
financial performance. This split is consistent with how business performance is measured internally.
Adjustments to profit items may include but are not restricted to: costs of significant business
restructuring and any associated impairments of intangible or tangible assets, adjustments to the
fair value of acquisition related items such as contingent consideration, acquired intangible asset
amortisation and other items considered to be significant due to their nature or the expected
infrequency of the events giving rise to them.
Going concern
The directors are satisfied that the Group has sufficient resources to continue in operation for the
foreseeable future, a period of not less than 12 months from the date of this report. Accordingly,
the Group continue to adopt the going concern basis in preparing the financial statements.
In forming this view, the macroeconomic conditions and the impact of geopolitical instability on
the Group, as discussed in the Principal risks on pages 71 to 79, have been considered. The directors
have reviewed: the current financial position of the Group, which has net cash of \u00a3134m and unused
uncommitted overdraft facilities of \u00a324m as at the year end; the significant order book, which
contains customers spread across different geographic areas and industries; and the trading and cash
flow forecasts for the Group. A reverse stress test, where the Group\u2019s business model would become
unviable, has been performed and the directors believe there is no reasonably possible scenario that
would lead to the conditions modelled in the reverse stress test.
The directors are satisfied that the Group has adequate resources to continue operating as a going
concern for the foreseeable future, and that no material uncertainties exist with respect to this
assessment. The Group also has a number of mitigating actions that it can take at short notice to
preserve cash, for example reduction in capital programmes, dividend deferral and other reductions
in discretionary spend.
Consolidation
The consolidated financial statements incorporate the financial statements of the Company and its
subsidiaries for the year to 31 December 2023. The financial statements of subsidiaries are included
in the consolidated financial statements from the date that control commences until the date control
ceases. Intra-Group balances and any unrealised gains or losses or income and expenses arising from
intra-Group transactions are eliminated in preparing the consolidated financial statements.
Foreign currencies
The individual financial statements of each Group company are presented in the currency of the
primary economic environment in which it operates (its functional currency). For the purposes of
the consolidated financial statements, the results and financial position of each Group company
is expressed in sterling, which is the functional currency of the Company, and the presentational
currency for the consolidated financial statements.
Transactions in foreign currencies are translated at the average foreign exchange rates for the year,
this is deemed to be a reasonable approximation of the actual rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated to sterling at the foreign exchange rate ruling at that date. Foreign exchange differences
arising on translation are recognised in the income statement. Non-monetary assets and liabilities
that are measured in terms of historical cost in a foreign currency are translated using the exchange
rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign
currencies that are stated at fair value are translated to sterling at foreign exchange rates at the
dates the values were determined.
Assets and liabilities of foreign subsidiaries, including goodwill and fair value adjustments arising
on consolidation, are translated into sterling at rates of exchange ruling at the balance sheet date.
The revenues and expenses of foreign subsidiaries are translated to sterling at rates approximating
those ruling at the date of the transactions. Differences on exchange arising from the retranslation
of the opening net investment in subsidiaries, and from the translation of the results of those
subsidiaries at average rate, are reported as an item of other comprehensive income and
accumulated in the translation reserve.
Any differences that have arisen since 1 January 2004, the date of transition to IFRS, are presented
as a separate component of equity. Translation differences that arose before the date of transition
to IFRS in respect of all foreign entities are not presented as a separate component.
Revenue
Revenue is measured based on the consideration specified in a contract with a customer. The Group
recognises revenue when it transfers control of a product or service to a customer and is shown net
of value-added tax, returns, rebates and discounts and after eliminating sales within the Group.
The transaction price is determined and known at the point of initial sale.
Revenue from the sale of actuators, gearboxes and flow control products is recognised in the income
statement when control of the goods has transferred. The timing of the transfer of control to the
customer varies depending on the nature of the products sold and the individual terms of the contract
of sale. Sales made under internationally accepted trade terms, Incoterms 2020, are recognised as
revenue when the Group has completed the primary duties required to transfer control as defined
by the International Chamber of Commerce Official Rules for the Interpretation of Trade Terms.
This is the agreed point in time when the customer has accepted and has legal title to the goods,
there is a present right to payment for the goods, and they can determine its future use and location.
In limited instances, a customer may request that the Group retains physical possession of an asset
for a period after control has been transferred to the customer. In these circumstances, the revenue
is recognised prior to delivery of the asset on a \u2018bill-and-hold\u2019 basis in line with IFRS 15.B81.
The Group provides service and support through preventative maintenance contracts, on-site and
workshop service, retrofit solutions and the client support programme. Revenue in respect of on-site
and workshop service and retrofit solutions is recognised on completion of the work and after all
performance obligations have been completed. Revenue in respect of preventative maintenance
contracts and the client support programme is recognised as the services are performed in line with
the contractual terms. The stage of completion is assessed by reference to the transfer of control
over time, which usually corresponds to the contractual agreement with each separate customer and
the costs incurred on the contract to date in comparison with the total forecast costs of the contract.
The directors have assessed that these contracts are satisfied over time given that the customer
simultaneously receives and consumes the benefits provided by the Group. The element of revenue
recognised on an over-time basis is insignificant and is therefore not disaggregated in note 3.
No revenue is recognised if there are significant uncertainties regarding recovery of the consideration
due, associated completion costs, the possible return of goods or continuing management
involvement with the goods.
The Group has applied the practical expedient in IFRS 15.121 and therefore not disclosed the
information in IFRS 15.120 regarding unsatisfied (or partially unsatisfied) performance obligations
on contracts with a duration of one year or less.
Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date,
which is the date on which control is transferred to the Group
For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests in the acquiree; plus
\u2022 the fair value of the existing equity interest in the acquiree; less
\u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and
liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in the income
statement. The fair value of the assets and liabilities assumed are provisional for a 12 month period.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the
contingent consideration is classified as equity, it is not remeasured and settlement is accounted for
within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are
recognised in profit or loss.
Goodwill is stated at cost or deemed cost less any impairment losses. Goodwill is not amortised but
is reviewed for impairment annually. For the purposes of impairment testing, goodwill is allocated to
each of the Group\u2019s cash generating units (CGUs) expected to benefit from the synergies of the
combination. An impairment loss is recognised whenever the carrying value of an asset or its CGU
exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Non-controlling interests
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein.
The interest of non-controlling shareholders is initially measured at the non-controlling interests\u2019
proportion of the share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests
at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
Total comprehensive income is attributed to non-controlling interests even if this results in the
non-controlling interests having a deficit balance.
Intangible assets
i) Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical
knowledge and understanding, is recognised in the income statement in the period in which it is
incurred. Development costs incurred after the point at which the commercial and technical feasibility
of the product have been proven, and the decision to complete the development has been taken and
resources made available, are capitalised. The expenditure capitalised includes the cost of materials,
direct labour and an appropriate proportion of overheads. Capitalised development expenditure is
stated at cost less accumulated amortisation and impairment losses. Development expenditure has
an estimated useful life of up to five years and is written off on a straight-line basis.
ii) Software as a Service
For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, the Group capitalises costs only relating to the
configuration and customisation of SaaS arrangements as intangible assets where control of the
software and associated configured and customised elements exists. An element of judgement is
involved with identifying specific elements of programme costs, however, these judgements do not have
a significant impact on the costs to be capitalised. SaaS assets are assessed to have useful lives of 10
to 15 years from the point in time they are available for use and are amortised on a straight-line basis.
iii) Other intangible assets
Other intangible assets that are acquired by the Group as part of a business combination are stated
at cost less accumulated amortisation and impairment losses. The useful life of each of these assets
is assessed based on discussions with the management of the acquired business and takes account
of the differing nature of each of the intangible assets acquired. The assessed useful lives of
intangibles acquired are as follows:
Brands 4 to 10 years
Customer relationships 2 to 8 years
Other 3 to 8 years
Amortisation is charged on a straight-line basis over the estimated useful life of the assets.
Property, plant and equipment
Freehold land is not depreciated. Long leasehold buildings are amortised over 50 years or the expected
useful life of the building where less than 50 years. Other assets are depreciated in equal annual
instalments by reference to their estimated useful lives and residual values at the following annual rates:
Freehold buildings 2% to 4%
Short leasehold buildings period of lease
Plant and equipment 10% to 33%
Items of property, plant and equipment are stated at cost or deemed cost less accumulated
depreciation and impairment losses.
Leases
i) The Group as a lessee
For any new contracts entered into, the Group considers whether a contract is, or contains a lease.
A lease is defined as \u2018a contract, or part of a contract, that conveys the right to use an asset
(the underlying asset) for a period of time in exchange for consideration\u2019. To apply this definition
the Group assesses whether the contract meets three key evaluations which are whether:
\u2022 the contract contains an identified asset, which is either explicitly identified in the contract
or implicitly specified by being identified at the time the asset is made available to the Group;
\u2022 the Group has the right to obtain substantially all of the economic benefits from use of the
identified asset throughout the period of use, considering its rights within the defined scope
of the contract; and
\u2022 the Group has the right to direct the use of the identified asset throughout the period of use.
The Group assesses whether it has the right to direct \u2018how and for what purpose\u2019 the asset
is used throughout the period of use.
ii) Measurement and recognition of leases as a lessee
At the lease commencement date, the Group recognises a right-of-use asset and a lease liability
on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial
measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of
any costs to dismantle and remove the asset at the end of the lease, and any lease payments made
in advance of the lease commencement date (net of any incentives received).
The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
The Group also assesses the right-of-use asset for impairment when such indicators exist.
At the commencement date, the Group measures the lease liability at the present value of the lease
payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is
readily available or the Group\u2019s incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments,
variable payments based on an index or rate, amounts expected to be payable under a residual value
guarantee and payments arising from options reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and increased
for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in
in-substance fixed payments.
When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use
asset, or income statement if the right-of-use asset is already reduced to zero.
The Group has elected to account for short-term leases and leases of low-value assets using the
practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in
relation to these are recognised as an expense in the income statement on a straight-line basis over
the lease term.
On the balance sheet, right-of-use assets have been included in property, plant and equipment and
lease liabilities have been included in loans and borrowings.
Interest-bearing loans and borrowings
Obligations for loans and borrowings are recognised when the Group becomes party to the related
contracts and are measured initially at fair value less directly attributable transaction costs. After
initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised
cost. Amortised cost is calculated by taking into account any issue costs and any discount or premium
on settlement. Borrowings are classified as current liabilities unless the Group has an unconditional
right to defer settlement of the liability for at least 12 months after the balance sheet date.
Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised
in the income statement except to the extent that it relates to items recognised directly in equity or
in other comprehensive income, in which case it is recognised in equity or in other comprehensive
income respectively. Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment
to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The following temporary differences are not provided for: the
effect of taxable temporary differences for goodwill not deductible for tax purposes and the initial
recognition of assets or liabilities in a transaction which is not a business combination that affect
neither accounting nor taxable profits. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax benefit will be realised. Both deferred and current
tax assets and liabilities are offset when criteria set out in IAS 12.71 and IAS 12.74 are met.
Inventory and work in progress
Inventory and work in progress is valued at the lower of cost and net realisable value. Cost is calculated
either on a \u2018first in, first out\u2019 or an average cost basis depending upon its nature and use. In respect
of work in progress and finished goods, cost includes all production overheads and the attributable
proportion of indirect overhead expenses which are required to bring inventories to their present
location and condition. The net realisable value in respect of old and slow moving inventory is
assessed by reference to historic usage patterns and forecast future usage.
Trade and other receivables
Trade and other receivables are initially recognised at fair value and are subsequently held at
amortised cost less any expected credit losses according to IFRS 9.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short term (with an original maturity less than
three months) deposits. Bank overdrafts that are repayable on demand form part of cash and cash
equivalents for the purpose of the consolidated statement of cash flows.
Equity
Equity comprises issued equity capital, share premium, reserves and retained earnings.
When issued equity capital is repurchased, the amount paid, including directly attributable costs,
is recognised as a change in equity. Repurchased shares are debited directly to equity and shown
as a deduction from retained earnings.
Provisions
i) Warranties
A provision for warranties is recognised when the underlying products or services are sold.
The provision is based on historical warranty cost data, known issues and management expectations
of future costs.
ii) Contingent consideration
The terms of an acquisition may provide that the value of the purchase consideration, which may
be payable in cash at a future date, depends on uncertain future events. The amounts recognised
in the financial statements represent a fair value estimate at the balance sheet date of the amounts
expected to be paid.
Employee benefits
i) Pension plans
Where the Group operates a defined benefit pension scheme, contributions are made in accordance
with the schedule of contributions agreed with the Trustees. In respect of all remeasurements that
arise in calculating the Group\u2019s obligation in respect of the plans, these are recognised in other
comprehensive income. The retirement benefit obligation recognised in the consolidated balance
sheet represents the deficit in the Group\u2019s defined benefit pension schemes. Interest on pension
scheme surplus is recognised within finance income and interest on pension scheme liabilities is
recognised within finance expenses.
The Group also operates defined contribution pension schemes. The costs for these schemes are
recognised in the income statement as incurred.
ii) Share-based payment transactions
The Rotork Sharesave Plan offers certain employees the opportunity to purchase shares in Rotork plc
at a discounted price compared with the market price at the time of grant. Details of the scheme
are given in note 26. The fair value of the right/option is recognised as an employee expense with
a corresponding increase in equity. The fair value is measured at grant date and spread over the
period between grant and maturity. The right/option reaches maturity when the employee becomes
unconditionally entitled. The fair value of the grant is measured using a Black-Scholes model, taking
into account the terms and conditions upon which the rights were granted. The amount recognised
as an expense is adjusted to reflect the actual number of share options that vest except where
forfeiture is due only to share prices not achieving the threshold for vesting.
The Rotork Long Term Incentive Plan grants shares to executive directors and senior managers.
These awards may vest after a period of three years dependent upon both market and non-market
performance conditions being met. Details of the grants are given in note 26. The fair value of the
award is measured at grant date, using a Monte Carlo simulation model which takes into account the
market based performance criteria, and spread over the vesting period. The fair value of the award
is recognised as an employee expense with a corresponding increase in equity for the share settled
award. The amount recognised as an expense is adjusted to exclude options that do not vest as a
result of non-market performance conditions not being met.
The Global Employee Share Plan (GESP) and the share incentive plan (SIP) are discretionary profit
linked share schemes based on the prior year profit of the participating Rotork companies. The value
of the award to each employee is based on salary and the length of service. The value of the awards
can be up to \u00a33,600. Shares awarded under these schemes are issued by the trustee at the cost of
purchase. The costs of providing these plans are recognised in the income statement over the period
in which the employee has earned the award.
iii) Long term service leave
The Group\u2019s net obligation in respect of long term service leave is the amount of future benefit
that employees have earned in return for their service in the current and prior periods.
iv) Other employee benefits
The Group offers a number of discretionary bonus schemes to employees around the world.
The costs of these schemes are recognised in the income statement as the criteria are met and
service is undertaken.
Derivative financial instruments
The Group uses forward exchange contracts and swaps to hedge its exposure to foreign exchange
risk arising from operational and financing activities. These are the only derivative financial instruments
used by the Group. In accordance with its Treasury Policy, the Group does not hold or issue contracts
for trading purposes. Forward exchange contracts that do not qualify for hedge accounting are
accounted for as trading instruments.
At inception of designated hedging relationships, the Group documents the risk management
objective and strategy for undertaking the hedge. The Group also documents the economic
relationship between the hedged item and the hedging instrument, including whether the changes
in cash flows of the hedged item and hedging instrument are expected to offset each other.
Forward exchange contracts are recognised initially at fair value. Where a forward exchange contract
is designated as a hedge of the variability in cash flows of a recognised liability or a highly probable
forecasted transaction, the effective part of any gain or loss on the forward contract is recognised
directly in other comprehensive income. Any effective cumulative gain or loss is removed from equity
and recognised in the income statement at the same time as the hedged transaction. The ineffective
part of any gain or loss is recognised in the income statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still
expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in
accordance with the above policy when the transaction occurs. If the hedged transaction is no
longer expected to take place, the cumulative unrealised gain or loss held in equity is recognised
in the income statement immediately.
Dividends
Interim dividends are recorded in the financial statements when they are paid. Final dividends are
recorded in the financial statements in the period in which they are approved by the
Company\u2019s shareholders.
Critical judgements and key estimation uncertainties
Estimates and judgements are regularly evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under
the circumstances.
As described on page 84, we have considered the impact of climate change and climate-related risks
and concluded that there is no material impact on the key accounting policies, estimates and
judgements that form the basis of these financial statements.
The Group makes estimates and assumptions concerning the future. The resulting estimates will, by
definition, seldom equal the actual results. The estimates and assumptions that have a risk of causing
a material adjustment to the carrying amount of assets and liabilities in the next financial year are
listed below.
i) Critical accounting judgements
There are no critical accounting judgements requiring evaluation.
ii) Key sources of estimation uncertainty
Retirement benefits
The Group\u2019s financial statements include costs in relation to, and liabilities for, retirement benefit
obligations. Management is required to estimate the future rates of inflation, discount rates and
longevity of members, each of which may have a material impact on the defined benefit obligations
that are recorded. Sensitivities to changes in key estimates affecting the pension schemes\u2019 liabilities
are shown in note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "Basis of preparation The consolidated financial statements of Rotork plc have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention except for defined benefit pension schemes, share based payments and derivative financial instruments as referred to in the respective accounting policies below. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "value": "Basis of preparation The consolidated financial statements of Rotork plc have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention except for defined benefit pension schemes, share based payments and derivative financial instruments as referred to in the respective accounting policies below. New accounting standards and interpretations A number of amended standards became applicable for the current reporting period. The application of these amendments has not had any material impact on the disclosures, net assets or results of the Group. New standards and interpretations not yet adopted Further narrow scope amendments have been issued which are mandatory for periods commencing on or after 1 January 2024. The application of these amendments will not have any material impact on the disclosures, net assets or results of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "New accounting standards and interpretations A number of amended standards became applicable for the current reporting period. The application of these amendments has not had any material impact on the disclosures, net assets or results of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "New accounting standards and interpretations A number of amended standards became applicable for the current reporting period. The application of these amendments has not had any material impact on the disclosures, net assets or results of the Group. New standards and interpretations not yet adopted Further narrow scope amendments have been issued which are mandatory for periods commencing on or after 1 January 2024. The application of these amendments will not have any material impact on the disclosures, net assets or results of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "New standards and interpretations not yet adopted Further narrow scope amendments have been issued which are mandatory for periods commencing on or after 1 January 2024. The application of these amendments will not have any material impact on the disclosures, net assets or results of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-520": { "value": "Adjustments to profit Adjustments to profit are items of income and expense which, because of the nature, size and/or infrequency of the events giving rise to them, merit separate presentation. These specific items are presented as a foot note to the income statement to provide greater clarity and an enhanced understanding of the impact of these items on the Group\u2019s financial performance. In doing so, it also facilitates greater comparison of the Group\u2019s results with prior periods and assessment of trends in financial performance. This split is consistent with how business performance is measured internally. Adjustments to profit items may include but are not restricted to: costs of significant business restructuring and any associated impairments of intangible or tangible assets, adjustments to the fair value of acquisition related items such as contingent consideration, acquired intangible asset amortisation and other items considered to be significant due to their nature or the expected infrequency of the events giving rise to them. ", "dimensions": { "concept": "rotorkplc:DescriptionOfAccountingPolicyForAdjustmentsToProfit", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-521": { "value": "Going concern The directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, the Group continue to adopt the going concern basis in preparing the financial statements. In forming this view, the macroeconomic conditions and the impact of geopolitical instability on the Group, as discussed in the Principal risks on pages 71 to 79, have been considered. The directors have reviewed: the current financial position of the Group, which has net cash of \u00a3134m and unused uncommitted overdraft facilities of \u00a324m as at the year end; the significant order book, which contains customers spread across different geographic areas and industries; and the trading and cash flow forecasts for the Group. A reverse stress test, where the Group\u2019s business model would become unviable, has been performed and the directors believe there is no reasonably possible scenario that would lead to the conditions modelled in the reverse stress test. The directors are satisfied that the Group has adequate resources to continue operating as a going concern for the foreseeable future, and that no material uncertainties exist with respect to this assessment. The Group also has a number of mitigating actions that it can take at short notice to preserve cash, for example reduction in capital programmes, dividend deferral and other reductions in discretionary spend. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-523": { "value": "Consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries for the year to 31 December 2023. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date control ceases. Intra-Group balances and any unrealised gains or losses or income and expenses arising from intra-Group transactions are eliminated in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-522": { "value": "Foreign currencies The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of each Group company is expressed in sterling, which is the functional currency of the Company, and the presentational currency for the consolidated financial statements. Transactions in foreign currencies are translated at the average foreign exchange rates for the year, this is deemed to be a reasonable approximation of the actual rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to sterling at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to sterling at foreign exchange rates at the dates the values were determined. Assets and liabilities of foreign subsidiaries, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at rates of exchange ruling at the balance sheet date. The revenues and expenses of foreign subsidiaries are translated to sterling at rates approximating those ruling at the date of the transactions. Differences on exchange arising from the retranslation of the opening net investment in subsidiaries, and from the translation of the results of those subsidiaries at average rate, are reported as an item of other comprehensive income and accumulated in the translation reserve. Any differences that have arisen since 1 January 2004, the date of transition to IFRS, are presented as a separate component of equity. Translation differences that arose before the date of transition to IFRS in respect of all foreign entities are not presented as a separate component. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of each Group company is expressed in sterling, which is the functional currency of the Company, and the presentational currency for the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-524": { "value": "Revenue Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control of a product or service to a customer and is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group. The transaction price is determined and known at the point of initial sale. Revenue from the sale of actuators, gearboxes and flow control products is recognised in the income statement when control of the goods has transferred. The timing of the transfer of control to the customer varies depending on the nature of the products sold and the individual terms of the contract of sale. Sales made under internationally accepted trade terms, Incoterms 2020, are recognised as revenue when the Group has completed the primary duties required to transfer control as defined by the International Chamber of Commerce Official Rules for the Interpretation of Trade Terms. This is the agreed point in time when the customer has accepted and has legal title to the goods, there is a present right to payment for the goods, and they can determine its future use and location. In limited instances, a customer may request that the Group retains physical possession of an asset for a period after control has been transferred to the customer. In these circumstances, the revenue is recognised prior to delivery of the asset on a \u2018bill-and-hold\u2019 basis in line with IFRS 15.B81. The Group provides service and support through preventative maintenance contracts, on-site and workshop service, retrofit solutions and the client support programme. Revenue in respect of on-site and workshop service and retrofit solutions is recognised on completion of the work and after all performance obligations have been completed. Revenue in respect of preventative maintenance contracts and the client support programme is recognised as the services are performed in line with the contractual terms. The stage of completion is assessed by reference to the transfer of control over time, which usually corresponds to the contractual agreement with each separate customer and the costs incurred on the contract to date in comparison with the total forecast costs of the contract. The directors have assessed that these contracts are satisfied over time given that the customer simultaneously receives and consumes the benefits provided by the Group. The element of revenue recognised on an over-time basis is insignificant and is therefore not disaggregated in note 3. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due, associated completion costs, the possible return of goods or continuing management involvement with the goods. The Group has applied the practical expedient in IFRS 15.121 and therefore not disclosed the information in IFRS 15.120 regarding unsatisfied (or partially unsatisfied) performance obligations on contracts with a duration of one year or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in the income statement. The fair value of the assets and liabilities assumed are provisional for a 12 month period. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Goodwill is stated at cost or deemed cost less any impairment losses. Goodwill is not amortised but is reviewed for impairment annually. For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) expected to benefit from the synergies of the combination. An impairment loss is recognised whenever the carrying value of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in the income statement. The fair value of the assets and liabilities assumed are provisional for a 12 month period. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Goodwill is stated at cost or deemed cost less any impairment losses. Goodwill is not amortised but is reviewed for impairment annually. For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) expected to benefit from the synergies of the combination. An impairment loss is recognised whenever the carrying value of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-525": { "value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in the income statement. The fair value of the assets and liabilities assumed are provisional for a 12 month period. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Goodwill is stated at cost or deemed cost less any impairment losses. Goodwill is not amortised but is reviewed for impairment annually. For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) expected to benefit from the synergies of the combination. An impairment loss is recognised whenever the carrying value of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-526": { "value": "Non-controlling interests Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interest of non-controlling shareholders is initially measured at the non-controlling interests\u2019 proportion of the share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "Intangible assets i) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the income statement in the period in which it is incurred. Development costs incurred after the point at which the commercial and technical feasibility of the product have been proven, and the decision to complete the development has been taken and resources made available, are capitalised. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development expenditure has an estimated useful life of up to five years and is written off on a straight-line basis. ii) Software as a Service For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, the Group capitalises costs only relating to the configuration and customisation of SaaS arrangements as intangible assets where control of the software and associated configured and customised elements exists. An element of judgement is involved with identifying specific elements of programme costs, however, these judgements do not have a significant impact on the costs to be capitalised. SaaS assets are assessed to have useful lives of 10 to 15 years from the point in time they are available for use and are amortised on a straight-line basis. iii) Other intangible assets Other intangible assets that are acquired by the Group as part of a business combination are stated at cost less accumulated amortisation and impairment losses. The useful life of each of these assets is assessed based on discussions with the management of the acquired business and takes account of the differing nature of each of the intangible assets acquired. The assessed useful lives of intangibles acquired are as follows: Brands 4 to 10 years Customer relationships 2 to 8 years Other 3 to 8 years Amortisation is charged on a straight-line basis over the estimated useful life of the assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-527": { "value": "Intangible assets i) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the income statement in the period in which it is incurred. Development costs incurred after the point at which the commercial and technical feasibility of the product have been proven, and the decision to complete the development has been taken and resources made available, are capitalised. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development expenditure has an estimated useful life of up to five years and is written off on a straight-line basis. ii) Software as a Service For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, the Group capitalises costs only relating to the configuration and customisation of SaaS arrangements as intangible assets where control of the software and associated configured and customised elements exists. An element of judgement is involved with identifying specific elements of programme costs, however, these judgements do not have a significant impact on the costs to be capitalised. SaaS assets are assessed to have useful lives of 10 to 15 years from the point in time they are available for use and are amortised on a straight-line basis. iii) Other intangible assets Other intangible assets that are acquired by the Group as part of a business combination are stated at cost less accumulated amortisation and impairment losses. The useful life of each of these assets is assessed based on discussions with the management of the acquired business and takes account of the differing nature of each of the intangible assets acquired. The assessed useful lives of intangibles acquired are as follows: Brands 4 to 10 years Customer relationships 2 to 8 years Other 3 to 8 years Amortisation is charged on a straight-line basis over the estimated useful life of the assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "i) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the income statement in the period in which it is incurred. Development costs incurred after the point at which the commercial and technical feasibility of the product have been proven, and the decision to complete the development has been taken and resources made available, are capitalised. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development expenditure has an estimated useful life of up to five years and is written off on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-528": { "value": "Property, plant and equipment Freehold land is not depreciated. Long leasehold buildings are amortised over 50 years or the expected useful life of the building where less than 50 years. Other assets are depreciated in equal annual instalments by reference to their estimated useful lives and residual values at the following annual rates: Freehold buildings 2% to 4% Short leasehold buildings period of lease Plant and equipment 10% to 33% Items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation and impairment losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-529": { "value": "Leases i) The Group as a lessee For any new contracts entered into, the Group considers whether a contract is, or contains a lease. A lease is defined as \u2018a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration\u2019. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether: \u2022 the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; \u2022 the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and \u2022 the Group has the right to direct the use of the identified asset throughout the period of use. The Group assesses whether it has the right to direct \u2018how and for what purpose\u2019 the asset is used throughout the period of use. ii) Measurement and recognition of leases as a lessee At the lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments, variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or income statement if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in the income statement on a straight-line basis over the lease term. On the balance sheet, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in loans and borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "value": "Interest-bearing loans and borrowings Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Derivative financial instruments The Group uses forward exchange contracts and swaps to hedge its exposure to foreign exchange risk arising from operational and financing activities. These are the only derivative financial instruments used by the Group. In accordance with its Treasury Policy, the Group does not hold or issue contracts for trading purposes. Forward exchange contracts that do not qualify for hedge accounting are accounted for as trading instruments. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Forward exchange contracts are recognised initially at fair value. Where a forward exchange contract is designated as a hedge of the variability in cash flows of a recognised liability or a highly probable forecasted transaction, the effective part of any gain or loss on the forward contract is recognised directly in other comprehensive income. Any effective cumulative gain or loss is removed from equity and recognised in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognised in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss held in equity is recognised in the income statement immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "value": "Interest-bearing loans and borrowings Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-530": { "value": "Interest-bearing loans and borrowings Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "Taxation Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income, in which case it is recognised in equity or in other comprehensive income respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the effect of taxable temporary differences for goodwill not deductible for tax purposes and the initial recognition of assets or liabilities in a transaction which is not a business combination that affect neither accounting nor taxable profits. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Both deferred and current tax assets and liabilities are offset when criteria set out in IAS 12.71 and IAS 12.74 are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-531": { "value": "Taxation Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income, in which case it is recognised in equity or in other comprehensive income respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the effect of taxable temporary differences for goodwill not deductible for tax purposes and the initial recognition of assets or liabilities in a transaction which is not a business combination that affect neither accounting nor taxable profits. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Both deferred and current tax assets and liabilities are offset when criteria set out in IAS 12.71 and IAS 12.74 are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "value": "Inventory and work in progress Inventory and work in progress is valued at the lower of cost and net realisable value. Cost is calculated either on a \u2018first in, first out\u2019 or an average cost basis depending upon its nature and use. In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of indirect overhead expenses which are required to bring inventories to their present location and condition. The net realisable value in respect of old and slow moving inventory is assessed by reference to historic usage patterns and forecast future usage. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-532": { "value": "Inventory and work in progress Inventory and work in progress is valued at the lower of cost and net realisable value. Cost is calculated either on a \u2018first in, first out\u2019 or an average cost basis depending upon its nature and use. In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of indirect overhead expenses which are required to bring inventories to their present location and condition. The net realisable value in respect of old and slow moving inventory is assessed by reference to historic usage patterns and forecast future usage. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-533": { "value": "Trade and other receivables Trade and other receivables are initially recognised at fair value and are subsequently held at amortised cost less any expected credit losses according to IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-534": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and short term (with an original maturity less than three months) deposits. Bank overdrafts that are repayable on demand form part of cash and cash equivalents for the purpose of the consolidated statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-535": { "value": "Equity Equity comprises issued equity capital, share premium, reserves and retained earnings. When issued equity capital is repurchased, the amount paid, including directly attributable costs, is recognised as a change in equity. Repurchased shares are debited directly to equity and shown as a deduction from retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "value": "Provisions i) Warranties A provision for warranties is recognised when the underlying products or services are sold. The provision is based on historical warranty cost data, known issues and management expectations of future costs. ii) Contingent consideration The terms of an acquisition may provide that the value of the purchase consideration, which may be payable in cash at a future date, depends on uncertain future events. The amounts recognised in the financial statements represent a fair value estimate at the balance sheet date of the amounts expected to be paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "ii) Contingent consideration The terms of an acquisition may provide that the value of the purchase consideration, which may be payable in cash at a future date, depends on uncertain future events. The amounts recognised in the financial statements represent a fair value estimate at the balance sheet date of the amounts expected to be paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "value": "Employee benefits i) Pension plans Where the Group operates a defined benefit pension scheme, contributions are made in accordance with the schedule of contributions agreed with the Trustees. In respect of all remeasurements that arise in calculating the Group\u2019s obligation in respect of the plans, these are recognised in other comprehensive income. The retirement benefit obligation recognised in the consolidated balance sheet represents the deficit in the Group\u2019s defined benefit pension schemes. Interest on pension scheme surplus is recognised within finance income and interest on pension scheme liabilities is recognised within finance expenses. The Group also operates defined contribution pension schemes. The costs for these schemes are recognised in the income statement as incurred. ii) Share-based payment transactions The Rotork Sharesave Plan offers certain employees the opportunity to purchase shares in Rotork plc at a discounted price compared with the market price at the time of grant. Details of the scheme are given in note 26. The fair value of the right/option is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period between grant and maturity. The right/option reaches maturity when the employee becomes unconditionally entitled. The fair value of the grant is measured using a Black-Scholes model, taking into account the terms and conditions upon which the rights were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is due only to share prices not achieving the threshold for vesting. The Rotork Long Term Incentive Plan grants shares to executive directors and senior managers. These awards may vest after a period of three years dependent upon both market and non-market performance conditions being met. Details of the grants are given in note 26. The fair value of the award is measured at grant date, using a Monte Carlo simulation model which takes into account the market based performance criteria, and spread over the vesting period. The fair value of the award is recognised as an employee expense with a corresponding increase in equity for the share settled award. The amount recognised as an expense is adjusted to exclude options that do not vest as a result of non-market performance conditions not being met. The Global Employee Share Plan (GESP) and the share incentive plan (SIP) are discretionary profit linked share schemes based on the prior year profit of the participating Rotork companies. The value of the award to each employee is based on salary and the length of service. The value of the awards can be up to \u00a33,600. Shares awarded under these schemes are issued by the trustee at the cost of purchase. The costs of providing these plans are recognised in the income statement over the period in which the employee has earned the award. iii) Long term service leave The Group\u2019s net obligation in respect of long term service leave is the amount of future benefit that employees have earned in return for their service in the current and prior periods. iv) Other employee benefits The Group offers a number of discretionary bonus schemes to employees around the world. The costs of these schemes are recognised in the income statement as the criteria are met and service is undertaken. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "value": "ii) Share-based payment transactions The Rotork Sharesave Plan offers certain employees the opportunity to purchase shares in Rotork plc at a discounted price compared with the market price at the time of grant. Details of the scheme are given in note 26. The fair value of the right/option is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period between grant and maturity. The right/option reaches maturity when the employee becomes unconditionally entitled. The fair value of the grant is measured using a Black-Scholes model, taking into account the terms and conditions upon which the rights were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is due only to share prices not achieving the threshold for vesting. The Rotork Long Term Incentive Plan grants shares to executive directors and senior managers. These awards may vest after a period of three years dependent upon both market and non-market performance conditions being met. Details of the grants are given in note 26. The fair value of the award is measured at grant date, using a Monte Carlo simulation model which takes into account the market based performance criteria, and spread over the vesting period. The fair value of the award is recognised as an employee expense with a corresponding increase in equity for the share settled award. The amount recognised as an expense is adjusted to exclude options that do not vest as a result of non-market performance conditions not being met. The Global Employee Share Plan (GESP) and the share incentive plan (SIP) are discretionary profit linked share schemes based on the prior year profit of the participating Rotork companies. The value of the award to each employee is based on salary and the length of service. The value of the awards can be up to \u00a33,600. Shares awarded under these schemes are issued by the trustee at the cost of purchase. The costs of providing these plans are recognised in the income statement over the period in which the employee has earned the award. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "Derivative financial instruments The Group uses forward exchange contracts and swaps to hedge its exposure to foreign exchange risk arising from operational and financing activities. These are the only derivative financial instruments used by the Group. In accordance with its Treasury Policy, the Group does not hold or issue contracts for trading purposes. Forward exchange contracts that do not qualify for hedge accounting are accounted for as trading instruments. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Forward exchange contracts are recognised initially at fair value. Where a forward exchange contract is designated as a hedge of the variability in cash flows of a recognised liability or a highly probable forecasted transaction, the effective part of any gain or loss on the forward contract is recognised directly in other comprehensive income. Any effective cumulative gain or loss is removed from equity and recognised in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognised in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss held in equity is recognised in the income statement immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "value": "Derivative financial instruments The Group uses forward exchange contracts and swaps to hedge its exposure to foreign exchange risk arising from operational and financing activities. These are the only derivative financial instruments used by the Group. In accordance with its Treasury Policy, the Group does not hold or issue contracts for trading purposes. Forward exchange contracts that do not qualify for hedge accounting are accounted for as trading instruments. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Forward exchange contracts are recognised initially at fair value. Where a forward exchange contract is designated as a hedge of the variability in cash flows of a recognised liability or a highly probable forecasted transaction, the effective part of any gain or loss on the forward contract is recognised directly in other comprehensive income. Any effective cumulative gain or loss is removed from equity and recognised in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognised in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss held in equity is recognised in the income statement immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "value": "Dividends Interim dividends are recorded in the financial statements when they are paid. Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-540": { "value": "Critical judgements and key estimation uncertainties Estimates and judgements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. As described on page 84, we have considered the impact of climate change and climate-related risks and concluded that there is no material impact on the key accounting policies, estimates and judgements that form the basis of these financial statements. The Group makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amount of assets and liabilities in the next financial year are listed below. i) Critical accounting judgements There are no critical accounting judgements requiring evaluation. ii) Key sources of estimation uncertainty Retirement benefits The Group\u2019s financial statements include costs in relation to, and liabilities for, retirement benefit obligations. Management is required to estimate the future rates of inflation, discount rates and longevity of members, each of which may have a material impact on the defined benefit obligations that are recorded. Sensitivities to changes in key estimates affecting the pension schemes\u2019 liabilities are shown in note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "value": "
2. Alternative performance measures
The Group uses adjusted figures as key performance measures in addition to those reported under
adopted IFRS, as management believe these measures provides stakeholders with additional useful
information to facilitate greater comparison of the Group\u2019s underlying results with prior periods and
assessment of trends in financial performance.
The Group believes alternative performance measures, which are not considered to be a substitute
for, or superior to, IFRS measures, provide stakeholders with additional helpful information on the
performance of the business. These alternative performance measures are consistent with how the
business performance is planned and reported within the internal management reporting to the
Board. Some of these measures are also used for the purpose of setting remuneration targets.
The key alternative performance measures that the Group use include adjusted profit measures
and organic constant currency (OCC). Explanations of how they are calculated and how they are
reconciled to IFRS statutory results are set out below.
a. Adjusted operating profit
Adjusted operating profit is the Group\u2019s operating profit excluding the amortisation of acquired
intangible assets and other adjustments as defined in note 1. Further details on these adjustments
are given in note 5.
b. Adjusted profit before tax
The adjustments in calculating adjusted profit before tax are consistent with those in calculating
adjusted operating profit above.
2023
2022
Profit before tax
150,638
124,102
Adjustments:
Amortisation of acquired intangible assets
2,110
7,051
Gain on disposal of property
(723)
(1,208)
Business Transformation costs
13,097
8,868
Other costs
1,224
1,372
Russia market exit
\u2014
3,555
Adjusted profit before tax
166,346
143,740
c. Adjusted basic and diluted earnings per share
Adjusted basic earnings per share is calculated using the adjusted net profit attributable to the
ordinary shareholders and dividing it by the weighted average ordinary shares in issue (see note 19).
Adjusted net profit attributable to ordinary shareholders is calculated as follows:
2023
2022
Net profit attributable to ordinary shareholders
113,488
93,201
Adjustments:
Amortisation of acquired intangible assets
2,110
7,051
Gain on disposal of property
(723)
(1,208)
Business Transformation costs
13,097
8,868
Other costs
1,224
1,372
Russia market exit
\u2014
3,555
Tax effect on adjusted items
(3,567)
(3,440)
Adjusted net profit attributable to ordinary shareholders
125,629
109,399
Adjusted diluted earnings per share is calculated by using the adjusted net profit attributable to
ordinary shareholders and dividing it by the weighted average ordinary shares in issue adjusted
to assume conversion of all potentially dilutive ordinary shares (see note 19).
d. Adjusted dividend cover
Dividend cover is calculated as earnings per share divided by dividends per share. Adjusted dividend
cover is calculated as adjusted earnings per share as defined in note 2c above divided by dividends
per share.
e. Total shareholder return
Total shareholder return is the movement in the price of an ordinary share plus dividends during
the year, divided by the opening share price.
f. Return on capital employed
The return on capital employed ratio is used by management to help ensure that capital is used efficiently.
2023
2022
Adjusted operating profit
164,475
143,245
Capital employed
Shareholders\u2019 funds
622,295
589,907
Cash and cash equivalents
(146,372)
(114,770)
Interest bearing loans and borrowings
11,957
8,836
Pension (surplus)/deficit net of deferred tax
(6,904)
6,065
Capital employed
480,976
490,038
Average capital employed
485,507
458,002
Return on capital employed
33.9%
31.3%
Average capital employed is defined as the average of the capital employed at the start and end
of the relevant year.
g. Working capital as a percentage of revenue
Working capital as a percentage of revenue is monitored as control of working capital is key to
achieving our cash generation targets. It is calculated as inventory plus trade receivables, less trade
payables, divided by revenue.
h. Organic constant currency (OCC)
OCC results remove the results of businesses acquired or disposed of during the period that are not
consistently presented in both periods\u2019 results. The 2023 results are restated at 2022 exchange rates.
Key headings in the income statement are reconciled to OCC as follows:
OCC
31 December Currency Acquisition 31 December
2023 adjustment adjustment 2023
Revenue
719,150
11,857
(1,599)
729,408
Cost of sales
(380,054)
(6,233)
714
(385,573)
Gross margin
339,096
5,624
(885)
343,835
Overheads
(174,621)
(1,454)
324
(175,751)
Adjusted operating profit
164,475
4,170
(561)
168,084
Interest
1,871
(268)
54
1,657
Adjusted profit before tax
166,346
3,902
(507)
169,741
Adjusted taxation
(40,717)
(956)
137
(41,536)
Adjusted profit after tax
125,629
2,946
(370)
128,205
i. Cash conversion
Cash conversion is calculated as adjusted operating cash flow as a percentage of adjusted operating
profit. It is monitored to illustrate how efficiently adjusted operating profits are converted into cash.
Adjusted operating cash flow is calculated as follows:
2023
2022
Adjusted operating cash flow
Operating cash flow
157,719
89,733
Operating cash flow impact of other adjustments
13,496
12,056
Difference between pension charge and cash contribution
26,628
6,979
Adjusted operating cash flow
197,843
108,768
Adjusted operating profit
164,475
143,245
Cash conversion
120%
76%
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "
3. Operating segments
The three identifiable operating segments where the financial and operating performance is reviewed
monthly by the chief operating decision maker are as follows:
\u2022 Oil & Gas
\u2022 Chemical, Process & Industrial
\u2022 Water & Power
Each of our customers is allocated to a division. Sales to that customer, along with all directly
associated costs of that sale, are reported under the division to which that customer is allocated.
Where some of our customers sell into multiple end markets, a lead end market is identified. Sales
to these customers will generally be allocated to the lead end market unless the sale is of significance
and an alternative end market has been identified, in which case it will be reported under the
alternative end market.
For all costs not directly attributed to a sale, these are allocated across the three divisions within
each of our businesses. There are some costs which are directly attributable to a division, but most
support costs and facility costs are not directly attributable to a division and are generally allocated
based on split of revenue. Amortisation of acquired intangible assets is allocated based on the split
of revenue of the entity to which the asset relates.
Unallocated expenses comprise corporate expenses.
Geographic analysis
Rotork has a worldwide presence in all three operating segments through its subsidiary selling offices
and through an agency network. A full list of locations can be found at www.rotork.com.
Analysis by operating segment
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2023 2023 2023 2023 2023
Revenue from external
customers
328,391
213,712
177,047
\u2014
719,150
Adjusted operating profit*
83,627
51,253
46,445
(16,850)
164,475
Amortisation of acquired
intangible assets
(1,100)
(848)
(162)
\u2014
(2,110)
Segment result
82,527
50,405
46,283
(16,850)
162,365
Other adjustments
(13,598)
Operating profit
148,767
Net finance income
1,871
Income tax expense
(37,150)
Profit for the year
113,488
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2022 2022 2022 2022 2022
Revenue from external
customers
283,266
198,355
160,191
\u2014
641,812
Adjusted operating profit*
63,960
51,206
40,293
(12,214)
143,245
Amortisation of acquired
intangible assets
(5,063)
(1,410)
(578)
\u2014
(7,051)
Segment result
58,897
49,796
39,715
(12,214)
136,194
Other adjustments
(12,587)
Operating profit
123,607
Net finance expense
495
Income tax expense
(30,901)
Profit for the year
93,201
* Adjusted operating profit is operating profit before the amortisation of acquired intangible assets and other adjustments
(see note 5).
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2023 2023 2023 2023 2023
Depreciation
6,180
4,022
3,331
\u2014
13,533
Amortisation:
\u2013 Acquired intangible assets
1,100
848
162
\u2014
2,110
\u2013 Development costs
774
504
417
\u2014
1,695
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2022 2022 2022 2022 2022
Depreciation
6,591
4,615
3,727
\u2014
14,933
Amortisation:
\u2013 Acquired intangible assets
5,063
1,410
578
\u2014
7,051
\u2013 Development costs
1,239
701
868
\u2014
2,808
Balance sheets are reviewed by subsidiary and operating segment balance sheets are not prepared.
Therefore no further analysis of operating segments assets and liabilities is presented.
Revenue by location of subsidiary
2023
2022
UK
75,568
55,146
Italy
65,553
52,997
Rest of Europe
105,293
96,627
USA
141,046
129,499
Other Americas
59,419
44,161
China
102,133
120,188
Rest of World
170,138
143,194
719,150
641,812
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "value": "Geographic analysis Rotork has a worldwide presence in all three operating segments through its subsidiary selling offices and through an agency network. A full list of locations can be found at www.rotork.com. Analysis by operating segment
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2023 2023 2023 2023 2023
Revenue from external
customers
328,391
213,712
177,047
\u2014
719,150
Adjusted operating profit*
83,627
51,253
46,445
(16,850)
164,475
Amortisation of acquired
intangible assets
(1,100)
(848)
(162)
\u2014
(2,110)
Segment result
82,527
50,405
46,283
(16,850)
162,365
Other adjustments
(13,598)
Operating profit
148,767
Net finance income
1,871
Income tax expense
(37,150)
Profit for the year
113,488
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2022 2022 2022 2022 2022
Revenue from external
customers
283,266
198,355
160,191
\u2014
641,812
Adjusted operating profit*
63,960
51,206
40,293
(12,214)
143,245
Amortisation of acquired
intangible assets
(5,063)
(1,410)
(578)
\u2014
(7,051)
Segment result
58,897
49,796
39,715
(12,214)
136,194
Other adjustments
(12,587)
Operating profit
123,607
Net finance expense
495
Income tax expense
(30,901)
Profit for the year
93,201
* Adjusted operating profit is operating profit before the amortisation of acquired intangible assets and other adjustments (see note 5).
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2023 2023 2023 2023 2023
Depreciation
6,180
4,022
3,331
\u2014
13,533
Amortisation:
\u2013 Acquired intangible assets
1,100
848
162
\u2014
2,110
\u2013 Development costs
774
504
417
\u2014
1,695
Chemical,
Process &
Oil & Gas Industrial Water & Power Unallocated Group
2022 2022 2022 2022 2022
Depreciation
6,591
4,615
3,727
\u2014
14,933
Amortisation:
\u2013 Acquired intangible assets
5,063
1,410
578
\u2014
7,051
\u2013 Development costs
1,239
701
868
\u2014
2,808
Balance sheets are reviewed by subsidiary and operating segment balance sheets are not prepared. Therefore no further analysis of operating segments assets and liabilities is presented.
Revenue by location of subsidiary
2023
2022
UK
75,568
55,146
Italy
65,553
52,997
Rest of Europe
105,293
96,627
USA
141,046
129,499
Other Americas
59,419
44,161
China
102,133
120,188
Rest of World
170,138
143,194
719,150
641,812
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "
4. Acquisitions
i) Hanbay
On 4 August 2023, the Group acquired 100% of the share capital of Hanbay Inc. (\u2018Hanbay\u2019)
for \u00a321,107,000. Hanbay designs and manufactures precise, miniature electric actuators which
offer a compact profile and high torque design for use with small valves and instrument valves
for use in hazardous and non-hazardous applications, headquartered in Montreal, Canada.
The acquisition expands the Group\u2019s electric actuator offering and is fully consistent with all three
pillars of the Growth+ strategy and increases the percentage sales contribution of the Group\u2019s
Eco-transition portfolio.
In the five months to 31 December 2023 Hanbay contributed \u00a31,599,000 to Group revenue and
\u00a3561,000 to consolidated operating profit before amortisation, this performance is in line with
management\u2019s expectations. The amortisation charge in the five-month period from the acquired
intangible assets was \u00a3649,000.
If the acquisition had occurred on 1 January 2023 the business would have contributed \u00a33,945,000
to Group revenue and \u00a31,643,000 to Group operating profit.
ii) Acquisitions fair value table
The acquisition had the following effect on the Group\u2019s assets and liabilities.
\u00a3\u2019000
Fair value
Non-current assets
Property, plant and equipment
13
Intangible assets
9,379
Current assets
Inventory
695
Trade and other receivables
45
Cash
2,708
Current liabilities
Trade and other payables
(96)
Non-current liabilities
Deferred tax liability
(2,485)
Total net identifiable assets
10,259
Goodwill
10,848
Cash movements in respect of acquisitions
Purchase consideration \u2013 paid in cash
21,107
Cash held in acquired subsidiary
(2,708)
18,399
The adjustments shown in the table represent the alignment of accounting policies of the acquired
businesses to Rotork Group policies and the fair value adjustments of the assets and liabilities at the
acquisition date of each of the business. The amounts stated above are not provisional.
The goodwill arising from this acquisition represents the opportunity to grow through expanding
the Group\u2019s electric actuator offering and employee know-how. The value of goodwill expected
to be deductible for tax purposes is \u00a310,848,000.
The intangible assets identified comprise customer relationships, product design and non-compete
agreements. The intangible assets have been valued by modelling the discounted cashflows attributable
to the respective asset. A discount rate of 18.0% was used. Assumptions regarding future cashflows
are based on a combination of historic performance data and management\u2019s forecasts.
iii) Acquisition costs
Acquisition costs of \u00a3384,000 have been expensed in administration expenses in the income statement
and presented as other adjustments to profit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "value": "4. Acquisitions i) Hanbay On 4 August 2023, the Group acquired 100% of the share capital of Hanbay Inc. (\u2018Hanbay\u2019) for \u00a321,107,000. Hanbay designs and manufactures precise, miniature electric actuators which offer a compact profile and high torque design for use with small valves and instrument valves for use in hazardous and non-hazardous applications, headquartered in Montreal, Canada. The acquisition expands the Group\u2019s electric actuator offering and is fully consistent with all three pillars of the Growth+ strategy and increases the percentage sales contribution of the Group\u2019s Eco-transition portfolio. In the five months to 31 December 2023 Hanbay contributed \u00a31,599,000 to Group revenue and \u00a3561,000 to consolidated operating profit before amortisation, this performance is in line with management\u2019s expectations. The amortisation charge in the five-month period from the acquired intangible assets was \u00a3649,000. If the acquisition had occurred on 1 January 2023 the business would have contributed \u00a33,945,000 to Group revenue and \u00a31,643,000 to Group operating profit. ii) Acquisitions fair value table The acquisition had the following effect on the Group\u2019s assets and liabilities.
\u00a3\u2019000
Fair value
Non-current assets
Property, plant and equipment
13
Intangible assets
9,379
Current assets
Inventory
695
Trade and other receivables
45
Cash
2,708
Current liabilities
Trade and other payables
(96)
Non-current liabilities
Deferred tax liability
(2,485)
Total net identifiable assets
10,259
Goodwill
10,848
Cash movements in respect of acquisitions
Purchase consideration \u2013 paid in cash
21,107
Cash held in acquired subsidiary
(2,708)
18,399
The adjustments shown in the table represent the alignment of accounting policies of the acquired businesses to Rotork Group policies and the fair value adjustments of the assets and liabilities at the acquisition date of each of the business. The amounts stated above are not provisional. The goodwill arising from this acquisition represents the opportunity to grow through expanding the Group\u2019s electric actuator offering and employee know-how. The value of goodwill expected to be deductible for tax purposes is \u00a310,848,000. The intangible assets identified comprise customer relationships, product design and non-compete agreements. The intangible assets have been valued by modelling the discounted cashflows attributable to the respective asset. A discount rate of 18.0% was used. Assumptions regarding future cashflows are based on a combination of historic performance data and management\u2019s forecasts. iii) Acquisition costs Acquisition costs of \u00a3384,000 have been expensed in administration expenses in the income statement and presented as other adjustments to profit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "value": "
5. Other adjustments
Refer to note 1 for details on the adjustments to profit, including an explanation of \u2018other adjustments\u2019.
The other adjustments to profit included in statutory profit are as follows:
2023
2022
Gain on disposal of property
723
1,208
Other costs
(1,224)
(1,372)
Business Transformation costs
(13,097)
(8,868)
Russia market exit
\u2014
(3,555)
Other adjustments
(13,598)
(12,587)
Gain on disposal of property
The \u00a3723,000 (2022: \u00a31,208,000) gain on disposal of property relates to the sales of property
in Ballarat, Australia and Radstock, UK. These disposals are the last of the Growth Acceleration
Programme operational footprint actions.
Other costs
\u00a31,224,000 (2022: \u00a31,372,000) of other costs have been incurred, largely in relation to acquisition
and pension buy-in advisory costs.
Business Transformation costs
During the year \u00a313,097,000 (2022: \u00a38,868,000) of costs were incurred on Business Transformation.
The multi-year transformation includes the implementing and integrating of common systems and
processes throughout the Group, including a new cloud-based ERP system. This brings the total
expensed under the programme to \u00a344,920,000. These costs were expensed as they do not meet
the capitalisation criteria under IAS 38. Costs include an allocation of personnel expenses in respect
of employees directly involved in the programme.
The new ERP system launched at the Bath, UK factory in Q1 2023 and also went live at the Head
Office site in Q3 2023. These costs will continue to be reported in adjusted items. Over the next 3
\u2013 3.5 years we will deploy the Business Transformation programme, including the new ERP system,
across all other Group entities at an estimated further cost of \u00a345m to \u00a350m.
Russia market exit
The Russia market exit costs are in relation to the ceasing of operations in Russia and the impairment
of the gross assets of the Russian entity.
Income statement disclosure
All adjustments are included in administrative expenses. The adjustments are taxable or tax
deductible in the country in which the expense is incurred.
Cash flow statement disclosure
Other adjustments have a net operating cash outflow of \u00a313,496,000 (2022: \u00a312,056,000) and
a net investing cash inflow of \u00a3955,000 (2022: \u00a34,049,000).
", "dimensions": { "concept": "rotorkplc:DisclosureOfOtherAdjustments", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "value": "
6. Other income and expenses
2023
2022
Gain on disposal of property, plant and equipment
684
214
Other
721
1,406
Other income
1,405
1,620
2023
2022
Loss on disposal of property, plant and equipment
(342)
(55)
Other
(448)
(317)
Other expenses
(790)
(372)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "value": "6. Other income and expenses
2023
2022
Gain on disposal of property, plant and equipment
684
214
Other
721
1,406
Other income
1,405
1,620
2023
2022
Loss on disposal of property, plant and equipment
(342)
(55)
Other
(448)
(317)
Other expenses
(790)
(372)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "value": "6. Other income and expenses
2023
2022
Gain on disposal of property, plant and equipment
684
214
Other
721
1,406
Other income
1,405
1,620
2023
2022
Loss on disposal of property, plant and equipment
(342)
(55)
Other
(448)
(317)
Other expenses
(790)
(372)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "value": "
7. Personnel expenses
2023
2022
Wages and salaries (including bonus and incentive plans)
152,679
127,311
Social security costs
21,514
18,531
Pension costs (note 25)
7,392
6,142
Share-based payments (note 26)
5,670
4,601
(Decrease)/increase in liability for long term service leave
(352)
135
186,903
156,720
2023
2022
Average monthly number of employees during the year:
UK
901
852
Overseas
2,390
2,371
3,291
3,223
Personnel expenses and the average monthly number of employees during the year includes expenses
and employees that are included in Business Transformation costs within Other adjustments (note 5).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "value": "
8. Finance income and expense
Recognised in the income statement
2023
2022
Interest income
4,203
1,235
Net interest income on pension scheme liabilities (note 25)
352
\u2014
Foreign exchange gains
746
1,814
Finance income
5,301
3,049
2023
2022
Interest expense
(807)
(744)
Interest expense on lease liabilities (note 28)
(495)
(406)
Net interest charge on pension scheme liabilities (note 25)
\u2014
(110)
Foreign exchange losses
(2,128)
(1,294)
Finance expense
(3,430)
(2,554)
Recognised in other comprehensive income
2023
2022
Effective portion of changes in fair value of cash flow hedges
797
(1,044)
Fair value of cash flow hedges transferred to income statement
1,044
(1,023)
Foreign currency translation differences for foreign operations
(20,271)
21,928
(18,430)
19,861
Recognised in:
Hedging reserve
1,841
(2,067)
Translation reserve
(20,271)
21,928
(18,430)
19,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "8. Finance income and expense Recognised in the income statement
2023
2022
Interest income
4,203
1,235
Net interest income on pension scheme liabilities (note 25)
352
\u2014
Foreign exchange gains
746
1,814
Finance income
5,301
3,049
2023
2022
Interest expense
(807)
(744)
Interest expense on lease liabilities (note 28)
(495)
(406)
Net interest charge on pension scheme liabilities (note 25)
\u2014
(110)
Foreign exchange losses
(2,128)
(1,294)
Finance expense
(3,430)
(2,554)
Recognised in other comprehensive income
2023
2022
Effective portion of changes in fair value of cash flow hedges
797
(1,044)
Fair value of cash flow hedges transferred to income statement
1,044
(1,023)
Foreign currency translation differences for foreign operations
(20,271)
21,928
(18,430)
19,861
Recognised in:
Hedging reserve
1,841
(2,067)
Translation reserve
(20,271)
21,928
(18,430)
19,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "8. Finance income and expense Recognised in the income statement
2023
2022
Interest income
4,203
1,235
Net interest income on pension scheme liabilities (note 25)
352
\u2014
Foreign exchange gains
746
1,814
Finance income
5,301
3,049
2023
2022
Interest expense
(807)
(744)
Interest expense on lease liabilities (note 28)
(495)
(406)
Net interest charge on pension scheme liabilities (note 25)
\u2014
(110)
Foreign exchange losses
(2,128)
(1,294)
Finance expense
(3,430)
(2,554)
Recognised in other comprehensive income
2023
2022
Effective portion of changes in fair value of cash flow hedges
797
(1,044)
Fair value of cash flow hedges transferred to income statement
1,044
(1,023)
Foreign currency translation differences for foreign operations
(20,271)
21,928
(18,430)
19,861
Recognised in:
Hedging reserve
1,841
(2,067)
Translation reserve
(20,271)
21,928
(18,430)
19,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "value": "8. Finance income and expense Recognised in the income statement
2023
2022
Interest income
4,203
1,235
Net interest income on pension scheme liabilities (note 25)
352
\u2014
Foreign exchange gains
746
1,814
Finance income
5,301
3,049
2023
2022
Interest expense
(807)
(744)
Interest expense on lease liabilities (note 28)
(495)
(406)
Net interest charge on pension scheme liabilities (note 25)
\u2014
(110)
Foreign exchange losses
(2,128)
(1,294)
Finance expense
(3,430)
(2,554)
Recognised in other comprehensive income
2023
2022
Effective portion of changes in fair value of cash flow hedges
797
(1,044)
Fair value of cash flow hedges transferred to income statement
1,044
(1,023)
Foreign currency translation differences for foreign operations
(20,271)
21,928
(18,430)
19,861
Recognised in:
Hedging reserve
1,841
(2,067)
Translation reserve
(20,271)
21,928
(18,430)
19,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "8. Finance income and expense Recognised in the income statement
2023
2022
Interest income
4,203
1,235
Net interest income on pension scheme liabilities (note 25)
352
\u2014
Foreign exchange gains
746
1,814
Finance income
5,301
3,049
2023
2022
Interest expense
(807)
(744)
Interest expense on lease liabilities (note 28)
(495)
(406)
Net interest charge on pension scheme liabilities (note 25)
\u2014
(110)
Foreign exchange losses
(2,128)
(1,294)
Finance expense
(3,430)
(2,554)
Recognised in other comprehensive income
2023
2022
Effective portion of changes in fair value of cash flow hedges
797
(1,044)
Fair value of cash flow hedges transferred to income statement
1,044
(1,023)
Foreign currency translation differences for foreign operations
(20,271)
21,928
(18,430)
19,861
Recognised in:
Hedging reserve
1,841
(2,067)
Translation reserve
(20,271)
21,928
(18,430)
19,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "8. Finance income and expense Recognised in the income statement
2023
2022
Interest income
4,203
1,235
Net interest income on pension scheme liabilities (note 25)
352
\u2014
Foreign exchange gains
746
1,814
Finance income
5,301
3,049
2023
2022
Interest expense
(807)
(744)
Interest expense on lease liabilities (note 28)
(495)
(406)
Net interest charge on pension scheme liabilities (note 25)
\u2014
(110)
Foreign exchange losses
(2,128)
(1,294)
Finance expense
(3,430)
(2,554)
Recognised in other comprehensive income
2023
2022
Effective portion of changes in fair value of cash flow hedges
797
(1,044)
Fair value of cash flow hedges transferred to income statement
1,044
(1,023)
Foreign currency translation differences for foreign operations
(20,271)
21,928
(18,430)
19,861
Recognised in:
Hedging reserve
1,841
(2,067)
Translation reserve
(20,271)
21,928
(18,430)
19,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "value": "9. Profit before tax Profit before tax is stated after charging/(crediting) the following: Notes 2023 2022 Depreciation of property, plant and equipment: \u2013 Owned assets i 9,385 10,458 \u2013 Assets held under lease contracts i 4,148 4,475 Amortisation: \u2013 Other intangibles iii 2,110 7,051 \u2013 Development costs iii 1,409 1,436 \u2013 Software iii 657 \u2014 Impairment of development cost assets iii 286 1,372 Impairment of property, plant and equipment iii \u2014 140 Inventory write downs recognised in the year ii 2,310 1,100 Product research and development expenditure iii 10,468 10,891 Exchange differences realised iv 1,382 (520 Fees payable to the Group\u2019s auditor and their associates for: \u2013 For the audit of the Group\u2019s annual accounts 1,338 1,136 \u2013 For the audit of the Group\u2019s subsidiaries 106 254 Total audit fees 1,444 1,390 \u2013 Audit related assurance services 70 65 Total non-audit fees 70 65 Total fees 1,514 1,455 These costs can be found under the following headings in the income statement: i) Both within cost of sales and administrative expenses ii) Within cost of sales iii) Within administrative expenses iv) Within finance income and expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "Profit before tax is stated after charging/(crediting) the following: Notes 2023 2022 Depreciation of property, plant and equipment: \u2013 Owned assets i 9,385 10,458 \u2013 Assets held under lease contracts i 4,148 4,475 Amortisation: \u2013 Other intangibles iii 2,110 7,051 \u2013 Development costs iii 1,409 1,436 \u2013 Software iii 657 \u2014 Impairment of development cost assets iii 286 1,372 Impairment of property, plant and equipment iii \u2014 140 Inventory write downs recognised in the year ii 2,310 1,100 Product research and development expenditure iii 10,468 10,891 Exchange differences realised iv 1,382 (520 )", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "value": "Profit before tax is stated after charging/(crediting) the following: Notes 2023 2022 Depreciation of property, plant and equipment: \u2013 Owned assets i 9,385 10,458 \u2013 Assets held under lease contracts i 4,148 4,475 Amortisation: \u2013 Other intangibles iii 2,110 7,051 \u2013 Development costs iii 1,409 1,436 \u2013 Software iii 657 \u2014 Impairment of development cost assets iii 286 1,372 Impairment of property, plant and equipment iii \u2014 140 Inventory write downs recognised in the year ii 2,310 1,100 Product research and development expenditure iii 10,468 10,891 Exchange differences realised iv 1,382 (520 )", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "value": "Profit before tax is stated after charging/(crediting) the following: Notes 2023 2022 Depreciation of property, plant and equipment: \u2013 Owned assets i 9,385 10,458 \u2013 Assets held under lease contracts i 4,148 4,475 Amortisation: \u2013 Other intangibles iii 2,110 7,051 \u2013 Development costs iii 1,409 1,436 \u2013 Software iii 657 \u2014 Impairment of development cost assets iii 286 1,372 Impairment of property, plant and equipment iii \u2014 140 Inventory write downs recognised in the year ii 2,310 1,100 Product research and development expenditure iii 10,468 10,891 Exchange differences realised iv 1,382 (520 )", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "value": "Fees payable to the Group\u2019s auditor and their associates for: \u2013 For the audit of the Group\u2019s annual accounts 1,338 1,136 \u2013 For the audit of the Group\u2019s subsidiaries 106 254 Total audit fees 1,444 1,390 \u2013 Audit related assurance services 70 65 Total non-audit fees 70 65 Total fees 1,514 1,455 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "value": "
10. Income tax expense
2023
2023
2022
2022
Current tax:
UK corporation tax on profits for the year
4,865
3,173
Adjustment in respect of prior years
435
(942)
5,300
2,231
Overseas tax on profits for the year
32,091
30,242
Adjustment in respect of prior years
146
(287)
32,237
29,955
Total current tax
37,537
32,186
Deferred tax:
Origination and reversal of other temporary
differences
1,187
(1,935)
Impact of rate change
(591)
252
Adjustment in respect of prior years
(983)
398
Total deferred tax
(387)
(1,285)
Total tax charge for year
37,150
30,901
Profit before tax
150,638
124,102
Profit before tax multiplied by the blended standard rate
of corporation tax in the UK of 23.5% (2022: 19.0%)
35,400
23,579
Effects of:
Different tax rates on overseas earnings
4,552
9,339
Permanent differences
(118)
404
Losses not recognised
166
93
Tax incentives
(1,587)
(1,935)
Impact of rate change
(861)
252
Adjustments to tax charge in respect of prior years
(402)
(831)
Total tax charge for year
37,150
30,901
Effective tax rate
24.7%
24.9%
Adjusted profit before tax (note 2b)
166,346
143,740
Total tax charge for the year
37,150
30,901
Amortisation of acquired intangible assets
286
1,109
Business Transformation costs
3,220
2,217
Other adjustments (note 5)
61
114
Adjusted total tax charge for the year
40,717
34,341
Adjusted effective tax rate
24.5%
23.9%
A tax credit of \u00a343,000 (2022: charge of \u00a3987,000) in respect of share-based payments has been
recognised directly in equity in the year.
The effective tax rate for the year is 24.7% (2022: 24.9%). The adjusted effective tax rate is 24.5%
(2022: 23.9%) and is lower than the effective tax rate for the year principally because of the tax
treatment of expenses included in other adjustments.
The adjusted effective tax rate has increased from 23.9% in 2022 to 24.5% in 2023, principally
because of an increase in the UK corporation tax rate. The UK corporation tax rate increased from
19% to 25% on 1 April 2023 leading to a blended rate of 23.5% in the Accounting Period. The Group
expects its adjusted effective tax rate to continue to move in line with the trends in corporate tax rates
in the jurisdictions where Rotork operates. The adjusted effective tax rate will continue to be higher
than the standard UK rate principally due to higher rates of tax in China, the US, Germany and India.
On 20 June 2023 legislation was substantively enacted in the UK to introduce the OECD\u2019s Pillar Two
global minimum tax rules together with a UK qualified domestic minimum top-up tax, with effect
from 1 January 2024. Under the legislation Rotork plc will be required to pay to the UK tax authorities
top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent.
Based on Pillar Two impact assessments carried out on prior years\u2019 data, Rotork plc considers that
Pillar Two will not have a material impact on its current tax expense in future years.
The Group has applied the mandatory temporary IAS 12 exception from the accounting requirements
for deferred taxes in IAS 12, such that the group will not recognise or disclose information on
deferred tax assets and liabilities related to Pillar Two income taxes.
The Group is continuing to assess the impact of the Pillar Two income taxes legislation on its future
financial performance.
There is an unrecognised deferred tax liability for temporary differences associated with investments
in subsidiaries. Rotork plc controls the dividend policies of its subsidiaries and the timing of the reversal
of the temporary differences. The value of temporary differences associated with unremitted earnings
of subsidiaries for which deferred tax has not been recognised is \u00a3320,839,000 (2022: \u00a3272,249,000).
14. Deferred tax assets and liabilities
Assets
Liabilities
Net
Assets
Liabilities
Net
2023
2023
2023
2022
2022
2022
Property, plant and equipment
1,942
(1,530)
412
1,238
(1,216)
22
Intangible assets
3,111
(4,187)
(1,076)
3,546
(3,327)
219
Employee benefits
3,170
\u2014
3,170
3,412
\u2014
3,412
Inventory
5,709
\u2014
5,709
5,980
\u2014
5,980
Other items
5,223
(1,856)
3,367
5,556
(3,252)
2,304
Net tax assets/(liabilities)
19,155
(7,573)
11,582
19,732
(7,795)
11,937
Set off of tax
(3,701)
3,701
\u2014
(3,767)
3,767
\u2014
15,454
(3,872)
11,582
15,965
(4,028)
11,937
Movements in the net deferred tax balance during the year are as follows:
2023
2022
Balance at 1 January
11,937
8,603
Credited to the income statement
(204)
1,537
(Charged)/credited directly to equity in respect of share-based payments
43
(987)
Impact of rate change
591
(252)
Credited directly to equity in respect of pension schemes
2,153
1,795
(Charged)/credited directly to hedging reserves in respect of cash flow hedges
(445)
440
Acquired as part of business combinations
(2,527)
\u2014
Exchange differences
34
801
Balance at 31 December
11,582
11,937
A deferred tax asset of \u00a315,454,000 (2022: \u00a315,965,000) has been recognised at 31 December 2023.
The directors are of the opinion, based on recent and forecast trading, that the level of profits in the
current and future years make it more likely than not that these assets will be recovered.
A deferred tax asset has not been recognised in relation to capital losses of \u00a37,559,000 (2022: \u00a37,632,000),
due to uncertainty over the offset against future capital profits in the companies concerned. There is
no expiry date in relation to this asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "value": "
11. Goodwill
2023
2022
Cost
At 1 January
249,791
238,370
Acquisition through business combinations (note 4)
10,848
\u2014
Exchange adjustments
(7,242)
11,421
At 31 December
253,397
249,791
Provision for impairment
At 1 January
21,786
21,592
Exchange adjustments
(92)
194
At 31 December
21,694
21,786
Net book value
231,703
228,005
Cash generating units
Goodwill acquired through business combinations has been allocated to groups of cash-generating
units (CGUs) that are expected to benefit from that business combination. For the Group, these are
considered to be the Oil & Gas, Chemical, Process & Industrial and Water & Power divisions. On this
basis, the value in use calculations exceeded the CGU carrying values after applying sensitivity analysis.
Discount rate
Discount rate
Cash generating unit
2023
2022
2023
2022
Oil & Gas
13.5%
12.6%
92,326
93,154
Chemical, Process & Industrial
13.7%
12.8%
120,799
116,224
Water & Power
13.7%
12.8%
18,578
18,627
Total Group
231,703
228,005
Impairment testing
The Group is required to test, on an annual basis, whether goodwill has suffered any impairment.
The annual impairment test was performed at 31 October 2023. The annual impairment testing
considers a range of scenarios which includes costs and risks associated with sustainability.
The key assumptions used in the annual impairment review which are common to all CGUs are set
out below:
i) Discount rates
The discount rates for the significant CGUs presented above are pre-tax rates that reflect current market
assessments of the time value of money and the risks specific to the CGU for which the future cash flows
have not been adjusted. Discount rates are based on estimations that market participants operating in
similar sectors to Rotork would make, using the Group\u2019s economic profile as a starting point. For each
CGU, the risk premium was adjusted on a weighted average basis to reflect the region in which the CGU
carries out the majority of its business, applied a premium based on the size of the CGU and applied a
market participant tax rate in the region the CGU operates. In calculating the discount rates, consideration
was given to exclude risks that were not relevant or which had already been reflected in the cash flows.
ii) Growth rates
Value in use calculations are used to determine the recoverable amount of goodwill allocated to each of
the CGUs. These calculations use cash flow projections from management forecasts which are based on
the budget and the Group\u2019s three year strategic plan. The three year plan is a bottom up process which
takes place as part of the annual budget process. Once the budget for the next financial year is finalised,
years two and three of the three year plan are prepared by each reporting entity\u2019s management reflecting
their view of the local market, known projects and experience of past performance and expectations
of future changes in the market. The Group annual budget and the three year plan are reviewed and
approved by the Board each year. The compound annual revenue growth forecast for the Group during
years one to three, used within the impairment models, reflects the growth rates within the budget and
three-year plans. Years four and five of the forecast used within the impairment model are based on
Group management judgement and forecasts taking account for future expected changes in the market.
From year six onwards, a growth rate of 2% (2022: 2%) is used to drive a terminal value.
Sensitivity analysis
The Group has conducted an analysis of the sensitivity of the impairment test to changes in the key
assumptions used to determine the recoverable amount for each of the CGUs to which goodwill is allocated.
There are no reasonably possible changes in assumptions that would lead to an impairment.
12. Intangible assets
Product Acquired intangible assets
development Customer
Software costs Brands
relationships
Other
Total
Cost
31 December 2021
9,624
23,390
49,844
113,771
21,421
218,050
Additions
2,066
2,541
\u2014
\u2014
\u2014
4,607
Exchange adjustments
\u2014
307
3,048
5,624
822
9,801
31 December 2022
11,690
26,238
52,892
119,395
22,243
232,458
Additions
2,089
3,394
\u2014
\u2014
\u2014
5,483
Acquisition through business
combinations (note 4)
\u2014
\u2014
\u2014
1,938
7,441
9,379
Exchange adjustments
\u2014
(106)
(1,703)
(3,484)
(454)
(5,747)
31 December 2023
13,779
29,526
51,189
117,849
29,230
241,573
Amortisation
31 December 2021
\u2014
16,867
45,934
108,106
21,421
192,328
Charge for the year
\u2014
1,436
1,569
5,482
\u2014
8,487
Impairment
\u2014
1,372
\u2014
\u2014
\u2014
1,372
Exchange adjustments
\u2014
255
3,061
5,554
822
9,692
31 December 2022
\u2014
19,930
50,564
119,142
22,243
211,879
Charge for the year
657
1,409
1,186
378
546
4,176
Impairment
\u2014
286
\u2014
\u2014
\u2014
286
Exchange adjustments
\u2014
(105)
(1,672)
(3,537)
(580)
(5,894)
31 December 2023
657
21,520
50,078
115,983
22,209
210,447
Net book value
31 December 2022
11,690
6,308
2,328
253
\u2014
20,579
31 December 2023
13,122
8,006
1,111
1,866
7,021
31,126
Other acquired intangible assets represent order books, intellectual property, non-compete
agreements and unpatented technology.
The amortisation charge and impairment are recognised within administrative expenses in the
income statement. Included within software additions in the year is \u00a3983,000 relating to assets
under construction previously included within plant and equipment.
Included in the net book value of software are assets in the course of development, which are not
amortised, with a cost of \u00a3917,000 (2022: \u00a311,690,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "value": "11. Goodwill
2023
2022
Cost
At 1 January
249,791
238,370
Acquisition through business combinations (note 4)
10,848
\u2014
Exchange adjustments
(7,242)
11,421
At 31 December
253,397
249,791
Provision for impairment
At 1 January
21,786
21,592
Exchange adjustments
(92)
194
At 31 December
21,694
21,786
Net book value
231,703
228,005
Cash generating units Goodwill acquired through business combinations has been allocated to groups of cash-generating units (CGUs) that are expected to benefit from that business combination. For the Group, these are considered to be the Oil & Gas, Chemical, Process & Industrial and Water & Power divisions. On this basis, the value in use calculations exceeded the CGU carrying values after applying sensitivity analysis.
Discount rate
Discount rate
Cash generating unit
2023
2022
2023
2022
Oil & Gas
13.5%
12.6%
92,326
93,154
Chemical, Process & Industrial
13.7%
12.8%
120,799
116,224
Water & Power
13.7%
12.8%
18,578
18,627
Total Group
231,703
228,005
Impairment testing The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The annual impairment test was performed at 31 October 2023. The annual impairment testing considers a range of scenarios which includes costs and risks associated with sustainability. The key assumptions used in the annual impairment review which are common to all CGUs are set out below: i) Discount rates The discount rates for the significant CGUs presented above are pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU for which the future cash flows have not been adjusted. Discount rates are based on estimations that market participants operating in similar sectors to Rotork would make, using the Group\u2019s economic profile as a starting point. For each CGU, the risk premium was adjusted on a weighted average basis to reflect the region in which the CGU carries out the majority of its business, applied a premium based on the size of the CGU and applied a market participant tax rate in the region the CGU operates. In calculating the discount rates, consideration was given to exclude risks that were not relevant or which had already been reflected in the cash flows. ii) Growth rates Value in use calculations are used to determine the recoverable amount of goodwill allocated to each of the CGUs. These calculations use cash flow projections from management forecasts which are based on the budget and the Group\u2019s three year strategic plan. The three year plan is a bottom up process which takes place as part of the annual budget process. Once the budget for the next financial year is finalised, years two and three of the three year plan are prepared by each reporting entity\u2019s management reflecting their view of the local market, known projects and experience of past performance and expectations of future changes in the market. The Group annual budget and the three year plan are reviewed and approved by the Board each year. The compound annual revenue growth forecast for the Group during years one to three, used within the impairment models, reflects the growth rates within the budget and three-year plans. Years four and five of the forecast used within the impairment model are based on Group management judgement and forecasts taking account for future expected changes in the market. From year six onwards, a growth rate of 2% (2022: 2%) is used to drive a terminal value. Sensitivity analysis The Group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount for each of the CGUs to which goodwill is allocated. There are no reasonably possible changes in assumptions that would lead to an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "12. Intangible assets
Product Acquired intangible assets
development Customer
Software costs Brands
relationships
Other
Total
Cost
31 December 2021
9,624
23,390
49,844
113,771
21,421
218,050
Additions
2,066
2,541
\u2014
\u2014
\u2014
4,607
Exchange adjustments
\u2014
307
3,048
5,624
822
9,801
31 December 2022
11,690
26,238
52,892
119,395
22,243
232,458
Additions
2,089
3,394
\u2014
\u2014
\u2014
5,483
Acquisition through business
combinations (note 4)
\u2014
\u2014
\u2014
1,938
7,441
9,379
Exchange adjustments
\u2014
(106)
(1,703)
(3,484)
(454)
(5,747)
31 December 2023
13,779
29,526
51,189
117,849
29,230
241,573
Amortisation
31 December 2021
\u2014
16,867
45,934
108,106
21,421
192,328
Charge for the year
\u2014
1,436
1,569
5,482
\u2014
8,487
Impairment
\u2014
1,372
\u2014
\u2014
\u2014
1,372
Exchange adjustments
\u2014
255
3,061
5,554
822
9,692
31 December 2022
\u2014
19,930
50,564
119,142
22,243
211,879
Charge for the year
657
1,409
1,186
378
546
4,176
Impairment
\u2014
286
\u2014
\u2014
\u2014
286
Exchange adjustments
\u2014
(105)
(1,672)
(3,537)
(580)
(5,894)
31 December 2023
657
21,520
50,078
115,983
22,209
210,447
Net book value
31 December 2022
11,690
6,308
2,328
253
\u2014
20,579
31 December 2023
13,122
8,006
1,111
1,866
7,021
31,126
Other acquired intangible assets represent order books, intellectual property, non-compete agreements and unpatented technology. The amortisation charge and impairment are recognised within administrative expenses in the income statement. Included within software additions in the year is \u00a3983,000 relating to assets under construction previously included within plant and equipment. Included in the net book value of software are assets in the course of development, which are not amortised, with a cost of \u00a3917,000 (2022: \u00a311,690,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "
13. Property, plant and equipment
Land and Plant and
buildings
equipment
Total
Cost
31 December 2021
78,728
119,686
198,414
Additions
5,020
8,075
13,095
Disposals
(1,459)
(3,722)
(5,181)
Assets classified as held for sale
(1,046)
\u2014
(1,046)
Exchange adjustments
4,208
6,139
10,347
31 December 2022
85,451
130,178
215,629
Additions
5,715
8,735
14,450
Disposals
(1,704)
(9,525)
(11,229)
Acquisition through business combinations
\u2014
13
13
Exchange adjustments
(5,992)
(5,850)
(11,842)
31 December 2023
83,470
123,551
207,021
Depreciation
31 December 2021
28,788
91,828
120,616
Charge for the year
5,299
9,634
14,933
Disposals
(798)
(3,395)
(4,193)
Impairment
\u2014
140
140
Assets classified as held for sale
(835)
\u2014
(835)
Exchange adjustments
1,612
4,630
6,242
31 December 2022
34,066
102,837
136,903
Charge for the year
4,508
9,025
13,533
Disposals
(1,243)
(9,116)
(10,359)
Exchange adjustments
(4,228)
(3,239)
(7,467)
31 December 2023
33,103
99,507
132,610
Net book value
31 December 2022
51,385
27,341
78,726
31 December 2023
50,367
24,044
74,411
Net book value of land and buildings can be analysed between:
2023
2022
Land
5,820
5,904
Buildings
44,547
45,481
Net book value at 31 December
50,367
51,385
It is the Group\u2019s policy to test assets for impairment whenever events or changes in circumstances
indicate that their carrying amounts may not be recoverable.
Included in the net book value of plant and equipment are assets in the course of construction,
which are not depreciated, with a cost of \u00a31,996,000 (2022: \u00a31,706,000). Depreciation of these
assets will commence when the assets are ready for their intended use.
Included in the net book value of land and buildings and plant and equipment are leased assets
(see note 28).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "value": "14. Deferred tax assets and liabilities
Assets
Liabilities
Net
Assets
Liabilities
Net
2023
2023
2023
2022
2022
2022
Property, plant and equipment
1,942
(1,530)
412
1,238
(1,216)
22
Intangible assets
3,111
(4,187)
(1,076)
3,546
(3,327)
219
Employee benefits
3,170
\u2014
3,170
3,412
\u2014
3,412
Inventory
5,709
\u2014
5,709
5,980
\u2014
5,980
Other items
5,223
(1,856)
3,367
5,556
(3,252)
2,304
Net tax assets/(liabilities)
19,155
(7,573)
11,582
19,732
(7,795)
11,937
Set off of tax
(3,701)
3,701
\u2014
(3,767)
3,767
\u2014
15,454
(3,872)
11,582
15,965
(4,028)
11,937
Movements in the net deferred tax balance during the year are as follows:
2023
2022
Balance at 1 January
11,937
8,603
Credited to the income statement
(204)
1,537
(Charged)/credited directly to equity in respect of share-based payments
43
(987)
Impact of rate change
591
(252)
Credited directly to equity in respect of pension schemes
2,153
1,795
(Charged)/credited directly to hedging reserves in respect of cash flow hedges
(445)
440
Acquired as part of business combinations
(2,527)
\u2014
Exchange differences
34
801
Balance at 31 December
11,582
11,937
A deferred tax asset of \u00a315,454,000 (2022: \u00a315,965,000) has been recognised at 31 December 2023. The directors are of the opinion, based on recent and forecast trading, that the level of profits in the current and future years make it more likely than not that these assets will be recovered. A deferred tax asset has not been recognised in relation to capital losses of \u00a37,559,000 (2022: \u00a37,632,000), due to uncertainty over the offset against future capital profits in the companies concerned. There is no expiry date in relation to this asset. 23. Trade and other payables
2023
2022
Trade payables
40,585
42,314
Corporation tax
12,387
11,893
Current tax
12,387
11,893
Other taxes and social security
8,906
10,230
Contract liabilities
9,142
8,244
Other non-trade payables and accrued expenses
24,488
20,610
Other payables
42,536
39,084
Contract liabilities are recognised as amounts are received from customers in advance of performance under contract, these amounts are then recognised as revenue as and when the Group performs under the contract. Generally there is no significant time delay between receipt from customers and performance under contract and so these liabilities remain current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "14. Deferred tax assets and liabilities
Assets
Liabilities
Net
Assets
Liabilities
Net
2023
2023
2023
2022
2022
2022
Property, plant and equipment
1,942
(1,530)
412
1,238
(1,216)
22
Intangible assets
3,111
(4,187)
(1,076)
3,546
(3,327)
219
Employee benefits
3,170
\u2014
3,170
3,412
\u2014
3,412
Inventory
5,709
\u2014
5,709
5,980
\u2014
5,980
Other items
5,223
(1,856)
3,367
5,556
(3,252)
2,304
Net tax assets/(liabilities)
19,155
(7,573)
11,582
19,732
(7,795)
11,937
Set off of tax
(3,701)
3,701
\u2014
(3,767)
3,767
\u2014
15,454
(3,872)
11,582
15,965
(4,028)
11,937
Movements in the net deferred tax balance during the year are as follows:
2023
2022
Balance at 1 January
11,937
8,603
Credited to the income statement
(204)
1,537
(Charged)/credited directly to equity in respect of share-based payments
43
(987)
Impact of rate change
591
(252)
Credited directly to equity in respect of pension schemes
2,153
1,795
(Charged)/credited directly to hedging reserves in respect of cash flow hedges
(445)
440
Acquired as part of business combinations
(2,527)
\u2014
Exchange differences
34
801
Balance at 31 December
11,582
11,937
A deferred tax asset of \u00a315,454,000 (2022: \u00a315,965,000) has been recognised at 31 December 2023. The directors are of the opinion, based on recent and forecast trading, that the level of profits in the current and future years make it more likely than not that these assets will be recovered. A deferred tax asset has not been recognised in relation to capital losses of \u00a37,559,000 (2022: \u00a37,632,000), due to uncertainty over the offset against future capital profits in the companies concerned. There is no expiry date in relation to this asset. 16. Trade and other receivables and assets held for sale
2023
2022
Current assets:
Trade receivables
154,870
139,507
Allowance for expected credit loss
(2,028)
(5,228)
Trade receivables \u2013 net
152,842
134,279
Corporation tax
4,187
7,877
Current tax
4,187
7,877
Other non-trade receivables
6,683
5,536
Other taxes and social security
10,323
14,998
Prepayments
6,695
18,578
Other receivables
23,701
39,112
Land and buildings
\u2014
211
Assets held for sale
\u2014
211
As at 31 December 2022, non-current assets relating to a property in Melle, Germany were classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "value": "14. Deferred tax assets and liabilities
Assets
Liabilities
Net
Assets
Liabilities
Net
2023
2023
2023
2022
2022
2022
Property, plant and equipment
1,942
(1,530)
412
1,238
(1,216)
22
Intangible assets
3,111
(4,187)
(1,076)
3,546
(3,327)
219
Employee benefits
3,170
\u2014
3,170
3,412
\u2014
3,412
Inventory
5,709
\u2014
5,709
5,980
\u2014
5,980
Other items
5,223
(1,856)
3,367
5,556
(3,252)
2,304
Net tax assets/(liabilities)
19,155
(7,573)
11,582
19,732
(7,795)
11,937
Set off of tax
(3,701)
3,701
\u2014
(3,767)
3,767
\u2014
15,454
(3,872)
11,582
15,965
(4,028)
11,937
Movements in the net deferred tax balance during the year are as follows:
2023
2022
Balance at 1 January
11,937
8,603
Credited to the income statement
(204)
1,537
(Charged)/credited directly to equity in respect of share-based payments
43
(987)
Impact of rate change
591
(252)
Credited directly to equity in respect of pension schemes
2,153
1,795
(Charged)/credited directly to hedging reserves in respect of cash flow hedges
(445)
440
Acquired as part of business combinations
(2,527)
\u2014
Exchange differences
34
801
Balance at 31 December
11,582
11,937
A deferred tax asset of \u00a315,454,000 (2022: \u00a315,965,000) has been recognised at 31 December 2023. The directors are of the opinion, based on recent and forecast trading, that the level of profits in the current and future years make it more likely than not that these assets will be recovered. A deferred tax asset has not been recognised in relation to capital losses of \u00a37,559,000 (2022: \u00a37,632,000), due to uncertainty over the offset against future capital profits in the companies concerned. There is no expiry date in relation to this asset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "14. Deferred tax assets and liabilities
Assets
Liabilities
Net
Assets
Liabilities
Net
2023
2023
2023
2022
2022
2022
Property, plant and equipment
1,942
(1,530)
412
1,238
(1,216)
22
Intangible assets
3,111
(4,187)
(1,076)
3,546
(3,327)
219
Employee benefits
3,170
\u2014
3,170
3,412
\u2014
3,412
Inventory
5,709
\u2014
5,709
5,980
\u2014
5,980
Other items
5,223
(1,856)
3,367
5,556
(3,252)
2,304
Net tax assets/(liabilities)
19,155
(7,573)
11,582
19,732
(7,795)
11,937
Set off of tax
(3,701)
3,701
\u2014
(3,767)
3,767
\u2014
15,454
(3,872)
11,582
15,965
(4,028)
11,937
Movements in the net deferred tax balance during the year are as follows:
2023
2022
Balance at 1 January
11,937
8,603
Credited to the income statement
(204)
1,537
(Charged)/credited directly to equity in respect of share-based payments
43
(987)
Impact of rate change
591
(252)
Credited directly to equity in respect of pension schemes
2,153
1,795
(Charged)/credited directly to hedging reserves in respect of cash flow hedges
(445)
440
Acquired as part of business combinations
(2,527)
\u2014
Exchange differences
34
801
Balance at 31 December
11,582
11,937
A deferred tax asset of \u00a315,454,000 (2022: \u00a315,965,000) has been recognised at 31 December 2023. The directors are of the opinion, based on recent and forecast trading, that the level of profits in the current and future years make it more likely than not that these assets will be recovered. A deferred tax asset has not been recognised in relation to capital losses of \u00a37,559,000 (2022: \u00a37,632,000), due to uncertainty over the offset against future capital profits in the companies concerned. There is no expiry date in relation to this asset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "
15. Inventories
2023
2022
Raw materials and consumables
67,381
72,182
Work in progress
5,687
5,091
Finished goods
10,895
15,033
83,963
92,306
Included in cost of sales was \u00a3262,201,000 (2022: \u00a3205,136,000) in respect of inventories consumed
in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "value": "
16. Trade and other receivables and assets held for sale
2023
2022
Current assets:
Trade receivables
154,870
139,507
Allowance for expected credit loss
(2,028)
(5,228)
Trade receivables \u2013 net
152,842
134,279
Corporation tax
4,187
7,877
Current tax
4,187
7,877
Other non-trade receivables
6,683
5,536
Other taxes and social security
10,323
14,998
Prepayments
6,695
18,578
Other receivables
23,701
39,112
Land and buildings
\u2014
211
Assets held for sale
\u2014
211
As at 31 December 2022, non-current assets relating to a property in Melle, Germany were classified
as held for sale.
20. Interest bearing loans and borrowings This note provides information about the contractual terms of the Group\u2019s interest bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate, liquidity and currency risks, see note 27.
Notes
2023
2022
Non-current liabilities
Preference shares classified as debt
40
40
Lease liabilities
28
8,786
5,365
8,826
5,405
Current liabilities
Lease liabilities
28
3,131
3,431
3,131
3,431
Total interest bearing loans and borrowings
11,957
8,836
Terms and debt repayment schedule The terms and conditions of outstanding bank loans and preference shares were as follows:
Interest Year of
Currency rates
maturity
2023
2022
Non-redeemable preference shares
Sterling
9.5%
\u2014
40
40
40
40
Information on leases and the lease repayment profile are shown in note 28.
24. Derivative financial instruments
Assets Liabilities Assets Liabilities
2023 2023 2022 2022
Forward foreign exchange contracts \u2013 cash flow hedges
879
81
136
1,239
Foreign exchange swaps \u2013 cash flow hedges
\u2014
472
\u2014
1,705
Total
879
553
136
2,944
Less non-current portion:
Forward foreign exchange contracts \u2013 cash flow hedges
206
15
74
215
Current portion
673
538
62
2,729
The full fair value of a hedging derivative is classified as a non-current asset or liability if the
remaining maturity of the hedged item is more than 12 months, and as a current asset or liability,
if the maturity of the hedged item is less than 12 months.
There was no ineffectiveness to be recorded from the use of foreign exchange contracts.
The hedged forecast transactions denominated in foreign currency are expected to occur at various
dates. Gains and losses in respect of these derivatives recognised in the hedging reserve in equity
at 31 December 2023 are recognised in the income statement in the period or periods during which
the hedged forecast transaction affects the income statement.
27. Financial instruments
Financial risk and treasury policies
The Group Treasury department maintains liquidity, identifies and manages foreign exchange risk,
manages relations with the Group\u2019s bankers and provides a treasury service to the Group\u2019s businesses.
Treasury dealings such as investments, borrowings and foreign exchange are conducted only to support
underlying business transactions.
The Group has clearly defined policies for the management of credit, foreign exchange and interest
rate risk. The Group Treasury department is not a profit centre and, therefore, does not undertake
speculative foreign exchange dealings for which there is no underlying exposure. Exposures resulting
from sales and purchases in foreign currency are matched where possible and the net exposure may
be hedged.
a) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s
receivables from customers and cash on deposit with financial institutions.
Management has a credit policy in place and exposure to credit risk is both monitored on an ongoing
basis and reduced through the use of credit insurance covering over 80% of trade receivables at any
time. Credit evaluations are carried out on all customers requiring credit above a certain threshold,
with varying approval levels set around this depending on the value of the sale. At the balance sheet
date there were no significant concentrations of credit risk.
Goods are sold subject to retention of title clauses, so that in the event of non\u2013payment the Group
may have a secured claim.
The Group maintains an allowance for impairment in respect of non\u2013insured receivables where
recoverability is considered doubtful.
The Group Treasury Committee meets regularly and reviews the credit risk associated with
institutions that hold a material cash balance. As well as credit ratings, counterparties and
instruments are assessed for credit default swap pricing and liquidity of funds.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
Carrying amount
2023
2022
Trade receivables
152,842
134,279
Cash and cash equivalents
146,372
114,770
299,214
249,049
The maximum exposure to credit risk for trade receivables at the reporting date by currency was:
Carrying amount
2023
2022
Sterling
23,613
17,9 49
US dollar
30,291
33,648
Euro
46,378
38,511
Other
52,560
4 4,171
152,842
134,279
Allowance for expected credit loss against trade receivables
The following table shows the expected credit loss (ECL) that has been recognised for trade receivables:
Gross Provision Gross Provision
2023 2023 2022 2022
Not past due
118,229
\u2014
97,291
\u2014
Past due 0\u201330 days
23,077
(32)
23,141
\u2014
Past due 31\u201360 days
6,684
(96)
8,168
(65)
Past due 61\u201390 days
2,084
(106)
3,525
(46)
Past due more than 91 days
4,796
(1,794)
7,381
(5,116)
154,870
(2,028)
139,506
(5,227)
The reduction in provision from 2022 to 2023 primarily relates to the write off of trade receivables
provided for in prior years.
b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The Group is highly cash generative and uses monthly cash flow forecasts to monitor cash requirements
and to optimise its return on investments. Typically the Group ensures that it has sufficient cash
on hand to meet foreseeable operational expenses; it also maintains a \u00a35,000,000 uncommitted
overdraft facility (2022: \u00a35,000,000) on which interest would be payable at base rate plus 2.0%
(2022: 2.0%) and a \u20ac5,000,000 uncommitted overdraft facility (2022: \u20ac5,000,000) on which interest
would be payable at base rate plus 1.1% (2022: 1.1%).
The following are the contractual maturities of financial liabilities, including interest payments and
excluding the impact of netting agreements:
Analysis of contractual cash flow maturities
Carrying Contractual Less than More than
31 December 2023 amount cash flows
12 months
1\u20132 years
2\u20135 years
5 years
Lease liabilities
11,917
13,220
3,604
3,134
5,367
1,115
Trade and other payables
and accrued expenses
65,073
65,073
65,073
\u2014
\u2014
\u2014
Foreign exchange contracts
553
553
538
15
\u2014
\u2014
Non-redeemable preference shares
40
40
\u2014
\u2014
\u2014
40
77,583
78,886
69,215
3,149
5,367
1,155
Analysis of contractual cash flow maturities
Carrying Contractual Less than More than
31 December 2022 amount cash flows
12 months
1\u20132 years
2\u20135 years
5 years
Lease liabilities
8,796
9,678
3,735
1,991
3,281
671
Trade and other payables and accrued
expenses
62,924
62,924
62,924
\u2014
\u2014
\u2014
Foreign exchange contracts
2,944
2,944
2,729
215
\u2014
\u2014
Non-redeemable preference shares
40
40
\u2014
\u2014
\u2014
40
74,704
75,586
69,388
2,206
3,281
711
Where a counterparty experiences credit stress the foreign exchange contracts may be settled on
a net basis but standard practice is to settle on a gross basis and the undiscounted gross outflow
in respect of these contracts is \u00a3102,500,000 (2022: \u00a397,700,000) and the gross inflow is
\u00a3102,800,000 (2022: \u00a394,900,000).
c) Market risk
Market risk arises from changes in market prices, such as currency rates and interest rates, and
may affect the Group\u2019s results. The objective of market risk management is to manage and control
market risk within suitable parameters.
i) Currency risk
The Group is exposed to foreign currency risk on sales and purchases that are denominated in a
currency other than the business unit\u2019s functional currency. The currencies primarily giving rise to
this risk are the US dollar and related currencies and the euro. The Group hedges up to 75% of
forecast US dollar or euro foreign currency exposures using forward exchange contracts. In respect
of other non-sterling monetary assets and liabilities the exposures may also be hedged up to 75%
where this is deemed appropriate.
As part of the Group\u2019s cash management some of the overseas subsidiaries have loan and deposit
balances where their intra-group counterparty is in the UK. The balances are typically in local
currency for the subsidiary so the UK holds a foreign currency current asset or liability which is
usually hedged through the use of foreign exchange swaps. At the balance sheet date only the
\u2018forward\u2019 part of the swap remains and this is designated as a cash flow hedge to match the
currency exposure of the intercompany loan asset.
The Group classifies its forward exchange contracts (that hedge both the forecast sale and purchase
transactions and the intercompany loan and deposit balances) as cash flow hedges and states them
at fair value. The net fair value of foreign exchange contracts used as hedges at 31 December 2023
was a \u00a3326,000 asset (2022: \u00a32,808,000 liability) comprising an asset of \u00a3879,000 (2022: \u00a3136,000)
and a liability of \u00a3553,000 (2022: \u00a32,944,000). Forward exchange contracts in place at
31 December 2023 mature in 2024 and 2025.
Changes in the fair value of foreign exchange contracts that economically hedge monetary assets
and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised
in the income statement.
Sensitivity analysis
It is estimated that, with all other variables held equal (in particular other exchange rates), a general
change of one cent in the value of euro against sterling would have had an impact on the Group\u2019s
operating profit for the year ended 31 December 2023 of \u00a3150,000 (2022: \u00a3150,000) and a change
of one cent in the value of US dollar against sterling would have had an impact on the Group\u2019s
operating profit for the year ended 31 December 2023 of \u00a3500,000 (2022: \u00a3550,000). Larger
changes would have a linear impact on operating profit. The method of estimation, which has been
applied consistently, involves assessing the transaction impact of US dollar and euro cash flows and
the translation impact of US dollar and euro profits.
The following significant exchange rates applied during the year:
Average rate
Closing rate
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.21
Euro
1.15
1.17
1.15
1.13
ii) Interest rate risk
The Group does not undertake any hedging activity in this area.
All cash deposits are made at prevailing interest rates and the majority is available with same
day notice, though deposits are sometimes made with a maturity of no more than three months.
The main element of interest rate risk concerns sterling, US dollar, Euro and Renminbi deposits,
all of which are on a floating rate basis.
The interest rate profile of the Group\u2019s financial liabilities (excluding leases) at 31 December was as follows:
2023
2022
Fixed rate financial liabilities
40
40
Floating rate financial liabilities
\u2014
\u2014
40
40
The fixed rate financial liabilities comprise preference shares.
The weighted average interest rate of the fixed and floating rate financial liabilities are 9.5%
(2022: 9.5%) and nil (2022: nil respectively.
The maturity profile of the Group\u2019s fixed rate financial liabilities (excluding leases) at 31 December was
as follows:
2023
2022
In one year or less
\u2014
\u2014
In more than one year but not more than two years
\u2014
\u2014
In more than two years but not more than five years
\u2014
\u2014
In more than five years
40
40
Total
40
40
d) Capital risk management
The primary objective of the Group\u2019s capital management is to ensure it maintains sufficient capital
in order to support its business and maximise shareholder value. The Group has an asset-light
business model and uses cash generated from operations to either invest organically or by acquisition.
The Group manages its capital structure and makes adjustments to it in light of changes in economic
and market conditions. To maintain or adjust the capital structure, the Group may adjust the dividend
payment to shareholders or issue new shares.
The Group defines capital as net cash/(debt) plus equity attributable to shareholders. There are no
externally imposed restrictions on the Group\u2019s capital structure. The reconciliation of the Group\u2019s
definition of capital employed is shown in note 2. The Group\u2019s reconciliation of net debt to net cash
is shown below.
Notes
2023
2022
Total borrowings including lease liabilities
20
(11,957)
(8,836)
Total cash and cash equivalents
17
146,372
114,770
Group net cash
134,415
105,934
Reconciliation of changes in assets and liabilities arising
from financing activities
Repayment of bank loans
\u2014
694
Repayment of lease liabilities
3,699
3,966
Increase in lease liabilities
(7,069)
(4,151)
Effect of exchange rate fluctuations
249
(9)
Changes in financial liabilities arising from
financing activities
(3,121)
500
Net increase/(decrease) in cash and cash equivalents
31,602
(8,703)
Net increase/(decrease) in net cash
28,481
(8,203)
Net cash at start of year
105,934
114,137
Net cash at end of year
134,415
105,934
e) Fair values
The fair values of financial assets and liabilities, together with the carrying amounts shown in the
balance sheet, were as follows:
Carrying Carrying
amount Fair value amount Fair value
2023 2023 2022 2022
Loans and receivables
Trade receivables
152,842
152,842
134,279
134,279
Financial assets
Cash and cash equivalents
146,372
146,372
114,770
114,770
Designated cash flow hedges
Foreign exchange contracts:
\u2013 Financial assets
879
879
136
136
\u2013 Financial liabilities
(553)
(553)
(2,944)
(2,944)
Financial liabilities at amortised cost
Bank loans
\u2014
\u2014
\u2014
\u2014
Trade and other payables and
accrued expenses
(65,073)
(65,073)
(62,924)
(62,924)
Contingent consideration
\u2014
\u2014
\u2014
\u2014
Preference shares
(40)
(40)
(40)
(40)
Lease liabilities
(11,917)
(11,917)
(8,796)
(8,796)
222,510
222,510
174,481
174,481
Fair value hierarchy
The fair value of the Group\u2019s outstanding derivative financial assets and liabilities consisted of foreign
exchange contracts and swaps and were estimated using year end spot rates adjusted for the forward
points to the appropriate value dates, and gains and losses are taken to other comprehensive income,
and estimated using market foreign exchange rates at the balance sheet date. All derivative financial
instruments are categorised as Level 2 of the fair value hierarchy.
The other financial instruments are classified as Level 3 in the fair value hierarchy and are valued as follows.
Cash and cash equivalents, trade and other payables, and trade receivables are carried at their book
values as this approximates to their fair value due to the short-term nature of the instruments.
Bank loans and lease liabilities are carried at amortised cost as it is the intention that they will not be
repaid prior to maturity, where this option exists. The fair values are evaluated by the Group based
on parameters such as interest rates and relevant credit spreads.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "16. Trade and other receivables and assets held for sale
2023
2022
Current assets:
Trade receivables
154,870
139,507
Allowance for expected credit loss
(2,028)
(5,228)
Trade receivables \u2013 net
152,842
134,279
Corporation tax
4,187
7,877
Current tax
4,187
7,877
Other non-trade receivables
6,683
5,536
Other taxes and social security
10,323
14,998
Prepayments
6,695
18,578
Other receivables
23,701
39,112
Land and buildings
\u2014
211
Assets held for sale
\u2014
211
As at 31 December 2022, non-current assets relating to a property in Melle, Germany were classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "value": "16. Trade and other receivables and assets held for sale
2023
2022
Current assets:
Trade receivables
154,870
139,507
Allowance for expected credit loss
(2,028)
(5,228)
Trade receivables \u2013 net
152,842
134,279
Corporation tax
4,187
7,877
Current tax
4,187
7,877
Other non-trade receivables
6,683
5,536
Other taxes and social security
10,323
14,998
Prepayments
6,695
18,578
Other receivables
23,701
39,112
Land and buildings
\u2014
211
Assets held for sale
\u2014
211
As at 31 December 2022, non-current assets relating to a property in Melle, Germany were classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "
17. Cash and cash equivalents
2023
2022
Bank balances
78,617
69,008
Cash in hand
12
36
Short term deposits
67,743
45,726
Cash and cash equivalents in the consolidated statement of cash flows
146,372
114,770
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "value": "
18. Capital and reserves
0.5p Ordinary \u00a31 Non- 0.5p Ordinary \u00a31 Non-
shares issued redeemable shares issued redeemable
and fully preference and fully preference
paid up shares paid up shares
2023 2023 2022 2022
At 1 January
4,304
40
4,302
40
Issued under employee share schemes
2
\u2014
2
\u2014
Cancelled following share buyback programme
\u2014
\u2014
\u2014
\u2014
At 31 December
4,306
40
4,304
40
Number of shares (000)
861,201
860,771
The ordinary shareholders are entitled to receive dividends as declared and are entitled to vote at
meetings of the Company.
Share issue
The Group received proceeds of \u00a31,047,000 (2022: \u00a31,133,000) in respect of the 429,946 (2022: 494,972)
ordinary shares issued during the year: \u00a32,000 (2022: \u00a32,000) was credited to share capital and
\u00a31,045,000 (2022: \u00a31,131,000) to share premium. Further details of the share awards are shown in note 26.
Own shares held
Within the retained earnings reserve are own shares held in Rotork\u2019s Employee Benefit Trust.
The Group acquired 773,000 of its own shares during the year (2022: 1,124,000). The total amount
paid to acquire the shares was \u00a32,444,000 (2022: \u00a33,475,000), and this has been deducted from
shareholders\u2019 equity. During the year, 1,038,000 (2022: 793,000) ordinary shares were released to
satisfy share plan awards. The investment in own shares held is \u00a35,056,000 (2022: \u00a36,000,000) and
represents 1,566,000 (2022: 1,831,000) ordinary shares of the Company held in trust for the benefit
of directors and employees for future payments under the Share Incentive Plan and Long Term
Incentive Plan. The dividends on these shares have been waived.
Preference shares
The preference shareholders (see note 20) take priority over the ordinary shareholders when there is
a distribution upon winding up the Company or on a reduction of equity involving a return of capital.
The holders of preference shares are entitled to vote at a general meeting of the Company if a preference
dividend is in arrears for six months or the business of the meeting includes the consideration of
a resolution for winding up the Company or the alteration of the preference shareholders\u2019 rights.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation
of the financial statements of foreign operations.
Capital redemption reserve
The capital redemption reserve arises when the Company redeems shares wholly out of
distributable profits.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value
of cash flow hedging instruments that are determined to be an effective hedge.
Dividends
The following dividends were paid in the year per qualifying ordinary share:
Payment date
2023
2023
2022
4.30p final dividend for 2022
(final dividend for 2021: 4.05p)
24 May
36,926
34,787
2.55p interim dividend for 2023
(interim dividend for 2022: 2.40p)
22 September
21,894
20,597
58,820
55,384
After the balance sheet date the following dividends per qualifying ordinary share were proposed by
the directors. The dividends have not been provided for.
2023
2022
Final proposed dividend per qualifying ordinary share
4.65p
40,046
\u2014
4.30p
\u2014
37,013
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "18. Capital and reserves
0.5p Ordinary \u00a31 Non- 0.5p Ordinary \u00a31 Non-
shares issued redeemable shares issued redeemable
and fully preference and fully preference
paid up shares paid up shares
2023 2023 2022 2022
At 1 January
4,304
40
4,302
40
Issued under employee share schemes
2
\u2014
2
\u2014
Cancelled following share buyback programme
\u2014
\u2014
\u2014
\u2014
At 31 December
4,306
40
4,304
40
Number of shares (000)
861,201
860,771
The ordinary shareholders are entitled to receive dividends as declared and are entitled to vote at meetings of the Company. Share issue The Group received proceeds of \u00a31,047,000 (2022: \u00a31,133,000) in respect of the 429,946 (2022: 494,972) ordinary shares issued during the year: \u00a32,000 (2022: \u00a32,000) was credited to share capital and \u00a31,045,000 (2022: \u00a31,131,000) to share premium. Further details of the share awards are shown in note 26. Own shares held Within the retained earnings reserve are own shares held in Rotork\u2019s Employee Benefit Trust. The Group acquired 773,000 of its own shares during the year (2022: 1,124,000). The total amount paid to acquire the shares was \u00a32,444,000 (2022: \u00a33,475,000), and this has been deducted from shareholders\u2019 equity. During the year, 1,038,000 (2022: 793,000) ordinary shares were released to satisfy share plan awards. The investment in own shares held is \u00a35,056,000 (2022: \u00a36,000,000) and represents 1,566,000 (2022: 1,831,000) ordinary shares of the Company held in trust for the benefit of directors and employees for future payments under the Share Incentive Plan and Long Term Incentive Plan. The dividends on these shares have been waived. Preference shares The preference shareholders (see note 20) take priority over the ordinary shareholders when there is a distribution upon winding up the Company or on a reduction of equity involving a return of capital. The holders of preference shares are entitled to vote at a general meeting of the Company if a preference dividend is in arrears for six months or the business of the meeting includes the consideration of a resolution for winding up the Company or the alteration of the preference shareholders\u2019 rights. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Capital redemption reserve The capital redemption reserve arises when the Company redeems shares wholly out of distributable profits. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments that are determined to be an effective hedge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "18. Capital and reserves
0.5p Ordinary \u00a31 Non- 0.5p Ordinary \u00a31 Non-
shares issued redeemable shares issued redeemable
and fully preference and fully preference
paid up shares paid up shares
2023 2023 2022 2022
At 1 January
4,304
40
4,302
40
Issued under employee share schemes
2
\u2014
2
\u2014
Cancelled following share buyback programme
\u2014
\u2014
\u2014
\u2014
At 31 December
4,306
40
4,304
40
Number of shares (000)
861,201
860,771
The ordinary shareholders are entitled to receive dividends as declared and are entitled to vote at meetings of the Company. Share issue The Group received proceeds of \u00a31,047,000 (2022: \u00a31,133,000) in respect of the 429,946 (2022: 494,972) ordinary shares issued during the year: \u00a32,000 (2022: \u00a32,000) was credited to share capital and \u00a31,045,000 (2022: \u00a31,131,000) to share premium. Further details of the share awards are shown in note 26. Own shares held Within the retained earnings reserve are own shares held in Rotork\u2019s Employee Benefit Trust. The Group acquired 773,000 of its own shares during the year (2022: 1,124,000). The total amount paid to acquire the shares was \u00a32,444,000 (2022: \u00a33,475,000), and this has been deducted from shareholders\u2019 equity. During the year, 1,038,000 (2022: 793,000) ordinary shares were released to satisfy share plan awards. The investment in own shares held is \u00a35,056,000 (2022: \u00a36,000,000) and represents 1,566,000 (2022: 1,831,000) ordinary shares of the Company held in trust for the benefit of directors and employees for future payments under the Share Incentive Plan and Long Term Incentive Plan. The dividends on these shares have been waived. Preference shares The preference shareholders (see note 20) take priority over the ordinary shareholders when there is a distribution upon winding up the Company or on a reduction of equity involving a return of capital. The holders of preference shares are entitled to vote at a general meeting of the Company if a preference dividend is in arrears for six months or the business of the meeting includes the consideration of a resolution for winding up the Company or the alteration of the preference shareholders\u2019 rights. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Capital redemption reserve The capital redemption reserve arises when the Company redeems shares wholly out of distributable profits. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments that are determined to be an effective hedge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "value": "Dividends The following dividends were paid in the year per qualifying ordinary share:
Payment date
2023
2023
2022
4.30p final dividend for 2022
(final dividend for 2021: 4.05p)
24 May
36,926
34,787
2.55p interim dividend for 2023
(interim dividend for 2022: 2.40p)
22 September
21,894
20,597
58,820
55,384
After the balance sheet date the following dividends per qualifying ordinary share were proposed by the directors. The dividends have not been provided for.
2023
2022
Final proposed dividend per qualifying ordinary share
4.65p
40,046
\u2014
4.30p
\u2014
37,013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "0.0405", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-586": { "value": "0.0465", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-585": { "value": "0.043", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-556": { "value": "
19. Earnings per share
Basic earnings per share
Earnings per share is calculated for both the current and previous years using the profit attributable
to the ordinary shareholders for the year. The earnings per share calculation is based on 859.3m
shares (2022: 858.9m shares) being the weighted average number of ordinary shares in issue
(net of own ordinary shares held) for the year.
2023
2022
Net profit attributable to ordinary shareholders
113,488
93,201
Weighted average number of ordinary shares
Issued ordinary shares at 1 January
858,940
858,776
Effect of own shares held
198
6
Effect of shares issued under Sharesave plans
122
167
Weighted average number of ordinary shares during the year
859,260
858,949
Basic earnings per share
13.2p
10.9p
Adjusted basic earnings per share
Adjusted basic earnings per share is calculated for both the current and previous years using the
profit attributable to the ordinary shareholders for the year after adding back the after-tax impact
of the adjustments. The reconciliation showing how adjusted net profit attributable to ordinary
shareholders is derived is shown in note 2.
2023
2022
Adjusted net profit attributable to ordinary shareholders
125,629
109,399
Weighted average number of ordinary shares during the year
859,260
858,949
Adjusted basic earnings per share
14.6p
12.7p
Diluted earnings per share
Diluted earnings per share is based on the profit for the year attributable to the ordinary shareholders
and 862.4m shares (2022: 860.6m shares). The number of shares is equal to the weighted average
number of ordinary shares in issue (net of own ordinary shares held) adjusted to assume conversion
of all potentially dilutive ordinary shares. The Company has two categories of potentially dilutive
ordinary shares: those share options granted to employees under the Sharesave plan where the exercise
price is less than the average market price of the Company\u2019s ordinary shares during the year and
contingently issuable shares awarded under the Long Term Incentive Plan (LTIP).
2023
2022
Net profit attributable to ordinary shareholders
113,488
93,201
Weighted average number of ordinary shares (diluted)
Weighted average number of ordinary shares for the year
859,260
858,949
Effect of Sharesave options
730
562
Effect of LTIP share awards
2,398
1,119
Weighted average number of ordinary shares (diluted) during the year
862,388
860,630
Diluted earnings per share
13.2p
10.8p
Adjusted diluted earnings per share
2023
2022
Adjusted net profit attributable to ordinary shareholders
125,629
109,399
Weighted average number of ordinary shares (diluted) during the year
862,388
860,630
Adjusted diluted earnings per share
14.6p
12.7p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "value": "
20. Interest bearing loans and borrowings
This note provides information about the contractual terms of the Group\u2019s interest bearing loans and
borrowings. For more information about the Group\u2019s exposure to interest rate, liquidity and currency
risks, see note 27.
Notes
2023
2022
Non-current liabilities
Preference shares classified as debt
40
40
Lease liabilities
28
8,786
5,365
8,826
5,405
Current liabilities
Lease liabilities
28
3,131
3,431
3,131
3,431
Total interest bearing loans and borrowings
11,957
8,836
Terms and debt repayment schedule
The terms and conditions of outstanding bank loans and preference shares were as follows:
Interest Year of
Currency rates
maturity
2023
2022
Non-redeemable preference shares
Sterling
9.5%
\u2014
40
40
40
40
Information on leases and the lease repayment profile are shown in note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "
21. Employee benefits
2023
2022
Recognised liability for defined benefit obligations
\u2014
8,006
Other pension scheme liabilities
673
158
Employee bonuses
25,497
11,524
Employee indemnity provision
2,016
1,925
Other employee benefits
5,765
5,542
33,951
27,155
Non-current
4,197
11,955
Current
29,754
15,200
33,951
27,155
Defined benefit pension scheme disclosures are detailed in note 25.
25. Pension schemes
i) Defined benefit pension schemes
The Group operates two defined benefit pension arrangements \u2013 the Rotork Pension and Life
Assurance Scheme (UK Scheme) and the Rotork Controls Inc. Pension Plan (US Pension Plan).
On retirement, leaving service or death, the Schemes provide benefits based on final salary and
length of service. Whether measured by assets or liabilities, the UK Scheme is more than 85%
of the overall value of the two defined benefit Schemes.
The UK Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004.
A valuation of the Scheme is carried out at least once every three years to determine whether
the Statutory Funding Objective is met. As part of the process the Company must agree with the
trustees of the Scheme the contributions to be paid to address any shortfall against the Statutory
Funding Objective.
The UK Scheme is managed by a Trustee, with directors appointed in part by the Group and part
from elections by members of the Scheme. The Trustee has responsibility for obtaining valuations
of the fund, administering benefit payments and investing the Scheme\u2019s assets. The Trustee
delegates some of these functions to its professional advisers where appropriate. The UK Scheme
which was closed to new entrants in 2003 was closed to future accrual from 1 April 2018.
A key development over 2023 was that the Group paid a one-off contribution to the UK Scheme
in May 2023 of \u00a320 million. This was to help facilitate the purchase of a bulk annuity with Aviva
covering the UK Scheme\u2019s current pensioner liabilities. This transaction happened in the second
half of June 2023 and we refer to this as the pensioner buy-in.
The US Pension Plan is subject to the ERISA funding requirements. A valuation of the Plan is carried
out annually to ensure the Funding Objective is met under ERISA by contributing at least the
Minimum Required Contribution. As part of this process the Company must contribute to the Plan
enough contributions to ensure at least the Minimum Contribution is deposited in the Trust to pay
for the accrual of benefits. The US Pension plan which was closed to new entrants in 2009 was
closed to future accrual on 31 December 2018.
The two defined benefit pension arrangements expose the Group to a number of risks:
\u2022 Investment risk \u2013 the Schemes hold investments in asset classes, such as equities, which
have volatile market values and while these assets are expected to provide real returns over
the long-term the short-term volatility can cause additional funding to be required if a deficit
emerges. However, following the pensioner buy-in, more than 90% of the value of the UK
Scheme\u2019s assets is invested in the pensioner buy-in and LDI/bonds.
\u2022 Interest rate risk \u2013 the Schemes\u2019 liabilities are assessed using market yields on high quality
corporate bonds to discount the liabilities. A decrease in the bond interest rate will increase
the Schemes\u2019 liabilities but this will be largely offset by an increase in the value of the Schemes\u2019
pensioner buy-in and LDI/bond investments.
\u2022 Inflation risk \u2013 a significant proportion of the benefits under the UK Scheme is linked to
inflation. Although the UK Scheme\u2019s assets are expected to provide a good hedge against
inflation over the long term, movements over the short-term could lead to deficits emerging.
\u2022 Mortality risk \u2013 in the event that members live longer than assumed a deficit will emerge
in the Schemes.
The impact of the requirement to equalise benefits of men and women for unequal GMPs was
estimated to be a 0.3% addition to the liabilities of the UK Scheme, the same allowance that was
made at the previous year-end.
Movements in the present value of defined benefit obligations
2023
2022
Liabilities at 1 January
144,381
233,135
Administration costs
\u2014
23
Interest cost
6,704
4,576
Benefits paid
(7,414)
(10,946)
Actuarial loss/(gain)
3,558
(84,893)
Currency loss/(gain)
(1,007)
2,486
Liabilities at 31 December
146,222
144,381
Movements in fair value of plan assets
2023
2022
Assets at 1 January
136,375
225,510
Interest income on plan assets
7,056
4,466
Employer contributions
26,475
6,826
Benefits paid
(7,414)
(10,946)
Return on plan assets, excluding interest income on plan assets
(6,317)
(91,620)
Currency gain/(loss)
(809)
2,139
Assets at 31 December
155,366
136,375
Expense recognised in the income statement
2023
2022
Administration costs
\u2014
23
Net interest (income)/ cost
(352)
110
(352)
133
The expense is recognised in the following line items in the income statement
2023
2022
Cost of sales
\u2014
9
Administrative expenses
\u2014
14
Net finance expense
(352)
110
(352)
133
Remeasurements over the year
2023
2022
Experience adjustments on plan assets
(6,317)
(91,620)
Experience adjustments on plan liabilities
(2,681)
(3,565)
Actuarial (loss)/gain from changes to financial assumptions
(3,180)
88,334
Actuarial gain from changes to demographic assumptions
2,303
124
Experience adjustments on currency
198
(347)
(9,677)
(7,074)
Reconciliation of net defined benefit obligation
2023
2022
Net defined benefit obligation at the beginning of the year
8,006
7,625
Current service costs
\u2014
\u2014
Administration costs
\u2014
23
Net financing expense
(352)
110
Remeasurements over the year
9,677
7,074
Employer contributions
(26,475)
(6,826)
(9,144)
8,006
Liability for defined benefit obligations
The principal actuarial assumptions at 31 December 2023 (expressed as weighted averages):
UK scheme US scheme Weighted average
(% per annum) (% per annum) (% per annum)
2023
2022
2023
2022
2023
2022
Discount rate
4.55
4.75
4.77
4.98
4.58
4.78
Rate of increase in salaries
n/a
n/a
n/a
n/a
n/a
n/a
Rate of increase in pensions (post
May 2000)
2.90
3.00
0.00
0.00
2.50
2.60
Rate of increase in pensions (pre
May 2000)
4.60
4.60
0.00
0.00
4.00
4.00
UK rate of inflation
3.00
3.10
n/a
n/a
3.00
3.10
In the UK the Retail Price Index is used as the rate of inflation as it is a requirement of the UK Scheme\u2019s rules.
The split of the Schemes\u2019 assets were as follows:
Fair value Fair value
2023 2022
Equities
7,825
17,
24 4
Targeted return
\u2014
12,966
Property
839
1,134
Multi-asset credit (quoted)
3,770
21,152
LDI/absolute return bonds
53,690
68,761
Value of pensioner buy-in bulk annuity
74,049
\u2014
US deposit administration contract
15,193
15,118
Total
155,366
136,375
Actual return on the Schemes\u2019 assets
739
(87,154)
The UK Scheme has a strategic asset allocation, which was most recently reviewed at the time of
the pensioner buy-in in June 2023 and after considering the UK Scheme\u2019s liability profile, funding
position, expected return of the various asset classes and the need for diversification. The level of
interest rate and inflation hedging has been increased by the pensioner buy-in and the use of liability
driven investment (LDI) funds. Currently the Scheme has hedged around 90% of both the interest
rate risk and the inflation risk of its liabilities, as measured on a low risk gilts basis. The pensioner
buy-in also hedges the longevity risk of current pensioners, whose liabilities account for just over
50% of the UK Scheme\u2019s defined benefit obligation.
The only change made to the demographic assumptions at the 2023 year-end is that future
improvements in mortality are now based on the CMI_2022 core projection model, which places
a 25% weighting on 2022\u2019s mortality experience (2022: CMI_2021).
By way of example the respective mortality tables indicate the following life expectancy:
2023
Life expectancy at age 65
2022
Life expectancy at age 65
Current age
Male
Female
Male
Female
65
22.7
23.4
23.2
23.8
45
24.0
24.8
24.6
25.2
Sensitivity analysis on the Schemes\u2019 liabilities
Approximate effect on liabilities
Adjustments to assumptions
2023
2022
Discount rate
Plus 1.0% p.a.
(20,700)
(20,600)
Minus 1.0% p.a.
24,500
24,400
Inflation
Plus 0.5% p.a.
6,700
6,600
Minus 0.5% p.a.
(6,400)
(6,300)
Life expectancy
Increase of one year in assumed life expectancy
5,100
4,600
The sensitivities disclosed are indicative of how reasonably possible changes would impact the
liabilities recognised. Further movements in assumptions would result in higher variances accordingly.
They are approximate and only show the likely effect of an assumption being adjusted whilst all
other assumptions remain the same. They focus solely on the liability impact and do not reflect
possible matching movements in the assets, as a result of the UK Scheme\u2019s pensioner buy-in and
LDI/bond holdings.
The sensitivity analysis was determined using the same method as per the calculation of liabilities
for the balance sheet disclosures, but using assumptions adjusted as detailed above.
Effect of the Schemes on the Group\u2019s future cash flows
The Group is required to agree a Schedule of Contributions with the Trustee of the UK Scheme
following a valuation which must be carried out at least once every three years. Following the
valuation of the UK Scheme as at 31 March 2022, the Group estimates that cash contributions to the
Group\u2019s defined benefit pension schemes during 2024 will be \u00a33,667,000 (2023: \u00a326,475,000, which
included the one-off contribution of \u00a320 million paid by the Group to facilitate the pensioner buy-in).
The weighted average duration of the defined benefit obligation for the UK Scheme is approximately
17 years.
ii) Other pension plans
The Group makes a contribution to a number of defined contribution plans around the world to
provide benefits for employees upon retirement. Total expense relating to these plans in the year
was \u00a37,392,000 (2022: \u00a36,142,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "
22. Provisions
Warranty Restructuring
provision
provision
Total
Balance at 1 January 2023
4,318
1,487
5,805
Exchange differences
(165)
\u2014
(165)
Charge to the income statement
981
32
1,013
Provisions utilised during the year
(669)
(338)
(1,007)
Balance at 31 December 2023
4,465
1,181
5,646
Maturity at 31 December 2023
Non-current
1,371
\u2014
1,371
Current
3,094
1,181
4,275
4,465
1,181
5,646
Maturity at 31 December 2022
Non-current
1,439
\u2014
1,439
Current
2,879
1,487
4,366
4,318
1,487
5,805
The warranty provision is based on estimates made from historical warranty data associated with
similar products and services. The provision relates mainly to products sold during the last 12 months
and the typical warranty period is 18 months.
The restructuring provision is expected to be utilised within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "value": "22. Provisions
Warranty Restructuring
provision
provision
Total
Balance at 1 January 2023
4,318
1,487
5,805
Exchange differences
(165)
\u2014
(165)
Charge to the income statement
981
32
1,013
Provisions utilised during the year
(669)
(338)
(1,007)
Balance at 31 December 2023
4,465
1,181
5,646
Maturity at 31 December 2023
Non-current
1,371
\u2014
1,371
Current
3,094
1,181
4,275
4,465
1,181
5,646
Maturity at 31 December 2022
Non-current
1,439
\u2014
1,439
Current
2,879
1,487
4,366
4,318
1,487
5,805
The warranty provision is based on estimates made from historical warranty data associated with similar products and services. The provision relates mainly to products sold during the last 12 months and the typical warranty period is 18 months. The restructuring provision is expected to be utilised within the next 12 months. 30. Contingencies
2023
2022
Performance guarantees and indemnities
8,194
3,444
The performance guarantees and indemnities have been entered into in the normal course of business. A liability would only arise in the event of the Group failing to fulfil its contractual obligations.
Subsidiary audit exemptions
Rotork plc has issued guarantees over the liabilities of the following companies at 31 December 2023
under Section 479C of Companies Act 2006 and these entities are exempt from the requirements
of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act.
\u2022 Bifold Fluidpower Limited (01787729)
\u2022 Bifold Group Limited (06186844)
\u2022 Flowco Limited (02891839)
\u2022 Rotork Midland Limited (02819224)
\u2022 Rotork Americas Holdings Limited (12320359)
\u2022 Rotork Controls Limited (00608345)
\u2022 Rotork Overseas Limited (01010160)
\u2022 Rotork UK Limited (01090344)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "value": "
23. Trade and other payables
2023
2022
Trade payables
40,585
42,314
Corporation tax
12,387
11,893
Current tax
12,387
11,893
Other taxes and social security
8,906
10,230
Contract liabilities
9,142
8,244
Other non-trade payables and accrued expenses
24,488
20,610
Other payables
42,536
39,084
Contract liabilities are recognised as amounts are received from customers in advance of performance
under contract, these amounts are then recognised as revenue as and when the Group performs
under the contract. Generally there is no significant time delay between receipt from customers and
performance under contract and so these liabilities remain current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "value": "24. Derivative financial instruments
Assets Liabilities Assets Liabilities
2023 2023 2022 2022
Forward foreign exchange contracts \u2013 cash flow hedges
879
81
136
1,239
Foreign exchange swaps \u2013 cash flow hedges
\u2014
472
\u2014
1,705
Total
879
553
136
2,944
Less non-current portion:
Forward foreign exchange contracts \u2013 cash flow hedges
206
15
74
215
Current portion
673
538
62
2,729
The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months, and as a current asset or liability, if the maturity of the hedged item is less than 12 months. There was no ineffectiveness to be recorded from the use of foreign exchange contracts. The hedged forecast transactions denominated in foreign currency are expected to occur at various dates. Gains and losses in respect of these derivatives recognised in the hedging reserve in equity at 31 December 2023 are recognised in the income statement in the period or periods during which the hedged forecast transaction affects the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "i) Defined benefit pension schemes The Group operates two defined benefit pension arrangements \u2013 the Rotork Pension and Life Assurance Scheme (UK Scheme) and the Rotork Controls Inc. Pension Plan (US Pension Plan). On retirement, leaving service or death, the Schemes provide benefits based on final salary and length of service. Whether measured by assets or liabilities, the UK Scheme is more than 85% of the overall value of the two defined benefit Schemes. The UK Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the trustees of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective. The UK Scheme is managed by a Trustee, with directors appointed in part by the Group and part from elections by members of the Scheme. The Trustee has responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme\u2019s assets. The Trustee delegates some of these functions to its professional advisers where appropriate. The UK Scheme which was closed to new entrants in 2003 was closed to future accrual from 1 April 2018. A key development over 2023 was that the Group paid a one-off contribution to the UK Scheme in May 2023 of \u00a320 million. This was to help facilitate the purchase of a bulk annuity with Aviva covering the UK Scheme\u2019s current pensioner liabilities. This transaction happened in the second half of June 2023 and we refer to this as the pensioner buy-in. The US Pension Plan is subject to the ERISA funding requirements. A valuation of the Plan is carried out annually to ensure the Funding Objective is met under ERISA by contributing at least the Minimum Required Contribution. As part of this process the Company must contribute to the Plan enough contributions to ensure at least the Minimum Contribution is deposited in the Trust to pay for the accrual of benefits. The US Pension plan which was closed to new entrants in 2009 was closed to future accrual on 31 December 2018. The two defined benefit pension arrangements expose the Group to a number of risks: \u2022 Investment risk \u2013 the Schemes hold investments in asset classes, such as equities, which have volatile market values and while these assets are expected to provide real returns over the long-term the short-term volatility can cause additional funding to be required if a deficit emerges. However, following the pensioner buy-in, more than 90% of the value of the UK Scheme\u2019s assets is invested in the pensioner buy-in and LDI/bonds. \u2022 Interest rate risk \u2013 the Schemes\u2019 liabilities are assessed using market yields on high quality corporate bonds to discount the liabilities. A decrease in the bond interest rate will increase the Schemes\u2019 liabilities but this will be largely offset by an increase in the value of the Schemes\u2019 pensioner buy-in and LDI/bond investments. \u2022 Inflation risk \u2013 a significant proportion of the benefits under the UK Scheme is linked to inflation. Although the UK Scheme\u2019s assets are expected to provide a good hedge against inflation over the long term, movements over the short-term could lead to deficits emerging. \u2022 Mortality risk \u2013 in the event that members live longer than assumed a deficit will emerge in the Schemes. The impact of the requirement to equalise benefits of men and women for unequal GMPs was estimated to be a 0.3% addition to the liabilities of the UK Scheme, the same allowance that was made at the previous year-end. Movements in the present value of defined benefit obligations
2023
2022
Liabilities at 1 January
144,381
233,135
Administration costs
\u2014
23
Interest cost
6,704
4,576
Benefits paid
(7,414)
(10,946)
Actuarial loss/(gain)
3,558
(84,893)
Currency loss/(gain)
(1,007)
2,486
Liabilities at 31 December
146,222
144,381
Movements in fair value of plan assets
2023
2022
Assets at 1 January
136,375
225,510
Interest income on plan assets
7,056
4,466
Employer contributions
26,475
6,826
Benefits paid
(7,414)
(10,946)
Return on plan assets, excluding interest income on plan assets
(6,317)
(91,620)
Currency gain/(loss)
(809)
2,139
Assets at 31 December
155,366
136,375
Expense recognised in the income statement
2023
2022
Administration costs
\u2014
23
Net interest (income)/ cost
(352)
110
(352)
133
The expense is recognised in the following line items in the income statement
2023
2022
Cost of sales
\u2014
9
Administrative expenses
\u2014
14
Net finance expense
(352)
110
(352)
133
Remeasurements over the year
2023
2022
Experience adjustments on plan assets
(6,317)
(91,620)
Experience adjustments on plan liabilities
(2,681)
(3,565)
Actuarial (loss)/gain from changes to financial assumptions
(3,180)
88,334
Actuarial gain from changes to demographic assumptions
2,303
124
Experience adjustments on currency
198
(347)
(9,677)
(7,074)
Reconciliation of net defined benefit obligation
2023
2022
Net defined benefit obligation at the beginning of the year
8,006
7,625
Current service costs
\u2014
\u2014
Administration costs
\u2014
23
Net financing expense
(352)
110
Remeasurements over the year
9,677
7,074
Employer contributions
(26,475)
(6,826)
(9,144)
8,006
Liability for defined benefit obligations The principal actuarial assumptions at 31 December 2023 (expressed as weighted averages):
UK scheme US scheme Weighted average
(% per annum) (% per annum) (% per annum)
2023
2022
2023
2022
2023
2022
Discount rate
4.55
4.75
4.77
4.98
4.58
4.78
Rate of increase in salaries
n/a
n/a
n/a
n/a
n/a
n/a
Rate of increase in pensions (post
May 2000)
2.90
3.00
0.00
0.00
2.50
2.60
Rate of increase in pensions (pre
May 2000)
4.60
4.60
0.00
0.00
4.00
4.00
UK rate of inflation
3.00
3.10
n/a
n/a
3.00
3.10
In the UK the Retail Price Index is used as the rate of inflation as it is a requirement of the UK Scheme\u2019s rules. The split of the Schemes\u2019 assets were as follows:
Fair value Fair value
2023 2022
Equities
7,825
17,
24 4
Targeted return
\u2014
12,966
Property
839
1,134
Multi-asset credit (quoted)
3,770
21,152
LDI/absolute return bonds
53,690
68,761
Value of pensioner buy-in bulk annuity
74,049
\u2014
US deposit administration contract
15,193
15,118
Total
155,366
136,375
Actual return on the Schemes\u2019 assets
739
(87,154)
The UK Scheme has a strategic asset allocation, which was most recently reviewed at the time of the pensioner buy-in in June 2023 and after considering the UK Scheme\u2019s liability profile, funding position, expected return of the various asset classes and the need for diversification. The level of interest rate and inflation hedging has been increased by the pensioner buy-in and the use of liability driven investment (LDI) funds. Currently the Scheme has hedged around 90% of both the interest rate risk and the inflation risk of its liabilities, as measured on a low risk gilts basis. The pensioner buy-in also hedges the longevity risk of current pensioners, whose liabilities account for just over 50% of the UK Scheme\u2019s defined benefit obligation. The only change made to the demographic assumptions at the 2023 year-end is that future improvements in mortality are now based on the CMI_2022 core projection model, which places a 25% weighting on 2022\u2019s mortality experience (2022: CMI_2021). By way of example the respective mortality tables indicate the following life expectancy:
2023
Life expectancy at age 65
2022
Life expectancy at age 65
Current age
Male
Female
Male
Female
65
22.7
23.4
23.2
23.8
45
24.0
24.8
24.6
25.2
Sensitivity analysis on the Schemes\u2019 liabilities
Approximate effect on liabilities
Adjustments to assumptions
2023
2022
Discount rate
Plus 1.0% p.a.
(20,700)
(20,600)
Minus 1.0% p.a.
24,500
24,400
Inflation
Plus 0.5% p.a.
6,700
6,600
Minus 0.5% p.a.
(6,400)
(6,300)
Life expectancy
Increase of one year in assumed life expectancy
5,100
4,600
The sensitivities disclosed are indicative of how reasonably possible changes would impact the liabilities recognised. Further movements in assumptions would result in higher variances accordingly. They are approximate and only show the likely effect of an assumption being adjusted whilst all other assumptions remain the same. They focus solely on the liability impact and do not reflect possible matching movements in the assets, as a result of the UK Scheme\u2019s pensioner buy-in and LDI/bond holdings. The sensitivity analysis was determined using the same method as per the calculation of liabilities for the balance sheet disclosures, but using assumptions adjusted as detailed above. Effect of the Schemes on the Group\u2019s future cash flows The Group is required to agree a Schedule of Contributions with the Trustee of the UK Scheme following a valuation which must be carried out at least once every three years. Following the valuation of the UK Scheme as at 31 March 2022, the Group estimates that cash contributions to the Group\u2019s defined benefit pension schemes during 2024 will be \u00a33,667,000 (2023: \u00a326,475,000, which included the one-off contribution of \u00a320 million paid by the Group to facilitate the pensioner buy-in). The weighted average duration of the defined benefit obligation for the UK Scheme is approximately 17 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "value": "Sensitivity analysis on the Schemes\u2019 liabilities
Approximate effect on liabilities
Adjustments to assumptions
2023
2022
Discount rate
Plus 1.0% p.a.
(20,700)
(20,600)
Minus 1.0% p.a.
24,500
24,400
Inflation
Plus 0.5% p.a.
6,700
6,600
Minus 0.5% p.a.
(6,400)
(6,300)
Life expectancy
Increase of one year in assumed life expectancy
5,100
4,600
The sensitivities disclosed are indicative of how reasonably possible changes would impact the liabilities recognised. Further movements in assumptions would result in higher variances accordingly. They are approximate and only show the likely effect of an assumption being adjusted whilst all other assumptions remain the same. They focus solely on the liability impact and do not reflect possible matching movements in the assets, as a result of the UK Scheme\u2019s pensioner buy-in and LDI/bond holdings. The sensitivity analysis was determined using the same method as per the calculation of liabilities for the balance sheet disclosures, but using assumptions adjusted as detailed above. Effect of the Schemes on the Group\u2019s future cash flows The Group is required to agree a Schedule of Contributions with the Trustee of the UK Scheme following a valuation which must be carried out at least once every three years. Following the valuation of the UK Scheme as at 31 March 2022, the Group estimates that cash contributions to the Group\u2019s defined benefit pension schemes during 2024 will be \u00a33,667,000 (2023: \u00a326,475,000, which included the one-off contribution of \u00a320 million paid by the Group to facilitate the pensioner buy-in). The weighted average duration of the defined benefit obligation for the UK Scheme is approximately 17 years. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "ii) Other pension plans The Group makes a contribution to a number of defined contribution plans around the world to provide benefits for employees upon retirement. Total expense relating to these plans in the year was \u00a37,392,000 (2022: \u00a36,142,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "value": "
26. Share-based payments
The Group awards shares under the Long Term Incentive Plan (LTIP), the Save As You Earn scheme
(Sharesave plan), the Global Employee Share Plan (GESP) and the Share Incentive Plan (SIP).
The equity settled share-based payment expense included in the income statement for each
of the plans can be analysed as follows:
2023
2022
Sharesave plan (a)
539
746
Long Term Incentive Plan (b)
2,533
2,189
GESP/SIP profit-linked share scheme
2,598
1,666
Total expense recognised as employee costs (note 7)
5,670
4,601
Volatility assumptions for equity-based payments
The expected volatility of all equity compensation benefits is based on the historic volatility
(calculated based on the weighted average remaining life of each benefit), adjusted for any expected
changes to future volatility due to publicly available information.
a) Sharesave plan
UK employees are invited to join the Sharesave plan when an offer is made each year. All the offers to
date were made at a 20% discount to market price at the time. There are no performance criteria for
the Sharesave plan. Employees are given the option of joining either the 3 year or the 5 year scheme.
3 year scheme
5 year scheme
2023
2022
2023
2022
Grant date
6 October
7 October
6 October
7 October
Share price at grant date
304p
244p
304p
244p
Exercise price
243p
196p
243p
196p
Shares granted under scheme
407,482
1,024,131
115,093
468,529
Vesting period
3 years
3 years
5 years
5 years
Expected volatility
31.1%
31.1%
31.1%
31.1%
Risk free rate
4.48%
4.31%
4.40%
4.30%
Expected dividends expressed as a dividend yield
2.26%
2.64%
2.26%
2.64%
Probability of ceasing employment before vesting
2%
2%
2%
2%
Fair value
97p
75p
109p
84p
Movements in the number of share options outstanding and their weighted average prices are as follows:
2023
2022
Average option Average option
price per share
Options
price per share
Options
At 1 January
220p
2,538,426
252p
2,342,007
Granted
243p
522,575
196p
1,492,660
Exercised
243p
(429,946)
230p
(494,972)
Forfeited
229p
(170,466)
261p
(801,269)
At 31 December
221p
2,460,589
220p
2,538,426
Of the 2,460,589 outstanding options (2022: 2,538,426), 120,220 are exercisable (2022: 130,749).
The Group received proceeds of \u00a31,047,000 in respect of the 429,946 options exercised during the
year: \u00a32,000 was credited to share capital and \u00a31,045,000 to share premium. The weighted average
share price at date of exercise was 310p (2022: 310p).
The weighted average remaining life of 1,640,383 (2022: 1,763,976) awards outstanding under the
3 year plan is 2.0 years. The weighted average remaining life of 820,206 (2022: 774,450) awards
outstanding under the 5 year plan is 3.4 years.
b) Long Term Incentive Plan
The Long Term Incentive Plan (LTIP) is a performance share plan under which shares are conditionally
allocated to selected members of senior management at the discretion of the Remuneration Committee
on an annual basis. Following shareholder approval of the LTIP at the Company\u2019s AGM on 18 May 2000,
awards of shares are made to executive directors and senior managers each year.
2019 LTIP plan
Following shareholder approval of the 2019 LTIP plan at the Company\u2019s AGM on 26 April 2019,
awards of shares have been made annually to executive and senior managers. Previously, a third of
these awards vested under a TSR performance condition, a third under an EPS performance condition
and a third under a Return on Invested Capital (ROIC) performance condition. For the 2023 awards
onwards, 30% of these awards vest under a TSR performance condition, 30% under an EPS performance
condition, 30% under a Return on Invested Capital (ROIC) performance condition and 10% under
an ESG performance condition.
TSR measures the change in value of a share and reinvested dividends over the period of measurement.
The actual number of shares transferred will be determined by the number of shares initially allocated
multiplied by a vesting percentage. The actual number of shares transferred will be 25% at the 50th
percentile rising to 100% at the 75th percentile.
The EPS performance condition is satisfied with 25% (15% for pre 2023 awards) of the awards
vesting if the EPS growth is 9% over the vesting period up to a maximum of 100% vesting if EPS
growth exceeds 35%.
Vesting of awards under the ROIC condition is determined by calculating the growth in ROIC, on a
cumulative basis, over the performance period. For the 2021, 2022 and 2023 awards, the awards will
vest by comparing the average ROIC over the performance period against a set of pre-defined targets.
The ESG performance condition is satisfied with an absolute reduction in scope 1 and 2 CO
2
emissions
with targets aligned to the accredited, published 2030 SBTI targets.
The performance period for the 2020 awards ended on 31 December 2022. Messrs.
PricewaterhouseCoopers LLP as independent actuaries certified to the Remuneration Committee
that there was a 0% vesting of this award. The TSR, EPS and ROIC elements of the scheme did not
vest as the performance criteria were not met.
The performance period for the 2021 awards ended on 31 December 2023. Messrs.
PricewaterhouseCoopers LLP as independent actuaries certified to the Remuneration Committee that
there was a 13.8% vesting of this award as the Group\u2019s EPS growth was 17.1% over the performance
period. The TSR and ROIC elements of the scheme did not vest as the performance criteria were not met.
2023
2022
Grant date
24 March
24 March
Share price at grant date
307p
333p
Shares granted under scheme
1,543,337
1,298,366
Vesting period
3 years
3 years
Expected volatility
28.4%
33.5%
Risk free rate
3.3%
3.6%
Expected dividends expressed as a dividend yield
0.0%
0.0%
Probability of ceasing employment before vesting
5% p.a.
5% p.a.
Fair value of awards under TSR performance conditions
190p
206p
Fair value of awards under EPS and ROIC performance conditions
307p
333p
Outstanding Granted Vested Outstanding
at start of year during year
during year
Lapsed
at end of year
2020
Award
1,421,496
\u2014
\u2014
(1,421,496)
\u2014
2021
Award
921,438
\u2014
\u2014
(110,566)
810,872
2022
Award
1,298,366
\u2014
\u2014
(86,690)
1,211,676
2023
Award
\u2014
1,543,337
\u2014
\u2014
1,543,337
3,641,300
1,543,337
\u2014
(1,618,752)
3,565,885
The weighted average remaining life of awards outstanding is one year.
c) Global Employee Share plan (GESP) and the Share Incentive Plan (SIP)
These discretionary profit linked shares schemes are annual schemes based on the prior year profit
of participating Rotork companies. The value of the award to each employee is based on salary and
length of service and can be up to \u00a33,600.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "27. Financial instruments Financial risk and treasury policies The Group Treasury department maintains liquidity, identifies and manages foreign exchange risk, manages relations with the Group\u2019s bankers and provides a treasury service to the Group\u2019s businesses. Treasury dealings such as investments, borrowings and foreign exchange are conducted only to support underlying business transactions. The Group has clearly defined policies for the management of credit, foreign exchange and interest rate risk. The Group Treasury department is not a profit centre and, therefore, does not undertake speculative foreign exchange dealings for which there is no underlying exposure. Exposures resulting from sales and purchases in foreign currency are matched where possible and the net exposure may be hedged. a) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers and cash on deposit with financial institutions. Management has a credit policy in place and exposure to credit risk is both monitored on an ongoing basis and reduced through the use of credit insurance covering over 80% of trade receivables at any time. Credit evaluations are carried out on all customers requiring credit above a certain threshold, with varying approval levels set around this depending on the value of the sale. At the balance sheet date there were no significant concentrations of credit risk. Goods are sold subject to retention of title clauses, so that in the event of non\u2013payment the Group may have a secured claim. The Group maintains an allowance for impairment in respect of non\u2013insured receivables where recoverability is considered doubtful. The Group Treasury Committee meets regularly and reviews the credit risk associated with institutions that hold a material cash balance. As well as credit ratings, counterparties and instruments are assessed for credit default swap pricing and liquidity of funds. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2023
2022
Trade receivables
152,842
134,279
Cash and cash equivalents
146,372
114,770
299,214
249,049
The maximum exposure to credit risk for trade receivables at the reporting date by currency was:
Carrying amount
2023
2022
Sterling
23,613
17,9 49
US dollar
30,291
33,648
Euro
46,378
38,511
Other
52,560
4 4,171
152,842
134,279
Allowance for expected credit loss against trade receivables The following table shows the expected credit loss (ECL) that has been recognised for trade receivables:
Gross Provision Gross Provision
2023 2023 2022 2022
Not past due
118,229
\u2014
97,291
\u2014
Past due 0\u201330 days
23,077
(32)
23,141
\u2014
Past due 31\u201360 days
6,684
(96)
8,168
(65)
Past due 61\u201390 days
2,084
(106)
3,525
(46)
Past due more than 91 days
4,796
(1,794)
7,381
(5,116)
154,870
(2,028)
139,506
(5,227)
The reduction in provision from 2022 to 2023 primarily relates to the write off of trade receivables provided for in prior years. b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group is highly cash generative and uses monthly cash flow forecasts to monitor cash requirements and to optimise its return on investments. Typically the Group ensures that it has sufficient cash on hand to meet foreseeable operational expenses; it also maintains a \u00a35,000,000 uncommitted overdraft facility (2022: \u00a35,000,000) on which interest would be payable at base rate plus 2.0% (2022: 2.0%) and a \u20ac5,000,000 uncommitted overdraft facility (2022: \u20ac5,000,000) on which interest would be payable at base rate plus 1.1% (2022: 1.1%). The following are the contractual maturities of financial liabilities, including interest payments and excluding the impact of netting agreements:
Analysis of contractual cash flow maturities
Carrying Contractual Less than More than
31 December 2023 amount cash flows
12 months
1\u20132 years
2\u20135 years
5 years
Lease liabilities
11,917
13,220
3,604
3,134
5,367
1,115
Trade and other payables
and accrued expenses
65,073
65,073
65,073
\u2014
\u2014
\u2014
Foreign exchange contracts
553
553
538
15
\u2014
\u2014
Non-redeemable preference shares
40
40
\u2014
\u2014
\u2014
40
77,583
78,886
69,215
3,149
5,367
1,155
Analysis of contractual cash flow maturities
Carrying Contractual Less than More than
31 December 2022 amount cash flows
12 months
1\u20132 years
2\u20135 years
5 years
Lease liabilities
8,796
9,678
3,735
1,991
3,281
671
Trade and other payables and accrued
expenses
62,924
62,924
62,924
\u2014
\u2014
\u2014
Foreign exchange contracts
2,944
2,944
2,729
215
\u2014
\u2014
Non-redeemable preference shares
40
40
\u2014
\u2014
\u2014
40
74,704
75,586
69,388
2,206
3,281
711
Where a counterparty experiences credit stress the foreign exchange contracts may be settled on a net basis but standard practice is to settle on a gross basis and the undiscounted gross outflow in respect of these contracts is \u00a3102,500,000 (2022: \u00a397,700,000) and the gross inflow is \u00a3102,800,000 (2022: \u00a394,900,000). c) Market risk Market risk arises from changes in market prices, such as currency rates and interest rates, and may affect the Group\u2019s results. The objective of market risk management is to manage and control market risk within suitable parameters. i) Currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than the business unit\u2019s functional currency. The currencies primarily giving rise to this risk are the US dollar and related currencies and the euro. The Group hedges up to 75% of forecast US dollar or euro foreign currency exposures using forward exchange contracts. In respect of other non-sterling monetary assets and liabilities the exposures may also be hedged up to 75% where this is deemed appropriate. As part of the Group\u2019s cash management some of the overseas subsidiaries have loan and deposit balances where their intra-group counterparty is in the UK. The balances are typically in local currency for the subsidiary so the UK holds a foreign currency current asset or liability which is usually hedged through the use of foreign exchange swaps. At the balance sheet date only the \u2018forward\u2019 part of the swap remains and this is designated as a cash flow hedge to match the currency exposure of the intercompany loan asset. The Group classifies its forward exchange contracts (that hedge both the forecast sale and purchase transactions and the intercompany loan and deposit balances) as cash flow hedges and states them at fair value. The net fair value of foreign exchange contracts used as hedges at 31 December 2023 was a \u00a3326,000 asset (2022: \u00a32,808,000 liability) comprising an asset of \u00a3879,000 (2022: \u00a3136,000) and a liability of \u00a3553,000 (2022: \u00a32,944,000). Forward exchange contracts in place at 31 December 2023 mature in 2024 and 2025. Changes in the fair value of foreign exchange contracts that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement. Sensitivity analysis It is estimated that, with all other variables held equal (in particular other exchange rates), a general change of one cent in the value of euro against sterling would have had an impact on the Group\u2019s operating profit for the year ended 31 December 2023 of \u00a3150,000 (2022: \u00a3150,000) and a change of one cent in the value of US dollar against sterling would have had an impact on the Group\u2019s operating profit for the year ended 31 December 2023 of \u00a3500,000 (2022: \u00a3550,000). Larger changes would have a linear impact on operating profit. The method of estimation, which has been applied consistently, involves assessing the transaction impact of US dollar and euro cash flows and the translation impact of US dollar and euro profits. The following significant exchange rates applied during the year:
Average rate
Closing rate
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.21
Euro
1.15
1.17
1.15
1.13
ii) Interest rate risk The Group does not undertake any hedging activity in this area. All cash deposits are made at prevailing interest rates and the majority is available with same day notice, though deposits are sometimes made with a maturity of no more than three months. The main element of interest rate risk concerns sterling, US dollar, Euro and Renminbi deposits, all of which are on a floating rate basis. The interest rate profile of the Group\u2019s financial liabilities (excluding leases) at 31 December was as follows:
2023
2022
Fixed rate financial liabilities
40
40
Floating rate financial liabilities
\u2014
\u2014
40
40
The fixed rate financial liabilities comprise preference shares. The weighted average interest rate of the fixed and floating rate financial liabilities are 9.5% (2022: 9.5%) and nil (2022: nil respectively. The maturity profile of the Group\u2019s fixed rate financial liabilities (excluding leases) at 31 December was as follows:
2023
2022
In one year or less
\u2014
\u2014
In more than one year but not more than two years
\u2014
\u2014
In more than two years but not more than five years
\u2014
\u2014
In more than five years
40
40
Total
40
40
d) Capital risk management The primary objective of the Group\u2019s capital management is to ensure it maintains sufficient capital in order to support its business and maximise shareholder value. The Group has an asset-light business model and uses cash generated from operations to either invest organically or by acquisition. The Group manages its capital structure and makes adjustments to it in light of changes in economic and market conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders or issue new shares. The Group defines capital as net cash/(debt) plus equity attributable to shareholders. There are no externally imposed restrictions on the Group\u2019s capital structure. The reconciliation of the Group\u2019s definition of capital employed is shown in note 2. The Group\u2019s reconciliation of net debt to net cash is shown below.
Notes
2023
2022
Total borrowings including lease liabilities
20
(11,957)
(8,836)
Total cash and cash equivalents
17
146,372
114,770
Group net cash
134,415
105,934
Reconciliation of changes in assets and liabilities arising
from financing activities
Repayment of bank loans
\u2014
694
Repayment of lease liabilities
3,699
3,966
Increase in lease liabilities
(7,069)
(4,151)
Effect of exchange rate fluctuations
249
(9)
Changes in financial liabilities arising from
financing activities
(3,121)
500
Net increase/(decrease) in cash and cash equivalents
31,602
(8,703)
Net increase/(decrease) in net cash
28,481
(8,203)
Net cash at start of year
105,934
114,137
Net cash at end of year
134,415
105,934
e) Fair values The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheet, were as follows:
Carrying Carrying
amount Fair value amount Fair value
2023 2023 2022 2022
Loans and receivables
Trade receivables
152,842
152,842
134,279
134,279
Financial assets
Cash and cash equivalents
146,372
146,372
114,770
114,770
Designated cash flow hedges
Foreign exchange contracts:
\u2013 Financial assets
879
879
136
136
\u2013 Financial liabilities
(553)
(553)
(2,944)
(2,944)
Financial liabilities at amortised cost
Bank loans
\u2014
\u2014
\u2014
\u2014
Trade and other payables and
accrued expenses
(65,073)
(65,073)
(62,924)
(62,924)
Contingent consideration
\u2014
\u2014
\u2014
\u2014
Preference shares
(40)
(40)
(40)
(40)
Lease liabilities
(11,917)
(11,917)
(8,796)
(8,796)
222,510
222,510
174,481
174,481
Fair value hierarchy The fair value of the Group\u2019s outstanding derivative financial assets and liabilities consisted of foreign exchange contracts and swaps and were estimated using year end spot rates adjusted for the forward points to the appropriate value dates, and gains and losses are taken to other comprehensive income, and estimated using market foreign exchange rates at the balance sheet date. All derivative financial instruments are categorised as Level 2 of the fair value hierarchy. The other financial instruments are classified as Level 3 in the fair value hierarchy and are valued as follows. Cash and cash equivalents, trade and other payables, and trade receivables are carried at their book values as this approximates to their fair value due to the short-term nature of the instruments. Bank loans and lease liabilities are carried at amortised cost as it is the intention that they will not be repaid prior to maturity, where this option exists. The fair values are evaluated by the Group based on parameters such as interest rates and relevant credit spreads.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "a) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers and cash on deposit with financial institutions. Management has a credit policy in place and exposure to credit risk is both monitored on an ongoing basis and reduced through the use of credit insurance covering over 80% of trade receivables at any time. Credit evaluations are carried out on all customers requiring credit above a certain threshold, with varying approval levels set around this depending on the value of the sale. At the balance sheet date there were no significant concentrations of credit risk. Goods are sold subject to retention of title clauses, so that in the event of non\u2013payment the Group may have a secured claim. The Group maintains an allowance for impairment in respect of non\u2013insured receivables where recoverability is considered doubtful. The Group Treasury Committee meets regularly and reviews the credit risk associated with institutions that hold a material cash balance. As well as credit ratings, counterparties and instruments are assessed for credit default swap pricing and liquidity of funds. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2023
2022
Trade receivables
152,842
134,279
Cash and cash equivalents
146,372
114,770
299,214
249,049
The maximum exposure to credit risk for trade receivables at the reporting date by currency was:
Carrying amount
2023
2022
Sterling
23,613
17,9 49
US dollar
30,291
33,648
Euro
46,378
38,511
Other
52,560
4 4,171
152,842
134,279
Allowance for expected credit loss against trade receivables The following table shows the expected credit loss (ECL) that has been recognised for trade receivables:
Gross Provision Gross Provision
2023 2023 2022 2022
Not past due
118,229
\u2014
97,291
\u2014
Past due 0\u201330 days
23,077
(32)
23,141
\u2014
Past due 31\u201360 days
6,684
(96)
8,168
(65)
Past due 61\u201390 days
2,084
(106)
3,525
(46)
Past due more than 91 days
4,796
(1,794)
7,381
(5,116)
154,870
(2,028)
139,506
(5,227)
The reduction in provision from 2022 to 2023 primarily relates to the write off of trade receivables provided for in prior years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "Allowance for expected credit loss against trade receivables The following table shows the expected credit loss (ECL) that has been recognised for trade receivables:
Gross Provision Gross Provision
2023 2023 2022 2022
Not past due
118,229
\u2014
97,291
\u2014
Past due 0\u201330 days
23,077
(32)
23,141
\u2014
Past due 31\u201360 days
6,684
(96)
8,168
(65)
Past due 61\u201390 days
2,084
(106)
3,525
(46)
Past due more than 91 days
4,796
(1,794)
7,381
(5,116)
154,870
(2,028)
139,506
(5,227)
The reduction in provision from 2022 to 2023 primarily relates to the write off of trade receivables provided for in prior years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group is highly cash generative and uses monthly cash flow forecasts to monitor cash requirements and to optimise its return on investments. Typically the Group ensures that it has sufficient cash on hand to meet foreseeable operational expenses; it also maintains a \u00a35,000,000 uncommitted overdraft facility (2022: \u00a35,000,000) on which interest would be payable at base rate plus 2.0% (2022: 2.0%) and a \u20ac5,000,000 uncommitted overdraft facility (2022: \u20ac5,000,000) on which interest would be payable at base rate plus 1.1% (2022: 1.1%). The following are the contractual maturities of financial liabilities, including interest payments and excluding the impact of netting agreements:
Analysis of contractual cash flow maturities
Carrying Contractual Less than More than
31 December 2023 amount cash flows
12 months
1\u20132 years
2\u20135 years
5 years
Lease liabilities
11,917
13,220
3,604
3,134
5,367
1,115
Trade and other payables
and accrued expenses
65,073
65,073
65,073
\u2014
\u2014
\u2014
Foreign exchange contracts
553
553
538
15
\u2014
\u2014
Non-redeemable preference shares
40
40
\u2014
\u2014
\u2014
40
77,583
78,886
69,215
3,149
5,367
1,155
Analysis of contractual cash flow maturities
Carrying Contractual Less than More than
31 December 2022 amount cash flows
12 months
1\u20132 years
2\u20135 years
5 years
Lease liabilities
8,796
9,678
3,735
1,991
3,281
671
Trade and other payables and accrued
expenses
62,924
62,924
62,924
\u2014
\u2014
\u2014
Foreign exchange contracts
2,944
2,944
2,729
215
\u2014
\u2014
Non-redeemable preference shares
40
40
\u2014
\u2014
\u2014
40
74,704
75,586
69,388
2,206
3,281
711
Where a counterparty experiences credit stress the foreign exchange contracts may be settled on a net basis but standard practice is to settle on a gross basis and the undiscounted gross outflow in respect of these contracts is \u00a3102,500,000 (2022: \u00a397,700,000) and the gross inflow is \u00a3102,800,000 (2022: \u00a394,900,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "value": "c) Market risk Market risk arises from changes in market prices, such as currency rates and interest rates, and may affect the Group\u2019s results. The objective of market risk management is to manage and control market risk within suitable parameters. i) Currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than the business unit\u2019s functional currency. The currencies primarily giving rise to this risk are the US dollar and related currencies and the euro. The Group hedges up to 75% of forecast US dollar or euro foreign currency exposures using forward exchange contracts. In respect of other non-sterling monetary assets and liabilities the exposures may also be hedged up to 75% where this is deemed appropriate. As part of the Group\u2019s cash management some of the overseas subsidiaries have loan and deposit balances where their intra-group counterparty is in the UK. The balances are typically in local currency for the subsidiary so the UK holds a foreign currency current asset or liability which is usually hedged through the use of foreign exchange swaps. At the balance sheet date only the \u2018forward\u2019 part of the swap remains and this is designated as a cash flow hedge to match the currency exposure of the intercompany loan asset. The Group classifies its forward exchange contracts (that hedge both the forecast sale and purchase transactions and the intercompany loan and deposit balances) as cash flow hedges and states them at fair value. The net fair value of foreign exchange contracts used as hedges at 31 December 2023 was a \u00a3326,000 asset (2022: \u00a32,808,000 liability) comprising an asset of \u00a3879,000 (2022: \u00a3136,000) and a liability of \u00a3553,000 (2022: \u00a32,944,000). Forward exchange contracts in place at 31 December 2023 mature in 2024 and 2025. Changes in the fair value of foreign exchange contracts that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement. Sensitivity analysis It is estimated that, with all other variables held equal (in particular other exchange rates), a general change of one cent in the value of euro against sterling would have had an impact on the Group\u2019s operating profit for the year ended 31 December 2023 of \u00a3150,000 (2022: \u00a3150,000) and a change of one cent in the value of US dollar against sterling would have had an impact on the Group\u2019s operating profit for the year ended 31 December 2023 of \u00a3500,000 (2022: \u00a3550,000). Larger changes would have a linear impact on operating profit. The method of estimation, which has been applied consistently, involves assessing the transaction impact of US dollar and euro cash flows and the translation impact of US dollar and euro profits. The following significant exchange rates applied during the year:
Average rate
Closing rate
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.21
Euro
1.15
1.17
1.15
1.13
ii) Interest rate risk The Group does not undertake any hedging activity in this area. All cash deposits are made at prevailing interest rates and the majority is available with same day notice, though deposits are sometimes made with a maturity of no more than three months. The main element of interest rate risk concerns sterling, US dollar, Euro and Renminbi deposits, all of which are on a floating rate basis. The interest rate profile of the Group\u2019s financial liabilities (excluding leases) at 31 December was as follows:
2023
2022
Fixed rate financial liabilities
40
40
Floating rate financial liabilities
\u2014
\u2014
40
40
The fixed rate financial liabilities comprise preference shares. The weighted average interest rate of the fixed and floating rate financial liabilities are 9.5% (2022: 9.5%) and nil (2022: nil respectively. The maturity profile of the Group\u2019s fixed rate financial liabilities (excluding leases) at 31 December was as follows:
2023
2022
In one year or less
\u2014
\u2014
In more than one year but not more than two years
\u2014
\u2014
In more than two years but not more than five years
\u2014
\u2014
In more than five years
40
40
Total
40
40
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "value": "d) Capital risk management The primary objective of the Group\u2019s capital management is to ensure it maintains sufficient capital in order to support its business and maximise shareholder value. The Group has an asset-light business model and uses cash generated from operations to either invest organically or by acquisition. The Group manages its capital structure and makes adjustments to it in light of changes in economic and market conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders or issue new shares. The Group defines capital as net cash/(debt) plus equity attributable to shareholders. There are no externally imposed restrictions on the Group\u2019s capital structure. The reconciliation of the Group\u2019s definition of capital employed is shown in note 2. The Group\u2019s reconciliation of net debt to net cash is shown below.
Notes
2023
2022
Total borrowings including lease liabilities
20
(11,957)
(8,836)
Total cash and cash equivalents
17
146,372
114,770
Group net cash
134,415
105,934
Reconciliation of changes in assets and liabilities arising
from financing activities
Repayment of bank loans
\u2014
694
Repayment of lease liabilities
3,699
3,966
Increase in lease liabilities
(7,069)
(4,151)
Effect of exchange rate fluctuations
249
(9)
Changes in financial liabilities arising from
financing activities
(3,121)
500
Net increase/(decrease) in cash and cash equivalents
31,602
(8,703)
Net increase/(decrease) in net cash
28,481
(8,203)
Net cash at start of year
105,934
114,137
Net cash at end of year
134,415
105,934
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "value": "e) Fair values The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheet, were as follows:
Carrying Carrying
amount Fair value amount Fair value
2023 2023 2022 2022
Loans and receivables
Trade receivables
152,842
152,842
134,279
134,279
Financial assets
Cash and cash equivalents
146,372
146,372
114,770
114,770
Designated cash flow hedges
Foreign exchange contracts:
\u2013 Financial assets
879
879
136
136
\u2013 Financial liabilities
(553)
(553)
(2,944)
(2,944)
Financial liabilities at amortised cost
Bank loans
\u2014
\u2014
\u2014
\u2014
Trade and other payables and
accrued expenses
(65,073)
(65,073)
(62,924)
(62,924)
Contingent consideration
\u2014
\u2014
\u2014
\u2014
Preference shares
(40)
(40)
(40)
(40)
Lease liabilities
(11,917)
(11,917)
(8,796)
(8,796)
222,510
222,510
174,481
174,481
Fair value hierarchy The fair value of the Group\u2019s outstanding derivative financial assets and liabilities consisted of foreign exchange contracts and swaps and were estimated using year end spot rates adjusted for the forward points to the appropriate value dates, and gains and losses are taken to other comprehensive income, and estimated using market foreign exchange rates at the balance sheet date. All derivative financial instruments are categorised as Level 2 of the fair value hierarchy. The other financial instruments are classified as Level 3 in the fair value hierarchy and are valued as follows. Cash and cash equivalents, trade and other payables, and trade receivables are carried at their book values as this approximates to their fair value due to the short-term nature of the instruments. Bank loans and lease liabilities are carried at amortised cost as it is the intention that they will not be repaid prior to maturity, where this option exists. The fair values are evaluated by the Group based on parameters such as interest rates and relevant credit spreads.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "value": "e) Fair values The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheet, were as follows:
Carrying Carrying
amount Fair value amount Fair value
2023 2023 2022 2022
Loans and receivables
Trade receivables
152,842
152,842
134,279
134,279
Financial assets
Cash and cash equivalents
146,372
146,372
114,770
114,770
Designated cash flow hedges
Foreign exchange contracts:
\u2013 Financial assets
879
879
136
136
\u2013 Financial liabilities
(553)
(553)
(2,944)
(2,944)
Financial liabilities at amortised cost
Bank loans
\u2014
\u2014
\u2014
\u2014
Trade and other payables and
accrued expenses
(65,073)
(65,073)
(62,924)
(62,924)
Contingent consideration
\u2014
\u2014
\u2014
\u2014
Preference shares
(40)
(40)
(40)
(40)
Lease liabilities
(11,917)
(11,917)
(8,796)
(8,796)
222,510
222,510
174,481
174,481
Fair value hierarchy The fair value of the Group\u2019s outstanding derivative financial assets and liabilities consisted of foreign exchange contracts and swaps and were estimated using year end spot rates adjusted for the forward points to the appropriate value dates, and gains and losses are taken to other comprehensive income, and estimated using market foreign exchange rates at the balance sheet date. All derivative financial instruments are categorised as Level 2 of the fair value hierarchy. The other financial instruments are classified as Level 3 in the fair value hierarchy and are valued as follows. Cash and cash equivalents, trade and other payables, and trade receivables are carried at their book values as this approximates to their fair value due to the short-term nature of the instruments. Bank loans and lease liabilities are carried at amortised cost as it is the intention that they will not be repaid prior to maturity, where this option exists. The fair values are evaluated by the Group based on parameters such as interest rates and relevant credit spreads.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "
28. Leases
The Group leases many assets including land and buildings, vehicles, machinery and IT equipment.
Information about leases for which the Group is a lessee is presented below.
Right-of-use assets
The right-of-use assets are disclosed as a non-current asset and are part of the property, plant and
equipment balance of \u00a374,411,000 at 31 December 2023.
Land and Plant and
2023 buildings
equipment
Total
Balance at 1 January
7,293
1,072
8,365
Depreciation charge for the year
(3,288)
(860)
(4,148)
Additions to right-of-use assets
5,157
1,912
7,069
Right-of-use assets disposed of
(150)
(1)
(151)
Foreign exchange differences
218
93
311
Balance at 31 December
9,230
2,216
11,446
Lease liabilities
2023
2022
Maturity analysis \u2013 contractual undiscounted cash flows
Less than one year
3,604
3,735
One to five years
8,501
5,272
More than 5 years
1,115
671
Total undiscounted lease liability at 31 December
13,220
9,678
Interest cost associated with future periods
(1,303)
(882)
Lease liabilities included in Consolidated balance sheet at 31 December
11,917
8,796
Current
3,131
3,431
Non-current
8,786
5,365
Amounts recognised in the income statement
The Group has elected not to recognise a lease liability for short term leases (leases with an expected
term of 12 months or less) or for leases of low value assets. Payments made under such leases are
expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to
be recognised as lease liabilities and are expensed as incurred.
2023
2022
Leases under IFRS 16
Interest on lease liabilities
495
406
Expenses relating to short-term leases and leases of low-value assets
2,485
2,202
Depreciation of right-of-use assets
4,148
4,475
Amounts recognised in statement of cash flows
2023
2022
Total cash outflow for leases
6,184
6,168
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "value": "
29. Capital commitments
Capital commitments at 31 December for which no provision has been made in these accounts were:
2023
2022
Contracted
933
1,238
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "29. Capital commitments Capital commitments at 31 December for which no provision has been made in these accounts were:
2023
2022
Contracted
933
1,238
30. Contingencies
2023
2022
Performance guarantees and indemnities
8,194
3,444
The performance guarantees and indemnities have been entered into in the normal course of business. A liability would only arise in the event of the Group failing to fulfil its contractual obligations. Subsidiary audit exemptions Rotork plc has issued guarantees over the liabilities of the following companies at 31 December 2023 under Section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act. \u2022 Bifold Fluidpower Limited (01787729) \u2022 Bifold Group Limited (06186844) \u2022 Flowco Limited (02891839) \u2022 Rotork Midland Limited (02819224) \u2022 Rotork Americas Holdings Limited (12320359) \u2022 Rotork Controls Limited (00608345) \u2022 Rotork Overseas Limited (01010160) \u2022 Rotork UK Limited (01090344)", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "value": "
30. Contingencies
2023
2022
Performance guarantees and indemnities
8,194
3,444
The performance guarantees and indemnities have been entered into in the normal course of business.
A liability would only arise in the event of the Group failing to fulfil its contractual obligations.
Subsidiary audit exemptions Rotork plc has issued guarantees over the liabilities of the following companies at 31 December 2023 under Section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act. \u2022 Bifold Fluidpower Limited (01787729) \u2022 Bifold Group Limited (06186844) \u2022 Flowco Limited (02891839) \u2022 Rotork Midland Limited (02819224) \u2022 Rotork Americas Holdings Limited (12320359) \u2022 Rotork Controls Limited (00608345) \u2022 Rotork Overseas Limited (01010160) \u2022 Rotork UK Limited (01090344)", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "
31. Related parties
The Group has a related party relationship with its subsidiaries and with its directors and key
management. A list of subsidiaries is shown on pages 203 to 205 of these financial statements.
Transactions between two subsidiaries for the sale and purchase of products or the subsidiary
and parent Company for management charges are priced on an arm\u2019s length basis.
Key management emoluments
The emoluments of those members of the Rotork Management Board, including directors, who are
responsible for planning, directing and controlling the activities of the Group were:
2023
2022
Emoluments including social security costs
6,713
4,381
Pension contributions
261
261
Share-based payments
1,628
524
8,602
5,166
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "value": "31. Related parties The Group has a related party relationship with its subsidiaries and with its directors and key management. A list of subsidiaries is shown on pages 203 to 205 of these financial statements. Transactions between two subsidiaries for the sale and purchase of products or the subsidiary and parent Company for management charges are priced on an arm\u2019s length basis. Key management emoluments The emoluments of those members of the Rotork Management Board, including directors, who are responsible for planning, directing and controlling the activities of the Group were:
2023
2022
Emoluments including social security costs
6,713
4,381
Pension contributions
261
261
Share-based payments
1,628
524
8,602
5,166
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "value": "Key management emoluments The emoluments of those members of the Rotork Management Board, including directors, who are responsible for planning, directing and controlling the activities of the Group were:
2023
2022
Emoluments including social security costs
6,713
4,381
Pension contributions
261
261
Share-based payments
1,628
524
8,602
5,166
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800AH5RZIHGWRJ718", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }