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These financial statements were approved by the Board of Directors on 6 March 2024 and
were signed on its behalf by:
Rob Wood James Brotherton
Chief Executive Officer Chief Financial Officer
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"2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-391": { "value": "24900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-392": { "value": "17100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-393": { "value": "101700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-394": { "value": "83900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-395": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-396": { "value": "700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-397": { "value": "126900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-398": { "value": "101700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-407": { "value": "
The principal activities of the Group are
the quarrying of aggregates together
with manufacture and sale of construction
materials and building products, including
cement, asphalt and ready-mixed concrete,
together with related activities in GB
and Ireland .
Breedon Group plc (the \u2018Company\u2019) is a
company domiciled in England. The address
of the Company\u2019s registered office is
Pinnacle House, Breedon Quarry, Breedon
on the Hill, Derby, England, DE73 8AP .
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "The principal activities of the Group are the quarrying of aggregates together with manufacture and sale of construction materials and building products, including cement, asphalt and ready-mixed concrete, together with related activities in GB and Ireland .", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "The principal activities of the Group are the quarrying of aggregates together with manufacture and sale of construction materials and building products, including cement, asphalt and ready-mixed concrete, together with related activities in GB and Ireland . Breedon Group plc (the \u2018Company\u2019) is a company domiciled in England. The address of the Company\u2019s registered office is Pinnacle House, Breedon Quarry, Breedon on the Hill, Derby, England, DE73 8AP . Basis of preparation These financial statements consolidate the results of the Company and subsidiary undertakings, and equity accounts for the Group\u2019s interests in its associate and joint ventures (collectively \u2018the Group\u2019). Corporate Reorganisation (AIM to Main) In connection with the Group\u2019s move from AIM to the Premium Segment of the Main Market of the London Stock Exchange during the first half of 2023, a new holding company for the Group was established. Breedon Group plc (\u2018New Breedon\u2019), a company registered in England & Wales with registration number 14739556 was incorporated on 17 March 2023 to act as the new parent company for the Group, in place of Breedon Group plc (\u2018Old Breedon\u2019), a company incorporated in Jersey with registration number 98465 New Breedon obtained control of the Group on 17 May 2023 via a court approved scheme of arrangement (the \u2018Corporate Reorganisation\u2019). Under the scheme of arrangement, shares with nominal value of \u00a31.40 were issued in exchange for all the shares in Old Breedon at a ratio of one share in New Breedon for every five shares in Old Breedon. There were no changes in rights or proportion of control exercised as a result of the transaction. IFRS 3 excludes common control transactions and group reconstructions. These financial statements therefore incorporate the results of the reorganisation using the merger accounting method, whereby the results and cash flows of all the combining entities are brought into the financial statements from the beginning of the financial year in which the combination occurs and comparative figures also reflect the combination of the entities. The Group\u2019s equity is adjusted to reflect that of the new holding company, with the difference between Stated Capital reported by Old Breedon under Jersey company law and Share Capital reported by New Breedon recognised as a Merger Reserve. See note 17 for further disclosure. Earnings and Dividend per share measures have been restated to reflect the impact of the five to one share consolidation. In all other aspects the Group\u2019s results and financial position are unaffected by the change and reflect the continuation of the Group
Going concern
These financial statements are prepared
on a going concern basis which the
directors consider to be appropriate
for the following reasons:
The Group meets day-to-day working
capital and other funding requirements
through banking facilities, which include
an overdraft facility. Longer-term
debt financing is accessed through the
Group\u2019s USPP loan note programme.
The facilities comprise a \u00a3350m
multi-currency RCF, which runs to June
2026 and \u00a3250m of USPP loan notes
with maturities between 2028 and 2036.
Further details of these facilities are
provided in note 14 to the financial
statements.
The Group comfortably met all
covenants in 2023 and other terms of
its borrowing agreements in the period,
and maintained a track record of
profitability and cash generation, with an
overall profit before taxation of \u00a3134.4m
and net cash from operating activities
of \u00a3191.9m.
The Group has prepared cash flow
forecasts for a period of 12 months from
the date of signing these financial
statements, which show a sustained
trend of profitability, cash generation
and retained covenant headroom, even
under a \u2018severe but plausible\u2019 downside
scenario of forecast cash flows.
The impact of the acquisitions discussed
in note 28 on the Group\u2019s borrowings and
covenant headroom has been
considered in making this assessment.
The base case assumes a trading
performance delivered in line with
market consensus over the forecast
period, while the downside scenario
models a 10% reduction in revenues,
which the Group believes is an extremely
severe sensitivity relative to likely
outcomes and historic experience.
As at 31 December 2023, the Group had
cash of \u00a3126.9m and undrawn banking
facilities of \u00a3350.0m. At the date of this
report, the Group retains a similar level
of liquidity. Following the acquisitions
discussed in note 28 the level of undrawn
facilities will reduce to c.\u00a3175m. The
remaining cash and undrawn facility is
expected to provide sufficient available
funds for the Group to discharge its
liabilities as they fall due.
Consequently, the directors are
confident that the Group will have
sufficient funds to continue to meet its
liabilities as they fall due for at least
12 months from the date of approval of
these financial statements and therefore
have prepared the financial statements
on a going concern basis.
Breedon Group plc Annual Report and Accounts 2023 189Strategic report\u2003Governance\u2003Financial statements\u2003Additional information
Applicable laws and accounting standards These financial statements have been prepared in accordance with UK-adopted international accounting standards. The consolidated financial statements have been prepared under the historical cost convention except for the revaluation to fair value of certain financial instruments. The accounting policies set out below have, unless otherwise stated, been applied consistently throughout the year. Presentation currency These financial statements are presented in sterling. All financial information presented has been rounded to the nearest \u00a30.1m. Basis of consolidation Subsidiary undertakings are entities controlled by the Group. Control exists when the Group is exposed to or has rights to variable returns from its investment and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The Group considers an entity to be a subsidiary undertaking when the Group has control over the entity. Ordinarily this is when the Group holds more than 50% of the shares and voting rights. Subsidiary undertakings are consolidated in accordance with IFRS 10. Associates are those entities in which the Group holds more than 20% of the shares and voting rights and has significant
influence, but not control, over the financial
and operating policies. Joint ventures
are those entities over whose activities
the Group has joint control, requiring
unanimous consent of the owners for
strategic financial and operating decisions.
The Group\u2019s financial statements
includes the Group\u2019s share of the total
comprehensive income of its associate
and joint ventures, on an equity accounted
basis, from the date that significant
influence or joint control commences
until the date that significant influence
or joint control ceases.
When the Group\u2019s share of losses exceeds
its interest in an associate or joint venture,
the Group\u2019s carrying amount is reduced
to nil and recognition of further losses is
discontinued, except to the extent that the
Group has incurred legal or constructive
obligations or made payments on behalf
of an associate or joint venture.
Accounting estimates and judgements
The preparation of the financial statements
requires the use of certain critical accounting
estimates, and for management to exercise
judgement in the process of applying the
Group\u2019s accounting policies.
The areas involving a higher degree of
judgement or complexity, or areas where
assumptions and estimates are significant
to the consolidated financial statements, are
disclosed in note 26.
New IFRS Standards and Interpretations
adopted in the year
The Group adopted IFRS 17 and
amendments to IAS 1, IAS 8 and IAS 12
from 1 January 2023. The adoption of these
standards has not had a material impact
on the financial statements.
New IFRS Standards and Interpretations
not adopted
At the date on which these financial
statements were authorised, there
were no Standards, Interpretations and
Amendments which had been issued but
were not effective for the year ended
31 December 2023 that are expected
to materially impact the Group\u2019s financial
statements in the future.
Foreign exchange
Foreign exchange transactions
Transactions in foreign currencies are
recorded at the spot rate at the transaction
date. Monetary assets and liabilities
denominated in foreign currencies are
retranslated at the balance sheet date,
with all currency translation differences
recognised within the consolidated income
statement, except for those monetary items
that provide an effective hedge for a net
investment in a foreign operation.
Foreign exchange translation
The consolidated financial statements
are presented in sterling, which is the
presentational currency of the Group.
The individual financial statements of the
Group\u2019s subsidiaries and joint ventures with
a functional currency other than sterling
are translated into sterling according
to IAS 21.
Results and cash flows are translated
monthly using average monthly exchange
rates. Accumulated, assets and liabilities are translated using the closing rates at the reporting date and equity is translated at historic exchange rates. The resulting translation differences are recognised in the consolidated statement of comprehensive income until the subsidiary is disposed of. Goodwill and fair value adjustments arising on acquisition of a foreign operation are regarded as assets and liabilities of the foreign operation and are translated accordingly. Financial instruments Financial instruments are recognised when the Group becomes a party to the contractual provisions of the instrument. The principal financial assets and liabilities of the Group are as follows: Trade receivables and trade payables Trade receivables and trade payables are initially recognised at fair value and are then stated at amortised cost. Contract assets and liabilities Contract assets, presented within trade and other receivables, primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date on surfacing contracts. The contract assets are transferred to receivables when the rights become unconditional. Contract liabilities, presented within trade and other payables, primarily relate to the advance consideration received from customers on these contracts Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, including bank deposits and money-market funds with original maturities of three months or less. For the purposes of the consolidated statement of cash flows, bank overdrafts are included in cash and cash equivalents as they are an integral part of the Group\u2019s cash management. Bank and other borrowings Interest-bearing bank loans, overdrafts and other loans, including USPP loan notes, are recognised initially at fair value less attributable transaction costs. All borrowings are subsequently stated at amortised cost with the difference between initial net proceeds and redemption value recognised in the consolidated income statement over the period to redemption on an effective interest basis. Derivative financial instruments The majority of the Group\u2019s strategic hedging programme is delivered using executory contracts to forward purchase commodities for our own use. The cost is recognised in the consolidated income statement at the agreed forward rates on receipt of the underlying items. The Group uses financial instruments to manage financial risks associated with
the Group\u2019s underlying business activities
and the financing of those activities.
The Group does not undertake any
trading in financial instruments.
Derivatives are initially recognised at fair
value and subsequently remeasured in
future periods at fair value. The gain
or loss on remeasurement is recognised
immediately in profit or loss, unless
a derivative financial instrument is
designated as a hedge of the variability in
cash flows of a recognised asset or liability.
In this instance the effective part of
any gain or loss is recognised in the
consolidated statement of comprehensive
income and in the hedging reserve.
Any ineffective portion of the hedge
is recognised immediately in the
consolidated income statement.
Amounts recorded in the hedging reserve
are subsequently reclassified to the
consolidated income statement when
the expense for the hedged transaction
is actually recognised.
To qualify for hedge accounting,
the hedging relationship must meet
several conditions with respect to
documentation, probability of occurrence,
hedge effectiveness and reliability
of measurement.
At the inception of the transaction,
the Group documents the relationship
between hedging instruments and hedged
items, as well as its risk management
objective and strategy for undertaking
the hedge transaction.
This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group documents an assessment, at hedge inception and on an annual basis, as to whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items. Mineral reserves and resources Mineral reserves and resources are stated at cost, including both the purchase price and costs incurred to gain access to the reserves, including costs of planning and initial site development. The value of mineral reserves and resources recognised as a result of business combinations is based on the fair value at the point of acquisition. Mineral assets are depreciated using a physical unit-of-production method, over the commercial life of the quarry. Property, plant and equipment Items of property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to the consolidated income statement on a straight-line basis over the estimated useful lives of assets, in order to write off the cost or deemed cost of assets. The estimated useful lives are as follows:\u2002 Freehold buildings 50 years\u2002 Fixtures and fittings up to 10 years\u2002 Office equipment up to 5 years\u2002 Fixed plant up to 35 years\u2002 Loose plant and machinery up to 10 years\u2002 Motor vehicles up to 10 years No depreciation is provided on freehold land. Business combinations, intangible assets and goodwill The Group measures goodwill as the fair value of the purchase consideration transferred, including the recognised amount of any non-controlling interest in the acquiree, less the fair value of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Fair value adjustments are always considered to be provisional at the first reporting date after the acquisition. Goodwill arising on the acquisition of subsidiary undertakings is recognised as an asset in the consolidated statement of financial position and is subject to an annual impairment review. 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
Cost reflects management\u2019s judgement of
the fair value of the individual intangible
asset calculated by reference to the net
present value of future economic benefits
accruing to the Group from the utilisation
of the asset, discounted at an appropriate
rate. Other intangibles arising on the
acquisition of associated undertakings
are included within the carrying value of
the investment.
Amortisation is based on the estimated
useful economic lives of the assets
concerned, which is considered by the
directors to be a period of up to 20 years.
The Group measures non-controlling
interests at a proportionate share of the
recognised amount of the identifiable net
assets at the acquisition date.
Where the Group has entered into put
options relating to a minority shareholding
as part of a transaction, the Group applies
the \u2018anticipated acquisition\u2019 method to
account for the put liability and does not
recognise a separate non-controlling
interest within reserves. Subsequently
changes in the value of the put liability
are recognised within equity.
Impairment of non-financial assets
The carrying amounts of the Group\u2019s
non-financial assets, other than goodwill,
inventories and deferred tax assets
(see separate accounting policies),
are reviewed at each reporting date to
determine whether there is any indication
of impairment; including an assessment of
any indication of impairment arising as a
result of climate change.
Impairment reviews are undertaken at the
level of each significant cash-generating
unit, which is no larger than an operating
segment as defined by IFRS 8. If any
such indication exists then the asset\u2019s
recoverable amount is estimated.
The recoverable amount of an asset or
cash-generating unit is the greater of
the value in use and the fair value less
costs to sell.
In assessing value in use, the estimated
future cash flows are discounted to their
present value using a pre-tax discount rate
that reflects current market assessments
of the time value of money and the risks
specific to the asset.
An impairment loss in respect of goodwill
is not reversed. In respect of other assets,
impairment losses recognised in prior
periods are assessed at each reporting
date for any indications that the loss has
decreased or no longer exists.
An impairment loss is reversed if there has
been a change in the estimates used to
determine the recoverable amount.
An impairment loss is reversed only to the
extent that the asset\u2019s carrying amount
does not exceed the carrying amount
that would have been determined, net
of depreciation or amortisation, if no
impairment loss had been recognised.
Impairment of financial assets The Group recognises loss allowances for expected credit losses (ECLs) on financial and contract assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs except for bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition, which are measured as 12-month ECLs. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of overheads, including mineral depletion where relevant. The level of overheads included in the cost of inventory is based on normal operating capacity Net realisable value is determined with reference to sales prices less cost to sell and, in the case of obsolete stock on an excess stock model of sales relative to inventories held. Emissions rights The Group is required to purchase carbon emissions credits to settle liabilities under both EU and UK ETS. Assets and liabilities arising in respect of emission rights are presented on a net basis in the consolidated financial statements. Where an emissions credit is received for nil cost, these are initially measured at a nominal value of zero and an emissions liability is recognised only in circumstances where emissions have exceeded the allowance for a scheme, from the perspective of the Group as a whole, and will require the purchase of additional allowances to settle an emissions liability. Emission credits purchased for consideration are measured at cost using the first-in first-out principle and presented within inventories where the net value is in excess of emissions liabilities. Retirement benefits The Group does not operate any defined benefit plans. Obligations for contributions to defined contribution pension plans are recognised as an expense in the consolidated income statement as incurred.
Provisions
A provision is recognised in the consolidated
statement of financial position when the
Group has a present legal or constructive
obligation, and it is probable that an
outflow of economic benefits will be
required to settle the obligation.
The Group provides for the costs of
decommissioning property, plant and
equipment and to restore its sites. The
initial cost of creating decommissioning
provisions on commencement of
operations is included in property, plant
and equipment and depreciated over the
life of the plant.
Changes in the measurement of a
previously capitalised provision that result
from changes in the estimated timing or
amount of cash outflows are added to,
or deducted from, the cost of the related
asset. All other changes, including
incremental extraction of minerals which
increases the level of restoration provisions,
are recognised in the consolidated
income statement.
All provisions are discounted to their
present value at a rate that reflects current
market assessments of the time value of
money and the risks specific to the liability.
Revenue
Group revenue arises from the sale of
goods and surfacing. IFRS 15 requires
revenue to be recognised in line with
a principles-based five-step model.
This requires the Group to identify its
performance obligations, determine the
transaction price applicable to each of
these performance obligations and then
to select an appropriate method for the
timing of revenue recognition, reflecting
the substance of the performance
obligation, being either recognition
at a point in time or over time.
Revenue from sale of goods
The majority of the Group\u2019s revenue is
derived from the sale of physical goods
to customers. Depending on whether
the goods are delivered to or collected
by the customer, the contract contains
either one performance obligation which
is satisfied at the point of collection, or
two performance obligations which are
satisfied simultaneously at the point
of delivery.
The transaction price for this revenue is
the amount which can be invoiced to
the customer once the performance
obligations are fulfilled, reduced to reflect
provisions recognised for returns, trade
discounts and rebates. Where the Group
offers discounts or volume rebates, the
variable element of revenue is based on
the most likely amount of consideration
that the Group believes will be received.
This value excludes items collected on
behalf of third parties, such as sales taxes.
For all sales of goods, revenue is
recognised at a point in time, being the
point that the goods are transferred to
the customer.
Revenue from surfacing
The majority of surfacing revenue
comprises short-term performance
obligations to supply and lay materials.
Other surfacing revenue can contain
more than one performance obligation
dependent on the nature of the contract.
The transaction price is calculated as
consideration specified by the contract,
adjusted to reflect provisions recognised
for returns, trade discounts and rebates.
Where the agreement with a customer
provides for elements of variable
consideration, these values are included
in the calculation of the transaction price
only to the extent that it is \u2018highly probable\u2019
that a significant reversal in the amount
of cumulative revenue recognised will not
occur when the uncertainty associated
with the variable consideration is resolved.
Where the transaction price is allocated
between multiple performance obligations,
this typically reflects the allocation of value
to each performance obligation agreed
with the end customer, unless this does
not reflect the economic substance.
Surfacing performance obligations
are satisfied over time, so revenue is
typically recognised on an output basis,
being volume of product laid for most
surfacing revenue.
Warranties and customer claims
The Group provides assurance type
warranties over the specification of
products but does not provide extended
warranties or maintenance services in contracts with customers. Claims with customers may arise in the usual course of business. Both customer claims and warranties are accounted for under IAS 37 . Financial income and expense Financial income and expense comprise interest payable, finance charges, lease interest, interest receivable on funds invested, and gains and losses on related hedging instruments that are recognised in the consolidated income statement. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Income tax Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that income tax relates to items recognised directly in equity. Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because taxable profit excludes items of income or expense that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates enacted or substantively enacted at the reporting date and includes any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is provided in full using the
statement of financial position liability
method and represents the tax expected
to be payable or recoverable on the
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:
\u2002 goodwill not deductible for tax purposes;
\u2002 the initial recognition of assets or
liabilities that affect neither accounting
nor taxable profit other than in a
business combination; and
\u2002 differences relating to investments
in subsidiaries to the extent that
they will probably not reverse in the
foreseeable future.
The amount of deferred tax provided
is based on the expected manner of
realisation or settlement of the carrying
amount of assets and liabilities using tax
rates enacted or substantively enacted
at the reporting 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.
The carrying amount of deferred tax assets
is reviewed at each reporting date and
reduced to the extent that it is no longer
probable that sufficient taxable profit will
be available to allow all or part of the asset
to be recovered.
Deferred tax assets and liabilities are offset
when they relate to income taxes levied by
the same taxation authority and the Group
intends to settle its current tax assets and
liabilities on a net basis.
Leases
Right-of-use assets and liabilities are
recognised for any arrangements meeting
the definition of a lease set out in IFRS 16.
Right-of-use assets are measured at cost,
comprising the initial amount of the
lease liability adjusted for any lease
prepayments, plus any initial direct costs
incurred, less any lease incentives received.
Right-of-use assets are then depreciated
using the straight-line method from the
start of the lease to the earlier of the end
of the useful life of the right-of-use asset
or the end of the lease term.
Lease liabilities are presented within
interest-bearing loans and borrowings.
They are measured at the present value
of future lease payments, discounted at
a rate which reflects both the Group\u2019s
incremental borrowing rate, adjusted for
the time value of money, and the nature
of the leased asset.
The Group has elected to take advantage
of the practical expedients, permitted by
IFRS 16, not to recognise lease assets and
liabilities in respect of short-term and
low-value leases. Charges recognised in
the consolidated income statement in
respect of these leases are not significant
to the Group.
Share-based transactions Equity-settled share-based payments to directors, key employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value is expensed, with a corresponding increase in equity, on a straight-line basis over the period that the employees become unconditionally entitled to the awards. At each reporting date, the Group revises the amount recognised as an expense to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with market-based performance conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. Where a share-based payment is net-settled by withholding a specified portion of the shares to meet statutory obligations, the arrangement is accounted for as an equity-settled share-based payment in its entirety. Dividends Dividends are recognised as a liability in the financial statements in the period in which they are declared by the Company
and, in respect of final dividends, approved
by shareholders.
Alternative performance measures
The following non-GAAP performance
measures have been used in the
financial statements:
i. Underlying Earnings Before Interest and
Tax (EBIT)
ii. Underlying EBIT margin
iii. Underlying EBITDA
iv. Like-for-like Underlying EBIT
v. Like-for-like revenue
vi. Underlying Basic & Diluted Earnings per
Share (EPS)
vii. Adjusted Underlying Basic & Diluted EPS
viii. Free Cash Flow
ix. Free Cash Flow conversion
x. Return on invested capital
xi. Covenant Leverage
xii. Net Debt
xiii. Net Debt (excluding IFRS 16)
Management uses these terms as they
believe these measures allow an
understanding of the Group\u2019s underlying
business performance. These alternative
performance measures are well
understood by investors and analysts,
are consistent with the Group\u2019s historic
communication with investors and reflects
the way in which the business is managed.
A reconciliation between these alternative
performance measures to the most directly
related statutory measures is included
within note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "GB and Ireland ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Breedon Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Pinnacle House, Breedon Quarry, Breedon on the Hill, Derby, England, DE73 8AP ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "Basis of preparation These financial statements consolidate the results of the Company and subsidiary undertakings, and equity accounts for the Group\u2019s interests in its associate and joint ventures (collectively \u2018the Group\u2019). Corporate Reorganisation (AIM to Main) In connection with the Group\u2019s move from AIM to the Premium Segment of the Main Market of the London Stock Exchange during the first half of 2023, a new holding company for the Group was established. Breedon Group plc (\u2018New Breedon\u2019), a company registered in England & Wales with registration number 14739556 was incorporated on 17 March 2023 to act as the new parent company for the Group, in place of Breedon Group plc (\u2018Old Breedon\u2019), a company incorporated in Jersey with registration number 98465 . New Breedon obtained control of the Group on 17 May 2023 via a court approved scheme of arrangement (the \u2018Corporate Reorganisation\u2019). Under the scheme of arrangement, shares with nominal value of \u00a31.40 were issued in exchange for all the shares in Old Breedon at a ratio of one share in New Breedon for every five shares in Old Breedon. There were no changes in rights or proportion of control exercised as a result of the transaction. IFRS 3 excludes common control transactions and group reconstructions. These financial statements therefore incorporate the results of the reorganisation using the merger accounting method, whereby the results and cash flows of all the combining entities are brought into the financial statements from the beginning of the financial year in which the combination occurs and comparative figures also reflect the combination of the entities. The Group\u2019s equity is adjusted to reflect that of the new holding company, with the difference between Stated Capital reported by Old Breedon under Jersey company law and Share Capital reported by New Breedon recognised as a Merger Reserve. See note 17 for further disclosure. Earnings and Dividend per share measures have been restated to reflect the impact of the five to one share consolidation. In all other aspects the Group\u2019s results and financial position are unaffected by the change and reflect the continuation of the Group . Going concern These financial statements are prepared on a going concern basis which the directors consider to be appropriate for the following reasons: The Group meets day-to-day working capital and other funding requirements through banking facilities, which include an overdraft facility. Longer-term debt financing is accessed through the Group\u2019s USPP loan note programme. The facilities comprise a \u00a3350m multi-currency RCF, which runs to June 2026 and \u00a3250m of USPP loan notes with maturities between 2028 and 2036. Further details of these facilities are provided in note 14 to the financial statements. The Group comfortably met all covenants in 2023 and other terms of its borrowing agreements in the period, and maintained a track record of profitability and cash generation, with an overall profit before taxation of \u00a3134.4m and net cash from operating activities of \u00a3191.9m. The Group has prepared cash flow forecasts for a period of 12 months from the date of signing these financial statements, which show a sustained trend of profitability, cash generation and retained covenant headroom, even under a \u2018severe but plausible\u2019 downside scenario of forecast cash flows. The impact of the acquisitions discussed in note 28 on the Group\u2019s borrowings and covenant headroom has been considered in making this assessment. The base case assumes a trading performance delivered in line with market consensus over the forecast period, while the downside scenario models a 10% reduction in revenues, which the Group believes is an extremely severe sensitivity relative to likely outcomes and historic experience. As at 31 December 2023, the Group had cash of \u00a3126.9m and undrawn banking facilities of \u00a3350.0m. At the date of this report, the Group retains a similar level of liquidity. Following the acquisitions discussed in note 28 the level of undrawn facilities will reduce to c.\u00a3175m. The remaining cash and undrawn facility is expected to provide sufficient available funds for the Group to discharge its liabilities as they fall due. Consequently, the directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.
Applicable laws and accounting standards
These financial statements have been
prepared in accordance with UK-adopted
international accounting standards.
The consolidated financial statements have
been prepared under the historical cost
convention except for the revaluation to
fair value of certain financial instruments.
The accounting policies set out below
have, unless otherwise stated, been applied
consistently throughout the year.
Presentation currency
These financial statements are presented in
sterling. All financial information presented
has been rounded to the nearest \u00a30.1m.
Basis of consolidation
Subsidiary undertakings are entities controlled
by the Group. Control exists when the Group
is exposed to or has rights to variable returns
from its investment and has the ability to
affect those returns through its power over
the investee. In assessing control, potential
voting rights that are currently exercisable
or convertible are taken into account.
The Group considers an entity to be a
subsidiary undertaking when the Group
has control over the entity. Ordinarily this
is when the Group holds more than 50%
of the shares and voting rights. Subsidiary
undertakings are consolidated in
accordance with IFRS 10.
Associates are those entities in which the
Group holds more than 20% of the shares
and voting rights and has significant
influence, but not control, over the financial and operating policies. Joint ventures are those entities over whose activities the Group has joint control, requiring unanimous consent of the owners for strategic financial and operating decisions. The Group\u2019s financial statements includes the Group\u2019s share of the total comprehensive income of its associate and joint ventures, on an equity accounted basis, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group\u2019s share of losses exceeds its interest in an associate or joint venture, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued, except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "
Corporate Reorganisation (AIM to Main)
In connection with the Group\u2019s move from
AIM to the Premium Segment of the Main
Market of the London Stock Exchange
during the first half of 2023, a new holding
company for the Group was established.
Breedon Group plc (\u2018New Breedon\u2019),
a company registered in England & Wales
with registration number 14739556 was
incorporated on 17 March 2023 to act as
the new parent company for the Group,
in place of Breedon Group plc (\u2018Old
Breedon\u2019), a company incorporated in
Jersey with registration number 98465 .
New Breedon obtained control of the Group on 17 May 2023 via a court approved scheme of arrangement (the \u2018Corporate Reorganisation\u2019). Under the scheme of arrangement, shares with nominal value of \u00a31.40 were issued in exchange for all the shares in Old Breedon at a ratio of one share in New Breedon for every five shares in Old Breedon. There were no changes in rights or proportion of control exercised as a result of the transaction. IFRS 3 excludes common control transactions and group reconstructions. These financial statements therefore incorporate the results of the reorganisation using the merger accounting method, whereby the results and cash flows of all the combining entities are brought into the financial statements from the beginning of the financial year in which the combination occurs and comparative figures also reflect the combination of the entities. The Group\u2019s equity is adjusted to reflect that of the new holding company, with the difference between Stated Capital reported by Old Breedon under Jersey company law and Share Capital reported by New Breedon recognised as a Merger Reserve. See note 17 for further disclosure. Earnings and Dividend per share measures have been restated to reflect the impact of the five to one share consolidation. In all other aspects the Group\u2019s results and financial position are unaffected by the change and reflect the continuation of the Group ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Breedon Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Breedon Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "Going concern These financial statements are prepared on a going concern basis which the directors consider to be appropriate for the following reasons: The Group meets day-to-day working capital and other funding requirements through banking facilities, which include an overdraft facility. Longer-term debt financing is accessed through the Group\u2019s USPP loan note programme. The facilities comprise a \u00a3350m multi-currency RCF, which runs to June 2026 and \u00a3250m of USPP loan notes with maturities between 2028 and 2036. Further details of these facilities are provided in note 14 to the financial statements. The Group comfortably met all covenants in 2023 and other terms of its borrowing agreements in the period, and maintained a track record of profitability and cash generation, with an overall profit before taxation of \u00a3134.4m and net cash from operating activities of \u00a3191.9m. The Group has prepared cash flow forecasts for a period of 12 months from the date of signing these financial statements, which show a sustained trend of profitability, cash generation and retained covenant headroom, even under a \u2018severe but plausible\u2019 downside scenario of forecast cash flows. The impact of the acquisitions discussed in note 28 on the Group\u2019s borrowings and covenant headroom has been considered in making this assessment. The base case assumes a trading performance delivered in line with market consensus over the forecast period, while the downside scenario models a 10% reduction in revenues, which the Group believes is an extremely severe sensitivity relative to likely outcomes and historic experience. As at 31 December 2023, the Group had cash of \u00a3126.9m and undrawn banking facilities of \u00a3350.0m. At the date of this report, the Group retains a similar level of liquidity. Following the acquisitions discussed in note 28 the level of undrawn facilities will reduce to c.\u00a3175m. The remaining cash and undrawn facility is expected to provide sufficient available funds for the Group to discharge its liabilities as they fall due. Consequently, the directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "These financial statements have been prepared in accordance with UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "Basis of consolidation Subsidiary undertakings are entities controlled by the Group. Control exists when the Group is exposed to or has rights to variable returns from its investment and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The Group considers an entity to be a subsidiary undertaking when the Group has control over the entity. Ordinarily this is when the Group holds more than 50% of the shares and voting rights. Subsidiary undertakings are consolidated in accordance with IFRS 10. Associates are those entities in which the Group holds more than 20% of the shares and voting rights and has significant influence, but not control, over the financial and operating policies. Joint ventures are those entities over whose activities the Group has joint control, requiring unanimous consent of the owners for strategic financial and operating decisions. The Group\u2019s financial statements includes the Group\u2019s share of the total comprehensive income of its associate and joint ventures, on an equity accounted basis, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group\u2019s share of losses exceeds its interest in an associate or joint venture, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued, except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "Subsidiary undertakings are entities controlled by the Group. Control exists when the Group is exposed to or has rights to variable returns from its investment and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The Group considers an entity to be a subsidiary undertaking when the Group has control over the entity. Ordinarily this is when the Group holds more than 50% of the shares and voting rights. Subsidiary undertakings are consolidated in accordance with IFRS 10.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "value": "Associates are those entities in which the Group holds more than 20% of the shares and voting rights and has significant influence, but not control, over the financial and operating policies. Joint ventures are those entities over whose activities the Group has joint control, requiring unanimous consent of the owners for strategic financial and operating decisions. The Group\u2019s financial statements includes the Group\u2019s share of the total comprehensive income of its associate and joint ventures, on an equity accounted basis, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group\u2019s share of losses exceeds its interest in an associate or joint venture, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued, except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "Associates are those entities in which the Group holds more than 20% of the shares and voting rights and has significant influence, but not control, over the financial and operating policies. Joint ventures are those entities over whose activities the Group has joint control, requiring unanimous consent of the owners for strategic financial and operating decisions. The Group\u2019s financial statements includes the Group\u2019s share of the total comprehensive income of its associate and joint ventures, on an equity accounted basis, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group\u2019s share of losses exceeds its interest in an associate or joint venture, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued, except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "Associates are those entities in which the Group holds more than 20% of the shares and voting rights and has significant influence, but not control, over the financial and operating policies. Joint ventures are those entities over whose activities the Group has joint control, requiring unanimous consent of the owners for strategic financial and operating decisions. The Group\u2019s financial statements includes the Group\u2019s share of the total comprehensive income of its associate and joint ventures, on an equity accounted basis, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group\u2019s share of losses exceeds its interest in an associate or joint venture, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued, except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "Accounting estimates and judgements The preparation of the financial statements requires the use of certain critical accounting estimates, and for management to exercise judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 26.
Accounting estimates and judgements
26
Preparation of financial information requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates.
Estimates and their associated underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is
revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amounts recognised in the financial information are described below.
Accounting estimates
Restoration provisions
Restoration provisions principally comprise provisions for the cost of restoring and
decommissioning sites where an obligation arises to comply with contractual,
environmental, planning and other legislation. This is an inherently subjective
calculation and there is significant estimation required to determine the exact cost
of the restoration work.
Estimated future cash flows have been determined on a site by site basis based
on the present day cost of restoration. An increase in these gross cash flow assumptions
of 10% would result in an increase of the restoration liability of \u00a38.8m. The estimated cost
of restoration is subject to both internal and external expert evaluation in order to mitigate
the risk of material error.
These cash flows are inflated to the point that the cash flow is expected to occur and
discounted, at a rate which reflects both the time value of money and the risk specific
to the restoration liability, in order to derive the net present value of the obligation
as at the balance sheet date. The discount and long-term inflation rates used in this
calculation are between 3.3-5.1% and 3.1-3.4% respectively. A 100 bps increase in discount
rate or decrease in the long-term inflation rate would result in a decrease in the value of
restoration provisions by \u00a37.5m or \u00a37.8m respectively. A 100 bps decrease in discount
rate or increase in the long-term inflation rate would result in an increase in the value of
restoration provisions by \u00a39.0m or \u00a39.2m respectively.
Restoration dates have been determined as the earlier of the date at which reserves are
expected to be exhausted or planning permission on reserves is expected to expire.
Reasonably possible changes in restoration dates would not have a material impact
on the financial statements, and management do not consider restoration dates to be
significant estimates.
Accounting judgements
Impact of climate change on impairment review
The Group is committed to achieving net zero by 2050, as well as to the manufacture of
cement at its two well-invested cement plants; however, to achieve net zero will require a
significant reduction in carbon emissions.
The cash flows used in our impairment review are underpinned by a judgement that future
cement volumes remain broadly in line with current levels and that increased costs to
achieve net zero will be recovered through market acceptance of increased pricing.
See note 9 for additional detail and further information on how the impact of climate
change has been considered through the impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "New IFRS Standards and Interpretations adopted in the year The Group adopted IFRS 17 and amendments to IAS 1, IAS 8 and IAS 12 from 1 January 2023. The adoption of these standards has not had a material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "The adoption of these standards has not had a material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "New IFRS Standards and Interpretations not adopted At the date on which these financial statements were authorised, there were no Standards, Interpretations and Amendments which had been issued but were not effective for the year ended 31 December 2023 that are expected to materially impact the Group\u2019s financial statements in the future. ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "Foreign exchange Foreign exchange transactions Transactions in foreign currencies are recorded at the spot rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are retranslated at the balance sheet date, with all currency translation differences recognised within the consolidated income statement, except for those monetary items that provide an effective hedge for a net investment in a foreign operation. Foreign exchange translation The consolidated financial statements are presented in sterling, which is the presentational currency of the Group. The individual financial statements of the Group\u2019s subsidiaries and joint ventures with a functional currency other than sterling are translated into sterling according to IAS 21. Results and cash flows are translated monthly using average monthly exchange
rates. Accumulated, assets and liabilities are
translated using the closing rates at the
reporting date and equity is translated at
historic exchange rates.
The resulting translation differences are
recognised in the consolidated statement of
comprehensive income until the subsidiary
is disposed of. Goodwill and fair value
adjustments arising on acquisition of a
foreign operation are regarded as assets
and liabilities of the foreign operation and
are translated accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "Financial instruments Financial instruments are recognised when the Group becomes a party to the contractual provisions of the instrument. The principal financial assets and liabilities of the Group are as follows: Trade receivables and trade payables Trade receivables and trade payables are initially recognised at fair value and are then stated at amortised cost. Contract assets and liabilities Contract assets, presented within trade and other receivables, primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date on surfacing contracts. The contract assets are transferred to receivables when the rights become unconditional. Contract liabilities, presented within trade and other payables, primarily relate to the advance consideration received from customers on these contracts . Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, including bank deposits and money-market funds with original maturities of three months or less. For the purposes of the consolidated statement of cash flows, bank overdrafts are included in cash and cash equivalents as they are an integral part of the Group\u2019s cash management. Bank and other borrowings Interest-bearing bank loans, overdrafts and other loans, including USPP loan notes, are recognised initially at fair value less attributable transaction costs. All borrowings are subsequently stated at amortised cost with the difference between initial net proceeds and redemption value recognised in the consolidated income statement over the period to redemption on an effective interest basis. Derivative financial instruments The majority of the Group\u2019s strategic hedging programme is delivered using executory contracts to forward purchase commodities for our own use. The cost is recognised in the consolidated income statement at the agreed forward rates on receipt of the underlying items. The Group uses financial instruments to manage financial risks associated with the Group\u2019s underlying business activities and the financing of those activities. The Group does not undertake any trading in financial instruments. Derivatives are initially recognised at fair value and subsequently remeasured in future periods at fair value. The gain or loss on remeasurement is recognised immediately in profit or loss, unless a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability. In this instance the effective part of any gain or loss is recognised in the consolidated statement of comprehensive income and in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the consolidated income statement. Amounts recorded in the hedging reserve are subsequently reclassified to the consolidated income statement when the expense for the hedged transaction is actually recognised. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction.
This process includes linking all derivatives
designated as hedges to specific
assets and liabilities or to specific firm
commitments or forecast transactions.
The Group documents an assessment, at
hedge inception and on an annual basis,
as to whether the derivatives that are
used in hedging transactions have been,
and are likely to continue to be, effective
in offsetting changes in fair value or cash
flows of hedged items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "
Trade receivables and trade payables
Trade receivables and trade payables are
initially recognised at fair value and are then
stated at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "Trade receivables and trade payables Trade receivables and trade payables are initially recognised at fair value and are then stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise
cash at bank and in hand, including bank
deposits and money-market funds with
original maturities of three months or less.
For the purposes of the consolidated
statement of cash flows, bank overdrafts
are included in cash and cash equivalents
as they are an integral part of the Group\u2019s
cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "
Bank and other borrowings
Interest-bearing bank loans, overdrafts
and other loans, including USPP loan
notes, are recognised initially at fair
value less attributable transaction costs.
All borrowings are subsequently stated
at amortised cost with the difference
between initial net proceeds and
redemption value recognised in the
consolidated income statement over
the period to redemption on an effective
interest basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "
Derivative financial instruments
The majority of the Group\u2019s strategic
hedging programme is delivered using
executory contracts to forward purchase
commodities for our own use. The cost is
recognised in the consolidated income
statement at the agreed forward rates
on receipt of the underlying items.
The Group uses financial instruments to
manage financial risks associated with
the Group\u2019s underlying business activities and the financing of those activities. The Group does not undertake any trading in financial instruments. Derivatives are initially recognised at fair value and subsequently remeasured in future periods at fair value. The gain or loss on remeasurement is recognised immediately in profit or loss, unless a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability. In this instance the effective part of any gain or loss is recognised in the consolidated statement of comprehensive income and in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the consolidated income statement. Amounts recorded in the hedging reserve are subsequently reclassified to the consolidated income statement when the expense for the hedged transaction is actually recognised. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group documents an assessment, at hedge inception and on an annual basis, as to whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "Derivative financial instruments The majority of the Group\u2019s strategic hedging programme is delivered using executory contracts to forward purchase commodities for our own use. The cost is recognised in the consolidated income statement at the agreed forward rates on receipt of the underlying items. The Group uses financial instruments to manage financial risks associated with the Group\u2019s underlying business activities and the financing of those activities. The Group does not undertake any trading in financial instruments. Derivatives are initially recognised at fair value and subsequently remeasured in future periods at fair value. The gain or loss on remeasurement is recognised immediately in profit or loss, unless a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability. In this instance the effective part of any gain or loss is recognised in the consolidated statement of comprehensive income and in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the consolidated income statement. Amounts recorded in the hedging reserve are subsequently reclassified to the consolidated income statement when the expense for the hedged transaction is actually recognised. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group documents an assessment, at hedge inception and on an annual basis, as to whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "Derivative financial instruments The majority of the Group\u2019s strategic hedging programme is delivered using executory contracts to forward purchase commodities for our own use. The cost is recognised in the consolidated income statement at the agreed forward rates on receipt of the underlying items. The Group uses financial instruments to manage financial risks associated with the Group\u2019s underlying business activities and the financing of those activities. The Group does not undertake any trading in financial instruments. Derivatives are initially recognised at fair value and subsequently remeasured in future periods at fair value. The gain or loss on remeasurement is recognised immediately in profit or loss, unless a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability. In this instance the effective part of any gain or loss is recognised in the consolidated statement of comprehensive income and in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the consolidated income statement. Amounts recorded in the hedging reserve are subsequently reclassified to the consolidated income statement when the expense for the hedged transaction is actually recognised. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group documents an assessment, at hedge inception and on an annual basis, as to whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
Mineral reserves and resources
Mineral reserves and resources are stated
at cost, including both the purchase price
and costs incurred to gain access to the
reserves, including costs of planning and
initial site development. The value of
mineral reserves and resources recognised
as a result of business combinations is
based on the fair value at the point of
acquisition.
Mineral assets are depreciated using a
physical unit-of-production method,
over the commercial life of the quarry.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
Property, plant and equipment
Items of property, plant and equipment
are stated at cost less accumulated
depreciation and any recognised
impairment loss.
Depreciation is charged to the consolidated
income statement on a straight-line basis
over the estimated useful lives of assets,
in order to write off the cost or deemed
cost of assets.
The estimated useful lives are as follows:
\u2002 Freehold buildings 50 years
\u2002 Fixtures and fittings up to 10 years
\u2002 Office equipment up to 5 years
\u2002 Fixed plant up to 35 years
\u2002 Loose plant
and machinery
up to 10 years
\u2002 Motor vehicles up to 10 years
No depreciation is provided on
freehold land.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "Depreciation is charged to the consolidated income statement on a straight-line basis over the estimated useful lives of assets, in order to write off the cost or deemed cost of assets. The estimated useful lives are as follows:\u2002 Freehold buildings 50 years\u2002 Fixtures and fittings up to 10 years\u2002 Office equipment up to 5 years\u2002 Fixed plant up to 35 years\u2002 Loose plant and machinery up to 10 years\u2002 Motor vehicles up to 10 years No depreciation is provided on freehold land. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "
Business combinations, intangible
assets and goodwill
The Group measures goodwill as the fair
value of the purchase consideration
transferred, including the recognised
amount of any non-controlling interest
in the acquiree, less the fair value of the
identifiable assets acquired and liabilities
assumed, all measured as of the acquisition
date. Fair value adjustments are always
considered to be provisional at the first
reporting date after the acquisition.
Goodwill arising on the acquisition of
subsidiary undertakings is recognised
as an asset in the consolidated statement
of financial position and is subject to an
annual impairment review.
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 .
Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future economic benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate rate. Other intangibles arising on the acquisition of associated undertakings are included within the carrying value of the investment. Amortisation is based on the estimated useful economic lives of the assets concerned, which is considered by the directors to be a period of up to 20 years. The Group measures non-controlling interests at a proportionate share of the recognised amount of the identifiable net assets at the acquisition date. Where the Group has entered into put options relating to a minority shareholding as part of a transaction, the Group applies the \u2018anticipated acquisition\u2019 method to account for the put liability and does not recognise a separate non-controlling interest within reserves. Subsequently changes in the value of the put liability are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-520": { "value": "Business combinations, intangible assets and goodwill The Group measures goodwill as the fair value of the purchase consideration transferred, including the recognised amount of any non-controlling interest in the acquiree, less the fair value of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Fair value adjustments are always considered to be provisional at the first reporting date after the acquisition. Goodwill arising on the acquisition of subsidiary undertakings is recognised as an asset in the consolidated statement of financial position and is subject to an annual impairment review. 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 . Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future economic benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate rate. Other intangibles arising on the acquisition of associated undertakings are included within the carrying value of the investment. Amortisation is based on the estimated useful economic lives of the assets concerned, which is considered by the directors to be a period of up to 20 years. The Group measures non-controlling interests at a proportionate share of the recognised amount of the identifiable net assets at the acquisition date. Where the Group has entered into put options relating to a minority shareholding as part of a transaction, the Group applies the \u2018anticipated acquisition\u2019 method to account for the put liability and does not recognise a separate non-controlling interest within reserves. Subsequently changes in the value of the put liability are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "Business combinations, intangible assets and goodwill The Group measures goodwill as the fair value of the purchase consideration transferred, including the recognised amount of any non-controlling interest in the acquiree, less the fair value of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Fair value adjustments are always considered to be provisional at the first reporting date after the acquisition. Goodwill arising on the acquisition of subsidiary undertakings is recognised as an asset in the consolidated statement of financial position and is subject to an annual impairment review. 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 . Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future economic benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate rate. Other intangibles arising on the acquisition of associated undertakings are included within the carrying value of the investment. Amortisation is based on the estimated useful economic lives of the assets concerned, which is considered by the directors to be a period of up to 20 years. The Group measures non-controlling interests at a proportionate share of the recognised amount of the identifiable net assets at the acquisition date. Where the Group has entered into put options relating to a minority shareholding as part of a transaction, the Group applies the \u2018anticipated acquisition\u2019 method to account for the put liability and does not recognise a separate non-controlling interest within reserves. Subsequently changes in the value of the put liability are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "Business combinations, intangible assets and goodwill The Group measures goodwill as the fair value of the purchase consideration transferred, including the recognised amount of any non-controlling interest in the acquiree, less the fair value of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Fair value adjustments are always considered to be provisional at the first reporting date after the acquisition. Goodwill arising on the acquisition of subsidiary undertakings is recognised as an asset in the consolidated statement of financial position and is subject to an annual impairment review. 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 . Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future economic benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate rate. Other intangibles arising on the acquisition of associated undertakings are included within the carrying value of the investment. Amortisation is based on the estimated useful economic lives of the assets concerned, which is considered by the directors to be a period of up to 20 years. The Group measures non-controlling interests at a proportionate share of the recognised amount of the identifiable net assets at the acquisition date. Where the Group has entered into put options relating to a minority shareholding as part of a transaction, the Group applies the \u2018anticipated acquisition\u2019 method to account for the put liability and does not recognise a separate non-controlling interest within reserves. Subsequently changes in the value of the put liability are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "Business combinations, intangible assets and goodwill The Group measures goodwill as the fair value of the purchase consideration transferred, including the recognised amount of any non-controlling interest in the acquiree, less the fair value of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Fair value adjustments are always considered to be provisional at the first reporting date after the acquisition. Goodwill arising on the acquisition of subsidiary undertakings is recognised as an asset in the consolidated statement of financial position and is subject to an annual impairment review. 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 Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future economic benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate rate. Other intangibles arising on the acquisition of associated undertakings are included within the carrying value of the investment. Amortisation is based on the estimated useful economic lives of the assets concerned, which is considered by the directors to be a period of up to 20 years. The Group measures non-controlling interests at a proportionate share of the recognised amount of the identifiable net assets at the acquisition date. Where the Group has entered into put options relating to a minority shareholding as part of a transaction, the Group applies the \u2018anticipated acquisition\u2019 method to account for the put liability and does not recognise a separate non-controlling interest within reserves. Subsequently changes in the value of the put liability are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than goodwill, inventories and deferred tax assets (see separate accounting policies), are reviewed at each reporting date to determine whether there is any indication of impairment; including an assessment of any indication of impairment arising as a result of climate change. Impairment reviews are undertaken at the level of each significant cash-generating unit, which is no larger than an operating segment as defined by IFRS 8. If any such indication exists then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of the value in use and the fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment of financial assets The Group recognises loss allowances for expected credit losses (ECLs) on financial and contract assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs except for bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition, which are measured as 12-month ECLs. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than goodwill, inventories and deferred tax assets (see separate accounting policies), are reviewed at each reporting date to determine whether there is any indication of impairment; including an assessment of any indication of impairment arising as a result of climate change. Impairment reviews are undertaken at the level of each significant cash-generating unit, which is no larger than an operating segment as defined by IFRS 8. If any such indication exists then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of the value in use and the fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "
Impairment of financial assets
The Group recognises loss allowances
for expected credit losses (ECLs) on
financial and contract assets measured
at amortised cost.
The Group measures loss allowances at
an amount equal to lifetime ECLs except
for bank balances for which credit risk
(i.e. the risk of default occurring over the
expected life of the financial instrument)
has not increased significantly since initial
recognition, which are measured as
12-month ECLs.
Measurement of ECLs
ECLs are a probability-weighted estimate
of credit losses. Credit losses are measured
as the present value of all cash shortfalls
(i.e. the difference between the cash flows
due to the entity in accordance with the
contract and the cash flows that the
Group expects to receive). ECLs are
discounted at the effective interest rate
of the financial asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of overheads, including mineral depletion where relevant. The level of overheads included in the cost of inventory is based on normal operating capacity .
Net realisable value is determined with
reference to sales prices less cost to sell
and, in the case of obsolete stock on an
excess stock model of sales relative to
inventories held.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "
Emissions rights
The Group is required to purchase carbon
emissions credits to settle liabilities under
both EU and UK ETS. Assets and liabilities
arising in respect of emission rights
are presented on a net basis in the
consolidated financial statements.
Where an emissions credit is received for
nil cost, these are initially measured at a
nominal value of zero and an emissions
liability is recognised only in circumstances
where emissions have exceeded the
allowance for a scheme, from the
perspective of the Group as a whole, and
will require the purchase of additional
allowances to settle an emissions liability.
Emission credits purchased for
consideration are measured at cost using
the first-in first-out principle and presented
within inventories where the net value is in
excess of emissions liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "
Retirement benefits
The Group does not operate any defined
benefit plans. Obligations for contributions
to defined contribution pension plans
are recognised as an expense in the
consolidated income statement
as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "Provisions A provision is recognised in the consolidated statement of financial position when the Group has a present legal or constructive obligation, and it is probable that an outflow of economic benefits will be required to settle the obligation. The Group provides for the costs of decommissioning property, plant and equipment and to restore its sites. The initial cost of creating decommissioning provisions on commencement of operations is included in property, plant and equipment and depreciated over the life of the plant. Changes in the measurement of a previously capitalised provision that result from changes in the estimated timing or amount of cash outflows are added to, or deducted from, the cost of the related asset. All other changes, including incremental extraction of minerals which increases the level of restoration provisions, are recognised in the consolidated income statement. All provisions are discounted to their present value at a rate that reflects current market assessments of the time value of money and the risks specific to the liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "Provisions A provision is recognised in the consolidated statement of financial position when the Group has a present legal or constructive obligation, and it is probable that an outflow of economic benefits will be required to settle the obligation. The Group provides for the costs of decommissioning property, plant and equipment and to restore its sites. The initial cost of creating decommissioning provisions on commencement of operations is included in property, plant and equipment and depreciated over the life of the plant. Changes in the measurement of a previously capitalised provision that result from changes in the estimated timing or amount of cash outflows are added to, or deducted from, the cost of the related asset. All other changes, including incremental extraction of minerals which increases the level of restoration provisions, are recognised in the consolidated income statement. All provisions are discounted to their present value at a rate that reflects current market assessments of the time value of money and the risks specific to the liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "Revenue Group revenue arises from the sale of goods and surfacing. IFRS 15 requires revenue to be recognised in line with a principles-based five-step model. This requires the Group to identify its performance obligations, determine the transaction price applicable to each of these performance obligations and then to select an appropriate method for the timing of revenue recognition, reflecting the substance of the performance obligation, being either recognition at a point in time or over time. Revenue from sale of goods The majority of the Group\u2019s revenue is derived from the sale of physical goods to customers. Depending on whether the goods are delivered to or collected by the customer, the contract contains either one performance obligation which is satisfied at the point of collection, or two performance obligations which are satisfied simultaneously at the point of delivery. The transaction price for this revenue is the amount which can be invoiced to the customer once the performance obligations are fulfilled, reduced to reflect provisions recognised for returns, trade discounts and rebates. Where the Group offers discounts or volume rebates, the variable element of revenue is based on the most likely amount of consideration that the Group believes will be received. This value excludes items collected on behalf of third parties, such as sales taxes. For all sales of goods, revenue is recognised at a point in time, being the point that the goods are transferred to the customer. Revenue from surfacing The majority of surfacing revenue comprises short-term performance obligations to supply and lay materials. Other surfacing revenue can contain more than one performance obligation dependent on the nature of the contract. The transaction price is calculated as consideration specified by the contract, adjusted to reflect provisions recognised for returns, trade discounts and rebates. Where the agreement with a customer provides for elements of variable consideration, these values are included in the calculation of the transaction price only to the extent that it is \u2018highly probable\u2019 that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved. Where the transaction price is allocated between multiple performance obligations, this typically reflects the allocation of value to each performance obligation agreed with the end customer, unless this does not reflect the economic substance. Surfacing performance obligations are satisfied over time, so revenue is typically recognised on an output basis, being volume of product laid for most surfacing revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "Warranties and customer claims The Group provides assurance type warranties over the specification of products but does not provide extended warranties or maintenance services in contracts with customers. Claims with customers may arise in the usual course of business. Both customer claims and warranties are accounted for under IAS 37 ", "dimensions": { "concept": "ifrs-full:DescriptionOfTypesOfWarrantiesAndRelatedObligations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "
Financial income and expense
Financial income and expense comprise
interest payable, finance charges, lease
interest, interest receivable on funds
invested, and gains and losses on related
hedging instruments that are recognised
in the consolidated income statement.
Interest income and interest payable is
recognised in profit or loss as it accrues,
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "Financial income and expense Financial income and expense comprise interest payable, finance charges, lease interest, interest receivable on funds invested, and gains and losses on related hedging instruments that are recognised in the consolidated income statement. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "Financial income and expense Financial income and expense comprise interest payable, finance charges, lease interest, interest receivable on funds invested, and gains and losses on related hedging instruments that are recognised in the consolidated income statement. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "
Income tax
Income tax on the profit or loss for the
year comprises current and deferred
tax. Income tax is recognised in the
consolidated income statement except
to the extent that income tax relates to
items recognised directly in equity.
Current tax is the expected tax payable
on the taxable profit for the year. Taxable
profit differs from net profit as reported
in the consolidated income statement
because taxable profit excludes items of
income or expense that are not taxable
or deductible.
The Group\u2019s liability for current tax is
calculated using tax rates enacted or
substantively enacted at the reporting
date and includes any adjustment to tax
payable in respect of previous years.
Deferred tax Deferred tax is provided in full using the statement of financial position liability method and represents the tax expected to be payable or recoverable on the 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:\u2002 goodwill not deductible for tax purposes;\u2002 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2002 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the reporting 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. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "Deferred tax Deferred tax is provided in full using the statement of financial position liability method and represents the tax expected to be payable or recoverable on the 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:\u2002 goodwill not deductible for tax purposes;\u2002 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2002 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the reporting 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. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "Leases Right-of-use assets and liabilities are recognised for any arrangements meeting the definition of a lease set out in IFRS 16. Right-of-use assets are measured at cost, comprising the initial amount of the lease liability adjusted for any lease prepayments, plus any initial direct costs incurred, less any lease incentives received. Right-of-use assets are then depreciated using the straight-line method from the start of the lease to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Lease liabilities are presented within interest-bearing loans and borrowings. They are measured at the present value of future lease payments, discounted at a rate which reflects both the Group\u2019s incremental borrowing rate, adjusted for the time value of money, and the nature of the leased asset. The Group has elected to take advantage of the practical expedients, permitted by IFRS 16, not to recognise lease assets and liabilities in respect of short-term and low-value leases. Charges recognised in the consolidated income statement in respect of these leases are not significant to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "
Share-based transactions
Equity-settled share-based payments
to directors, key employees and others
providing similar services are measured at
the fair value of the equity instruments at
the grant date. The fair value is expensed,
with a corresponding increase in equity,
on a straight-line basis over the period that
the employees become unconditionally
entitled to the awards.
At each reporting date, the Group revises
the amount recognised as an expense
to reflect the number of awards for which
the related service and non-market
performance conditions are expected to
be met, such that the amount ultimately
recognised as an expense is based on the
number of awards that meet the related
service and non-market performance
conditions at the vesting date.
For share-based payment awards with
market-based performance conditions,
the grant date fair value of the share-based
payment is measured to reflect such
conditions and there is no true-up for
differences between expected and
actual outcomes.
Where a share-based payment is
net-settled by withholding a specified
portion of the shares to meet statutory
obligations, the arrangement is accounted
for as an equity-settled share-based
payment in its entirety.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "
Dividends
Dividends are recognised as a liability
in the financial statements in the period in
which they are declared by the Company
and, in respect of final dividends, approved by shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "Alternative performance measures The following non-GAAP performance measures have been used in the financial statements: i. Underlying Earnings Before Interest and Tax (EBIT) ii. Underlying EBIT margin iii. Underlying EBITDA iv. Like-for-like Underlying EBIT v. Like-for-like revenue vi. Underlying Basic & Diluted Earnings per Share (EPS) vii. Adjusted Underlying Basic & Diluted EPS viii. Free Cash Flow ix. Free Cash Flow conversion x. Return on invested capital xi. Covenant Leverage xii. Net Debt xiii. Net Debt (excluding IFRS 16) Management uses these terms as they believe these measures allow an understanding of the Group\u2019s underlying business performance. These alternative performance measures are well understood by investors and analysts, are consistent with the Group\u2019s historic communication with investors and reflects the way in which the business is managed. A reconciliation between these alternative performance measures to the most directly related statutory measures is included within note 27.", "dimensions": { "concept": "breedongroup:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "
Segmental analysis
2
The Group\u2019s activities comprise the following reportable segments:
\u2002 Great Britain: our construction materials and surfacing businesses in Great Britain.
\u2002 Ireland: our construction materials and surfacing businesses on the Island of Ireland.
\u2002 Cement: our cementitious operations in Great Britain and Ireland.
A description of the activities of each segment is included on pages 36 to41.
Income statement
2023
2022
Underlying Underlying
Revenue EBITDA* Revenue EBITDA*
\u00a3m \u00a3m \u00a3m \u00a3m
Great Britain
1,033.8
138.6
972.4
136.1
Ireland
235.5
35.9
226.2
34.4
Cement
331.2
84.5
300.7
79.6
Central administration
\u2013
(16.7)
\u2013
(15.1)
Eliminations
(113.0)
\u2013
(103.0)
\u2013
Total
1, 487. 5
242.3
1,396.3
235.0
Reconciliation to statutory profit
Underlying EBITDA as above
242.3
235.0
Depreciation and mineral depletion
(88.7)
(83.5)
Underlying Group operating profit
153.6
151.5
Great Britain
86.4
86.4
Ireland
29.0
28.3
Cement
55.2
52.1
Central administration
(17.0)
(15.3)
Underlying Group operating profit
153.6
151.5
Share of profit of associate
and joint ventures
2.6
3.5
Underlying profit from operations (EBIT)
156.2
155.0
Non-underlying items (note 3)
(10.5)
(7.0)
Profit from operations
145.7
148.0
* Underlying EBITDA is earnings before interest, tax, depreciation and mineral depletion, amortisation,
non-underlying items (note 3) and before our share of profit of associate and joint ventures.
Disaggregation of revenue from contracts with the customers Analysis of revenue by geographic location of end-market The primary geographic market for all Group revenues for the purpose of IFRS 15 is the UK and RoI. In line with the requirements of IFRS 8, this is analysed by individual countries as follows:
2023 2022
\u00a3m \u00a3m
United Kingdom
1,296.8
1, 217.3
Republic of Ireland
188.1
176.5
Other
2.6
2.5
1, 487. 5
1,396.3
Analysis of revenue by major products and service lines by segment
2023 2022
\u00a3m \u00a3m
Sale of goods
Great Britain
855.8
829.0
Ireland
96.5
82.0
Cement
331.2
300.7
Eliminations
(113.0)
(103.0)
1,170.5
1,108.7
Surfacing
Great Britain
178.0
143.4
Ireland
139.0
144.2
317.0
287.6
1, 487. 5
1,396.3
Eliminations primarily comprise sales from Cement to the Great Britain and Ireland segments. Timing of revenue recognition Sale of goods revenue relates to products for which revenue is recognised at a point in time as the product is transferred to the customer. Surfacing revenues are accounted for as products and services for which revenue is recognised over time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "Segmental analysis 2 The Group\u2019s activities comprise the following reportable segments:\u2002 Great Britain: our construction materials and surfacing businesses in Great Britain. \u2002 Ireland: our construction materials and surfacing businesses on the Island of Ireland.\u2002 Cement: our cementitious operations in Great Britain and Ireland. A description of the activities of each segment is included on pages 36 to41. Income statement
2023
2022
Underlying Underlying
Revenue EBITDA* Revenue EBITDA*
\u00a3m \u00a3m \u00a3m \u00a3m
Great Britain
1,033.8
138.6
972.4
136.1
Ireland
235.5
35.9
226.2
34.4
Cement
331.2
84.5
300.7
79.6
Central administration
\u2013
(16.7)
\u2013
(15.1)
Eliminations
(113.0)
\u2013
(103.0)
\u2013
Total
1, 487. 5
242.3
1,396.3
235.0
Reconciliation to statutory profit
Underlying EBITDA as above
242.3
235.0
Depreciation and mineral depletion
(88.7)
(83.5)
Underlying Group operating profit
153.6
151.5
Great Britain
86.4
86.4
Ireland
29.0
28.3
Cement
55.2
52.1
Central administration
(17.0)
(15.3)
Underlying Group operating profit
153.6
151.5
Share of profit of associate
and joint ventures
2.6
3.5
Underlying profit from operations (EBIT)
156.2
155.0
Non-underlying items (note 3)
(10.5)
(7.0)
Profit from operations
145.7
148.0
* Underlying EBITDA is earnings before interest, tax, depreciation and mineral depletion, amortisation, non-underlying items (note 3) and before our share of profit of associate and joint ventures.
Disaggregation of revenue from contracts with the customers
Analysis of revenue by geographic location of end-market
The primary geographic market for all Group revenues for the purpose of IFRS 15 is the
UK and RoI. In line with the requirements of IFRS 8, this is analysed by individual countries
as follows:
2023 2022
\u00a3m \u00a3m
United Kingdom
1,296.8
1, 217.3
Republic of Ireland
188.1
176.5
Other
2.6
2.5
1, 487. 5
1,396.3
Analysis of revenue by major products and service lines by segment
2023 2022
\u00a3m \u00a3m
Sale of goods
Great Britain
855.8
829.0
Ireland
96.5
82.0
Cement
331.2
300.7
Eliminations
(113.0)
(103.0)
1,170.5
1,108.7
Surfacing
Great Britain
178.0
143.4
Ireland
139.0
144.2
317.0
287.6
1, 487. 5
1,396.3
Eliminations primarily comprise sales from Cement to the Great Britain and Ireland segments.
Timing of revenue recognition
Sale of goods revenue relates to products for which revenue is recognised at a point
in time as the product is transferred to the customer. Surfacing revenues are accounted
for as products and services for which revenue is recognised over time.
Statement of financial position
2023
2022
Total assets Total liabilities Total assets Total liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Great Britain
920.6
(238.3)
900.9
(228.0)
Ireland
282.8
(40.6)
260.6
(40.5)
Cement
539.2
(73.8)
519.7
(62.0)
Central administration
3.3
(20.5)
2.9
(19.3)
Total operations
1,745.9
(373.2)
1,684.1
(349.8)
Current tax
\u2013
(0.1)
\u2013
(3.8)
Deferred tax
\u2013
(92.0)
\u2013
(89.0)
Net Debt
126.9
(296.8)
101.7
(299.4)
Total Group
1,872.8
(762.1)
1,785.8
(742.0)
Net assets
1,110.7
1,043.8
GB total assets include \u00a313.4m (2022: \u00a312.4m) and Cement total assets include \u00a31.1m
(2022: \u00a31.3m) in respect of investments in associate and joint ventures.
Geographic location of property, plant and equipment and right-of-use assets
2023 2022
\u00a3m \u00a3m
United Kingdom
726.4
705.7
Republic of Ireland
135.9
129.3
862.3
835.0
Analysis of depreciation, amortisation and capital expenditure
Additions
Depreciation Amortisation to property,
and mineral of intangible plant and
depletion assets equipment
\u00a3m \u00a3m \u00a3m
2023
Great Britain
52.2
3.6
56.9
Ireland
6.9
2.4
14.1
Cement
29.3
\u2013
35.2
Central administration
0.3
\u2013
0.6
88.7
6.0
106.8
2022
Great Britain
49.7
2.7
71.1
Ireland
6.1
2.1
10.5
Cement
27.5
\u2013
24.9
Central administration
0.2
\u2013
0.3
83.5
4.8
106.8
Additions to owned property, plant and equipment exclude additions in respect of
business combinations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "Disaggregation of revenue from contracts with the customers Analysis of revenue by geographic location of end-market The primary geographic market for all Group revenues for the purpose of IFRS 15 is the UK and RoI. In line with the requirements of IFRS 8, this is analysed by individual countries as follows:
2023 2022
\u00a3m \u00a3m
United Kingdom
1,296.8
1, 217.3
Republic of Ireland
188.1
176.5
Other
2.6
2.5
1, 487. 5
1,396.3
Analysis of revenue by major products and service lines by segment
2023 2022
\u00a3m \u00a3m
Sale of goods
Great Britain
855.8
829.0
Ireland
96.5
82.0
Cement
331.2
300.7
Eliminations
(113.0)
(103.0)
1,170.5
1,108.7
Surfacing
Great Britain
178.0
143.4
Ireland
139.0
144.2
317.0
287.6
1, 487. 5
1,396.3
Eliminations primarily comprise sales from Cement to the Great Britain and Ireland segments. Timing of revenue recognition Sale of goods revenue relates to products for which revenue is recognised at a point in time as the product is transferred to the customer. Surfacing revenues are accounted for as products and services for which revenue is recognised over time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-524": { "value": "Statement of financial position
2023
2022
Total assets Total liabilities Total assets Total liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Great Britain
920.6
(238.3)
900.9
(228.0)
Ireland
282.8
(40.6)
260.6
(40.5)
Cement
539.2
(73.8)
519.7
(62.0)
Central administration
3.3
(20.5)
2.9
(19.3)
Total operations
1,745.9
(373.2)
1,684.1
(349.8)
Current tax
\u2013
(0.1)
\u2013
(3.8)
Deferred tax
\u2013
(92.0)
\u2013
(89.0)
Net Debt
126.9
(296.8)
101.7
(299.4)
Total Group
1,872.8
(762.1)
1,785.8
(742.0)
Net assets
1,110.7
1,043.8
GB total assets include \u00a313.4m (2022: \u00a312.4m) and Cement total assets include \u00a31.1m (2022: \u00a31.3m) in respect of investments in associate and joint ventures. Deferred tax 11
1 January Acquisitions Recognised Recognised Translation 31 December
2023 (note 25) in income in equity adjustments 2023
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(95.7)
(2.3)
(5.7)
\u2013
0.4
(103.3)
Intangible assets
(10.5)
(0.9)
1.3
\u2013
0.2
(9.9)
Derivatives
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
Historic losses
0.9
\u2013
(0.2)
\u2013
\u2013
0.7
Share-based payments
0.7
\u2013
0.3
(0.1)
\u2013
0.9
Working capital
and provisions
15.6
\u2013
4.0
\u2013
\u2013
19.6
(89.0)
(3.2)
(0.4)
\u2013
0.6
(92.0)
1 January Acquisitions Recognised Recognised Translation 31 December
2022 (note 25) in income in equity adjustments 2022
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(93.6)
(0.8)
(0.8)
\u2013
(0.5)
(95.7)
Intangible assets
(9.9)
(1.3)
0.8
\u2013
(0.1)
(10.5)
Derivatives
(0.2)
\u2013
\u2013
0.2
\u2013
\u2013
Historic losses
0.3
\u2013
0.6
\u2013
\u2013
0.9
Share-based payments
2.0
\u2013
(0.9)
(0.4)
\u2013
0.7
Working capital
and provisions
13.9
\u2013
1.7
\u2013
\u2013
15.6
(87. 5)
(2.1)
1.4
(0.2)
(0.6)
(89.0)
There are no identified unrecognised deferred tax assets or liabilities. Trade and other payables15
2023 2022
\u00a3m \u00a3m
Trade payables
145.2
161.4
Amounts owed to associate and joint ventures (note 22)
\u2013
0.1
Contract liabilities
12.1
4.0
Deferred consideration (note 25)
3.0
0.9
Derivative liabilities
0.3
\u2013
Other payables and accrued expenses
99.9
79.4
Other taxation and social security
18.1
18.0
278.6
263.8
The nature of contract liabilities has not changed significantly during the reporting period. Brought forward contract liabilities of \u00a34.0m have all been recognised in revenue during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-521": { "value": "Statement of financial position
2023
2022
Total assets Total liabilities Total assets Total liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Great Britain
920.6
(238.3)
900.9
(228.0)
Ireland
282.8
(40.6)
260.6
(40.5)
Cement
539.2
(73.8)
519.7
(62.0)
Central administration
3.3
(20.5)
2.9
(19.3)
Total operations
1,745.9
(373.2)
1,684.1
(349.8)
Current tax
\u2013
(0.1)
\u2013
(3.8)
Deferred tax
\u2013
(92.0)
\u2013
(89.0)
Net Debt
126.9
(296.8)
101.7
(299.4)
Total Group
1,872.8
(762.1)
1,785.8
(742.0)
Net assets
1,110.7
1,043.8
GB total assets include \u00a313.4m (2022: \u00a312.4m) and Cement total assets include \u00a31.1m (2022: \u00a31.3m) in respect of investments in associate and joint ventures. Deferred tax 11
1 January Acquisitions Recognised Recognised Translation 31 December
2023 (note 25) in income in equity adjustments 2023
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(95.7)
(2.3)
(5.7)
\u2013
0.4
(103.3)
Intangible assets
(10.5)
(0.9)
1.3
\u2013
0.2
(9.9)
Derivatives
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
Historic losses
0.9
\u2013
(0.2)
\u2013
\u2013
0.7
Share-based payments
0.7
\u2013
0.3
(0.1)
\u2013
0.9
Working capital
and provisions
15.6
\u2013
4.0
\u2013
\u2013
19.6
(89.0)
(3.2)
(0.4)
\u2013
0.6
(92.0)
1 January Acquisitions Recognised Recognised Translation 31 December
2022 (note 25) in income in equity adjustments 2022
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(93.6)
(0.8)
(0.8)
\u2013
(0.5)
(95.7)
Intangible assets
(9.9)
(1.3)
0.8
\u2013
(0.1)
(10.5)
Derivatives
(0.2)
\u2013
\u2013
0.2
\u2013
\u2013
Historic losses
0.3
\u2013
0.6
\u2013
\u2013
0.9
Share-based payments
2.0
\u2013
(0.9)
(0.4)
\u2013
0.7
Working capital
and provisions
13.9
\u2013
1.7
\u2013
\u2013
15.6
(87. 5)
(2.1)
1.4
(0.2)
(0.6)
(89.0)
There are no identified unrecognised deferred tax assets or liabilities. Trade and other receivables 13
2023 2022
\u00a3m \u00a3m
Trade receivables
185.1
175.3
Amounts due from associate and joint ventures (note 22)
6.1
5.8
Derivative assets
\u2013
0.1
Contract assets
20.1
14.5
Other receivables and prepayments
17.5
26.7
228.8
222.4
2023 2022
\u00a3m \u00a3m
Analysed as
Current
227.9
218.6
Non-current
0.9
3.8
228.8
222.4
The nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "Geographic location of property, plant and equipment and right-of-use assets
2023 2022
\u00a3m \u00a3m
United Kingdom
726.4
705.7
Republic of Ireland
135.9
129.3
862.3
835.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "Analysis of depreciation, amortisation and capital expenditure
Additions
Depreciation Amortisation to property,
and mineral of intangible plant and
depletion assets equipment
\u00a3m \u00a3m \u00a3m
2023
Great Britain
52.2
3.6
56.9
Ireland
6.9
2.4
14.1
Cement
29.3
\u2013
35.2
Central administration
0.3
\u2013
0.6
88.7
6.0
106.8
2022
Great Britain
49.7
2.7
71.1
Ireland
6.1
2.1
10.5
Cement
27.5
\u2013
24.9
Central administration
0.2
\u2013
0.3
83.5
4.8
106.8
Additions to owned property, plant and equipment exclude additions in respect of business combinations.
Property, plant and equipment
8
Mineral Plant,
reserves and Land and equipment
resources buildings and vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
340.3
134.8
713.3
1,188.4
Translation adjustment
(0.6)
(0.7)
(1.8)
(3.1)
Business combinations (note 25)
6.5
1.6
2.9
11.0
Additions
13.5
10.9
82.4
106.8
Disposals and impairment
(2.0)
(0.5)
(6.7)
(9.2)
Change to capitalised provisions
\u2013
(0.6)
(3.2)
(3.8)
Transfer from leased assets (note 20)
\u2013
\u2013
0.5
0.5
Reclassification
(2.9)
2.9
\u2013
\u2013
At 31 December 2023
354.8
148.4
787.4
1,290.6
Depreciation and mineral depletion
Balance at 1 January 2023
86.4
32.8
281.3
400.5
Translation adjustment
(0.1)
\u2013
(0.4)
(0.5)
Transfer from leased assets (note 20)
\u2013
\u2013
0.2
0.2
Charge for the year
13.8
5.9
60.9
80.6
Disposals and impairment
(1.5)
(0.1)
(5.8)
(7.4)
Reclassification
(2.1)
2.1
\u2013
\u2013
At 31 December 2023
96.5
40.7
336.2
473.4
Net book value
At 31 December 2023
258.3
107.7
451.2
817.2
Mineral Plant,
reserves and Land and equipment
resources buildings and vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2022
340.0
130.6
616.9
1,087.5
Translation adjustment
1.3
2.3
4.3
7.9
Business combinations (note 25)
\u2013
0.3
3.3
3.6
Additions
1.8
0.5
104.5
106.8
Disposals and impairment
(1.0)
(0.3)
(18.4)
(19.7)
Change to capitalised provisions
\u2013
(0.9)
3.2
2.3
Reclassification
(1.8)
2.3
(0.5)
\u2013
At 31 December 2022
340.3
134.8
713.3
1,188.4
Depreciation and mineral depletion
Balance at 1 January 2022
71.3
27.4
238.9
337.6
Translation adjustment
0.2
0.3
0.7
1.2
Charge for the year
15.0
5.2
54.6
74.8
Disposals and impairment
(0.1)
(0.1)
(12.9)
(13.1)
At 31 December 2022
86.4
32.8
281.3
400.5
Net book value
At 31 December 2022
253.9
102.0
432.0
787.9
Assets under construction Presented within plant, equipment and vehicles are assets in the course of construction totalling \u00a359.3m (2022: \u00a334.2m) which are not being depreciated. Breedon Group plc Annual Report and Accounts 2023 200Strategic report\u2003Governance\u2003Financial statements\u2003Additional information", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "
Non-underlying items
3
Non-underlying items are those which, because of their nature, size or incidence, are either
unlikely to recur in future periods or which distort the underlying trading performance of
the business, including non-cash items. For an item to be classified as non-underlying,
it must meet defined criteria which are applied consistently by the Group.
The directors monitor the performance of the Group using alternative performance
measures which are calculated on an underlying basis. In the opinion of the directors,
this presentation aids understanding of the underlying business performance and any
references to underlying earnings measures throughout this report are made on this basis.
Underlying measures are calculated and presented on a consistent basis over time to assist
in the comparison of performance.
2023 2022
\u00a3m \u00a3m
Included in operating expenses:
Acquisition costs (note 25)
0.9
0.7
Property losses
\u2013
1.5
Amortisation of acquired intangible assets
6.0
4.8
AIM to Main Market costs
3.6
\u2013
Total non-underlying items (before tax)
10.5
7.0
Non-underlying taxation
(1.4)
(0.8)
Total non-underlying items (after tax)
9.1
6.2
", "dimensions": { "concept": "breedongroup:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "Operating expenses and auditor\u2019s remuneration 4 2023 2022 \u00a3m \u00a3m Costs of raw materials purchased 263.1 246.2 Employee costs (note 5) 208.3 192.2 Depreciation and mineral depletion: Owned assets 80.6 74. 8 Leased assets 8.1 8.7 (Gain)/loss on sale of plant and equipment (1.4) 0.9 Other operating expenses 775.2 722.0 Underlying operating expenses 1,333.9 1,244.8 Non-underlying operating expenses (note 3) 10.5 7.0 Operating expenses 1,344.4 1,251.8 2023 2022 \u00a3m \u00a3m Auditor\u2019s remuneration Audit of the Company 0.3 \u2013 Audit of the Company\u2019s subsidiary undertakings 0.9 0.9 Reporting accountant\u2019s fees 0.6 0.1 1.8 1.0", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "Operating expenses and auditor\u2019s remuneration 4 2023 2022 \u00a3m \u00a3m Costs of raw materials purchased 263.1 246.2 Employee costs (note 5) 208.3 192.2 Depreciation and mineral depletion: Owned assets 80.6 74. 8 Leased assets 8.1 8.7 (Gain)/loss on sale of plant and equipment (1.4) 0.9 Other operating expenses 775.2 722.0 Underlying operating expenses 1,333.9 1,244.8 Non-underlying operating expenses (note 3) 10.5 7.0 Operating expenses 1,344.4 1,251.8 2023 2022 \u00a3m \u00a3m Auditor\u2019s remuneration Audit of the Company 0.3 \u2013 Audit of the Company\u2019s subsidiary undertakings 0.9 0.9 Reporting accountant\u2019s fees 0.6 0.1 1.8 1.0", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "value": "Operating expenses and auditor\u2019s remuneration 4 2023 2022 \u00a3m \u00a3m Costs of raw materials purchased 263.1 246.2 Employee costs (note 5) 208.3 192.2 Depreciation and mineral depletion: Owned assets 80.6 74. 8 Leased assets 8.1 8.7 (Gain)/loss on sale of plant and equipment (1.4) 0.9 Other operating expenses 775.2 722.0 Underlying operating expenses 1,333.9 1,244.8 Non-underlying operating expenses (note 3) 10.5 7.0 Operating expenses 1,344.4 1,251.8 2023 2022 \u00a3m \u00a3m Auditor\u2019s remuneration Audit of the Company 0.3 \u2013 Audit of the Company\u2019s subsidiary undertakings 0.9 0.9 Reporting accountant\u2019s fees 0.6 0.1 1.8 1.0", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "Operating expenses and auditor\u2019s remuneration 4 2023 2022 \u00a3m \u00a3m Costs of raw materials purchased 263.1 246.2 Employee costs (note 5) 208.3 192.2 Depreciation and mineral depletion: Owned assets 80.6 74. 8 Leased assets 8.1 8.7 (Gain)/loss on sale of plant and equipment (1.4) 0.9 Other operating expenses 775.2 722.0 Underlying operating expenses 1,333.9 1,244.8 Non-underlying operating expenses (note 3) 10.5 7.0 Operating expenses 1,344.4 1,251.8 2023 2022 \u00a3m \u00a3m Auditor\u2019s remuneration Audit of the Company 0.3 \u2013 Audit of the Company\u2019s subsidiary undertakings 0.9 0.9 Reporting accountant\u2019s fees 0.6 0.1 1.8 1.0", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "Employees and directors 5 Disclosure by individual director, including information on all outstanding share options, is provided in the Directors\u2019 Remuneration report from page 160. Remuneration received by the directors (the Group\u2019s key management personnel) is summarised below: Directors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Salaries and short-term employee benefits
2.5
2.4
Directors\u2019 fees
0.4
0.4
Share-based payments (note 18)
1.1
0.7
4.0
3.5
No pension contributions were paid by the Group directly to any pension schemes on behalf of the directors in either the current or prior years. Staff numbers and costs The average number of persons employed by the Group during the year was as follows:
Number of employees
2022
2023 (*restated)
Great Britain
2,793
2,600
Ireland
346
328
Cement
525
515
Central administration
233
206
3,897
3,649
* Restated for consistent presentation of central administrative headcount with 2023 to reflect changes to the Group\u2019s internal reporting during 2023.
The aggregate payroll costs of these persons were as follows:
2023 2022
\u00a3m \u00a3m
Wages and salaries
177.4
162.3
Social security costs
20.3
19.2
Pension costs
7.6
8.3
Share-based payments (note 18)
3.0
2.4
208.3
192.2
Pension costs relate to various defined contribution pension schemes operated within
the Group. These are accounted for on a contribution payable basis.
Contributions outstanding at 31 December 2023 amounted to \u00a31.2m (2022: \u00a31.1m)
and are included in other payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "
Financial income and expense6
Breedon Group plc Annual Report and Accounts 2023
Strategic report
Governance
Financial statements\u2003Additional information
198
2023 2022
\u00a3m \u00a3m
Interest received on cash deposits and money-market funds
2.6
0.2
Total financial income
2.6
0.2
Interest charged on bank loans, private placement notes and overdrafts
(6.8)
(6.7)
Amortisation of loan arrangement fees
(1.1)
(1.1)
Lease liabilities
(2.3)
(2.5)
Unwinding of discount on provisions
(3.7)
(2.1)
Total financial expense
(13.9)
(12.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "Financial income and expense6
Breedon Group plc Annual Report and Accounts 2023
Strategic report
Governance
Financial statements\u2003Additional information
198
2023 2022
\u00a3m \u00a3m
Interest received on cash deposits and money-market funds
2.6
0.2
Total financial income
2.6
0.2
Interest charged on bank loans, private placement notes and overdrafts
(6.8)
(6.7)
Amortisation of loan arrangement fees
(1.1)
(1.1)
Lease liabilities
(2.3)
(2.5)
Unwinding of discount on provisions
(3.7)
(2.1)
Total financial expense
(13.9)
(12.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "value": "Financial income and expense6
Breedon Group plc Annual Report and Accounts 2023
Strategic report
Governance
Financial statements\u2003Additional information
198
2023 2022
\u00a3m \u00a3m
Interest received on cash deposits and money-market funds
2.6
0.2
Total financial income
2.6
0.2
Interest charged on bank loans, private placement notes and overdrafts
(6.8)
(6.7)
Amortisation of loan arrangement fees
(1.1)
(1.1)
Lease liabilities
(2.3)
(2.5)
Unwinding of discount on provisions
(3.7)
(2.1)
Total financial expense
(13.9)
(12.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-522": { "value": "Financial income and expense6
Breedon Group plc Annual Report and Accounts 2023
Strategic report
Governance
Financial statements\u2003Additional information
198
2023 2022
\u00a3m \u00a3m
Interest received on cash deposits and money-market funds
2.6
0.2
Total financial income
2.6
0.2
Interest charged on bank loans, private placement notes and overdrafts
(6.8)
(6.7)
Amortisation of loan arrangement fees
(1.1)
(1.1)
Lease liabilities
(2.3)
(2.5)
Unwinding of discount on provisions
(3.7)
(2.1)
Total financial expense
(13.9)
(12.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-525": { "value": "Financial income and expense6
Breedon Group plc Annual Report and Accounts 2023
Strategic report
Governance
Financial statements\u2003Additional information
198
2023 2022
\u00a3m \u00a3m
Interest received on cash deposits and money-market funds
2.6
0.2
Total financial income
2.6
0.2
Interest charged on bank loans, private placement notes and overdrafts
(6.8)
(6.7)
Amortisation of loan arrangement fees
(1.1)
(1.1)
Lease liabilities
(2.3)
(2.5)
Unwinding of discount on provisions
(3.7)
(2.1)
Total financial expense
(13.9)
(12.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "inancial income and expense6
Breedon Group plc Annual Report and Accounts 2023
Strategic report
Governance
Financial statements\u2003Additional information
198
2023 2022
\u00a3m \u00a3m
Interest received on cash deposits and money-market funds
2.6
0.2
Total financial income
2.6
0.2
Interest charged on bank loans, private placement notes and overdrafts
(6.8)
(6.7)
Amortisation of loan arrangement fees
(1.1)
(1.1)
Lease liabilities
(2.3)
(2.5)
Unwinding of discount on provisions
(3.7)
(2.1)
Total financial expense
(13.9)
(12.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "
Taxation
7
Recognised in the consolidated income statement
2023 2022
\u00a3m \u00a3m
Current tax
Current year
30.5
23.6
Prior year
(2.1)
1.0
Total current tax
28.4
24.6
Deferred tax
Current year
(1.9)
(1.8)
Change in deferred tax rate
0.7
1.1
Prior year
1.6
(0.7)
Total deferred tax
0.4
(1.4)
Total tax charge in the consolidated income statement
28.8
23.2
Recognised in equity
2023 2022
\u00a3m \u00a3m
Deferred tax
Derivatives
(0.1)
(0.2)
Share-based payments
0.1
0.4
Total tax charge in equity
\u2013
0.2
Reconciliation of effective tax rate
2023 2022
\u00a3m \u00a3m
Profit before taxation
134.4
135.8
Tax at the Company\u2019s domestic rate of 23.5% (2022: 19%)
31.6
25.8
Difference between Company and subsidiary statutory tax rates
(4.0)
(2.6)
Expenses not deductible for tax purposes
1.4
0.6
Enhanced capital allowances
(0.1)
(1.4)
Share-based payments
0.1
0.8
Unrecognised deferred tax assets (note 11)
\u2013
(0.7)
Income from associate and joint ventures already taxed
(0.5)
(0.7)
Chargeable gain on property disposal
0.1
\u2013
Change in deferred tax rate
0.7
1.1
Adjustment in respect of prior years
(0.5)
0.3
Total tax charge
28.8
23.2
The Company is tax resident in the UK, with a 23.5% tax rate. The Group\u2019s subsidiary
operations pay tax at a rate of 23.5% (2022: 19%) in the UK and 12.5% (2022: 12.5%) in RoI.
Excluding the impact of non-underlying items and the change in deferred tax rate,
the Group\u2019s Underlying effective tax rate is 20.4% (2022: 16.0%). Including these items,
the Group\u2019s reported tax rate for the year is 21.4% (2022: 17.1%).
Global Minimum Corporate Tax Framework
In December 2021, the OECD released model rules for a new global minimum corporate
tax framework applicable to multinational enterprise groups with global revenues of over
\u20ac750 million (\u2018Pillar Two\u2019 rules). The UK substantively enacted legislation implementing
these rules on 20 June 2023 and the rules apply to the Group as of 1 January 2024.
The Group is reviewing this legislation together with developing guidance. At 1 January
2024 the impact of Pillar Two rules on the Group is limited to the Group\u2019s taxable profits
generated in RoI. Based on the information currently available, the impact of these rules
on the Group tax position is not expected to be material.
In accordance with the mandatory exception under Amendments to IAS 12, the Group has
not remeasured deferred tax assets and liabilities as a result of the implementation of the
Pillar Two rules.
Breedon Group plc Annual Report and Accounts 2023 199Strategic report\u2003Governance\u2003Financial statements\u2003Additional information
Deferred tax 11
1 January Acquisitions Recognised Recognised Translation 31 December
2023 (note 25) in income in equity adjustments 2023
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(95.7)
(2.3)
(5.7)
\u2013
0.4
(103.3)
Intangible assets
(10.5)
(0.9)
1.3
\u2013
0.2
(9.9)
Derivatives
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
Historic losses
0.9
\u2013
(0.2)
\u2013
\u2013
0.7
Share-based payments
0.7
\u2013
0.3
(0.1)
\u2013
0.9
Working capital
and provisions
15.6
\u2013
4.0
\u2013
\u2013
19.6
(89.0)
(3.2)
(0.4)
\u2013
0.6
(92.0)
1 January Acquisitions Recognised Recognised Translation 31 December
2022 (note 25) in income in equity adjustments 2022
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(93.6)
(0.8)
(0.8)
\u2013
(0.5)
(95.7)
Intangible assets
(9.9)
(1.3)
0.8
\u2013
(0.1)
(10.5)
Derivatives
(0.2)
\u2013
\u2013
0.2
\u2013
\u2013
Historic losses
0.3
\u2013
0.6
\u2013
\u2013
0.9
Share-based payments
2.0
\u2013
(0.9)
(0.4)
\u2013
0.7
Working capital
and provisions
13.9
\u2013
1.7
\u2013
\u2013
15.6
(87. 5)
(2.1)
1.4
(0.2)
(0.6)
(89.0)
There are no identified unrecognised deferred tax assets or liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "Taxation 7 Recognised in the consolidated income statement
2023 2022
\u00a3m \u00a3m
Current tax
Current year
30.5
23.6
Prior year
(2.1)
1.0
Total current tax
28.4
24.6
Deferred tax
Current year
(1.9)
(1.8)
Change in deferred tax rate
0.7
1.1
Prior year
1.6
(0.7)
Total deferred tax
0.4
(1.4)
Total tax charge in the consolidated income statement
28.8
23.2
Recognised in equity
2023 2022
\u00a3m \u00a3m
Deferred tax
Derivatives
(0.1)
(0.2)
Share-based payments
0.1
0.4
Total tax charge in equity
\u2013
0.2
Deferred tax 11
1 January Acquisitions Recognised Recognised Translation 31 December
2023 (note 25) in income in equity adjustments 2023
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(95.7)
(2.3)
(5.7)
\u2013
0.4
(103.3)
Intangible assets
(10.5)
(0.9)
1.3
\u2013
0.2
(9.9)
Derivatives
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
Historic losses
0.9
\u2013
(0.2)
\u2013
\u2013
0.7
Share-based payments
0.7
\u2013
0.3
(0.1)
\u2013
0.9
Working capital
and provisions
15.6
\u2013
4.0
\u2013
\u2013
19.6
(89.0)
(3.2)
(0.4)
\u2013
0.6
(92.0)
1 January Acquisitions Recognised Recognised Translation 31 December
2022 (note 25) in income in equity adjustments 2022
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(93.6)
(0.8)
(0.8)
\u2013
(0.5)
(95.7)
Intangible assets
(9.9)
(1.3)
0.8
\u2013
(0.1)
(10.5)
Derivatives
(0.2)
\u2013
\u2013
0.2
\u2013
\u2013
Historic losses
0.3
\u2013
0.6
\u2013
\u2013
0.9
Share-based payments
2.0
\u2013
(0.9)
(0.4)
\u2013
0.7
Working capital
and provisions
13.9
\u2013
1.7
\u2013
\u2013
15.6
(87. 5)
(2.1)
1.4
(0.2)
(0.6)
(89.0)
There are no identified unrecognised deferred tax assets or liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "Property, plant and equipment 8
Mineral Plant,
reserves and Land and equipment
resources buildings and vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
340.3
134.8
713.3
1,188.4
Translation adjustment
(0.6)
(0.7)
(1.8)
(3.1)
Business combinations (note 25)
6.5
1.6
2.9
11.0
Additions
13.5
10.9
82.4
106.8
Disposals and impairment
(2.0)
(0.5)
(6.7)
(9.2)
Change to capitalised provisions
\u2013
(0.6)
(3.2)
(3.8)
Transfer from leased assets (note 20)
\u2013
\u2013
0.5
0.5
Reclassification
(2.9)
2.9
\u2013
\u2013
At 31 December 2023
354.8
148.4
787.4
1,290.6
Depreciation and mineral depletion
Balance at 1 January 2023
86.4
32.8
281.3
400.5
Translation adjustment
(0.1)
\u2013
(0.4)
(0.5)
Transfer from leased assets (note 20)
\u2013
\u2013
0.2
0.2
Charge for the year
13.8
5.9
60.9
80.6
Disposals and impairment
(1.5)
(0.1)
(5.8)
(7.4)
Reclassification
(2.1)
2.1
\u2013
\u2013
At 31 December 2023
96.5
40.7
336.2
473.4
Net book value
At 31 December 2023
258.3
107.7
451.2
817.2
Mineral Plant,
reserves and Land and equipment
resources buildings and vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2022
340.0
130.6
616.9
1,087.5
Translation adjustment
1.3
2.3
4.3
7.9
Business combinations (note 25)
\u2013
0.3
3.3
3.6
Additions
1.8
0.5
104.5
106.8
Disposals and impairment
(1.0)
(0.3)
(18.4)
(19.7)
Change to capitalised provisions
\u2013
(0.9)
3.2
2.3
Reclassification
(1.8)
2.3
(0.5)
\u2013
At 31 December 2022
340.3
134.8
713.3
1,188.4
Depreciation and mineral depletion
Balance at 1 January 2022
71.3
27.4
238.9
337.6
Translation adjustment
0.2
0.3
0.7
1.2
Charge for the year
15.0
5.2
54.6
74.8
Disposals and impairment
(0.1)
(0.1)
(12.9)
(13.1)
At 31 December 2022
86.4
32.8
281.3
400.5
Net book value
At 31 December 2022
253.9
102.0
432.0
787.9
Assets under construction
Presented within plant, equipment and vehicles are assets in the course of construction
totalling \u00a359.3m (2022: \u00a334.2m) which are not being depreciated.
Breedon Group plc Annual Report and Accounts 2023 200Strategic report\u2003Governance\u2003Financial statements\u2003Additional information
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "
Intangible assets
9
Customer
Goodwill related Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
469.6
50.4
17.7
537.7
Translation adjustment
(2.4)
(0.5)
\u2013
(2.9)
Business combinations (note 25)
6.9
3.9
\u2013
10.8
At 31 December 2023
474.1
53.8
17.7
545.6
Amortisation
At 1 January 2023
\u2013
14.7
4.8
19.5
Translation adjustment
\u2013
(0.1)
\u2013
(0.1)
Charge for the year
\u2013
4.3
1.7
6.0
At 31 December 2023
\u2013
18.9
6.5
25.4
Net book value
At 31 December 2023
474.1
34.9
11.2
520.2
Cost
At 1 January 2022
454.8
44.3
16.6
515.7
Translation adjustment
6.1
1.4
\u2013
7.5
Business combinations (note 25)
8.7
4.7
1.1
14.5
At 31 December 2022
469.6
50.4
17.7
537.7
Amortisation
At 1 January 2022
\u2013
10.7
3.5
14.2
Translation adjustment
\u2013
0.5
\u2013
0.5
Charge for the year
\u2013
3.5
1.3
4.8
At 31 December 2022
\u2013
14.7
4.8
19.5
Net book value
At 31 December 2022
469.6
35.7
12.9
518.2
Other intangible assets primarily comprise brand and permit assets arising from
acquisitions. The amortisation charge on these assets is recognised in non-underlying
operating expenses in the consolidated income statement. The remaining life of the finite
intangible assets ranges from 1-15 years.
Carrying value of goodwill by operating segment
2023 2022
\u00a3m \u00a3m
Great Britain
200.2
196.7
Ireland
111.8
109.6
Cement
162.1
163.3
474.1
469.6
Impairment tests for cash-generating units (\u2018CGUs\u2019) containing goodwill
Goodwill arising on business combinations is not amortised but is reviewed for impairment
on an annual basis, or more frequently if there are indications that the goodwill may
be impaired. Goodwill is allocated to groups of CGUs according to the level at which
management monitor that goodwill, being the Group\u2019s operating segments.
The key assumptions used in performing the impairment review are those used in
calculating the value-in-use of each CGU, as set out below:
Cash flow projections
Cash flow projections for each operating segment are derived from the annual budget
approved by the Board for 2024 and the three-year plan for 2025 and 2026. The key
assumptions on which budgets and forecasts are based include sales growth, product mix
and operating costs.
These cash flows are then extrapolated forward for a further period of up to 50 years
reflecting the long-term nature of the underlying assets, subject to obtaining incremental
planning permissions for our quarries and plants. Budgeted cash flows are based on past
experience and forecast future trading conditions.
Long-term growth rates
Cash flow projections assume a growth rate of 3.2% (2022: 3.4%) from the fourth year of
the value-in-use model, which reflects the impact of longer-term inflation projections on
future earnings derived from published market data.
Discount rate
Forecast pre-tax cash flows for each segment have been discounted at pre-tax rates of
between 11.5% and 14.7% (2022: between 11.9% and 12.6%). These rates were determined
by an external expert based on market participants\u2019 cost of capital and adjusted to reflect
factors specific to each segment.
Sensitivity
The Group has assessed the impact of possible changes in the key assumptions to the
impairment review, including the capital costs of our carbon reduction strategy that are
included in our financial plans. As discussed further below, it is not possible to quantify the
gross cost of the transition over the longer term and this is therefore excluded from the
sensitivity analysis. Having performed a sensitivity analysis over the key assumptions, the
directors have concluded that there are no reasonably possible changes to assumptions
which would result in an impairment charge being recognised.
Impact of climate change on impairment testing
Impacts related to climate change and the transition to a lower carbon economy
may include:
\u2002 Physical impacts resulting from increased severity and frequency of extreme weather
events, together with impacts arising from longer-term shifts in climate patterns.
\u2002 Transitional impacts, including changing demand for the Group\u2019s products due to
shifts in policy, regulation (including carbon pricing mechanisms), legal, technological,
market, customer or societal responses to climate change.
The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely
to have a significant impact on our impairment testing, with our operations typically
located in the UK and RoI in regions that face relatively low physical challenges from
climate change.
The impact of the transition to a lower carbon economy could be more significant.
Breedon is committed to net zero by 2050 as well as to the manufacture of cement at our
two well-invested cement plants; however, to achieve net zero will require a significant
reduction in our carbon emissions.
As set out in more detail in our Sustainability report on pages 71 to 104, we have
committed to a 30% reduction from a 2005 baseline in gross carbon intensity per tonne
of cementitious product by 2030, and we are taking near-term actions based on existing
technologies to move towards this objective. In addition, the Group is working with
governments, industry, academia and the GCCA to explore potential routes to further
decarbonisation, including Carbon Capture and Storage through the Peak Cluster project.
While the cash flows associated with our near-term plans are incorporated into our
impairment testing, it is not possible to quantify the gross cost of the transition to
net zero accurately over the longer term, nor how demand for cement might be
impacted by the price increases needed to recover these costs or longer-term changes
in consumer behaviour.
In preparing our impairment testing, we have assumed that volumes remain broadly in line
with current levels. We have assumed that increased costs, including carbon costs and
increased capital investment, will be recovered through pricing, consistent with our historic
experience and that no scalable substitute for concrete emerges in the near term. As the
cost of transition to net zero and the consequent impact on end-market demand becomes
clearer, these judgements will need to be refined and it is possible that this may result in
future impairment charges.
The directors are aware of the evolving risks attached to climate change and will regularly
assess these risks against estimates made in future value-in-use assessments. They
continue to view future impairment charges as unlikely at the date of this report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "Intangible assets 9
Customer
Goodwill related Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
469.6
50.4
17.7
537.7
Translation adjustment
(2.4)
(0.5)
\u2013
(2.9)
Business combinations (note 25)
6.9
3.9
\u2013
10.8
At 31 December 2023
474.1
53.8
17.7
545.6
Amortisation
At 1 January 2023
\u2013
14.7
4.8
19.5
Translation adjustment
\u2013
(0.1)
\u2013
(0.1)
Charge for the year
\u2013
4.3
1.7
6.0
At 31 December 2023
\u2013
18.9
6.5
25.4
Net book value
At 31 December 2023
474.1
34.9
11.2
520.2
Cost
At 1 January 2022
454.8
44.3
16.6
515.7
Translation adjustment
6.1
1.4
\u2013
7.5
Business combinations (note 25)
8.7
4.7
1.1
14.5
At 31 December 2022
469.6
50.4
17.7
537.7
Amortisation
At 1 January 2022
\u2013
10.7
3.5
14.2
Translation adjustment
\u2013
0.5
\u2013
0.5
Charge for the year
\u2013
3.5
1.3
4.8
At 31 December 2022
\u2013
14.7
4.8
19.5
Net book value
At 31 December 2022
469.6
35.7
12.9
518.2
Other intangible assets primarily comprise brand and permit assets arising from acquisitions. The amortisation charge on these assets is recognised in non-underlying operating expenses in the consolidated income statement. The remaining life of the finite intangible assets ranges from 1-15 years. Carrying value of goodwill by operating segment
2023 2022
\u00a3m \u00a3m
Great Britain
200.2
196.7
Ireland
111.8
109.6
Cement
162.1
163.3
474.1
469.6
Impairment tests for cash-generating units (\u2018CGUs\u2019) containing goodwill Goodwill arising on business combinations is not amortised but is reviewed for impairment on an annual basis, or more frequently if there are indications that the goodwill may be impaired. Goodwill is allocated to groups of CGUs according to the level at which management monitor that goodwill, being the Group\u2019s operating segments. The key assumptions used in performing the impairment review are those used in calculating the value-in-use of each CGU, as set out below: Cash flow projections Cash flow projections for each operating segment are derived from the annual budget approved by the Board for 2024 and the three-year plan for 2025 and 2026. The key assumptions on which budgets and forecasts are based include sales growth, product mix and operating costs. These cash flows are then extrapolated forward for a further period of up to 50 years reflecting the long-term nature of the underlying assets, subject to obtaining incremental planning permissions for our quarries and plants. Budgeted cash flows are based on past experience and forecast future trading conditions. Long-term growth rates Cash flow projections assume a growth rate of 3.2% (2022: 3.4%) from the fourth year of the value-in-use model, which reflects the impact of longer-term inflation projections on future earnings derived from published market data. Discount rate Forecast pre-tax cash flows for each segment have been discounted at pre-tax rates of between 11.5% and 14.7% (2022: between 11.9% and 12.6%). These rates were determined by an external expert based on market participants\u2019 cost of capital and adjusted to reflect factors specific to each segment. Sensitivity The Group has assessed the impact of possible changes in the key assumptions to the impairment review, including the capital costs of our carbon reduction strategy that are included in our financial plans. As discussed further below, it is not possible to quantify the gross cost of the transition over the longer term and this is therefore excluded from the sensitivity analysis. Having performed a sensitivity analysis over the key assumptions, the directors have concluded that there are no reasonably possible changes to assumptions which would result in an impairment charge being recognised. Impact of climate change on impairment testing Impacts related to climate change and the transition to a lower carbon economy may include:\u2002 Physical impacts resulting from increased severity and frequency of extreme weather events, together with impacts arising from longer-term shifts in climate patterns.\u2002 Transitional impacts, including changing demand for the Group\u2019s products due to shifts in policy, regulation (including carbon pricing mechanisms), legal, technological, market, customer or societal responses to climate change. The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely to have a significant impact on our impairment testing, with our operations typically located in the UK and RoI in regions that face relatively low physical challenges from climate change. The impact of the transition to a lower carbon economy could be more significant. Breedon is committed to net zero by 2050 as well as to the manufacture of cement at our two well-invested cement plants; however, to achieve net zero will require a significant reduction in our carbon emissions. As set out in more detail in our Sustainability report on pages 71 to 104, we have committed to a 30% reduction from a 2005 baseline in gross carbon intensity per tonne of cementitious product by 2030, and we are taking near-term actions based on existing technologies to move towards this objective. In addition, the Group is working with governments, industry, academia and the GCCA to explore potential routes to further decarbonisation, including Carbon Capture and Storage through the Peak Cluster project. While the cash flows associated with our near-term plans are incorporated into our impairment testing, it is not possible to quantify the gross cost of the transition to net zero accurately over the longer term, nor how demand for cement might be impacted by the price increases needed to recover these costs or longer-term changes in consumer behaviour. In preparing our impairment testing, we have assumed that volumes remain broadly in line with current levels. We have assumed that increased costs, including carbon costs and increased capital investment, will be recovered through pricing, consistent with our historic experience and that no scalable substitute for concrete emerges in the near term. As the cost of transition to net zero and the consequent impact on end-market demand becomes clearer, these judgements will need to be refined and it is possible that this may result in future impairment charges. The directors are aware of the evolving risks attached to climate change and will regularly assess these risks against estimates made in future value-in-use assessments. They continue to view future impairment charges as unlikely at the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "Intangible assets 9
Customer
Goodwill related Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
469.6
50.4
17.7
537.7
Translation adjustment
(2.4)
(0.5)
\u2013
(2.9)
Business combinations (note 25)
6.9
3.9
\u2013
10.8
At 31 December 2023
474.1
53.8
17.7
545.6
Amortisation
At 1 January 2023
\u2013
14.7
4.8
19.5
Translation adjustment
\u2013
(0.1)
\u2013
(0.1)
Charge for the year
\u2013
4.3
1.7
6.0
At 31 December 2023
\u2013
18.9
6.5
25.4
Net book value
At 31 December 2023
474.1
34.9
11.2
520.2
Cost
At 1 January 2022
454.8
44.3
16.6
515.7
Translation adjustment
6.1
1.4
\u2013
7.5
Business combinations (note 25)
8.7
4.7
1.1
14.5
At 31 December 2022
469.6
50.4
17.7
537.7
Amortisation
At 1 January 2022
\u2013
10.7
3.5
14.2
Translation adjustment
\u2013
0.5
\u2013
0.5
Charge for the year
\u2013
3.5
1.3
4.8
At 31 December 2022
\u2013
14.7
4.8
19.5
Net book value
At 31 December 2022
469.6
35.7
12.9
518.2
Other intangible assets primarily comprise brand and permit assets arising from acquisitions. The amortisation charge on these assets is recognised in non-underlying operating expenses in the consolidated income statement. The remaining life of the finite intangible assets ranges from 1-15 years. Carrying value of goodwill by operating segment
2023 2022
\u00a3m \u00a3m
Great Britain
200.2
196.7
Ireland
111.8
109.6
Cement
162.1
163.3
474.1
469.6
Impairment tests for cash-generating units (\u2018CGUs\u2019) containing goodwill Goodwill arising on business combinations is not amortised but is reviewed for impairment on an annual basis, or more frequently if there are indications that the goodwill may be impaired. Goodwill is allocated to groups of CGUs according to the level at which management monitor that goodwill, being the Group\u2019s operating segments. The key assumptions used in performing the impairment review are those used in calculating the value-in-use of each CGU, as set out below: Cash flow projections Cash flow projections for each operating segment are derived from the annual budget approved by the Board for 2024 and the three-year plan for 2025 and 2026. The key assumptions on which budgets and forecasts are based include sales growth, product mix and operating costs. These cash flows are then extrapolated forward for a further period of up to 50 years reflecting the long-term nature of the underlying assets, subject to obtaining incremental planning permissions for our quarries and plants. Budgeted cash flows are based on past experience and forecast future trading conditions. Long-term growth rates Cash flow projections assume a growth rate of 3.2% (2022: 3.4%) from the fourth year of the value-in-use model, which reflects the impact of longer-term inflation projections on future earnings derived from published market data. Discount rate Forecast pre-tax cash flows for each segment have been discounted at pre-tax rates of between 11.5% and 14.7% (2022: between 11.9% and 12.6%). These rates were determined by an external expert based on market participants\u2019 cost of capital and adjusted to reflect factors specific to each segment. Sensitivity The Group has assessed the impact of possible changes in the key assumptions to the impairment review, including the capital costs of our carbon reduction strategy that are included in our financial plans. As discussed further below, it is not possible to quantify the gross cost of the transition over the longer term and this is therefore excluded from the sensitivity analysis. Having performed a sensitivity analysis over the key assumptions, the directors have concluded that there are no reasonably possible changes to assumptions which would result in an impairment charge being recognised. Impact of climate change on impairment testing Impacts related to climate change and the transition to a lower carbon economy may include:\u2002 Physical impacts resulting from increased severity and frequency of extreme weather events, together with impacts arising from longer-term shifts in climate patterns.\u2002 Transitional impacts, including changing demand for the Group\u2019s products due to shifts in policy, regulation (including carbon pricing mechanisms), legal, technological, market, customer or societal responses to climate change. The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely to have a significant impact on our impairment testing, with our operations typically located in the UK and RoI in regions that face relatively low physical challenges from climate change. The impact of the transition to a lower carbon economy could be more significant. Breedon is committed to net zero by 2050 as well as to the manufacture of cement at our two well-invested cement plants; however, to achieve net zero will require a significant reduction in our carbon emissions. As set out in more detail in our Sustainability report on pages 71 to 104, we have committed to a 30% reduction from a 2005 baseline in gross carbon intensity per tonne of cementitious product by 2030, and we are taking near-term actions based on existing technologies to move towards this objective. In addition, the Group is working with governments, industry, academia and the GCCA to explore potential routes to further decarbonisation, including Carbon Capture and Storage through the Peak Cluster project. While the cash flows associated with our near-term plans are incorporated into our impairment testing, it is not possible to quantify the gross cost of the transition to net zero accurately over the longer term, nor how demand for cement might be impacted by the price increases needed to recover these costs or longer-term changes in consumer behaviour. In preparing our impairment testing, we have assumed that volumes remain broadly in line with current levels. We have assumed that increased costs, including carbon costs and increased capital investment, will be recovered through pricing, consistent with our historic experience and that no scalable substitute for concrete emerges in the near term. As the cost of transition to net zero and the consequent impact on end-market demand becomes clearer, these judgements will need to be refined and it is possible that this may result in future impairment charges. The directors are aware of the evolving risks attached to climate change and will regularly assess these risks against estimates made in future value-in-use assessments. They continue to view future impairment charges as unlikely at the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "value": "Impairment tests for cash-generating units (\u2018CGUs\u2019) containing goodwill Goodwill arising on business combinations is not amortised but is reviewed for impairment on an annual basis, or more frequently if there are indications that the goodwill may be impaired. Goodwill is allocated to groups of CGUs according to the level at which management monitor that goodwill, being the Group\u2019s operating segments. The key assumptions used in performing the impairment review are those used in calculating the value-in-use of each CGU, as set out below: Cash flow projections Cash flow projections for each operating segment are derived from the annual budget approved by the Board for 2024 and the three-year plan for 2025 and 2026. The key assumptions on which budgets and forecasts are based include sales growth, product mix and operating costs. These cash flows are then extrapolated forward for a further period of up to 50 years reflecting the long-term nature of the underlying assets, subject to obtaining incremental planning permissions for our quarries and plants. Budgeted cash flows are based on past experience and forecast future trading conditions. Long-term growth rates Cash flow projections assume a growth rate of 3.2% (2022: 3.4%) from the fourth year of the value-in-use model, which reflects the impact of longer-term inflation projections on future earnings derived from published market data. Discount rate Forecast pre-tax cash flows for each segment have been discounted at pre-tax rates of between 11.5% and 14.7% (2022: between 11.9% and 12.6%). These rates were determined by an external expert based on market participants\u2019 cost of capital and adjusted to reflect factors specific to each segment. Sensitivity The Group has assessed the impact of possible changes in the key assumptions to the impairment review, including the capital costs of our carbon reduction strategy that are included in our financial plans. As discussed further below, it is not possible to quantify the gross cost of the transition over the longer term and this is therefore excluded from the sensitivity analysis. Having performed a sensitivity analysis over the key assumptions, the directors have concluded that there are no reasonably possible changes to assumptions which would result in an impairment charge being recognised. Impact of climate change on impairment testing Impacts related to climate change and the transition to a lower carbon economy may include:\u2002 Physical impacts resulting from increased severity and frequency of extreme weather events, together with impacts arising from longer-term shifts in climate patterns.\u2002 Transitional impacts, including changing demand for the Group\u2019s products due to shifts in policy, regulation (including carbon pricing mechanisms), legal, technological, market, customer or societal responses to climate change. The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely to have a significant impact on our impairment testing, with our operations typically located in the UK and RoI in regions that face relatively low physical challenges from climate change. The impact of the transition to a lower carbon economy could be more significant. Breedon is committed to net zero by 2050 as well as to the manufacture of cement at our two well-invested cement plants; however, to achieve net zero will require a significant reduction in our carbon emissions. As set out in more detail in our Sustainability report on pages 71 to 104, we have committed to a 30% reduction from a 2005 baseline in gross carbon intensity per tonne of cementitious product by 2030, and we are taking near-term actions based on existing technologies to move towards this objective. In addition, the Group is working with governments, industry, academia and the GCCA to explore potential routes to further decarbonisation, including Carbon Capture and Storage through the Peak Cluster project. While the cash flows associated with our near-term plans are incorporated into our impairment testing, it is not possible to quantify the gross cost of the transition to net zero accurately over the longer term, nor how demand for cement might be impacted by the price increases needed to recover these costs or longer-term changes in consumer behaviour. In preparing our impairment testing, we have assumed that volumes remain broadly in line with current levels. We have assumed that increased costs, including carbon costs and increased capital investment, will be recovered through pricing, consistent with our historic experience and that no scalable substitute for concrete emerges in the near term. As the cost of transition to net zero and the consequent impact on end-market demand becomes clearer, these judgements will need to be refined and it is possible that this may result in future impairment charges. The directors are aware of the evolving risks attached to climate change and will regularly assess these risks against estimates made in future value-in-use assessments. They continue to view future impairment charges as unlikely at the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "
Investment in associate and joint ventures
10
The entities contributing to the Group\u2019s financial results are listed on pages 226 and 227.
The Group equity accounts for investments in its associate and joint ventures.
Associate Joint ventures Total
\u00a3m \u00a3m \u00a3m
Carrying value
At 1 January 2022
5.0
7.2
12.2
Share of profit of associate and joint ventures
1.3
2.2
3.5
Disposal as part of stepped acquisition
\u2013
(0.3)
(0.3)
Dividends received
(0.6)
(1.1)
(1.7)
At 31 December 2022
5.7
8.0
13.7
Share of profit of associate and joint ventures
0.2
2.4
2.6
Dividends received
(0.4)
(1.4)
(1.8)
At 31 December 2023
5.5
9.0
14.5
Summary financial information of associate and joint ventures
2023
2022
Associate Joint ventures Associate Joint ventures
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
19.2
15.7
14.9
12.3
Current assets
41.6
21.3
34.9
21.7
Current liabilities
(37.0)
(23.3)
(26.7)
(19.7)
Non-current liabilities
(8.0)
(4.1)
(6.6)
(7.8)
Net assets
15.8
9.6
16.5
6.5
Revenue
161.6
125.8
225.4
118.6
Profit for the year
0.4
5.0
3.7
5.3
The table above shows the results and balances of the associate and joint ventures.
Included within the consolidated results of the Group is the share of profit of the associate
and joint ventures, as disclosed in the consolidated income statement.
Consideration Deferred consideration includes \u00a31.1m relating to an earnout arrangement and \u00a31.0m relating to a put liability over the remaining 20% of the ordinary shares of Minster Surfacing Limited. The put liability has been accounted for using the anticipated acquisition method. The earnout will be paid to the former owner based on the performance of the acquired entity over a two year period. Fair value adjustments The fair value adjustments comprised:\u2002 Intangible assets, including the value of acquired customer lists; \u2002Revaluation of certain items of property, plant and equipment; and\u2002 Associated deferred tax balances. The goodwill arising represents expected synergies, the potential for future growth, access to new markets and the skills of the existing workforce. Goodwill is not deductible for tax purposes. Impact of current year acquisition Income statement During the year, the combined acquisitions contributed revenues of \u00a319.0m, Underlying EBIT of \u00a31.8m and profit before tax of \u00a31.8m to the Group. Had these acquisitions occurred on 1 January 2023, the results of the Group for the year ended 31 December 2023 would have shown revenue of \u00a31,494.8m, Underlying EBIT of \u00a3157.3m and Profit before tax of \u00a3135.5m. Cash flow The cash flow impact of acquisitions in the year can be summarised as follows:
\u00a3m
Consideration \u2013 Cash
25.0
Cash and cash equivalents acquired
(6.2)
Net cash consideration shown in the consolidated statement of cash flows
18.8
Acquisition costs The Group incurred acquisition related costs of \u00a30.9m (2022: \u00a30.7m) which included external professional fees in relation to these acquisitions. These are presented as non-underlying operating costs (note 3). Prior year acquisition The Group completed three acquisitions in the prior year, acquiring 80% of the ordinary share capital of Thomas Bow Limited (1 July 2022), and 100% of the ordinary share capitals of R T Mycock & Sons Limited (1 July 2022) and Severn Sands Limited (1 August 2022) for total consideration of \u00a320.5m. No additional adjustments have been made in respect of these acquisitions within the measurement period and the provisional values reported in the prior year are now considered final. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "value": "Investment in associate and joint ventures 10 The entities contributing to the Group\u2019s financial results are listed on pages 226 and 227. The Group equity accounts for investments in its associate and joint ventures.
Associate Joint ventures Total
\u00a3m \u00a3m \u00a3m
Carrying value
At 1 January 2022
5.0
7.2
12.2
Share of profit of associate and joint ventures
1.3
2.2
3.5
Disposal as part of stepped acquisition
\u2013
(0.3)
(0.3)
Dividends received
(0.6)
(1.1)
(1.7)
At 31 December 2022
5.7
8.0
13.7
Share of profit of associate and joint ventures
0.2
2.4
2.6
Dividends received
(0.4)
(1.4)
(1.8)
At 31 December 2023
5.5
9.0
14.5
Summary financial information of associate and joint ventures
2023
2022
Associate Joint ventures Associate Joint ventures
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
19.2
15.7
14.9
12.3
Current assets
41.6
21.3
34.9
21.7
Current liabilities
(37.0)
(23.3)
(26.7)
(19.7)
Non-current liabilities
(8.0)
(4.1)
(6.6)
(7.8)
Net assets
15.8
9.6
16.5
6.5
Revenue
161.6
125.8
225.4
118.6
Profit for the year
0.4
5.0
3.7
5.3
The table above shows the results and balances of the associate and joint ventures. Included within the consolidated results of the Group is the share of profit of the associate and joint ventures, as disclosed in the consolidated income statement. Acquisitions 25 Current year acquisitions The Group completed three individually immaterial acquisitions in the current year, being Broome Bros. (Doncaster) Limited (1 May 2023), Robinson Quarry Masters Limited (15 May 2023) and Minster Surfacing Limited (5 May 2023). Total consideration for these acquisitions was \u00a327.1m. The fair value of the assets and liabilities acquired is set out as follows:
Provisional
Fair value fair value on
Book value adjustments acquisition
\u00a3m \u00a3m \u00a3m
Intangible assets
\u2013
3.9
3.9
Property, plant and equipment
4.5
6.5
11.0
Right-of-use assets
0.2
\u2013
0.2
Inventories
1.2
\u2013
1.2
Trade and other receivables
6.2
\u2013
6.2
Cash and cash equivalents
6.2
\u2013
6.2
Trade and other payables
(3.5)
\u2013
(3.5)
Provisions
(0.3)
\u2013
(0.3)
Lease liabilities
(0.2)
\u2013
(0.2)
Borrowings
(0.9)
\u2013
(0.9)
Current tax payable
(0.4)
\u2013
(0.4)
Deferred tax liabilities
(0.7)
(2.5)
(3.2)
Total
12.3
7.9
20.2
Consideration \u2013 cash
25.0
Deferred consideration
2.1
Goodwill arising
6.9
Consideration Deferred consideration includes \u00a31.1m relating to an earnout arrangement and \u00a31.0m relating to a put liability over the remaining 20% of the ordinary shares of Minster Surfacing Limited. The put liability has been accounted for using the anticipated acquisition method. The earnout will be paid to the former owner based on the performance of the acquired entity over a two year period. Fair value adjustments The fair value adjustments comprised:\u2002 Intangible assets, including the value of acquired customer lists; \u2002Revaluation of certain items of property, plant and equipment; and\u2002 Associated deferred tax balances. The goodwill arising represents expected synergies, the potential for future growth, access to new markets and the skills of the existing workforce. Goodwill is not deductible for tax purposes. Impact of current year acquisition Income statement During the year, the combined acquisitions contributed revenues of \u00a319.0m, Underlying EBIT of \u00a31.8m and profit before tax of \u00a31.8m to the Group. Had these acquisitions occurred on 1 January 2023, the results of the Group for the year ended 31 December 2023 would have shown revenue of \u00a31,494.8m, Underlying EBIT of \u00a3157.3m and Profit before tax of \u00a3135.5m. Cash flow The cash flow impact of acquisitions in the year can be summarised as follows:
\u00a3m
Consideration \u2013 Cash
25.0
Cash and cash equivalents acquired
(6.2)
Net cash consideration shown in the consolidated statement of cash flows
18.8
Acquisition costs The Group incurred acquisition related costs of \u00a30.9m (2022: \u00a30.7m) which included external professional fees in relation to these acquisitions. These are presented as non-underlying operating costs (note 3). Prior year acquisition The Group completed three acquisitions in the prior year, acquiring 80% of the ordinary share capital of Thomas Bow Limited (1 July 2022), and 100% of the ordinary share capitals of R T Mycock & Sons Limited (1 July 2022) and Severn Sands Limited (1 August 2022) for total consideration of \u00a320.5m. No additional adjustments have been made in respect of these acquisitions within the measurement period and the provisional values reported in the prior year are now considered final.
Proportion of Proportion of
ordinary shares ordinary shares
Registered held directly held by
Company name address by the parent the Group
ALBA Traffic Management Limited
3
75
75
Alfred McAlpine Slate Penrhyn Limited
1
100
100
Alliance Recycling (UK) Ltd
1
80
80
Alpha Resource Management Ltd
2
100
100
Barney Precast Limited
1
100
99.4
Berwyn Granite Quarries Limited
1
100
100
Blinkbonny Quarry (Borders) Limited
3
100
100
Boyne Bay Lime Company Ltd, The
3
100
100
Breedon Aggregates SW Limited
3
100
100
Breedon Bow Highways Limited
1
100
100
Breedon Brick Limited
5
100
100
Breedon Cement Ireland Limited
5
100
100
Breedon Cement Limited
1
100
100
Breedon Employee Services Ireland Limited
4
100
100
Breedon Facilities Management Limited
3
100
100
Breedon Group Limited
6
100
100
Breedon Group Services Limited
1
100
100
Breedon Holdings (Jersey) Limited
6
100
100
Breedon Holdings Limited
1
100
100
Breedon Investments USA Inc
9
100
100
Breedon Midco Limited
1
100
100
Breedon Northern Limited
3
100
100
Breedon Properties Limited
1
100
100
Breedon Scotland Limited
3
100
100
Breedon Southern Limited
1
100
100
Breedon Surfacing Solutions Limited
1
100
100
Breedon Trading Limited
1
100
100
Breedon Whitemountain Ltd
3
100
100
Broome Bros. (Doncaster) Limited
1
100
100
City Asphalt Limited
8
100
80
Proportion of Proportion of
ordinary shares ordinary shares
Registered held directly held by
Company name address by the parent the Group
City Mini Mix (Notts) Limited
1
100
100
Clearwell Quarries Limited
1
100
99.4
Cocklebank Conservations Limited
1
100
100
Cwmorthin Slate Quarry 1994 Company Limited
1
100
100
Deckal Limited
7
100
100
EJCC Limited
1
100
100
Enneurope Limited
1
100
100
Enneurope Holdings Limited
1
100
100
Flemings\u2019 Coal Mines Limited
4
100
100
Flemings\u2019 Fireclays Limited
4
100
100
Flemings\u2019 Fireclays Manufacturing Limited
4
100
100
Glencarne Bricks Limited
4
100
100
Glenfarne Clayware Limited
4
100
100
Greenshine
7
100
100
Hart Aggregates Limited
1
100
100
Hope Construction Products Limited
1
100
100
Hope Dormant 1 Limited
1
100
100
Hope Ready Mixed Concrete Limited
1
100
100
Humberside Aggregates Limited
1
100
100
Huntsman\u2019s Quarries Limited
1
100
100
Kilcarn Limited
2
100
100
Kingscourt Bricks Limited
2
100
100
Kingscourt Clay Products Limited
2
100
100
Lagan Airports Limited
2
100
100
Lagan Asphalt (UK) Ltd
2
100
100
Lagan Asphalt Group Limited
2
100
100
Lagan Asphalt Limited
4
100
100
Lagan Bitumen Limited
1
100
100
Lagan Cement Limited
2
100
100
Lagan Cement Products Limited
2
100
100
Subsidiaries
As at 31 December 2023, the companies listed below and on the following pages are indirectly held by Breedon Group plc except Breedon Midco Limited which is 100% directly owned.
Proportion of Proportion of
ordinary shares ordinary shares
Registered held directly held by
Company name address by the parent the Group
Lagan Group (Holdings) Limited
7
100
100
Lagan Group Limited
7
100
100
Lagan Hibernian Limited
4
100
100
Lagan Materials Limited
4
100
100
Lagan Whitemountain Limited
2
100
100
Marwyn Materials (UK) Limited
1
100
100
Midwest Aggregates Limited
5
100
100
Minster Surfacing Limited
1
80
80
Mulholland Bros (Brick and Sand) Limited
2
99.9
99.9
Natural Building Materials Limited
1
99.4
99.4
Nith Aggregates Limited
1
100
100
Nottingham Ready Mix Limited
1
100
100
Pinnacle Construction Materials Limited
1
100
100
Pro Mini Mix Concrete, Mortars and Screeds Limited
1
100
100
Roadmix Limited
2
100
100
Roadway Civil Engineering & Surfacing Ltd
1
100
100
Robinson Quarry Masters Limited
2
100
100
RT Mycock & Sons Limited
1
100
100
Severn Sands (Holdings) Limited
1
100
100
Severn Sands Limited
1
100
100
Sherburn Cement Limited
1
100
100
Sherburn Minerals Limited
1
100
100
Sherburn Sand Company Limited
1
100
100
Sherburn Stone Company Limited
1
100
100
Staffs Concrete Limited
1
100
100
The Cwt-Y-Bugail Slate Quarries Limited
1
100
100
The Waveney Asphalt Company Limited
1
100
100
Thomas Bow Limited
8
80
80
UK Stone Direct Limited
1
100
100
Welsh Slate Limited
1
100
100
Whitemountain Quarries Ltd
2
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "Investment in associate and joint ventures 10 The entities contributing to the Group\u2019s financial results are listed on pages 226 and 227. The Group equity accounts for investments in its associate and joint ventures.
Associate Joint ventures Total
\u00a3m \u00a3m \u00a3m
Carrying value
At 1 January 2022
5.0
7.2
12.2
Share of profit of associate and joint ventures
1.3
2.2
3.5
Disposal as part of stepped acquisition
\u2013
(0.3)
(0.3)
Dividends received
(0.6)
(1.1)
(1.7)
At 31 December 2022
5.7
8.0
13.7
Share of profit of associate and joint ventures
0.2
2.4
2.6
Dividends received
(0.4)
(1.4)
(1.8)
At 31 December 2023
5.5
9.0
14.5
Summary financial information of associate and joint ventures
2023
2022
Associate Joint ventures Associate Joint ventures
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
19.2
15.7
14.9
12.3
Current assets
41.6
21.3
34.9
21.7
Current liabilities
(37.0)
(23.3)
(26.7)
(19.7)
Non-current liabilities
(8.0)
(4.1)
(6.6)
(7.8)
Net assets
15.8
9.6
16.5
6.5
Revenue
161.6
125.8
225.4
118.6
Profit for the year
0.4
5.0
3.7
5.3
The table above shows the results and balances of the associate and joint ventures. Included within the consolidated results of the Group is the share of profit of the associate and joint ventures, as disclosed in the consolidated income statement. Joint ventures and associates
Proportion of Proportion of
ordinary shares ordinary shares
Registered held directly held by
Company name address by the parent the Group
BEAR Scotland Limited
14
37. 5
37.5
Breedon Bowen Limited
1
50
50
Breedon Colas Limited
1
50
50
Capital Concrete Limited
10
43
43
H.V. Bowen & Sons (Quarry) Ltd
1
100
50
H.V. Bowen & Sons (Transport) Limited
1
100
50
Kingscourt Country Manor Brick Company Limited
11
50
50
Northern Quarry Products Limited
12
50
50
PSV (UK) Ltd
1
100
50
Welsh Slate Europe B.V.
13
50
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "Investment in associate and joint ventures 10 The entities contributing to the Group\u2019s financial results are listed on pages 226 and 227. The Group equity accounts for investments in its associate and joint ventures.
Associate Joint ventures Total
\u00a3m \u00a3m \u00a3m
Carrying value
At 1 January 2022
5.0
7.2
12.2
Share of profit of associate and joint ventures
1.3
2.2
3.5
Disposal as part of stepped acquisition
\u2013
(0.3)
(0.3)
Dividends received
(0.6)
(1.1)
(1.7)
At 31 December 2022
5.7
8.0
13.7
Share of profit of associate and joint ventures
0.2
2.4
2.6
Dividends received
(0.4)
(1.4)
(1.8)
At 31 December 2023
5.5
9.0
14.5
Summary financial information of associate and joint ventures
2023
2022
Associate Joint ventures Associate Joint ventures
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
19.2
15.7
14.9
12.3
Current assets
41.6
21.3
34.9
21.7
Current liabilities
(37.0)
(23.3)
(26.7)
(19.7)
Non-current liabilities
(8.0)
(4.1)
(6.6)
(7.8)
Net assets
15.8
9.6
16.5
6.5
Revenue
161.6
125.8
225.4
118.6
Profit for the year
0.4
5.0
3.7
5.3
The table above shows the results and balances of the associate and joint ventures. Included within the consolidated results of the Group is the share of profit of the associate and joint ventures, as disclosed in the consolidated income statement.
Proportion of Proportion of
ordinary shares ordinary shares
Registered held directly held by
Company name address by the parent the Group
BEAR Scotland Limited
14
37. 5
37.5
Breedon Bowen Limited
1
50
50
Breedon Colas Limited
1
50
50
Capital Concrete Limited
10
43
43
H.V. Bowen & Sons (Quarry) Ltd
1
100
50
H.V. Bowen & Sons (Transport) Limited
1
100
50
Kingscourt Country Manor Brick Company Limited
11
50
50
Northern Quarry Products Limited
12
50
50
PSV (UK) Ltd
1
100
50
Welsh Slate Europe B.V.
13
50
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "
Deferred tax
11
1 January Acquisitions Recognised Recognised Translation 31 December
2023 (note 25) in income in equity adjustments 2023
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(95.7)
(2.3)
(5.7)
\u2013
0.4
(103.3)
Intangible assets
(10.5)
(0.9)
1.3
\u2013
0.2
(9.9)
Derivatives
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
Historic losses
0.9
\u2013
(0.2)
\u2013
\u2013
0.7
Share-based payments
0.7
\u2013
0.3
(0.1)
\u2013
0.9
Working capital
and provisions
15.6
\u2013
4.0
\u2013
\u2013
19.6
(89.0)
(3.2)
(0.4)
\u2013
0.6
(92.0)
1 January Acquisitions Recognised Recognised Translation 31 December
2022 (note 25) in income in equity adjustments 2022
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant
and equipment
(93.6)
(0.8)
(0.8)
\u2013
(0.5)
(95.7)
Intangible assets
(9.9)
(1.3)
0.8
\u2013
(0.1)
(10.5)
Derivatives
(0.2)
\u2013
\u2013
0.2
\u2013
\u2013
Historic losses
0.3
\u2013
0.6
\u2013
\u2013
0.9
Share-based payments
2.0
\u2013
(0.9)
(0.4)
\u2013
0.7
Working capital
and provisions
13.9
\u2013
1.7
\u2013
\u2013
15.6
(87. 5)
(2.1)
1.4
(0.2)
(0.6)
(89.0)
There are no identified unrecognised deferred tax assets or liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "
Inventories
12
2023 2022
\u00a3m \u00a3m
Raw materials and consumables
49.8
56.6
Work in progress
9.8
6.3
Finished goods and goods for resale
60.5
31.9
120.1
94.8
Inventories (being directly attributable costs of production) of \u00a3928.7m (2022: \u00a3853.7m)
have been expensed in the year.
ETS assets are presented within finished goods and goods for resale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "
Trade and other receivables
13
2023 2022
\u00a3m \u00a3m
Trade receivables
185.1
175.3
Amounts due from associate and joint ventures (note 22)
6.1
5.8
Derivative assets
\u2013
0.1
Contract assets
20.1
14.5
Other receivables and prepayments
17.5
26.7
228.8
222.4
2023 2022
\u00a3m \u00a3m
Analysed as
Current
227.9
218.6
Non-current
0.9
3.8
228.8
222.4
The nature of contract assets has not changed materially during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "Trade and other receivables 13
2023 2022
\u00a3m \u00a3m
Trade receivables
185.1
175.3
Amounts due from associate and joint ventures (note 22)
6.1
5.8
Derivative assets
\u2013
0.1
Contract assets
20.1
14.5
Other receivables and prepayments
17.5
26.7
228.8
222.4
2023 2022
\u00a3m \u00a3m
Analysed as
Current
227.9
218.6
Non-current
0.9
3.8
228.8
222.4
The nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "Trade and other receivables 13
2023 2022
\u00a3m \u00a3m
Trade receivables
185.1
175.3
Amounts due from associate and joint ventures (note 22)
6.1
5.8
Derivative assets
\u2013
0.1
Contract assets
20.1
14.5
Other receivables and prepayments
17.5
26.7
228.8
222.4
2023 2022
\u00a3m \u00a3m
Analysed as
Current
227.9
218.6
Non-current
0.9
3.8
228.8
222.4
The nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "
Interest-bearing loans and borrowings
14
Net Debt
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents
126.9
101.7
Current borrowings
(8.1)
(7.9)
Non-current borrowings
(288.7)
(291.5)
Net Debt
(169.9)
(1 97.7)
IFRS 16 lease liabilities
48.0
49.3
Net Debt (excluding IFRS 16)
(121.9)
(148.4)
Analysis of borrowings between current and non-current
2023 2022
\u00a3m \u00a3m
Lease liabilities
8.1
7.9
Current borrowings
8.1
7.9
Bank and USPP debt
248.8
250.1
Lease liabilities
39.9
41.4
Non-current borrowings
288.7
291.5
The Group\u2019s borrowing facilities comprise a \u00a3350m multi-currency RCF and a \u00a3250m USPP.
The RCF is available to the Group until June 2026. Interest on the RCF is calculated as a
margin referenced to the Group\u2019s Covenant Leverage plus SONIA or EURIBOR according
to the currency of borrowing. Interest on the RCF was charged in the period at margins of
between 1.8% and 1.9%.
The USPP was issued in 2021 with an average fixed coupon of approximately 2% and
comprises \u00a3170m sterling and \u00a380m drawn in Euro, with a maturity profile between
2028 and 2036.
During the year, the Group exercised an option to extend the RCF for a one-year period.
Arrangement fees of \u00a30.7m were capitalised in the year and will be amortised over the
period of the additional borrowing.
Borrowing facilities are subject to leverage and interest cover covenants which are tested
half-yearly. The Group remained fully compliant with all covenants during the year.
Reconciliation of cash flow movement to movement in Net Debt
2023 2022
\u00a3m \u00a3m
For the year ended 31 December
Net increase in cash and cash equivalents
24.9
17.1
Foreign exchange differences \u2013 cash and cash equivalents
0.3
0.7
Net movement in cash and cash equivalents
25.2
17.8
Net cash flow movements in debt financing
9.7
9.5
Non-cash movements
Net of lease additions and disposals
(6.4)
(4 .7 )
Amortisation of prepaid bank arrangement fee
(1.1)
(1.1)
Debt acquired via acquisitions (note 25)
(1.1)
(2.5)
Foreign exchange differences \u2013 interest-bearing loans and borrowings
1.5
(4. 2)
Decrease in Net Debt in the year
27.8
14.8
Net Debt as at 1 January
(197.7 )
(212.5)
Net Debt as at 31 December
(169.9)
(197.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "Net Debt
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents
126.9
101.7
Current borrowings
(8.1)
(7.9)
Non-current borrowings
(288.7)
(291.5)
Net Debt
(169.9)
(1 97.7)
IFRS 16 lease liabilities
48.0
49.3
Net Debt (excluding IFRS 16)
(121.9)
(148.4)
Analysis of borrowings between current and non-current
2023 2022
\u00a3m \u00a3m
Lease liabilities
8.1
7.9
Current borrowings
8.1
7.9
Bank and USPP debt
248.8
250.1
Lease liabilities
39.9
41.4
Non-current borrowings
288.7
291.5
The Group\u2019s borrowing facilities comprise a \u00a3350m multi-currency RCF and a \u00a3250m USPP. The RCF is available to the Group until June 2026. Interest on the RCF is calculated as a margin referenced to the Group\u2019s Covenant Leverage plus SONIA or EURIBOR according to the currency of borrowing. Interest on the RCF was charged in the period at margins of between 1.8% and 1.9%. The USPP was issued in 2021 with an average fixed coupon of approximately 2% and comprises \u00a3170m sterling and \u00a380m drawn in Euro, with a maturity profile between 2028 and 2036. During the year, the Group exercised an option to extend the RCF for a one-year period. Arrangement fees of \u00a30.7m were capitalised in the year and will be amortised over the period of the additional borrowing. Borrowing facilities are subject to leverage and interest cover covenants which are tested half-yearly. The Group remained fully compliant with all covenants during the year. Reconciliation of cash flow movement to movement in Net Debt
2023 2022
\u00a3m \u00a3m
For the year ended 31 December
Net increase in cash and cash equivalents
24.9
17.1
Foreign exchange differences \u2013 cash and cash equivalents
0.3
0.7
Net movement in cash and cash equivalents
25.2
17.8
Net cash flow movements in debt financing
9.7
9.5
Non-cash movements
Net of lease additions and disposals
(6.4)
(4 .7 )
Amortisation of prepaid bank arrangement fee
(1.1)
(1.1)
Debt acquired via acquisitions (note 25)
(1.1)
(2.5)
Foreign exchange differences \u2013 interest-bearing loans and borrowings
1.5
(4. 2)
Decrease in Net Debt in the year
27.8
14.8
Net Debt as at 1 January
(197.7 )
(212.5)
Net Debt as at 31 December
(169.9)
(197.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-523": { "value": "Reconciliation of cash flow movement to movement in Net Debt
2023 2022
\u00a3m \u00a3m
For the year ended 31 December
Net increase in cash and cash equivalents
24.9
17.1
Foreign exchange differences \u2013 cash and cash equivalents
0.3
0.7
Net movement in cash and cash equivalents
25.2
17.8
Net cash flow movements in debt financing
9.7
9.5
Non-cash movements
Net of lease additions and disposals
(6.4)
(4 .7 )
Amortisation of prepaid bank arrangement fee
(1.1)
(1.1)
Debt acquired via acquisitions (note 25)
(1.1)
(2.5)
Foreign exchange differences \u2013 interest-bearing loans and borrowings
1.5
(4. 2)
Decrease in Net Debt in the year
27.8
14.8
Net Debt as at 1 January
(197.7 )
(212.5)
Net Debt as at 31 December
(169.9)
(197.7)
Cash flow The cash flow impact of acquisitions in the year can be summarised as follows:
\u00a3m
Consideration \u2013 Cash
25.0
Cash and cash equivalents acquired
(6.2)
Net cash consideration shown in the consolidated statement of cash flows
18.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "
Trade and other payables15
2023 2022
\u00a3m \u00a3m
Trade payables
145.2
161.4
Amounts owed to associate and joint ventures (note 22)
\u2013
0.1
Contract liabilities
12.1
4.0
Deferred consideration (note 25)
3.0
0.9
Derivative liabilities
0.3
\u2013
Other payables and accrued expenses
99.9
79.4
Other taxation and social security
18.1
18.0
278.6
263.8
The nature of contract liabilities has not changed significantly during the reporting period.
Brought forward contract liabilities of \u00a34.0m have all been recognised in revenue during
the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "Trade and other payables15
2023 2022
\u00a3m \u00a3m
Trade payables
145.2
161.4
Amounts owed to associate and joint ventures (note 22)
\u2013
0.1
Contract liabilities
12.1
4.0
Deferred consideration (note 25)
3.0
0.9
Derivative liabilities
0.3
\u2013
Other payables and accrued expenses
99.9
79.4
Other taxation and social security
18.1
18.0
278.6
263.8
The nature of contract liabilities has not changed significantly during the reporting period. Brought forward contract liabilities of \u00a34.0m have all been recognised in revenue during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "
Provisions
16
Restoration Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
70.7
2.7
73.4
Translation adjustment
0.2
\u2013
0.2
Utilised during the year
(2.3)
\u2013
(2.3)
Charged to income statement
11.5
\u2013
11.5
Unused amounts reversed
\u2013
(1.4)
(1.4)
Amounts arising from business combinations
0.2
\u2013
0.2
Change to capitalised provisions (note 8)
2.3
\u2013
2.3
Unwinding of discount
2.1
\u2013
2.1
At 31 December 2022
84.7
1.3
86.0
Translation adjustment
(0.1)
\u2013
(0.1)
Utilised during the year
(2.6)
\u2013
(2.6)
Charged to income statement
9.1
2.0
11.1
Amounts arising from business combinations (note 25)
0.3
\u2013
0.3
Change to capitalised provisions (note 8)
(3.8)
\u2013
(3.8)
Unwinding of discount
3.7
\u2013
3.7
At 31 December 2023
91.3
3.3
94.6
2023 2022
\u00a3m \u00a3m
Analysed as
Current
8.8
9.2
Non-current
85.8
76.8
94.6
86.0
Restoration provisions principally comprise provisions for the cost of restoring and
decommissioning sites where an obligation arises to comply with contractual, environmental,
planning and other legislation. The obligation is calculated on a site-by-site basis and is
subject to regular reviews. Each obligation is discounted to reflect the period over which
it is expected to be settled which, on average, is 10 years.
The discount rates used have been derived using UK and Irish Gilt rates and have been
adjusted, where appropriate, for cash flow risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-516": { "value": "Provisions 16
Restoration Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
70.7
2.7
73.4
Translation adjustment
0.2
\u2013
0.2
Utilised during the year
(2.3)
\u2013
(2.3)
Charged to income statement
11.5
\u2013
11.5
Unused amounts reversed
\u2013
(1.4)
(1.4)
Amounts arising from business combinations
0.2
\u2013
0.2
Change to capitalised provisions (note 8)
2.3
\u2013
2.3
Unwinding of discount
2.1
\u2013
2.1
At 31 December 2022
84.7
1.3
86.0
Translation adjustment
(0.1)
\u2013
(0.1)
Utilised during the year
(2.6)
\u2013
(2.6)
Charged to income statement
9.1
2.0
11.1
Amounts arising from business combinations (note 25)
0.3
\u2013
0.3
Change to capitalised provisions (note 8)
(3.8)
\u2013
(3.8)
Unwinding of discount
3.7
\u2013
3.7
At 31 December 2023
91.3
3.3
94.6
2023 2022
\u00a3m \u00a3m
Analysed as
Current
8.8
9.2
Non-current
85.8
76.8
94.6
86.0
Restoration provisions principally comprise provisions for the cost of restoring and decommissioning sites where an obligation arises to comply with contractual, environmental, planning and other legislation. The obligation is calculated on a site-by-site basis and is subject to regular reviews. Each obligation is discounted to reflect the period over which it is expected to be settled which, on average, is 10 years. The discount rates used have been derived using UK and Irish Gilt rates and have been adjusted, where appropriate, for cash flow risk. Contingent liabilities 24 The Group has guaranteed its share of the banking facilities of BEAR Scotland. The maximum liability at 31 December 2023 amounted to \u00a32.9m (2022: \u00a32.9m). This has been accounted for as a Financial Guarantee Contract in line with IFRS 9. The Group has guaranteed the performance of the BEAR Scotland contracts in respect of the maintenance of certain trunk roads in the North-West and South-East of Scotland and in respect of the M80 operating and maintenance contract. The Group has also guaranteed the performance of the Breedon Colas contract in respect of Lot 1 of the North Super Region of the Pavement Delivery Framework issued by National Highways. These guarantees have been accounted for as insurance contracts in line with IFRS 17. For the year ended 31 December 2023, the subsidiary companies listed below are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of section 479A. As a result, the Company guarantees all outstanding liabilities to which the subsidiary companies are subject.
Country of incorporation or
Name of undertaking
registration
Company registration number
Breedon Midco Limited
England and Wales
14777332
Minster Surfacing Limited
England and Wales
04084446
Alliance Recycling (UK) Ltd
England and Wales
09418245
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "
Capital, reserves and dividends
17
Corporate Reorganisation
As described further in note 1, in connection with the Group\u2019s move from AIM to the
Premium Segment of the Main Market of the London Stock Exchange during the first
half of 2023, a new holding company for the Group was established, New Breedon.
New Breedon obtained control of the Group on 17 May 2023 via a court approved scheme
of arrangement.
The Group\u2019s equity has been adjusted to reflect that of the new holding company, with the
difference between Stated Capital and Share Capital recognised as a Merger Reserve.
Stated and share capital
Following the Corporate Reorganisation, all shares issued by Breedon are ordinary shares
which have a par value of \u00a30.01 and are fully paid. The Company has no limit to the number
of shares which may be issued.
The holders of ordinary shares are entitled to receive dividends as declared and are
entitled to one vote per share at meetings of the Company.
Millions
Issued ordinary shares
Old Breedon at 1 January 2022
1,689.7
Exercise of savings-related share options
3.1
Vesting of Performance Share Plan awards
1.6
Old Breedon at 31 December 2022
1,694.4
5:1 share consolidation as part of Corporate Reorganisation
(1,355.5)
New Breedon opening shares
338.9
Exercise of savings-related share options
0.2
Vesting of Performance Share Plan awards
0.6
New Breedon at 31 December 2023
339.7
Movements during 2023 (New Breedon):
The Company issued 0.2 million shares for cash raising \u00a30.7m in connection with the
exercise of certain savings-related share options, with \u00a30.7m recognised as share
premium. The Company issued 0.6 million shares for non-cash consideration of 1 pence
per share, satisfied through the capitalisation of retained earnings, in connection with
the vesting of awards under the Performance Share Plans (note 18).
Movements during 2022 (Old Breedon):
Old Breedon issued 3.1 million shares for cash raising \u00a32.0m in connection with the exercise
of certain savings-related share options and issued 1.6 million shares for nil consideration in
connection with the vesting of awards under the Performance Share Plans (note 18).
Other reserves
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the
fair value of cash flow hedged instruments related to hedged transactions which have not
yet occurred.
Merger reserve
The merger reserve was created as part of the Corporate Reorganisation and represents
the difference between the Stated Capital reported by Old Breedon and the Share Capital
of New Breedon.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the
translation of the financial statements of foreign operations as well as from the translation
of the liabilities that hedge the Group\u2019s net investment in foreign operations.
Dividends
Paid in year
Dividends paid comprise the following elements:
2023 2022
\u00a3m \u00a3m
Dividends paid to Breedon Group plc shareholders
37. 3
30.5
Dividends paid to non-controlling interests in consolidated subsidiaries
0.3
\u2013
Total dividends paid
37.6
30.5
Amounts recognised as dividends paid to Breedon Group plc shareholders in the year
comprised \u00a337.3m, being \u00a323.7m in respect of the final dividend of the year ended
31 December 2022 of 7.0p per share and \u00a313.6m in respect of an interim dividend of 4.0p
per share for the year ended 31 December 2023.
Dividends totalling \u00a30.2m have been paid to non-controlling interests relating to
consolidated subsidiaries accounted for using the anticipated acquisition method and has
been recognised directly in equity. A further \u00a30.1m has been paid to non-controlling
interests relating to other consolidated subsidiaries.
Future dividends
The directors have proposed a final dividend in respect of the financial year ended
31 December 2023 of 9.5p per share which will absorb an estimated \u00a332.2m of
shareholders\u2019 funds. Assuming the final dividend is approved by shareholders at the
Annual General Meeting of the Company to be held on 24 April 2024, the final dividend
will be paid on 17 May 2024 to shareholders who are on the register at the close of business
on 4 April 2024.
Subject to trading conditions and continued sustained cash generation, the Group intends
to maintain a payout ratio of around 40% of Underlying Basic EPS. Future dividend
payments by the Group are not guaranteed and will be determined by the directors in
light of the facts and circumstances at the time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "Corporate Reorganisation As described further in note 1, in connection with the Group\u2019s move from AIM to the Premium Segment of the Main Market of the London Stock Exchange during the first half of 2023, a new holding company for the Group was established, New Breedon. New Breedon obtained control of the Group on 17 May 2023 via a court approved scheme of arrangement. The Group\u2019s equity has been adjusted to reflect that of the new holding company, with the difference between Stated Capital and Share Capital recognised as a Merger Reserve. Stated and share capital Following the Corporate Reorganisation, all shares issued by Breedon are ordinary shares which have a par value of \u00a30.01 and are fully paid. The Company has no limit to the number of shares which may be issued. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company.
Millions
Issued ordinary shares
Old Breedon at 1 January 2022
1,689.7
Exercise of savings-related share options
3.1
Vesting of Performance Share Plan awards
1.6
Old Breedon at 31 December 2022
1,694.4
5:1 share consolidation as part of Corporate Reorganisation
(1,355.5)
New Breedon opening shares
338.9
Exercise of savings-related share options
0.2
Vesting of Performance Share Plan awards
0.6
New Breedon at 31 December 2023
339.7
Movements during 2023 (New Breedon): The Company issued 0.2 million shares for cash raising \u00a30.7m in connection with the exercise of certain savings-related share options, with \u00a30.7m recognised as share premium. The Company issued 0.6 million shares for non-cash consideration of 1 pence per share, satisfied through the capitalisation of retained earnings, in connection with the vesting of awards under the Performance Share Plans (note 18). Movements during 2022 (Old Breedon): Old Breedon issued 3.1 million shares for cash raising \u00a32.0m in connection with the exercise of certain savings-related share options and issued 1.6 million shares for nil consideration in connection with the vesting of awards under the Performance Share Plans (note 18). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "Other reserves Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedged instruments related to hedged transactions which have not yet occurred. Merger reserve The merger reserve was created as part of the Corporate Reorganisation and represents the difference between the Stated Capital reported by Old Breedon and the Share Capital of New Breedon. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations as well as from the translation of the liabilities that hedge the Group\u2019s net investment in foreign operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "Dividends Paid in year Dividends paid comprise the following elements:
2023 2022
\u00a3m \u00a3m
Dividends paid to Breedon Group plc shareholders
37. 3
30.5
Dividends paid to non-controlling interests in consolidated subsidiaries
0.3
\u2013
Total dividends paid
37.6
30.5
Amounts recognised as dividends paid to Breedon Group plc shareholders in the year comprised \u00a337.3m, being \u00a323.7m in respect of the final dividend of the year ended 31 December 2022 of 7.0p per share and \u00a313.6m in respect of an interim dividend of 4.0p per share for the year ended 31 December 2023. Dividends totalling \u00a30.2m have been paid to non-controlling interests relating to consolidated subsidiaries accounted for using the anticipated acquisition method and has been recognised directly in equity. A further \u00a30.1m has been paid to non-controlling interests relating to other consolidated subsidiaries. Future dividends The directors have proposed a final dividend in respect of the financial year ended 31 December 2023 of 9.5p per share which will absorb an estimated \u00a332.2m of shareholders\u2019 funds. Assuming the final dividend is approved by shareholders at the Annual General Meeting of the Company to be held on 24 April 2024, the final dividend will be paid on 17 May 2024 to shareholders who are on the register at the close of business on 4 April 2024. Subject to trading conditions and continued sustained cash generation, the Group intends to maintain a payout ratio of around 40% of Underlying Basic EPS. Future dividend payments by the Group are not guaranteed and will be determined by the directors in light of the facts and circumstances at the time.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "
Share-based payments18
Share-based payments to employees include PSP awards made to senior executives
and voluntary participation in savings-related share option schemes (\u2018Sharesave
Schemes\u2019) for the wider workforce.
Under the PSP, awards may be granted to key senior employees as either a conditional
award or as a nil paid (or nominal) cost award. Awards will normally vest three years
after grant subject to satisfaction of the relevant performance conditions; for certain
employees these may be subject to an additional two-year holding period.
Sharesave Schemes are open to all eligible employees both in the UK and RoI.
These schemes have a term of either three or five years.
Further details of these options and awards, as well as the interests of the directors in
both the PSP and the Breedon Sharesave Schemes, can be found in the Directors\u2019
Remuneration report from page 145 to 168.
Movements in outstanding options and awards
Corporate Outstanding
Outstanding Reorganisation at 31 Dec
Share options (millions) at 1 Jan 2023
(note 17)
Granted
Vested
Lapsed
2023
PSP \u2013 non-market
based performance
conditions
6.7
(5.3)
0.7
(0.6)
(0.1)
1.4
PSP \u2013 market based
performance
conditions
3.7
(3.0)
0.5
\u2013
(0.1)
1.1
Sharesave Schemes
19.0
(15.2)
1.6
(0.2)
(0.9)
4.3
29.4
(23.5)
2.8
(0.8)
(1.1)
6.8
All PSP share awards have an exercise price of nil. The exercise price for outstanding
Sharesave Schemes at 31 December 2023 is between \u00a32.75 and \u00a33.90.
Following the Corporate Reorganisation (note 17), holders of options in Old Breedon
were able to exchange those options for options in New Breedon. The exercise price and
number of options were adjusted at a ratio of five to one.
Options granted during the year
The fair value of options and awards granted during the year, and the key inputs used to
derive the fair value, were as follows:
PSP \u2013 non-market PSP \u2013 market based
based performance performance
conditions
conditions
Sharesave
Fair value at grant date
\u00a33.56
\u00a32.71
\u00a30.83 \u2013 \u00a30.97
Valuation model
Black\u2013Scholes
Stochastic
Black\u2013Scholes
Exercise price
\u2013
\u2013
\u00a33.02 \u2013 \u00a33.31
Share price at grant date
\u00a33.56
\u00a33.56
\u00a33.55
Holding period
0\u20132 years
0\u20132 years
\u2013
Expected volatility
29\u201331%
29\u201331%
29\u201333%
Risk-free rate
3.44%
3.44%
3.42\u20133.44%
Vesting period
3 years
3 years
3\u20135 years
Expected dividend yield
n/a
n/a
2.96%
Where share awards contain mechanisms to compensate for the dilutive impact of
dividends paid during the vesting period, no dividend yield has been incorporated into
the calculation of the fair value of those awards.
Expected volatility has been calculated on share price movements compared to historic
option values, over the period consistent with the holding period prior to the date of grant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "
Financial instruments
19
The Group has the following financial assets and liabilities:
2023
Non-
financial Financial
Book value instruments instruments
\u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
228.8
10.9
217.9
Cash and cash equivalents
126.9
\u2013
126.9
Total financial assets
355.7
10.9
344.8
Financial liabilities
Borrowings
(248.8)
2.7
(251.5)
Lease liabilities
(48.0)
\u2013
(48.0)
Trade and other payables
(278.6)
(30.2)
(248.4)
Total financial liabilities
(575.4)
(27.5)
(547.9)
2022
Non-financial Financial
Book value instruments instruments
\u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
222.4
16.3
206.1
Cash and cash equivalents
101.7
\u2013
101.7
Total financial assets
324.1
16.3
307. 8
Financial liabilities
Borrowings
(250.1)
3.1
(253.2)
Lease liabilities
(49.3 )
\u2013
(49. 3)
Trade and other payables
(263.8)
(22.0)
(241.8)
Total financial liabilities
(563.2)
(18.9)
(544.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "Financial instruments 19 The Group has the following financial assets and liabilities:
2023
Non-
financial Financial
Book value instruments instruments
\u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
228.8
10.9
217.9
Cash and cash equivalents
126.9
\u2013
126.9
Total financial assets
355.7
10.9
344.8
Financial liabilities
Borrowings
(248.8)
2.7
(251.5)
Lease liabilities
(48.0)
\u2013
(48.0)
Trade and other payables
(278.6)
(30.2)
(248.4)
Total financial liabilities
(575.4)
(27.5)
(547.9)
2022
Non-financial Financial
Book value instruments instruments
\u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
222.4
16.3
206.1
Cash and cash equivalents
101.7
\u2013
101.7
Total financial assets
324.1
16.3
307. 8
Financial liabilities
Borrowings
(250.1)
3.1
(253.2)
Lease liabilities
(49.3 )
\u2013
(49. 3)
Trade and other payables
(263.8)
(22.0)
(241.8)
Total financial liabilities
(563.2)
(18.9)
(544.3)
The Group has exposure to the following risks from its use of financial instruments:\u2002 Credit risk\u2002 Foreign exchange risk\u2002 Liquidity risk\u2002 Interest rate risk
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 their contractual obligations. Credit risk arises principally
from the Group\u2019s cash and cash equivalents held with financial counterparties and the
Group\u2019s receivables due from customers.
Management has a credit policy in place and exposure to credit risk is monitored on an
ongoing basis. At the reporting date there were no significant concentrations of customer
credit risk.
Credit risk associated with cash balances is managed and limited by transacting with
financial institutions with high-quality credit ratings.
Exposure to credit risk
The carrying amount of financial assets at the reporting date represents the maximum
credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2023 2022
\u00a3m \u00a3m
Trade and other receivables
217.9
206.1
Cash and cash equivalents
126.9
101.7
344.8
307.8
The maximum exposure to credit risk for trade and other receivables by reportable
segment was:
Carrying amount
2023 2022
\u00a3m \u00a3m
Great Britain
144.0
138.9
Ireland
39.7
35.5
Cement
33.1
31.0
Central administration
1.1
0.7
217.9
206.1
Management considers that the credit quality of the various receivables is good in respect
of the amounts outstanding. The Group has no individually significant customers and the
majority of the Group\u2019s customers are end-user customers. Credit insurance is in place to
cover the majority of the Group\u2019s private sector UK and Ireland trade receivables, subject
to an aggregate first loss. The Group has fully provided for all its doubtful debt exposure.
The remaining credit risk is therefore considered to be low. Balances are only written off
when the Group has exhausted all options to recover the amounts receivable.
The ageing of trade and other receivables at the reporting date was:
2023
2022
Gross Impairment Net Gross Impairment Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
195.2
(2.3)
192.9
187. 3
(2.1)
185.2
Past due
0-30 days
13.8
(0.9)
12.9
14.0
(1.1)
12.9
Past due
31-60 days
7. 5
(1.2)
6.3
4.7
(0.7)
4.0
Past due
more than
60 days
8.3
(2.5)
5.8
8.1
(4.1)
4.0
224.8
(6.9)
217.9
214.1
(8.0)
206.1
Provisions for impairment of trade and other receivables are calculated on a lifetime
expected loss model in line with IFRS 9. The key inputs in determining the level of provision
are the historical level of bad debts experienced by the Group and ageing of outstanding
amounts. Movements during the year were as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
8.0
8.5
Charged to the consolidated income statement during the year
3.0
2.2
Utilised during the year
(2.0)
(1.3)
Unused amounts released
(2.1)
(1.4)
At 31 December
6.9
8.0
Foreign exchange risk
Transactional
The Group has limited transactional currency exposures arising on sales and purchases made
in currencies other than the functional currency of the entity making the sale or purchase.
Significant exposures which are deemed at least highly probable are matched where possible.
Translation
The Group has significant net assets denominated in euro. The translation of these
balances into sterling for reporting purposes exposes the Group to foreign exchange
movements in the consolidated statement of financial position and consolidated income
statement, along with a corresponding impact on certain key performance indicators.
The Group\u2019s strategy is to mitigate this risk through utilising euro borrowings as a hedge
against movements in the sterling value of euro investments. The level of this hedge is
currently managed with the objective of mitigating the impact of foreign exchange
movements on Covenant Leverage.
Currency analysis and exchange rate sensitivity
Foreign currency financial assets and liabilities, translated into sterling at the closing rate,
are as follows:
2023
2022
Sterling Euro Total Sterling Euro Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other
receivables
189.0
28.9
217.9
179.2
26.9
206.1
Cash and cash
equivalents
121.2
5.7
126.9
80.9
20.8
101.7
Total financial assets
310.2
34.6
344.8
260.1
47.7
307. 8
Financial liabilities
Borrowings
(170.0)
(81.5)
(251.5)
(170.0)
(83.2)
(253.2)
Lease liabilities
(47.9)
(0.1)
(48.0)
(49. 2)
(0.1)
(49.3 )
Trade and other payables
(208.1)
(40.3)
(248.4)
(206.4)
(35.4)
(241.8)
Total financial
liabilities
(426.0)
(121.9)
(547. 9)
(425.6)
(118.7)
(544.3)
Potential impact on
profit before taxation
\u2013 gain/(loss)
10% increase in
functional currency
\u2013
0.8
0.8
\u2013
1.0
1.0
10% decrease in
functional currency
\u2013
(1.0)
(1.0)
\u2013
(1.2)
(1.2)
Potential impact on
other comprehensive
income \u2013 gain/(loss)
10% increase in
functional currency
\u2013
7.1
7.1
\u2013
5.5
5.5
10% decrease in
functional currency
\u2013
(8.7)
(8.7)
\u2013
(6.7)
(6.7)
Significant exchange rates
The following significant exchange rates applied during the year:
2023
2022
Average rate
Year-end rate
Average rate
Year-end rate
Sterling/euro
1.15
1.15
1.17
1.13
Liquidity risk
Liquidity risk is the risk that the Group does not have sufficient financial resources to meet
obligations as they fall due. The Group manages liquidity risk by monitoring forecasts and
cash flows and negotiating appropriate bank facilities. The Group uses term and revolving
bank facilities and sufficient headroom is maintained above peak requirements to meet
unforeseen events.
The following are the contractual maturities of financial liabilities, including estimated
interest payments based on current utilisation:
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
207.5
4.0
40.8
162.7
\u2013 Euro
81.5
88.0
1.0
44.6
42.4
Lease liabilities
48.0
72.1
9.0
23.0
40.1
Trade and other payables
248.4
248.4
248.4
\u2013
\u2013
547. 9
621.3
264.5
111.6
245.2
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
211.5
4.0
15.8
191.7
\u2013 Euro
83.2
90.8
1.0
4.0
85.8
Lease liabilities
49.3
73.3
9.1
24.2
40.0
Trade and other payables
241.8
241.8
241.8
\u2013
\u2013
544.3
622.7
258.0
47. 2
317.5
Interest rate risk
The Group borrows at floating and fixed interest rates. At the reporting date the interest
rate profile of the Group\u2019s interest-bearing financial instruments was:
2023 2022
\u00a3m \u00a3m
Fixed rate instruments
Financial liabilities
(299.5)
(299.4)
Variable rate instruments
Financial assets
126.9
101.7
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets and liabilities at fair value
through profit or loss. Therefore, a change in interest rates at the reporting date would not
affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
As at 31 December 2023, all our drawn borrowings are fixed rate instruments and as such,
these are not exposed to interest rate fluctuations. An increase of 100 basis points in
interest rates in respect of variable rate instruments at the reporting date values would
increase profit for the year by \u00a31.3m (2022: increase of \u00a30.4m). A decrease of 100 basis
points would decrease profit for the year by \u00a31.3m (2022: \u00a30.2m). These analyses assume
that all other variables remain constant.
Fair values versus carrying amounts
The directors consider that the carrying amounts recorded in the financial information in
respect of financial assets and liabilities, which are carried at amortised cost, approximates
to their fair values with the exception of the \u00a3251.5m of USPP loan note liabilities which
have an estimated fair value of \u00a3201.1m.
Derivative financial assets and liabilities are carried at fair value. The different levels have
been defined as follows:
\u2002 Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
\u2002 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either as a direct price or indirectly derived from prices; and
\u2002 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data.
The fair value of the derivative financial assets and liabilities are based on bank valuations.
Capital management
The Board\u2019s capital management policy is to maintain a strong balance sheet, providing
flexibility to pursue growth opportunities. The Board seeks to maintain a balance
between the higher returns that might be possible with higher levels of borrowing and
the advantages and security afforded by a sound capital position.
In maintaining the Group\u2019s capital structure in line with these principles, the Board may
choose to adjust amounts paid as dividends to shareholders, issue new equity or dispose
of assets as required.
The financial covenants associated with the Group\u2019s borrowings are a maximum leverage
ratio and a minimum interest cover. The Group complied with these financial covenants
throughout the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "Financial instruments 19 The Group has the following financial assets and liabilities:
2023
Non-
financial Financial
Book value instruments instruments
\u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
228.8
10.9
217.9
Cash and cash equivalents
126.9
\u2013
126.9
Total financial assets
355.7
10.9
344.8
Financial liabilities
Borrowings
(248.8)
2.7
(251.5)
Lease liabilities
(48.0)
\u2013
(48.0)
Trade and other payables
(278.6)
(30.2)
(248.4)
Total financial liabilities
(575.4)
(27.5)
(547.9)
The Group has exposure to the following risks from its use of financial instruments:
\u2002 Credit risk
\u2002 Foreign exchange risk
\u2002 Liquidity risk
\u2002 Interest rate risk
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 their contractual obligations. Credit risk arises principally from the Group\u2019s cash and cash equivalents held with financial counterparties and the Group\u2019s receivables due from customers. Management has a credit policy in place and exposure to credit risk is monitored on an ongoing basis. At the reporting date there were no significant concentrations of customer credit risk. Credit risk associated with cash balances is managed and limited by transacting with financial institutions with high-quality credit ratings. Exposure to credit risk The carrying amount of financial assets at the reporting date represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2023 2022
\u00a3m \u00a3m
Trade and other receivables
217.9
206.1
Cash and cash equivalents
126.9
101.7
344.8
307.8
The maximum exposure to credit risk for trade and other receivables by reportable segment was:
Carrying amount
2023 2022
\u00a3m \u00a3m
Great Britain
144.0
138.9
Ireland
39.7
35.5
Cement
33.1
31.0
Central administration
1.1
0.7
217.9
206.1
Management considers that the credit quality of the various receivables is good in respect of the amounts outstanding. The Group has no individually significant customers and the majority of the Group\u2019s customers are end-user customers. Credit insurance is in place to cover the majority of the Group\u2019s private sector UK and Ireland trade receivables, subject to an aggregate first loss. The Group has fully provided for all its doubtful debt exposure. The remaining credit risk is therefore considered to be low. Balances are only written off when the Group has exhausted all options to recover the amounts receivable. The ageing of trade and other receivables at the reporting date was:
2023
2022
Gross Impairment Net Gross Impairment Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
195.2
(2.3)
192.9
187. 3
(2.1)
185.2
Past due
0-30 days
13.8
(0.9)
12.9
14.0
(1.1)
12.9
Past due
31-60 days
7. 5
(1.2)
6.3
4.7
(0.7)
4.0
Past due
more than
60 days
8.3
(2.5)
5.8
8.1
(4.1)
4.0
224.8
(6.9)
217.9
214.1
(8.0)
206.1
Provisions for impairment of trade and other receivables are calculated on a lifetime expected loss model in line with IFRS 9. The key inputs in determining the level of provision are the historical level of bad debts experienced by the Group and ageing of outstanding amounts. Movements during the year were as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
8.0
8.5
Charged to the consolidated income statement during the year
3.0
2.2
Utilised during the year
(2.0)
(1.3)
Unused amounts released
(2.1)
(1.4)
At 31 December
6.9
8.0
Foreign exchange risk Transactional The Group has limited transactional currency exposures arising on sales and purchases made in currencies other than the functional currency of the entity making the sale or purchase. Significant exposures which are deemed at least highly probable are matched where possible. Translation The Group has significant net assets denominated in euro. The translation of these balances into sterling for reporting purposes exposes the Group to foreign exchange movements in the consolidated statement of financial position and consolidated income statement, along with a corresponding impact on certain key performance indicators. The Group\u2019s strategy is to mitigate this risk through utilising euro borrowings as a hedge against movements in the sterling value of euro investments. The level of this hedge is currently managed with the objective of mitigating the impact of foreign exchange movements on Covenant Leverage. Currency analysis and exchange rate sensitivity Foreign currency financial assets and liabilities, translated into sterling at the closing rate, are as follows:
2023
2022
Sterling Euro Total Sterling Euro Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other
receivables
189.0
28.9
217.9
179.2
26.9
206.1
Cash and cash
equivalents
121.2
5.7
126.9
80.9
20.8
101.7
Total financial assets
310.2
34.6
344.8
260.1
47.7
307. 8
Financial liabilities
Borrowings
(170.0)
(81.5)
(251.5)
(170.0)
(83.2)
(253.2)
Lease liabilities
(47.9)
(0.1)
(48.0)
(49. 2)
(0.1)
(49.3 )
Trade and other payables
(208.1)
(40.3)
(248.4)
(206.4)
(35.4)
(241.8)
Total financial
liabilities
(426.0)
(121.9)
(547. 9)
(425.6)
(118.7)
(544.3)
Potential impact on
profit before taxation
\u2013 gain/(loss)
10% increase in
functional currency
\u2013
0.8
0.8
\u2013
1.0
1.0
10% decrease in
functional currency
\u2013
(1.0)
(1.0)
\u2013
(1.2)
(1.2)
Potential impact on
other comprehensive
income \u2013 gain/(loss)
10% increase in
functional currency
\u2013
7.1
7.1
\u2013
5.5
5.5
10% decrease in
functional currency
\u2013
(8.7)
(8.7)
\u2013
(6.7)
(6.7)
Significant exchange rates The following significant exchange rates applied during the year:
2023
2022
Average rate
Year-end rate
Average rate
Year-end rate
Sterling/euro
1.15
1.15
1.17
1.13
Liquidity risk Liquidity risk is the risk that the Group does not have sufficient financial resources to meet obligations as they fall due. The Group manages liquidity risk by monitoring forecasts and cash flows and negotiating appropriate bank facilities. The Group uses term and revolving bank facilities and sufficient headroom is maintained above peak requirements to meet unforeseen events. The following are the contractual maturities of financial liabilities, including estimated interest payments based on current utilisation:
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
207.5
4.0
40.8
162.7
\u2013 Euro
81.5
88.0
1.0
44.6
42.4
Lease liabilities
48.0
72.1
9.0
23.0
40.1
Trade and other payables
248.4
248.4
248.4
\u2013
\u2013
547. 9
621.3
264.5
111.6
245.2
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
211.5
4.0
15.8
191.7
\u2013 Euro
83.2
90.8
1.0
4.0
85.8
Lease liabilities
49.3
73.3
9.1
24.2
40.0
Trade and other payables
241.8
241.8
241.8
\u2013
\u2013
544.3
622.7
258.0
47. 2
317.5
Interest rate risk The Group borrows at floating and fixed interest rates. At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
2023 2022
\u00a3m \u00a3m
Fixed rate instruments
Financial liabilities
(299.5)
(299.4)
Variable rate instruments
Financial assets
126.9
101.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "Financial instruments 19 The Group has the following financial assets and liabilities:
2023
Non-
financial Financial
Book value instruments instruments
\u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
228.8
10.9
217.9
Cash and cash equivalents
126.9
\u2013
126.9
Total financial assets
355.7
10.9
344.8
Financial liabilities
Borrowings
(248.8)
2.7
(251.5)
Lease liabilities
(48.0)
\u2013
(48.0)
Trade and other payables
(278.6)
(30.2)
(248.4)
Total financial liabilities
(575.4)
(27.5)
(547.9)
2022
Non-financial Financial
Book value instruments instruments
\u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
222.4
16.3
206.1
Cash and cash equivalents
101.7
\u2013
101.7
Total financial assets
324.1
16.3
307. 8
Financial liabilities
Borrowings
(250.1)
3.1
(253.2)
Lease liabilities
(49.3 )
\u2013
(49. 3)
Trade and other payables
(263.8)
(22.0)
(241.8)
Total financial liabilities
(563.2)
(18.9)
(544.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "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 their contractual obligations. Credit risk arises principally from the Group\u2019s cash and cash equivalents held with financial counterparties and the Group\u2019s receivables due from customers. Management has a credit policy in place and exposure to credit risk is monitored on an ongoing basis. At the reporting date there were no significant concentrations of customer credit risk. Credit risk associated with cash balances is managed and limited by transacting with financial institutions with high-quality credit ratings. Exposure to credit risk The carrying amount of financial assets at the reporting date represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2023 2022
\u00a3m \u00a3m
Trade and other receivables
217.9
206.1
Cash and cash equivalents
126.9
101.7
344.8
307.8
The maximum exposure to credit risk for trade and other receivables by reportable segment was:
Carrying amount
2023 2022
\u00a3m \u00a3m
Great Britain
144.0
138.9
Ireland
39.7
35.5
Cement
33.1
31.0
Central administration
1.1
0.7
217.9
206.1
Management considers that the credit quality of the various receivables is good in respect of the amounts outstanding. The Group has no individually significant customers and the majority of the Group\u2019s customers are end-user customers. Credit insurance is in place to cover the majority of the Group\u2019s private sector UK and Ireland trade receivables, subject to an aggregate first loss. The Group has fully provided for all its doubtful debt exposure. The remaining credit risk is therefore considered to be low. Balances are only written off when the Group has exhausted all options to recover the amounts receivable. The ageing of trade and other receivables at the reporting date was:
2023
2022
Gross Impairment Net Gross Impairment Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due
195.2
(2.3)
192.9
187. 3
(2.1)
185.2
Past due
0-30 days
13.8
(0.9)
12.9
14.0
(1.1)
12.9
Past due
31-60 days
7. 5
(1.2)
6.3
4.7
(0.7)
4.0
Past due
more than
60 days
8.3
(2.5)
5.8
8.1
(4.1)
4.0
224.8
(6.9)
217.9
214.1
(8.0)
206.1
Provisions for impairment of trade and other receivables are calculated on a lifetime expected loss model in line with IFRS 9. The key inputs in determining the level of provision are the historical level of bad debts experienced by the Group and ageing of outstanding amounts. Movements during the year were as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
8.0
8.5
Charged to the consolidated income statement during the year
3.0
2.2
Utilised during the year
(2.0)
(1.3)
Unused amounts released
(2.1)
(1.4)
At 31 December
6.9
8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "Foreign exchange risk Transactional The Group has limited transactional currency exposures arising on sales and purchases made in currencies other than the functional currency of the entity making the sale or purchase. Significant exposures which are deemed at least highly probable are matched where possible. Translation The Group has significant net assets denominated in euro. The translation of these balances into sterling for reporting purposes exposes the Group to foreign exchange movements in the consolidated statement of financial position and consolidated income statement, along with a corresponding impact on certain key performance indicators. The Group\u2019s strategy is to mitigate this risk through utilising euro borrowings as a hedge against movements in the sterling value of euro investments. The level of this hedge is currently managed with the objective of mitigating the impact of foreign exchange movements on Covenant Leverage. Currency analysis and exchange rate sensitivity Foreign currency financial assets and liabilities, translated into sterling at the closing rate, are as follows:
2023
2022
Sterling Euro Total Sterling Euro Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other
receivables
189.0
28.9
217.9
179.2
26.9
206.1
Cash and cash
equivalents
121.2
5.7
126.9
80.9
20.8
101.7
Total financial assets
310.2
34.6
344.8
260.1
47.7
307. 8
Financial liabilities
Borrowings
(170.0)
(81.5)
(251.5)
(170.0)
(83.2)
(253.2)
Lease liabilities
(47.9)
(0.1)
(48.0)
(49. 2)
(0.1)
(49.3 )
Trade and other payables
(208.1)
(40.3)
(248.4)
(206.4)
(35.4)
(241.8)
Total financial
liabilities
(426.0)
(121.9)
(547. 9)
(425.6)
(118.7)
(544.3)
Potential impact on
profit before taxation
\u2013 gain/(loss)
10% increase in
functional currency
\u2013
0.8
0.8
\u2013
1.0
1.0
10% decrease in
functional currency
\u2013
(1.0)
(1.0)
\u2013
(1.2)
(1.2)
Potential impact on
other comprehensive
income \u2013 gain/(loss)
10% increase in
functional currency
\u2013
7.1
7.1
\u2013
5.5
5.5
10% decrease in
functional currency
\u2013
(8.7)
(8.7)
\u2013
(6.7)
(6.7)
Significant exchange rates The following significant exchange rates applied during the year:
2023
2022
Average rate
Year-end rate
Average rate
Year-end rate
Sterling/euro
1.15
1.15
1.17
1.13
Interest rate risk The Group borrows at floating and fixed interest rates. At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
2023 2022
\u00a3m \u00a3m
Fixed rate instruments
Financial liabilities
(299.5)
(299.4)
Variable rate instruments
Financial assets
126.9
101.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "value": "Currency analysis and exchange rate sensitivity Foreign currency financial assets and liabilities, translated into sterling at the closing rate, are as follows:
2023
2022
Sterling Euro Total Sterling Euro Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other
receivables
189.0
28.9
217.9
179.2
26.9
206.1
Cash and cash
equivalents
121.2
5.7
126.9
80.9
20.8
101.7
Total financial assets
310.2
34.6
344.8
260.1
47.7
307. 8
Financial liabilities
Borrowings
(170.0)
(81.5)
(251.5)
(170.0)
(83.2)
(253.2)
Lease liabilities
(47.9)
(0.1)
(48.0)
(49. 2)
(0.1)
(49.3 )
Trade and other payables
(208.1)
(40.3)
(248.4)
(206.4)
(35.4)
(241.8)
Total financial
liabilities
(426.0)
(121.9)
(547. 9)
(425.6)
(118.7)
(544.3)
Potential impact on
profit before taxation
\u2013 gain/(loss)
10% increase in
functional currency
\u2013
0.8
0.8
\u2013
1.0
1.0
10% decrease in
functional currency
\u2013
(1.0)
(1.0)
\u2013
(1.2)
(1.2)
Potential impact on
other comprehensive
income \u2013 gain/(loss)
10% increase in
functional currency
\u2013
7.1
7.1
\u2013
5.5
5.5
10% decrease in
functional currency
\u2013
(8.7)
(8.7)
\u2013
(6.7)
(6.7)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "Liquidity risk Liquidity risk is the risk that the Group does not have sufficient financial resources to meet obligations as they fall due. The Group manages liquidity risk by monitoring forecasts and cash flows and negotiating appropriate bank facilities. The Group uses term and revolving bank facilities and sufficient headroom is maintained above peak requirements to meet unforeseen events. The following are the contractual maturities of financial liabilities, including estimated interest payments based on current utilisation:
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
207.5
4.0
40.8
162.7
\u2013 Euro
81.5
88.0
1.0
44.6
42.4
Lease liabilities
48.0
72.1
9.0
23.0
40.1
Trade and other payables
248.4
248.4
248.4
\u2013
\u2013
547. 9
621.3
264.5
111.6
245.2
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
211.5
4.0
15.8
191.7
\u2013 Euro
83.2
90.8
1.0
4.0
85.8
Lease liabilities
49.3
73.3
9.1
24.2
40.0
Trade and other payables
241.8
241.8
241.8
\u2013
\u2013
544.3
622.7
258.0
47. 2
317.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-518": { "value": "
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
207.5
4.0
40.8
162.7
\u2013 Euro
81.5
88.0
1.0
44.6
42.4
Lease liabilities
48.0
72.1
9.0
23.0
40.1
Trade and other payables
248.4
248.4
248.4
\u2013
\u2013
547. 9
621.3
264.5
111.6
245.2
Carrying Contractual Within Between one More than
amount cash flows one year and five years five years
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non\u2013derivative
financial liabilities
Multi\u2013currency revolving
credit facility
\u2013
5.3
2.1
3.2
\u2013
USPP loan notes
\u2013 Sterling
170.0
211.5
4.0
15.8
191.7
\u2013 Euro
83.2
90.8
1.0
4.0
85.8
Lease liabilities
49.3
73.3
9.1
24.2
40.0
Trade and other payables
241.8
241.8
241.8
\u2013
\u2013
544.3
622.7
258.0
47. 2
317.5
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "Fair values versus carrying amounts The directors consider that the carrying amounts recorded in the financial information in respect of financial assets and liabilities, which are carried at amortised cost, approximates to their fair values with the exception of the \u00a3251.5m of USPP loan note liabilities which have an estimated fair value of \u00a3201.1m. Derivative financial assets and liabilities are carried at fair value. The different levels have been defined as follows:\u2002 Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities;\u2002 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either as a direct price or indirectly derived from prices; and\u2002 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data. The fair value of the derivative financial assets and liabilities are based on bank valuations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "Fair values versus carrying amounts The directors consider that the carrying amounts recorded in the financial information in respect of financial assets and liabilities, which are carried at amortised cost, approximates to their fair values with the exception of the \u00a3251.5m of USPP loan note liabilities which have an estimated fair value of \u00a3201.1m. Derivative financial assets and liabilities are carried at fair value. The different levels have been defined as follows:\u2002 Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities;\u2002 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either as a direct price or indirectly derived from prices; and\u2002 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data. The fair value of the derivative financial assets and liabilities are based on bank valuations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "Capital management The Board\u2019s capital management policy is to maintain a strong balance sheet, providing flexibility to pursue growth opportunities. The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position. In maintaining the Group\u2019s capital structure in line with these principles, the Board may choose to adjust amounts paid as dividends to shareholders, issue new equity or dispose of assets as required. The financial covenants associated with the Group\u2019s borrowings are a maximum leverage ratio and a minimum interest cover. The Group complied with these financial covenants throughout the financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "
Leases
20
Right-of-use assets
Plant,
Land and equipment
buildings and vehicles Total
\u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
45.9
33.7
79.6
Acquired on business combinations (note 25)
\u2013
0.2
0.2
Additions
5.5
0.9
6.4
Transfer to owned assets
\u2013
(0.5)
(0.5)
Disposals and impairments
(0.2)
(1.6)
(1.8)
Balance at 31 December 2023
51.2
32.7
83.9
Depreciation
Balance at 1 January 2023
11.6
20.9
32.5
Charge for the year
3.4
4.7
8.1
Transfer to owned assets
\u2013
(0.2)
(0.2)
Disposals and impairments
(0.2)
(1.4)
(1.6)
Balance at 31 December 2023
14.8
24.0
38.8
Net book value
At 31 December 2023
36.4
8.7
45.1
Cost
Balance at 1 January 2022
42.0
34.1
76.1
Acquired on business combinations (note 25)
0.9
1.6
2.5
Additions
3.8
0.5
4.3
Disposals and impairments
(0.8)
(2.5)
(3.3)
Balance at 31 December 2022
45.9
33.7
79.6
Depreciation
Balance at 1 January 2022
9.0
17.5
26.5
Charge for the year
3.0
5.7
8.7
Disposals and impairments
(0.4)
(2.3)
(2.7)
Balance at 31 December 2022
11.6
20.9
32.5
Net book value
At 31 December 2022
34.3
12.8
47.1
Lease liabilities are secured on the assets to which they relate and are payable as follows:
2023 2022
Minimum Minimum
lease lease
payments payments
\u00a3m \u00a3m
Less than one year
9.0
9.1
Between one and five years
23.0
24.2
More than five years
40.1
40.0
72.1
73.3
The value of lease payments made during the year was \u00a310.4m (2022: \u00a311.3m).
Movements between owned and leased assets
Items transferred to owned assets represent leases where the liability has been fully repaid
in the normal course of business and legal ownership of the asset has transferred to the
Group. Where an underlying physical asset is purchased by the Group and this causes an
existing lease to end, this is presented as an addition to owned assets within note 8 and as
a disposal of a leased asset within this note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "
Capital commitments21
At 31 December 2023 the Group had commitments to purchase property, plant and
equipment for \u00a327.9m (2022: \u00a329.5m). These commitments are expected to be settled
during the course of 2024.
Contingent liabilities
24
The Group has guaranteed its share of the banking facilities of BEAR Scotland.
The maximum liability at 31 December 2023 amounted to \u00a32.9m (2022: \u00a32.9m).
This has been accounted for as a Financial Guarantee Contract in line with IFRS 9.
The Group has guaranteed the performance of the BEAR Scotland contracts in respect
of the maintenance of certain trunk roads in the North-West and South-East of Scotland
and in respect of the M80 operating and maintenance contract. The Group has also
guaranteed the performance of the Breedon Colas contract in respect of Lot 1 of the
North Super Region of the Pavement Delivery Framework issued by National Highways.
These guarantees have been accounted for as insurance contracts in line with IFRS 17.
For the year ended 31 December 2023, the subsidiary companies listed below are exempt
from the requirements of the Companies Act 2006 relating to the audit of individual
financial statements by virtue of section 479A. As a result, the Company guarantees all
outstanding liabilities to which the subsidiary companies are subject.
Country of incorporation or
Name of undertaking
registration
Company registration number
Breedon Midco Limited
England and Wales
14777332
Minster Surfacing Limited
England and Wales
04084446
Alliance Recycling (UK) Ltd
England and Wales
09418245
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "Capital commitments21 At 31 December 2023 the Group had commitments to purchase property, plant and equipment for \u00a327.9m (2022: \u00a329.5m). These commitments are expected to be settled during the course of 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "
Related parties
22
During the year the Group supplied services and materials to, and purchased services and
materials from, its associate and joint ventures on an arm\u2019s length basis. The Group had the
following transactions with these related parties during the year:
Sales Purchases Receivables Payables
\u00a3m \u00a3m \u00a3m \u00a3m
2023
BEAR Scotland
21.0
\u2013
1.6
\u2013
Other
12.0
2.5
4.5
\u2013
33.0
2.5
6.1
\u2013
2022
BEAR Scotland
40.5
\u2013
0.8
\u2013
Other
10.8
2.1
5.0
0.1
51.3
2.1
5.8
0.1
Parent and ultimate controlling party
The Company\u2019s shares are traded on the Premium Segment of the Main Market of the
London Stock Exchange. The Company\u2019s shareholder base is monitored on a regular basis.
There is no controlling party and the Company does not have a parent.
Transactions with directors and directors\u2019 shareholdings
Details of transactions with directors, directors\u2019 shareholdings and outstanding share
options and awards are given in the Directors\u2019 Remuneration report on pages 145 to 168.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "Related parties 22 During the year the Group supplied services and materials to, and purchased services and materials from, its associate and joint ventures on an arm\u2019s length basis. The Group had the following transactions with these related parties during the year:
Sales Purchases Receivables Payables
\u00a3m \u00a3m \u00a3m \u00a3m
2023
BEAR Scotland
21.0
\u2013
1.6
\u2013
Other
12.0
2.5
4.5
\u2013
33.0
2.5
6.1
\u2013
2022
BEAR Scotland
40.5
\u2013
0.8
\u2013
Other
10.8
2.1
5.0
0.1
51.3
2.1
5.8
0.1
Parent and ultimate controlling party The Company\u2019s shares are traded on the Premium Segment of the Main Market of the London Stock Exchange. The Company\u2019s shareholder base is monitored on a regular basis. There is no controlling party and the Company does not have a parent. Transactions with directors and directors\u2019 shareholdings Details of transactions with directors, directors\u2019 shareholdings and outstanding share options and awards are given in the Directors\u2019 Remuneration report on pages 145 to 168.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "Transactions with directors and directors\u2019 shareholdings Details of transactions with directors, directors\u2019 shareholdings and outstanding share options and awards are given in the Directors\u2019 Remuneration report on pages 145 to 168.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "
Earnings per share
23
Basic earnings per share amounts are calculated by dividing profit for the year attributable
to Breedon Group shareholders by the weighted average number of ordinary shares
outstanding during the year.
Diluted earnings per share amounts are calculated by dividing profit for the year
attributable to Breedon Group shareholders by the weighted average number of ordinary
shares outstanding during the year plus the weighted average number of ordinary shares
that would be issued on the conversion of all the potential dilutive ordinary shares into
ordinary shares.
Calculations of these measures and reconciliations to related alternative performance
measures are as follows:
Basic EPS to Adjusted Underlying Basic EPS
2023
2022 (*restated)
Earnings Shares EPS Earnings Shares EPS
\u00a3m millions pence \u00a3m millions pence
Basic EPS
105.5
339.148
31.1
112.5
338.553
33.2
Adjustments to
earnings
Earnings impact of
change in deferred
tax rate (note 7)
0.7
\u2013
0.2
1.1
\u2013
0.3
Non-underlying
items (note 3)
9.1
\u2013
2.7
6.2
\u2013
1.9
Adjusted Underlying
Basic EPS
115.3
339.148
34.0
119.8
338.553
35.4
Basic EPS to Underlying Basic EPS
2023
2022 (*restated)
Earnings Shares EPS Earnings Shares EPS
\u00a3m millions pence \u00a3m millions pence
Basic EPS
105.5
339.148
31.1
112.5
338.553
33.2
Adjustments to
earnings
Non-underlying
items (note 3)
9.1
\u2013
2.7
6.2
\u2013
1.9
Underlying Basic EPS
114.6
339.148
33.8
118.7
338.553
35.1
Diluted EPS to Adjusted Underlying Diluted EPS
2023
2022 (*restated)
Earnings Shares EPS Earnings Shares EPS
\u00a3m millions pence \u00a3m millions pence
Diluted EPS
105.5
339.849
31.0
112.5
339.399
33.2
Adjustments to
earnings
Earnings impact of
change in deferred
tax rate (note 7)
0.7
\u2013
0.2
1.1
\u2013
0.3
Non-underlying
items (note 3)
9.1
\u2013
2.7
6.2
\u2013
1.8
Adjusted Underlying
Diluted EPS
115.3
339.849
33.9
119.8
339.399
35.3
Diluted EPS to Underlying Diluted EPS
2023
2022 (*restated)
Earnings Shares EPS Earnings Shares EPS
\u00a3m millions pence \u00a3m millions pence
Diluted EPS
105.5
339.849
31.0
112.5
339.399
33.2
Adjustments to
earnings
Non-underlying
items (note 3)
9.1
\u2013
2.7
6.2
\u2013
1.8
Underlying Diluted
EPS
114.6
339.849
33.7
118.7
339.399
35.0
* Comparative figures restated to reflect the impact of the 5:1 share consolidation undertaken in the year.
See Corporate Reorganisation disclosed within note 17.
Dilutive items in both the current and prior year related to share-based payments.
Details of the Group\u2019s share schemes, which may become dilutive in the future, are set out
in note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "Contingent liabilities 24 The Group has guaranteed its share of the banking facilities of BEAR Scotland. The maximum liability at 31 December 2023 amounted to \u00a32.9m (2022: \u00a32.9m). This has been accounted for as a Financial Guarantee Contract in line with IFRS 9. The Group has guaranteed the performance of the BEAR Scotland contracts in respect of the maintenance of certain trunk roads in the North-West and South-East of Scotland and in respect of the M80 operating and maintenance contract. The Group has also guaranteed the performance of the Breedon Colas contract in respect of Lot 1 of the North Super Region of the Pavement Delivery Framework issued by National Highways. These guarantees have been accounted for as insurance contracts in line with IFRS 17. For the year ended 31 December 2023, the subsidiary companies listed below are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of section 479A. As a result, the Company guarantees all outstanding liabilities to which the subsidiary companies are subject.
Country of incorporation or
Name of undertaking
registration
Company registration number
Breedon Midco Limited
England and Wales
14777332
Minster Surfacing Limited
England and Wales
04084446
Alliance Recycling (UK) Ltd
England and Wales
09418245
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "
Acquisitions
25
Current year acquisitions
The Group completed three individually immaterial acquisitions in the current year, being
Broome Bros. (Doncaster) Limited (1 May 2023), Robinson Quarry Masters Limited
(15 May 2023) and Minster Surfacing Limited (5 May 2023). Total consideration for these
acquisitions was \u00a327.1m. The fair value of the assets and liabilities acquired is set out
as follows:
Provisional
Fair value fair value on
Book value adjustments acquisition
\u00a3m \u00a3m \u00a3m
Intangible assets
\u2013
3.9
3.9
Property, plant and equipment
4.5
6.5
11.0
Right-of-use assets
0.2
\u2013
0.2
Inventories
1.2
\u2013
1.2
Trade and other receivables
6.2
\u2013
6.2
Cash and cash equivalents
6.2
\u2013
6.2
Trade and other payables
(3.5)
\u2013
(3.5)
Provisions
(0.3)
\u2013
(0.3)
Lease liabilities
(0.2)
\u2013
(0.2)
Borrowings
(0.9)
\u2013
(0.9)
Current tax payable
(0.4)
\u2013
(0.4)
Deferred tax liabilities
(0.7)
(2.5)
(3.2)
Total
12.3
7.9
20.2
Consideration \u2013 cash
25.0
Deferred consideration
2.1
Goodwill arising
6.9
Consideration
Deferred consideration includes \u00a31.1m relating to an earnout arrangement and \u00a31.0m
relating to a put liability over the remaining 20% of the ordinary shares of Minster Surfacing
Limited. The put liability has been accounted for using the anticipated acquisition method.
The earnout will be paid to the former owner based on the performance of the acquired
entity over a two year period.
Fair value adjustments
The fair value adjustments comprised:
\u2002 Intangible assets, including the value of acquired customer lists;
\u2002Revaluation of certain items of property, plant and equipment; and
\u2002 Associated deferred tax balances.
The goodwill arising represents expected synergies, the potential for future growth,
access to new markets and the skills of the existing workforce. Goodwill is not deductible
for tax purposes.
Impact of current year acquisition
Income statement
During the year, the combined acquisitions contributed revenues of \u00a319.0m, Underlying
EBIT of \u00a31.8m and profit before tax of \u00a31.8m to the Group. Had these acquisitions occurred
on 1 January 2023, the results of the Group for the year ended 31 December 2023 would
have shown revenue of \u00a31,494.8m, Underlying EBIT of \u00a3157.3m and Profit before tax of
\u00a3135.5m.
Cash flow
The cash flow impact of acquisitions in the year can be summarised as follows:
\u00a3m
Consideration \u2013 Cash
25.0
Cash and cash equivalents acquired
(6.2)
Net cash consideration shown in the consolidated statement of cash flows
18.8
Acquisition costs
The Group incurred acquisition related costs of \u00a30.9m (2022: \u00a30.7m) which included
external professional fees in relation to these acquisitions. These are presented as
non-underlying operating costs (note 3).
Prior year acquisition
The Group completed three acquisitions in the prior year, acquiring 80% of the ordinary
share capital of Thomas Bow Limited (1 July 2022), and 100% of the ordinary share capitals
of R T Mycock & Sons Limited (1 July 2022) and Severn Sands Limited (1 August 2022) for
total consideration of \u00a320.5m. No additional adjustments have been made in respect of
these acquisitions within the measurement period and the provisional values reported in
the prior year are now considered final.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "
Reconciliation to non-GAAP measures
27
Non-GAAP performance measures are used throughout this Annual Report and these
consolidated financial statements. This note provides a reconciliation between these
alternative performance measures to the most directly related statutory measures.
Reconciliation of earnings based alternative performance measures
Share of
Central profit of
administration associate
Great and and joint
Britain Ireland Cement eliminations ventures Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,033.8
235.5
331.2
(113.0)
\u2013
1,487. 5
Profit from operations
145.7
Non-underlying
items (note 3)
10.5
Underlying EBIT
86.4
29.0
55.2
( 17.0)
2.6
156.2
Underlying
EBIT margin
8.4%
12.3%
16.7%
10.5%
Underlying EBIT
86.4
29.0
55.2
(17.0)
2.6
156.2
Share of profit
of associate and
joint ventures
\u2013
\u2013
\u2013
\u2013
(2.6)
(2.6)
Depreciation and
mineral depletion
52.2
6.9
29.3
0.3
\u2013
88.7
Underlying EBITDA
138.6
35.9
84.5
(16.7)
\u2013
242.3
Share of
Central profit of
administration associate
Great and and joint
Britain Ireland Cement eliminations ventures Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
972.4
226.2
300.7
(103.0)
\u2013
1,396.3
Profit from operations
148.0
Non-underlying
items (note 3)
7.0
Underlying EBIT
86.4
28.3
52.1
(15.3)
3.5
155.0
Underlying
EBIT margin
8.9%
12.5%
17. 3%
11.1%
Underlying EBIT
86.4
28.3
52.1
(15.3)
3.5
155.0
Share of profit
of associate and
joint ventures
\u2013
\u2013
\u2013
\u2013
(3.5)
(3.5)
Depreciation and
mineral depletion
49.7
6.1
27.5
0.2
\u2013
83.5
Underlying EBITDA
136.1
34.4
79.6
(15.1)
\u2013
235.0
Like-for-like alternative performance measures
There are a number of references throughout this report to like-for-like revenue, earnings
and volumes. Like-for-like numbers exclude the impact of acquisitions and disposals
and have been used alongside non-like-for-like measures to help the Group better
communicate performance in the year when compared to previous reporting periods.
Covenant Leverage
Covenant Leverage is defined as the ratio of Underlying EBITDA to Net Debt, with both
Underlying EBITDA and Net Debt adjusted to reflect the material items which are adjusted
by the Group and its lenders in determining leverage for the purpose of assessing covenant
compliance and, in the case of our bank facilities, the margin payable on overdrawn
borrowings. In both the current and prior year, the only material adjusting item was the
impact of IFRS 16.
2023 2022
\u00a3m \u00a3m
Underlying EBITDA
242.3
235.0
Impact of IFRS 16
(10.3)
(11.3)
Underlying EBITDA for covenants
232.0
223.7
Net Debt (excluding IFRS 16) (note 14)
121.9
148.4
Covenant Leverage
0.5x
0.7x
Free Cash Flow conversion Free Cash Flow has been reconciled to net cash from operating activities, which is the most relevant GAAP measure.
2023 2022
\u00a3m \u00a3m
Net cash from operating activities
191.9
168.0
Net cash used in investing activities
(120.4)
(112.9)
Acquisition of businesses
18.8
12.6
Cash impact of non-underlying items
4.5
1.0
Free Cash Flow
94.8
68.7
Underlying EBITDA
242.3
235.0
Free Cash Flow conversion
39%
29%
Return on invested capital
2023 2022
\u00a3m \u00a3m
Underlying EBIT
156.2
155.0
Underlying effective tax rate (note 7)
20.4%
16.0%
Taxation at the Group\u2019s underlying effective rate
(31.9)
(24.8)
Underlying earnings before interest
124.3
130.2
Net assets
1,110.7
1,043.8
Net Debt (note 14)
169.9
197.7
Invested capital at 31 December
1,280.6
1,241.5
Average invested capital*
1,261.1
1,201.9
Return on invested capital**
9.9%
10.8%
* Average invested capital is calculated by taking the average of the opening invested capital at 1 January and the closing invested capital at 31 December. Opening invested capital at 1 January 2022 was \u00a31,162.3m. ** Return on invested capital is calculated as Underlying earnings before interest, divided by average invested capital for the year", "dimensions": { "concept": "breedongroup:DisclosureOfReconciliationToNonGAAPMeasures", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "
28
Acquisition of BMC Enterprises Inc
On 6 March 2024 the Group announced the proposed acquisition of the entire share
capital of BMC Enterprises Inc, a supplier of aggregates and ready mixed concrete
headquartered in St Louis, Missouri, USA. The acquisition is expected to complete by
7 March 2024.
Consideration payable is based on an enterprise value of US$300m, of which US$285m
is payable in cash and the remaining US$15m through the issue of newly created shares
in Breedon Group plc. The consideration is subject to customary closing adjustments
and retentions.
The cash element of the consideration will be satisfied through the utilisation of surplus
cash balances and drawdown on the Group\u2019s existing borrowing facilities.
The acquisition is expected to have a material impact on the Group\u2019s results for the year
ended 31 December 2024.
Given the proximity of the acquisition date to the date on which the financial statements
were authorised, the Group is not yet able to provide certain disclosures required by IFRS
3, including the initial fair values of assets and liabilities acquired, which have not yet been
ascertained. These disclosures will be presented as part of the Group\u2019s Interim Statement
made up to 30 June 2024.
Acquisition of Eco-Asphalt Supplies Limited
On 31 January 2024 the Group acquired the entire share capital of Eco-Asphalt Supplies
Limited, an asphalt supplier based in the UK, for an enterprise value of \u00a35.5m. This
acquisition is not expected to materially impact the earnings of the Group for the
year ended 31 December 2024.
Given the proximity of the acquisition date to the date on which the financial statements
were authorised, the Group is not yet able to provide certain disclosures required by IFRS
3, including the initial fair values of assets and liabilities acquired, which have not yet been
ascertained. These disclosures will be presented as part of the Group\u2019s Interim Statement
made up to 30 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }