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"389000000.0", "decimals": -6, "dimensions": { "concept": "rollsroyceholdings:OutflowOfCashForForeignExchangeContracts", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "In deriving the consolidated cash flow statement, movement in balance sheet items have been adjusted for non-cash items. The cash flow in the year includes the sale of goods and services to joint ventures and associates \u2013 see note 26.
2024 2023
\u00a3m \u00a3m
Reconciliation of movements in cash and cash equivalents to movements in net cash/(debt)
Change in cash and cash equivalents
1,904
1,210
Cash flow from decrease in borrowings and lease liabilities
778
290
Less: settlement of related derivatives included in fair value of swaps below
(11)
\u2013
Cash flow from decrease in short-term investments
\u2013
(11)
Change in net cash/(debt) resulting from cash flows
2,671
1,489
Lease additions, modifications and other non-cash adjustments on borrowings and lease liabilities
(193)
(191)
Exchange (losses)/gains on net cash/(debt)
(50)
57
Fair value adjustments
(11)
7
Movement in net cash/(debt)
2,417
1,362
Net (debt) at 1 January
(1,975)
(3,337)
Net cash/(debt) at 31 December excluding the fair value of swaps
442
(1,975)
Fair value of swaps hedging fixed rate borrowings
33
23
Net cash/(debt) at 31 December
475
(1,952)
The movement in net cash/(debt) (defined by the Group as including the items shown below) is as follows:
Funds Exchange Fair value Reclassi- Other At
At 1 January flow differences adjustments fications movements 31 December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Cash at bank and in hand
739
(15)
(10)
\u2013
\u2013
\u2013
714
Money market funds
1,077
841
(18)
\u2013
\u2013
\u2013
1,900
Short-term deposits
1,968
1,027
(34)
\u2013
\u2013
\u2013
2,961
Cash and cash equivalents (per balance sheet)
3,784
1,853
(62)
\u2013
\u2013
\u2013
5,575
Overdrafts
(53)
51
\u2013
\u2013
\u2013
\u2013
(2)
Cash and cash equivalents (per cash flow statement)
3,731
1,904
(62)
\u2013
\u2013
\u2013
5,573
Other current borrowings
(478)
471
\u2013
(18)
(774)
\u2013
(799)
Non-current borrowings
(3,568)
(3)
19
7
774
(5)
(2,776)
Lease liabilities
(1,660)
299
(7)
\u2013
1
(188)
(1,555)
Lease liabilities included within liabilities held for sale
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Financial liabilities
(5,706)
767
12
(11)
\u2013
(193)
(5,131)
Net cash/(debt) excluding the fair value of swaps
(1,975)
2,671
(50)
(11)
\u2013
(193)
442
Fair value of swaps hedging fixed rate borrowings
1
23
11
(18)
17
\u2013
\u2013
33
Net cash/(debt)
(1,952)
2,682
(68)
6
\u2013
(193)
475
2023
Cash at bank and in hand
847
(79)
(29)
\u2013
\u2013
\u2013
739
Money market funds
34
1,043
\u2013
\u2013
\u2013
\u2013
1,077
Short-term deposits
1,726
297
(55)
\u2013
\u2013
\u2013
1,968
Cash and cash equivalents (per balance sheet)
2,607
1,261
(84)
\u2013
\u2013
\u2013
3,784
Overdrafts
(2)
(51)
\u2013
\u2013
\u2013
\u2013
(53)
Cash and cash equivalents (per cash flow statement)
2,605
1,210
(84)
\u2013
\u2013
\u2013
3,731
Short-term investments
11
(11)
\u2013
\u2013
\u2013
\u2013
\u2013
Other current borrowings
(1)
(1)
\u2013
(13)
(462)
(1)
(478)
Non-current borrowings
(4,105)
\u2013
59
20
462
(4)
(3,568)
Lease liabilities
(1,847)
291
82
\u2013
\u2013
(186)
(1,660)
Financial liabilities
(5,953)
290
141
7
\u2013
(191)
(5,706)
Net (debt) excluding the fair value of swaps
(3,337)
1,489
57
7
\u2013
(191)
(1,975)
Fair value of swaps hedging fixed rate borrowings
1
86
\u2013
(59)
(4)
\u2013
\u2013
23
Net (debt)
(3,251)
1,489
(2)
3
\u2013
(191)
(1,952)
1 Fair value of swaps hedging fixed rate borrowings reflects the impact of derivatives on repayments of the principal amount of debt. Net cash/(debt) therefore includes the fair value of derivatives included in fair value hedges (2024: \u00a362m, 2023: \u00a334m) and the element of fair value relating to exchange differences on the underlying principal of derivatives in cash flow hedges (2024: \u00a3(29)m, 2023: \u00a3(11)m) ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "1684000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-295": { "value": "1012000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": 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"fact-17": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "rollsroyceholdings:NetBookValueOfNewOrdinarySharesToEmployeeSharebasedPaymentPlans", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-646": { "value": "The Company and the Group Rolls-Royce Holdings plc (the \u2018Company\u2019) is a public company limited by shares incorporated under the Companies Act 2006 and domiciled in England in the United Kingdom. The Consolidated Financial Statements of the Company for the year ended 31 December 2024 consist of the audited consolidation of the Financial Statements of the Company and its subsidiaries (together referred to as the Group) together with the Group\u2019s interest in jointly controlled and associated entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "Rolls-Royce Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-702": { "value": "
Basis of preparation and statement of compliance
The Company has elected to prepare its individual Company Financial Statements under FRS 101 Reduced Disclosure Framework\ufffd They are set
out on pages 187 to 191 with the associated accounting policies from page 189.
The Consolidated Financial Statements have been prepared in accordance with UK adopted International Accounting Standards (IAS) in
conformity with the requirements of the Companies Act 2006 and interpretations issued by the IFRS Interpretations Committee (IFRS IC)
applicable to companies reporting under UK adopted IFRS.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-647": { "value": "Basis of preparation and statement of compliance The Company has elected to prepare its individual Company Financial Statements under FRS 101 Reduced Disclosure Framework\ufffd They are set out on pages 187 to 191 with the associated accounting policies from page 189. The Consolidated Financial Statements have been prepared in accordance with UK adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006 and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under UK adopted IFRS. The Consolidated Financial Statements have been prepared on a going concern basis as described on page 61. The historical cost basis has been used except where IFRS require the revaluation of financial instruments to fair value and certain other assets and liabilities on an alternative basis, most significantly post-retirement scheme obligations are valued on the basis required by IAS 19 Employee Benefits\ufffd The Consolidated Financial Statements are presented in sterling which is the Company\u2019s functional currency. The preparation of the Consolidated Financial Statements requires management to make judgements and estimates that affect the statutory amounts of assets and liabilities at the date of the Consolidated Financial Statements and the statutory amounts of revenue and expenses during the reporting period. Actual future outcomes could differ from those estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-703": { "value": "
The Consolidated Financial Statements are presented in sterling which is the Company\u2019s functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-648": { "value": "Going concern The Directors have undertaken a comprehensive going concern review. In adopting the going concern basis for preparing these Consolidated and Company Financial Statements, the Directors have undertaken a review of the Group\u2019s cash flow forecasts and available liquidity, along with consideration of possible risks and uncertainties over an 18-month period from the balance sheet date to June 2026. The Directors have determined that the period to 30 June 2026 (\u2018the going concern period\u2019) is an appropriate timeframe over which to assess going concern as it considers the Group\u2019s short- to medium-term cash flow forecasts and available liquidity. Recognising the challenges of reliably estimating and forecasting the impact of external factors on the Group, the Directors have considered two forecasts in the assessment of going concern, along with a likelihood assessment of these forecasts, being: \u2014 base case, which reflects the Directors\u2019 current expectations of future trading; and \u2014 a downside forecast, which envisages severe but plausible downside risks. Further details are given in the going concern review on page 61. After reviewing the current liquidity position and the cash flow forecasts modelled under both the base case and downside forecast, the Directors consider that the Group has sufficient liquidity to continue in operational existence over the going concern period to 30 June 2026 and are therefore satisfied that it is appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-649": { "value": "Climate change In preparing the Consolidated Financial Statements the Directors have considered the potential impact of climate change, particularly in the context of the disclosures included in the 2024 Strategic Report that set out climate-related commitments, targets and the four pillars of the Rolls-Royce energy transition strategy which are: \u2014 decarbonising operations, facilities, product testing and business activities. This will be met through a combination of procuring clean energy, reducing overall energy demand, and clean power generation. An estimate of the investment required to meet Scope 1 + 2 emission improvements is included in the forecasts that support these Consolidated Financial Statements; \u2014 enabling customers to operate their products in a way that is compatible with low or net zero carbon emissions. The Group is working with customers to enable them to operate products in a way that is compatible with net zero emissions. This means further the advancing the efficiency and environmental performance of the Group\u2019s engine and technology portfolio and ensuring compatibility with sustainable fuels. Within Power Systems, 80% of the Group\u2019s portfolio is compatible with alternative and sustainable fuels. The Group has demonstrated that all the commercial aero engines it produces are compatible for use with sustainable fuels and is also working with its armed forces customers, such as the RAF, on the use of SAF blends; \u2014 delivering new products and solutions that can accelerate the global energy transition. This includes the development and deployment of small modular reactors (SMRs) and, in Power Systems, battery energy storage solutions is a growth area. In 2024, research and development (R&D) costs of \u00a3133m (2023: \u00a3137m) within New Markets included investment to successfully complete Step 2 of the Generic Design Assessment (GDA) by the UK nuclear industry\u2019s independent regulators and movement into the third and final step. Future investment required to deliver these technologies is included in the forecasts that support the Consolidated Financial Statements; and by \u2014 supporting the necessary enabling environment, with public and policy support, to achieve collective climate goals. This involves actively engaging with policy makers, regulators and others to advocate for the necessary policy and economic support we have identified. The climate change scenarios previously prepared to assess the viability of our business strategy, decarbonisation plans and approach to managing climate-related risk have continued to develop over the last year as set out in our Strategic Review. The scenarios are used to help assess the Group\u2019s strategic resilience to climate change and the energy transition. Consideration is made of how each of them impacts: the life of assets; future revenue projections; future profitability; and whether additional costs may occur. There remains inherent uncertainty around how the scenarios will impact the Group. The Directors assess the assumptions on a regular basis to ensure that they are consistent with the risk management activities and the commitments made to investors and other stakeholders. Based on the Taskforce for Climate-related Financial Disclosures (TCFD) recommendations, the Group assesses the potential impact of climate-related risks which cover transition and physical risks and opportunities. The Group has identified four key transition risks (relating to changing customer demand, changes in cost due to carbon pricing, changes in cost due to commodity price changes and change in investment requirements) and three key physical risks (relating to facility disruption, supply chain disruption and impact on product performance) which may arise from the energy transition. The transition risks are the most likely to have an impact on the Consolidated Financial Statements, as exposure to physical risks will be greater in the longer term. The key sources of estimation uncertainty at the balance sheet date are set out on page 125 and the Directors have considered the impact of climate change on those estimates. The key assumptions used in this assessment are consistent with those used in the climate scenarios presented in the Strategic Review. A summary of the assessment is set out below.
How reflected in the Financial Impact on impairment of Impact on UK deferred tax
Risk
Statements
Impact on Civil Aerospace LTSAs
non-financial assets asset recoverability
Changing Overall forecast demand is Forecast EFH are based on Given the level of Forecast EFH are based on
customer demand expected to be robust in each customer and market data headroom in the customer and market data
scenario, although product and therefore already programme intangible and therefore include the
mix may change with include the latest assets and Power Systems latest expectation of the
customer requirements. expectation of the impact of and Rolls-Royce impact of climate change
climate change on demand. Deutschland goodwill, the on demand. A sensitivity
A sensitivity disclosing the potential impact of a disclosing the impact of a
impact of a 1% change in change in customer 5% change in margin or
EFH forecasts over the demand does not indicate shop visits is disclosed on
remaining term of Civil LTSA any potential impact. page 130\ufffd
contracts is disclosed on
page 128\ufffd
Changes in costs The potential impact of The increase in the cost base Given the level of The forecast of probable
due to carbon carbon pricing has been of the current Civil LTSA headroom in the future taxable profits
pricing
1
and
estimated by applying contracts due to carbon and programme intangible reflects the increase in the
commodity price carbon prices to the forecast commodity prices is assets and Power Systems cost base that could arise
changes
2
emissions generated by the estimated to be around 1% and Rolls-Royce from carbon and commodity
Group and its supply chain. (2023: 1%) with the Deutschland goodwill, the prices consistent with the
This impact, together with incremental cost included in potential impact of the methodology applied for
that from estimated the cost to complete cost increases in the Civil Aerospace LTSA.
commodity prices under estimates that drive revenue scenarios does not Disclosed on page 130 is the
each scenario, have been recognition. Changes in indicate any potential impact of changing the
added/deducted to forecast estimates have not had a impact\ufffd proportion of cost increases
costs in the base forecasts. material impact on revenue The assessment has that can be passed onto
The analysis reflects that: catch-ups or contract loss considered each of the customers following the
decarbonisation activities provisions in the year (2023: Group\u2019s climate scenarios. expiry of existing LTSAs.
will occur in both the Group not material).
and its supply chain; and that A sensitivity disclosing the
some supplier contracts impact of a 2% change in
offer protection from cost shop visit costs over the
increases in the short to remaining term of Civil LTSA
medium term where pricing contracts is disclosed on
is fixed or subject to capped page 128\ufffd
escalation clauses.
Change in Changing investment
No impact to existing LTSAs.
Impairment tests are
Given the UK deferred tax
investment requirements may arise due either: performed on a asset recoverability is
required to the introduction/ value in use basis and the largely dependent on Civil
acceleration of new investment associated with and Defence aerospace
technologies\ufffd new products is required markets, the increase in
Research is expensed and to be excluded; or have research and development
development costs sufficient headroom such expenditure required under
capitalised as incurred. that the estimated this scenario does not have
investment requirement a material impact.
is not significant.
1 Based on the IEA Net Zero by 2050 scenario ($71 per tonne of carbon in 2024 to $250 in 2050) 2 Commodity prices from the Oxford Economics, Global Climate Service and Databank Items that may be impacted by climate-related risks, but which are not considered to be key areas of judgements or sources of estimation uncertainty in the current financial year are outlined on below. Useful lives of assets \u2013 The useful lives of property, plant and equipment and right-of-use assets could be reduced by climate-related matters, for example, as a result of physical risks, obsolescence or legal restrictions. The change in useful lives would have a direct impact on the amount of depreciation or amortisation recognised each year from the date of reassessment. The Directors\u2019 review of useful lives has taken into consideration the impacts of the Group\u2019s decarbonisation strategy and has not had a material impact on the results for the year. The Directors have also considered the remaining useful economics lives of material intangible assets, including the \u00a32,001m and \u00a3632m capitalised development spend associated with the Trent and business aviation programmes disclosed in note 9. Given the measures the Group is taking, including demonstration that all the commercial aero-engines and 80% of the portfolio in Power Systems are compatible with alternative and sustainable fuels, the Directors judge that no adjustment is required to the useful economic lives. Inventory valuation \u2013 Climate-related matters may affect the value of inventories as a result of a decline in selling prices or could become obsolete due to a reduction in demand. After consideration of the typical stock-turns of the inventory in relation to the rate of change in the market the Directors consider that inventory is appropriately valued. Recoverability of trade receivables and contract assets \u2013 The impact of climate-related matters could have an impact on the Group\u2019s customers in the future, especially those customers in the Civil Aerospace business. No material climate-related issues have arisen during the year that have impacted the assessment of the recoverability of receivables. The Group\u2019s expected credit loss (ECL) provision uses credit ratings which inherently will include the market\u2019s assessment of the climate change impact on credit risk of the counter parties. Given the maturity time of trade receivables and the majority of contract assets, climate change is unlikely to cause a material increase on counter party credit risk in that time. Share-based payments \u2013 The Group is committed to achieving net zero by 2050. The first phase of a sustainability strategic review was completed during 2024 and the Group has committed to reduce the total Scope 1 + 2 greenhouse gas emissions from its facilities, operations and testing by 46% by the end of 2030 (against a baseline of 2019). This metric accounts for 10% of the long-term incentive plan for awards granted from 2025, with performance measured against three-year cumulative targets. Defined benefit pension plans \u2013 Climate-related risks could affect the financial position of defined benefit pension plans. As a result, this could have implications on the expected return on plan assets and measurement of defined benefit liabilities in future years. The Trustee of the Rolls-Royce UK Pension Fund meet the climate-related regulatory requirements. When making decisions about the plan, its analysis is carried out in a way consistent with TCFD. The Trustee has set a net zero target for the plan assets by 2050. Having assessed the risks and opportunities of climate change and considered the nature of the assets of the fund, climate change is unlikely to have a material impact on the position in the Consolidated Financial Statements. Going concern \u2013 Given the short-term nature of the Group\u2019s going concern assessment, the impact of climate change does not have a significant impact. The Directors have considered the level of liquidity available, and the potential impact of the climate change risks, in making their assessment\ufffd", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-650": { "value": "
Presentation of underlying results
The Group measures financial performance on an underlying basis and discloses this information as an alternative performance measure (APM).
This is consistent with the way that financial performance is measured by the Directors and reported to the Board in accordance with IFRS 8
Operating Segments. The Group believes this is the most appropriate basis to measure the in-year performance, as underlying results reflect
the substance of trading activity, including the impact of the Group\u2019s foreign exchange forward contracts, which economically hedge net foreign
currency cash flows at predetermined exchange rates. In addition, underlying results exclude the accounting impact of acquisition accounting
and business disposals, impairment charges where the reasons are outside of normal operating activities, exceptional items, and certain other
items which are market driven and outside of the control of management. Further details are given in note 2. A reconciliation of APMs to the
statutory equivalent is provided on pages 215 to 219.
", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForPresentationOfUnderlyingResults", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-704": { "value": "
Supplier Finance Arrangements
New disclosure requirements resulting from amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures relating
to Supplier Finance Arrangements (SFAs) were effective from 1 January 2024. The objective of the new amendments is to provide enhanced
information about SFAs that enables investors to assess the effects on an entity\u2019s liabilities, cash flows and its exposure to liquidity risk. The
Group\u2019s suppliers have access to a supply chain financing (SCF) programme that is considered to be within the scope of the Standard\u2019s SFA
definition. The new prescriptive disclosure requirements have necessitated some additional information being disclosed on page 164 in relation
to the value of trade payables that were within the scope of such arrangements. This has been presented alongside the value of received
payments which suppliers had drawn, this being information which the Group has already disclosed in its Annual Report.
Other
There are no other new standards or interpretations issued by the International Accounting Standards Board (IASB) that had a significant impact
on these Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-705": { "value": "Key areas of judgement and sources of estimation uncertainty The determination of the Group\u2019s accounting policies requires judgement. The subsequent application of these policies requires estimates, and the actual outcome may differ from that calculated. The key judgements and key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below. Further details, together with sensitivities for key sources of estimation uncertainty where appropriate and practicable, are included within the significant accounting policies section of this note. Area Key judgements Key sources of estimation uncertainty Page ref Revenue \u2014 Whether Civil Aerospace OE and aftermarket contracts \u2014 Estimates of future revenue, including customer127 recognition and should be combined. pricing, and costs of long-term contractual contract assets \u2014 How performance on long-term aftermarket contracts arrangements, including the impact of climate and liabilities should be measured. change\ufffd \u2014 Whether long-term aftermarket contracts contain a significant financing component. \u2014 Whether any costs should be treated as wastage. \u2014 Whether the Civil Aerospace LTSA contracts are warranty style contacts entered into in connection with OE ales and therefore can be accounted for under IFRS 15 Revenue from Contracts with Customers\ufffd \u2014 Whether sales of spare engines to joint ventures are at fair value. \u2014 When revenue should be recognised in relation to spare engine sales\ufffd Risk and revenue \u2014 Determination of the nature of entry fees received. 129 sharing arrangements (RRSAs) Taxation \u2014 Estimates necessary to assess whether it is probable130 that sufficient suitable taxable profits will arise in the UK to utilise the deferred tax assets recognised. Research and \u2014 Determination of the point in time where costs incurred 132 development on an internal programme development meet the criteria for capitalisation. \u2014 Determination of the basis for amortising capitalised development costs. Leases \u2014 Determination of the lease term. 133 Impairment of \u2014 Determination of cash-generating units for assessing 134 non-current impairment of goodwill. assets Provisions \u2014 Whether any costs should be treated as wastage. \u2014 Estimates of the time and cost to incorporate135 \u2014 Whether the criteria to recognise a transformationrequired modified parts into the fleet to resolve and restructuring provision has been met. technical issues on certain programmes (which could be exacerbated by prolonged supply chain challenges) and the implications of this on forecast future costs when assessing onerous contracts. \u2014 Estimates of the future revenues and costs to fulfil onerous contracts. \u2014 Assumptions implicit within the calculation of discount rate. Post-retirement \u2014 Estimates of the assumptions for valuing the net136 benefits defined benefit obligation. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-786": { "value": "Key areas of judgement and sources of estimation uncertainty The determination of the Group\u2019s accounting policies requires judgement. The subsequent application of these policies requires estimates, and the actual outcome may differ from that calculated. The key judgements and key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below. Further details, together with sensitivities for key sources of estimation uncertainty where appropriate and practicable, are included within the significant accounting policies section of this note.
Area
Key judgements
Key sources of estimation uncertainty
Page ref
Revenue
\u2014
Whether Civil Aerospace OE and aftermarket contracts
\u2014
Estimates of future revenue, including customer
127
recognition and should be combined. pricing, and costs of long-term contractual
contract assets \u2014 How performance on long-term aftermarket contracts arrangements, including the impact of climate
and liabilities should be measured. change\ufffd
\u2014
Whether long-term aftermarket contracts contain a
significant financing component.
\u2014 Whether any costs should be treated as wastage.
\u2014
Whether the Civil Aerospace LTSA contracts are
warranty style contacts entered into in connection with
OE ales and therefore can be accounted for under IFRS 15
Revenue from Contracts with Customers\ufffd
\u2014 Whether sales of spare engines to joint ventures are at
fair value.
\u2014
When revenue should be recognised in relation to spare
engine sales\ufffd
Risk and revenue
\u2014 Determination of the nature of entry fees received.
129
sharing
arrangements
(RRSAs)
Taxation
\u2014
Estimates necessary to assess whether it is probable
130
that sufficient suitable taxable profits will arise in
the UK to utilise the deferred tax assets recognised.
Research and
\u2014
Determination of the point in time where costs incurred
132
development on an internal programme development meet the
criteria for capitalisation.
\u2014
Determination of the basis for amortising capitalised
development costs.
Leases
\u2014 Determination of the lease term.
133
Impairment of
\u2014
Determination of cash-generating units for assessing
134
non-current impairment of goodwill.
assets
Provisions
\u2014 Whether any costs should be treated as wastage.
\u2014
Estimates of the time and cost to incorporate
135
\u2014
Whether the criteria to recognise a transformation
required modified parts into the fleet to resolve
and restructuring provision has been met. technical issues on certain programmes (which could
be exacerbated by prolonged supply chain
challenges) and the implications of this on forecast
future costs when assessing onerous contracts.
\u2014 Estimates of the future revenues and costs to fulfil
onerous contracts.
\u2014
Assumptions implicit within the calculation of
discount rate.
Post-retirement
\u2014
Estimates of the assumptions for valuing the net
136
benefits defined benefit obligation.
Key judgement \u2013 Whether Civil Aerospace OE and aftermarket contracts should be combined In the Civil Aerospace business, OE contracts for the sale of engines to be installed on new aircraft are with the airframers, while the contracts to provide spare engines and aftermarket goods and services are with the aircraft operators, although there may be interdependencies between them. IFRS 15 Revenue from Contracts with Customers includes guidance on the combination of contracts, in particular that contracts with unrelated parties should not be combined. Notwithstanding the interdependencies, the Directors consider that the engine contract should be considered separately from the aftermarket contract. In making this judgement, they also took account of industry practice. Key judgement \u2013 How performance on long-term aftermarket contracts should be measured The Group generates a significant proportion of its revenue from aftermarket arrangements. These aftermarket contracts, such as TotalCare and CorporateCare agreements in the Civil Aerospace business, cover a range of services and generally have contractual terms covering more than one year. Under these contracts, the Group\u2019s primary obligation is to maintain customers\u2019 engines in an operational condition. This is achieved by undertaking various activities, such as maintenance, repair and overhaul, and engine monitoring over the period of the contract. Revenue on these contracts is recognised over the period of the contract and the basis for measuring progress is a matter of judgement. The Directors consider that the stage of completion of the contract is best measured by using the actual costs incurred to date compared to the estimated costs to complete the performance obligations, as this reflects the extent of completion of the activities to be performed. Key judgement \u2013 Whether long-term aftermarket contracts contain a significant financing component Long-term aftermarket contracts typically cover a period of eight to 15 years. Their pricing is the subject of negotiation with individual customers under competitive circumstances. It is the Directors\u2019 judgement that the consideration received approximates to the cash selling price and any timing difference between consideration being received and the supply of goods and services is typical of the industry and arises for reasons other than to provide financing. The customers typically pay on an \u2018as used\u2019 basis (e.g. USD/EFH) which reflects the wear and tear of the engine as it flies and aligns to the customer\u2019s own revenue streams. An adjustment to the transaction price is therefore not required. Key judgement \u2013 Whether any costs should be treated as wastage In rare circumstances, the Group may incur costs of wasted material, labour or other resources to fulfil a contract where the level of cost was not reflected in the contract price. The identification of such costs is a matter of judgement and would only be expected to arise where there has been a series of abnormal events which give rise to a significant level of cost of a nature that the Group would not expect to incur and hence is not reflected in the contract price. Examples include technical issues that: require resolution to meet regulatory requirements; have a wide-ranging impact across a product type; and cause significant operational disruption to customers. Similarly, in these rare circumstances, significant disruption costs to support customers resulting from the actual performance of a delivered good or service may be treated as a wastage cost. Provision is made for any costs identified as wastage when the obligation to incur them arises \u2013 see note 21. Key judgement \u2013 Whether the Civil Aerospace LTSA contracts are warranty style contacts entered into in connection with OE sales and therefore can be accounted for under IFRS 15 Revenue from Contracts with Customers The Group has considered whether these arrangements are insurance contracts as defined in IFRS 17 Insurance Contracts. While they may transfer an element of insurance risk, they relate to warranty and service type agreements that are entered into in connection with the Group\u2019s sales of its goods or services and therefore continue to be accounted for under the existing revenue and provisions standards. The Directors have judged that such arrangements entered into after the original equipment sale remain sufficiently related to the sale of the Group\u2019s goods and services to allow the contracts to continue to be measured under IFRS 15 Revenue from Contracts with Customers and IAS 37 Provisions, Contingent Liabilities and Contingent Assets\ufffd Key judgement \u2013 Whether sales of spare engines to joint ventures are at fair value The Civil Aerospace business maintains a pool of spare engines to support its customers. Some of these engines are sold to, and held by, joint venture companies. The assessment of whether the sales price reflects fair value is a key judgement. The Group considers that based upon the terms and conditions of the sales, and by comparison to the sales price of spare engines to other third parties, the sales made to joint ventures reflect the fair value of the goods sold. See note 26 for the value of sales to joint ventures during the year. Key judgement \u2013 When revenue should be recognised in relation to spare engine sales Revenue is recognised at the point in time when a customer obtains control of a spare engine. The customer could be a related party, an external operator or a spare engine service provider. Depending on the contractual arrangements, judgement is required on when the Group relinquishes control of spare engines and, therefore, when the revenue is recognised. The point of control passing has been concluded to correspond to the point of legal sale, even for instances where the customer is contracted to provide some future spare engine capacity to the Group to support its installed engine base. In such cases, the customer has responsibility for generating revenue from the engines and exposure to periods of non-utilisation; exposure to risk of damage or loss, risk from residual value movements, and will determine if and when profits will be made from disposal. The spare engine capacity that will be made available to the Group in the future does not consist of identified assets and the provider retains a substantive right to substitute the asset through the Group\u2019s period of use. It is, therefore, appropriate to recognise revenue from the sale of the spare engines at the point that title transfers. During 2024, of the total 57 (2023: 53) large spare engine sales delivered, 20 (2023: 27) engines were sold to customers where contractual arrangement allows for some future spare engine capacity to be used by the Group. These sales contributed \u00a3399m (2023: \u00a3578m) to revenue for the year. Key estimate \u2013 Estimates of future revenue, including customer pricing, and costs of long-term contractual arrangements, including the impact of climate change The Group has long-term contracts that fall into different accounting periods and which can extend over significant periods (generally up to 25 years), the most significant of these are LTSAs in the Civil Aerospace business, with contracts typically covering a period of eight to 15 years. The estimated revenue and costs are inherently imprecise and significant estimates are required to assess: EFHs, time on wing and other operating parameters; the pattern of future maintenance activity and the costs to be incurred; lifecycle cost improvements over the term of the contracts; and escalation of revenue and costs (that includes the impact of inflation). The impact of climate change on EFHs and costs is also considered when making these estimates. Industry and customer data on expected levels of utilisation is included in the forecasts used. Across the length of the current Civil Aerospace LTSA contracts, allowance has been made for around a 1% (2023: 1%) projected cost increase resulting from carbon pricing and commodity price changes. The sensitivities below demonstrate how changes in assumptions (including as a result of climate change) could impact the level of revenue recognised were assumptions to change. The Directors believe that the estimates used to prepare the Consolidated Financial Statements take account of the inherent uncertainties, constraining the expected level of revenue as appropriate. Estimates of future LTSA revenue within Civil Aerospace are based upon future EFH forecasts. Finally, many of the revenues and costs are denominated in currencies other than that of the relevant group undertaking. These are translated at an estimated long-term exchange rate, based on historical trends and economic forecasts. During the year, changes to the estimate in relation to the Civil Aerospace LTSA contracts resulted in favourable catch-up adjustments to revenue of \u00a3311m (2023: adverse catch-up adjustment of \u00a3104m). Based upon the stage of completion of all LTSA contracts within Civil Aerospace as at 31 December 2024, the following reasonably possible changes in estimates would result in catch-up adjustments being recognised in the period in which the estimates change (at underlying rates): \u2014 A change in forecast EFHs of 1% over the remaining term of the contracts would impact LTSA income and to a lesser extent costs, resulting in an in-year impact of around \u00a320m. This would be expected to be seen as a catch-up change in revenue or, to the extent it impacts onerous contracts, within cost of sales. \u2014 A 2% increase or decrease in our pricing to customers over the life of the contracts would lead to a revenue catch-up adjustment in the next 12 months of around \u00a3340m. \u2014 A 2% increase or decrease in shop visit costs over the life of the contracts would lead to a revenue catch-up adjustment in the next 12 months of around \u00a390m. Key judgement \u2013 Determination of the nature of entry fees received RRSAs with key suppliers (workshare partners) are a feature of the civil aviation industry. Under these contractual arrangements, the key commercial objectives are that: (i) during the development phase the workshare partner shares in the risks of developing an engine by performing its own development work, providing development parts, and paying a non-refundable cash entry fee; and (ii) during the production phase the workshare partner supplies components in return for a share of the programme cash flows as a \u2018life of type\u2019 supplier (i.e. as long as the engine remains in service). The non-refundable cash entry fee is considered to be one element of a long-term supply agreement. These receipts are deferred on the balance sheet and recognised against the cost of sales over the estimated number of units to be delivered on a similar basis to the amortisation of development costs \u2013 see page 132. Key estimate \u2013 Estimates necessary to assess whether it is probable that sufficient suitable taxable profits will arise in the UK to utilise the deferred tax assets recognised Deferred tax assets are only recognised to the extent it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilised. On this basis a deferred tax asset of \u00a3629m is not recognised in respect of UK tax losses. Further details are included in note 5. In addition to taking into account a severe but plausible downside forecast (see below), the climate-related estimates and assumptions (set out on pages 122 to 124) have also been considered when assessing the recoverability of the deferred tax assets. Recognising the longer terms over which these assets will be recovered, the Group has considered the risk that regulatory changes could materially impact demand for our products and shifting investment focus towards more sustainable products and solutions. The climate scenarios prepared do not indicate a significant deterioration in demand or profitability for Civil Aerospace programmes given that all commercial aero-engines are compatible with sustainable fuels. While carbon and commodity pricing may put pressure on costs, decarbonisation and new supplier and customer contracts offer the opportunity to receive value for more efficient and sustainable products. Macro-economic factors continue to result in uncertainty across the civil aviation industry in particular in respect of prolonged supply chain challenges. As explained in note 5, a 25% probability of there being a severe but plausible downside forecast in relation to the civil aviation industry has been taken into account in the assessment of the recovery of the UK deferred tax assets. The estimates take account of the inherent uncertainties constraining the expected level of profit as appropriate. Changes in these estimates will affect future profits and, therefore, the recoverability of the deferred tax assets. The following sensitivities have been modelled to demonstrate the impact of changes in assumptions on the recoverability of deferred tax assets. \u2014 A 5% change in margin in the main Civil Aerospace large engine programmes. \u2014 A 5% change in the number of shop visits driven by EFHs. \u2014 Assumed future cost increases from climate change expected to pass through to customers at 100% are restricted to 90% pass through. All of these could be driven by a number of factors, including ongoing supply chain challenges, the impact of climate change as explained on pages 122 to 124 and changes in foreign exchange rates. A 5% change in margin or shop visits (which could be driven by fewer EFHs as a result of the factors as set out above) would result in an increase/decrease in the deferred tax asset of around \u00a3110m. If only 90% of assumed future cost increases from climate change are passed on to customers, this would result in a decrease in the deferred tax asset of around \u00a310m, and if carbon prices were to double, this would be \u00a370m. Key judgement \u2013 Determination of the point in time when costs incurred on an internal programme development meet the criteria for capitalisation The Group incurs significant research and development expenditure in respect of various development programmes. Determining when capitalisation should commence and cease is a key judgement, as is the determination of when subsequent expenditure on the programme assets should be capitalised. During the year, \u00a3263m (2023: \u00a3192m) of development expenditure was capitalised. Within the Group there are established processes in place e.g., the Product Introduction and Lifecycle Management process (PILM), to consider technical feasibility, commercial viability and financial assessment of the programme at certain milestones. When these are met, development expenditure is capitalised. Prior to this, expenditure is expensed as incurred. The Group continues to invest in new technologies as a result of its decarbonisation commitments. As these are new technologies there is a higher level of uncertainty over potential outcomes and, therefore, this could impact the level of expenditure that is capitalised or recognised in the income statement in future years. During 2024, no development costs incurred within New Markets were capitalised. Subsequent expenditure after entry into service which enhances the performance of the engine and the economic benefit to the Group is capitalised. This expenditure is referred to as enhanced performance and is governed by the PILM process referred to above. All other development costs are expensed as incurred. Key judgement \u2013 Determination of the basis for amortising capitalised development costs The economic benefits of the development costs are primarily those cash inflows arising from LTSAs, which are expected to be relatively consistent for each engine within a programme. Amortisation of development costs is recognised on a straight-line basis over the estimated period of operation of the engine by its initial operator.
Key judgement \u2013 Determination of lease term
In determining the lease term, the Group considers all facts and circumstances that create an economic incentive to exercise an extension
option, or not exercise a termination option. Extension options (or periods after termination) are only included in the lease term if the lease
is reasonably certain to be extended (or not terminated). Certain land and building leases have renewal options although none due in the
next 12 months would have a material impact. Other renewals are evenly spread between 2028 to 2033 and then post 2038. The Group
reviews its judgements on lease terms annually, including the operational significance of the site, especially where utilised for
manufacturing activities.
Key judgement \u2013 Determination of CGUs for assessing impairment of goodwill The Group conducts impairment reviews at the CGU level. As permitted by IAS 36 Impairment of Assets, impairment reviews for goodwill are performed at the groups of CGUs level, representing the lowest level at which the Group monitors goodwill for internal management purposes and no higher than the Group\u2019s operating segments. The main CGUs for which goodwill impairment reviews have been performed are Rolls-Royce Deutschland Ltd & Co KG and at an aggregated Rolls-Royce Power Systems AG level. Key judgement \u2013 Whether any costs should be treated as wastage As described further on page 127, in rare circumstances, the Group may incur costs of wasted material, labour or other resources to fulfil a contract where the level of cost was not reflected in the contract price. The identification of such costs is a matter of judgement and would only be expected to arise where there has been a series of abnormal events which give rise to a significant level of cost of a nature that the Group would not expect to incur and hence is not reflected in the contract price. Provision is made for any costs identified as wastage when the obligation to incur them arises. Specifically for the Trent 1000 wastage costs, provision has been made as the Group is an owner of an engine Type Certificate under which it has a present obligation to develop appropriate design changes to address certain engine conditions that have been noted in issued Airworthiness Directives. The Group is also required to ensure engine operators can continue to safely operate engines within the terms of their LTSAs, and this requires the engines to be compliant with the requirements of those issued Airworthiness Directives. These requirements cannot be met without the Group incurring significant costs in the form of replacement parts and customer claims. Given the significant activities of the Group in designing and overhauling aero engines it is very experienced in making the required estimates in relation to the number and timing of shop visits, parts costs, overhaul labour costs and customer claims. Key judgement \u2013 Whether the criteria to recognise a transformation and restructuring provision has been met On 17 October 2023, the Group announced plans for a simpler, more streamlined, organisation as part of its multi-year transformation. IAS 19 Employee Benefits requires that a liability and expense for termination benefits should be recognised at the earlier of: (a) when an offer of those benefits can no longer be withdrawn; and (b) when the cost for a restructuring that is within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets that involves the payment of termination benefits is recognised. The Directors have considered whether the Group\u2019s communications to employees during 2023 and 2024 have led to an offer of benefits that could no longer be withdrawn. Significant progress has been made on transformation activities with clear and extensive communication to affected employees, many of whom have already left the business. The remaining provision relates to roles where the function, location, expected completion date, and type and amount of benefits is known. It is expected to be utilised by 31 December 2025. Key estimates \u2013 Estimates of the time and cost to incorporate required modified parts into the fleet to resolve technical issues on certain programmes (which could be exacerbated by prolonged supply chain challenges) and the implications of this on forecast future costs when assessing onerous contracts. The Group has provisions for Trent 1000 wastage costs at 31 December 2024 of \u00a336m (2023: \u00a3116m). These represent the Directors\u2019 best estimate of the expenditure required to settle the obligations at the balance sheet date. These estimates take account of information available and different possible outcomes. The Group considers that at 31 December 2024 the Trent 1000 onerous contract provisions are most sensitive to changes in estimates. Our forecast increases in shop visit capacity could be impacted by several factors, including prolonged supply chain challenges. If forecast increases in shop visit capacity are not achieved, this could have the impact of reducing planned output of engine overhauls. A 20% reduction in Trent 1000 planned output during the second half of 2025 (and thus delayed incorporation of modified parts into the fleet) could lead to around a \u00a330m to \u00a350m charge. Key estimates \u2013 Estimates of the future revenues and costs to fulfil onerous contracts The Group has provisions for onerous contracts at 31 December 2024 of \u00a31,433m (2023: \u00a31,472m). An increase in Civil Aerospace large engine estimates of LTSA costs of 1% over the remaining term of the contracts could lead to around a \u00a360m to \u00a380m increase in the onerous contract provisions across all programmes. Key estimates \u2013 Assumptions implicit within the calculation of discount rates The onerous contract provisions are sensitive to changes in the discount rate used to value the provisions. The rate used for each contract is derived from bond yields (i.e. risk-free rates) with a similar duration and currency to the contract that they are applied to. The rate is adjusted to reflect the specific inflation characteristics of the contracts. The forecast rates are determined from third-party market analysis and average 5%. A 1% change in the discount rates used could lead to around a \u00a340m to \u00a350m change in the provision.
Key estimate \u2013 Estimates of the assumptions for valuing the net defined benefit obligation
The Group\u2019s defined benefit pension schemes and similar arrangements are assessed annually in accordance with IAS 19 Employee Benefits\ufffd
The valuations, which are based on assumptions determined with independent actuarial advice, resulted in a net deficit of \u00a3191m before
deferred taxation being recognised on the balance sheet at 31 December 2024 (2023: deficit of \u00a3253m). The size of the net surplus/deficit
is sensitive to the actuarial assumptions which include the discount rate, price inflation, pension and salary increases, longevity and, in the
UK, the number of plan members who take the option to transfer their pension to a lump sum on retirement or who choose to take the
Bridging Pension Option. Following consultation, the UK scheme closed to future accrual on 31 December 2020.
A reduction in the discount rate of 0.25% from 5.50% could lead to an increase in the defined benefit obligations of the RR UK Pension
Fund (RRUKPF) of approximately \u00a3145m. This would be expected to be broadly offset by changes in the value of scheme assets as the
scheme\u2019s investment policies are designed to mitigate this risk.
An increase in the assumed rate of inflation of 0.25% (RPI of 3.30% and CPI of 2.90%) could lead to an increase in the defined benefit
obligations of the RRUKPF of approximately \u00a355m.
A one-year increase in life expectancy from 20.8 years (male aged 65) and from 21.5 years (male aged 45) would increase the defined
benefit obligations of the RRUKPF by approximately \u00a3125m.
Further details and sensitivities are included in note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-645": { "value": "
Material accounting policies
The Group\u2019s significant accounting policies are set out on pages 125 to 137. These accounting policies have been applied consistently to all
periods presented in these Consolidated Financial Statements.
Basis of consolidation
The Consolidated Financial Statements include the Company Financial Statements and its subsidiary undertakings, together with the Group\u2019s
share of the results in joint arrangements and associates made up to 31 December.
A subsidiary is an entity controlled by the Company. Control exists when the Company has power over an entity, exposure to variable returns
from its involvement with an entity and the ability to use its power over an entity so as to affect the Company\u2019s returns. Subsidiaries are
consolidated in accordance with IFRS 10 Consolidated Financial Statements\ufffd
A joint arrangement is an entity in which the Group holds a long-term interest and which is jointly controlled by the Group and one or more other
investors under a contractual arrangement. Joint arrangements may be either joint ventures or joint operations. Joint ventures are accounted
for using the equity method of accounting and joint operations are accounted for using proportionate accounting.
An associate is an entity that is neither a subsidiary nor a joint arrangement, in which the Group holds a long-term interest and where the Group
has a significant influence. The results of associates are accounted for using the equity method of accounting.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or
loss arising on transactions with joint arrangements and associates to the extent of the Group\u2019s interest in the entity. Transactions with
non-controlling interests are recorded directly in equity.
Any subsidiary undertaking, joint arrangement or associate sold or acquired during the year are included up to, or from, the date of change of
control. Details of transactions in the year are set out in note 27.
Revenue recognition and contract assets and liabilities
Revenue recognised comprises sales to the Group\u2019s customers after discounts and amounts payable to customers. Revenue excludes value added
taxes. The transaction price of a contract is typically clearly stated within the contract, although the absolute amount may be dependent on
escalation indices and long-term contracts that require the key estimates highlighted below to be made. Refund liabilities, where sales are made
with a right of return, are not typical in the Group\u2019s contracts. Where they do exist, and consideration has been received, a portion based on an
assessment of the expected refund liability is recognised within other payables. The Group has elected to use the practical expedient not to
adjust revenue for the effect of financing components where the expectation is that the period between the transfer of goods and services to
customers and the receipt of payment is less than a year. Consideration is received in the form of deposits and payments for completion of
milestones or performance obligations. LTSA cash receipts are typically received based on EFHs.
Sales of standard OE, spare parts and time and material (T&M) overhaul services are generally recognised on transfer of control to the customer.
This is generally on delivery to the customer, unless the specific contractual terms indicate a different point. The Directors consider whether
there is a need to constrain the amount of revenue to be recognised on delivery based on the contractual position and any relevant facts,
however, this is not typically required.
Sales of OE and services that are specifically designed for the contract (most significantly in the Defence business) are recognised by reference
to the progress towards completion of the performance obligation, using the cost method described in the key judgements, provided the outcome
of contracts can be assessed with reasonable certainty.
The Group generates a significant portion of its revenue on aftermarket arrangements arising from the installed OE fleet. As a consequence, in
particular in the Civil Aerospace large engine business, the Group will often agree contractual prices for OE deliveries that take into account
the anticipated aftermarket arrangements. Sometimes this may result in losses being incurred on OE. As described in the key judgements, these
contracts are not combined. The consideration in the OE contract is therefore allocated to OE performance obligations and the consideration
in the aftermarket contract to aftermarket performance obligations.
Key areas of the accounting policy are:
\u2014 Future variable revenue from long-term contracts is constrained to take account of the risk of non-recovery of resulting contract balances
from reduced utilisation e.g. EFHs, based on historical forecasting experience and the risk of aircraft being parked by the customer.
\u2014
A significant amount of revenue and cost related to long-term contract accounting is denominated in currencies other than that of the relevant
Group undertaking, most significantly USD transactions in sterling and euro denominated undertakings. These are translated at estimated
long-term exchange rates.
\u2014
The assessment of stage of completion is generally measured for each contract. However, in certain cases, such as for CorporateCare
agreements, where there are many contracts covering aftermarket services each for a small number of engines, the Group accounts for a
portfolio of contracts together, as the effect on the Consolidated Financial Statements would not differ materially from applying the standard
to the individual contracts in the portfolio. When accounting for a portfolio of LTSAs, the Group uses estimates and assumptions that reflect
the size and composition of the portfolio.
\u2014
A contract asset/liability is recognised where payment is received in arrears/advance of the revenue recognised in meeting performance
obligations.
\u2014 Contract modifications of LTSAs can be accounted for as separate contracts, termination of the existing contract and the creation of a new
contract, or as part of the existing contract. The treatment is dependent on whether the change in scope is because of the addition of
promised goods or services that are distinct and whether the price increases by an amount that reflects their standalone selling prices.
\u2014 Where material, wastage costs (see key judgements on page 127) are recorded as an expense and excluded from the measure of progress of
LTSA contracts.
\u2014
The Group recognises a liability for their obligation to repurchase parts it has sold to the maintenance, repair and overhaul bases who overhaul
the Group\u2019s customers\u2019 engines.
If the expected costs to fulfil a contract exceed the expected revenue, a contract loss provision is recognised for the excess costs.
The Group pays participation fees to airframe manufacturers, its customers for OE, on certain programmes. Amounts paid are initially treated as
contract assets and subsequently charged as a reduction to the OE revenue when the engines are transferred to the customer.
The Group has elected to use the practical expedient to expense as incurred any incremental costs of obtaining or fulfilling a contract if the
amortisation period of an asset created would have been one year or less. Where costs to obtain a contract are recognised in the balance sheet,
they are amortised over the performance of the related contract (ten to 36 years).
Key judgement \u2013 Whether Civil Aerospace OE and aftermarket contracts should be combined
In the Civil Aerospace business, OE contracts for the sale of engines to be installed on new aircraft are with the airframers, while the contracts
to provide spare engines and aftermarket goods and services are with the aircraft operators, although there may be interdependencies
between them. IFRS 15 Revenue from Contracts with Customers includes guidance on the combination of contracts, in particular that
contracts with unrelated parties should not be combined. Notwithstanding the interdependencies, the Directors consider that the engine
contract should be considered separately from the aftermarket contract. In making this judgement, they also took account of industry
practice.
Key judgement \u2013 How performance on long-term aftermarket contracts should be measured
The Group generates a significant proportion of its revenue from aftermarket arrangements. These aftermarket contracts, such as TotalCare
and CorporateCare agreements in the Civil Aerospace business, cover a range of services and generally have contractual terms covering
more than one year. Under these contracts, the Group\u2019s primary obligation is to maintain customers\u2019 engines in an operational condition.
This is achieved by undertaking various activities, such as maintenance, repair and overhaul, and engine monitoring over the period of the
contract. Revenue on these contracts is recognised over the period of the contract and the basis for measuring progress is a matter of
judgement. The Directors consider that the stage of completion of the contract is best measured by using the actual costs incurred to date
compared to the estimated costs to complete the performance obligations, as this reflects the extent of completion of the activities to be
performed.
Key judgement \u2013 Whether long-term aftermarket contracts contain a significant financing component
Long-term aftermarket contracts typically cover a period of eight to 15 years. Their pricing is the subject of negotiation with individual
customers under competitive circumstances. It is the Directors\u2019 judgement that the consideration received approximates to the cash selling
price and any timing difference between consideration being received and the supply of goods and services is typical of the industry and
arises for reasons other than to provide financing. The customers typically pay on an \u2018as used\u2019 basis (e.g. USD/EFH) which reflects the wear
and tear of the engine as it flies and aligns to the customer\u2019s own revenue streams. An adjustment to the transaction price is therefore not
required.
Key judgement \u2013 Whether any costs should be treated as wastage
In rare circumstances, the Group may incur costs of wasted material, labour or other resources to fulfil a contract where the level of cost
was not reflected in the contract price. The identification of such costs is a matter of judgement and would only be expected to arise where
there has been a series of abnormal events which give rise to a significant level of cost of a nature that the Group would not expect to incur
and hence is not reflected in the contract price. Examples include technical issues that: require resolution to meet regulatory requirements;
have a wide-ranging impact across a product type; and cause significant operational disruption to customers. Similarly, in these rare
circumstances, significant disruption costs to support customers resulting from the actual performance of a delivered good or service may
be treated as a wastage cost. Provision is made for any costs identified as wastage when the obligation to incur them arises \u2013 see note 21.
Key judgement \u2013 Whether the Civil Aerospace LTSA contracts are warranty style contacts entered into in connection with OE sales and
therefore can be accounted for under IFRS 15 Revenue from Contracts with Customers
The Group has considered whether these arrangements are insurance contracts as defined in IFRS 17 Insurance Contracts. While they may
transfer an element of insurance risk, they relate to warranty and service type agreements that are entered into in connection with the
Group\u2019s sales of its goods or services and therefore continue to be accounted for under the existing revenue and provisions standards. The
Directors have judged that such arrangements entered into after the original equipment sale remain sufficiently related to the sale of the
Group\u2019s goods and services to allow the contracts to continue to be measured under IFRS 15 Revenue from Contracts with Customers and
IAS 37 Provisions, Contingent Liabilities and Contingent Assets\ufffd
Key judgement \u2013 Whether sales of spare engines to joint ventures are at fair value
The Civil Aerospace business maintains a pool of spare engines to support its customers. Some of these engines are sold to, and held by,
joint venture companies. The assessment of whether the sales price reflects fair value is a key judgement. The Group considers that based
upon the terms and conditions of the sales, and by comparison to the sales price of spare engines to other third parties, the sales made to
joint ventures reflect the fair value of the goods sold. See note 26 for the value of sales to joint ventures during the year.
Key judgement \u2013 When revenue should be recognised in relation to spare engine sales
Revenue is recognised at the point in time when a customer obtains control of a spare engine. The customer could be a related party, an
external operator or a spare engine service provider. Depending on the contractual arrangements, judgement is required on when the
Group relinquishes control of spare engines and, therefore, when the revenue is recognised. The point of control passing has been
concluded to correspond to the point of legal sale, even for instances where the customer is contracted to provide some future spare engine
capacity to the Group to support its installed engine base. In such cases, the customer has responsibility for generating revenue from the
engines and exposure to periods of non-utilisation; exposure to risk of damage or loss, risk from residual value movements, and will determine
if and when profits will be made from disposal. The spare engine capacity that will be made available to the Group in the future does not
consist of identified assets and the provider retains a substantive right to substitute the asset through the Group\u2019s period of use. It is,
therefore, appropriate to recognise revenue from the sale of the spare engines at the point that title transfers. During 2024, of the total 57
(2023: 53) large spare engine sales delivered, 20 (2023: 27) engines were sold to customers where contractual arrangement allows for some
future spare engine capacity to be used by the Group. These sales contributed \u00a3399m (2023: \u00a3578m) to revenue for the year.
Key estimate \u2013 Estimates of future revenue, including customer pricing, and costs of long-term contractual arrangements, including the
impact of climate change
The Group has long-term contracts that fall into different accounting periods and which can extend over significant periods (generally up
to 25 years), the most significant of these are LTSAs in the Civil Aerospace business, with contracts typically covering a period of eight to
15 years. The estimated revenue and costs are inherently imprecise and significant estimates are required to assess: EFHs, time on wing and
other operating parameters; the pattern of future maintenance activity and the costs to be incurred; lifecycle cost improvements over the
term of the contracts; and escalation of revenue and costs (that includes the impact of inflation). The impact of climate change on EFHs and
costs is also considered when making these estimates. Industry and customer data on expected levels of utilisation is included in the forecasts
used. Across the length of the current Civil Aerospace LTSA contracts, allowance has been made for around a 1% (2023: 1%) projected cost
increase resulting from carbon pricing and commodity price changes.
The sensitivities below demonstrate how changes in assumptions (including as a result of climate change) could impact the level of revenue
recognised were assumptions to change. The Directors believe that the estimates used to prepare the Consolidated Financial Statements
take account of the inherent uncertainties, constraining the expected level of revenue as appropriate.
Estimates of future LTSA revenue within Civil Aerospace are based upon future EFH forecasts. Finally, many of the revenues and costs are
denominated in currencies other than that of the relevant group undertaking. These are translated at an estimated long-term exchange
rate, based on historical trends and economic forecasts.
During the year, changes to the estimate in relation to the Civil Aerospace LTSA contracts resulted in favourable catch-up adjustments to
revenue of \u00a3311m (2023: adverse catch-up adjustment of \u00a3104m).
Based upon the stage of completion of all LTSA contracts within Civil Aerospace as at 31 December 2024, the following reasonably possible
changes in estimates would result in catch-up adjustments being recognised in the period in which the estimates change (at underlying
rates):
\u2014
A change in forecast EFHs of 1% over the remaining term of the contracts would impact LTSA income and to a lesser extent costs,
resulting in an in-year impact of around \u00a320m. This would be expected to be seen as a catch-up change in revenue or, to the extent it
impacts onerous contracts, within cost of sales.
\u2014 A 2% increase or decrease in our pricing to customers over the life of the contracts would lead to a revenue catch-up adjustment in the
next 12 months of around \u00a3340m.
\u2014 A 2% increase or decrease in shop visit costs over the life of the contracts would lead to a revenue catch-up adjustment in the next 12
months of around \u00a390m.
Risk and revenue sharing arrangements (RRSAs)
Cash entry fees received are initially deferred on the balance sheet as deferred receipts from RRSA workshare partners within trade payables
and other liabilities. The cash entry fee is a transaction with a supplier and is recognised as a reduction in cost of sales incurred. Individual
programme amounts are allocated pro rata to the estimated number of units to be produced. Amortisation commences as each unit is delivered
and then recognised on a 15-year straight-line basis.
The payments to suppliers of their shares of the programme cash flows for their production components are charged to cost of sales when OE
sales are recognised or as LTSA costs are incurred. These prepayments are initially recognised within trade receivables and other assets.
The Group also has arrangements with third parties who invest in a programme and receive a return based on its performance, but do not
undertake development work or supply parts. Such arrangements (financial RRSAs) are financial instruments as defined by IAS 32 Financial
Instruments: Presentation and are accounted for using the amortised cost method.
Key estimate \u2013 Estimates necessary to assess whether it is probable that sufficient suitable taxable profits will arise in the UK to utilise the
deferred tax assets recognised
Deferred tax assets are only recognised to the extent it is probable that future taxable profits will be available, against which the deductible
temporary difference can be utilised. On this basis a deferred tax asset of \u00a3629m is not recognised in respect of UK tax losses. Further details
are included in note 5.
In addition to taking into account a severe but plausible downside forecast (see below), the climate-related estimates and assumptions (set
out on pages 122 to 124) have also been considered when assessing the recoverability of the deferred tax assets. Recognising the longer
terms over which these assets will be recovered, the Group has considered the risk that regulatory changes could materially impact demand
for our products and shifting investment focus towards more sustainable products and solutions. The climate scenarios prepared do not
indicate a significant deterioration in demand or profitability for Civil Aerospace programmes given that all commercial aero-engines are
compatible with sustainable fuels.
While carbon and commodity pricing may put pressure on costs, decarbonisation and new supplier and customer contracts offer the
opportunity to receive value for more efficient and sustainable products.
Macro-economic factors continue to result in uncertainty across the civil aviation industry in particular in respect of prolonged supply chain
challenges. As explained in note 5, a 25% probability of there being a severe but plausible downside forecast in relation to the civil aviation
industry has been taken into account in the assessment of the recovery of the UK deferred tax assets.
The estimates take account of the inherent uncertainties constraining the expected level of profit as appropriate. Changes in these estimates
will affect future profits and, therefore, the recoverability of the deferred tax assets. The following sensitivities have been modelled to
demonstrate the impact of changes in assumptions on the recoverability of deferred tax assets.
\u2014 A 5% change in margin in the main Civil Aerospace large engine programmes.
\u2014 A 5% change in the number of shop visits driven by EFHs.
\u2014 Assumed future cost increases from climate change expected to pass through to customers at 100% are restricted to 90% pass through.
All of these could be driven by a number of factors, including ongoing supply chain challenges, the impact of climate change as explained
on pages 122 to 124 and changes in foreign exchange rates.
A 5% change in margin or shop visits (which could be driven by fewer EFHs as a result of the factors as set out above) would result in an
increase/decrease in the deferred tax asset of around \u00a3110m.
If only 90% of assumed future cost increases from climate change are passed on to customers, this would result in a decrease in the deferred
tax asset of around \u00a310m, and if carbon prices were to double, this would be \u00a370m.
Foreign currency translation Transactions denominated in currencies other than the functional currency of the transacting group undertaking are translated into the functional currency at the average monthly exchange rate when the transaction occurs. Monetary assets and liabilities denominated in foreign currencies are translated into the relevant functional currency at the rate prevailing at the year end. Exchange differences arising on foreign exchange transactions and the retranslation of monetary assets and liabilities into functional currencies at the rate prevailing at the year end are included in profit/(loss) before taxation. The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates prevailing at the year end. Exchange adjustments arising from the retranslation of the opening net assets, and from the translation of the profits or losses at average rates, are recognised in OCI. Discontinued operations and business disposals A discontinued operation is defined in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as a component of an entity that has been disposed of or is classified as held for sale, represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are required to be presented separately in the income statement. Assets and businesses are classified as held for sale when their carrying amounts will be recovered through sale rather than through continuing use. Financial instruments \u2013 Classification and measurement Financial assets primarily include trade receivables and other non-derivative financial assets, cash and cash equivalents, short-term investments, derivatives (foreign exchange, commodity and interest rate contracts), and listed and unlisted investments. \u2014 Trade receivables and other assets are classified either as held to collect and measured at amortised cost, or as held to collect and sell and measured at fair value, with movements in fair value recognised through other comprehensive income (FVOCI). The Group may sell trade receivables due from certain customers before the due date. Any trade receivables from such customers that are not sold at the reporting date are classified as \u2018held to collect and sell\u2019. \u2014 Cash and cash equivalents (consisting of balances with banks and other financial institutions, money-market funds, short-term deposits) and short-term investments are subject to low market risk. Cash balances, short-term deposits (with a maturity of primarily three months or less) and short-term investments are measured at amortised cost. Money market funds are measured at fair value, with movements in fair value recognised in the income statement as a profit or loss (FVPL). \u2014 Derivatives and unlisted investments are measured at FVPL. The Company has elected to measure its listed investments at FVOCI. Financial liabilities primarily consist of trade payables and other non-derivative financial liabilities, borrowings, derivatives, financial RRSAs and C Shares\ufffd \u2014 Derivatives are classified and measured at FVPL. \u2014 All other financial liabilities are classified and measured at amortised cost. Financial instruments \u2013 Impairment of financial assets and contract assets IFRS 9 Financial Instruments sets out the basis for the accounting of ECLs on financial assets and contract assets resulting from transactions within the scope of IFRS 15 Revenue from Contracts with Customers. The Group has adopted the simplified approach to provide for ECLs, measuring the loss allowance at a probability weighted amount that considers reasonable and supportable information about past events, current conditions and forecasts of future economic conditions of customers. These are incorporated in the simplified model adopted by using credit ratings which are publicly available, or through internal risk assessments derived using the customer\u2019s latest available financial information. The ECLs are updated at each reporting date to reflect changes in credit risk since initial recognition. ECLs are calculated for all financial assets in scope, regardless of whether or not they are overdue. Financial instruments \u2013 Hedge accounting Forward foreign exchange contracts and commodity swaps (derivative financial instruments) are held to manage the cash flow exposures of forecast transactions denominated in foreign currencies or in commodities respectively. Derivative financial instruments qualify for hedge accounting when: (i) there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge at the inception of the hedge; and (ii) the hedge is expected to be effective. In general, the Group has chosen to not apply hedge accounting in respect of these exposures. The Group economically hedges the fair value and cash flow exposures of its borrowings. Cross-currency interest rate swaps are held to manage the fair value or cash flow exposures of borrowings denominated in foreign currencies and are designated as fair value hedges or cash flow hedges as appropriate. Interest rate swaps are held to manage the interest rate exposures of fixed and floating rate borrowings and may be designated as fair value hedges or cash flow hedges as appropriate. If the swaps are not designated as fair value or cash flow hedges, the economic effect is included in the underlying results \u2013 see note 2. Changes in the fair values of derivatives that are designated as fair value hedges are recognised directly in the income statement. The fair value changes of effective cash flow hedge derivatives are recognised in OCI and subsequently recycled to the income statement in the same period or periods during which the hedged cash flows affect profit or loss. Any ineffectiveness in the hedging relationship is included in the income statement\ufffd
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge
accounting. At that time, for cash flow hedges and, if the forecast transaction remains probable, any net cumulative gain or loss on the hedging
instrument recognised in the Statement of Changes in Equity (SOCIE) is retained until the forecast transaction occurs. If a hedged transaction
is no longer expected to occur, the net cumulative gain or loss is recycled to the income statement.
Business combinations and goodwill
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value to the Group of the net of the
identifiable assets acquired and the liabilities assumed. On transition to IFRS on 1 January 2004, business combinations were not retrospectively
adjusted to comply with UK-adopted International Accounting Standards and goodwill was recognised based on the carrying value under the
previous accounting policies. Goodwill, in respect of the acquisition of a subsidiary, is recognised as an intangible asset. Goodwill arising on the
acquisition of joint arrangements and associates is included in the carrying value of the investment.
Customer relationships
The fair value of customer relationships recognised as a result of a business combination relate to the acquired company\u2019s established
relationships with its existing customers that result in repeat purchases and customer loyalty. Amortisation is charged on a straight-line basis
over its useful economic life, up to a maximum of 15 years.
Certification costs
Costs incurred in respect of meeting regulatory certification requirements for new Civil Aerospace aero-engine/aircraft combinations, including
payments made to airframe manufacturers for this, are recognised as intangible assets to the extent that they can be recovered out of future
sales. They are charged to the income statement over the programme life. Individual programme assets are allocated pro rata to the estimated
number of units to be produced. Amortisation commences as each unit is delivered and then charged on a 15-year straight-line basis.
Research and development
Expenditure incurred on research and development is distinguished as relating either to a research phase or to a development phase. All research
phase expenditure is charged to the income statement. Development expenditure is recognised as an internally generated intangible asset
(programme asset) only if it meets strict criteria, relating in particular to technical feasibility and generation of future economic benefits. More
specifically, development costs are capitalised from the point at which the following conditions have been met:
\u2014 the technical feasibility of completing the programme and the intention and ability (availability of technical, financial and other resources) to
complete the programme asset and use or sell it;
\u2014 the probability that future economic benefits will flow from the programme asset; and
\u2014 the ability to measure reliably the expenditure attributable to the programme asset during its development.
Capitalisation continues until the point at which the programme asset meets its originally contracted technical specification (defined internally
as the point at which the asset is capable of operating in the manner intended by the Directors). Subsequent expenditure is capitalised where it
enhances the functionality of the programme asset and demonstrably generates an enhanced economic benefit to the Group. All other
subsequent expenditure on programme assets is expensed as incurred.
Individual programme assets are allocated pro rata to the estimated number of units to be produced. Amortisation commences as each unit is
delivered and then charged on a 15-year straight-line basis. In accordance with IAS 38 Intangible Assets, the basis on which programme assets
are amortised is assessed annually.
Key judgement \u2013 Determination of the point in time when costs incurred on an internal programme development meet the criteria for
capitalisation
The Group incurs significant research and development expenditure in respect of various development programmes. Determining when
capitalisation should commence and cease is a key judgement, as is the determination of when subsequent expenditure on the programme
assets should be capitalised. During the year, \u00a3263m (2023: \u00a3192m) of development expenditure was capitalised.
Within the Group there are established processes in place e.g., the Product Introduction and Lifecycle Management process (PILM), to
consider technical feasibility, commercial viability and financial assessment of the programme at certain milestones. When these are met,
development expenditure is capitalised. Prior to this, expenditure is expensed as incurred.
The Group continues to invest in new technologies as a result of its decarbonisation commitments. As these are new technologies there is
a higher level of uncertainty over potential outcomes and, therefore, this could impact the level of expenditure that is capitalised or
recognised in the income statement in future years. During 2024, no development costs incurred within New Markets were capitalised.
Subsequent expenditure after entry into service which enhances the performance of the engine and the economic benefit to the Group is
capitalised. This expenditure is referred to as enhanced performance and is governed by the PILM process referred to above. All other
development costs are expensed as incurred.
Key judgement \u2013 Determination of the basis for amortising capitalised development costs
The economic benefits of the development costs are primarily those cash inflows arising from LTSAs, which are expected to be relatively
consistent for each engine within a programme. Amortisation of development costs is recognised on a straight-line basis over the estimated
period of operation of the engine by its initial operator.
Software Software that is not specific to an item of property, plant and equipment is classified as an intangible asset, recognised at its acquisition cost and amortised on a straight-line basis over its useful economic life, up to a maximum of ten years. The amortisation period of software assets is reviewed annually. The cost of internally developed software includes direct labour and an appropriate proportion of overheads. Other intangible assets These include intangible assets arising on acquisition of businesses, such as technology which is amortised on a straight-line basis over a maximum of 15 years and trademarks which are not amortised. They also include the costs incurred testing and analysing engines with the longest time in service (fleet leader engines) to gather technical knowledge on engine endurance, which are amortised on a straight-line basis over a maximum of 15 years. Property, plant and equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation and any provision for impairment in value. The cost of self-constructed assets includes the cost of materials, direct labour, an appropriate proportion of overheads and, where appropriate, interest. Depreciation is provided on a straight-line basis to write off the cost, less the estimated residual value, of property, plant and equipment over their estimated useful lives. No depreciation is recorded on assets in the course of construction. Estimated useful lives are reassessed annually and are as follows: \u2014 Land and buildings, as advised by the Group\u2019s professional advisers: \u2022 freehold buildings \u2013 three to 50 years (average 24 years); and \u2022 no depreciation is provided on freehold land. \u2014 Plant and equipment \u2013 two to 27 years (average 11 years). \u2014 Aircraft and engines \u2013 five to 20 years (average 17 years). Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2014 fixed payments less any lease incentive receivable; \u2014 variable lease payments that are based on an index or a rate; \u2014 amounts expected to be payable by the Group under residual value guarantees; \u2014 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u2014 payments of penalties for termination of the lease, if the lease term reflects the Group exercising that option. Where leases commenced after the initial IFRS 16 Leases transition date, the lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Where appropriate, lease liabilities are revalued at each reporting date using the spot exchange rate. Right-of-use assets are measured at cost comprising the following: \u2014 the amount of the initial measurement of lease liability or a revaluation of the liability; \u2014 any lease payments made at or before the commencement date less any lease incentives received; \u2014 any initial direct costs; and \u2014 restoration costs. Each right-of-use asset is depreciated over the shorter of its useful economic life and the lease term on a straight-line basis unless the lease is expected to transfer ownership of the underlying asset to the Group, in which case the asset is depreciated to the end of the useful life of the asset\ufffd Short-term leases are leases with a lease term of 12 months or less. Payments associated with short-term leases and low-value leases are recognised on a straight-line basis as an expense in the income statement. Key judgement \u2013 Determination of lease term In determining the lease term, the Group considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Certain land and building leases have renewal options although none due in the next 12 months would have a material impact. Other renewals are evenly spread between 2028 to 2033 and then post 2038. The Group reviews its judgements on lease terms annually, including the operational significance of the site, especially where utilised for manufacturing activities. Impairment of non-current assets Impairment of non-current assets is considered in accordance with IAS 36 Impairment of Assets. Where the asset does not generate cash flows that are independent of other assets, impairment is considered for the cash-generating unit (CGU) to which the asset belongs. Goodwill, indefinite life intangible assets and intangible assets not yet available for use are tested for impairment annually. Other intangible assets (including programme-related intangible assets), property, plant and equipment, right-of-use assets and investments are assessed for any indications of impairment annually. If any indication of impairment is identified, an impairment test is performed to estimate the recoverable amount. If the recoverable amount of an asset (or CGU) is estimated to be below the carrying value, the carrying value is reduced to the recoverable amount and the impairment loss is recognised as an expense. The recoverable amount is the higher of value in use or fair value less costs of disposal. The value in use is the present value of future cash flows using a pre-tax discount rate that reflects the time value of money and the risk specific to the asset (or CGU). Fair value less costs of disposal (FVLCOD) reflects market inputs or inputs based on market evidence if readily available. If these inputs are not readily available, the fair value is estimated by discounting future cash flows modified for market participants views. The relevant local statutory tax rates have been applied in calculating post-tax to pre-tax discount rates. Key judgement \u2013 Determination of CGUs for assessing impairment of goodwill The Group conducts impairment reviews at the CGU level. As permitted by IAS 36 Impairment of Assets, impairment reviews for goodwill are performed at the groups of CGUs level, representing the lowest level at which the Group monitors goodwill for internal management purposes and no higher than the Group\u2019s operating segments. The main CGUs for which goodwill impairment reviews have been performed are Rolls-Royce Deutschland Ltd & Co KG and at an aggregated Rolls-Royce Power Systems AG level. Inventories Inventories are valued on a first-in, first-out basis, at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those direct and indirect overheads, including depreciation of property, plant and equipment, that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling prices less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. All inventories are classified as current as it is expected that they will be used in the Group\u2019s operating cycle, regardless of whether this is expected to be within 12 months of the balance sheet date. Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand, investments in money-market funds and short-term deposits with a maturity of three months or less on inception. The Group considers overdrafts (repayable on demand) to be an integral part of its cash management activities and these are included in cash and cash equivalents for the purposes of the cash flow statement. Where the Group operates pooled banking arrangements across multiple accounts, these are presented on a net basis when it has both a legal right and intention to settle the balances on a net basis\ufffd The Group\u2019s suppliers have access to a supply chain financing (SCF) programme through partnership with banks. This is to enable smaller suppliers, including joint ventures (90-day standard payment terms), who are on our standard 75 day or more payment terms to receive their payment sooner. The election to utilise the programme is the sole decision of the supplier. As the Group continues to have a contractual obligation to pay its suppliers under commercial terms, which are unaffected by any utilisation of the programme, and it does not retain any ongoing involvement in the SCFs, the related payables are retained on the Group\u2019s balance sheet and classified as trade payables. Further details are disclosed in note 19. Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are discounted to present value where the effect is material. The principal provisions are recognised as follows: \u2014 onerous contracts based on an assessment of whether the direct costs to fulfil a contract are greater than the expected revenue; \u2014 warranty and guarantees based on an assessment of future claims with reference to past experience and recognised at the earlier of when the underlying products and services are sold and when the likelihood of a future cost is identified; \u2014 Trent 1000 in-service issues when wastage costs are identified as described on page 127; and \u2014 transformation and restructuring when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has created a valid expectation to those affected.
Key judgement \u2013 Whether any costs should be treated as wastage
As described further on page 127, in rare circumstances, the Group may incur costs of wasted material, labour or other resources to fulfil a
contract where the level of cost was not reflected in the contract price. The identification of such costs is a matter of judgement and would
only be expected to arise where there has been a series of abnormal events which give rise to a significant level of cost of a nature that the
Group would not expect to incur and hence is not reflected in the contract price. Provision is made for any costs identified as wastage when
the obligation to incur them arises.
Specifically for the Trent 1000 wastage costs, provision has been made as the Group is an owner of an engine Type Certificate under which
it has a present obligation to develop appropriate design changes to address certain engine conditions that have been noted in issued
Airworthiness Directives. The Group is also required to ensure engine operators can continue to safely operate engines within the terms of
their LTSAs, and this requires the engines to be compliant with the requirements of those issued Airworthiness Directives. These
requirements cannot be met without the Group incurring significant costs in the form of replacement parts and customer claims. Given the
significant activities of the Group in designing and overhauling aero engines it is very experienced in making the required estimates in
relation to the number and timing of shop visits, parts costs, overhaul labour costs and customer claims.
Key judgement \u2013 Whether the criteria to recognise a transformation and restructuring provision has been met
On 17 October 2023, the Group announced plans for a simpler, more streamlined, organisation as part of its multi-year transformation.
IAS 19 Employee Benefits requires that a liability and expense for termination benefits should be recognised at the earlier of: (a) when an
offer of those benefits can no longer be withdrawn; and (b) when the cost for a restructuring that is within the scope of IAS 37 Provisions,
Contingent Liabilities and Contingent Assets that involves the payment of termination benefits is recognised. The Directors have considered
whether the Group\u2019s communications to employees during 2023 and 2024 have led to an offer of benefits that could no longer be withdrawn.
Significant progress has been made on transformation activities with clear and extensive communication to affected employees, many of
whom have already left the business. The remaining provision relates to roles where the function, location, expected completion date, and
type and amount of benefits is known. It is expected to be utilised by 31 December 2025.
Key estimates \u2013 Estimates of the time and cost to incorporate required modified parts into the fleet to resolve technical issues on certain
programmes (which could be exacerbated by prolonged supply chain challenges) and the implications of this on forecast future costs
when assessing onerous contracts.
The Group has provisions for Trent 1000 wastage costs at 31 December 2024 of \u00a336m (2023: \u00a3116m). These represent the Directors\u2019 best
estimate of the expenditure required to settle the obligations at the balance sheet date. These estimates take account of information
available and different possible outcomes.
The Group considers that at 31 December 2024 the Trent 1000 onerous contract provisions are most sensitive to changes in estimates. Our
forecast increases in shop visit capacity could be impacted by several factors, including prolonged supply chain challenges. If forecast
increases in shop visit capacity are not achieved, this could have the impact of reducing planned output of engine overhauls. A 20%
reduction in Trent 1000 planned output during the second half of 2025 (and thus delayed incorporation of modified parts into the fleet)
could lead to around a \u00a330m to \u00a350m charge.
Key estimates \u2013 Estimates of the future revenues and costs to fulfil onerous contracts
The Group has provisions for onerous contracts at 31 December 2024 of \u00a31,433m (2023: \u00a31,472m). An increase in Civil Aerospace large engine
estimates of LTSA costs of 1% over the remaining term of the contracts could lead to around a \u00a360m to \u00a380m increase in the onerous
contract provisions across all programmes.
Key estimates \u2013 Assumptions implicit within the calculation of discount rates
The onerous contract provisions are sensitive to changes in the discount rate used to value the provisions. The rate used for each contract
is derived from bond yields (i.e. risk-free rates) with a similar duration and currency to the contract that they are applied to. The rate is
adjusted to reflect the specific inflation characteristics of the contracts. The forecast rates are determined from third-party market analysis
and average 5%. A 1% change in the discount rates used could lead to around a \u00a340m to \u00a350m change in the provision.
Customer financing support
In connection with the sale of its products, the Group will, on occasion, provide financing support for its customers. Credit-based guarantees
are disclosed as commitments or contingent liabilities dependent on whether aircraft have been delivered or not. As described on page 183, the
Directors consider the likelihood of crystallisation in assessing whether provision is required for any contingent liabilities.
The Group\u2019s contingent liabilities relating to financing arrangements are spread over many years and relate to a number of customers and a
broad product portfolio and are reported on a discounted basis.
Post-retirement benefits Pensions and similar benefits (principally healthcare) are accounted for under IAS 19 Employee Benefits\ufffd For defined benefit plans obligations are measured at discounted present value using a discount rate derived from high-quality corporate bonds denominated in the currency of the plan, whilst plan assets are recorded at fair value. Surpluses in schemes are recognised as assets only if they represent economic benefits available to the Group in the future. Actuarial gains and losses are recognised immediately in OCI. The service and financing costs of such plans are recognised separately in the income statement: \u2014 current service costs are spread systematically over the lives of employees; \u2014 past-service costs and settlements are recognised immediately; and \u2014 financing costs are recognised in the periods in which they arise. UK pension obligations include the estimated impact of the obligation to equalise defined benefit pensions and transfer values for men and women. Payments to defined contribution schemes are charged as an expense as they fall due. Key estimate \u2013 Estimates of the assumptions for valuing the net defined benefit obligation The Group\u2019s defined benefit pension schemes and similar arrangements are assessed annually in accordance with IAS 19 Employee Benefits\ufffd The valuations, which are based on assumptions determined with independent actuarial advice, resulted in a net deficit of \u00a3191m before deferred taxation being recognised on the balance sheet at 31 December 2024 (2023: deficit of \u00a3253m). The size of the net surplus/deficit is sensitive to the actuarial assumptions which include the discount rate, price inflation, pension and salary increases, longevity and, in the UK, the number of plan members who take the option to transfer their pension to a lump sum on retirement or who choose to take the Bridging Pension Option. Following consultation, the UK scheme closed to future accrual on 31 December 2020. A reduction in the discount rate of 0.25% from 5.50% could lead to an increase in the defined benefit obligations of the RR UK Pension Fund (RRUKPF) of approximately \u00a3145m. This would be expected to be broadly offset by changes in the value of scheme assets as the scheme\u2019s investment policies are designed to mitigate this risk. An increase in the assumed rate of inflation of 0.25% (RPI of 3.30% and CPI of 2.90%) could lead to an increase in the defined benefit obligations of the RRUKPF of approximately \u00a355m. A one-year increase in life expectancy from 20.8 years (male aged 65) and from 21.5 years (male aged 45) would increase the defined benefit obligations of the RRUKPF by approximately \u00a3125m. Further details and sensitivities are included in note 22. Share-based payments The Group provides share-based payment arrangements to certain employees. These are principally equity-settled arrangements and are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest based on expected performance, except where additional shares vest as a result market-based performance conditions, such as the total shareholder return (TSR) performance condition in the long-term incentive plan (LTIP), where no adjustment is required as allowance for these performance conditions are included in the initial fair value. Cash-settled share options (grants in the International ShareSave plan) are measured at fair value at the balance sheet date. The Group recognises a liability at the balance sheet date based on these fair values, taking into account the estimated number of options that are expected to vest and the relative completion of the vesting period. Changes in the value of this liability are recognised in the income statement for the year. The cost of shares of Rolls-Royce Holdings plc held by the Group for the purpose of fulfilling obligations in respect of employee share plans is deducted from equity in the consolidated balance sheet. See note 24 for a further description of the share-based payment plans. Revisions to IFRS not applicable in 2024 Standards and interpretations issued by the IASB are only applicable if endorsed by the UK. Other than IFRS 18 Presentation and Disclosure in Financial Statements described below, the Group does not consider that any other standards, amendments or interpretations issued by the IASB, but not yet applicable will have a significant impact on the Consolidated Financial Statements.
IFRS 18 Presentation and Disclosure in Financial Statements
The IASB issued a new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, on 9 April 2024 that will replace IAS 1 Presentation
of Financial Statements. The purpose of the new standard is to provide more consistent presentation of financial information across preparers
as it is acknowledged that existing standards have given flexibility to present information in different ways. IFRS 18 Presentation and Disclosure
in Financial Statements will not impact the recognition or measurement of items in the financial statements. Many of the existing presentation
principles in IAS 1 Presentation of Financial Statements are retained, but there are some more specific requirements that will require the Group
to make some changes in its future Annual Reports and Interim Financial Statements.
The new Standard is not yet endorsed by the UK Endorsement Board (UKEB) but is expected to be applicable for reporting periods beginning
on or after 1 January 2027. Comparative information for 2026 will need to be restated when subsequent financial statements are published. The
Group has performed an initial review of the Standard and expects changes to the presentation of the income statement and the Group\u2019s reported
operating profit (driven by required changes such as the \u2018Share of results of joint ventures and associates\u2019 being required to be presented in a
new investing category which will no longer form part of operating profit in the Statutory Consolidated Income Statement). The process of
assessing the financial impact on the Consolidated Financial Statements will continue during 2025. The Group does not anticipate its early
adoption of the new Standard.
Other
IBOR reform transition
A number of the Group\u2019s lease liabilities have been based on a USD LIBOR index. The majority of contracts in which the Group is a lessee have
been amended. These have been amended to USD Term Secure Overnight Financing Rate (SOFR) plus credit adjustment spread (CAS), and the
impact to the Financial Statements is not material. The Group has taken the practical expedient available to account for the lease modification
required by the IBOR reform by applying IFRS 16 Leases paragraph 42\ufffd
Post balance sheet events
The Group has taken the latest legal position in relation to any ongoing legal proceedings and reflected these in the 2024 results as
appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-651": { "value": "Basis of consolidation The Consolidated Financial Statements include the Company Financial Statements and its subsidiary undertakings, together with the Group\u2019s share of the results in joint arrangements and associates made up to 31 December. A subsidiary is an entity controlled by the Company. Control exists when the Company has power over an entity, exposure to variable returns from its involvement with an entity and the ability to use its power over an entity so as to affect the Company\u2019s returns. Subsidiaries are consolidated in accordance with IFRS 10 Consolidated Financial Statements\ufffd A joint arrangement is an entity in which the Group holds a long-term interest and which is jointly controlled by the Group and one or more other investors under a contractual arrangement. Joint arrangements may be either joint ventures or joint operations. Joint ventures are accounted for using the equity method of accounting and joint operations are accounted for using proportionate accounting. An associate is an entity that is neither a subsidiary nor a joint arrangement, in which the Group holds a long-term interest and where the Group has a significant influence. The results of associates are accounted for using the equity method of accounting. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with joint arrangements and associates to the extent of the Group\u2019s interest in the entity. Transactions with non-controlling interests are recorded directly in equity. Any subsidiary undertaking, joint arrangement or associate sold or acquired during the year are included up to, or from, the date of change of control. Details of transactions in the year are set out in note 27. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-706": { "value": "A subsidiary is an entity controlled by the Company. Control exists when the Company has power over an entity, exposure to variable returns from its involvement with an entity and the ability to use its power over an entity so as to affect the Company\u2019s returns. Subsidiaries are consolidated in accordance with IFRS 10 Consolidated Financial Statements\ufffd ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-747": { "value": "A joint arrangement is an entity in which the Group holds a long-term interest and which is jointly controlled by the Group and one or more other investors under a contractual arrangement. Joint arrangements may be either joint ventures or joint operations. Joint ventures are accounted for using the equity method of accounting and joint operations are accounted for using proportionate accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-707": { "value": "A joint arrangement is an entity in which the Group holds a long-term interest and which is jointly controlled by the Group and one or more other investors under a contractual arrangement. Joint arrangements may be either joint ventures or joint operations. Joint ventures are accounted for using the equity method of accounting and joint operations are accounted for using proportionate accounting. An associate is an entity that is neither a subsidiary nor a joint arrangement, in which the Group holds a long-term interest and where the Group has a significant influence. The results of associates are accounted for using the equity method of accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-746": { "value": "An associate is an entity that is neither a subsidiary nor a joint arrangement, in which the Group holds a long-term interest and where the Group has a significant influence. The results of associates are accounted for using the equity method of accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-652": { "value": "Revenue recognition and contract assets and liabilities Revenue recognised comprises sales to the Group\u2019s customers after discounts and amounts payable to customers. Revenue excludes value added taxes. The transaction price of a contract is typically clearly stated within the contract, although the absolute amount may be dependent on escalation indices and long-term contracts that require the key estimates highlighted below to be made. Refund liabilities, where sales are made with a right of return, are not typical in the Group\u2019s contracts. Where they do exist, and consideration has been received, a portion based on an assessment of the expected refund liability is recognised within other payables. The Group has elected to use the practical expedient not to adjust revenue for the effect of financing components where the expectation is that the period between the transfer of goods and services to customers and the receipt of payment is less than a year. Consideration is received in the form of deposits and payments for completion of milestones or performance obligations. LTSA cash receipts are typically received based on EFHs. Sales of standard OE, spare parts and time and material (T&M) overhaul services are generally recognised on transfer of control to the customer. This is generally on delivery to the customer, unless the specific contractual terms indicate a different point. The Directors consider whether there is a need to constrain the amount of revenue to be recognised on delivery based on the contractual position and any relevant facts, however, this is not typically required. Sales of OE and services that are specifically designed for the contract (most significantly in the Defence business) are recognised by reference to the progress towards completion of the performance obligation, using the cost method described in the key judgements, provided the outcome of contracts can be assessed with reasonable certainty. The Group generates a significant portion of its revenue on aftermarket arrangements arising from the installed OE fleet. As a consequence, in particular in the Civil Aerospace large engine business, the Group will often agree contractual prices for OE deliveries that take into account the anticipated aftermarket arrangements. Sometimes this may result in losses being incurred on OE. As described in the key judgements, these contracts are not combined. The consideration in the OE contract is therefore allocated to OE performance obligations and the consideration in the aftermarket contract to aftermarket performance obligations. Key areas of the accounting policy are: \u2014 Future variable revenue from long-term contracts is constrained to take account of the risk of non-recovery of resulting contract balances from reduced utilisation e.g. EFHs, based on historical forecasting experience and the risk of aircraft being parked by the customer. \u2014 A significant amount of revenue and cost related to long-term contract accounting is denominated in currencies other than that of the relevant Group undertaking, most significantly USD transactions in sterling and euro denominated undertakings. These are translated at estimated long-term exchange rates. \u2014 The assessment of stage of completion is generally measured for each contract. However, in certain cases, such as for CorporateCare agreements, where there are many contracts covering aftermarket services each for a small number of engines, the Group accounts for a portfolio of contracts together, as the effect on the Consolidated Financial Statements would not differ materially from applying the standard to the individual contracts in the portfolio. When accounting for a portfolio of LTSAs, the Group uses estimates and assumptions that reflect the size and composition of the portfolio. \u2014 A contract asset/liability is recognised where payment is received in arrears/advance of the revenue recognised in meeting performance obligations. \u2014 Contract modifications of LTSAs can be accounted for as separate contracts, termination of the existing contract and the creation of a new contract, or as part of the existing contract. The treatment is dependent on whether the change in scope is because of the addition of promised goods or services that are distinct and whether the price increases by an amount that reflects their standalone selling prices. \u2014 Where material, wastage costs (see key judgements on page 127) are recorded as an expense and excluded from the measure of progress of LTSA contracts. \u2014 The Group recognises a liability for their obligation to repurchase parts it has sold to the maintenance, repair and overhaul bases who overhaul the Group\u2019s customers\u2019 engines. If the expected costs to fulfil a contract exceed the expected revenue, a contract loss provision is recognised for the excess costs. The Group pays participation fees to airframe manufacturers, its customers for OE, on certain programmes. Amounts paid are initially treated as contract assets and subsequently charged as a reduction to the OE revenue when the engines are transferred to the customer. The Group has elected to use the practical expedient to expense as incurred any incremental costs of obtaining or fulfilling a contract if the amortisation period of an asset created would have been one year or less. Where costs to obtain a contract are recognised in the balance sheet, they are amortised over the performance of the related contract (ten to 36 years). Key judgement \u2013 Whether Civil Aerospace OE and aftermarket contracts should be combined In the Civil Aerospace business, OE contracts for the sale of engines to be installed on new aircraft are with the airframers, while the contracts to provide spare engines and aftermarket goods and services are with the aircraft operators, although there may be interdependencies between them. IFRS 15 Revenue from Contracts with Customers includes guidance on the combination of contracts, in particular that contracts with unrelated parties should not be combined. Notwithstanding the interdependencies, the Directors consider that the engine contract should be considered separately from the aftermarket contract. In making this judgement, they also took account of industry practice. Key judgement \u2013 How performance on long-term aftermarket contracts should be measured The Group generates a significant proportion of its revenue from aftermarket arrangements. These aftermarket contracts, such as TotalCare and CorporateCare agreements in the Civil Aerospace business, cover a range of services and generally have contractual terms covering more than one year. Under these contracts, the Group\u2019s primary obligation is to maintain customers\u2019 engines in an operational condition. This is achieved by undertaking various activities, such as maintenance, repair and overhaul, and engine monitoring over the period of the contract. Revenue on these contracts is recognised over the period of the contract and the basis for measuring progress is a matter of judgement. The Directors consider that the stage of completion of the contract is best measured by using the actual costs incurred to date compared to the estimated costs to complete the performance obligations, as this reflects the extent of completion of the activities to be performed. Key judgement \u2013 Whether long-term aftermarket contracts contain a significant financing component Long-term aftermarket contracts typically cover a period of eight to 15 years. Their pricing is the subject of negotiation with individual customers under competitive circumstances. It is the Directors\u2019 judgement that the consideration received approximates to the cash selling price and any timing difference between consideration being received and the supply of goods and services is typical of the industry and arises for reasons other than to provide financing. The customers typically pay on an \u2018as used\u2019 basis (e.g. USD/EFH) which reflects the wear and tear of the engine as it flies and aligns to the customer\u2019s own revenue streams. An adjustment to the transaction price is therefore not required. Key judgement \u2013 Whether any costs should be treated as wastage In rare circumstances, the Group may incur costs of wasted material, labour or other resources to fulfil a contract where the level of cost was not reflected in the contract price. The identification of such costs is a matter of judgement and would only be expected to arise where there has been a series of abnormal events which give rise to a significant level of cost of a nature that the Group would not expect to incur and hence is not reflected in the contract price. Examples include technical issues that: require resolution to meet regulatory requirements; have a wide-ranging impact across a product type; and cause significant operational disruption to customers. Similarly, in these rare circumstances, significant disruption costs to support customers resulting from the actual performance of a delivered good or service may be treated as a wastage cost. Provision is made for any costs identified as wastage when the obligation to incur them arises \u2013 see note 21. Key judgement \u2013 Whether the Civil Aerospace LTSA contracts are warranty style contacts entered into in connection with OE sales and therefore can be accounted for under IFRS 15 Revenue from Contracts with Customers The Group has considered whether these arrangements are insurance contracts as defined in IFRS 17 Insurance Contracts. While they may transfer an element of insurance risk, they relate to warranty and service type agreements that are entered into in connection with the Group\u2019s sales of its goods or services and therefore continue to be accounted for under the existing revenue and provisions standards. The Directors have judged that such arrangements entered into after the original equipment sale remain sufficiently related to the sale of the Group\u2019s goods and services to allow the contracts to continue to be measured under IFRS 15 Revenue from Contracts with Customers and IAS 37 Provisions, Contingent Liabilities and Contingent Assets\ufffd Key judgement \u2013 Whether sales of spare engines to joint ventures are at fair value The Civil Aerospace business maintains a pool of spare engines to support its customers. Some of these engines are sold to, and held by, joint venture companies. The assessment of whether the sales price reflects fair value is a key judgement. The Group considers that based upon the terms and conditions of the sales, and by comparison to the sales price of spare engines to other third parties, the sales made to joint ventures reflect the fair value of the goods sold. See note 26 for the value of sales to joint ventures during the year. Key judgement \u2013 When revenue should be recognised in relation to spare engine sales Revenue is recognised at the point in time when a customer obtains control of a spare engine. The customer could be a related party, an external operator or a spare engine service provider. Depending on the contractual arrangements, judgement is required on when the Group relinquishes control of spare engines and, therefore, when the revenue is recognised. The point of control passing has been concluded to correspond to the point of legal sale, even for instances where the customer is contracted to provide some future spare engine capacity to the Group to support its installed engine base. In such cases, the customer has responsibility for generating revenue from the engines and exposure to periods of non-utilisation; exposure to risk of damage or loss, risk from residual value movements, and will determine if and when profits will be made from disposal. The spare engine capacity that will be made available to the Group in the future does not consist of identified assets and the provider retains a substantive right to substitute the asset through the Group\u2019s period of use. It is, therefore, appropriate to recognise revenue from the sale of the spare engines at the point that title transfers. During 2024, of the total 57 (2023: 53) large spare engine sales delivered, 20 (2023: 27) engines were sold to customers where contractual arrangement allows for some future spare engine capacity to be used by the Group. These sales contributed \u00a3399m (2023: \u00a3578m) to revenue for the year. Key estimate \u2013 Estimates of future revenue, including customer pricing, and costs of long-term contractual arrangements, including the impact of climate change The Group has long-term contracts that fall into different accounting periods and which can extend over significant periods (generally up to 25 years), the most significant of these are LTSAs in the Civil Aerospace business, with contracts typically covering a period of eight to 15 years. The estimated revenue and costs are inherently imprecise and significant estimates are required to assess: EFHs, time on wing and other operating parameters; the pattern of future maintenance activity and the costs to be incurred; lifecycle cost improvements over the term of the contracts; and escalation of revenue and costs (that includes the impact of inflation). The impact of climate change on EFHs and costs is also considered when making these estimates. Industry and customer data on expected levels of utilisation is included in the forecasts used. Across the length of the current Civil Aerospace LTSA contracts, allowance has been made for around a 1% (2023: 1%) projected cost increase resulting from carbon pricing and commodity price changes. The sensitivities below demonstrate how changes in assumptions (including as a result of climate change) could impact the level of revenue recognised were assumptions to change. The Directors believe that the estimates used to prepare the Consolidated Financial Statements take account of the inherent uncertainties, constraining the expected level of revenue as appropriate. Estimates of future LTSA revenue within Civil Aerospace are based upon future EFH forecasts. Finally, many of the revenues and costs are denominated in currencies other than that of the relevant group undertaking. These are translated at an estimated long-term exchange rate, based on historical trends and economic forecasts. During the year, changes to the estimate in relation to the Civil Aerospace LTSA contracts resulted in favourable catch-up adjustments to revenue of \u00a3311m (2023: adverse catch-up adjustment of \u00a3104m). Based upon the stage of completion of all LTSA contracts within Civil Aerospace as at 31 December 2024, the following reasonably possible changes in estimates would result in catch-up adjustments being recognised in the period in which the estimates change (at underlying rates): \u2014 A change in forecast EFHs of 1% over the remaining term of the contracts would impact LTSA income and to a lesser extent costs, resulting in an in-year impact of around \u00a320m. This would be expected to be seen as a catch-up change in revenue or, to the extent it impacts onerous contracts, within cost of sales. \u2014 A 2% increase or decrease in our pricing to customers over the life of the contracts would lead to a revenue catch-up adjustment in the next 12 months of around \u00a3340m. \u2014 A 2% increase or decrease in shop visit costs over the life of the contracts would lead to a revenue catch-up adjustment in the next 12 months of around \u00a390m. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-653": { "value": "Risk and revenue sharing arrangements (RRSAs) Cash entry fees received are initially deferred on the balance sheet as deferred receipts from RRSA workshare partners within trade payables and other liabilities. The cash entry fee is a transaction with a supplier and is recognised as a reduction in cost of sales incurred. Individual programme amounts are allocated pro rata to the estimated number of units to be produced. Amortisation commences as each unit is delivered and then recognised on a 15-year straight-line basis. The payments to suppliers of their shares of the programme cash flows for their production components are charged to cost of sales when OE sales are recognised or as LTSA costs are incurred. These prepayments are initially recognised within trade receivables and other assets. The Group also has arrangements with third parties who invest in a programme and receive a return based on its performance, but do not undertake development work or supply parts. Such arrangements (financial RRSAs) are financial instruments as defined by IAS 32 Financial Instruments: Presentation and are accounted for using the amortised cost method.
Key judgement \u2013 Determination of the nature of entry fees received
RRSAs with key suppliers (workshare partners) are a feature of the civil aviation industry. Under these contractual arrangements, the key
commercial objectives are that: (i) during the development phase the workshare partner shares in the risks of developing an engine by
performing its own development work, providing development parts, and paying a non-refundable cash entry fee; and (ii) during the
production phase the workshare partner supplies components in return for a share of the programme cash flows as a \u2018life of type\u2019 supplier
(i.e. as long as the engine remains in service).
The non-refundable cash entry fee is considered to be one element of a long-term supply agreement. These receipts are deferred on the
balance sheet and recognised against the cost of sales over the estimated number of units to be delivered on a similar basis to the
amortisation of development costs \u2013 see page 132.
", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForRiskAndRevenueSharingArrangements", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-654": { "value": "Government grants Government grants received are varied in nature and are recognised in the income statement so as to match them with the related expenses that they are intended to compensate. Where grants are received in advance of the related expenses, they are initially recognised as liabilities within trade payables and other liabilities and released to match the related expenditure. Non-monetary grants are recognised at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-655": { "value": "
Interest
Interest receivable/payable is credited/charged to the income statement using the effective interest method. Where borrowing costs are
attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-748": { "value": "Interest Interest receivable/payable is credited/charged to the income statement using the effective interest method. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-708": { "value": "Interest Interest receivable/payable is credited/charged to the income statement using the effective interest method. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-656": { "value": "
Taxation
The tax charge/credit on the profit or loss for the year comprises current and deferred tax:
\u2014
Current tax is the expected tax payable for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any
adjustment to tax payable in respect of previous years.
\u2014 Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of the
assets and liabilities for financial reporting purposes and the amounts used for tax purposes and is calculated using the enacted or
substantively enacted rates that are expected to apply when the asset or liability is settled. In the UK, the deferred tax liability on the pension
scheme surplus is recognised consistently with the basis for recognising the surplus i.e. at the rate applicable to refunds from a trust.
Tax is charged or credited to the income statement or OCI as appropriate, except when it relates to items credited or charged directly to equity
in which case the tax is also dealt with in equity.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and joint arrangements, except
where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in
the foreseeable future. Deferred tax is not recognised on taxable temporary differences arising on the initial recognition of goodwill or for
temporary differences arising from the initial recognition of assets and liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits, which include the reversal of taxable
temporary differences, will be available against which the assets can be utilised. Further details on the Group\u2019s tax position can be found on
pages 145 to 148\ufffd
Key estimate \u2013 Estimates necessary to assess whether it is probable that sufficient suitable taxable profits will arise in the UK to utilise the deferred tax assets recognised Deferred tax assets are only recognised to the extent it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilised. On this basis a deferred tax asset of \u00a3629m is not recognised in respect of UK tax losses. Further details are included in note 5. In addition to taking into account a severe but plausible downside forecast (see below), the climate-related estimates and assumptions (set out on pages 122 to 124) have also been considered when assessing the recoverability of the deferred tax assets. Recognising the longer terms over which these assets will be recovered, the Group has considered the risk that regulatory changes could materially impact demand for our products and shifting investment focus towards more sustainable products and solutions. The climate scenarios prepared do not indicate a significant deterioration in demand or profitability for Civil Aerospace programmes given that all commercial aero-engines are compatible with sustainable fuels. While carbon and commodity pricing may put pressure on costs, decarbonisation and new supplier and customer contracts offer the opportunity to receive value for more efficient and sustainable products. Macro-economic factors continue to result in uncertainty across the civil aviation industry in particular in respect of prolonged supply chain challenges. As explained in note 5, a 25% probability of there being a severe but plausible downside forecast in relation to the civil aviation industry has been taken into account in the assessment of the recovery of the UK deferred tax assets. The estimates take account of the inherent uncertainties constraining the expected level of profit as appropriate. Changes in these estimates will affect future profits and, therefore, the recoverability of the deferred tax assets. The following sensitivities have been modelled to demonstrate the impact of changes in assumptions on the recoverability of deferred tax assets. \u2014 A 5% change in margin in the main Civil Aerospace large engine programmes. \u2014 A 5% change in the number of shop visits driven by EFHs. \u2014 Assumed future cost increases from climate change expected to pass through to customers at 100% are restricted to 90% pass through. All of these could be driven by a number of factors, including ongoing supply chain challenges, the impact of climate change as explained on pages 122 to 124 and changes in foreign exchange rates. A 5% change in margin or shop visits (which could be driven by fewer EFHs as a result of the factors as set out above) would result in an increase/decrease in the deferred tax asset of around \u00a3110m. If only 90% of assumed future cost increases from climate change are passed on to customers, this would result in a decrease in the deferred tax asset of around \u00a310m, and if carbon prices were to double, this would be \u00a370m. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-709": { "value": "Taxation The tax charge/credit on the profit or loss for the year comprises current and deferred tax: \u2014 Current tax is the expected tax payable for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. \u2014 Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for tax purposes and is calculated using the enacted or substantively enacted rates that are expected to apply when the asset or liability is settled. In the UK, the deferred tax liability on the pension scheme surplus is recognised consistently with the basis for recognising the surplus i.e. at the rate applicable to refunds from a trust. Tax is charged or credited to the income statement or OCI as appropriate, except when it relates to items credited or charged directly to equity in which case the tax is also dealt with in equity. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is not recognised on taxable temporary differences arising on the initial recognition of goodwill or for temporary differences arising from the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits, which include the reversal of taxable temporary differences, will be available against which the assets can be utilised. Further details on the Group\u2019s tax position can be found on pages 145 to 148\ufffd Key estimate \u2013 Estimates necessary to assess whether it is probable that sufficient suitable taxable profits will arise in the UK to utilise the deferred tax assets recognised Deferred tax assets are only recognised to the extent it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilised. On this basis a deferred tax asset of \u00a3629m is not recognised in respect of UK tax losses. Further details are included in note 5. In addition to taking into account a severe but plausible downside forecast (see below), the climate-related estimates and assumptions (set out on pages 122 to 124) have also been considered when assessing the recoverability of the deferred tax assets. Recognising the longer terms over which these assets will be recovered, the Group has considered the risk that regulatory changes could materially impact demand for our products and shifting investment focus towards more sustainable products and solutions. The climate scenarios prepared do not indicate a significant deterioration in demand or profitability for Civil Aerospace programmes given that all commercial aero-engines are compatible with sustainable fuels. While carbon and commodity pricing may put pressure on costs, decarbonisation and new supplier and customer contracts offer the opportunity to receive value for more efficient and sustainable products. Macro-economic factors continue to result in uncertainty across the civil aviation industry in particular in respect of prolonged supply chain challenges. As explained in note 5, a 25% probability of there being a severe but plausible downside forecast in relation to the civil aviation industry has been taken into account in the assessment of the recovery of the UK deferred tax assets. The estimates take account of the inherent uncertainties constraining the expected level of profit as appropriate. Changes in these estimates will affect future profits and, therefore, the recoverability of the deferred tax assets. The following sensitivities have been modelled to demonstrate the impact of changes in assumptions on the recoverability of deferred tax assets. \u2014 A 5% change in margin in the main Civil Aerospace large engine programmes. \u2014 A 5% change in the number of shop visits driven by EFHs. \u2014 Assumed future cost increases from climate change expected to pass through to customers at 100% are restricted to 90% pass through. All of these could be driven by a number of factors, including ongoing supply chain challenges, the impact of climate change as explained on pages 122 to 124 and changes in foreign exchange rates. A 5% change in margin or shop visits (which could be driven by fewer EFHs as a result of the factors as set out above) would result in an increase/decrease in the deferred tax asset of around \u00a3110m. If only 90% of assumed future cost increases from climate change are passed on to customers, this would result in a decrease in the deferred tax asset of around \u00a310m, and if carbon prices were to double, this would be \u00a370m. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-657": { "value": "Foreign currency translation Transactions denominated in currencies other than the functional currency of the transacting group undertaking are translated into the functional currency at the average monthly exchange rate when the transaction occurs. Monetary assets and liabilities denominated in foreign currencies are translated into the relevant functional currency at the rate prevailing at the year end. Exchange differences arising on foreign exchange transactions and the retranslation of monetary assets and liabilities into functional currencies at the rate prevailing at the year end are included in profit/(loss) before taxation. The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates prevailing at the year end. Exchange adjustments arising from the retranslation of the opening net assets, and from the translation of the profits or losses at average rates, are recognised in OCI. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-658": { "value": "
Discontinued operations and business disposals
A discontinued operation is defined in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as a component of an entity that
has been disposed of or is classified as held for sale, represents a separate major line of business or geographical area of operations, is part of
a single co-ordinated plan to dispose of such a line of business or is a subsidiary acquired exclusively with a view to resale. The results of
discontinued operations are required to be presented separately in the income statement.
Assets and businesses are classified as held for sale when their carrying amounts will be recovered through sale rather than through
continuing use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-749": { "value": "Discontinued operations and business disposals A discontinued operation is defined in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as a component of an entity that has been disposed of or is classified as held for sale, represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are required to be presented separately in the income statement. Assets and businesses are classified as held for sale when their carrying amounts will be recovered through sale rather than through continuing use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-710": { "value": "Discontinued operations and business disposals A discontinued operation is defined in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as a component of an entity that has been disposed of or is classified as held for sale, represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are required to be presented separately in the income statement. Assets and businesses are classified as held for sale when their carrying amounts will be recovered through sale rather than through continuing use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-711": { "value": "Financial instruments \u2013 Classification and measurement Financial assets primarily include trade receivables and other non-derivative financial assets, cash and cash equivalents, short-term investments, derivatives (foreign exchange, commodity and interest rate contracts), and listed and unlisted investments. \u2014 Trade receivables and other assets are classified either as held to collect and measured at amortised cost, or as held to collect and sell and measured at fair value, with movements in fair value recognised through other comprehensive income (FVOCI). The Group may sell trade receivables due from certain customers before the due date. Any trade receivables from such customers that are not sold at the reporting date are classified as \u2018held to collect and sell\u2019. \u2014 Cash and cash equivalents (consisting of balances with banks and other financial institutions, money-market funds, short-term deposits) and short-term investments are subject to low market risk. Cash balances, short-term deposits (with a maturity of primarily three months or less) and short-term investments are measured at amortised cost. Money market funds are measured at fair value, with movements in fair value recognised in the income statement as a profit or loss (FVPL). \u2014 Derivatives and unlisted investments are measured at FVPL. The Company has elected to measure its listed investments at FVOCI. Financial liabilities primarily consist of trade payables and other non-derivative financial liabilities, borrowings, derivatives, financial RRSAs and C Shares\ufffd \u2014 Derivatives are classified and measured at FVPL. \u2014 All other financial liabilities are classified and measured at amortised cost. ", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForFinancialInstrumentsClassificationAndMeasurement", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-659": { "value": "Financial instruments \u2013 Classification and measurement Financial assets primarily include trade receivables and other non-derivative financial assets, cash and cash equivalents, short-term investments, derivatives (foreign exchange, commodity and interest rate contracts), and listed and unlisted investments. \u2014 Trade receivables and other assets are classified either as held to collect and measured at amortised cost, or as held to collect and sell and measured at fair value, with movements in fair value recognised through other comprehensive income (FVOCI). The Group may sell trade receivables due from certain customers before the due date. Any trade receivables from such customers that are not sold at the reporting date are classified as \u2018held to collect and sell\u2019. \u2014 Cash and cash equivalents (consisting of balances with banks and other financial institutions, money-market funds, short-term deposits) and short-term investments are subject to low market risk. Cash balances, short-term deposits (with a maturity of primarily three months or less) and short-term investments are measured at amortised cost. Money market funds are measured at fair value, with movements in fair value recognised in the income statement as a profit or loss (FVPL). \u2014 Derivatives and unlisted investments are measured at FVPL. The Company has elected to measure its listed investments at FVOCI. Financial liabilities primarily consist of trade payables and other non-derivative financial liabilities, borrowings, derivatives, financial RRSAs and C Shares\ufffd \u2014 Derivatives are classified and measured at FVPL. \u2014 All other financial liabilities are classified and measured at amortised cost. Financial instruments \u2013 Impairment of financial assets and contract assets IFRS 9 Financial Instruments sets out the basis for the accounting of ECLs on financial assets and contract assets resulting from transactions within the scope of IFRS 15 Revenue from Contracts with Customers. The Group has adopted the simplified approach to provide for ECLs, measuring the loss allowance at a probability weighted amount that considers reasonable and supportable information about past events, current conditions and forecasts of future economic conditions of customers. These are incorporated in the simplified model adopted by using credit ratings which are publicly available, or through internal risk assessments derived using the customer\u2019s latest available financial information. The ECLs are updated at each reporting date to reflect changes in credit risk since initial recognition. ECLs are calculated for all financial assets in scope, regardless of whether or not they are overdue. Financial instruments \u2013 Hedge accounting Forward foreign exchange contracts and commodity swaps (derivative financial instruments) are held to manage the cash flow exposures of forecast transactions denominated in foreign currencies or in commodities respectively. Derivative financial instruments qualify for hedge accounting when: (i) there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge at the inception of the hedge; and (ii) the hedge is expected to be effective. In general, the Group has chosen to not apply hedge accounting in respect of these exposures. The Group economically hedges the fair value and cash flow exposures of its borrowings. Cross-currency interest rate swaps are held to manage the fair value or cash flow exposures of borrowings denominated in foreign currencies and are designated as fair value hedges or cash flow hedges as appropriate. Interest rate swaps are held to manage the interest rate exposures of fixed and floating rate borrowings and may be designated as fair value hedges or cash flow hedges as appropriate. If the swaps are not designated as fair value or cash flow hedges, the economic effect is included in the underlying results \u2013 see note 2. Changes in the fair values of derivatives that are designated as fair value hedges are recognised directly in the income statement. The fair value changes of effective cash flow hedge derivatives are recognised in OCI and subsequently recycled to the income statement in the same period or periods during which the hedged cash flows affect profit or loss. Any ineffectiveness in the hedging relationship is included in the income statement\ufffd Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, for cash flow hedges and, if the forecast transaction remains probable, any net cumulative gain or loss on the hedging instrument recognised in the Statement of Changes in Equity (SOCIE) is retained until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss is recycled to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-750": { "value": "
\u2014 Trade receivables and other assets are classified either as held to collect and measured at amortised cost, or as held to collect and sell and
measured at fair value, with movements in fair value recognised through other comprehensive income (FVOCI). The Group may sell trade
receivables due from certain customers before the due date. Any trade receivables from such customers that are not sold at the reporting
date are classified as \u2018held to collect and sell\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-751": { "value": "Financial instruments \u2013 Impairment of financial assets and contract assets IFRS 9 Financial Instruments sets out the basis for the accounting of ECLs on financial assets and contract assets resulting from transactions within the scope of IFRS 15 Revenue from Contracts with Customers. The Group has adopted the simplified approach to provide for ECLs, measuring the loss allowance at a probability weighted amount that considers reasonable and supportable information about past events, current conditions and forecasts of future economic conditions of customers. These are incorporated in the simplified model adopted by using credit ratings which are publicly available, or through internal risk assessments derived using the customer\u2019s latest available financial information. The ECLs are updated at each reporting date to reflect changes in credit risk since initial recognition. ECLs are calculated for all financial assets in scope, regardless of whether or not they are overdue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-712": { "value": "Financial instruments \u2013 Impairment of financial assets and contract assets IFRS 9 Financial Instruments sets out the basis for the accounting of ECLs on financial assets and contract assets resulting from transactions within the scope of IFRS 15 Revenue from Contracts with Customers. The Group has adopted the simplified approach to provide for ECLs, measuring the loss allowance at a probability weighted amount that considers reasonable and supportable information about past events, current conditions and forecasts of future economic conditions of customers. These are incorporated in the simplified model adopted by using credit ratings which are publicly available, or through internal risk assessments derived using the customer\u2019s latest available financial information. The ECLs are updated at each reporting date to reflect changes in credit risk since initial recognition. ECLs are calculated for all financial assets in scope, regardless of whether or not they are overdue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-713": { "value": "
Financial instruments \u2013 Hedge accounting
Forward foreign exchange contracts and commodity swaps (derivative financial instruments) are held to manage the cash flow exposures of
forecast transactions denominated in foreign currencies or in commodities respectively. Derivative financial instruments qualify for hedge
accounting when: (i) there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective
and strategy for undertaking the hedge at the inception of the hedge; and (ii) the hedge is expected to be effective. In general, the Group has
chosen to not apply hedge accounting in respect of these exposures.
The Group economically hedges the fair value and cash flow exposures of its borrowings. Cross-currency interest rate swaps are held to manage
the fair value or cash flow exposures of borrowings denominated in foreign currencies and are designated as fair value hedges or cash flow
hedges as appropriate. Interest rate swaps are held to manage the interest rate exposures of fixed and floating rate borrowings and may be
designated as fair value hedges or cash flow hedges as appropriate. If the swaps are not designated as fair value or cash flow hedges, the
economic effect is included in the underlying results \u2013 see note 2.
Changes in the fair values of derivatives that are designated as fair value hedges are recognised directly in the income statement. The fair value
changes of effective cash flow hedge derivatives are recognised in OCI and subsequently recycled to the income statement in the same period
or periods during which the hedged cash flows affect profit or loss. Any ineffectiveness in the hedging relationship is included in the income
statement\ufffd
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-752": { "value": "Financial instruments \u2013 Hedge accounting Forward foreign exchange contracts and commodity swaps (derivative financial instruments) are held to manage the cash flow exposures of forecast transactions denominated in foreign currencies or in commodities respectively. Derivative financial instruments qualify for hedge accounting when: (i) there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge at the inception of the hedge; and (ii) the hedge is expected to be effective. In general, the Group has chosen to not apply hedge accounting in respect of these exposures. The Group economically hedges the fair value and cash flow exposures of its borrowings. Cross-currency interest rate swaps are held to manage the fair value or cash flow exposures of borrowings denominated in foreign currencies and are designated as fair value hedges or cash flow hedges as appropriate. Interest rate swaps are held to manage the interest rate exposures of fixed and floating rate borrowings and may be designated as fair value hedges or cash flow hedges as appropriate. If the swaps are not designated as fair value or cash flow hedges, the economic effect is included in the underlying results \u2013 see note 2. Changes in the fair values of derivatives that are designated as fair value hedges are recognised directly in the income statement. The fair value changes of effective cash flow hedge derivatives are recognised in OCI and subsequently recycled to the income statement in the same period or periods during which the hedged cash flows affect profit or loss. Any ineffectiveness in the hedging relationship is included in the income statement\ufffd ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-753": { "value": "Business combinations and goodwill Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value to the Group of the net of the identifiable assets acquired and the liabilities assumed. On transition to IFRS on 1 January 2004, business combinations were not retrospectively adjusted to comply with UK-adopted International Accounting Standards and goodwill was recognised based on the carrying value under the previous accounting policies. Goodwill, in respect of the acquisition of a subsidiary, is recognised as an intangible asset. Goodwill arising on the acquisition of joint arrangements and associates is included in the carrying value of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-714": { "value": "Business combinations and goodwill Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value to the Group of the net of the identifiable assets acquired and the liabilities assumed. On transition to IFRS on 1 January 2004, business combinations were not retrospectively adjusted to comply with UK-adopted International Accounting Standards and goodwill was recognised based on the carrying value under the previous accounting policies. Goodwill, in respect of the acquisition of a subsidiary, is recognised as an intangible asset. Goodwill arising on the acquisition of joint arrangements and associates is included in the carrying value of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-660": { "value": "Business combinations and goodwill Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair value to the Group of the net of the identifiable assets acquired and the liabilities assumed. On transition to IFRS on 1 January 2004, business combinations were not retrospectively adjusted to comply with UK-adopted International Accounting Standards and goodwill was recognised based on the carrying value under the previous accounting policies. Goodwill, in respect of the acquisition of a subsidiary, is recognised as an intangible asset. Goodwill arising on the acquisition of joint arrangements and associates is included in the carrying value of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-715": { "value": "Customer relationships The fair value of customer relationships recognised as a result of a business combination relate to the acquired company\u2019s established relationships with its existing customers that result in repeat purchases and customer loyalty. Amortisation is charged on a straight-line basis over its useful economic life, up to a maximum of 15 years. Certification costs Costs incurred in respect of meeting regulatory certification requirements for new Civil Aerospace aero-engine/aircraft combinations, including payments made to airframe manufacturers for this, are recognised as intangible assets to the extent that they can be recovered out of future sales. They are charged to the income statement over the programme life. Individual programme assets are allocated pro rata to the estimated number of units to be produced. Amortisation commences as each unit is delivered and then charged on a 15-year straight-line basis. Research and development Expenditure incurred on research and development is distinguished as relating either to a research phase or to a development phase. All research phase expenditure is charged to the income statement. Development expenditure is recognised as an internally generated intangible asset (programme asset) only if it meets strict criteria, relating in particular to technical feasibility and generation of future economic benefits. More specifically, development costs are capitalised from the point at which the following conditions have been met: \u2014 the technical feasibility of completing the programme and the intention and ability (availability of technical, financial and other resources) to complete the programme asset and use or sell it; \u2014 the probability that future economic benefits will flow from the programme asset; and \u2014 the ability to measure reliably the expenditure attributable to the programme asset during its development. Capitalisation continues until the point at which the programme asset meets its originally contracted technical specification (defined internally as the point at which the asset is capable of operating in the manner intended by the Directors). Subsequent expenditure is capitalised where it enhances the functionality of the programme asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on programme assets is expensed as incurred. Individual programme assets are allocated pro rata to the estimated number of units to be produced. Amortisation commences as each unit is delivered and then charged on a 15-year straight-line basis. In accordance with IAS 38 Intangible Assets, the basis on which programme assets are amortised is assessed annually. Key judgement \u2013 Determination of the point in time when costs incurred on an internal programme development meet the criteria for capitalisation The Group incurs significant research and development expenditure in respect of various development programmes. Determining when capitalisation should commence and cease is a key judgement, as is the determination of when subsequent expenditure on the programme assets should be capitalised. During the year, \u00a3263m (2023: \u00a3192m) of development expenditure was capitalised. Within the Group there are established processes in place e.g., the Product Introduction and Lifecycle Management process (PILM), to consider technical feasibility, commercial viability and financial assessment of the programme at certain milestones. When these are met, development expenditure is capitalised. Prior to this, expenditure is expensed as incurred. The Group continues to invest in new technologies as a result of its decarbonisation commitments. As these are new technologies there is a higher level of uncertainty over potential outcomes and, therefore, this could impact the level of expenditure that is capitalised or recognised in the income statement in future years. During 2024, no development costs incurred within New Markets were capitalised. Subsequent expenditure after entry into service which enhances the performance of the engine and the economic benefit to the Group is capitalised. This expenditure is referred to as enhanced performance and is governed by the PILM process referred to above. All other development costs are expensed as incurred. Key judgement \u2013 Determination of the basis for amortising capitalised development costs The economic benefits of the development costs are primarily those cash inflows arising from LTSAs, which are expected to be relatively consistent for each engine within a programme. Amortisation of development costs is recognised on a straight-line basis over the estimated period of operation of the engine by its initial operator. Software Software that is not specific to an item of property, plant and equipment is classified as an intangible asset, recognised at its acquisition cost and amortised on a straight-line basis over its useful economic life, up to a maximum of ten years. The amortisation period of software assets is reviewed annually. The cost of internally developed software includes direct labour and an appropriate proportion of overheads. Other intangible assets These include intangible assets arising on acquisition of businesses, such as technology which is amortised on a straight-line basis over a maximum of 15 years and trademarks which are not amortised. They also include the costs incurred testing and analysing engines with the longest time in service (fleet leader engines) to gather technical knowledge on engine endurance, which are amortised on a straight-line basis over a maximum of 15 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-661": { "value": "Customer relationships The fair value of customer relationships recognised as a result of a business combination relate to the acquired company\u2019s established relationships with its existing customers that result in repeat purchases and customer loyalty. Amortisation is charged on a straight-line basis over its useful economic life, up to a maximum of 15 years. ", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForCustomerRelationships", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-662": { "value": "Certification costs Costs incurred in respect of meeting regulatory certification requirements for new Civil Aerospace aero-engine/aircraft combinations, including payments made to airframe manufacturers for this, are recognised as intangible assets to the extent that they can be recovered out of future sales. They are charged to the income statement over the programme life. Individual programme assets are allocated pro rata to the estimated number of units to be produced. Amortisation commences as each unit is delivered and then charged on a 15-year straight-line basis. ", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForCertificationCosts", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-663": { "value": "Research and development Expenditure incurred on research and development is distinguished as relating either to a research phase or to a development phase. All research phase expenditure is charged to the income statement. Development expenditure is recognised as an internally generated intangible asset (programme asset) only if it meets strict criteria, relating in particular to technical feasibility and generation of future economic benefits. More specifically, development costs are capitalised from the point at which the following conditions have been met: \u2014 the technical feasibility of completing the programme and the intention and ability (availability of technical, financial and other resources) to complete the programme asset and use or sell it; \u2014 the probability that future economic benefits will flow from the programme asset; and \u2014 the ability to measure reliably the expenditure attributable to the programme asset during its development. Capitalisation continues until the point at which the programme asset meets its originally contracted technical specification (defined internally as the point at which the asset is capable of operating in the manner intended by the Directors). Subsequent expenditure is capitalised where it enhances the functionality of the programme asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on programme assets is expensed as incurred. Individual programme assets are allocated pro rata to the estimated number of units to be produced. Amortisation commences as each unit is delivered and then charged on a 15-year straight-line basis. In accordance with IAS 38 Intangible Assets, the basis on which programme assets are amortised is assessed annually. Key judgement \u2013 Determination of the point in time when costs incurred on an internal programme development meet the criteria for capitalisation The Group incurs significant research and development expenditure in respect of various development programmes. Determining when capitalisation should commence and cease is a key judgement, as is the determination of when subsequent expenditure on the programme assets should be capitalised. During the year, \u00a3263m (2023: \u00a3192m) of development expenditure was capitalised. Within the Group there are established processes in place e.g., the Product Introduction and Lifecycle Management process (PILM), to consider technical feasibility, commercial viability and financial assessment of the programme at certain milestones. When these are met, development expenditure is capitalised. Prior to this, expenditure is expensed as incurred. The Group continues to invest in new technologies as a result of its decarbonisation commitments. As these are new technologies there is a higher level of uncertainty over potential outcomes and, therefore, this could impact the level of expenditure that is capitalised or recognised in the income statement in future years. During 2024, no development costs incurred within New Markets were capitalised. Subsequent expenditure after entry into service which enhances the performance of the engine and the economic benefit to the Group is capitalised. This expenditure is referred to as enhanced performance and is governed by the PILM process referred to above. All other development costs are expensed as incurred. Key judgement \u2013 Determination of the basis for amortising capitalised development costs The economic benefits of the development costs are primarily those cash inflows arising from LTSAs, which are expected to be relatively consistent for each engine within a programme. Amortisation of development costs is recognised on a straight-line basis over the estimated period of operation of the engine by its initial operator. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-664": { "value": "
Software
Software that is not specific to an item of property, plant and equipment is classified as an intangible asset, recognised at its acquisition cost and
amortised on a straight-line basis over its useful economic life, up to a maximum of ten years. The amortisation period of software assets is reviewed
annually. The cost of internally developed software includes direct labour and an appropriate proportion of overheads.
", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForSoftware", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-665": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at acquisition cost less accumulated depreciation and any provision for impairment in value. The cost
of self-constructed assets includes the cost of materials, direct labour, an appropriate proportion of overheads and, where appropriate, interest.
Depreciation is provided on a straight-line basis to write off the cost, less the estimated residual value, of property, plant and equipment over
their estimated useful lives. No depreciation is recorded on assets in the course of construction. Estimated useful lives are reassessed annually
and are as follows:
\u2014 Land and buildings, as advised by the Group\u2019s professional advisers:
\u2022 freehold buildings \u2013 three to 50 years (average 24 years); and
\u2022 no depreciation is provided on freehold land.
\u2014 Plant and equipment \u2013 two to 27 years (average 11 years).
\u2014 Aircraft and engines \u2013 five to 20 years (average 17 years).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-716": { "value": "Property, plant and equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation and any provision for impairment in value. The cost of self-constructed assets includes the cost of materials, direct labour, an appropriate proportion of overheads and, where appropriate, interest. Depreciation is provided on a straight-line basis to write off the cost, less the estimated residual value, of property, plant and equipment over their estimated useful lives. No depreciation is recorded on assets in the course of construction. Estimated useful lives are reassessed annually and are as follows: \u2014 Land and buildings, as advised by the Group\u2019s professional advisers: \u2022 freehold buildings \u2013 three to 50 years (average 24 years); and \u2022 no depreciation is provided on freehold land. \u2014 Plant and equipment \u2013 two to 27 years (average 11 years). \u2014 Aircraft and engines \u2013 five to 20 years (average 17 years). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-666": { "value": "Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2014 fixed payments less any lease incentive receivable; \u2014 variable lease payments that are based on an index or a rate; \u2014 amounts expected to be payable by the Group under residual value guarantees; \u2014 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u2014 payments of penalties for termination of the lease, if the lease term reflects the Group exercising that option. Where leases commenced after the initial IFRS 16 Leases transition date, the lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Where appropriate, lease liabilities are revalued at each reporting date using the spot exchange rate. Right-of-use assets are measured at cost comprising the following: \u2014 the amount of the initial measurement of lease liability or a revaluation of the liability; \u2014 any lease payments made at or before the commencement date less any lease incentives received; \u2014 any initial direct costs; and \u2014 restoration costs. Each right-of-use asset is depreciated over the shorter of its useful economic life and the lease term on a straight-line basis unless the lease is expected to transfer ownership of the underlying asset to the Group, in which case the asset is depreciated to the end of the useful life of the asset\ufffd Short-term leases are leases with a lease term of 12 months or less. Payments associated with short-term leases and low-value leases are recognised on a straight-line basis as an expense in the income statement. Key judgement \u2013 Determination of lease term In determining the lease term, the Group considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Certain land and building leases have renewal options although none due in the next 12 months would have a material impact. Other renewals are evenly spread between 2028 to 2033 and then post 2038. The Group reviews its judgements on lease terms annually, including the operational significance of the site, especially where utilised for manufacturing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-667": { "value": "
Impairment of non-current assets
Impairment of non-current assets is considered in accordance with IAS 36 Impairment of Assets. Where the asset does not generate cash flows
that are independent of other assets, impairment is considered for the cash-generating unit (CGU) to which the asset belongs. Goodwill,
indefinite life intangible assets and intangible assets not yet available for use are tested for impairment annually. Other intangible assets
(including programme-related intangible assets), property, plant and equipment, right-of-use assets and investments are assessed for any
indications of impairment annually. If any indication of impairment is identified, an impairment test is performed to estimate the
recoverable amount.
If the recoverable amount of an asset (or CGU) is estimated to be below the carrying value, the carrying value is reduced to the recoverable
amount and the impairment loss is recognised as an expense. The recoverable amount is the higher of value in use or fair value less costs of
disposal. The value in use is the present value of future cash flows using a pre-tax discount rate that reflects the time value of money and the risk
specific to the asset (or CGU). Fair value less costs of disposal (FVLCOD) reflects market inputs or inputs based on market evidence if readily
available. If these inputs are not readily available, the fair value is estimated by discounting future cash flows modified for market participants
views. The relevant local statutory tax rates have been applied in calculating post-tax to pre-tax discount rates.
Key judgement \u2013 Determination of CGUs for assessing impairment of goodwill
The Group conducts impairment reviews at the CGU level. As permitted by IAS 36 Impairment of Assets, impairment reviews for goodwill
are performed at the groups of CGUs level, representing the lowest level at which the Group monitors goodwill for internal management
purposes and no higher than the Group\u2019s operating segments. The main CGUs for which goodwill impairment reviews have been performed
are Rolls-Royce Deutschland Ltd & Co KG and at an aggregated Rolls-Royce Power Systems AG level.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-717": { "value": "Impairment of non-current assets Impairment of non-current assets is considered in accordance with IAS 36 Impairment of Assets. Where the asset does not generate cash flows that are independent of other assets, impairment is considered for the cash-generating unit (CGU) to which the asset belongs. Goodwill, indefinite life intangible assets and intangible assets not yet available for use are tested for impairment annually. Other intangible assets (including programme-related intangible assets), property, plant and equipment, right-of-use assets and investments are assessed for any indications of impairment annually. If any indication of impairment is identified, an impairment test is performed to estimate the recoverable amount. If the recoverable amount of an asset (or CGU) is estimated to be below the carrying value, the carrying value is reduced to the recoverable amount and the impairment loss is recognised as an expense. The recoverable amount is the higher of value in use or fair value less costs of disposal. The value in use is the present value of future cash flows using a pre-tax discount rate that reflects the time value of money and the risk specific to the asset (or CGU). Fair value less costs of disposal (FVLCOD) reflects market inputs or inputs based on market evidence if readily available. If these inputs are not readily available, the fair value is estimated by discounting future cash flows modified for market participants views. The relevant local statutory tax rates have been applied in calculating post-tax to pre-tax discount rates. Key judgement \u2013 Determination of CGUs for assessing impairment of goodwill The Group conducts impairment reviews at the CGU level. As permitted by IAS 36 Impairment of Assets, impairment reviews for goodwill are performed at the groups of CGUs level, representing the lowest level at which the Group monitors goodwill for internal management purposes and no higher than the Group\u2019s operating segments. The main CGUs for which goodwill impairment reviews have been performed are Rolls-Royce Deutschland Ltd & Co KG and at an aggregated Rolls-Royce Power Systems AG level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-668": { "value": "
Inventories
Inventories are valued on a first-in, first-out basis, at the lower of cost and net realisable value. Cost comprises direct materials and, where
applicable, direct labour costs and those direct and indirect overheads, including depreciation of property, plant and equipment, that have been
incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling prices less all
estimated costs of completion and costs to be incurred in marketing, selling and distribution. All inventories are classified as current as it is
expected that they will be used in the Group\u2019s operating cycle, regardless of whether this is expected to be within 12 months of the balance
sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-669": { "value": "Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand, investments in money-market funds and short-term deposits with a maturity of three months or less on inception. The Group considers overdrafts (repayable on demand) to be an integral part of its cash management activities and these are included in cash and cash equivalents for the purposes of the cash flow statement. Where the Group operates pooled banking arrangements across multiple accounts, these are presented on a net basis when it has both a legal right and intention to settle the balances on a net basis\ufffd The Group\u2019s suppliers have access to a supply chain financing (SCF) programme through partnership with banks. This is to enable smaller suppliers, including joint ventures (90-day standard payment terms), who are on our standard 75 day or more payment terms to receive their payment sooner. The election to utilise the programme is the sole decision of the supplier. As the Group continues to have a contractual obligation to pay its suppliers under commercial terms, which are unaffected by any utilisation of the programme, and it does not retain any ongoing involvement in the SCFs, the related payables are retained on the Group\u2019s balance sheet and classified as trade payables. Further details are disclosed in note 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-670": { "value": "Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are discounted to present value where the effect is material. The principal provisions are recognised as follows: \u2014 onerous contracts based on an assessment of whether the direct costs to fulfil a contract are greater than the expected revenue; \u2014 warranty and guarantees based on an assessment of future claims with reference to past experience and recognised at the earlier of when the underlying products and services are sold and when the likelihood of a future cost is identified; \u2014 Trent 1000 in-service issues when wastage costs are identified as described on page 127; and \u2014 transformation and restructuring when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has created a valid expectation to those affected. Key judgement \u2013 Whether any costs should be treated as wastage As described further on page 127, in rare circumstances, the Group may incur costs of wasted material, labour or other resources to fulfil a contract where the level of cost was not reflected in the contract price. The identification of such costs is a matter of judgement and would only be expected to arise where there has been a series of abnormal events which give rise to a significant level of cost of a nature that the Group would not expect to incur and hence is not reflected in the contract price. Provision is made for any costs identified as wastage when the obligation to incur them arises. Specifically for the Trent 1000 wastage costs, provision has been made as the Group is an owner of an engine Type Certificate under which it has a present obligation to develop appropriate design changes to address certain engine conditions that have been noted in issued Airworthiness Directives. The Group is also required to ensure engine operators can continue to safely operate engines within the terms of their LTSAs, and this requires the engines to be compliant with the requirements of those issued Airworthiness Directives. These requirements cannot be met without the Group incurring significant costs in the form of replacement parts and customer claims. Given the significant activities of the Group in designing and overhauling aero engines it is very experienced in making the required estimates in relation to the number and timing of shop visits, parts costs, overhaul labour costs and customer claims. Key judgement \u2013 Whether the criteria to recognise a transformation and restructuring provision has been met On 17 October 2023, the Group announced plans for a simpler, more streamlined, organisation as part of its multi-year transformation. IAS 19 Employee Benefits requires that a liability and expense for termination benefits should be recognised at the earlier of: (a) when an offer of those benefits can no longer be withdrawn; and (b) when the cost for a restructuring that is within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets that involves the payment of termination benefits is recognised. The Directors have considered whether the Group\u2019s communications to employees during 2023 and 2024 have led to an offer of benefits that could no longer be withdrawn. Significant progress has been made on transformation activities with clear and extensive communication to affected employees, many of whom have already left the business. The remaining provision relates to roles where the function, location, expected completion date, and type and amount of benefits is known. It is expected to be utilised by 31 December 2025. Key estimates \u2013 Estimates of the time and cost to incorporate required modified parts into the fleet to resolve technical issues on certain programmes (which could be exacerbated by prolonged supply chain challenges) and the implications of this on forecast future costs when assessing onerous contracts. The Group has provisions for Trent 1000 wastage costs at 31 December 2024 of \u00a336m (2023: \u00a3116m). These represent the Directors\u2019 best estimate of the expenditure required to settle the obligations at the balance sheet date. These estimates take account of information available and different possible outcomes. The Group considers that at 31 December 2024 the Trent 1000 onerous contract provisions are most sensitive to changes in estimates. Our forecast increases in shop visit capacity could be impacted by several factors, including prolonged supply chain challenges. If forecast increases in shop visit capacity are not achieved, this could have the impact of reducing planned output of engine overhauls. A 20% reduction in Trent 1000 planned output during the second half of 2025 (and thus delayed incorporation of modified parts into the fleet) could lead to around a \u00a330m to \u00a350m charge. Key estimates \u2013 Estimates of the future revenues and costs to fulfil onerous contracts The Group has provisions for onerous contracts at 31 December 2024 of \u00a31,433m (2023: \u00a31,472m). An increase in Civil Aerospace large engine estimates of LTSA costs of 1% over the remaining term of the contracts could lead to around a \u00a360m to \u00a380m increase in the onerous contract provisions across all programmes. Key estimates \u2013 Assumptions implicit within the calculation of discount rates The onerous contract provisions are sensitive to changes in the discount rate used to value the provisions. The rate used for each contract is derived from bond yields (i.e. risk-free rates) with a similar duration and currency to the contract that they are applied to. The rate is adjusted to reflect the specific inflation characteristics of the contracts. The forecast rates are determined from third-party market analysis and average 5%. A 1% change in the discount rates used could lead to around a \u00a340m to \u00a350m change in the provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-671": { "value": "Customer financing support In connection with the sale of its products, the Group will, on occasion, provide financing support for its customers. Credit-based guarantees are disclosed as commitments or contingent liabilities dependent on whether aircraft have been delivered or not. As described on page 183, the Directors consider the likelihood of crystallisation in assessing whether provision is required for any contingent liabilities. The Group\u2019s contingent liabilities relating to financing arrangements are spread over many years and relate to a number of customers and a broad product portfolio and are reported on a discounted basis. ", "dimensions": { "concept": "rollsroyceholdings:DescriptionOfAccountingPolicyForCustomerFinancingSupport", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-672": { "value": "Post-retirement benefits Pensions and similar benefits (principally healthcare) are accounted for under IAS 19 Employee Benefits\ufffd For defined benefit plans obligations are measured at discounted present value using a discount rate derived from high-quality corporate bonds denominated in the currency of the plan, whilst plan assets are recorded at fair value. Surpluses in schemes are recognised as assets only if they represent economic benefits available to the Group in the future. Actuarial gains and losses are recognised immediately in OCI. The service and financing costs of such plans are recognised separately in the income statement: \u2014 current service costs are spread systematically over the lives of employees; \u2014 past-service costs and settlements are recognised immediately; and \u2014 financing costs are recognised in the periods in which they arise. UK pension obligations include the estimated impact of the obligation to equalise defined benefit pensions and transfer values for men and women. Payments to defined contribution schemes are charged as an expense as they fall due. Key estimate \u2013 Estimates of the assumptions for valuing the net defined benefit obligation The Group\u2019s defined benefit pension schemes and similar arrangements are assessed annually in accordance with IAS 19 Employee Benefits\ufffd The valuations, which are based on assumptions determined with independent actuarial advice, resulted in a net deficit of \u00a3191m before deferred taxation being recognised on the balance sheet at 31 December 2024 (2023: deficit of \u00a3253m). The size of the net surplus/deficit is sensitive to the actuarial assumptions which include the discount rate, price inflation, pension and salary increases, longevity and, in the UK, the number of plan members who take the option to transfer their pension to a lump sum on retirement or who choose to take the Bridging Pension Option. Following consultation, the UK scheme closed to future accrual on 31 December 2020. A reduction in the discount rate of 0.25% from 5.50% could lead to an increase in the defined benefit obligations of the RR UK Pension Fund (RRUKPF) of approximately \u00a3145m. This would be expected to be broadly offset by changes in the value of scheme assets as the scheme\u2019s investment policies are designed to mitigate this risk. An increase in the assumed rate of inflation of 0.25% (RPI of 3.30% and CPI of 2.90%) could lead to an increase in the defined benefit obligations of the RRUKPF of approximately \u00a355m. A one-year increase in life expectancy from 20.8 years (male aged 65) and from 21.5 years (male aged 45) would increase the defined benefit obligations of the RRUKPF by approximately \u00a3125m. Further details and sensitivities are included in note 22. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-673": { "value": "Share-based payments The Group provides share-based payment arrangements to certain employees. These are principally equity-settled arrangements and are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest based on expected performance, except where additional shares vest as a result market-based performance conditions, such as the total shareholder return (TSR) performance condition in the long-term incentive plan (LTIP), where no adjustment is required as allowance for these performance conditions are included in the initial fair value. Cash-settled share options (grants in the International ShareSave plan) are measured at fair value at the balance sheet date. The Group recognises a liability at the balance sheet date based on these fair values, taking into account the estimated number of options that are expected to vest and the relative completion of the vesting period. Changes in the value of this liability are recognised in the income statement for the year. The cost of shares of Rolls-Royce Holdings plc held by the Group for the purpose of fulfilling obligations in respect of employee share plans is deducted from equity in the consolidated balance sheet. See note 24 for a further description of the share-based payment plans. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-718": { "value": "Revisions to IFRS not applicable in 2024 Standards and interpretations issued by the IASB are only applicable if endorsed by the UK. Other than IFRS 18 Presentation and Disclosure in Financial Statements described below, the Group does not consider that any other standards, amendments or interpretations issued by the IASB, but not yet applicable will have a significant impact on the Consolidated Financial Statements. IFRS 18 Presentation and Disclosure in Financial Statements The IASB issued a new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, on 9 April 2024 that will replace IAS 1 Presentation of Financial Statements. The purpose of the new standard is to provide more consistent presentation of financial information across preparers as it is acknowledged that existing standards have given flexibility to present information in different ways. IFRS 18 Presentation and Disclosure in Financial Statements will not impact the recognition or measurement of items in the financial statements. Many of the existing presentation principles in IAS 1 Presentation of Financial Statements are retained, but there are some more specific requirements that will require the Group to make some changes in its future Annual Reports and Interim Financial Statements. The new Standard is not yet endorsed by the UK Endorsement Board (UKEB) but is expected to be applicable for reporting periods beginning on or after 1 January 2027. Comparative information for 2026 will need to be restated when subsequent financial statements are published. The Group has performed an initial review of the Standard and expects changes to the presentation of the income statement and the Group\u2019s reported operating profit (driven by required changes such as the \u2018Share of results of joint ventures and associates\u2019 being required to be presented in a new investing category which will no longer form part of operating profit in the Statutory Consolidated Income Statement). The process of assessing the financial impact on the Consolidated Financial Statements will continue during 2025. The Group does not anticipate its early adoption of the new Standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-674": { "value": "Revisions to IFRS not applicable in 2024 Standards and interpretations issued by the IASB are only applicable if endorsed by the UK. Other than IFRS 18 Presentation and Disclosure in Financial Statements described below, the Group does not consider that any other standards, amendments or interpretations issued by the IASB, but not yet applicable will have a significant impact on the Consolidated Financial Statements. IFRS 18 Presentation and Disclosure in Financial Statements The IASB issued a new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, on 9 April 2024 that will replace IAS 1 Presentation of Financial Statements. The purpose of the new standard is to provide more consistent presentation of financial information across preparers as it is acknowledged that existing standards have given flexibility to present information in different ways. IFRS 18 Presentation and Disclosure in Financial Statements will not impact the recognition or measurement of items in the financial statements. Many of the existing presentation principles in IAS 1 Presentation of Financial Statements are retained, but there are some more specific requirements that will require the Group to make some changes in its future Annual Reports and Interim Financial Statements. The new Standard is not yet endorsed by the UK Endorsement Board (UKEB) but is expected to be applicable for reporting periods beginning on or after 1 January 2027. Comparative information for 2026 will need to be restated when subsequent financial statements are published. The Group has performed an initial review of the Standard and expects changes to the presentation of the income statement and the Group\u2019s reported operating profit (driven by required changes such as the \u2018Share of results of joint ventures and associates\u2019 being required to be presented in a new investing category which will no longer form part of operating profit in the Statutory Consolidated Income Statement). The process of assessing the financial impact on the Consolidated Financial Statements will continue during 2025. The Group does not anticipate its early adoption of the new Standard. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-675": { "value": "Other IBOR reform transition A number of the Group\u2019s lease liabilities have been based on a USD LIBOR index. The majority of contracts in which the Group is a lessee have been amended. These have been amended to USD Term Secure Overnight Financing Rate (SOFR) plus credit adjustment spread (CAS), and the impact to the Financial Statements is not material. The Group has taken the practical expedient available to account for the lease modification required by the IBOR reform by applying IFRS 16 Leases paragraph 42\ufffd ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-676": { "value": "Post balance sheet events The Group has taken the latest legal position in relation to any ongoing legal proceedings and reflected these in the 2024 results as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-777": { "value": "2 Segmental analysis The analysis by segment is presented in accordance with IFRS 8 Operating Segments, on the basis of those segments whose operating results are regularly reviewed by the Board (who acts as the Chief Operating Decision Maker as defined by IFRS 8 Operating Segments). The Group\u2019s four divisions are set out below. Civil Aerospace development, manufacture, marketing and sales of commercial aero engines and aftermarket services Defence development, manufacture, marketing and sales of military aero engines, naval engines, submarine nuclear power plants and aftermarket services Power Systems development, manufacture, marketing and sales of integrated solutions for onsite power and propulsion New Markets development, manufacture and sales of small modular reactors (SMRs) and new electrical power solutions Other businesses include the trading results of the UK Civil Nuclear business. Underlying results The Group presents the financial performance of the businesses in accordance with IFRS 8 Operating Segments and consistently with the basis on which performance is communicated to the Board each month. Underlying results are presented by recording all relevant revenue and cost of sales transactions at the average exchange rate achieved on effective settled derivative contracts in the period that the cash flow occurs. The impact of the revaluation of monetary assets and liabilities (other than lease liabilities) using the exchange rate that is expected to be achieved by the use of the effective hedge book is recorded within underlying cost of sales. Underlying financing excludes the impact of revaluing monetary assets and liabilities to period end exchange rates. Lease liabilities are not revalued to reflect the expected exchange rates due to their multi-year remaining term, the Directors believe that doing so would not be the most appropriate basis to measure the in-year performance. Transactions between segments are presented on the same basis as underlying results and eliminated on consolidation. Unrealised fair value gains/(losses) on foreign exchange contracts, which are recognised as they arise in the statutory results, are excluded from underlying results. To the extent that the previously forecast transactions are no longer expected to occur, an appropriate portion of the unrealised fair value gain/(loss) on foreign exchange contracts is recorded immediately in the underlying results. Amounts receivable/(payable) on interest rate swaps which are not designated as hedge relationships for accounting purposes are reclassified from fair value movement on a statutory basis to interest receivable/(payable) on an underlying basis, as if they were in an effective hedge relationship. In the year to 31 December 2024, the Group was a net seller of USD at an achieved exchange rate GBP:USD of 1.48 (2023: 1.50) based on the USD hedge book. In 2020, the Group experienced a significant decline in its medium-term outlook and consequently a significant deterioration to its forecast net USD cash inflows. The Group took action to reduce the size of the USD hedge book by $11.8bn across 2020-2026 to reflect the fact that, at that time, future operating cash flows were no longer forecast to materialise. An underlying charge of \u00a31.7bn was recognised within the underlying finance costs in 2020 and the associated cash settlement costs occur over the period 2020-2026. The derivatives relating to this underlying charge have been subsequently excluded from the hedge book, and therefore are also excluded from the calculation of the average exchange rate achieved in the current and future periods. Underlying performance also excludes the following: \u2014 the effect of acquisition accounting and business disposals; \u2014 impairment of goodwill, other non-current and current assets where the reasons for the impairment are outside of normal operating activities; \u2014 exceptional items; and \u2014 certain other items which are market driven and outside of the control of management. Subsequent changes in items excluded from underlying performance in a prior period will also be excluded from underlying performance. All other changes will be recognised within underlying performance. Acquisition accounting, business disposals and impairment The Group exclude these from underlying results so that the current period/year and comparative results are directly comparable. Exceptional items Items are classified as exceptional where the Directors believe that presentation of the results in this way is useful in providing an understanding of the Group\u2019s financial performance. Exceptional items are identified by virtue of their size, nature or incidence. In determining whether an event or transaction is exceptional, the Directors consider quantitative as well as qualitative factors such as the frequency or predictability of occurrence. Examples of exceptional items include one-time costs and charges in respect of aerospace programmes, costs of exceptional restructuring and transformation programmes and one-time past service charges and credits on post-retirement schemes. Exceptional items are not allocated to segments and may not be comparable to similarly titled measures used by other companies. Other items The financing component of the defined benefit pension scheme cost is determined by market conditions and has therefore been included as a reconciling difference between underlying and statutory performance. The tax effects of adjustments above are excluded from the underlying tax charge. Changes in tax rates are excluded from the underlying tax charge. In addition, changes in the amount of recoverable deferred tax recognised are excluded from the underlying results to the extent that their recognition or derecognition was not originally recorded within the underlying results. The following analysis sets out the results of the Group\u2019s divisions on the basis described above and also includes a reconciliation of the underlying results to those reported in the consolidated income statement.
Corporate
Civil Power New Other and Inter- Total
Aerospace Defence Systems Markets businesses
segment
1
Underlying
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Underlying revenue from sale of original equipment
3,105
1,943
2,942
3
12
\u2013
8,005
Underlying revenue from aftermarket services
5,935
2,579
1,329
\u2013
\u2013
\u2013
9,843
Total underlying revenue
9,040
4,522
4,271
3
12
\u2013
17,848
Gross profit/(loss)
1,990
908
1,199
(4)
1
(3)
4,091
Commercial and administrative costs
(396)
(212)
(483)
(40)
(1)
(65)
(1,197)
Research and development costs
(252)
(55)
(165)
(133)
\u2013
\u2013
(605)
Share of results of joint ventures and associates
163
3
9
\u2013
\u2013
\u2013
175
Underlying operating profit/(loss)
1,505
644
560
(177)
\u2013
(68)
2,464
Year ended 31 December 2023
Underlying revenue from sale of original equipment
2,703
1,766
2,661
2
12
\u2013
7,144
Underlying revenue from aftermarket services
4,645
2,311
1,307
2
\u2013
\u2013
8,265
Total underlying revenue
7,348
4,077
3,968
4
12
\u2013
15,409
Gross profit/(loss)
1,394
804
1,050
1
(15)
(3)
3,231
Commercial and administrative costs
(354)
(173)
(456)
(24)
\u2013
(57)
(1,064)
Research and development costs
(343)
(72)
(187)
(137)
\u2013
\u2013
(739)
Share of results of joint ventures and associates
153
3
6
\u2013
\u2013
\u2013
162
Underlying operating profit/(loss)
850
562
413
(160)
(15)
(60)
1,590
1 Corporate and Inter-segment consists of costs that are not attributable to a specific segment and consolidation adjustments Reconciliation to statutory results
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange statutory results
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Revenue from sale of original equipment
8,005
384
8,389
Revenue from aftermarket services
9,843
677
10,520
Total revenue
17,848
1,061
18,909
Gross profit
4,091
130
4,221
Commercial and administrative costs
(1,197)
(87)
(1,284)
Research and development costs
(605)
402
(203)
Share of results of joint ventures and associates
175
(3)
172
Operating profit
2,464
442
2,906
Gain arising on the disposal of businesses
\u2013
16
16
Profit before financing and taxation
2,464
458
2,922
Net financing
(171)
(517)
(688)
Profit/(loss) before taxation
2,293
(59)
2,234
Taxation
(282)
532
250
Profit for the year
2,011
473
2,484
Attributable to:
Ordinary shareholders
2,048
473
2,521
NCI
(37)
\u2013
(37)
Year ended 31 December 2023
Revenue from sale of original equipment
7,144
491
7,635
Revenue from aftermarket services
8,265
586
8,851
Total revenue
15,409
1,077
16,486
Gross profit
3,231
389
3,620
Commercial and administrative costs
(1,064)
(46)
(1,110)
Research and development costs
(739)
\u2013
(739)
Share of results of joint ventures and associates
162
11
173
Operating profit
1,590
354
1,944
Gain arising on the disposal of businesses
\u2013
1
1
Profit before financing and taxation
1,590
355
1,945
Net financing
(328)
810
482
Profit before taxation
1,262
1,165
2,427
Taxation
(120)
97
(23)
Profit for the year
1,142
1,262
2,404
Attributable to:
Ordinary shareholders
1,150
1,262
2,412
NCI
(8)
\u2013
(8)
Disaggregation of revenue from contracts with customers Analysis by type and basis of recognition
Corporate
Civil Power New Other and Inter- Total
Aerospace Defence Systems Markets businesses segment Underlying
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Original equipment recognised at a point in time
3,105
562
2,871
3
\u2013
\u2013
6,541
Original equipment recognised over time
\u2013
1,381
71
\u2013
12
\u2013
1,464
Aftermarket services recognised at a point in time
1,258
918
1,231
\u2013
\u2013
\u2013
3,407
Aftermarket services recognised over time
4,594
1,661
98
\u2013
\u2013
\u2013
6,353
Total underlying customer contract revenue
8,957
4,522
4,271
3
12
\u2013
17,765
Other underlying revenue
1
83
\u2013
\u2013
\u2013
\u2013
\u2013
83
Total underlying revenue
2
9,040
4,522
4,271
3
12
\u2013
17,848
Year ended 31 December 2023
Original equipment recognised at a point in time
2,703
632
2,611
2
\u2013
\u2013
5,948
Original equipment recognised over time
\u2013
1,134
50
\u2013
12
\u2013
1,196
Aftermarket services recognised at a point in time
1,227
854
1,206
2
\u2013
\u2013
3,289
Aftermarket services recognised over time
3,335
1,457
101
\u2013
\u2013
\u2013
4,893
Total underlying customer contract revenue
7,265
4,077
3,968
4
12
\u2013
15,326
Other underlying revenue
1
83
\u2013
\u2013
\u2013
\u2013
\u2013
83
Total underlying revenue
2
7,348
4,077
3,968
4
12
\u2013
15,409
1 Includes leasing revenue 2 Includes \u00a3317m, of which \u00a3311m relates to Civil LTSA contracts, (2023: \u00a3(136)m, of which \u00a3(104)m relates to Civil LTSA contracts) of revenue recognised in the year relating to performance obligations satisfied in previous years
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange
statutory results
1
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Original equipment recognised at a point in time
6,541
384
6,925
Original equipment recognised over time
1,464
\u2013
1,464
Aftermarket services recognised at a point in time
3,407
163
3,570
Aftermarket services recognised over time
6,353
501
6,854
Total customer contract revenue
17,765
1,048
18,813
Other revenue
83
13
96
Total revenue
17,848
1,061
18,909
Year ended 31 December 2023
Original equipment recognised at a point in time
5,948
491
6,439
Original equipment recognised over time
1,196
\u2013
1,196
Aftermarket services recognised at a point in time
3,289
186
3,475
Aftermarket services recognised over time
4,893
382
5,275
Total customer contract revenue
15,326
1,059
16,385
Other revenue
83
18
101
Total revenue
15,409
1,077
16,486
1 During the year to 31 December 2024, revenue recognised within Civil Aerospace, Defence and Power Systems of \u00a31,915m (2023: \u00a31,766m) was received from a single customer Analysis by geographical destination The Group\u2019s revenue by destination of the ultimate operator is as follows:
2024 2023
\u00a3m \u00a3m
United Kingdom
2,642
2,230
Germany
1,048
1,035
Switzerland
440
379
France
332
351
Ireland
324
504
Italy
318
282
Turkey
307
399
Spain
282
290
Poland
141
50
Netherlands
130
149
Portugal
121
110
Norway
96
71
Belgium
78
27
Israel
73
51
Rest of Europe
239
180
Europe
6,571
6,108
United States
5,477
4,668
Canada
462
430
North America
5,939
5,098
South America
336
230
Central America
169
106
Saudi Arabia
428
394
United Arab Emirates
255
148
Qatar
196
128
Rest of Middle East
301
200
Middle East
1,180
870
China
1,400
1,263
Japan
634
586
Singapore
506
437
South Korea
359
303
Taiwan
211
113
India
147
221
Thailand
138
132
Philippines
130
121
Indonesia
125
129
Rest of Asia
243
166
Asia
3,893
3,471
Africa
406
313
Australasia
415
290
18,909
16,486
Order backlog
Contracted consideration, translated at the estimated long-term exchange rates, that is expected to be recognised as revenue when performance
obligations are satisfied in the future (referred to as order backlog) is as follows:
2024
2023
Within After Within After
five years five years Total five years five years Total
\u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn
Civil Aerospace
29.7
30.2
59.9
28\ufffd4
26\ufffd8
55\ufffd2
Defence
14.0
3.4
17.4
8\ufffd3
0\ufffd9
9\ufffd2
Power Systems
4.7
0.1
4.8
3\ufffd9
0\ufffd2
4\ufffd1
New Markets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other businesses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
48.4
33.7
82.1
40\ufffd6
27.9
68\ufffd5
The parties to these contracts have approved the contract and customers do not have a unilateral enforceable right to terminate the contract
without compensation. The Group excludes Civil Aerospace OE orders (for deliveries beyond the next seven to 12 months) that customers have
placed where they retain a right to cancel. The Group\u2019s expectation based on historical experience is that these orders will be fulfilled. The main
reason for the increase in the order backlog within Defence is the signature of a multi-year Submarines contract with the MoD. This contract
(Unity) encompasses: research and technology, design, manufacture and in-service support of the nuclear reactors that power the Royal Navy\u2019s
fleet of submarines. Within the five years category, contracted revenue in Defence will largely be recognised in the next three years and Power
Systems will be recognised over the next two years as it is a short cycle business.
Underlying adjustments
2024
2023
Profit before Net Profit before Net
Revenue financing financing Taxation Revenue financing financing Taxation
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying performance
17,848
2,464
(171)
(282)
15,409
1,590
(328)
(120)
Impact of foreign exchange differences as a
result of hedging activities on trading
transactions
1
A
1,061
197
190
(97)
1,077
469
394
(210)
Unrealised fair value changes on derivative
contracts held for trading
2
A
\u2013
(6)
(649)
164
\u2013
6
514
(130)
Unrealised fair value changes on derivative
contracts held for financing
3
A
\u2013
\u2013
40
(10)
\u2013
\u2013
7
(2)
Exceptional programme credits/(charges)
4
B
\u2013
\u2013
\u2013
\u2013
\u2013
21
\u2013
(5)
Exceptional transformation and restructuring
(charges)/credits
5
B
\u2013
(234)
(11)
65
\u2013
(102)
\u2013
25
Impairment reversals
6
C
\u2013
547
\u2013
(157)
\u2013
8
\u2013
(2)
Effect of acquisition accounting
7
C
\u2013
(45)
\u2013
11
\u2013
(50)
\u2013
12
Other
8
D
\u2013
(17)
(87)
27
\u2013
2
(105)
24
Gains arising on the disposals of businesses
C
\u2013
16
\u2013
(6)
\u2013
1
\u2013
\u2013
Impact of tax rate change
9
D
\u2013
\u2013
\u2013
10
\u2013
\u2013
\u2013
\u2013
Recognition of deferred tax assets
10
D
\u2013
\u2013
\u2013
525
\u2013
\u2013
\u2013
385
Total underlying adjustments
1,061
458
(517)
532
1,077
355
810
97
Statutory performance per consolidated
income statement
18,909
2,922
(688)
250
16,486
1,945
482
(23)
A \u2013 FX, B \u2013 Exceptional, C \u2013 M&A and impairment, D \u2013 Other
1 The impact of measuring revenues and costs at the average exchange rate during the year and the impact of valuation of assets and liabilities using the year end exchange rate rather than
the achieved rate or the exchange rate that is expected to be achieved by the use of the hedge book increased statutory revenues by \u00a31,061m (2023: \u00a31,077m) and increased profit before
financing and taxation by \u00a3197m (2023: \u00a3469m). Underlying financing excludes the impact of revaluing monetary assets and liabilities at the year end exchange rate
2 The underlying results exclude the fair value changes on derivative contracts held for trading. These fair value changes are subsequently recognised in the underlying results when the
contracts are settled
3 Includes net fair value gain of \u00a340m (2023: \u00a31m) on any interest rate swaps not designated into hedging relationships for accounting purposes
4 During the year to 31 December 2024, \u00a3nil (2023: \u00a321m) of Trent 1000 wastage costs provision previously recognised in respect of estimated costs to settle obligations have been reversed
to reflect the current status of claims in respect of the Trent 1000 technical issues which were identified in 2019
5 In 2023, the Group announced a major multi-year transformation programme consisting of seven workstreams (set out in the 2022 Annual Report). During the year to 31 December 2024,
the Group incurred charges of \u00a3234m related to this programme (2023: \u00a388m). The charges comprise of \u00a368m related to severance costs, \u00a337m for advisory fees and transformation office
costs and \u00a3129m related to impairments, write-offs and closure costs (including those related to the closure of advanced air mobility activities). In the year to 31 December 2024, the Group
incurred \u00a3nil charge (2023: \u00a314m) related to initiatives to enable restructuring under a previous programme
6 The Group has assessed the carrying value of its assets and reviewed for potential impairment and impairment reversal triggers. As a result, there has been an impairment reversal of an
intangible asset of \u00a3413m, a contract asset of \u00a3132m in relation to Civil Aerospace programme assets and \u00a32m of other impairment reversals during the year. Details on other impairments
and impairment reversals are provided in notes 9 and 15
7 The effect of acquisition accounting includes the amortisation of intangible assets arising on previous acquisitions
8 Includes interest received of \u00a378m (2023: \u00a383m) on interest rate swaps which are not designated into hedge relationships for statutory purposes from interest payable on an underlying
basis to fair value movement and \u00a314m (2023: \u00a32m) of past-service credit on defined benefit schemes
9 Represents the impact to the income statement of the reduction in the tax rate on authorised surplus pension charges from 35% to 25%
10 The 2024 balance of \u00a3525m represents the recognition of a deferred tax asset relating to non-underlying UK tax losses. The 2023 balance represents the recognition of deferred tax asset
relating to non-underlying UK tax losses of \u00a3328m and foreign exchange derivatives of \u00a357m. Further details are provided in note 5
Balance sheet analysis
Total
Civil Power New reportable
Aerospace Defence Systems Markets segments
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Segment assets
19,303
3,495
3,998
111
26,907
Interests in joint ventures and associates
550
9
33
\u2013
592
Segment liabilities
(26,621)
(3,322)
(1,969)
(135)
(32,047)
Net (liabilities)/assets
(6,768)
182
2,062
(24)
(4,548)
Investment in intangible assets, property, plant and equipment, right-of-use
assets and joint ventures and associates
650
164
198
13
1,025
Depreciation, amortisation and impairment
210
85
199
55
549
At 31 December 2023
Segment assets
17,718
3,517
3,814
115
25,164
Interests in joint ventures and associates
444
7
28
\u2013
479
Segment liabilities
(24,447)
(3,376)
(1,765)
(88)
(29,676)
Net (liabilities)/assets
(6,285)
148
2,077
27
(4,033)
Investment in intangible assets, property, plant and equipment, right-of-use
assets and joint ventures and associates
562
176
160
17
915
Depreciation, amortisation and impairment
719
105
194
9
1,027
Reconciliation to the balance sheet
2024 2023
\u00a3m \u00a3m
Total reportable segment assets (excluding held for sale)
26,907
25,164
Other businesses
11
8
Corporate and Inter-segment
(2,227)
(2,010)
Interests in joint ventures and associates
592
479
Assets held for sale
153
109
Cash and cash equivalents and short-term investments
5,575
3,784
Fair value of swaps hedging fixed rate borrowings
154
118
Deferred and income tax assets
3,731
3,078
Post-retirement scheme surpluses
790
782
Total assets
35,686
31,512
Total reportable segment liabilities (excluding held for sale)
(32,047)
(29,676)
Other businesses
(65)
(58)
Corporate and Inter-segment
2,227
2,010
Liabilities associated with assets held for sale
(100)
(55)
Borrowings and lease liabilities
(5,132)
(5,759)
Fair value of swaps hedging fixed rate borrowings
(121)
(95)
Deferred and income tax liabilities
(348)
(473)
Post-retirement scheme deficits
(981)
(1,035)
Total liabilities
(36,567)
(35,141)
Net liabilities
(881)
(3,629)
The carrying amounts of the Group\u2019s non-current assets including investments but excluding financial instruments, deferred tax assets and
post-retirement scheme surpluses/(deficits), by the geographical area in which the assets are located, are as follows:
2024 2023
\u00a3m \u00a3m
United Kingdom
4,968
4,981
Germany
2,326
2,052
United States
1,481
1,414
Other
709
705
9,484
9,152
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "The Group\u2019s four divisions are set out below. Civil Aerospace development, manufacture, marketing and sales of commercial aero engines and aftermarket services Defence development, manufacture, marketing and sales of military aero engines, naval engines, submarine nuclear power plants and aftermarket services Power Systems development, manufacture, marketing and sales of integrated solutions for onsite power and propulsion New Markets development, manufacture and sales of small modular reactors (SMRs) and new electrical power solutions Other businesses include the trading results of the UK Civil Nuclear business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-719": { "value": "
Other items
The financing component of the defined benefit pension scheme cost is determined by market conditions and has therefore been included as
a reconciling difference between underlying and statutory performance.
The tax effects of adjustments above are excluded from the underlying tax charge. Changes in tax rates are excluded from the underlying tax
charge. In addition, changes in the amount of recoverable deferred tax recognised are excluded from the underlying results to the extent that
their recognition or derecognition was not originally recorded within the underlying results.
The following analysis sets out the results of the Group\u2019s divisions on the basis described above and also includes a reconciliation of the
underlying results to those reported in the consolidated income statement.
Corporate
Civil Power New Other and Inter- Total
Aerospace Defence Systems Markets businesses
segment
1
Underlying
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Underlying revenue from sale of original equipment
3,105
1,943
2,942
3
12
\u2013
8,005
Underlying revenue from aftermarket services
5,935
2,579
1,329
\u2013
\u2013
\u2013
9,843
Total underlying revenue
9,040
4,522
4,271
3
12
\u2013
17,848
Gross profit/(loss)
1,990
908
1,199
(4)
1
(3)
4,091
Commercial and administrative costs
(396)
(212)
(483)
(40)
(1)
(65)
(1,197)
Research and development costs
(252)
(55)
(165)
(133)
\u2013
\u2013
(605)
Share of results of joint ventures and associates
163
3
9
\u2013
\u2013
\u2013
175
Underlying operating profit/(loss)
1,505
644
560
(177)
\u2013
(68)
2,464
Year ended 31 December 2023
Underlying revenue from sale of original equipment
2,703
1,766
2,661
2
12
\u2013
7,144
Underlying revenue from aftermarket services
4,645
2,311
1,307
2
\u2013
\u2013
8,265
Total underlying revenue
7,348
4,077
3,968
4
12
\u2013
15,409
Gross profit/(loss)
1,394
804
1,050
1
(15)
(3)
3,231
Commercial and administrative costs
(354)
(173)
(456)
(24)
\u2013
(57)
(1,064)
Research and development costs
(343)
(72)
(187)
(137)
\u2013
\u2013
(739)
Share of results of joint ventures and associates
153
3
6
\u2013
\u2013
\u2013
162
Underlying operating profit/(loss)
850
562
413
(160)
(15)
(60)
1,590
1 Corporate and Inter-segment consists of costs that are not attributable to a specific segment and consolidation adjustments
Reconciliation to statutory results
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange statutory results
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Revenue from sale of original equipment
8,005
384
8,389
Revenue from aftermarket services
9,843
677
10,520
Total revenue
17,848
1,061
18,909
Gross profit
4,091
130
4,221
Commercial and administrative costs
(1,197)
(87)
(1,284)
Research and development costs
(605)
402
(203)
Share of results of joint ventures and associates
175
(3)
172
Operating profit
2,464
442
2,906
Gain arising on the disposal of businesses
\u2013
16
16
Profit before financing and taxation
2,464
458
2,922
Net financing
(171)
(517)
(688)
Profit/(loss) before taxation
2,293
(59)
2,234
Taxation
(282)
532
250
Profit for the year
2,011
473
2,484
Attributable to:
Ordinary shareholders
2,048
473
2,521
NCI
(37)
\u2013
(37)
Year ended 31 December 2023
Revenue from sale of original equipment
7,144
491
7,635
Revenue from aftermarket services
8,265
586
8,851
Total revenue
15,409
1,077
16,486
Gross profit
3,231
389
3,620
Commercial and administrative costs
(1,064)
(46)
(1,110)
Research and development costs
(739)
\u2013
(739)
Share of results of joint ventures and associates
162
11
173
Operating profit
1,590
354
1,944
Gain arising on the disposal of businesses
\u2013
1
1
Profit before financing and taxation
1,590
355
1,945
Net financing
(328)
810
482
Profit before taxation
1,262
1,165
2,427
Taxation
(120)
97
(23)
Profit for the year
1,142
1,262
2,404
Attributable to:
Ordinary shareholders
1,150
1,262
2,412
NCI
(8)
\u2013
(8)
Disaggregation of revenue from contracts with customers
Analysis by type and basis of recognition
Corporate
Civil Power New Other and Inter- Total
Aerospace Defence Systems Markets businesses segment Underlying
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Original equipment recognised at a point in time
3,105
562
2,871
3
\u2013
\u2013
6,541
Original equipment recognised over time
\u2013
1,381
71
\u2013
12
\u2013
1,464
Aftermarket services recognised at a point in time
1,258
918
1,231
\u2013
\u2013
\u2013
3,407
Aftermarket services recognised over time
4,594
1,661
98
\u2013
\u2013
\u2013
6,353
Total underlying customer contract revenue
8,957
4,522
4,271
3
12
\u2013
17,765
Other underlying revenue
1
83
\u2013
\u2013
\u2013
\u2013
\u2013
83
Total underlying revenue
2
9,040
4,522
4,271
3
12
\u2013
17,848
Year ended 31 December 2023
Original equipment recognised at a point in time
2,703
632
2,611
2
\u2013
\u2013
5,948
Original equipment recognised over time
\u2013
1,134
50
\u2013
12
\u2013
1,196
Aftermarket services recognised at a point in time
1,227
854
1,206
2
\u2013
\u2013
3,289
Aftermarket services recognised over time
3,335
1,457
101
\u2013
\u2013
\u2013
4,893
Total underlying customer contract revenue
7,265
4,077
3,968
4
12
\u2013
15,326
Other underlying revenue
1
83
\u2013
\u2013
\u2013
\u2013
\u2013
83
Total underlying revenue
2
7,348
4,077
3,968
4
12
\u2013
15,409
1 Includes leasing revenue
2 Includes \u00a3317m, of which \u00a3311m relates to Civil LTSA contracts, (2023: \u00a3(136)m, of which \u00a3(104)m relates to Civil LTSA contracts) of revenue recognised in the year relating to performance
obligations satisfied in previous years
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange
statutory results
1
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Original equipment recognised at a point in time
6,541
384
6,925
Original equipment recognised over time
1,464
\u2013
1,464
Aftermarket services recognised at a point in time
3,407
163
3,570
Aftermarket services recognised over time
6,353
501
6,854
Total customer contract revenue
17,765
1,048
18,813
Other revenue
83
13
96
Total revenue
17,848
1,061
18,909
Year ended 31 December 2023
Original equipment recognised at a point in time
5,948
491
6,439
Original equipment recognised over time
1,196
\u2013
1,196
Aftermarket services recognised at a point in time
3,289
186
3,475
Aftermarket services recognised over time
4,893
382
5,275
Total customer contract revenue
15,326
1,059
16,385
Other revenue
83
18
101
Total revenue
15,409
1,077
16,486
1 During the year to 31 December 2024, revenue recognised within Civil Aerospace, Defence and Power Systems of \u00a31,915m (2023: \u00a31,766m) was received from a single customer
Analysis by geographical destination
The Group\u2019s revenue by destination of the ultimate operator is as follows:
2024 2023
\u00a3m \u00a3m
United Kingdom
2,642
2,230
Germany
1,048
1,035
Switzerland
440
379
France
332
351
Ireland
324
504
Italy
318
282
Turkey
307
399
Spain
282
290
Poland
141
50
Netherlands
130
149
Portugal
121
110
Norway
96
71
Belgium
78
27
Israel
73
51
Rest of Europe
239
180
Europe
6,571
6,108
United States
5,477
4,668
Canada
462
430
North America
5,939
5,098
South America
336
230
Central America
169
106
Saudi Arabia
428
394
United Arab Emirates
255
148
Qatar
196
128
Rest of Middle East
301
200
Middle East
1,180
870
China
1,400
1,263
Japan
634
586
Singapore
506
437
South Korea
359
303
Taiwan
211
113
India
147
221
Thailand
138
132
Philippines
130
121
Indonesia
125
129
Rest of Asia
243
166
Asia
3,893
3,471
Africa
406
313
Australasia
415
290
18,909
16,486
Order backlog Contracted consideration, translated at the estimated long-term exchange rates, that is expected to be recognised as revenue when performance obligations are satisfied in the future (referred to as order backlog) is as follows:
2024
2023
Within After Within After
five years five years Total five years five years Total
\u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn
Civil Aerospace
29.7
30.2
59.9
28\ufffd4
26\ufffd8
55\ufffd2
Defence
14.0
3.4
17.4
8\ufffd3
0\ufffd9
9\ufffd2
Power Systems
4.7
0.1
4.8
3\ufffd9
0\ufffd2
4\ufffd1
New Markets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other businesses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
48.4
33.7
82.1
40\ufffd6
27.9
68\ufffd5
The parties to these contracts have approved the contract and customers do not have a unilateral enforceable right to terminate the contract without compensation. The Group excludes Civil Aerospace OE orders (for deliveries beyond the next seven to 12 months) that customers have placed where they retain a right to cancel. The Group\u2019s expectation based on historical experience is that these orders will be fulfilled. The main reason for the increase in the order backlog within Defence is the signature of a multi-year Submarines contract with the MoD. This contract (Unity) encompasses: research and technology, design, manufacture and in-service support of the nuclear reactors that power the Royal Navy\u2019s fleet of submarines. Within the five years category, contracted revenue in Defence will largely be recognised in the next three years and Power Systems will be recognised over the next two years as it is a short cycle business. Underlying adjustments
2024
2023
Profit before Net Profit before Net
Revenue financing financing Taxation Revenue financing financing Taxation
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying performance
17,848
2,464
(171)
(282)
15,409
1,590
(328)
(120)
Impact of foreign exchange differences as a
result of hedging activities on trading
transactions
1
A
1,061
197
190
(97)
1,077
469
394
(210)
Unrealised fair value changes on derivative
contracts held for trading
2
A
\u2013
(6)
(649)
164
\u2013
6
514
(130)
Unrealised fair value changes on derivative
contracts held for financing
3
A
\u2013
\u2013
40
(10)
\u2013
\u2013
7
(2)
Exceptional programme credits/(charges)
4
B
\u2013
\u2013
\u2013
\u2013
\u2013
21
\u2013
(5)
Exceptional transformation and restructuring
(charges)/credits
5
B
\u2013
(234)
(11)
65
\u2013
(102)
\u2013
25
Impairment reversals
6
C
\u2013
547
\u2013
(157)
\u2013
8
\u2013
(2)
Effect of acquisition accounting
7
C
\u2013
(45)
\u2013
11
\u2013
(50)
\u2013
12
Other
8
D
\u2013
(17)
(87)
27
\u2013
2
(105)
24
Gains arising on the disposals of businesses
C
\u2013
16
\u2013
(6)
\u2013
1
\u2013
\u2013
Impact of tax rate change
9
D
\u2013
\u2013
\u2013
10
\u2013
\u2013
\u2013
\u2013
Recognition of deferred tax assets
10
D
\u2013
\u2013
\u2013
525
\u2013
\u2013
\u2013
385
Total underlying adjustments
1,061
458
(517)
532
1,077
355
810
97
Statutory performance per consolidated
income statement
18,909
2,922
(688)
250
16,486
1,945
482
(23)
A \u2013 FX, B \u2013 Exceptional, C \u2013 M&A and impairment, D \u2013 Other 1 The impact of measuring revenues and costs at the average exchange rate during the year and the impact of valuation of assets and liabilities using the year end exchange rate rather than the achieved rate or the exchange rate that is expected to be achieved by the use of the hedge book increased statutory revenues by \u00a31,061m (2023: \u00a31,077m) and increased profit before financing and taxation by \u00a3197m (2023: \u00a3469m). Underlying financing excludes the impact of revaluing monetary assets and liabilities at the year end exchange rate 2 The underlying results exclude the fair value changes on derivative contracts held for trading. These fair value changes are subsequently recognised in the underlying results when the contracts are settled 3 Includes net fair value gain of \u00a340m (2023: \u00a31m) on any interest rate swaps not designated into hedging relationships for accounting purposes 4 During the year to 31 December 2024, \u00a3nil (2023: \u00a321m) of Trent 1000 wastage costs provision previously recognised in respect of estimated costs to settle obligations have been reversed to reflect the current status of claims in respect of the Trent 1000 technical issues which were identified in 2019 5 In 2023, the Group announced a major multi-year transformation programme consisting of seven workstreams (set out in the 2022 Annual Report). During the year to 31 December 2024, the Group incurred charges of \u00a3234m related to this programme (2023: \u00a388m). The charges comprise of \u00a368m related to severance costs, \u00a337m for advisory fees and transformation office costs and \u00a3129m related to impairments, write-offs and closure costs (including those related to the closure of advanced air mobility activities). In the year to 31 December 2024, the Group incurred \u00a3nil charge (2023: \u00a314m) related to initiatives to enable restructuring under a previous programme 6 The Group has assessed the carrying value of its assets and reviewed for potential impairment and impairment reversal triggers. As a result, there has been an impairment reversal of an intangible asset of \u00a3413m, a contract asset of \u00a3132m in relation to Civil Aerospace programme assets and \u00a32m of other impairment reversals during the year. Details on other impairments and impairment reversals are provided in notes 9 and 15 7 The effect of acquisition accounting includes the amortisation of intangible assets arising on previous acquisitions 8 Includes interest received of \u00a378m (2023: \u00a383m) on interest rate swaps which are not designated into hedge relationships for statutory purposes from interest payable on an underlying basis to fair value movement and \u00a314m (2023: \u00a32m) of past-service credit on defined benefit schemes 9 Represents the impact to the income statement of the reduction in the tax rate on authorised surplus pension charges from 35% to 25% 10 The 2024 balance of \u00a3525m represents the recognition of a deferred tax asset relating to non-underlying UK tax losses. The 2023 balance represents the recognition of deferred tax asset relating to non-underlying UK tax losses of \u00a3328m and foreign exchange derivatives of \u00a357m. Further details are provided in note 5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-783": { "value": "Other items The financing component of the defined benefit pension scheme cost is determined by market conditions and has therefore been included as a reconciling difference between underlying and statutory performance. The tax effects of adjustments above are excluded from the underlying tax charge. Changes in tax rates are excluded from the underlying tax charge. In addition, changes in the amount of recoverable deferred tax recognised are excluded from the underlying results to the extent that their recognition or derecognition was not originally recorded within the underlying results. The following analysis sets out the results of the Group\u2019s divisions on the basis described above and also includes a reconciliation of the underlying results to those reported in the consolidated income statement.
Corporate
Civil Power New Other and Inter- Total
Aerospace Defence Systems Markets businesses
segment
1
Underlying
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Underlying revenue from sale of original equipment
3,105
1,943
2,942
3
12
\u2013
8,005
Underlying revenue from aftermarket services
5,935
2,579
1,329
\u2013
\u2013
\u2013
9,843
Total underlying revenue
9,040
4,522
4,271
3
12
\u2013
17,848
Gross profit/(loss)
1,990
908
1,199
(4)
1
(3)
4,091
Commercial and administrative costs
(396)
(212)
(483)
(40)
(1)
(65)
(1,197)
Research and development costs
(252)
(55)
(165)
(133)
\u2013
\u2013
(605)
Share of results of joint ventures and associates
163
3
9
\u2013
\u2013
\u2013
175
Underlying operating profit/(loss)
1,505
644
560
(177)
\u2013
(68)
2,464
Year ended 31 December 2023
Underlying revenue from sale of original equipment
2,703
1,766
2,661
2
12
\u2013
7,144
Underlying revenue from aftermarket services
4,645
2,311
1,307
2
\u2013
\u2013
8,265
Total underlying revenue
7,348
4,077
3,968
4
12
\u2013
15,409
Gross profit/(loss)
1,394
804
1,050
1
(15)
(3)
3,231
Commercial and administrative costs
(354)
(173)
(456)
(24)
\u2013
(57)
(1,064)
Research and development costs
(343)
(72)
(187)
(137)
\u2013
\u2013
(739)
Share of results of joint ventures and associates
153
3
6
\u2013
\u2013
\u2013
162
Underlying operating profit/(loss)
850
562
413
(160)
(15)
(60)
1,590
1 Corporate and Inter-segment consists of costs that are not attributable to a specific segment and consolidation adjustments Reconciliation to statutory results
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange statutory results
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Revenue from sale of original equipment
8,005
384
8,389
Revenue from aftermarket services
9,843
677
10,520
Total revenue
17,848
1,061
18,909
Gross profit
4,091
130
4,221
Commercial and administrative costs
(1,197)
(87)
(1,284)
Research and development costs
(605)
402
(203)
Share of results of joint ventures and associates
175
(3)
172
Operating profit
2,464
442
2,906
Gain arising on the disposal of businesses
\u2013
16
16
Profit before financing and taxation
2,464
458
2,922
Net financing
(171)
(517)
(688)
Profit/(loss) before taxation
2,293
(59)
2,234
Taxation
(282)
532
250
Profit for the year
2,011
473
2,484
Attributable to:
Ordinary shareholders
2,048
473
2,521
NCI
(37)
\u2013
(37)
Year ended 31 December 2023
Revenue from sale of original equipment
7,144
491
7,635
Revenue from aftermarket services
8,265
586
8,851
Total revenue
15,409
1,077
16,486
Gross profit
3,231
389
3,620
Commercial and administrative costs
(1,064)
(46)
(1,110)
Research and development costs
(739)
\u2013
(739)
Share of results of joint ventures and associates
162
11
173
Operating profit
1,590
354
1,944
Gain arising on the disposal of businesses
\u2013
1
1
Profit before financing and taxation
1,590
355
1,945
Net financing
(328)
810
482
Profit before taxation
1,262
1,165
2,427
Taxation
(120)
97
(23)
Profit for the year
1,142
1,262
2,404
Attributable to:
Ordinary shareholders
1,150
1,262
2,412
NCI
(8)
\u2013
(8)
3 Research and development
2024 2023
\u00a3m \u00a3m
Gross research and development expenditure
(1,475)
(1,390)
Contributions and fees
1
700
548
Net expenditure in the year
(775)
(842)
Capitalised as intangible assets
263
192
Amortisation and impairment of capitalised costs
2, 3
309
(89)
Net amount recognised in the income statement
(203)
(739)
Underlying adjustments
3
(402)
\u2013
Net underlying cost recognised in the income statement
(605)
(739)
1 Includes \u00a3667m (2023: \u00a3531m) of government funding 2 See note 9 for analysis of amortisation and impairment 3 Underlying adjustments include impact of acquisition accounting, foreign exchange and an impairment reversal of \u00a3413m (2023: \u00a3nil). See note 2 and note 9 for more information 7 Auditors\u2019 remuneration
2024 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual Financial Statements
3.9
3\ufffd6
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries
pursuant to legislation
8.6
8\ufffd6
Total fees payable for audit services
12.5
12\ufffd2
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit related assurance services
1
0.7
0.7
Other assurance services
2
0.1
0\ufffd2
Total fees payable to the Company\u2019s auditor and its associates
3
13.3
13\ufffd1
Fees payable in respect of the Group\u2019s pension schemes:
Audit
0.1
0\ufffd1
1 This includes \u00a30.7m (2023: \u00a30.7m) for the review of the half-year report 2 This includes \u00a30.1m (2023: \u00a30.1m) in respect of agreed upon procedures in respect of levies payable and \u00a3nil for sustainability assurance work (2023: \u00a30.1m) 3 Audit fees for overseas entities are reported at the average exchange rate for the year 8 Employee information
2024 2023
Number
1
Number
1
United Kingdom
21,900
20,900
Germany
10,000
10,000
United States
5,300
5,300
Italy
900
900
Singapore
700
700
Canada
700
700
India
600
600
China
500
600
Israel
300
200
France
200
200
Rest of world
1,300
1,300
Monthly average number of employees
42,400
41,400
Civil Aerospace
18,700
18,300
Defence
12,500
12,000
Power Systems
9,900
9,800
New Markets
1,200
1,200
Corporate
2
100
100
Monthly average number of employees
42,400
41,400
2024 2023
Total Total
\u00a3m \u00a3m
Wages, salaries and benefits
3,056
2,940
Social security costs
369
416
Share-based payments (note 24)
136
66
Pensions and other post-retirement scheme benefits (note 22)
387
346
Group employment costs
3
3,948
3,768
1 Employee numbers have been rounded to the nearest thousand 2 Corporate consists of employees who do not provide a shared service to the segments. Where corporate functions provide such a service, employees have been allocated to the segments on an appropriate basis 3 Remuneration of key management personnel is shown in note 26 21 Provisions for liabilities and charges
Charged to At
At 1 January income Transfers to Exchange 31 December
2024
statement
1
Reversed Utilised held for sale differences 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Onerous contracts
1,472
558
(374)
(218)
(3)
(2)
1,433
Warranty and guarantees
306
158
(13)
(87)
\u2013
(10)
354
Trent 1000 wastage costs
116
2
\u2013
(82)
\u2013
\u2013
36
Employer liability claims
24
5
(1)
(2)
\u2013
(1)
25
Transformation and restructuring
9
101
(12)
(35)
\u2013
(1)
62
Tax related interest and penalties
22
3
(5)
(4)
\u2013
\u2013
16
Claims and litigation
43
1
(16)
(3)
\u2013
\u2013
25
Other
37
22
(2)
(13)
\u2013
(1)
43
2,029
850
(423)
(444)
(3)
(15)
1,994
Current liabilities
532
589
Non-current liabilities
1,497
1,405
1 The charge to the income statement within net financing includes \u00a347m (2023: \u00a359m) as a result of the unwinding of the discounting of provisions previously recognised Onerous contracts Onerous contract provisions are recorded when the direct costs to fulfil a contract are assessed as being greater than the expected recoverable amount. Onerous contract provisions are measured on a fully costed basis and during the year \u00a3218m (2023: \u00a3185m) of the provisions have been utilised. Additional contract losses for the Group of \u00a3558m (2023: \u00a3500m) have been recognised. These are mainly a result of increases in the estimate of future LTSA costs due to prolonged supply chain challenges, inflationary cost increases and implementing required product modifications that could cause some disruption to the throughput of engine overhauls. Contract losses of \u00a3374m (2023: \u00a3433m) previously recognised have been reversed following improvements to the forecast revenue, cost estimates and time on wing across various engine programmes as a result of operational improvements, contractual renegotiations and extensions. The Group continues to monitor the onerous contract provision for changes in the market and revises the provision as required. The value of the remaining onerous contract provisions reflect, in each case, the single most likely outcome. The provisions are expected to be utilised over the term of the customer contracts, typically within eight to 16 years. IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires a company to recognise any impairment loss that has occurred on assets used in fulfilling the contract before recognising a separate provision for an onerous contract. No impairments were required for any of the assets solely used in the fulfilment of onerous contracts. The Trent 1000 intangible assets (certification costs and development costs) and Trent 1000 spare engines (right of use and owned) are tested for impairment as part of the Trent 1000 Cash generating unit (CGU) and no impairment was required. Warranty and guarantees Provisions for warranty and guarantees relate to products sold and are calculated based on an assessment of the remediation costs related to future claims based on past experience. The provision generally covers a period of up to three years. Trent 1000 wastage costs In November 2019, the Group announced the outcome of testing and a thorough technical and financial review of the Trent 1000 TEN programme, following technical issues which were identified in 2019, resulting in a revised timeline and a more conservative estimate of durability for the improved HP turbine blade for the TEN variant. During the year, the Group has utilised \u00a382m (2023: \u00a379m) of the Trent 1000 wastage costs provision. This represents customer disruption costs and remediation shop visit costs. During the year, a net charge to the provision of \u00a32m (2023: \u00a316m) has been recognised reflecting the discount unwind. The value of the remaining provision reflects the single most likely outcome and is expected to be utilised in 2025. Employer liability claims The provision relating to employer healthcare liability claims is as a result of an historical insolvency of the previous provider and is expected to be utilised over the next 30 years. Transformation and restructuring In 2023, the Group announced a major multi-year transformation programme consisting of seven workstreams, set out in the 2022 Annual Report. During the year, the Group made progress against those workstreams and as a result of the details communicated, a provision of \u00a3101m (2023: \u00a32m) has been recorded and recognised in cost of sales and commercial and administration costs. During the year \u00a335m (2023: \u00a32m) was utilised and \u00a312m reversed (2023: nil) as part of these plans and a further \u00a32m (2023: \u00a34m) has been charged directly to the income statement. The remaining provision is expected to be utilised by 31 December 2025. Tax related interest and penalties Provisions for tax related interest and penalties relate to uncertain tax positions in some of the jurisdictions in which the Group operates. Utilisation of the provisions will depend on the timing of resolution of the issues with the relevant tax authorities. Claims and litigation Provisions for claims and litigation represent ongoing matters where the outcome for the Group may be unfavourable. The balance also includes the best estimate of any retained exposure by the Group\u2019s captive insurance company for any claims that have been incurred but not yet reported to the Group, as that entity retains a portion of the exposures it insures on behalf of the remainder of the Group. Such exposures include policies for aviation claims, employer liabilities and healthcare claims. Significant delays can occur in the notification and settlement of claims, and judgement is involved in assessing outstanding liabilities, the ultimate cost and timing of which cannot be known with certainty at the balance sheet date. The insurance provisions are based on information currently available, however, it is inherent in the nature of the business that ultimate liabilities may vary if the frequency or severity of claims differs from estimated. Other Other items are individually immaterial. The value of any remaining provisions reflects the single most likely outcome in each case. 22 Post-retirement benefits The Group operates a number of defined benefit and defined contribution schemes: \u2014 The UK defined benefit scheme is funded, with the assets held in a separate UK trust. The scheme closed to future accrual on 31 December 2020 for all active members and there are no new defined benefit accruals in the UK scheme. As at 31 December 2024, the scheme was estimated to be funded at 119% on the Technical Provisions basis. \u2014 The Group also operates a large trust-based defined contribution scheme for current employees in the UK (Rolls-Royce Retirement Savings Trust). Pension contributions are generally paid as a salary sacrifice under which employees agree to a reduction in gross contractual pay in return for the Group making additional pension contributions on their behalf. As a result, there is a decrease in wages and salaries and a corresponding increase in pension costs of \u00a388m (2023: \u00a372m) in the year. \u2014 Overseas defined benefit schemes are a mixture of funded and unfunded plans and provide benefits in line with local practice. Additionally, in the US, and to a lesser extent in some other countries, the Group\u2019s employment practices include the provision of healthcare and life insurance benefits for retired employees. These healthcare schemes are unfunded. The valuations of the defined benefit schemes are based on the results of the most recent funding valuation from 31 March 2023, where relevant, updated by the scheme actuaries to 31 December 2024. Other Virgin Media The Group is aware of a UK High Court legal ruling that took place in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited, which decided that certain historic rule amendments were invalid if they were not accompanied by actuarial certifications. The ruling was subject to an appeal with a judgment delivered on 25 July 2024. The Court of Appeal unanimously upheld the decision of the High Court and concluded that the pre-April 2013 conditions applied to amendments to both future and past service. Whilst this ruling was in respect of another scheme, this judgment will need to be reviewed for its relevance to the RRUKPF scheme, and other UK schemes. A high-level review has been undertaken of the UK Schemes which concluded that there is a very low risk of any historic plan amendments being found to be invalid. The Company\u2019s pension advisers have not completed detailed numerical analysis and no adjustments have been made to the Consolidated Financial Statements at 31 December 2024. There is a separate legal case which is due to be taken to the High Court in early 2025, this is expected to provide further clarification on several outstanding points of detail relevant to this case. Barber adjustment In 2018, an estimated cost of equalising normal retirement ages between men and women arising from the Barber judgement in 1990 was recognised. While the Rolls-Royce schemes were equalised under these principles in the period after the original Barber ruling, further work has been carried out by the pension scheme administrators and the Scheme Actuary in 2024 to review all relevant data points and make further changes to member records and required payments. This work has resulted in a past service charge of \u00a314m being recognised in the income statement of the Consolidated Financial Statements at 31 December 2024. Amounts recognised in the income statement
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined benefit schemes:
Current service cost and administrative expenses
5
37
42
8
35
43
Past-service cost/(credit) and settlement loss
14
\u2013
14
\u2013
(2)
(2)
19
37
56
8
33
41
Defined contribution schemes
228
101
329
195
98
293
Operating cost
247
138
385
203
131
334
Net financing (credit)/charge in respect of defined benefit schemes
(35)
37
2
(29)
41
12
Total income statement charge
212
175
387
174
172
346
The operating cost is charged as follows:
Defined benefit
Defined contribution
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of sales
30
33
227
211
257
244
Commercial and administrative costs
20
2
51
41
71
43
Research and development costs
6
6
51
41
57
47
56
41
329
293
385
334
Net financing comprises:
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing on scheme obligations
200
61
261
218
66
284
Financing on scheme assets
(235)
(24)
(259)
(247)
(25)
(272)
Net financing (income)/charge in respect of defined benefit schemes
(35)
37
2
(29)
41
12
Financing income on scheme surpluses
(35)
(2)
(37)
(29)
(1)
(30)
Financing cost on scheme deficits
\u2013
39
39
\u2013
42
42
Amounts recognised in OCI in respect of defined benefit schemes
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actuarial gains and losses arising from:
Demographic assumptions
1
19
(10)
9
180
\u2013
180
Financial assumptions
2
617
56
673
(132)
(63)
(195)
Experience adjustments
3
(8)
(14)
(22)
116
1
117
Return on scheme assets excluding financing income
2
(633)
(5)
(638)
(12)
26
14
(5)
27
22
152
(36)
116
1 For the UK Scheme, this reflects latest available CMI mortality projections and an update of the post-retirement mortality assumptions based on an analysis prepared for the 31 March 2023 funding valuation 2 Actuarial gains and losses arising from financial assumptions arise primarily due to changes in discount rate and inflation 3 This reflects an experience gain as a result of allowance for updated membership data following the valuation during the year offset by realised inflation being higher than expected in the period Changes in present value of defined benefit obligations 2024 2023 UK Overseas UK Overseas schemes schemes Total schemes schemes Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January (4,537) (1,540) (6,077) (4,621) (1,507) (6,128) Exchange differences \u2013 38 38 \u2013 54 54 Current service cost \u2013 (37) (37) (4) (33) (37) Past-service cost (14) \u2013 (14) \u2013 2 2 Finance cost (200) (61) (261) (218) (66) (284) Contributions by employees \u2013 (13) (13) \u2013 (9) (9) Benefits paid out 165 80 245 142 80 222 Actuarial gains/(losses) 628 32 660 164 (61) 103 Transfers \u2013 \u2013 \u2013 \u2013 (2) (2) Transferred to held for sale \u2013 \u2013 \u2013 \u2013 2 2 At 31 December (3,958) (1,501) (5,459) (4,537) (1,540) (6,077) Funded schemes (3,958) (986) (4,944) (4,537) (993) (5,530) Unfunded schemes \u2013 (515) (515) \u2013 (547) (547) Changes in fair value of scheme assets
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
5,304
520
5,824
5,215
493
5,708
Exchange differences
\u2013
(13)
(13)
\u2013
(21)
(21)
Administrative expenses
(5)
(1)
(6)
(4)
(1)
(5)
Financing
235
24
259
247
25
272
Return on plan assets excluding financing
(633)
(5)
(638)
(12)
26
14
Contributions by employer
1
73
74
\u2013
69
69
Contributions by employees
\u2013
13
13
\u2013
9
9
Benefits paid out
(165)
(80)
(245)
(142)
(80)
(222)
At 31 December
4,737
531
5,268
5,304
520
5,824
Total return on scheme assets
(398)
19
(379)
235
51
286
Future contributions The Group expects to contribute approximately \u00a376m to its overseas defined benefit schemes in 2025 (2024: \u00a373m). In the UK, any cash funding of RRUKPF is based on a statutory triennial funding valuation process. The Group and the Trustee negotiate and agree the actuarial assumptions used to value the liabilities (Technical Provisions); assumptions which may differ from those used for accounting are set out above. The assumptions used to value Technical Provisions must be prudent rather than a best estimate of the liability. Most notably, the Technical Provisions discount rate is currently based upon UK Government bond yields plus a margin (0.5% at the 31 March 2023 valuation) rather than being based on yields of AA corporate bonds. Once each valuation is signed, a Schedule of Contributions (SoC) must be agreed which sets out the cash contributions to be paid. The most recent valuation, as at 31 March 2023, agreed by the Trustee in October 2023, showed that the RRUKPF was estimated to be 115% funded on the Technical Provisions basis (estimated to be 119% at 31 December 2024). All cash due has been paid in full and the current SoC does not currently require any cash contributions to be made by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-768": { "value": "Other items The financing component of the defined benefit pension scheme cost is determined by market conditions and has therefore been included as a reconciling difference between underlying and statutory performance. The tax effects of adjustments above are excluded from the underlying tax charge. Changes in tax rates are excluded from the underlying tax charge. In addition, changes in the amount of recoverable deferred tax recognised are excluded from the underlying results to the extent that their recognition or derecognition was not originally recorded within the underlying results. The following analysis sets out the results of the Group\u2019s divisions on the basis described above and also includes a reconciliation of the underlying results to those reported in the consolidated income statement.
Corporate
Civil Power New Other and Inter- Total
Aerospace Defence Systems Markets businesses
segment
1
Underlying
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Underlying revenue from sale of original equipment
3,105
1,943
2,942
3
12
\u2013
8,005
Underlying revenue from aftermarket services
5,935
2,579
1,329
\u2013
\u2013
\u2013
9,843
Total underlying revenue
9,040
4,522
4,271
3
12
\u2013
17,848
Gross profit/(loss)
1,990
908
1,199
(4)
1
(3)
4,091
Commercial and administrative costs
(396)
(212)
(483)
(40)
(1)
(65)
(1,197)
Research and development costs
(252)
(55)
(165)
(133)
\u2013
\u2013
(605)
Share of results of joint ventures and associates
163
3
9
\u2013
\u2013
\u2013
175
Underlying operating profit/(loss)
1,505
644
560
(177)
\u2013
(68)
2,464
Year ended 31 December 2023
Underlying revenue from sale of original equipment
2,703
1,766
2,661
2
12
\u2013
7,144
Underlying revenue from aftermarket services
4,645
2,311
1,307
2
\u2013
\u2013
8,265
Total underlying revenue
7,348
4,077
3,968
4
12
\u2013
15,409
Gross profit/(loss)
1,394
804
1,050
1
(15)
(3)
3,231
Commercial and administrative costs
(354)
(173)
(456)
(24)
\u2013
(57)
(1,064)
Research and development costs
(343)
(72)
(187)
(137)
\u2013
\u2013
(739)
Share of results of joint ventures and associates
153
3
6
\u2013
\u2013
\u2013
162
Underlying operating profit/(loss)
850
562
413
(160)
(15)
(60)
1,590
1 Corporate and Inter-segment consists of costs that are not attributable to a specific segment and consolidation adjustments Reconciliation to statutory results
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange statutory results
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Revenue from sale of original equipment
8,005
384
8,389
Revenue from aftermarket services
9,843
677
10,520
Total revenue
17,848
1,061
18,909
Gross profit
4,091
130
4,221
Commercial and administrative costs
(1,197)
(87)
(1,284)
Research and development costs
(605)
402
(203)
Share of results of joint ventures and associates
175
(3)
172
Operating profit
2,464
442
2,906
Gain arising on the disposal of businesses
\u2013
16
16
Profit before financing and taxation
2,464
458
2,922
Net financing
(171)
(517)
(688)
Profit/(loss) before taxation
2,293
(59)
2,234
Taxation
(282)
532
250
Profit for the year
2,011
473
2,484
Attributable to:
Ordinary shareholders
2,048
473
2,521
NCI
(37)
\u2013
(37)
Year ended 31 December 2023
Revenue from sale of original equipment
7,144
491
7,635
Revenue from aftermarket services
8,265
586
8,851
Total revenue
15,409
1,077
16,486
Gross profit
3,231
389
3,620
Commercial and administrative costs
(1,064)
(46)
(1,110)
Research and development costs
(739)
\u2013
(739)
Share of results of joint ventures and associates
162
11
173
Operating profit
1,590
354
1,944
Gain arising on the disposal of businesses
\u2013
1
1
Profit before financing and taxation
1,590
355
1,945
Net financing
(328)
810
482
Profit before taxation
1,262
1,165
2,427
Taxation
(120)
97
(23)
Profit for the year
1,142
1,262
2,404
Attributable to:
Ordinary shareholders
1,150
1,262
2,412
NCI
(8)
\u2013
(8)
3 Research and development
2024 2023
\u00a3m \u00a3m
Gross research and development expenditure
(1,475)
(1,390)
Contributions and fees
1
700
548
Net expenditure in the year
(775)
(842)
Capitalised as intangible assets
263
192
Amortisation and impairment of capitalised costs
2, 3
309
(89)
Net amount recognised in the income statement
(203)
(739)
Underlying adjustments
3
(402)
\u2013
Net underlying cost recognised in the income statement
(605)
(739)
1 Includes \u00a3667m (2023: \u00a3531m) of government funding
2 See note 9 for analysis of amortisation and impairment
3 Underlying adjustments include impact of acquisition accounting, foreign exchange and an impairment reversal of \u00a3413m (2023: \u00a3nil). See note 2 and note 9 for more information
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-677": { "value": "
Reconciliation to statutory results
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange statutory results
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Revenue from sale of original equipment
8,005
384
8,389
Revenue from aftermarket services
9,843
677
10,520
Total revenue
17,848
1,061
18,909
Gross profit
4,091
130
4,221
Commercial and administrative costs
(1,197)
(87)
(1,284)
Research and development costs
(605)
402
(203)
Share of results of joint ventures and associates
175
(3)
172
Operating profit
2,464
442
2,906
Gain arising on the disposal of businesses
\u2013
16
16
Profit before financing and taxation
2,464
458
2,922
Net financing
(171)
(517)
(688)
Profit/(loss) before taxation
2,293
(59)
2,234
Taxation
(282)
532
250
Profit for the year
2,011
473
2,484
Attributable to:
Ordinary shareholders
2,048
473
2,521
NCI
(37)
\u2013
(37)
Year ended 31 December 2023
Revenue from sale of original equipment
7,144
491
7,635
Revenue from aftermarket services
8,265
586
8,851
Total revenue
15,409
1,077
16,486
Gross profit
3,231
389
3,620
Commercial and administrative costs
(1,064)
(46)
(1,110)
Research and development costs
(739)
\u2013
(739)
Share of results of joint ventures and associates
162
11
173
Operating profit
1,590
354
1,944
Gain arising on the disposal of businesses
\u2013
1
1
Profit before financing and taxation
1,590
355
1,945
Net financing
(328)
810
482
Profit before taxation
1,262
1,165
2,427
Taxation
(120)
97
(23)
Profit for the year
1,142
1,262
2,404
Attributable to:
Ordinary shareholders
1,150
1,262
2,412
NCI
(8)
\u2013
(8)
Underlying adjustments
2024
2023
Profit before Net Profit before Net
Revenue financing financing Taxation Revenue financing financing Taxation
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying performance
17,848
2,464
(171)
(282)
15,409
1,590
(328)
(120)
Impact of foreign exchange differences as a
result of hedging activities on trading
transactions
1
A
1,061
197
190
(97)
1,077
469
394
(210)
Unrealised fair value changes on derivative
contracts held for trading
2
A
\u2013
(6)
(649)
164
\u2013
6
514
(130)
Unrealised fair value changes on derivative
contracts held for financing
3
A
\u2013
\u2013
40
(10)
\u2013
\u2013
7
(2)
Exceptional programme credits/(charges)
4
B
\u2013
\u2013
\u2013
\u2013
\u2013
21
\u2013
(5)
Exceptional transformation and restructuring
(charges)/credits
5
B
\u2013
(234)
(11)
65
\u2013
(102)
\u2013
25
Impairment reversals
6
C
\u2013
547
\u2013
(157)
\u2013
8
\u2013
(2)
Effect of acquisition accounting
7
C
\u2013
(45)
\u2013
11
\u2013
(50)
\u2013
12
Other
8
D
\u2013
(17)
(87)
27
\u2013
2
(105)
24
Gains arising on the disposals of businesses
C
\u2013
16
\u2013
(6)
\u2013
1
\u2013
\u2013
Impact of tax rate change
9
D
\u2013
\u2013
\u2013
10
\u2013
\u2013
\u2013
\u2013
Recognition of deferred tax assets
10
D
\u2013
\u2013
\u2013
525
\u2013
\u2013
\u2013
385
Total underlying adjustments
1,061
458
(517)
532
1,077
355
810
97
Statutory performance per consolidated
income statement
18,909
2,922
(688)
250
16,486
1,945
482
(23)
A \u2013 FX, B \u2013 Exceptional, C \u2013 M&A and impairment, D \u2013 Other 1 The impact of measuring revenues and costs at the average exchange rate during the year and the impact of valuation of assets and liabilities using the year end exchange rate rather than the achieved rate or the exchange rate that is expected to be achieved by the use of the hedge book increased statutory revenues by \u00a31,061m (2023: \u00a31,077m) and increased profit before financing and taxation by \u00a3197m (2023: \u00a3469m). Underlying financing excludes the impact of revaluing monetary assets and liabilities at the year end exchange rate 2 The underlying results exclude the fair value changes on derivative contracts held for trading. These fair value changes are subsequently recognised in the underlying results when the contracts are settled 3 Includes net fair value gain of \u00a340m (2023: \u00a31m) on any interest rate swaps not designated into hedging relationships for accounting purposes 4 During the year to 31 December 2024, \u00a3nil (2023: \u00a321m) of Trent 1000 wastage costs provision previously recognised in respect of estimated costs to settle obligations have been reversed to reflect the current status of claims in respect of the Trent 1000 technical issues which were identified in 2019 5 In 2023, the Group announced a major multi-year transformation programme consisting of seven workstreams (set out in the 2022 Annual Report). During the year to 31 December 2024, the Group incurred charges of \u00a3234m related to this programme (2023: \u00a388m). The charges comprise of \u00a368m related to severance costs, \u00a337m for advisory fees and transformation office costs and \u00a3129m related to impairments, write-offs and closure costs (including those related to the closure of advanced air mobility activities). In the year to 31 December 2024, the Group incurred \u00a3nil charge (2023: \u00a314m) related to initiatives to enable restructuring under a previous programme 6 The Group has assessed the carrying value of its assets and reviewed for potential impairment and impairment reversal triggers. As a result, there has been an impairment reversal of an intangible asset of \u00a3413m, a contract asset of \u00a3132m in relation to Civil Aerospace programme assets and \u00a32m of other impairment reversals during the year. Details on other impairments and impairment reversals are provided in notes 9 and 15 7 The effect of acquisition accounting includes the amortisation of intangible assets arising on previous acquisitions 8 Includes interest received of \u00a378m (2023: \u00a383m) on interest rate swaps which are not designated into hedge relationships for statutory purposes from interest payable on an underlying basis to fair value movement and \u00a314m (2023: \u00a32m) of past-service credit on defined benefit schemes 9 Represents the impact to the income statement of the reduction in the tax rate on authorised surplus pension charges from 35% to 25% 10 The 2024 balance of \u00a3525m represents the recognition of a deferred tax asset relating to non-underlying UK tax losses. The 2023 balance represents the recognition of deferred tax asset relating to non-underlying UK tax losses of \u00a3328m and foreign exchange derivatives of \u00a357m. Further details are provided in note 5
5 Taxation
UK
Overseas
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current tax charge for the year
30
19
379
256
409
275
Current tax charge in respect of Pillar Two income
taxes
2
\u2013
\u2013
\u2013
2
\u2013
Adjustments in respect of prior years
\u2013
\u2013
(18)
2
(18)
2
Current tax
32
19
361
258
393
277
Deferred tax charge/(credit) for the year
265
224
3
(69)
268
155
Adjustments in respect of prior years
17
(5)
(47)
2
(30)
(3)
Recognition of deferred tax
(1,033)
(406)
\u2013
\u2013
(1,033)
(406)
Derecognition of advance corporation tax
162
\u2013
\u2013
\u2013
162
\u2013
Deferred tax credit resulting from
an decrease in the UK tax rate
(10)
\u2013
\u2013
\u2013
(10)
\u2013
Deferred tax
(599)
(187)
(44)
(67)
(643)
(254)
(Credited)/charged in the income statement
(567)
(168)
317
191
(250)
23
Other tax (charges)/credits
OCI
Equity
Items that will not be reclassified
Items that will be reclassified
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax:
Movement in post-retirement schemes
61
(43)
\u2013
\u2013
\u2013
\u2013
Cash flow hedge
\u2013
\u2013
(1)
5
\u2013
\u2013
Net investment hedge
\u2013
\u2013
(2)
(1)
\u2013
\u2013
Share-based payments \u2013 direct to equity
\u2013
\u2013
\u2013
\u2013
71
22
Other tax credits/(charges)
61
(43)
(3)
4
71
22
Tax reconciliation
2024 2023
\u00a3m \u00a3m
Profit before taxation
2,234
2,427
Less share of profits of joint ventures and associates (note 12)
(137)
(139)
Profit before taxation excluding joint ventures and associates
2,097
2,288
Nominal tax charge at UK corporation tax rate 25.0% (2023: 23.5%)
524
538
UK tax rate differential
1
\u2013
16
Overseas rate differences
2
27
(5)
US state taxes
23
14
Tax de-grouping charge
3
102
\u2013
Other permanent differences
4
12
\u2013
Benefit to deferred tax from previously unrecognised tax losses and temporary differences
5
\u2013
(57)
Tax losses and other temporary differences not recognised in deferred tax
6
3
9
Derecognition of deferred tax
30
\u2013
Benefit arising from previously unrecognised tax losses
7
(42)
(85)
Recognition of deferred tax
8
(1,033)
(406)
Adjustments in respect of prior years
(48)
(1)
Derecognition of advance corporation tax
9
162
\u2013
Decrease in deferred taxes resulting from a change in the UK tax rate
10
(10)
\u2013
(250)
23
Underlying items (note 2)
282
120
Non-underlying items
(532)
(97)
(250)
23
1 The UK tax rate differential in 2023 arises on the difference between the deferred tax rate and the statutory tax rate
2 Overseas rate differences mainly relate to tax on profits or losses in countries such as Germany
3 The tax de-grouping charge arises on the dilution of the shareholding in Rolls-Royce SMR Limited to below 75%
4 Includes \u00a32m relating to Pillar two income taxes
5 Benefit to deferred tax from previously unrecognised tax losses and temporary differences in 2023 relates to foreign exchange derivatives
6 Relates to tax losses not recognised
7 Relates to foreign exchange derivatives
8 The recognition of deferred tax relates to UK tax losses
9 Advance corporation tax has been derecognised on the basis that payment of cash dividends will prevent the utilisation
10 Represents the impact to the income statement of the reduction in the tax rate on authorised surplus pension charges from 35% to 25%
Deferred taxation assets and liabilities
2024 2023
\u00a3m \u00a3m
At 1 January
2,668
2,445
Amount credited to income statement
643
254
Amount credited/(charged) to OCI
59
(44)
Amount (charged)/credited to hedging reserves
(1)
5
Amount credited to equity
71
22
On acquisition of businesses
1
\u2013
(1)
Exchange differences
(11)
(13)
At 31 December
3,429
2,668
Deferred tax assets
3,660
2,998
Deferred tax liabilities
(231)
(330)
3,429
2,668
1 The 2023 deferred tax relates to the acquisition of Team Italia Marine S.R.L.
The analysis of the deferred tax position is as follows:
Disposals and
Recognised acquisition
in income Recognised Recognised related Exchange At 31
At 1 January statement in OCI in equity activity differences December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Intangible assets
(431)
(191)
\u2013
\u2013
\u2013
9
(613)
Property, plant and equipment
229
(87)
\u2013
\u2013
\u2013
\u2013
142
Other temporary differences
1
752
77
(3)
62
\u2013
(14)
874
Net contract liabilities
60
3
\u2013
\u2013
\u2013
\u2013
63
Pensions and other post-retirement
scheme benefits
(123)
10
61
\u2013
\u2013
(2)
(54)
Foreign exchange and commodity
financial assets and liabilities
451
40
\u2013
\u2013
\u2013
(3)
488
Losses
1,489
984
\u2013
9
\u2013
(1)
2,481
R&D credit
79
(31)
\u2013
\u2013
\u2013
\u2013
48
Advance corporation tax
2
162
(162)
\u2013
\u2013
\u2013
\u2013
\u2013
2,668
643
58
71
\u2013
(11)
3,429
2023
Intangible assets
(436)
6
\u2013
\u2013
(1)
\u2013
(431)
Property, plant and equipment
230
(7)
\u2013
\u2013
\u2013
6
229
Other temporary differences
1
650
88
4
22
\u2013
(12)
752
Net contract liabilities
64
(4)
\u2013
\u2013
\u2013
\u2013
60
Pensions and other post-retirement
scheme benefits
(57)
(15)
(43)
\u2013
\u2013
(8)
(123)
Foreign exchange and commodity
financial assets and liabilities
693
(243)
\u2013
\u2013
\u2013
1
451
Losses
1,072
417
\u2013
\u2013
\u2013
\u2013
1,489
R&D credit
67
12
\u2013
\u2013
\u2013
\u2013
79
Advance corporation tax
2
162
\u2013
\u2013
\u2013
\u2013
\u2013
162
2,445
254
(39)
22
(1)
(13)
2,668
1 Other temporary differences mainly relate to the deferral of relief for interest expenses and share based payments in the UK and revenue recognised earlier under local GAAP compared
to IFRS in Germany
2 Prior to 1999, advance corporation tax was paid to the UK Tax Authority when cash dividends were paid by the Group. This was a payment on account which was available to offset against
UK corporation tax liabilities. Any unused balance remaining after 1999 can be carried forward indefinitely and utilised against future UK corporation tax liabilities. The balance has been
de-recognised in 2024 following the Group\u2019s announcement to reinstate shareholder distributions via cash dividends, which will prevent utilisation of the surplus advance corporation tax
balance
Unrecognised deferred tax assets
2024 2023
\u00a3m \u00a3m
Advance corporation tax
181
19
UK losses
629
1,635
Foreign exchange and commodity financial assets and liabilities
27
69
Losses and other unrecognised deferred tax assets
47
34
Deferred tax not recognised on unused tax losses and other items on the basis that future economic benefit
is uncertain
884
1,757
Gross amount and expiry of losses and other deductible temporary differences for which no deferred tax asset has been recognised.
2024
2023
Foreign Foreign
exchange exchange
Total gross and Total gross and
losses and commodity losses and commodity
deductible financial deductible financial
temporary UK assets and Other temporary UK assets and Other
differences losses liabilities losses differences losses liabilities losses
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expiry within five years
75
\u2013
\u2013
75
81
\u2013
\u2013
81
Expiry within
six to 30 years
218
\u2013
\u2013
218
216
\u2013
\u2013
216
No expiry
2,698
2,515
107
76
6,891
6,537
275
79
2,991
2,515
107
369
7,188
6,537
275
376
In addition to the gross balances shown above, advance corporation tax of \u00a3181m (2023: \u00a319m) has not been recognised. Advance corporation
tax has no expiry.
Of the total deferred tax asset of \u00a33,660m, \u00a33,099m (2023: \u00a32,399m) relates to the UK and is made up as follows:
\u2014 \u00a32,472m (2023: \u00a31,476m) relating to tax losses;
\u2014 \u00a3425m (2023: \u00a3412m) arising on unrealised losses on derivative contracts;
\u2014 \u00a3nil (2023: \u00a3162m) of advance corporation tax; and
\u2014 \u00a3202m (2023: \u00a3349m) relating to other deductible temporary differences, in particular tax depreciation and relief for interest expenses.
The UK deferred tax assets primarily arise in Rolls-Royce plc and have been recognised based on the expectation that the business will generate
taxable profits and tax liabilities in the future against which the losses and deductible temporary differences can be utilised.
Most of the UK tax losses relate to the Civil Aerospace large engine business which makes initial losses through the investment period of a
programme and then makes a profit through its contracts for services. The programme lifecycles are typically in excess of 30 years.
Deferred tax assets are recognised only to the extent it is probable that future taxable profits will be available against which the assets can be
utilised. A recoverability assessment has been undertaken, taking account of deferred tax liabilities against which the reversal can be offset and
using latest UK forecasts, which are mainly driven by the Civil Aerospace large engine business, to assess the level of future taxable profits.
The recoverability of deferred tax assets has been assessed on the following basis:
\u2014 using the most recent UK profit forecasts, covering the next five years which are consistent with external sources on market conditions;
\u2014 the long-term forecast profit profile of existing large engine programmes which are typically in excess of 30 years from initial investment to
retirement of the fleet, including the aftermarket revenues earned from airline customers;
\u2014 the long-term forecast is adjusted to exclude engine programmes which are in the development stage with no confirmed orders;
\u2014 taking into account the risk that regulatory changes could materially impact demand for our products;
\u2014 consideration that although all Civil Aerospace large engines are now compatible with sustainable fuels, there is a risk that in the longer term
demand will shift towards more sustainable products and solutions;
\u2014 the long-term forecast profit and cost profile of the other parts of the UK business;
\u2014
taking into consideration past performance and experience as well as a 25% probability of a severe but plausible downside forecast
materialising in relation to the civil aviation industry; and
\u2014 consideration that the UK business returned to profitability in 2023.
The assessment takes into account UK tax laws that, in broad terms, restrict the offset of carried forward tax losses to 50% of current year
profits. In addition, the amounts and timing of future taxable profits incorporate:
\u2014 the impact of significant Civil Aerospace large engine orders in 2024;
\u2014 the outcomes of strategic initiatives, including contractual margin improvements and cost reduction;
\u2014 the continued growth in Civil Aerospace engine flying hours; and
\u2014 management\u2019s assumptions on the impact of macro-economic factors and climate change on the UK business.
The climate change scenarios previously prepared to assess the viability of our business strategy, decarbonisation plans and approach to
managing climate-related risks have continued to develop over the last year. The scale up of sustainable aviation fuel is expected to play a
crucial role in reaching net zero carbon emissions by 2050 and the Group has demonstrated that all the commercial aero engines it produces
are compatible with sustainable fuels. The impact that climate change could have on our costs and customer pricing is factored into the deferred
tax assessment. However, benefits that may arise in the future from the development of breakthrough new technologies are not taken into account.
Based on the assessment, the Group has recognised a total UK deferred tax asset of \u00a33,099m, which includes the recognition of a further \u00a31,033m
(of which \u00a3525m is non-underlying and \u00a3508m is underlying) deferred tax asset relating to UK tax losses. This reflects the conclusions that:
\u2014 Based on current financial results and an improved outlook it is probable that the UK business will generate taxable income and tax liabilities
in the future against which these losses can be utilised.
\u2014
Using current forecasts and various scenarios these losses and other deductible temporary differences will be used in full within 30 to 40
years, which is within the expected programme lifecycles. An explanation of the potential impact of climate change on forecast profits and
sensitivity analysis can be found in note 1.
The 2024 announcement of a reinstatement of regular shareholder distributions via cash dividends will prevent utilisation of the Group\u2019s \u00a3162m
advance corporation tax balance. As a result, the associated deferred tax asset has been fully de-recognised.
Any future changes in tax law or the structure of the Group could have a significant effect on the use of losses and other deductible temporary
differences, including the period over which they can be used. In view of this and the significant judgement involved, the Board continuously
reassesses this area.
The Statutory instrument reducing the tax rate on authorised surplus pension charges from 35% to 25% effective from 6 April 2024 was enacted
on 11 March 2024. The deferred tax liability on the UK pension surplus has therefore been re-measured at 25%. The resulting credit has been
recognised in OCI except to the extent that the items were previously charged or credited to the income statement. Accordingly, in 2024, \u00a367m
has been credited to OCI and \u00a310m has been credited to the income statement.
The Group is within the scope of the OECD Pillar Two (Global Minimum Tax) model rules, which came into effect from 1 January 2024. For the
period to 31 December 2024, the Group has continued to apply the mandatory exception from recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
The temporary differences associated with investments in subsidiaries, joint ventures and associates, for which a deferred tax liability has not
been recognised, aggregate to \u00a31,558m (2023: \u00a31,230m). No deferred tax liability has been recognised on the potential withholding tax due on
the remittance of undistributed profits as the Group is able to control the timing of such remittances and it is probable that consent will not be
given in the foreseeable future.
Impact of recognition of UK deferred tax assets on underlying profit after tax
As outlined above, during the year the Group recognised a further \u00a31,033m (of which \u00a3525m is non-underlying and \u00a3508m is underlying) deferred
tax asset relating to UK tax losses and fully derecognised a \u00a3162m advance corporation tax balance (as an underlying charge). The net \u00a3346m
credit to underlying profit after tax has been adjusted in the calculation of the proposed dividend per share, earnings per share and return on
capital, this one-off non-cash adjustment has been made as it would otherwise cause a disproportionate impact on these metrics.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-754": { "value": "Reconciliation to statutory results
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange statutory results
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Revenue from sale of original equipment
8,005
384
8,389
Revenue from aftermarket services
9,843
677
10,520
Total revenue
17,848
1,061
18,909
Gross profit
4,091
130
4,221
Commercial and administrative costs
(1,197)
(87)
(1,284)
Research and development costs
(605)
402
(203)
Share of results of joint ventures and associates
175
(3)
172
Operating profit
2,464
442
2,906
Gain arising on the disposal of businesses
\u2013
16
16
Profit before financing and taxation
2,464
458
2,922
Net financing
(171)
(517)
(688)
Profit/(loss) before taxation
2,293
(59)
2,234
Taxation
(282)
532
250
Profit for the year
2,011
473
2,484
Attributable to:
Ordinary shareholders
2,048
473
2,521
NCI
(37)
\u2013
(37)
Year ended 31 December 2023
Revenue from sale of original equipment
7,144
491
7,635
Revenue from aftermarket services
8,265
586
8,851
Total revenue
15,409
1,077
16,486
Gross profit
3,231
389
3,620
Commercial and administrative costs
(1,064)
(46)
(1,110)
Research and development costs
(739)
\u2013
(739)
Share of results of joint ventures and associates
162
11
173
Operating profit
1,590
354
1,944
Gain arising on the disposal of businesses
\u2013
1
1
Profit before financing and taxation
1,590
355
1,945
Net financing
(328)
810
482
Profit before taxation
1,262
1,165
2,427
Taxation
(120)
97
(23)
Profit for the year
1,142
1,262
2,404
Attributable to:
Ordinary shareholders
1,150
1,262
2,412
NCI
(8)
\u2013
(8)
4 Net financing
2024
2023
Statutory
Underlying
1
Statutory
Underlying
1
\u00a3m \u00a3m \u00a3m \u00a3m
Interest receivable and similar income
2
269
266
164
164
Net fair value gains on foreign currency contracts
\u2013
\u2013
574
\u2013
Net fair value gains on non-hedge accounted interest rate swaps
3
40
\u2013
1
\u2013
Financing on post-retirement scheme surpluses
37
\u2013
30
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Financing income
536
266
1,163
164
Interest payable
(362)
(273)
(369)
(275)
Net fair value losses on foreign currency contracts
(631)
\u2013
\u2013
\u2013
Net fair value losses on revaluation of other investments accounted for at FVTPL
4
(24)
(24)
\u2013
\u2013
Foreign exchange differences and changes in forecast payments relating
to financial RRSAs
\u2013
\u2013
(1)
\u2013
Net fair value losses on commodity contracts
(18)
\u2013
(60)
\u2013
Financing on post-retirement scheme deficits
(39)
\u2013
(42)
\u2013
Cost of undrawn facilities
(17)
(17)
(57)
(57)
Other financing charges
(133)
(123)
(152)
(160)
Financing costs
(1,224)
(437)
(681)
(492)
Net financing (costs)/income
(688)
(171)
482
(328)
Analysed as:
Net interest payable
(93)
(7)
(205)
(111)
Net fair value (losses)/gains on derivative contracts
(609)
\u2013
515
\u2013
Net post-retirement scheme financing
(2)
\u2013
(12)
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Net other financing
(174)
(164)
(210)
(217)
Net financing (costs)/income
(688)
(171)
482
(328)
1 See note 2 for definition of underlying results 2 Includes interest income on cash balances and short-term deposits of \u00a3188m (2023: \u00a3117m) and similar income of \u00a381m (2023: \u00a347m) on money market funds 3 The consolidated income statement shows the net fair value gain on any interest rate swaps not designated into hedging relationships for accounting purposes. Underlying financing reclassifies the realised fair value movements on these interest rate swaps to net interest payable 4 Included in the financing costs is a \u00a324m (2023: \u00a3nil) charge in relation to the fair value write-down of an unlisted investment recorded at fair value through profit or loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-769": { "value": "Disaggregation of revenue from contracts with customers Analysis by type and basis of recognition
Corporate
Civil Power New Other and Inter- Total
Aerospace Defence Systems Markets businesses segment Underlying
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Original equipment recognised at a point in time
3,105
562
2,871
3
\u2013
\u2013
6,541
Original equipment recognised over time
\u2013
1,381
71
\u2013
12
\u2013
1,464
Aftermarket services recognised at a point in time
1,258
918
1,231
\u2013
\u2013
\u2013
3,407
Aftermarket services recognised over time
4,594
1,661
98
\u2013
\u2013
\u2013
6,353
Total underlying customer contract revenue
8,957
4,522
4,271
3
12
\u2013
17,765
Other underlying revenue
1
83
\u2013
\u2013
\u2013
\u2013
\u2013
83
Total underlying revenue
2
9,040
4,522
4,271
3
12
\u2013
17,848
Year ended 31 December 2023
Original equipment recognised at a point in time
2,703
632
2,611
2
\u2013
\u2013
5,948
Original equipment recognised over time
\u2013
1,134
50
\u2013
12
\u2013
1,196
Aftermarket services recognised at a point in time
1,227
854
1,206
2
\u2013
\u2013
3,289
Aftermarket services recognised over time
3,335
1,457
101
\u2013
\u2013
\u2013
4,893
Total underlying customer contract revenue
7,265
4,077
3,968
4
12
\u2013
15,326
Other underlying revenue
1
83
\u2013
\u2013
\u2013
\u2013
\u2013
83
Total underlying revenue
2
7,348
4,077
3,968
4
12
\u2013
15,409
1 Includes leasing revenue 2 Includes \u00a3317m, of which \u00a3311m relates to Civil LTSA contracts, (2023: \u00a3(136)m, of which \u00a3(104)m relates to Civil LTSA contracts) of revenue recognised in the year relating to performance obligations satisfied in previous years
Underlying
adjustments and
adjustments to Group
Total underlying foreign exchange
statutory results
1
\u00a3m \u00a3m \u00a3m
Year ended 31 December 2024
Original equipment recognised at a point in time
6,541
384
6,925
Original equipment recognised over time
1,464
\u2013
1,464
Aftermarket services recognised at a point in time
3,407
163
3,570
Aftermarket services recognised over time
6,353
501
6,854
Total customer contract revenue
17,765
1,048
18,813
Other revenue
83
13
96
Total revenue
17,848
1,061
18,909
Year ended 31 December 2023
Original equipment recognised at a point in time
5,948
491
6,439
Original equipment recognised over time
1,196
\u2013
1,196
Aftermarket services recognised at a point in time
3,289
186
3,475
Aftermarket services recognised over time
4,893
382
5,275
Total customer contract revenue
15,326
1,059
16,385
Other revenue
83
18
101
Total revenue
15,409
1,077
16,486
1 During the year to 31 December 2024, revenue recognised within Civil Aerospace, Defence and Power Systems of \u00a31,915m (2023: \u00a31,766m) was received from a single customer ", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-755": { "value": "Analysis by geographical destination The Group\u2019s revenue by destination of the ultimate operator is as follows:
2024 2023
\u00a3m \u00a3m
United Kingdom
2,642
2,230
Germany
1,048
1,035
Switzerland
440
379
France
332
351
Ireland
324
504
Italy
318
282
Turkey
307
399
Spain
282
290
Poland
141
50
Netherlands
130
149
Portugal
121
110
Norway
96
71
Belgium
78
27
Israel
73
51
Rest of Europe
239
180
Europe
6,571
6,108
United States
5,477
4,668
Canada
462
430
North America
5,939
5,098
South America
336
230
Central America
169
106
Saudi Arabia
428
394
United Arab Emirates
255
148
Qatar
196
128
Rest of Middle East
301
200
Middle East
1,180
870
China
1,400
1,263
Japan
634
586
Singapore
506
437
South Korea
359
303
Taiwan
211
113
India
147
221
Thailand
138
132
Philippines
130
121
Indonesia
125
129
Rest of Asia
243
166
Asia
3,893
3,471
Africa
406
313
Australasia
415
290
18,909
16,486
The carrying amounts of the Group\u2019s non-current assets including investments but excluding financial instruments, deferred tax assets and post-retirement scheme surpluses/(deficits), by the geographical area in which the assets are located, are as follows:
2024 2023
\u00a3m \u00a3m
United Kingdom
4,968
4,981
Germany
2,326
2,052
United States
1,481
1,414
Other
709
705
9,484
9,152
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-678": { "value": "
4 Net financing
2024
2023
Statutory
Underlying
1
Statutory
Underlying
1
\u00a3m \u00a3m \u00a3m \u00a3m
Interest receivable and similar income
2
269
266
164
164
Net fair value gains on foreign currency contracts
\u2013
\u2013
574
\u2013
Net fair value gains on non-hedge accounted interest rate swaps
3
40
\u2013
1
\u2013
Financing on post-retirement scheme surpluses
37
\u2013
30
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Financing income
536
266
1,163
164
Interest payable
(362)
(273)
(369)
(275)
Net fair value losses on foreign currency contracts
(631)
\u2013
\u2013
\u2013
Net fair value losses on revaluation of other investments accounted for at FVTPL
4
(24)
(24)
\u2013
\u2013
Foreign exchange differences and changes in forecast payments relating
to financial RRSAs
\u2013
\u2013
(1)
\u2013
Net fair value losses on commodity contracts
(18)
\u2013
(60)
\u2013
Financing on post-retirement scheme deficits
(39)
\u2013
(42)
\u2013
Cost of undrawn facilities
(17)
(17)
(57)
(57)
Other financing charges
(133)
(123)
(152)
(160)
Financing costs
(1,224)
(437)
(681)
(492)
Net financing (costs)/income
(688)
(171)
482
(328)
Analysed as:
Net interest payable
(93)
(7)
(205)
(111)
Net fair value (losses)/gains on derivative contracts
(609)
\u2013
515
\u2013
Net post-retirement scheme financing
(2)
\u2013
(12)
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Net other financing
(174)
(164)
(210)
(217)
Net financing (costs)/income
(688)
(171)
482
(328)
1 See note 2 for definition of underlying results
2 Includes interest income on cash balances and short-term deposits of \u00a3188m (2023: \u00a3117m) and similar income of \u00a381m (2023: \u00a347m) on money market funds
3 The consolidated income statement shows the net fair value gain on any interest rate swaps not designated into hedging relationships for accounting purposes. Underlying
financing reclassifies the realised fair value movements on these interest rate swaps to net interest payable
4 Included in the financing costs is a \u00a324m (2023: \u00a3nil) charge in relation to the fair value write-down of an unlisted investment recorded at fair value through profit or loss (FVTPL)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-784": { "value": "4 Net financing
2024
2023
Statutory
Underlying
1
Statutory
Underlying
1
\u00a3m \u00a3m \u00a3m \u00a3m
Interest receivable and similar income
2
269
266
164
164
Net fair value gains on foreign currency contracts
\u2013
\u2013
574
\u2013
Net fair value gains on non-hedge accounted interest rate swaps
3
40
\u2013
1
\u2013
Financing on post-retirement scheme surpluses
37
\u2013
30
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Financing income
536
266
1,163
164
Interest payable
(362)
(273)
(369)
(275)
Net fair value losses on foreign currency contracts
(631)
\u2013
\u2013
\u2013
Net fair value losses on revaluation of other investments accounted for at FVTPL
4
(24)
(24)
\u2013
\u2013
Foreign exchange differences and changes in forecast payments relating
to financial RRSAs
\u2013
\u2013
(1)
\u2013
Net fair value losses on commodity contracts
(18)
\u2013
(60)
\u2013
Financing on post-retirement scheme deficits
(39)
\u2013
(42)
\u2013
Cost of undrawn facilities
(17)
(17)
(57)
(57)
Other financing charges
(133)
(123)
(152)
(160)
Financing costs
(1,224)
(437)
(681)
(492)
Net financing (costs)/income
(688)
(171)
482
(328)
Analysed as:
Net interest payable
(93)
(7)
(205)
(111)
Net fair value (losses)/gains on derivative contracts
(609)
\u2013
515
\u2013
Net post-retirement scheme financing
(2)
\u2013
(12)
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Net other financing
(174)
(164)
(210)
(217)
Net financing (costs)/income
(688)
(171)
482
(328)
1 See note 2 for definition of underlying results 2 Includes interest income on cash balances and short-term deposits of \u00a3188m (2023: \u00a3117m) and similar income of \u00a381m (2023: \u00a347m) on money market funds 3 The consolidated income statement shows the net fair value gain on any interest rate swaps not designated into hedging relationships for accounting purposes. Underlying financing reclassifies the realised fair value movements on these interest rate swaps to net interest payable 4 Included in the financing costs is a \u00a324m (2023: \u00a3nil) charge in relation to the fair value write-down of an unlisted investment recorded at fair value through profit or loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-778": { "value": "4 Net financing
2024
2023
Statutory
Underlying
1
Statutory
Underlying
1
\u00a3m \u00a3m \u00a3m \u00a3m
Interest receivable and similar income
2
269
266
164
164
Net fair value gains on foreign currency contracts
\u2013
\u2013
574
\u2013
Net fair value gains on non-hedge accounted interest rate swaps
3
40
\u2013
1
\u2013
Financing on post-retirement scheme surpluses
37
\u2013
30
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Financing income
536
266
1,163
164
Interest payable
(362)
(273)
(369)
(275)
Net fair value losses on foreign currency contracts
(631)
\u2013
\u2013
\u2013
Net fair value losses on revaluation of other investments accounted for at FVTPL
4
(24)
(24)
\u2013
\u2013
Foreign exchange differences and changes in forecast payments relating
to financial RRSAs
\u2013
\u2013
(1)
\u2013
Net fair value losses on commodity contracts
(18)
\u2013
(60)
\u2013
Financing on post-retirement scheme deficits
(39)
\u2013
(42)
\u2013
Cost of undrawn facilities
(17)
(17)
(57)
(57)
Other financing charges
(133)
(123)
(152)
(160)
Financing costs
(1,224)
(437)
(681)
(492)
Net financing (costs)/income
(688)
(171)
482
(328)
Analysed as:
Net interest payable
(93)
(7)
(205)
(111)
Net fair value (losses)/gains on derivative contracts
(609)
\u2013
515
\u2013
Net post-retirement scheme financing
(2)
\u2013
(12)
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Net other financing
(174)
(164)
(210)
(217)
Net financing (costs)/income
(688)
(171)
482
(328)
1 See note 2 for definition of underlying results 2 Includes interest income on cash balances and short-term deposits of \u00a3188m (2023: \u00a3117m) and similar income of \u00a381m (2023: \u00a347m) on money market funds 3 The consolidated income statement shows the net fair value gain on any interest rate swaps not designated into hedging relationships for accounting purposes. Underlying financing reclassifies the realised fair value movements on these interest rate swaps to net interest payable 4 Included in the financing costs is a \u00a324m (2023: \u00a3nil) charge in relation to the fair value write-down of an unlisted investment recorded at fair value through profit or loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-770": { "value": "4 Net financing
2024
2023
Statutory
Underlying
1
Statutory
Underlying
1
\u00a3m \u00a3m \u00a3m \u00a3m
Interest receivable and similar income
2
269
266
164
164
Net fair value gains on foreign currency contracts
\u2013
\u2013
574
\u2013
Net fair value gains on non-hedge accounted interest rate swaps
3
40
\u2013
1
\u2013
Financing on post-retirement scheme surpluses
37
\u2013
30
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Financing income
536
266
1,163
164
Interest payable
(362)
(273)
(369)
(275)
Net fair value losses on foreign currency contracts
(631)
\u2013
\u2013
\u2013
Net fair value losses on revaluation of other investments accounted for at FVTPL
4
(24)
(24)
\u2013
\u2013
Foreign exchange differences and changes in forecast payments relating
to financial RRSAs
\u2013
\u2013
(1)
\u2013
Net fair value losses on commodity contracts
(18)
\u2013
(60)
\u2013
Financing on post-retirement scheme deficits
(39)
\u2013
(42)
\u2013
Cost of undrawn facilities
(17)
(17)
(57)
(57)
Other financing charges
(133)
(123)
(152)
(160)
Financing costs
(1,224)
(437)
(681)
(492)
Net financing (costs)/income
(688)
(171)
482
(328)
Analysed as:
Net interest payable
(93)
(7)
(205)
(111)
Net fair value (losses)/gains on derivative contracts
(609)
\u2013
515
\u2013
Net post-retirement scheme financing
(2)
\u2013
(12)
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Net other financing
(174)
(164)
(210)
(217)
Net financing (costs)/income
(688)
(171)
482
(328)
1 See note 2 for definition of underlying results 2 Includes interest income on cash balances and short-term deposits of \u00a3188m (2023: \u00a3117m) and similar income of \u00a381m (2023: \u00a347m) on money market funds 3 The consolidated income statement shows the net fair value gain on any interest rate swaps not designated into hedging relationships for accounting purposes. Underlying financing reclassifies the realised fair value movements on these interest rate swaps to net interest payable 4 Included in the financing costs is a \u00a324m (2023: \u00a3nil) charge in relation to the fair value write-down of an unlisted investment recorded at fair value through profit or loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-720": { "value": "4 Net financing
2024
2023
Statutory
Underlying
1
Statutory
Underlying
1
\u00a3m \u00a3m \u00a3m \u00a3m
Interest receivable and similar income
2
269
266
164
164
Net fair value gains on foreign currency contracts
\u2013
\u2013
574
\u2013
Net fair value gains on non-hedge accounted interest rate swaps
3
40
\u2013
1
\u2013
Financing on post-retirement scheme surpluses
37
\u2013
30
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Financing income
536
266
1,163
164
Interest payable
(362)
(273)
(369)
(275)
Net fair value losses on foreign currency contracts
(631)
\u2013
\u2013
\u2013
Net fair value losses on revaluation of other investments accounted for at FVTPL
4
(24)
(24)
\u2013
\u2013
Foreign exchange differences and changes in forecast payments relating
to financial RRSAs
\u2013
\u2013
(1)
\u2013
Net fair value losses on commodity contracts
(18)
\u2013
(60)
\u2013
Financing on post-retirement scheme deficits
(39)
\u2013
(42)
\u2013
Cost of undrawn facilities
(17)
(17)
(57)
(57)
Other financing charges
(133)
(123)
(152)
(160)
Financing costs
(1,224)
(437)
(681)
(492)
Net financing (costs)/income
(688)
(171)
482
(328)
Analysed as:
Net interest payable
(93)
(7)
(205)
(111)
Net fair value (losses)/gains on derivative contracts
(609)
\u2013
515
\u2013
Net post-retirement scheme financing
(2)
\u2013
(12)
\u2013
Net foreign exchange gains
190
\u2013
394
\u2013
Net other financing
(174)
(164)
(210)
(217)
Net financing (costs)/income
(688)
(171)
482
(328)
1 See note 2 for definition of underlying results 2 Includes interest income on cash balances and short-term deposits of \u00a3188m (2023: \u00a3117m) and similar income of \u00a381m (2023: \u00a347m) on money market funds 3 The consolidated income statement shows the net fair value gain on any interest rate swaps not designated into hedging relationships for accounting purposes. Underlying financing reclassifies the realised fair value movements on these interest rate swaps to net interest payable 4 Included in the financing costs is a \u00a324m (2023: \u00a3nil) charge in relation to the fair value write-down of an unlisted investment recorded at fair value through profit or loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-721": { "value": "5 Taxation
UK
Overseas
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current tax charge for the year
30
19
379
256
409
275
Current tax charge in respect of Pillar Two income
taxes
2
\u2013
\u2013
\u2013
2
\u2013
Adjustments in respect of prior years
\u2013
\u2013
(18)
2
(18)
2
Current tax
32
19
361
258
393
277
Deferred tax charge/(credit) for the year
265
224
3
(69)
268
155
Adjustments in respect of prior years
17
(5)
(47)
2
(30)
(3)
Recognition of deferred tax
(1,033)
(406)
\u2013
\u2013
(1,033)
(406)
Derecognition of advance corporation tax
162
\u2013
\u2013
\u2013
162
\u2013
Deferred tax credit resulting from
an decrease in the UK tax rate
(10)
\u2013
\u2013
\u2013
(10)
\u2013
Deferred tax
(599)
(187)
(44)
(67)
(643)
(254)
(Credited)/charged in the income statement
(567)
(168)
317
191
(250)
23
Other tax (charges)/credits
OCI
Equity
Items that will not be reclassified
Items that will be reclassified
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax:
Movement in post-retirement schemes
61
(43)
\u2013
\u2013
\u2013
\u2013
Cash flow hedge
\u2013
\u2013
(1)
5
\u2013
\u2013
Net investment hedge
\u2013
\u2013
(2)
(1)
\u2013
\u2013
Share-based payments \u2013 direct to equity
\u2013
\u2013
\u2013
\u2013
71
22
Other tax credits/(charges)
61
(43)
(3)
4
71
22
Tax reconciliation
2024 2023
\u00a3m \u00a3m
Profit before taxation
2,234
2,427
Less share of profits of joint ventures and associates (note 12)
(137)
(139)
Profit before taxation excluding joint ventures and associates
2,097
2,288
Nominal tax charge at UK corporation tax rate 25.0% (2023: 23.5%)
524
538
UK tax rate differential
1
\u2013
16
Overseas rate differences
2
27
(5)
US state taxes
23
14
Tax de-grouping charge
3
102
\u2013
Other permanent differences
4
12
\u2013
Benefit to deferred tax from previously unrecognised tax losses and temporary differences
5
\u2013
(57)
Tax losses and other temporary differences not recognised in deferred tax
6
3
9
Derecognition of deferred tax
30
\u2013
Benefit arising from previously unrecognised tax losses
7
(42)
(85)
Recognition of deferred tax
8
(1,033)
(406)
Adjustments in respect of prior years
(48)
(1)
Derecognition of advance corporation tax
9
162
\u2013
Decrease in deferred taxes resulting from a change in the UK tax rate
10
(10)
\u2013
(250)
23
Underlying items (note 2)
282
120
Non-underlying items
(532)
(97)
(250)
23
1 The UK tax rate differential in 2023 arises on the difference between the deferred tax rate and the statutory tax rate 2 Overseas rate differences mainly relate to tax on profits or losses in countries such as Germany 3 The tax de-grouping charge arises on the dilution of the shareholding in Rolls-Royce SMR Limited to below 75% 4 Includes \u00a32m relating to Pillar two income taxes 5 Benefit to deferred tax from previously unrecognised tax losses and temporary differences in 2023 relates to foreign exchange derivatives 6 Relates to tax losses not recognised 7 Relates to foreign exchange derivatives 8 The recognition of deferred tax relates to UK tax losses 9 Advance corporation tax has been derecognised on the basis that payment of cash dividends will prevent the utilisation 10 Represents the impact to the income statement of the reduction in the tax rate on authorised surplus pension charges from 35% to 25% Deferred taxation assets and liabilities
2024 2023
\u00a3m \u00a3m
At 1 January
2,668
2,445
Amount credited to income statement
643
254
Amount credited/(charged) to OCI
59
(44)
Amount (charged)/credited to hedging reserves
(1)
5
Amount credited to equity
71
22
On acquisition of businesses
1
\u2013
(1)
Exchange differences
(11)
(13)
At 31 December
3,429
2,668
Deferred tax assets
3,660
2,998
Deferred tax liabilities
(231)
(330)
3,429
2,668
1 The 2023 deferred tax relates to the acquisition of Team Italia Marine S.R.L. The analysis of the deferred tax position is as follows:
Disposals and
Recognised acquisition
in income Recognised Recognised related Exchange At 31
At 1 January statement in OCI in equity activity differences December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Intangible assets
(431)
(191)
\u2013
\u2013
\u2013
9
(613)
Property, plant and equipment
229
(87)
\u2013
\u2013
\u2013
\u2013
142
Other temporary differences
1
752
77
(3)
62
\u2013
(14)
874
Net contract liabilities
60
3
\u2013
\u2013
\u2013
\u2013
63
Pensions and other post-retirement
scheme benefits
(123)
10
61
\u2013
\u2013
(2)
(54)
Foreign exchange and commodity
financial assets and liabilities
451
40
\u2013
\u2013
\u2013
(3)
488
Losses
1,489
984
\u2013
9
\u2013
(1)
2,481
R&D credit
79
(31)
\u2013
\u2013
\u2013
\u2013
48
Advance corporation tax
2
162
(162)
\u2013
\u2013
\u2013
\u2013
\u2013
2,668
643
58
71
\u2013
(11)
3,429
2023
Intangible assets
(436)
6
\u2013
\u2013
(1)
\u2013
(431)
Property, plant and equipment
230
(7)
\u2013
\u2013
\u2013
6
229
Other temporary differences
1
650
88
4
22
\u2013
(12)
752
Net contract liabilities
64
(4)
\u2013
\u2013
\u2013
\u2013
60
Pensions and other post-retirement
scheme benefits
(57)
(15)
(43)
\u2013
\u2013
(8)
(123)
Foreign exchange and commodity
financial assets and liabilities
693
(243)
\u2013
\u2013
\u2013
1
451
Losses
1,072
417
\u2013
\u2013
\u2013
\u2013
1,489
R&D credit
67
12
\u2013
\u2013
\u2013
\u2013
79
Advance corporation tax
2
162
\u2013
\u2013
\u2013
\u2013
\u2013
162
2,445
254
(39)
22
(1)
(13)
2,668
1 Other temporary differences mainly relate to the deferral of relief for interest expenses and share based payments in the UK and revenue recognised earlier under local GAAP compared to IFRS in Germany 2 Prior to 1999, advance corporation tax was paid to the UK Tax Authority when cash dividends were paid by the Group. This was a payment on account which was available to offset against UK corporation tax liabilities. Any unused balance remaining after 1999 can be carried forward indefinitely and utilised against future UK corporation tax liabilities. The balance has been de-recognised in 2024 following the Group\u2019s announcement to reinstate shareholder distributions via cash dividends, which will prevent utilisation of the surplus advance corporation tax balance Unrecognised deferred tax assets
2024 2023
\u00a3m \u00a3m
Advance corporation tax
181
19
UK losses
629
1,635
Foreign exchange and commodity financial assets and liabilities
27
69
Losses and other unrecognised deferred tax assets
47
34
Deferred tax not recognised on unused tax losses and other items on the basis that future economic benefit
is uncertain
884
1,757
Gross amount and expiry of losses and other deductible temporary differences for which no deferred tax asset has been recognised.
2024
2023
Foreign Foreign
exchange exchange
Total gross and Total gross and
losses and commodity losses and commodity
deductible financial deductible financial
temporary UK assets and Other temporary UK assets and Other
differences losses liabilities losses differences losses liabilities losses
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expiry within five years
75
\u2013
\u2013
75
81
\u2013
\u2013
81
Expiry within
six to 30 years
218
\u2013
\u2013
218
216
\u2013
\u2013
216
No expiry
2,698
2,515
107
76
6,891
6,537
275
79
2,991
2,515
107
369
7,188
6,537
275
376
In addition to the gross balances shown above, advance corporation tax of \u00a3181m (2023: \u00a319m) has not been recognised. Advance corporation tax has no expiry. Of the total deferred tax asset of \u00a33,660m, \u00a33,099m (2023: \u00a32,399m) relates to the UK and is made up as follows: \u2014 \u00a32,472m (2023: \u00a31,476m) relating to tax losses; \u2014 \u00a3425m (2023: \u00a3412m) arising on unrealised losses on derivative contracts; \u2014 \u00a3nil (2023: \u00a3162m) of advance corporation tax; and \u2014 \u00a3202m (2023: \u00a3349m) relating to other deductible temporary differences, in particular tax depreciation and relief for interest expenses. The UK deferred tax assets primarily arise in Rolls-Royce plc and have been recognised based on the expectation that the business will generate taxable profits and tax liabilities in the future against which the losses and deductible temporary differences can be utilised. Most of the UK tax losses relate to the Civil Aerospace large engine business which makes initial losses through the investment period of a programme and then makes a profit through its contracts for services. The programme lifecycles are typically in excess of 30 years. Deferred tax assets are recognised only to the extent it is probable that future taxable profits will be available against which the assets can be utilised. A recoverability assessment has been undertaken, taking account of deferred tax liabilities against which the reversal can be offset and using latest UK forecasts, which are mainly driven by the Civil Aerospace large engine business, to assess the level of future taxable profits. The recoverability of deferred tax assets has been assessed on the following basis: \u2014 using the most recent UK profit forecasts, covering the next five years which are consistent with external sources on market conditions; \u2014 the long-term forecast profit profile of existing large engine programmes which are typically in excess of 30 years from initial investment to retirement of the fleet, including the aftermarket revenues earned from airline customers; \u2014 the long-term forecast is adjusted to exclude engine programmes which are in the development stage with no confirmed orders; \u2014 taking into account the risk that regulatory changes could materially impact demand for our products; \u2014 consideration that although all Civil Aerospace large engines are now compatible with sustainable fuels, there is a risk that in the longer term demand will shift towards more sustainable products and solutions; \u2014 the long-term forecast profit and cost profile of the other parts of the UK business; \u2014 taking into consideration past performance and experience as well as a 25% probability of a severe but plausible downside forecast materialising in relation to the civil aviation industry; and \u2014 consideration that the UK business returned to profitability in 2023. The assessment takes into account UK tax laws that, in broad terms, restrict the offset of carried forward tax losses to 50% of current year profits. In addition, the amounts and timing of future taxable profits incorporate: \u2014 the impact of significant Civil Aerospace large engine orders in 2024; \u2014 the outcomes of strategic initiatives, including contractual margin improvements and cost reduction; \u2014 the continued growth in Civil Aerospace engine flying hours; and \u2014 management\u2019s assumptions on the impact of macro-economic factors and climate change on the UK business. The climate change scenarios previously prepared to assess the viability of our business strategy, decarbonisation plans and approach to managing climate-related risks have continued to develop over the last year. The scale up of sustainable aviation fuel is expected to play a crucial role in reaching net zero carbon emissions by 2050 and the Group has demonstrated that all the commercial aero engines it produces are compatible with sustainable fuels. The impact that climate change could have on our costs and customer pricing is factored into the deferred tax assessment. However, benefits that may arise in the future from the development of breakthrough new technologies are not taken into account. Based on the assessment, the Group has recognised a total UK deferred tax asset of \u00a33,099m, which includes the recognition of a further \u00a31,033m (of which \u00a3525m is non-underlying and \u00a3508m is underlying) deferred tax asset relating to UK tax losses. This reflects the conclusions that: \u2014 Based on current financial results and an improved outlook it is probable that the UK business will generate taxable income and tax liabilities in the future against which these losses can be utilised. \u2014 Using current forecasts and various scenarios these losses and other deductible temporary differences will be used in full within 30 to 40 years, which is within the expected programme lifecycles. An explanation of the potential impact of climate change on forecast profits and sensitivity analysis can be found in note 1. The 2024 announcement of a reinstatement of regular shareholder distributions via cash dividends will prevent utilisation of the Group\u2019s \u00a3162m advance corporation tax balance. As a result, the associated deferred tax asset has been fully de-recognised. Any future changes in tax law or the structure of the Group could have a significant effect on the use of losses and other deductible temporary differences, including the period over which they can be used. In view of this and the significant judgement involved, the Board continuously reassesses this area. The Statutory instrument reducing the tax rate on authorised surplus pension charges from 35% to 25% effective from 6 April 2024 was enacted on 11 March 2024. The deferred tax liability on the UK pension surplus has therefore been re-measured at 25%. The resulting credit has been recognised in OCI except to the extent that the items were previously charged or credited to the income statement. Accordingly, in 2024, \u00a367m has been credited to OCI and \u00a310m has been credited to the income statement. The Group is within the scope of the OECD Pillar Two (Global Minimum Tax) model rules, which came into effect from 1 January 2024. For the period to 31 December 2024, the Group has continued to apply the mandatory exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The temporary differences associated with investments in subsidiaries, joint ventures and associates, for which a deferred tax liability has not been recognised, aggregate to \u00a31,558m (2023: \u00a31,230m). No deferred tax liability has been recognised on the potential withholding tax due on the remittance of undistributed profits as the Group is able to control the timing of such remittances and it is probable that consent will not be given in the foreseeable future. Impact of recognition of UK deferred tax assets on underlying profit after tax As outlined above, during the year the Group recognised a further \u00a31,033m (of which \u00a3525m is non-underlying and \u00a3508m is underlying) deferred tax asset relating to UK tax losses and fully derecognised a \u00a3162m advance corporation tax balance (as an underlying charge). The net \u00a3346m credit to underlying profit after tax has been adjusted in the calculation of the proposed dividend per share, earnings per share and return on capital, this one-off non-cash adjustment has been made as it would otherwise cause a disproportionate impact on these metrics.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-756": { "value": "Deferred taxation assets and liabilities
2024 2023
\u00a3m \u00a3m
At 1 January
2,668
2,445
Amount credited to income statement
643
254
Amount credited/(charged) to OCI
59
(44)
Amount (charged)/credited to hedging reserves
(1)
5
Amount credited to equity
71
22
On acquisition of businesses
1
\u2013
(1)
Exchange differences
(11)
(13)
At 31 December
3,429
2,668
Deferred tax assets
3,660
2,998
Deferred tax liabilities
(231)
(330)
3,429
2,668
1 The 2023 deferred tax relates to the acquisition of Team Italia Marine S.R.L. The analysis of the deferred tax position is as follows:
Disposals and
Recognised acquisition
in income Recognised Recognised related Exchange At 31
At 1 January statement in OCI in equity activity differences December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Intangible assets
(431)
(191)
\u2013
\u2013
\u2013
9
(613)
Property, plant and equipment
229
(87)
\u2013
\u2013
\u2013
\u2013
142
Other temporary differences
1
752
77
(3)
62
\u2013
(14)
874
Net contract liabilities
60
3
\u2013
\u2013
\u2013
\u2013
63
Pensions and other post-retirement
scheme benefits
(123)
10
61
\u2013
\u2013
(2)
(54)
Foreign exchange and commodity
financial assets and liabilities
451
40
\u2013
\u2013
\u2013
(3)
488
Losses
1,489
984
\u2013
9
\u2013
(1)
2,481
R&D credit
79
(31)
\u2013
\u2013
\u2013
\u2013
48
Advance corporation tax
2
162
(162)
\u2013
\u2013
\u2013
\u2013
\u2013
2,668
643
58
71
\u2013
(11)
3,429
2023
Intangible assets
(436)
6
\u2013
\u2013
(1)
\u2013
(431)
Property, plant and equipment
230
(7)
\u2013
\u2013
\u2013
6
229
Other temporary differences
1
650
88
4
22
\u2013
(12)
752
Net contract liabilities
64
(4)
\u2013
\u2013
\u2013
\u2013
60
Pensions and other post-retirement
scheme benefits
(57)
(15)
(43)
\u2013
\u2013
(8)
(123)
Foreign exchange and commodity
financial assets and liabilities
693
(243)
\u2013
\u2013
\u2013
1
451
Losses
1,072
417
\u2013
\u2013
\u2013
\u2013
1,489
R&D credit
67
12
\u2013
\u2013
\u2013
\u2013
79
Advance corporation tax
2
162
\u2013
\u2013
\u2013
\u2013
\u2013
162
2,445
254
(39)
22
(1)
(13)
2,668
1 Other temporary differences mainly relate to the deferral of relief for interest expenses and share based payments in the UK and revenue recognised earlier under local GAAP compared to IFRS in Germany 2 Prior to 1999, advance corporation tax was paid to the UK Tax Authority when cash dividends were paid by the Group. This was a payment on account which was available to offset against UK corporation tax liabilities. Any unused balance remaining after 1999 can be carried forward indefinitely and utilised against future UK corporation tax liabilities. The balance has been de-recognised in 2024 following the Group\u2019s announcement to reinstate shareholder distributions via cash dividends, which will prevent utilisation of the surplus advance corporation tax balance ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-679": { "value": "
6 Earnings per ordinary share
Basic earnings per ordinary share (EPS) is calculated by dividing the profit/(loss) attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the year, excluding ordinary shares held under trust, which have been treated as if they had
been cancelled.
2024
2023
Potentially Potentially
dilutive share dilutive share
Basic
options
Diluted
Basic
options
Diluted
Profit attributable to ordinary shareholders (\u00a3m):
2,521
2,521
2,412
2,412
Weighted average number of ordinary shares (millions)
8,388
51
8,439
8,361
44
8,405
EPS (pence):
30.05
(0.18)
29.87
28\ufffd85
(0.15)
28.70
The reconciliation between underlying EPS and basic EPS is as follows:
2024
2023
Pence
\u00a3m
Pence
\u00a3m
EPS/Profit attributable to ordinary shareholders
30.05
2,521
28\ufffd85
2,412
Total underlying adjustments to profit before taxation (note 2)
0.70
59
(13.94)
(1,165)
Related tax effects
(6.34)
(532)
(1.16)
(97)
Adjustment for net recognition of deferred tax assets
1
(4.12)
(346)
\u2013
\u2013
Underlying EPS/Underlying profit attributable to ordinary shareholders
20.29
1,702
13.75
1,150
Diluted underlying EPS attributable to ordinary shareholders
20.17
13\ufffd68
1 Underlying profit attributable to ordinary shareholders has been adjusted for the one-off non-cash impact of \u00a3346m related to the net recognition of deferred tax assets on UK tax losses,
see note 5, page 148 for further details
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-680": { "value": "
7 Auditors\u2019 remuneration
2024 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual Financial Statements
3.9
3\ufffd6
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries
pursuant to legislation
8.6
8\ufffd6
Total fees payable for audit services
12.5
12\ufffd2
Fees payable to the Company\u2019s auditor and its associates for other services:
Audit related assurance services
1
0.7
0.7
Other assurance services
2
0.1
0\ufffd2
Total fees payable to the Company\u2019s auditor and its associates
3
13.3
13\ufffd1
Fees payable in respect of the Group\u2019s pension schemes:
Audit
0.1
0\ufffd1
1 This includes \u00a30.7m (2023: \u00a30.7m) for the review of the half-year report
2 This includes \u00a30.1m (2023: \u00a30.1m) in respect of agreed upon procedures in respect of levies payable and \u00a3nil for sustainability assurance work (2023: \u00a30.1m)
3 Audit fees for overseas entities are reported at the average exchange rate for the year
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-681": { "value": "
8 Employee information
2024 2023
Number
1
Number
1
United Kingdom
21,900
20,900
Germany
10,000
10,000
United States
5,300
5,300
Italy
900
900
Singapore
700
700
Canada
700
700
India
600
600
China
500
600
Israel
300
200
France
200
200
Rest of world
1,300
1,300
Monthly average number of employees
42,400
41,400
Civil Aerospace
18,700
18,300
Defence
12,500
12,000
Power Systems
9,900
9,800
New Markets
1,200
1,200
Corporate
2
100
100
Monthly average number of employees
42,400
41,400
2024 2023
Total Total
\u00a3m \u00a3m
Wages, salaries and benefits
3,056
2,940
Social security costs
369
416
Share-based payments (note 24)
136
66
Pensions and other post-retirement scheme benefits (note 22)
387
346
Group employment costs
3
3,948
3,768
1 Employee numbers have been rounded to the nearest thousand
2 Corporate consists of employees who do not provide a shared service to the segments. Where corporate functions provide such a service, employees have been allocated to the segments
on an appropriate basis
3 Remuneration of key management personnel is shown in note 26
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-682": { "value": "
9 Intangible assets
Certification Development Customer
Goodwill costs expenditure relationships
Software
1
Other
2
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
1,135
935
3,604
512
978
886
8,050
Additions
\u2013
\u2013
192
\u2013
79
13
284
Acquisition of businesses
8
\u2013
\u2013
2
\u2013
\u2013
10
Transferred to assets held for sale
3
(10)
\u2013
\u2013
\u2013
\u2013
(185)
(195)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(23)
\u2013
(23)
Disposals
\u2013
(4)
\u2013
\u2013
(27)
(2)
(33)
Reclassifications
5
\u2013
\u2013
(1)
\u2013
3
(1)
1
Exchange differences
(32)
(1)
(32)
(16)
(6)
(12)
(99)
At 31 December 2023
1,101
930
3,763
498
1,004
699
7,995
Additions
\u2013
\u2013
263
\u2013
96
8
367
Transferred to assets held for sale
3
(25)
\u2013
(4)
(4)
(1)
\u2013
(34)
Disposals
6
\u2013
\u2013
(3)
(13)
(77)
(2)
(95)
Exchange differences
(31)
(1)
(63)
(12)
(4)
(17)
(128)
At 31 December 2024
1,045
929
3,956
469
1,018
688
8,105
Accumulated amortisation and impairment:
At 1 January 2023
36
447
1,912
406
675
476
3,952
Charge for the year
7
\u2013
24
89
41
84
41
279
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Transferred to assets held for sale
3
\u2013
\u2013
\u2013
\u2013
\u2013
(144)
(144)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(14)
\u2013
(14)
Disposals
\u2013
(4)
\u2013
\u2013
(23)
(2)
(29)
Reclassifications
5
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
Exchange differences
(1)
\u2013
(25)
(14)
(5)
(6)
(51)
At 31 December 2023
35
467
1,976
433
718
357
3,986
Charge for the year
7
\u2013
27
96
35
78
19
255
Impairment
8
13
\u2013
(405)
\u2013
\u2013
17
(375)
Transferred to assets held for sale
3
(12)
\u2013
(4)
(4)
(1)
\u2013
(21)
Disposals
6
\u2013
\u2013
\u2013
(13)
(69)
(2)
(84)
Exchange differences
\u2013
(1)
(37)
(10)
(3)
(7)
(58)
At 31 December 2024
36
493
1,626
441
723
384
3,703
Net book value at:
At 31 December 2024
1,009
436
2,330
28
295
304
4,402
At 31 December 2023
1,066
463
1,787
65
286
342
4,009
1 Includes \u00a3100m (2023: \u00a397m) of software under course of construction which is not amortised
2 Other intangibles includes trademarks, brands and the costs incurred testing and analysing engines with the longest time in service (fleet leader engines) to gather technical knowledge
on engine endurance which will improve reliability and enable the Group to reduce the costs of meeting LTSA obligations
3 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail
4 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were to be derecognised were transferred to
trade receivables and other assets to reflect the nature of these assets as current assets
5 Includes reclassifications within intangible assets or from property, plant and equipment when available for use
6 During the year, the Group disposed of its lower power range engines business based in Power Systems. See note 27 for further detail
7 Charged to cost of sales and commercial and administrative costs except development costs, which are charged to research and development costs
8 Includes \u00a313m of goodwill impairment and \u00a317m of other impairment (related to intellectual property) resulting from the closure of the Group\u2019s advanced air mobility activities. Also includes
reversal of a Civil Aerospace programme asset impairment recognised in 2020. The impairment reversal of \u00a3413m (2023: \u00a3nil) has been credited to research and development within the
non-underlying income statement. See further details below
At 31 December 2024, the Group had expenditure commitments for software of \u00a328m (2023: \u00a330m).
The carrying amount of goodwill or intangible assets allocated across multiple CGUs is not significant in comparison with the Group\u2019s total
carrying amount of goodwill or intangible assets with indefinite useful lives.
Goodwill
In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s CGUs, or groups of CGUs, that are
expected to benefit from the synergies of the business combination that gave rise to the goodwill as follows:
Cash-generating unit (CGU) or group of CGUs
Primary
operating 2024 2023
segment \u00a3m \u00a3m
Rolls-Royce Power Systems AG
Power Systems
779
798
Rolls-Royce Deutschland Ltd & Co KG
Civil Aerospace
226
237
Other
Various
4
31
1,009
1,066
Goodwill has been tested for impairment during 2024 on the following basis:
\u2014 The carrying values of goodwill have been assessed by reference to the value in use.
\u2014
These have been estimated using cash flows from the most recent forecasts prepared by the Directors, which are consistent with past
experience and external sources of information on market conditions. These forecasts generally cover the next five years. Growth rates for
the period not covered by the forecasts are based on growth rates of 2% which reflects the products, industries and countries in which the
relevant CGU or group of CGUs operate. Inflation has been included based on contractual commitments where relevant. Where general
inflation assumptions have been required, these have been estimated based on externally sourced data. General inflation assumptions of 2%
to 3% have been included in the forecasts, depending on the nature and geography of the flows.
\u2014
The key forecast assumptions for the impairment tests are the discount rate and the cash flow projections, in particular the programme
assumptions (such as sales volumes and product costs), the impact of foreign exchange rates on the relationship between selling prices and
costs, and growth rates. Impairment tests are performed using prevailing exchange rates.
\u2014 The Group believes there are significant business growth opportunities to come from Rolls-Royce playing a leading role in the transition to
net zero as we develop and deliver the products that will support our customers through the energy transition across multiple markets. At the
same time climate change poses potentially significant risks. The assumptions used by the Directors are based on past experience and
external sources of information. Based on the climate scenarios prepared, the forecasts do not assume a significant deterioration of demand
for Civil Aerospace (including Rolls-Royce Deutschland) programmes given that all commercial aero engines are compatible with sustainable
fuels. Similarly, 80% of the portfolio in Power Systems is now compatible with alternative and more sustainable fuels. The investment required
to ensure our new products will be compatible with net zero operation, and to achieve net zero Scope 1 + 2 emission commitments is reflected
in the forecasts used.
A 1.5\u00b0C scenario has been prepared using key data points from external sources, including Oxford Economics Global Climate Service and
Databank and the International Energy Agency. This scenario has been used as the basis of a sensitivity. It is assumed that governments adopt
stricter product and behavioural standards and measures that result in higher carbon pricing. Under these conditions, it is assumed that markets
are willing to pay for low carbon solutions and that there is an economic return from strategic investments in low carbon alternatives. The
sensitivity has considered the likelihood of demand changes for our products based on their relative fuel efficiency in the marketplace and the
probability of alternatives being introduced earlier than currently expected. The sensitivity also reflects the impact of a broad range of potential
costs imposed by policy or regulatory interventions (through carbon pricing). This sensitivity does not indicate the need for an impairment
charge\ufffd
The principal assumptions for goodwill balances considered to be individually significant are:
Rolls-Royce Power Systems AG
\u2014 Trading assumptions (e.g. volume of equipment deliveries, pricing achieved and cost escalation) that are based on current and known future
programmes, estimates of market share and long-term economic forecasts;
\u2014 Plausible downside scenario in relation to macro-economic factors included with a 25% weighting;
\u2014 Cash flows beyond the five-year forecasts are assumed to grow at 2.0% (2023: 2.0%); and
\u2014 Nominal pre-tax discount rate 10.2% (2023: 12.0%).
The Directors do not consider that any reasonably possible changes in the key assumptions (including taking consideration of the climate-related
risks above) would cause the value in use of the goodwill fall below its carrying value.
Rolls-Royce Deutschland Ltd & Co KG
\u2014 Trading assumptions (e.g. volume of engine deliveries, flying hours of installed fleet, including assumptions on the recovery of the aerospace
industry, and cost escalation) that are based on current and known future programmes, estimates of market share and long-term economic
forecasts;
\u2014 Plausible downside scenario in relation to macro-economic factors included with a 25% weighting;
\u2014 Cash flows beyond the five-year forecasts are assumed to grow at 2.0% (2023: 2.0%); and
\u2014 Nominal pre-tax discount rate 12.6% (2023: 14.4%).
The Directors do not consider that any reasonably possible changes in the key assumptions (including taking consideration of the climate-related
risks above) would cause the value in use of the goodwill to fall below its carrying value.
Other CGUs
Goodwill balances across the Group that are not considered to be individually significant were also tested for impairment. Following the
Directors decision to close the Group\u2019s advanced air mobility activities \u00a313m (2023: \u00a3nil) of goodwill, that arose on the acquisition of Siemens\u2019
eAircraft, was impaired during the year.
Material intangible assets (excluding goodwill)
The carrying amount and the residual life of the material intangible assets (excluding goodwill) for the Group is as follows:
Residual life
1
Net book value
2024 2023
\u00a3m \u00a3m
Trent programme intangible assets
2
1-15 years
2,001
1,920
Business aviation programme intangible assets
3
10-15 years
674
238
Intangible assets related to Power Systems
4
309
370
2,984
2,528
1 Residual life reflects the remaining amortisation period of those assets where amortisation has commenced. As per page 132, the amortisation period of 15 years will commence on those
assets which are not being amortised as the units are delivered
2 Included within the Trent programmes are the Trent 1000, Trent 7000 and Trent XWB
3 Included within business aviation are the Pearl 700, Pearl 15 and Pearl 10X
4 Includes \u00a3107m (2023: \u00a3112m) in respect of a brand intangible asset which is not amortised. Remaining assets are amortised over a range of three to 15 years
Intangible assets (including programme intangible assets) have been reviewed for impairment in accordance with IAS 36 Impairment of Assets\ufffd
Assessments have considered potential triggers of impairment such as external factors including climate change, significant programme changes
and by analysing latest management forecasts against those prepared in 2023 to identify any change in performance. Where a trigger event has
been identified, an impairment test has been carried out. Where an impairment test was required, it was performed on the following basis:
\u2014
The carrying values have been assessed by reference to value in use. These have been estimated using cash flows from the most recent
forecasts prepared by the Directors, which are consistent with past experience and external sources of information on market conditions over
the lives of the respective programmes; and
\u2014
The key assumptions underpinning cash flow projections are based on estimates of product performance related estimates, future market
share and pricing and cost for uncontracted business. Climate-related risks are considered when making these estimates consistent with the
assumptions above.
Impairment reversal triggers were identified for a Civil Aerospace programme asset previously impaired as a result of the impacts of the pandemic
in 2020. The triggers for recalculating the recoverable amount were improvements during the period in exchange rates, the discount rate and
forecast costs following successful entry-into-service of the engine. An impairment reversal assessment has been carried out on the following
basis:
\u2014 The recoverable amount of programme assets has been estimated using a value in use calculation. This has been estimated using cash flows
from the most recent forecasts prepared by the Directors, which are consistent with past experience and external sources of information on
market conditions over the lives of the respective programmes; and
\u2014
The key assumptions underpinning cash flow projections are based on estimates of product performance related estimates, future market
share, pricing and cost for uncontracted business. Climate-related risks are considered when making these estimates.
An intangible asset impairment reversal of \u00a3413m was recognised in research and development costs together with a participation fee contract
asset impairment reversal of \u00a3132m (see note 15) being recognised in cost of sales in the period as follows:
Impairment reversal
Intangible Contract Pre-tax nominal
Assets Assets Total discount rate at
\u00a3m \u00a3m \u00a3m
30 June 2024
1
Civil Aerospace \u2013 Business Aviation programme assets
2
413
132
545
13.9%
1 The impairment reversal test was performed at 30 June 2024. The equivalent pre-tax nominal discount rate in 2020, when the impairment was recognised, was 11.9%. As at 31 December
2023, the discount rate was 14.4%
2 The actual amount reversed in local currency represents the full impairment recognised in 2020. Any subsequent change in GBP values on consolidation is solely due to exchange rate
movements
The recoverable amount calculated now significantly exceeds the carrying value of the assets as a result of the inclusion of passage of time
benefits in addition to those from the impairment reversal trigger drivers described above. In making this assessment, the Directors have
considered a range of sensitivities in relation to the market, pricing, cost increases, exchange rates and discount rates.
There have been no other individually material impairment charges or reversals recognised during the period (2023: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-722": { "value": "9 Intangible assets
Certification Development Customer
Goodwill costs expenditure relationships
Software
1
Other
2
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
1,135
935
3,604
512
978
886
8,050
Additions
\u2013
\u2013
192
\u2013
79
13
284
Acquisition of businesses
8
\u2013
\u2013
2
\u2013
\u2013
10
Transferred to assets held for sale
3
(10)
\u2013
\u2013
\u2013
\u2013
(185)
(195)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(23)
\u2013
(23)
Disposals
\u2013
(4)
\u2013
\u2013
(27)
(2)
(33)
Reclassifications
5
\u2013
\u2013
(1)
\u2013
3
(1)
1
Exchange differences
(32)
(1)
(32)
(16)
(6)
(12)
(99)
At 31 December 2023
1,101
930
3,763
498
1,004
699
7,995
Additions
\u2013
\u2013
263
\u2013
96
8
367
Transferred to assets held for sale
3
(25)
\u2013
(4)
(4)
(1)
\u2013
(34)
Disposals
6
\u2013
\u2013
(3)
(13)
(77)
(2)
(95)
Exchange differences
(31)
(1)
(63)
(12)
(4)
(17)
(128)
At 31 December 2024
1,045
929
3,956
469
1,018
688
8,105
Accumulated amortisation and impairment:
At 1 January 2023
36
447
1,912
406
675
476
3,952
Charge for the year
7
\u2013
24
89
41
84
41
279
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Transferred to assets held for sale
3
\u2013
\u2013
\u2013
\u2013
\u2013
(144)
(144)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(14)
\u2013
(14)
Disposals
\u2013
(4)
\u2013
\u2013
(23)
(2)
(29)
Reclassifications
5
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
Exchange differences
(1)
\u2013
(25)
(14)
(5)
(6)
(51)
At 31 December 2023
35
467
1,976
433
718
357
3,986
Charge for the year
7
\u2013
27
96
35
78
19
255
Impairment
8
13
\u2013
(405)
\u2013
\u2013
17
(375)
Transferred to assets held for sale
3
(12)
\u2013
(4)
(4)
(1)
\u2013
(21)
Disposals
6
\u2013
\u2013
\u2013
(13)
(69)
(2)
(84)
Exchange differences
\u2013
(1)
(37)
(10)
(3)
(7)
(58)
At 31 December 2024
36
493
1,626
441
723
384
3,703
Net book value at:
At 31 December 2024
1,009
436
2,330
28
295
304
4,402
At 31 December 2023
1,066
463
1,787
65
286
342
4,009
1 Includes \u00a3100m (2023: \u00a397m) of software under course of construction which is not amortised 2 Other intangibles includes trademarks, brands and the costs incurred testing and analysing engines with the longest time in service (fleet leader engines) to gather technical knowledge on engine endurance which will improve reliability and enable the Group to reduce the costs of meeting LTSA obligations 3 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail 4 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were to be derecognised were transferred to trade receivables and other assets to reflect the nature of these assets as current assets 5 Includes reclassifications within intangible assets or from property, plant and equipment when available for use 6 During the year, the Group disposed of its lower power range engines business based in Power Systems. See note 27 for further detail 7 Charged to cost of sales and commercial and administrative costs except development costs, which are charged to research and development costs 8 Includes \u00a313m of goodwill impairment and \u00a317m of other impairment (related to intellectual property) resulting from the closure of the Group\u2019s advanced air mobility activities. Also includes reversal of a Civil Aerospace programme asset impairment recognised in 2020. The impairment reversal of \u00a3413m (2023: \u00a3nil) has been credited to research and development within the non-underlying income statement. See further details below 10 Property, plant and equipment
Land and Plant and Aircraft and In course of
buildings equipment engines construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
1,936
5,225
999
400
8,560
Additions
19
147
34
223
423
Transferred to current assets
1
(90)
(93)
\u2013
(43)
(226)
Disposals/write-offs
(19)
(309)
(33)
(9)
(370)
Reclassifications
2
69
78
13
(146)
14
Exchange differences
(32)
(86)
(7)
(13)
(138)
At 31 December 2023
1,883
4,962
1,006
412
8,263
Additions
21
129
108
245
503
Transferred to assets held for sale
3
(33)
(51)
\u2013
(2)
(86)
Disposals/write-offs
(23)
(142)
(17)
(4)
(186)
Reclassifications
2
46
67
3
(116)
\u2013
Reclassification from right-of-use assets
11
\u2013
\u2013
\u2013
11
Exchange differences
(23)
(55)
(1)
\u2013
(79)
At 31 December 2024
1,882
4,910
1,099
535
8,426
Accumulated depreciation and impairment:
At 1 January 2023
695
3,507
413
9
4,624
Charge for the year
4
70
296
40
\u2013
406
Impairment
5
4
6
1
6
17
Transferred to current assets
1
(48)
(61)
\u2013
\u2013
(109)
Disposals/write-offs
(18)
(299)
(25)
\u2013
(342)
Reclassifications
2
17
(9)
8
(7)
9
Exchange differences
(11)
(56)
(3)
\u2013
(70)
At 31 December 2023
709
3,384
434
8
4,535
Charge for the year
4
77
249
49
\u2013
375
Impairment
5
2
23
\u2013
\u2013
25
Transferred to assets held for sale
3
(11)
(24)
\u2013
\u2013
(35)
Disposals/write-offs
(16)
(123)
(10)
\u2013
(149)
Reclassifications
2
16
(16)
\u2013
\u2013
\u2013
Exchange differences
(9)
(39)
(1)
\u2013
(49)
At 31 December 2024
768
3,454
472
8
4,702
Net book value:
At 31 December 2024
1,114
1,456
627
527
3,724
At 31 December 2023
1,174
1,578
572
404
3,728
1 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were derecognised were transferred to trade receivables and other assets to reflect the nature of these assets as current assets 2 Includes reclassifications of assets under construction to the relevant classification in property, plant and equipment when available for use 3 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail 4 Depreciation is charged to cost of sales and commercial and administrative costs or included in the cost of inventory as appropriate 5 The carrying values of property, plant and equipment have been assessed during the year in line with IAS 36 Impairment of Assets. Material items of plant and equipment and aircraft and engines are assessed for impairment together with other assets used in individual programmes \u2013 see potential triggers considered in note 9. Land and buildings are generally used across multiple programmes and are considered based on future expectations of the use of the site, which includes any implications from climate-related risks. As a result of this assessment, there are no (2023: none) individually material impairment charges or reversals in the year Property, plant and equipment includes:
2024
2023
Land and Plant and Aircraft and Land and Plant and Aircraft and
buildings equipment engines buildings equipment engines
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets held for use in leases where the Group
is the lessor:
Cost
6
36
861
6
38
760
Depreciation
(4)
(22)
(372)
(4)
(21)
(348)
Net book value
2
14
489
2
17
412
2024 2023
\u00a3m \u00a3m
Capital expenditure commitments
177
222
Cost of fully depreciated assets
2,286
2,084
The Group\u2019s share of equity accounted entities\u2019 capital commitments is \u00a369m (2023: \u00a316m). 11 Right-of-use assets
Land and Plant and Aircraft and
buildings equipment engines Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
506
162
1,827
2,495
Additions/modification of leases
38
56
104
198
Acquisition of businesses
2
\u2013
\u2013
2
Disposals
(6)
(22)
(54)
(82)
Transferred to current assets
1
(4)
\u2013
\u2013
(4)
Reclassifications to PPE
(5)
\u2013
(10)
(15)
Exchange differences
(18)
(2)
(3)
(23)
At 31 December 2023
513
194
1,864
2,571
Additions/modification of leases
28
73
37
138
Transferred to assets held for sale
2
(2)
(1)
\u2013
(3)
Disposals
(8)
(17)
\u2013
(25)
Reclassifications to PPE
(11)
\u2013
\u2013
(11)
Exchange differences
(3)
(3)
(4)
(10)
At 31 December 2024
517
246
1,897
2,660
Accumulated depreciation and impairment:
At 1 January 2023
230
84
1,120
1,434
Charge for the year
3
42
42
179
263
Impairment
4
3
6
62
71
Disposals
(6)
(22)
(54)
(82)
Reclassifications to PPE
(1)
\u2013
(8)
(9)
Exchange differences
(9)
(1)
(1)
(11)
At 31 December 2023
259
109
1,298
1,666
Charge for the year
3
42
43
172
257
Impairment
4
3
2
3
8
Transferred to assets held for sale
2
(2)
\u2013
\u2013
(2)
Disposals
(7)
(17)
\u2013
(24)
Exchange differences
(1)
(2)
(3)
(6)
At 31 December 2024
294
135
1,470
1,899
Net book value:
At 31 December 2024
223
111
427
761
At 31 December 2023
254
85
566
905
Right-of-use assets held for use in operating leases where the Group is the lessor:
Cost
18
\u2013
1,897
1,915
Depreciation
(8)
\u2013
(1,470)
(1,478)
Net book value at 31 December 2024
10
\u2013
427
437
Cost
6
\u2013
1,864
1,870
Depreciation
(3)
\u2013
(1,298)
(1,301)
Net book value at 31 December 2023
3
\u2013
566
569
1 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were derecognised were transferred to trade receivables and other assets to reflect the nature of these assets 2 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail 3 Depreciation is charged to cost of sales and commercial and administrative costs as appropriate 4 The carrying values of right-of-use assets have been assessed during the year in line with IAS 36 Impairment of Assets. Material items of plant and equipment and aircraft and engines are assessed for impairment together with other assets used in individual programmes \u2013 see potential triggers considered in note 9. Land and buildings are generally used across multiple programmes and are considered based on future expectations of the use of the site (which includes any implications from climate-related risks). As a result of this assessment, the carrying values of assets, where a trigger was identified, have been assessed by reference to value in use considering assumptions such as estimated future cash flows, product performance related estimates and climate-related risks. During the year to 31 December 2024, an impairment charge of \u00a38m has been recognised (2023: \u00a371m)", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-757": { "value": "9 Intangible assets
Certification Development Customer
Goodwill costs expenditure relationships
Software
1
Other
2
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
1,135
935
3,604
512
978
886
8,050
Additions
\u2013
\u2013
192
\u2013
79
13
284
Acquisition of businesses
8
\u2013
\u2013
2
\u2013
\u2013
10
Transferred to assets held for sale
3
(10)
\u2013
\u2013
\u2013
\u2013
(185)
(195)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(23)
\u2013
(23)
Disposals
\u2013
(4)
\u2013
\u2013
(27)
(2)
(33)
Reclassifications
5
\u2013
\u2013
(1)
\u2013
3
(1)
1
Exchange differences
(32)
(1)
(32)
(16)
(6)
(12)
(99)
At 31 December 2023
1,101
930
3,763
498
1,004
699
7,995
Additions
\u2013
\u2013
263
\u2013
96
8
367
Transferred to assets held for sale
3
(25)
\u2013
(4)
(4)
(1)
\u2013
(34)
Disposals
6
\u2013
\u2013
(3)
(13)
(77)
(2)
(95)
Exchange differences
(31)
(1)
(63)
(12)
(4)
(17)
(128)
At 31 December 2024
1,045
929
3,956
469
1,018
688
8,105
Accumulated amortisation and impairment:
At 1 January 2023
36
447
1,912
406
675
476
3,952
Charge for the year
7
\u2013
24
89
41
84
41
279
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Transferred to assets held for sale
3
\u2013
\u2013
\u2013
\u2013
\u2013
(144)
(144)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(14)
\u2013
(14)
Disposals
\u2013
(4)
\u2013
\u2013
(23)
(2)
(29)
Reclassifications
5
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
Exchange differences
(1)
\u2013
(25)
(14)
(5)
(6)
(51)
At 31 December 2023
35
467
1,976
433
718
357
3,986
Charge for the year
7
\u2013
27
96
35
78
19
255
Impairment
8
13
\u2013
(405)
\u2013
\u2013
17
(375)
Transferred to assets held for sale
3
(12)
\u2013
(4)
(4)
(1)
\u2013
(21)
Disposals
6
\u2013
\u2013
\u2013
(13)
(69)
(2)
(84)
Exchange differences
\u2013
(1)
(37)
(10)
(3)
(7)
(58)
At 31 December 2024
36
493
1,626
441
723
384
3,703
Net book value at:
At 31 December 2024
1,009
436
2,330
28
295
304
4,402
At 31 December 2023
1,066
463
1,787
65
286
342
4,009
1 Includes \u00a3100m (2023: \u00a397m) of software under course of construction which is not amortised 2 Other intangibles includes trademarks, brands and the costs incurred testing and analysing engines with the longest time in service (fleet leader engines) to gather technical knowledge on engine endurance which will improve reliability and enable the Group to reduce the costs of meeting LTSA obligations 3 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail 4 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were to be derecognised were transferred to trade receivables and other assets to reflect the nature of these assets as current assets 5 Includes reclassifications within intangible assets or from property, plant and equipment when available for use 6 During the year, the Group disposed of its lower power range engines business based in Power Systems. See note 27 for further detail 7 Charged to cost of sales and commercial and administrative costs except development costs, which are charged to research and development costs 8 Includes \u00a313m of goodwill impairment and \u00a317m of other impairment (related to intellectual property) resulting from the closure of the Group\u2019s advanced air mobility activities. Also includes reversal of a Civil Aerospace programme asset impairment recognised in 2020. The impairment reversal of \u00a3413m (2023: \u00a3nil) has been credited to research and development within the non-underlying income statement. See further details below At 31 December 2024, the Group had expenditure commitments for software of \u00a328m (2023: \u00a330m). The carrying amount of goodwill or intangible assets allocated across multiple CGUs is not significant in comparison with the Group\u2019s total carrying amount of goodwill or intangible assets with indefinite useful lives. Goodwill In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill as follows: Cash-generating unit (CGU) or group of CGUs
Primary
operating 2024 2023
segment \u00a3m \u00a3m
Rolls-Royce Power Systems AG
Power Systems
779
798
Rolls-Royce Deutschland Ltd & Co KG
Civil Aerospace
226
237
Other
Various
4
31
1,009
1,066
Goodwill has been tested for impairment during 2024 on the following basis: \u2014 The carrying values of goodwill have been assessed by reference to the value in use. \u2014 These have been estimated using cash flows from the most recent forecasts prepared by the Directors, which are consistent with past experience and external sources of information on market conditions. These forecasts generally cover the next five years. Growth rates for the period not covered by the forecasts are based on growth rates of 2% which reflects the products, industries and countries in which the relevant CGU or group of CGUs operate. Inflation has been included based on contractual commitments where relevant. Where general inflation assumptions have been required, these have been estimated based on externally sourced data. General inflation assumptions of 2% to 3% have been included in the forecasts, depending on the nature and geography of the flows. \u2014 The key forecast assumptions for the impairment tests are the discount rate and the cash flow projections, in particular the programme assumptions (such as sales volumes and product costs), the impact of foreign exchange rates on the relationship between selling prices and costs, and growth rates. Impairment tests are performed using prevailing exchange rates. \u2014 The Group believes there are significant business growth opportunities to come from Rolls-Royce playing a leading role in the transition to net zero as we develop and deliver the products that will support our customers through the energy transition across multiple markets. At the same time climate change poses potentially significant risks. The assumptions used by the Directors are based on past experience and external sources of information. Based on the climate scenarios prepared, the forecasts do not assume a significant deterioration of demand for Civil Aerospace (including Rolls-Royce Deutschland) programmes given that all commercial aero engines are compatible with sustainable fuels. Similarly, 80% of the portfolio in Power Systems is now compatible with alternative and more sustainable fuels. The investment required to ensure our new products will be compatible with net zero operation, and to achieve net zero Scope 1 + 2 emission commitments is reflected in the forecasts used. A 1.5\u00b0C scenario has been prepared using key data points from external sources, including Oxford Economics Global Climate Service and Databank and the International Energy Agency. This scenario has been used as the basis of a sensitivity. It is assumed that governments adopt stricter product and behavioural standards and measures that result in higher carbon pricing. Under these conditions, it is assumed that markets are willing to pay for low carbon solutions and that there is an economic return from strategic investments in low carbon alternatives. The sensitivity has considered the likelihood of demand changes for our products based on their relative fuel efficiency in the marketplace and the probability of alternatives being introduced earlier than currently expected. The sensitivity also reflects the impact of a broad range of potential costs imposed by policy or regulatory interventions (through carbon pricing). This sensitivity does not indicate the need for an impairment charge\ufffd The principal assumptions for goodwill balances considered to be individually significant are: Rolls-Royce Power Systems AG \u2014 Trading assumptions (e.g. volume of equipment deliveries, pricing achieved and cost escalation) that are based on current and known future programmes, estimates of market share and long-term economic forecasts; \u2014 Plausible downside scenario in relation to macro-economic factors included with a 25% weighting; \u2014 Cash flows beyond the five-year forecasts are assumed to grow at 2.0% (2023: 2.0%); and \u2014 Nominal pre-tax discount rate 10.2% (2023: 12.0%). The Directors do not consider that any reasonably possible changes in the key assumptions (including taking consideration of the climate-related risks above) would cause the value in use of the goodwill fall below its carrying value. Rolls-Royce Deutschland Ltd & Co KG \u2014 Trading assumptions (e.g. volume of engine deliveries, flying hours of installed fleet, including assumptions on the recovery of the aerospace industry, and cost escalation) that are based on current and known future programmes, estimates of market share and long-term economic forecasts; \u2014 Plausible downside scenario in relation to macro-economic factors included with a 25% weighting; \u2014 Cash flows beyond the five-year forecasts are assumed to grow at 2.0% (2023: 2.0%); and \u2014 Nominal pre-tax discount rate 12.6% (2023: 14.4%). The Directors do not consider that any reasonably possible changes in the key assumptions (including taking consideration of the climate-related risks above) would cause the value in use of the goodwill to fall below its carrying value. Other CGUs Goodwill balances across the Group that are not considered to be individually significant were also tested for impairment. Following the Directors decision to close the Group\u2019s advanced air mobility activities \u00a313m (2023: \u00a3nil) of goodwill, that arose on the acquisition of Siemens\u2019 eAircraft, was impaired during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-771": { "value": "9 Intangible assets
Certification Development Customer
Goodwill costs expenditure relationships
Software
1
Other
2
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
1,135
935
3,604
512
978
886
8,050
Additions
\u2013
\u2013
192
\u2013
79
13
284
Acquisition of businesses
8
\u2013
\u2013
2
\u2013
\u2013
10
Transferred to assets held for sale
3
(10)
\u2013
\u2013
\u2013
\u2013
(185)
(195)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(23)
\u2013
(23)
Disposals
\u2013
(4)
\u2013
\u2013
(27)
(2)
(33)
Reclassifications
5
\u2013
\u2013
(1)
\u2013
3
(1)
1
Exchange differences
(32)
(1)
(32)
(16)
(6)
(12)
(99)
At 31 December 2023
1,101
930
3,763
498
1,004
699
7,995
Additions
\u2013
\u2013
263
\u2013
96
8
367
Transferred to assets held for sale
3
(25)
\u2013
(4)
(4)
(1)
\u2013
(34)
Disposals
6
\u2013
\u2013
(3)
(13)
(77)
(2)
(95)
Exchange differences
(31)
(1)
(63)
(12)
(4)
(17)
(128)
At 31 December 2024
1,045
929
3,956
469
1,018
688
8,105
Accumulated amortisation and impairment:
At 1 January 2023
36
447
1,912
406
675
476
3,952
Charge for the year
7
\u2013
24
89
41
84
41
279
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Transferred to assets held for sale
3
\u2013
\u2013
\u2013
\u2013
\u2013
(144)
(144)
Transferred to current assets
4
\u2013
\u2013
\u2013
\u2013
(14)
\u2013
(14)
Disposals
\u2013
(4)
\u2013
\u2013
(23)
(2)
(29)
Reclassifications
5
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
Exchange differences
(1)
\u2013
(25)
(14)
(5)
(6)
(51)
At 31 December 2023
35
467
1,976
433
718
357
3,986
Charge for the year
7
\u2013
27
96
35
78
19
255
Impairment
8
13
\u2013
(405)
\u2013
\u2013
17
(375)
Transferred to assets held for sale
3
(12)
\u2013
(4)
(4)
(1)
\u2013
(21)
Disposals
6
\u2013
\u2013
\u2013
(13)
(69)
(2)
(84)
Exchange differences
\u2013
(1)
(37)
(10)
(3)
(7)
(58)
At 31 December 2024
36
493
1,626
441
723
384
3,703
Net book value at:
At 31 December 2024
1,009
436
2,330
28
295
304
4,402
At 31 December 2023
1,066
463
1,787
65
286
342
4,009
1 Includes \u00a3100m (2023: \u00a397m) of software under course of construction which is not amortised 2 Other intangibles includes trademarks, brands and the costs incurred testing and analysing engines with the longest time in service (fleet leader engines) to gather technical knowledge on engine endurance which will improve reliability and enable the Group to reduce the costs of meeting LTSA obligations 3 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail 4 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were to be derecognised were transferred to trade receivables and other assets to reflect the nature of these assets as current assets 5 Includes reclassifications within intangible assets or from property, plant and equipment when available for use 6 During the year, the Group disposed of its lower power range engines business based in Power Systems. See note 27 for further detail 7 Charged to cost of sales and commercial and administrative costs except development costs, which are charged to research and development costs 8 Includes \u00a313m of goodwill impairment and \u00a317m of other impairment (related to intellectual property) resulting from the closure of the Group\u2019s advanced air mobility activities. Also includes reversal of a Civil Aerospace programme asset impairment recognised in 2020. The impairment reversal of \u00a3413m (2023: \u00a3nil) has been credited to research and development within the non-underlying income statement. See further details below At 31 December 2024, the Group had expenditure commitments for software of \u00a328m (2023: \u00a330m). The carrying amount of goodwill or intangible assets allocated across multiple CGUs is not significant in comparison with the Group\u2019s total carrying amount of goodwill or intangible assets with indefinite useful lives. Goodwill In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill as follows: Cash-generating unit (CGU) or group of CGUs
Primary
operating 2024 2023
segment \u00a3m \u00a3m
Rolls-Royce Power Systems AG
Power Systems
779
798
Rolls-Royce Deutschland Ltd & Co KG
Civil Aerospace
226
237
Other
Various
4
31
1,009
1,066
Goodwill has been tested for impairment during 2024 on the following basis: \u2014 The carrying values of goodwill have been assessed by reference to the value in use. \u2014 These have been estimated using cash flows from the most recent forecasts prepared by the Directors, which are consistent with past experience and external sources of information on market conditions. These forecasts generally cover the next five years. Growth rates for the period not covered by the forecasts are based on growth rates of 2% which reflects the products, industries and countries in which the relevant CGU or group of CGUs operate. Inflation has been included based on contractual commitments where relevant. Where general inflation assumptions have been required, these have been estimated based on externally sourced data. General inflation assumptions of 2% to 3% have been included in the forecasts, depending on the nature and geography of the flows. \u2014 The key forecast assumptions for the impairment tests are the discount rate and the cash flow projections, in particular the programme assumptions (such as sales volumes and product costs), the impact of foreign exchange rates on the relationship between selling prices and costs, and growth rates. Impairment tests are performed using prevailing exchange rates. \u2014 The Group believes there are significant business growth opportunities to come from Rolls-Royce playing a leading role in the transition to net zero as we develop and deliver the products that will support our customers through the energy transition across multiple markets. At the same time climate change poses potentially significant risks. The assumptions used by the Directors are based on past experience and external sources of information. Based on the climate scenarios prepared, the forecasts do not assume a significant deterioration of demand for Civil Aerospace (including Rolls-Royce Deutschland) programmes given that all commercial aero engines are compatible with sustainable fuels. Similarly, 80% of the portfolio in Power Systems is now compatible with alternative and more sustainable fuels. The investment required to ensure our new products will be compatible with net zero operation, and to achieve net zero Scope 1 + 2 emission commitments is reflected in the forecasts used. A 1.5\u00b0C scenario has been prepared using key data points from external sources, including Oxford Economics Global Climate Service and Databank and the International Energy Agency. This scenario has been used as the basis of a sensitivity. It is assumed that governments adopt stricter product and behavioural standards and measures that result in higher carbon pricing. Under these conditions, it is assumed that markets are willing to pay for low carbon solutions and that there is an economic return from strategic investments in low carbon alternatives. The sensitivity has considered the likelihood of demand changes for our products based on their relative fuel efficiency in the marketplace and the probability of alternatives being introduced earlier than currently expected. The sensitivity also reflects the impact of a broad range of potential costs imposed by policy or regulatory interventions (through carbon pricing). This sensitivity does not indicate the need for an impairment charge\ufffd The principal assumptions for goodwill balances considered to be individually significant are: Rolls-Royce Power Systems AG \u2014 Trading assumptions (e.g. volume of equipment deliveries, pricing achieved and cost escalation) that are based on current and known future programmes, estimates of market share and long-term economic forecasts; \u2014 Plausible downside scenario in relation to macro-economic factors included with a 25% weighting; \u2014 Cash flows beyond the five-year forecasts are assumed to grow at 2.0% (2023: 2.0%); and \u2014 Nominal pre-tax discount rate 10.2% (2023: 12.0%). The Directors do not consider that any reasonably possible changes in the key assumptions (including taking consideration of the climate-related risks above) would cause the value in use of the goodwill fall below its carrying value. Rolls-Royce Deutschland Ltd & Co KG \u2014 Trading assumptions (e.g. volume of engine deliveries, flying hours of installed fleet, including assumptions on the recovery of the aerospace industry, and cost escalation) that are based on current and known future programmes, estimates of market share and long-term economic forecasts; \u2014 Plausible downside scenario in relation to macro-economic factors included with a 25% weighting; \u2014 Cash flows beyond the five-year forecasts are assumed to grow at 2.0% (2023: 2.0%); and \u2014 Nominal pre-tax discount rate 12.6% (2023: 14.4%). The Directors do not consider that any reasonably possible changes in the key assumptions (including taking consideration of the climate-related risks above) would cause the value in use of the goodwill to fall below its carrying value. Other CGUs Goodwill balances across the Group that are not considered to be individually significant were also tested for impairment. Following the Directors decision to close the Group\u2019s advanced air mobility activities \u00a313m (2023: \u00a3nil) of goodwill, that arose on the acquisition of Siemens\u2019 eAircraft, was impaired during the year. Material intangible assets (excluding goodwill) The carrying amount and the residual life of the material intangible assets (excluding goodwill) for the Group is as follows:
Residual life
1
Net book value
2024 2023
\u00a3m \u00a3m
Trent programme intangible assets
2
1-15 years
2,001
1,920
Business aviation programme intangible assets
3
10-15 years
674
238
Intangible assets related to Power Systems
4
309
370
2,984
2,528
1 Residual life reflects the remaining amortisation period of those assets where amortisation has commenced. As per page 132, the amortisation period of 15 years will commence on those assets which are not being amortised as the units are delivered 2 Included within the Trent programmes are the Trent 1000, Trent 7000 and Trent XWB 3 Included within business aviation are the Pearl 700, Pearl 15 and Pearl 10X 4 Includes \u00a3107m (2023: \u00a3112m) in respect of a brand intangible asset which is not amortised. Remaining assets are amortised over a range of three to 15 years Intangible assets (including programme intangible assets) have been reviewed for impairment in accordance with IAS 36 Impairment of Assets\ufffd Assessments have considered potential triggers of impairment such as external factors including climate change, significant programme changes and by analysing latest management forecasts against those prepared in 2023 to identify any change in performance. Where a trigger event has been identified, an impairment test has been carried out. Where an impairment test was required, it was performed on the following basis: \u2014 The carrying values have been assessed by reference to value in use. These have been estimated using cash flows from the most recent forecasts prepared by the Directors, which are consistent with past experience and external sources of information on market conditions over the lives of the respective programmes; and \u2014 The key assumptions underpinning cash flow projections are based on estimates of product performance related estimates, future market share and pricing and cost for uncontracted business. Climate-related risks are considered when making these estimates consistent with the assumptions above. Impairment reversal triggers were identified for a Civil Aerospace programme asset previously impaired as a result of the impacts of the pandemic in 2020. The triggers for recalculating the recoverable amount were improvements during the period in exchange rates, the discount rate and forecast costs following successful entry-into-service of the engine. An impairment reversal assessment has been carried out on the following basis: \u2014 The recoverable amount of programme assets has been estimated using a value in use calculation. This has been estimated using cash flows from the most recent forecasts prepared by the Directors, which are consistent with past experience and external sources of information on market conditions over the lives of the respective programmes; and \u2014 The key assumptions underpinning cash flow projections are based on estimates of product performance related estimates, future market share, pricing and cost for uncontracted business. Climate-related risks are considered when making these estimates. An intangible asset impairment reversal of \u00a3413m was recognised in research and development costs together with a participation fee contract asset impairment reversal of \u00a3132m (see note 15) being recognised in cost of sales in the period as follows:
Impairment reversal
Intangible Contract Pre-tax nominal
Assets Assets Total discount rate at
\u00a3m \u00a3m \u00a3m
30 June 2024
1
Civil Aerospace \u2013 Business Aviation programme assets
2
413
132
545
13.9%
1 The impairment reversal test was performed at 30 June 2024. The equivalent pre-tax nominal discount rate in 2020, when the impairment was recognised, was 11.9%. As at 31 December 2023, the discount rate was 14.4% 2 The actual amount reversed in local currency represents the full impairment recognised in 2020. Any subsequent change in GBP values on consolidation is solely due to exchange rate movements The recoverable amount calculated now significantly exceeds the carrying value of the assets as a result of the inclusion of passage of time benefits in addition to those from the impairment reversal trigger drivers described above. In making this assessment, the Directors have considered a range of sensitivities in relation to the market, pricing, cost increases, exchange rates and discount rates. There have been no other individually material impairment charges or reversals recognised during the period (2023: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-723": { "value": "In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill as follows: Cash-generating unit (CGU) or group of CGUs
Primary
operating 2024 2023
segment \u00a3m \u00a3m
Rolls-Royce Power Systems AG
Power Systems
779
798
Rolls-Royce Deutschland Ltd & Co KG
Civil Aerospace
226
237
Other
Various
4
31
1,009
1,066
", "dimensions": { "concept": "ifrs-full:DescriptionOfCashgeneratingUnit", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-724": { "value": "An intangible asset impairment reversal of \u00a3413m was recognised in research and development costs together with a participation fee contract asset impairment reversal of \u00a3132m (see note 15) being recognised in cost of sales in the period as follows:
Impairment reversal
Intangible Contract Pre-tax nominal
Assets Assets Total discount rate at
\u00a3m \u00a3m \u00a3m
30 June 2024
1
Civil Aerospace \u2013 Business Aviation programme assets
2
413
132
545
13.9%
1 The impairment reversal test was performed at 30 June 2024. The equivalent pre-tax nominal discount rate in 2020, when the impairment was recognised, was 11.9%. As at 31 December 2023, the discount rate was 14.4% 2 The actual amount reversed in local currency represents the full impairment recognised in 2020. Any subsequent change in GBP values on consolidation is solely due to exchange rate movements ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-683": { "value": "
10 Property, plant and equipment
Land and Plant and Aircraft and In course of
buildings equipment engines construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
1,936
5,225
999
400
8,560
Additions
19
147
34
223
423
Transferred to current assets
1
(90)
(93)
\u2013
(43)
(226)
Disposals/write-offs
(19)
(309)
(33)
(9)
(370)
Reclassifications
2
69
78
13
(146)
14
Exchange differences
(32)
(86)
(7)
(13)
(138)
At 31 December 2023
1,883
4,962
1,006
412
8,263
Additions
21
129
108
245
503
Transferred to assets held for sale
3
(33)
(51)
\u2013
(2)
(86)
Disposals/write-offs
(23)
(142)
(17)
(4)
(186)
Reclassifications
2
46
67
3
(116)
\u2013
Reclassification from right-of-use assets
11
\u2013
\u2013
\u2013
11
Exchange differences
(23)
(55)
(1)
\u2013
(79)
At 31 December 2024
1,882
4,910
1,099
535
8,426
Accumulated depreciation and impairment:
At 1 January 2023
695
3,507
413
9
4,624
Charge for the year
4
70
296
40
\u2013
406
Impairment
5
4
6
1
6
17
Transferred to current assets
1
(48)
(61)
\u2013
\u2013
(109)
Disposals/write-offs
(18)
(299)
(25)
\u2013
(342)
Reclassifications
2
17
(9)
8
(7)
9
Exchange differences
(11)
(56)
(3)
\u2013
(70)
At 31 December 2023
709
3,384
434
8
4,535
Charge for the year
4
77
249
49
\u2013
375
Impairment
5
2
23
\u2013
\u2013
25
Transferred to assets held for sale
3
(11)
(24)
\u2013
\u2013
(35)
Disposals/write-offs
(16)
(123)
(10)
\u2013
(149)
Reclassifications
2
16
(16)
\u2013
\u2013
\u2013
Exchange differences
(9)
(39)
(1)
\u2013
(49)
At 31 December 2024
768
3,454
472
8
4,702
Net book value:
At 31 December 2024
1,114
1,456
627
527
3,724
At 31 December 2023
1,174
1,578
572
404
3,728
1 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were derecognised were transferred to trade
receivables and other assets to reflect the nature of these assets as current assets
2 Includes reclassifications of assets under construction to the relevant classification in property, plant and equipment when available for use
3 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail
4 Depreciation is charged to cost of sales and commercial and administrative costs or included in the cost of inventory as appropriate
5 The carrying values of property, plant and equipment have been assessed during the year in line with IAS 36 Impairment of Assets. Material items of plant and equipment and aircraft and
engines are assessed for impairment together with other assets used in individual programmes \u2013 see potential triggers considered in note 9. Land and buildings are generally used across
multiple programmes and are considered based on future expectations of the use of the site, which includes any implications from climate-related risks. As a result of this assessment, there
are no (2023: none) individually material impairment charges or reversals in the year
Property, plant and equipment includes:
2024
2023
Land and Plant and Aircraft and Land and Plant and Aircraft and
buildings equipment engines buildings equipment engines
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets held for use in leases where the Group
is the lessor:
Cost
6
36
861
6
38
760
Depreciation
(4)
(22)
(372)
(4)
(21)
(348)
Net book value
2
14
489
2
17
412
2024 2023
\u00a3m \u00a3m
Capital expenditure commitments
177
222
Cost of fully depreciated assets
2,286
2,084
The Group\u2019s share of equity accounted entities\u2019 capital commitments is \u00a369m (2023: \u00a316m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-684": { "value": "
11 Right-of-use assets
Land and Plant and Aircraft and
buildings equipment engines Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2023
506
162
1,827
2,495
Additions/modification of leases
38
56
104
198
Acquisition of businesses
2
\u2013
\u2013
2
Disposals
(6)
(22)
(54)
(82)
Transferred to current assets
1
(4)
\u2013
\u2013
(4)
Reclassifications to PPE
(5)
\u2013
(10)
(15)
Exchange differences
(18)
(2)
(3)
(23)
At 31 December 2023
513
194
1,864
2,571
Additions/modification of leases
28
73
37
138
Transferred to assets held for sale
2
(2)
(1)
\u2013
(3)
Disposals
(8)
(17)
\u2013
(25)
Reclassifications to PPE
(11)
\u2013
\u2013
(11)
Exchange differences
(3)
(3)
(4)
(10)
At 31 December 2024
517
246
1,897
2,660
Accumulated depreciation and impairment:
At 1 January 2023
230
84
1,120
1,434
Charge for the year
3
42
42
179
263
Impairment
4
3
6
62
71
Disposals
(6)
(22)
(54)
(82)
Reclassifications to PPE
(1)
\u2013
(8)
(9)
Exchange differences
(9)
(1)
(1)
(11)
At 31 December 2023
259
109
1,298
1,666
Charge for the year
3
42
43
172
257
Impairment
4
3
2
3
8
Transferred to assets held for sale
2
(2)
\u2013
\u2013
(2)
Disposals
(7)
(17)
\u2013
(24)
Exchange differences
(1)
(2)
(3)
(6)
At 31 December 2024
294
135
1,470
1,899
Net book value:
At 31 December 2024
223
111
427
761
At 31 December 2023
254
85
566
905
Right-of-use assets held for use in operating leases where the Group is the lessor:
Cost
18
\u2013
1,897
1,915
Depreciation
(8)
\u2013
(1,470)
(1,478)
Net book value at 31 December 2024
10
\u2013
427
437
Cost
6
\u2013
1,864
1,870
Depreciation
(3)
\u2013
(1,298)
(1,301)
Net book value at 31 December 2023
3
\u2013
566
569
1 During 2023, the Group signed a service concession arrangement with a customer effective from 1 January 2024. Accordingly, assets that were derecognised were transferred to trade
receivables and other assets to reflect the nature of these assets
2 At 31 December 2024 the Group held for sale the assets and liabilities of the naval propulsors & handling business. See note 27 for further detail
3 Depreciation is charged to cost of sales and commercial and administrative costs as appropriate
4 The carrying values of right-of-use assets have been assessed during the year in line with IAS 36 Impairment of Assets. Material items of plant and equipment and aircraft and engines are
assessed for impairment together with other assets used in individual programmes \u2013 see potential triggers considered in note 9. Land and buildings are generally used across multiple
programmes and are considered based on future expectations of the use of the site (which includes any implications from climate-related risks). As a result of this assessment, the carrying
values of assets, where a trigger was identified, have been assessed by reference to value in use considering assumptions such as estimated future cash flows, product performance related
estimates and climate-related risks. During the year to 31 December 2024, an impairment charge of \u00a38m has been recognised (2023: \u00a371m)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-685": { "value": "
12 Investments
Composition of the Group
The entities contributing to the Group\u2019s financial results are listed on pages 192 to 197.
Where the Group does not own 100% of the shares of an undertaking, there are a number of arrangements with the other shareholder(s) that
give the Group the option or potential obligation to acquire the third parties\u2019 shares. These arrangements have been assessed and are not
considered to have a significant value, individually or in aggregate.
The Group does not have any non-wholly owned subsidiaries that have a material non-controlling interest.
Equity accounted and other investments
Equity accounted
Other
1
Joint ventures
\u00a3m
\u00a3m
At 1 January 2023
422
36
Additions
9
\u2013
Disposals
(5)
(1)
Share of retained profit
2
119
\u2013
Reclassification of deferred profit to deferred income
3
(18)
\u2013
Revaluation of other investments accounted for as FVOCI
\u2013
(4)
Exchange differences
(50)
\u2013
Share of OCI
2
\u2013
At 1 January 2024
479
31
Additions
4
17
\u2013
Impairment
(4)
\u2013
Share of retained profit
2
95
\u2013
Reclassification of deferred profit to deferred income
3
(2)
\u2013
Revaluation of other investments accounted for as FVOCI
\u2013
(2)
Revaluation of other investments accounted for as FVTPL
5
\u2013
(24)
Exchange differences
11
\u2013
Share of OCI
(4)
\u2013
At 31 December 2024
592
5
1 Other investments includes unlisted investments of \u00a3nil (2023: \u00a324m) and listed investments of \u00a35m (2023: \u00a37m)
2 See table below
3 The Group\u2019s share of unrealised profit on sales to joint ventures is eliminated against the carrying value of the investment in the entity. Any excess amount, once the carrying value is
reduced to \u00a3nil, is recorded as deferred income
4 Additions to investments of \u00a317m (2023: \u00a39m) relate to the joint venture, Beijing Aero Engine Services Company Limited
5 During the year the Group wrote down the value of an unlisted investment. This charge was recognised within net financing
Reconciliation of share of retained profit to the income statement and cash flow statement:
2024 2023
\u00a3m \u00a3m
Share of results of joint ventures and associates
137
139
Adjustments for intercompany trading
1
35
34
Share of results of joint ventures and associates to the Group
172
173
Dividends paid by joint ventures and associates to the Group (cash flow statement)
(77)
(54)
Share of retained profit above
95
119
1 During the year, the Group sold spare engines to Rolls-Royce & Partners Finance, a joint venture and subsidiary of Alpha Partners Leasing Limited. The Group\u2019s share of the profit on these
sales is deferred and released to match the depreciation of the engines in the joint venture\u2019s financial statements. In 2024 and 2023, profit deferred on the sale of engines was lower than
the release of that deferred in prior years
The following joint ventures are considered to be individually material to the Group:
Principal location
Activity
Ownership interest
Alpha Partners Leasing Limited (APL)
UK
Aero-engine leasing
50.0%
Hong Kong Aero Engine Services Limited (HAESL)
Hong Kong
Aero-engine repair and overhaul
50.0%
Singapore Aero Engine Services Pte Limited (SAESL)
Singapore
Aero-engine repair and overhaul
50.0%
Summarised financial information of the Group\u2019s individually material joint ventures is as follows:
APL
HAESL
SAESL
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
400
371
4,017
3,214
2,469
2,224
Profit and total comprehensive income for the year
114
106
70
73
46
29
Dividends paid during the year
(63)
(5)
(69)
(67)
\u2013
\u2013
Profit for the year included the following:
Depreciation and amortisation
(150)
(166)
(11)
(11)
(18)
(20)
Interest income
12
15
\u2013
\u2013
8
7
Interest expense
(112)
(122)
(8)
(4)
(1)
(2)
Income tax expense
(41)
(37)
(17)
(14)
(3)
(2)
Current assets
345
336
1,129
1,103
1,154
954
Non-current assets
3,506
3,048
100
93
133
130
Current liabilities
(360)
(261)
(895)
(886)
(950)
(790)
Non-current liabilities
(2,662)
(2,358)
(95)
(73)
(8)
(8)
Net assets
829
765
239
237
329
286
Included in the above:
Cash and cash equivalents
190
223
4
12
129
99
Current financial liabilities
1
(244)
(165)
(10)
\u2013
\u2013
\u2013
Non-current financial liabilities
1
(2,134)
(1,914)
(86)
(66)
(8)
(8)
Reconciliation to the carrying amount recognised in the Consolidated Financial Statements
Ownership interest
50.0%
50.0%
50.0%
50.0%
50.0%
50.0%
Group share of net assets above
415
383
120
119
165
143
Goodwill
\u2013
\u2013
37
36
11
11
Adjustments for intercompany trading
(386)
(383)
(7)
\u2013
(4)
(4)
Included in the balance sheet
29
\u2013
150
155
172
150
1 Excluding trade payables and other liabilities
The summarised aggregated results of the Group\u2019s share of equity accounted investments is as follows:
Individually material joint
ventures (above)
Other joint ventures
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit and total comprehensive income for the year
115
104
18
37
133
141
Assets:
Non-current assets
1,870
1,637
245
159
2,115
1,796
Current assets
1,314
1,197
632
359
1,946
1,556
Liabilities:
1
Current liabilities
(1,102)
(969)
(536)
(264)
(1,638)
(1,233)
Non-current liabilities
(1,382)
(1,220)
(86)
(43)
(1,468)
(1,263)
Group adjustment for goodwill
48
47
\u2013
\u2013
48
47
Adjustment for intercompany trading
(397)
(387)
(14)
(37)
(411)
(424)
Included in the balance sheet
351
305
241
174
592
479
1
Liabilities include borrowings of:
(1,241)
(1,076)
(113)
(60)
(1,354)
(1,136)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-725": { "value": "Composition of the Group The entities contributing to the Group\u2019s financial results are listed on pages 192 to 197. Where the Group does not own 100% of the shares of an undertaking, there are a number of arrangements with the other shareholder(s) that give the Group the option or potential obligation to acquire the third parties\u2019 shares. These arrangements have been assessed and are not considered to have a significant value, individually or in aggregate. The Group does not have any non-wholly owned subsidiaries that have a material non-controlling interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-686": { "value": "
13 Inventories
2024 2023
\u00a3m \u00a3m
Raw materials
544
516
Work in progress
1,715
1,679
Finished goods
2,833
2,653
5,092
4,848
Inventories stated at net realisable value
232
187
Amount of inventory write-down
56
79
Reversal of inventory write-down
15
21
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-687": { "value": "
14 Trade receivables and other assets
Current
Non-current
1
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2,917
2,724
138
40
3,055
2,764
Prepayments
829
1,032
89
102
918
1,134
RRSA prepayment for LTSA parts
2
486
236
1,182
1,084
1,668
1,320
Receivables due on RRSAs
1,118
1,159
119
193
1,237
1,352
Amounts owed by joint ventures and associates
894
731
2
10
896
741
Other taxation and social security receivable
215
160
2
13
217
173
Costs to obtain contracts with customers
3
11
7
124
109
135
116
Other receivables and similar assets
4
529
478
58
45
587
523
6,999
6,527
1,714
1,596
8,713
8,123
Trade receivables and other assets are analysed as follows:
Financial instruments (note 20):
Trade receivables and similar items
5,188
4,857
Other non-derivative financial assets
366
332
Non-financial instruments
3,159
2,934
8,713
8,123
1 Trade receivables and other assets have been presented on the face of the balance sheet in line with the operating cycle of the business. Further disclosure is included in the table above
and relates to amounts not expected to be received in the next 12 months, in line with specific customer payment arrangements, including customers on payment plans
2 These amounts reflect the contractual share of EFH flows from customers paid to RRSA partners in return for the supply of parts in future periods under long-term supply contracts.
During the year \u00a3(262)m (2023: \u00a3(211)m) has been recognised in cost of sales in relation to parts supplied and used in the year
3 These are amortised over the term of the related contract in line with engine deliveries, resulting in amortisation of \u00a38m (2023: \u00a39m) in the year. There were no impairment losses
4 Other receivables includes unbilled recoveries relating to completed overhaul activity where the right to consideration is unconditional
The Group has adopted the simplified approach to provide for expected credit losses (ECLs), measuring the loss allowance at a probability
weighted amount incorporated by using credit ratings which are publicly available, or through internal risk assessments derived using the
customer\u2019s latest available financial information.
The ECLs for trade receivables and other assets has decreased by \u00a33m to \u00a3239m (2023: decreased by \u00a3104m to \u00a3242m).
The assumptions and inputs used for the estimation of the ECLs are disclosed in the table below:
2024
2023
Trade receivables Trade receivables
and other Loss Average and other Loss Average
financial assets allowance ECL rate financial assets allowance ECL rate
\u00a3m \u00a3m % \u00a3m \u00a3m %
Credit rating C and above
2,179
(74)
3%
1,744
(102)
6%
Credit rating below C
28
(4)
14%
80
(6)
8%
Without credit rating
3,586
(161)
4%
3,607
(134)
4%
5,793
(239)
4%
5,431
(242)
4%
The movements of the Group ECLs provision are as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
(242)
(346)
Increases in loss allowance recognised in the income statement during the year
(130)
(80)
Loss allowance utilised
11
34
Releases of loss allowance previously provided
116
128
Transferred to assets held for sale
1
\u2013
Exchange differences
5
22
At 31 December
(239)
(242)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-772": { "value": "14 Trade receivables and other assets
Current
Non-current
1
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2,917
2,724
138
40
3,055
2,764
Prepayments
829
1,032
89
102
918
1,134
RRSA prepayment for LTSA parts
2
486
236
1,182
1,084
1,668
1,320
Receivables due on RRSAs
1,118
1,159
119
193
1,237
1,352
Amounts owed by joint ventures and associates
894
731
2
10
896
741
Other taxation and social security receivable
215
160
2
13
217
173
Costs to obtain contracts with customers
3
11
7
124
109
135
116
Other receivables and similar assets
4
529
478
58
45
587
523
6,999
6,527
1,714
1,596
8,713
8,123
Trade receivables and other assets are analysed as follows:
Financial instruments (note 20):
Trade receivables and similar items
5,188
4,857
Other non-derivative financial assets
366
332
Non-financial instruments
3,159
2,934
8,713
8,123
1 Trade receivables and other assets have been presented on the face of the balance sheet in line with the operating cycle of the business. Further disclosure is included in the table above and relates to amounts not expected to be received in the next 12 months, in line with specific customer payment arrangements, including customers on payment plans 2 These amounts reflect the contractual share of EFH flows from customers paid to RRSA partners in return for the supply of parts in future periods under long-term supply contracts. During the year \u00a3(262)m (2023: \u00a3(211)m) has been recognised in cost of sales in relation to parts supplied and used in the year 3 These are amortised over the term of the related contract in line with engine deliveries, resulting in amortisation of \u00a38m (2023: \u00a39m) in the year. There were no impairment losses 4 Other receivables includes unbilled recoveries relating to completed overhaul activity where the right to consideration is unconditional The Group has adopted the simplified approach to provide for expected credit losses (ECLs), measuring the loss allowance at a probability weighted amount incorporated by using credit ratings which are publicly available, or through internal risk assessments derived using the customer\u2019s latest available financial information. The ECLs for trade receivables and other assets has decreased by \u00a33m to \u00a3239m (2023: decreased by \u00a3104m to \u00a3242m). The assumptions and inputs used for the estimation of the ECLs are disclosed in the table below:
2024
2023
Trade receivables Trade receivables
and other Loss Average and other Loss Average
financial assets allowance ECL rate financial assets allowance ECL rate
\u00a3m \u00a3m % \u00a3m \u00a3m %
Credit rating C and above
2,179
(74)
3%
1,744
(102)
6%
Credit rating below C
28
(4)
14%
80
(6)
8%
Without credit rating
3,586
(161)
4%
3,607
(134)
4%
5,793
(239)
4%
5,431
(242)
4%
The movements of the Group ECLs provision are as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
(242)
(346)
Increases in loss allowance recognised in the income statement during the year
(130)
(80)
Loss allowance utilised
11
34
Releases of loss allowance previously provided
116
128
Transferred to assets held for sale
1
\u2013
Exchange differences
5
22
At 31 December
(239)
(242)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-758": { "value": "14 Trade receivables and other assets
Current
Non-current
1
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2,917
2,724
138
40
3,055
2,764
Prepayments
829
1,032
89
102
918
1,134
RRSA prepayment for LTSA parts
2
486
236
1,182
1,084
1,668
1,320
Receivables due on RRSAs
1,118
1,159
119
193
1,237
1,352
Amounts owed by joint ventures and associates
894
731
2
10
896
741
Other taxation and social security receivable
215
160
2
13
217
173
Costs to obtain contracts with customers
3
11
7
124
109
135
116
Other receivables and similar assets
4
529
478
58
45
587
523
6,999
6,527
1,714
1,596
8,713
8,123
Trade receivables and other assets are analysed as follows:
Financial instruments (note 20):
Trade receivables and similar items
5,188
4,857
Other non-derivative financial assets
366
332
Non-financial instruments
3,159
2,934
8,713
8,123
1 Trade receivables and other assets have been presented on the face of the balance sheet in line with the operating cycle of the business. Further disclosure is included in the table above and relates to amounts not expected to be received in the next 12 months, in line with specific customer payment arrangements, including customers on payment plans 2 These amounts reflect the contractual share of EFH flows from customers paid to RRSA partners in return for the supply of parts in future periods under long-term supply contracts. During the year \u00a3(262)m (2023: \u00a3(211)m) has been recognised in cost of sales in relation to parts supplied and used in the year 3 These are amortised over the term of the related contract in line with engine deliveries, resulting in amortisation of \u00a38m (2023: \u00a39m) in the year. There were no impairment losses 4 Other receivables includes unbilled recoveries relating to completed overhaul activity where the right to consideration is unconditional The Group has adopted the simplified approach to provide for expected credit losses (ECLs), measuring the loss allowance at a probability weighted amount incorporated by using credit ratings which are publicly available, or through internal risk assessments derived using the customer\u2019s latest available financial information. The ECLs for trade receivables and other assets has decreased by \u00a33m to \u00a3239m (2023: decreased by \u00a3104m to \u00a3242m). The assumptions and inputs used for the estimation of the ECLs are disclosed in the table below:
2024
2023
Trade receivables Trade receivables
and other Loss Average and other Loss Average
financial assets allowance ECL rate financial assets allowance ECL rate
\u00a3m \u00a3m % \u00a3m \u00a3m %
Credit rating C and above
2,179
(74)
3%
1,744
(102)
6%
Credit rating below C
28
(4)
14%
80
(6)
8%
Without credit rating
3,586
(161)
4%
3,607
(134)
4%
5,793
(239)
4%
5,431
(242)
4%
The movements of the Group ECLs provision are as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
(242)
(346)
Increases in loss allowance recognised in the income statement during the year
(130)
(80)
Loss allowance utilised
11
34
Releases of loss allowance previously provided
116
128
Transferred to assets held for sale
1
\u2013
Exchange differences
5
22
At 31 December
(239)
(242)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-726": { "value": "
Current
Non-current
1
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
2,917
2,724
138
40
3,055
2,764
Prepayments
829
1,032
89
102
918
1,134
RRSA prepayment for LTSA parts
2
486
236
1,182
1,084
1,668
1,320
Receivables due on RRSAs
1,118
1,159
119
193
1,237
1,352
Amounts owed by joint ventures and associates
894
731
2
10
896
741
Other taxation and social security receivable
215
160
2
13
217
173
Costs to obtain contracts with customers
3
11
7
124
109
135
116
Other receivables and similar assets
4
529
478
58
45
587
523
6,999
6,527
1,714
1,596
8,713
8,123
Trade receivables and other assets are analysed as follows:
Financial instruments (note 20):
Trade receivables and similar items
5,188
4,857
Other non-derivative financial assets
366
332
Non-financial instruments
3,159
2,934
8,713
8,123
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-688": { "value": "15 Contract assets and liabilities
Current
Non-current
1
Total
2
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Contract assets
Contract assets with customers
886
534
598
481
1,484
1,015
Participation fee contract assets
38
26
291
201
329
227
924
560
889
682
1,813
1,242
1 Contract assets and contract liabilities have been presented on the face of the balance sheet in line with the operating cycle of the business. Contract liabilities are further split according to when the related performance obligation is expected to be satisfied and, therefore, when revenue is estimated to be recognised in the income statement. Further disclosure of contract assets is provided in the table above, which shows within current the element of consideration that will become unconditional in the next year 2 Contract assets are classified as non-financial instruments The balance includes \u00a3955m (2023: \u00a3494m) of Civil Aerospace LTSA assets and \u00a3381m (2023: \u00a3410m) Defence LTSA assets. The increase in the Civil Aerospace balance is driven by revenue recognised (when performance obligations have been completed during the year) being greater than the amount invoiced on those contracts that have a contract asset balance. Revenue recognised relating to performance obligations satisfied in previous years was \u00a3(42)m which reduced the contract asset (2023: \u00a364m increased). No impairment losses in relation to these contract assets (2023: none) have arisen during the year. Participation fee contract assets have increased by \u00a3102m (2023: decreased by \u00a316m) primarily due to the Civil Aerospace programme asset impairment reversal of \u00a3132m (2023: \u00a3nil) referred to in note 9, offset by amortisation of \u00a323m (2023: \u00a315m) and foreign exchange on consolidation of \u00a37m (2023: \u00a31m). The absolute value of ECLs for contract assets has increased by \u00a35m to \u00a311m (2023: decreased by \u00a315m to \u00a36m).
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Contract liabilities
6,309
6,098
9,447
8,438
15,756
14,536
Contract liabilities are analysed as follows:
Financial instruments (note 20)
1,280
1,358
Non-financial instruments
14,476
13,178
15,756
14,536
During the year, \u00a35,048m (31 December 2023: \u00a33,813m) of the opening contract liability was recognised as revenue. Contract liabilities have increased by \u00a31,220m. The movement in the Group balance is primarily as a result of an increase in Civil Aerospace of \u00a31,179m. This is mainly a result of growth in LTSA liabilities of \u00a31,565m (2024: \u00a311,139m, 2023: \u00a39,574m) driven almost wholly by large engines, with customer invoicing in 2024 (based on EFH) being in advance of revenue recognised (based on costs incurred completing performance obligations). The contract liability movement includes a decrease of \u00a3(354)m (2023: \u00a3168m increase) as a result of revenue being recognised in relation to performance obligations satisfied in previous years. An increase in Power Systems of \u00a367m is from the receipt of deposits in advance of performance obligations being completed.", "dimensions": { "concept": "rollsroyceholdings:DisclosureOfContractAssetsAndLiabilities", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-689": { "value": "
16 Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
714
739
Money-market funds
1,900
1,077
Short-term deposits
2,961
1,968
Cash and cash equivalents per the balance sheet
5,575
3,784
Overdrafts (note 17)
(2)
(53)
Cash and cash equivalents per cash flow statement (page 118)
5,573
3,731
Cash and cash equivalents at 31 December 2024 includes \u00a3245m (2023: \u00a3279m) that is not available for general use by the Group. This balance
includes \u00a340m (2023: \u00a340m) which is held in an account that is exclusively for the general use of Rolls-Royce Submarines Limited and \u00a3160m
(2023: \u00a3195m) which is held exclusively for the use of Rolls-Royce Saudi Arabia Limited. This cash is not available for use by other entities within
the Group. The remaining balance relates to cash held in non-wholly owned subsidiaries and joint arrangements.
Balances are presented on a net basis when the Group has both a legal right of offset and the intention to either settle on a net basis or realise
the asset and settle the liability simultaneously. There is no offsetting of financial instruments in the Group\u2019s statement of financial position as at
31 December 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-690": { "value": "
17 Borrowings and lease liabilities
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured
Overdrafts
2
53
\u2013
\u2013
2
53
Bank loans
4
3
3
\u2013
7
3
0.875% Notes 2024 \u20ac550m
1
\u2013
475
\u2013
\u2013
\u2013
475
3.625% Notes 2025 $1,000m
1
795
\u2013
\u2013
770
795
770
3.375% Notes 2026 \u00a3375m
2
\u2013
\u2013
364
361
364
361
4.625% Notes 2026 \u20ac750m
3
\u2013
\u2013
620
649
620
649
5.75% Notes 2027 $1,000m
3
\u2013
\u2013
795
782
795
782
5.75% Notes 2027 \u00a3545m
\u2013
\u2013
543
542
543
542
1.625% Notes 2028 \u20ac550m
1
\u2013
\u2013
442
455
442
455
Other loans
\u2013
\u2013
9
9
9
9
Total unsecured
801
531
2,776
3,568
3,577
4,099
Lease liability \u2013 Land and buildings
44
42
405
382
449
424
Lease liability \u2013 Aircraft and engines
209
203
784
949
993
1,152
Lease liability \u2013 Plant and equipment
43
33
70
51
113
84
Total lease liabilities
296
278
1,259
1,382
1,555
1,660
Total borrowings and lease liabilities
1,097
809
4,035
4,950
5,132
5,759
All outstanding items described as loan notes above are listed on the London Stock Exchange
1 These notes are the subject of cross-currency interest rate swap agreements under which the Group has undertaken to pay floating rates of GBP interest, which form a fair value hedge.
They are also subject to interest rate swap agreements under which the Group has undertaken to pay fixed rates of interest, which are classified as fair value through profit and loss
2 These notes are the subject of interest rate swap agreements under which the Group has undertaken to pay floating rates of interest, which form a fair value hedge. They are also subject
to interest rate swap agreements under which the Group has undertaken to pay fixed rates of interest, which are classified as fair value through profit and loss
3 These notes are the subject of cross-currency interest rate swap agreements under which the Group has undertaken to pay fixed rates of GBP interest, which form a cash flow hedge
During the year to 31 December 2024, the Group repaid a loan note of \u20ac550m in May 2024 in line with its maturity date.
The Group has access to the following undrawn committed borrowing facilities at the end of the year:
Total
2024 2023
\u00a3m \u00a3m
Expiring within one year
\u2013
\u2013
Expiring after one year
2,500
3,500
Total undrawn facilities
2,500
3,500
Further details can be found in the going concern and liquidity statements on page 61.
In May 2024, the Group cancelled its undrawn \u00a31bn UKEF-supported loan facility which was due to expire in 2027. The facility had remained
undrawn in the year.
In October 2024, the Group extended the maturity date of its undrawn \u00a32.5bn revolving credit facility by one year to November 2027, with the
Group having the option to exercise a further one-year extension option, subject to the bank agreement at the time of exercise.
20 Financial instruments
Carrying values and fair values of financial instruments
Assets
Liabilities
Total
Basis for Amortised
determining FVPL FVOCI cost FVPL Other
Notes fair value \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
2024
Other non-current asset investments
12
A
\u2013
5
\u2013
\u2013
\u2013
5
Trade receivables and similar items
14
B/C
\u2013
9
5,179
\u2013
\u2013
5,188
Other non-derivative financial assets
14
B
\u2013
\u2013
366
\u2013
\u2013
366
Other assets
D/F
21
\u2013
16
\u2013
\u2013
37
Derivative financial assets
1
C
298
\u2013
\u2013
\u2013
\u2013
298
Cash and cash equivalents
16
B
1,900
\u2013
3,675
\u2013
\u2013
5,575
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(3,577)
(3,577)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,555)
(1,555)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,054)
\u2013
(2,054)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(198)
(198)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(6,205)
(6,205)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,642)
(2,642)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,280)
(1,280)
2,219
14
9,236
(2,054)
(15,487)
(6,072)
2023
Other non-current asset investments
12
A
24
7
\u2013
\u2013
\u2013
31
Trade receivables and similar items
14
B/C
\u2013
9
4,848
\u2013
\u2013
4,857
Other non-derivative financial assets
14
B
\u2013
\u2013
332
\u2013
\u2013
332
Other assets
D/F
32
\u2013
12
\u2013
\u2013
44
Derivative financial assets
1
C
350
\u2013
\u2013
\u2013
\u2013
350
Cash and cash equivalents
16
B
1,077
\u2013
2,707
\u2013
\u2013
3,784
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(4,099)
(4,099)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,660)
(1,660)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,228)
\u2013
(2,228)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(17)
(17)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(163)
(163)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(5,091)
(5,091)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,521)
(2,521)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,358)
(1,358)
1,483
16
7,899
(2,228)
(14,932)
(7,762)
1 In the event of counterparty default relating to derivative financial assets, derivative financial liabilities and \u00a3125m of cash and cash equivalents, offsetting would apply and financial assets
and liabilities held with the same counterparty would net off. If this occurred with every counterparty, total financial assets would be \u00a326m (2023: \u00a33m) and liabilities \u00a31,657m (2023: \u00a31,881m)
Fair values equate to book values for both 2024 and 2023, with the following exceptions:
2024
2023
Basis for
determining Book value Fair value Book value Fair value
fair value \u00a3m \u00a3m \u00a3m \u00a3m
Other assets
F
16
16
12
12
Borrowings
E
(3,559)
(3,540)
(4,034)
(3,977)
Borrowings
F
(18)
(21)
(65)
(67)
Financial RRSAs
H
(7)
(7)
(17)
(16)
The fair value of a financial instrument is the price at which an asset could be exchanged, or a liability settled, between knowledgeable, willing
parties in an arm\u2019s-length transaction. There have been no transfers during the year from or to Level 3 valuation. Fair values have been determined
with reference to available market information at the balance sheet date, using the methodologies described below.
A These primarily comprise unconsolidated companies where fair value approximates to the book value. Listed investments are valued using Level 1 methodology
B Fair values are assumed to approximate to cost either due to the short-term maturity of the instruments or because the interest rate of the investments is reset after periods not exceeding
six months. Money market funds are valued using Level 1 methodology
C Fair values of derivative financial assets and liabilities and trade receivables held to collect or sell are estimated by discounting expected future contractual cash flows using prevailing
interest rate curves. For commodity derivatives, forward commodity prices are used to determine expected future cash flows. Amounts denominated in foreign currencies are valued at
the exchange rate prevailing at the balance sheet date. These financial instruments are included on the balance sheet at fair value, derived from observable market prices (Level 2)
D Other assets are included on the balance sheet at fair value, derived from observable market prices or latest forecast (Level 2/Level 3). At 31 December 2024, Level 3 assets totalled
\u00a314m (2023: \u00a325m)
E Borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings
is estimated using quoted prices (Level 1)
F Other assets and borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value
of borrowings is estimated by discounting contractual future cash flows. (Level 2)
G The fair value of lease liabilities are estimated by discounting future contractual cash flows using either the interest rate implicit in the lease or the Group\u2019s incremental cost of borrowing
(Level 2)
H The fair value of RRSAs and other liabilities are estimated by discounting expected future cash flows. The contractual cash flows are based on future trading activity, which is estimated
based on latest forecasts (Level 3)
IFRS 13 Fair Value Measurement defines a three level valuation hierarchy:
Level 1 \u2013 quoted prices for similar instruments
Level 2 \u2013 directly observable market inputs other than Level 1 inputs
Level 3 \u2013 inputs not based on observable market data
Carrying values of other financial assets and liabilities
Foreign
exchange Commodity Interest rate Total Financial
contracts contracts
contracts
1
derivatives RRSAs Other C Shares Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Non-current assets
10
1
110
121
\u2013
5
\u2013
126
Current assets
25
4
148
177
\u2013
32
\u2013
209
Assets
35
5
258
298
\u2013
37
\u2013
335
Current liabilities
(539)
(18)
\u2013
(557)
\u2013
(62)
(23)
(642)
Non-current liabilities
(1,364)
(22)
(111)
(1,497)
(7)
(136)
\u2013
(1,640)
Liabilities
(1,903)
(40)
(111)
(2,054)
(7)
(198)
(23)
(2,282)
(1,868)
(35)
147
(1,756)
(7)
(161)
(23)
(1,947)
2023
Non-current assets
72
\u2013
254
326
\u2013
34
\u2013
360
Current assets
10
6
8
24
\u2013
10
\u2013
34
Assets
82
6
262
350
\u2013
44
\u2013
394
Current liabilities
(351)
(10)
(13)
(374)
(10)
(41)
(23)
(448)
Non-current liabilities
(1,766)
(15)
(73)
(1,854)
(7)
(122)
\u2013
(1,983)
Liabilities
(2,117)
(25)
(86)
(2,228)
(17)
(163)
(23)
(2,431)
(2,035)
(19)
176
(1,878)
(17)
(119)
(23)
(2,037)
1 Includes the foreign exchange impact of cross-currency interest rate swaps
Derivative financial instruments
The Group uses various financial instruments to manage its exposure to movements in foreign exchange rates. The Group uses commodity swaps
to manage its exposure to movements in the price of commodities (jet fuel, base metals, gas and power). To hedge the currency risk associated
with a borrowing denominated in a foreign currency, the Group has currency derivatives designated as part of fair value or cash flow hedges.
The Group uses interest rate swaps and forward rate agreements to manage its exposure to movements in interest rates.
Movements in the fair values of derivative financial assets and liabilities were as follows:
Foreign exchange Interest rate instruments Interest rate instruments
instruments
Commodity instruments
\u2013 hedge accounted
1
\u2013 non-hedge accounted
Total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(2,035)
(3,851)
(19)
62
45
125
131
213
(1,878)
(3,451)
Movements in fair
value hedges
\u2013
\u2013
\u2013
\u2013
(32)
(71)
\u2013
\u2013
(32)
(71)
Movements in cash
flow hedges
\u2013
\u2013
\u2013
\u2013
(23)
(78)
\u2013
\u2013
(23)
(78)
Movements in other
derivative contracts
2
(631)
574
(18)
(60)
\u2013
\u2013
40
1
(609)
515
Contracts settled
798
1,242
2
(21)
64
69
(78)
(83)
786
1,207
At 31 December
(1,868)
(2,035)
(35)
(19)
54
45
93
131
(1,756)
(1,878)
1 Includes the foreign exchange impact of cross-currency interest rate swaps
2 Included in net financing
Financial risk and revenue sharing arrangements (RRSAs) and other financial assets and liabilities
The Group has financial liabilities arising from financial RRSAs that are valued at each reporting date using the amortised cost method. This
involves calculating the present value of the forecast cash flows of the arrangements using the internal rate of return at the inception of the
arrangements as an appropriate discount rate. Other liabilities includes royalties payable to airframers where the present value of the liability is
calculated using the Group\u2019s average borrowing rate as that reflects the nature of the balance in line with the effective interest method. In each
case below, the fair value of the assets and liabilities reflect a level 3 valuation.
Movements in the carrying values were as follows:
Financial RRSAs
Other \u2013 assets
Other \u2013 liabilities
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(17)
(22)
25
25
(163)
(101)
Exchange adjustments included in OCI
1
1
\u2013
\u2013
(5)
2
Additions
\u2013
\u2013
\u2013
\u2013
(34)
(80)
Financing charge
1
\u2013
\u2013
(11)
\u2013
(9)
(8)
Excluded from underlying profit/(loss):
Changes in forecast payments
1
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
Cash paid
9
5
\u2013
\u2013
12
11
Other
\u2013
\u2013
\u2013
\u2013
1
13
At 31 December
(7)
(17)
14
25
(198)
(163)
1 Included in net financing
Effect of hedging instruments on the financial position and performance
To manage the risk of changes in the fair values of fixed rate borrowings (the hedged items), the Group has entered into fixed-to-floating interest
rate swaps and cross currency interest rate swaps (the hedging instruments), which, for accounting purposes, are designated as fair value hedges.
The impact of fair value hedges on the financial position and performance of the Group is as follows:
Hedged item
1
Hedging instrument
2
Hedge
FV FV FV ineffect-
adjustment adjustment Carrying Carrying movement iveness Weighted
in the since Carrying amount amount in the in the Weighted average
Nominal period inception amount Nominal asset liability period
period
3
average interest
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m FX rate rate
At 31 December 2024
Sterling
(375)
(3)
11
(364)
375
\u2013
(12)
3
\u2013
1.00 SONIA +
0.89
USD
(658)
(25)
(137)
(795)
658
128
\u2013
25
\u2013
1.52 SONIA +
1.47
Euro
(484)
13
42
(442)
484
\u2013
(54)
(11)
2
1.14 SONIA +
1.09
At 31 December 2023
Sterling
(375)
(10)
14
(361)
375
\u2013
(14)
10
\u2013
1\ufffd00 SONIA +
0\ufffd89
USD
(658)
31
(112)
(770)
658
104
\u2013
(30)
1
1\ufffd52 SONIA +
1.47
Euro
(968)
(14)
37
(931)
968
\u2013
(56)
16
2
1\ufffd14 SONIA +
0\ufffd92
1 Hedged items are included in borrowings in the balance sheet
2 Hedging instruments are included in other financial assets or liabilities in the balance sheet
3 Hedge ineffectiveness is included in net financing in the income statement
To manage the foreign exchange rate risk in cash flows on fixed rate non-GBP borrowings (the hedged items), the Group has entered into
fixed-to-fixed cross-currency interest rate swaps (the hedging instruments) to hedge the cash flows into GBP, which, for accounting purposes,
are designated as cash flow hedges.
The impact of cash flow hedges on the financial position and performance of the Group is as follows:
Hedged item
Hedging instrument
1
Hedging reserves
Hedge
FV Carrying FV ineffect- Closing
movement amount movement iveness Weighted Amount Recycled cash flow
in the asset/ in the in the Weighted average recognised to net hedge
Nominal period Nominal (liability) period
period
2
average interest in OCI financing reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m FX rate rate \u00a3m \u00a3m \u00a3m
At 31 December 2024
USD
(772)
(15)
772
37
9
(6)
1.29
5.33
(19)
15
(9)
Euro
(677)
28
677
(45)
(28)
\u2013
1.11
5.45
36
(38)
(10)
At 31 December 2023
USD
(772)
65
772
28
(62)
3
1\ufffd29
5\ufffd33
61
(41)
(5)
Euro
(677)
14
677
(17)
(14)
\u2013
1\ufffd11
5\ufffd45
21
(20)
(8)
1 Hedging instruments are included in other financial assets or liabilities in the balance sheet
2 Hedge ineffectiveness is included in net financing in the income statement
Risk management policies and hedging activities The principal financial risks to which the Group is exposed are: foreign currency exchange rate risk; liquidity risk; credit risk; interest rate risk; and commodity price risk. The Board has approved policies for the management of these risks. Foreign currency exchange rate risk \u2013 The Group has significant cash flows (most significantly USD, followed by the euro) denominated in currencies other than the functional currency of the relevant trading entity. To manage its exposures to changes in values of future foreign currency cash flows, so as to maintain relatively stable long-term foreign exchange rates on settled transactions, the Group enters into derivative forward foreign currency transactions. In addition, the Group enters in to fixed-to-floating cross-currency interest rate swaps to manage its exposure to changes in fair value as a result of foreign exchange risk. See below. The Group economically hedges its GBP/USD exposure by forecasting highly probable net USD receipts up to five years forward. Hedges are taken out within prescribed maximum and minimum hedge positions set out in the Group FX Policy. The maximum and minimum policy bands decline gradually over the five-year horizon and are calculated as a percentage of forecast net income. A similar policy is operated for the Group\u2019s EUR/USD exposure. For accounting purposes, these derivative contracts are not designated in hedging relationships. The Group also has exposures to cash flows on EUR and USD denominated fixed rate borrowings. To manage its exposures to changes in values of future foreign currency cash flows, the Group has entered into fixed-to-fixed cross-currency interest rate swaps, which, for accounting purposes, are designated as cash flow hedges. The swaps have similar critical terms to the hedged items, such as the initial exchange amounts, payment dates and maturities. Therefore, there is an economic relationship and the hedge ratio is established as 1:1. Possible sources of ineffectiveness in the cash flow hedge relationship are changes in the credit risk of either party to the interest rate swap. Another possible source of ineffectiveness would be if the notional of the borrowings is less than the notional of the derivative, for example, in the event of a partial repayment of hedged debt prior to its maturity. The Group regards its interests in overseas subsidiary companies as long-term investments. The Group aims to match its translational exposures by matching the currencies of assets and liabilities. Liquidity risk \u2013 The Group\u2019s policy is to hold financial investments and maintain undrawn committed facilities at a level sufficient to ensure that the Group has available funds to meet its medium-term capital and funding obligations and to meet any unforeseen obligations and opportunities. The Group holds cash and short-term investments, which, together with the undrawn committed facilities, enable the Group to manage its liquidity risk. Credit risk \u2013 The Group is exposed to credit risk to the extent of non-payment by either its customers or the counterparties of its financial instruments. The effective monitoring and controlling of credit risk is a key component of the Group\u2019s risk management activities. The Group has credit policies covering both trading and financial exposures. Credit risks arising from treasury activities are managed by a central treasury function in accordance with the Group credit policy. The objective of the policy is to diversify and minimise the Group\u2019s exposure to credit risk from its treasury activities by ensuring the Group transacts strictly with \u2018BBB\u2019 or higher rated financial institutions based on pre-established limits per financial institution. At the balance sheet date, there were no significant concentrations of credit risk to individual customers or counterparties. The Group\u2019s revenue is generated from customers located across multiple geographical locations (see note 2). These customers are typically: airframers and airline operators relating to Civil Aerospace; government defence departments for the UK and US; and multiple smaller entities for Power Systems. Whilst there are a limited number of customers related to Civil Aerospace and Defence, they are spread across various geographical locations. The maximum exposure to credit risk at the balance sheet date is represented by the carrying value of each financial asset, including derivative financial instruments. Interest rate risk \u2013 The Group\u2019s interest rate risk is primarily in relation to its fixed rate borrowings (fair value risk), floating rate borrowings and cash and cash equivalents (cash flow risk). Interest rate derivatives are used to manage the overall interest rate profile of the Group. The fixed or floating rate interest rate decision on long-term borrowings is determined for each new agreement at the point it is entered into. The aggregate interest rate position of the Group is reviewed regularly and can be revised at any time in order to react to changes in market conditions or circumstances. The Group also has exposures to the fair values of non-derivative financial instruments such as EUR, GBP and USD fixed rate borrowings. To manage the risk of changes in these fair values, the Group has entered into fixed-to-floating interest rate swaps and cross-currency interest rate swaps, which, for accounting purposes, are designated as fair value hedges. The swaps have similar critical terms to the hedged items, such as the reference rate, reset dates, notional amounts, payment dates and maturities. Therefore, there is an economic relationship and the hedge ratio is established as 1:1. Possible sources of ineffectiveness in the fair value hedge relationship are changes in the credit risk of either party to the interest rate swap and, for cross-currency interest rate swaps, the cross-currency basis risk as this risk is present in the hedging instrument only. Another possible source of ineffectiveness would be if the notional of the borrowings is less than the notional of the derivative, for example in the event of a partial repayment of hedged debt prior to its maturity. The Group has exposure to changes in cash flows due to changes in interest rates. To manage this risk, the Group has entered into floating-to- fixed interest rate swaps to hedge a proportion of its floating rate exposure to fixed rates. The swaps have similar critical terms to the floating leg of swaps that form part of the fair value hedges, such as the reference rate, reset dates, notional amounts, payment dates and maturities. For accounting purposes, these derivative contracts are generally not designated as hedging instruments. Commodity price risk \u2013 The Group has exposures to the price of jet fuel, base metals, gas and power arising from business operations. To minimise its cash flow exposures to changes in commodity prices, the Group enters into derivative commodity transactions. The commodity hedging policy is similar to the Group FX policy, in that the Group forecasts highly probable exposures to commodities, and takes out hedges within prescribed maximum and minimum levels as set out in the policy. The maximum and minimum policy bands decline gradually over time. For accounting purposes, these derivative contracts are generally not designated in hedging relationships. Other price risk \u2013 The Group\u2019s cash equivalent balances represent investments in money-market instruments, with a term of up to three months. The Group does not consider that these are subject to significant price risk.
Derivative financial instruments
The nominal amounts, analysed by year of expected maturity, and fair values of derivative financial instruments are as follows:
Expected maturity
Fair value
Between Between
Nominal Within one and two and
amount one year two years five years Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange contracts:
Non-hedge accounted
20,728
8,018
5,781
6,929
35
(1,903)
Interest rate contracts:
Fair value hedges
1,517
658
375
484
128
(66)
Cash flow hedges
1,449
\u2013
677
772
37
(45)
Non-hedge accounted
1,517
658
375
484
93
\u2013
Commodity contracts:
Non-hedge accounted
330
137
108
85
5
(40)
25,541
9,471
7,316
8,754
298
(2,054)
At 31 December 2023
Foreign exchange contracts:
Non-hedge accounted
15,972
6,965
4,341
4,666
82
(2,117)
Interest rate contracts:
Fair value hedges
2,001
484
658
859
103
(69)
Cash flow hedges
1,449
\u2013
\u2013
1,449
28
(17)
Non-hedge accounted
2,001
484
658
859
131
\u2013
Commodity contracts:
Non-hedge accounted
257
102
73
82
6
(25)
21,680
8,035
5,730
7,915
350
(2,228)
As described above, all derivative financial instruments are entered into for risk management purposes, although these may not be designated
into hedging relationships for accounting purposes.
Currency analysis
Foreign exchange contracts are denominated in the following currencies:
Nominal amount of currencies purchased forward
Sterling USD Euro Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Currencies sold forward:
Sterling
\u2013
882
41
59
982
USD
14,654
\u2013
4,419
287
19,360
Euro
35
290
\u2013
26
351
Other
At 31 December 2023
3
1
31
\u2013
35
Currencies sold forward:
Sterling
\u2013
1,573
\u2013
115
1,688
USD
11,389
\u2013
2,316
303
14,008
Euro
53
171
\u2013
21
245
Other
6
3
22
\u2013
31
The nominal value of interest rate and commodity contracts are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
Sterling
1,915
2,376
USD
1,719
1,671
Euro
1,179
1,661
Non-derivative financial instruments are denominated in the following currencies:
Sterling USD Euro Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Other non-current asset investments
\u2013
5
\u2013
\u2013
5
Trade receivables and similar items
301
4,346
460
81
5,188
Other non-derivative financial assets
73
242
40
11
366
Other assets
\u2013
21
16
\u2013
37
Cash and cash equivalents
2,251
1,283
1,867
174
5,575
Assets
2,625
5,897
2,383
266
11,171
Borrowings
(908)
(1,594)
(1,072)
(3)
(3,577)
Lease liabilities
(237)
(1,074)
(49)
(195)
(1,555)
Financial RRSAs
\u2013
(6)
(1)
\u2013
(7)
Other liabilities
(39)
(159)
\u2013
\u2013
(198)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(1,006)
(4,701)
(423)
(75)
(6,205)
Other non-derivative financial liabilities
(350)
(2,084)
(158)
(50)
(2,642)
Contract liabilities
\u2013
(1,280)
\u2013
\u2013
(1,280)
Liabilities
(2,563)
(10,898)
(1,703)
(323)
(15,487)
62
(5,001)
680
(57)
(4,316)
At 31 December 2023
Other non-current asset investments
10
21
\u2013
\u2013
31
Trade receivables and similar items
219
4,039
513
86
4,857
Other non-derivative financial assets
94
163
58
17
332
Other assets
\u2013
22
22
\u2013
44
Cash and cash equivalents
1,242
869
1,463
210
3,784
Assets
1,565
5,114
2,056
313
9,048
Borrowings
(904)
(1,605)
(1,590)
\u2013
(4,099)
Lease liabilities
(195)
(1,222)
(45)
(198)
(1,660)
Financial RRSAs
\u2013
(7)
(10)
\u2013
(17)
Other liabilities
(32)
(131)
\u2013
\u2013
(163)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(976)
(3,561)
(493)
(61)
(5,091)
Other non-derivative financial liabilities
(334)
(2,008)
(134)
(45)
(2,521)
Contract liabilities
\u2013
(1,358)
\u2013
\u2013
(1,358)
Liabilities
(2,464)
(9,892)
(2,272)
(304)
(14,932)
(899)
(4,778)
(216)
9
(5,884)
Currency exposures
The Group\u2019s actual currency exposures on financial instruments after taking account of derivative foreign currency contracts, which are not
designated as hedging instruments for accounting purposes are as follows:
Sterling USD Euro Other Total
Functional currency of Group operations \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Sterling
\u2013
\u2013
\u2013
1
1
USD
(11)
\u2013
\u2013
(2)
(13)
Euro
\u2013
7
\u2013
15
22
Other
At 31 December 2023
55
37
68
\u2013
160
Sterling
\u2013
\u2013
\u2013
5
5
USD
(6)
\u2013
1
\u2013
(5)
Euro
1
4
\u2013
(2)
3
Other
109
38
40
\u2013
187
Ageing beyond contractual due date of financial assets
Between
Up to three
three months and More than
Within months one year one year
terms overdue overdue overdue Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Other non-current asset investments
5
\u2013
\u2013
\u2013
5
Trade receivables and similar items
4,738
324
82
44
5,188
Other non-derivative financial assets
331
32
\u2013
3
366
Other assets
28
9
\u2013
\u2013
37
Derivative financial assets
298
\u2013
\u2013
\u2013
298
Cash and cash equivalents
5,575
\u2013
\u2013
\u2013
5,575
10,975
365
82
47
11,469
At 31 December 2023
Other non-current asset investments
31
\u2013
\u2013
\u2013
31
Trade receivables and similar items
4,054
650
87
66
4,857
Other non-derivative financial assets
328
\u2013
4
\u2013
332
Other assets
44
\u2013
\u2013
\u2013
44
Derivative financial assets
350
\u2013
\u2013
\u2013
350
Cash and cash equivalents
3,784
\u2013
\u2013
\u2013
3,784
8,591
650
91
66
9,398
Contractual maturity analysis of non-derivative financial liabilities
Gross values
Between Between
Within one and two and After Carrying
one year two years five years five years value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Borrowings
(961)
(1,109)
(1,893)
(16)
(3,577)
Lease liabilities
(365)
(324)
(533)
(1,189)
(1,555)
Financial RRSAs
(1)
\u2013
(1)
(4)
(7)
Other liabilities
(61)
(11)
(25)
(101)
(198)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(6,054)
(21)
(67)
(63)
(6,205)
Other non-derivative financial liabilities
(1,700)
(316)
(297)
(329)
(2,642)
Contract liabilities
(1,280)
\u2013
\u2013
\u2013
(1,280)
(10,445)
(1,781)
(2,816)
(1,702)
(15,487)
At 31 December 2023
Borrowings
(694)
(943)
(3,042)
(14)
(4,099)
Lease liabilities
(358)
(366)
(697)
(735)
(1,660)
Financial RRSAs
(10)
\u2013
(1)
(4)
(17)
Other liabilities
(42)
(6)
(25)
(90)
(163)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(4,952)
(15)
(47)
(77)
(5,091)
Other non-derivative financial liabilities
(1,646)
(235)
(267)
(373)
(2,521)
Contract liabilities
(1,358)
\u2013
\u2013
\u2013
(1,358)
(9,083)
(1,565)
(4,079)
(1,293)
(14,932)
Expected maturity analysis of derivative financial instruments
Gross values
Between Between
Within one and two and Carrying
one year two years five years value
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Derivative financial assets:
Cash inflows
1,940
605
1,089
Cash outflows
(1,780)
(592)
(1,054)
Other net cash flows
1
66
25
24
226
38
59
298
Derivative financial liabilities:
Cash inflows
6,988
5,866
7,154
Cash outflows
(7,959)
(6,524)
(7,850)
Other net cash flows
1
(30)
(11)
(11)
(1,001)
(669)
(707)
(2,054)
At 31 December 2023
Derivative financial assets:
Cash inflows
2,024
1,943
2,333
Cash outflows
(2,021)
(1,805)
(2,311)
Other net cash flows
1
88
43
33
91
181
55
350
Derivative financial liabilities:
Cash inflows
5,535
3,296
4,377
Cash outflows
(6,418)
(4,027)
(5,189)
Other net cash flows
1
(21)
(13)
(3)
(904)
(744)
(815)
(2,228)
1 Derivative financial assets and liabilities that are settled on a net cash basis
Interest rate risk
In respect of income-earning financial assets and interest-bearing financial liabilities, the following table indicates their effective interest rates.
The value shown is the carrying amount before taking account of swaps.
2024
2023
Fixed rate Floating rate Total Fixed rate Floating rate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1
\u2013
5,575
5,575
\u2013
3,784
3,784
Borrowings
(3,563)
(14)
(3,577)
(4,036)
(63)
(4,099)
Lease liabilities
(1,298)
(257)
(1,555)
(1,269)
(391)
(1,660)
(4,861)
5,304
443
(5,305)
3,330
(1,975)
Weighted average interest rates
Borrowings
4.0%
5.0%
3.7%
5.9%
Lease liabilities
2
4.9%
5.8%
4.6%
6.8%
1 Cash and cash equivalents comprises bank balances and term deposits and earn interest based on short-term floating market interest rates
2 Interest rates for lease liabilities are considered to be the discount rates at the balance sheet date
None (2023: none) of the Group\u2019s borrowings are subject to financial covenants and there are no rating triggers contained in any of the Group\u2019s
facilities that could require the Group to accelerate or repay any facility for a given movement in the Group\u2019s credit rating.
\u00a3106m (2023: \u00a3105m) of the Group\u2019s lease liabilities include a customary loan-to-value covenant. The Group has several contractual cures
available in the event the stipulated loan-to-value ratio is exceeded. Failure by the Group to satisfy its contractual obligations under the covenant
gives rights to the lessor to terminate its lease and claim termination amounts for the outstanding lease balance. At 31 December 2024 none
(2023: none) of these were in breach.
Sensitivity analysis
2024 2023
Sensitivities at 31 December (all other variables held constant) \u2013 impact on profit after tax and equity \u00a3m \u00a3m
Sterling 10% weaker against the USD
(1,506)
(1,207)
Sterling 10% stronger against the USD
1,232
988
Euro 10% weaker against the USD
(358)
(176)
Euro 10% stronger against the USD
293
144
Sterling 10% weaker against the Euro
(27)
(17)
Sterling 10% stronger against the Euro
22
14
Commodity prices 10% lower
(20)
(17)
Commodity prices 10% higher
20
17
Interest rates 50 basis points lower
(40)
(43)
Interest rates 50 basis points higher
39
42
C Shares and payments to shareholders
The Company has historically issued non-cumulative redeemable preference shares (C Shares) as an alternative to paying a cash dividend.
C Shares in respect of a year were issued in the following year. Shareholders are able to redeem any number of their C Shares for cash. Any
C Shares retained attract a dividend of Bank of England base rate on the 0.1p nominal value of each share, paid on a twice-yearly basis, and have
limited voting rights. The Company has the option to compulsorily redeem the C Shares, at any time, if the aggregate number of C Shares in issue
is less than 10% of the aggregate number of C Shares issued, or on the acquisition or capital restructuring of the Company.
Movements in issued and fully paid C Shares during the year were as follows:
2024
2023
Millions
Millions
At 1 January
23,153
23,855
Redeemed
(647)
(702)
At 31 December
22,506
23,153
Payments to shareholders represent the value of C Shares to be issued in respect of the results for the year. There have been no issues (2023:
no issues) of C Shares declared in respect of the year to 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-779": { "value": "17 Borrowings and lease liabilities
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured
Overdrafts
2
53
\u2013
\u2013
2
53
Bank loans
4
3
3
\u2013
7
3
0.875% Notes 2024 \u20ac550m
1
\u2013
475
\u2013
\u2013
\u2013
475
3.625% Notes 2025 $1,000m
1
795
\u2013
\u2013
770
795
770
3.375% Notes 2026 \u00a3375m
2
\u2013
\u2013
364
361
364
361
4.625% Notes 2026 \u20ac750m
3
\u2013
\u2013
620
649
620
649
5.75% Notes 2027 $1,000m
3
\u2013
\u2013
795
782
795
782
5.75% Notes 2027 \u00a3545m
\u2013
\u2013
543
542
543
542
1.625% Notes 2028 \u20ac550m
1
\u2013
\u2013
442
455
442
455
Other loans
\u2013
\u2013
9
9
9
9
Total unsecured
801
531
2,776
3,568
3,577
4,099
Lease liability \u2013 Land and buildings
44
42
405
382
449
424
Lease liability \u2013 Aircraft and engines
209
203
784
949
993
1,152
Lease liability \u2013 Plant and equipment
43
33
70
51
113
84
Total lease liabilities
296
278
1,259
1,382
1,555
1,660
Total borrowings and lease liabilities
1,097
809
4,035
4,950
5,132
5,759
18 Leases Leases as lessee The net book value of right-of-use assets at 31 December 2024 was \u00a3761m (2023: \u00a3905m), with a lease liability of \u00a31,555m (2023: \u00a31,660m), per notes 11 and 17, respectively. Leases that have not yet commenced to which the Group is committed have a future liability of \u00a32m and consist of mainly plant and equipment and properties. The consolidated income statement shows the following amounts relating to leases:
2024 2023
\u00a3m \u00a3m
Land and buildings depreciation and impairment
1
(45)
(45)
Plant and equipment depreciation and impairment
2
(45)
(48)
Aircraft and engines depreciation and impairment
3
(175)
(241)
Total depreciation and impairment charge for right-of-use assets
(265)
(334)
Adjustment of amounts payable under residual value guarantees within lease liabilities
3, 4
6
10
Expense relating to short-term leases of 12 months or less recognised as an expense on a straight line basis
2
(38)
(49)
Expense relating to variable lease payments not included in lease liabilities
3, 5
(8)
(5)
Total operating costs
(305)
(378)
Interest expense
6
(83)
(85)
Total lease expense
(388)
(463)
Income from sub-leasing right-of-use assets
29
31
Total amount recognised in the income statement
(359)
(432)
1 Included in cost of sales and commercial and administration costs depending on the nature and the use of the right-of-use asset 2 Included in cost of sales, commercial and administration costs, or research and development depending on the nature and use of the right-of-use asset 3 Included in cost of sales 4 Where the cost of meeting residual value guarantees is less than that previously estimated, as costs have been mitigated or liabilities waived by the lessor, the lease liability has been remeasured. Where the value of this remeasurement exceeds the value of the right-of use asset, the reduction in the lease liability is credited to cost of sales 5 Variable lease payments primarily arise on a small number of contracts where engine lease payments are dependent upon utilisation rather than a periodic charge 6 Included in financing costs The total cash outflow for leases in 2024 was \u00a3421m (2023: \u00a3429m). Of this, \u00a3375m related to leases reflected in the lease liability, \u00a338m to short-term leases where lease payments are expensed on a straight-line basis and \u00a38m for variable lease payments where obligations are only due when the assets are used. The timing difference between income statement charge and cash flow relates to costs incurred at the end of leases for residual value guarantees and restoration costs that are recognised within depreciation over the term of the lease, the most significant amounts relate to engine leases\ufffd Engine leases in the Civil Aerospace business often include clauses that require the engines to be returned to the lessor with specific levels of usable life remaining or cash payments to the lessor. The costs of meeting these requirements are included in the lease payments. The amounts payable are calculated based upon an estimate of the utilisation of the engines over the lease term, whether the engine is restored to the required condition by performing an overhaul at our own cost or through the payments of amounts specified in the contract and any new contractual arrangements arising when the current lease contracts end. Amounts due can vary depending on the level of utilisation of the engines, overhaul activity prior to the end of the contract, and decisions taken on whether ongoing access to the assets is required at the end of the lease term. During the year, adjustments to return conditions at the end of leases resulted in a credit of \u00a36m to the income statement. The lease liability at 31 December 2024 included \u00a3297m relating to the cost of meeting these residual value guarantees in the Civil Aerospace business. Up to \u00a376m is payable in the next 12 months, \u00a3125m is due over the following four years and the remaining balance after five years.
Leases as lessor
The Group acts as lessor for engines to Civil Aerospace customers when they require engines to support their fleets. Lease agreements with the
lessees provide protection over the assets. Usage in excess of specified limits and damage to the engine while on lease are covered by variable
lease payment structures. Lessee bankruptcy risk is managed through ongoing monitoring of airline credit rating and, where applicable, the
Cape Town Convention on International Interests in Mobile Equipment (including a specific protocol relating to aircraft equipment); an
international treaty that creates common standards for the registration of lease contracts and establishes various legal remedies for default in
financing agreements, including repossession and the effect of particular states\u2019 bankruptcy laws. Engines are only leased once the Group
confirm that appropriate insurance documentation is established that covers the engine assets to pre-agreed amounts. All such contracts are
operating leases. The Group also leases out a small number of properties, or parts of properties, where there is excess capacity under operating
leases\ufffd
2024 2023
\u00a3m \u00a3m
Operating lease income
1, 2
99
104
1 Includes variable lease payments received of \u00a383m (2023: \u00a387m) that do not depend on an index or a rate
2 Items of property, plant and equipment subject to an operating lease are disclosed in note 10
Total non-cancellable future operating lease rentals (undiscounted) are \u00a371m (2023: \u00a391m) with \u00a310m (2023: \u00a312m) due within one year, \u00a338m
(2023: \u00a343m) between one to five years and \u00a323m (2023: \u00a336m) after five years.
In a limited number of circumstances, the Group sublets properties that are treated as a finance lease when the arrangement transfers
substantially all the risks and rewards of ownership of the asset. At 31 December 2024, the total undiscounted lease payments receivable is \u00a337m
(2023: \u00a335m) on annual lease income of \u00a35m (2023: \u00a34m). The discounted finance lease receivable at 31 December 2024 is \u00a329m (2023: \u00a328m).
There was \u00a3nil (2023: \u00a3nil) finance income recognised during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-727": { "value": "17 Borrowings and lease liabilities
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured
Overdrafts
2
53
\u2013
\u2013
2
53
Bank loans
4
3
3
\u2013
7
3
0.875% Notes 2024 \u20ac550m
1
\u2013
475
\u2013
\u2013
\u2013
475
3.625% Notes 2025 $1,000m
1
795
\u2013
\u2013
770
795
770
3.375% Notes 2026 \u00a3375m
2
\u2013
\u2013
364
361
364
361
4.625% Notes 2026 \u20ac750m
3
\u2013
\u2013
620
649
620
649
5.75% Notes 2027 $1,000m
3
\u2013
\u2013
795
782
795
782
5.75% Notes 2027 \u00a3545m
\u2013
\u2013
543
542
543
542
1.625% Notes 2028 \u20ac550m
1
\u2013
\u2013
442
455
442
455
Other loans
\u2013
\u2013
9
9
9
9
Total unsecured
801
531
2,776
3,568
3,577
4,099
Lease liability \u2013 Land and buildings
44
42
405
382
449
424
Lease liability \u2013 Aircraft and engines
209
203
784
949
993
1,152
Lease liability \u2013 Plant and equipment
43
33
70
51
113
84
Total lease liabilities
296
278
1,259
1,382
1,555
1,660
Total borrowings and lease liabilities
1,097
809
4,035
4,950
5,132
5,759
All outstanding items described as loan notes above are listed on the London Stock Exchange 1 These notes are the subject of cross-currency interest rate swap agreements under which the Group has undertaken to pay floating rates of GBP interest, which form a fair value hedge. They are also subject to interest rate swap agreements under which the Group has undertaken to pay fixed rates of interest, which are classified as fair value through profit and loss 2 These notes are the subject of interest rate swap agreements under which the Group has undertaken to pay floating rates of interest, which form a fair value hedge. They are also subject to interest rate swap agreements under which the Group has undertaken to pay fixed rates of interest, which are classified as fair value through profit and loss 3 These notes are the subject of cross-currency interest rate swap agreements under which the Group has undertaken to pay fixed rates of GBP interest, which form a cash flow hedge During the year to 31 December 2024, the Group repaid a loan note of \u20ac550m in May 2024 in line with its maturity date. The Group has access to the following undrawn committed borrowing facilities at the end of the year:
Total
2024 2023
\u00a3m \u00a3m
Expiring within one year
\u2013
\u2013
Expiring after one year
2,500
3,500
Total undrawn facilities
2,500
3,500
Further details can be found in the going concern and liquidity statements on page 61. In May 2024, the Group cancelled its undrawn \u00a31bn UKEF-supported loan facility which was due to expire in 2027. The facility had remained undrawn in the year. In October 2024, the Group extended the maturity date of its undrawn \u00a32.5bn revolving credit facility by one year to November 2027, with the Group having the option to exercise a further one-year extension option, subject to the bank agreement at the time of exercise. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-728": { "value": "
18 Leases
Leases as lessee
The net book value of right-of-use assets at 31 December 2024 was \u00a3761m (2023: \u00a3905m), with a lease liability of \u00a31,555m (2023: \u00a31,660m), per
notes 11 and 17, respectively. Leases that have not yet commenced to which the Group is committed have a future liability of \u00a32m and consist of
mainly plant and equipment and properties. The consolidated income statement shows the following amounts relating to leases:
2024 2023
\u00a3m \u00a3m
Land and buildings depreciation and impairment
1
(45)
(45)
Plant and equipment depreciation and impairment
2
(45)
(48)
Aircraft and engines depreciation and impairment
3
(175)
(241)
Total depreciation and impairment charge for right-of-use assets
(265)
(334)
Adjustment of amounts payable under residual value guarantees within lease liabilities
3, 4
6
10
Expense relating to short-term leases of 12 months or less recognised as an expense on a straight line basis
2
(38)
(49)
Expense relating to variable lease payments not included in lease liabilities
3, 5
(8)
(5)
Total operating costs
(305)
(378)
Interest expense
6
(83)
(85)
Total lease expense
(388)
(463)
Income from sub-leasing right-of-use assets
29
31
Total amount recognised in the income statement
(359)
(432)
1 Included in cost of sales and commercial and administration costs depending on the nature and the use of the right-of-use asset
2 Included in cost of sales, commercial and administration costs, or research and development depending on the nature and use of the right-of-use asset
3 Included in cost of sales
4 Where the cost of meeting residual value guarantees is less than that previously estimated, as costs have been mitigated or liabilities waived by the lessor, the lease liability has been
remeasured. Where the value of this remeasurement exceeds the value of the right-of use asset, the reduction in the lease liability is credited to cost of sales
5 Variable lease payments primarily arise on a small number of contracts where engine lease payments are dependent upon utilisation rather than a periodic charge
6 Included in financing costs
The total cash outflow for leases in 2024 was \u00a3421m (2023: \u00a3429m). Of this, \u00a3375m related to leases reflected in the lease liability, \u00a338m to
short-term leases where lease payments are expensed on a straight-line basis and \u00a38m for variable lease payments where obligations are only
due when the assets are used. The timing difference between income statement charge and cash flow relates to costs incurred at the end of
leases for residual value guarantees and restoration costs that are recognised within depreciation over the term of the lease, the most significant
amounts relate to engine leases\ufffd
Engine leases in the Civil Aerospace business often include clauses that require the engines to be returned to the lessor with specific levels of
usable life remaining or cash payments to the lessor. The costs of meeting these requirements are included in the lease payments. The amounts
payable are calculated based upon an estimate of the utilisation of the engines over the lease term, whether the engine is restored to the required
condition by performing an overhaul at our own cost or through the payments of amounts specified in the contract and any new contractual
arrangements arising when the current lease contracts end. Amounts due can vary depending on the level of utilisation of the engines, overhaul
activity prior to the end of the contract, and decisions taken on whether ongoing access to the assets is required at the end of the lease term.
During the year, adjustments to return conditions at the end of leases resulted in a credit of \u00a36m to the income statement. The lease liability at
31 December 2024 included \u00a3297m relating to the cost of meeting these residual value guarantees in the Civil Aerospace business. Up to \u00a376m
is payable in the next 12 months, \u00a3125m is due over the following four years and the remaining balance after five years.
Leases as lessor The Group acts as lessor for engines to Civil Aerospace customers when they require engines to support their fleets. Lease agreements with the lessees provide protection over the assets. Usage in excess of specified limits and damage to the engine while on lease are covered by variable lease payment structures. Lessee bankruptcy risk is managed through ongoing monitoring of airline credit rating and, where applicable, the Cape Town Convention on International Interests in Mobile Equipment (including a specific protocol relating to aircraft equipment); an international treaty that creates common standards for the registration of lease contracts and establishes various legal remedies for default in financing agreements, including repossession and the effect of particular states\u2019 bankruptcy laws. Engines are only leased once the Group confirm that appropriate insurance documentation is established that covers the engine assets to pre-agreed amounts. All such contracts are operating leases. The Group also leases out a small number of properties, or parts of properties, where there is excess capacity under operating leases\ufffd
2024 2023
\u00a3m \u00a3m
Operating lease income
1, 2
99
104
1 Includes variable lease payments received of \u00a383m (2023: \u00a387m) that do not depend on an index or a rate 2 Items of property, plant and equipment subject to an operating lease are disclosed in note 10 Total non-cancellable future operating lease rentals (undiscounted) are \u00a371m (2023: \u00a391m) with \u00a310m (2023: \u00a312m) due within one year, \u00a338m (2023: \u00a343m) between one to five years and \u00a323m (2023: \u00a336m) after five years. In a limited number of circumstances, the Group sublets properties that are treated as a finance lease when the arrangement transfers substantially all the risks and rewards of ownership of the asset. At 31 December 2024, the total undiscounted lease payments receivable is \u00a337m (2023: \u00a335m) on annual lease income of \u00a35m (2023: \u00a34m). The discounted finance lease receivable at 31 December 2024 is \u00a329m (2023: \u00a328m). There was \u00a3nil (2023: \u00a3nil) finance income recognised during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-773": { "value": "18 Leases Leases as lessee The net book value of right-of-use assets at 31 December 2024 was \u00a3761m (2023: \u00a3905m), with a lease liability of \u00a31,555m (2023: \u00a31,660m), per notes 11 and 17, respectively. Leases that have not yet commenced to which the Group is committed have a future liability of \u00a32m and consist of mainly plant and equipment and properties. The consolidated income statement shows the following amounts relating to leases:
2024 2023
\u00a3m \u00a3m
Land and buildings depreciation and impairment
1
(45)
(45)
Plant and equipment depreciation and impairment
2
(45)
(48)
Aircraft and engines depreciation and impairment
3
(175)
(241)
Total depreciation and impairment charge for right-of-use assets
(265)
(334)
Adjustment of amounts payable under residual value guarantees within lease liabilities
3, 4
6
10
Expense relating to short-term leases of 12 months or less recognised as an expense on a straight line basis
2
(38)
(49)
Expense relating to variable lease payments not included in lease liabilities
3, 5
(8)
(5)
Total operating costs
(305)
(378)
Interest expense
6
(83)
(85)
Total lease expense
(388)
(463)
Income from sub-leasing right-of-use assets
29
31
Total amount recognised in the income statement
(359)
(432)
1 Included in cost of sales and commercial and administration costs depending on the nature and the use of the right-of-use asset 2 Included in cost of sales, commercial and administration costs, or research and development depending on the nature and use of the right-of-use asset 3 Included in cost of sales 4 Where the cost of meeting residual value guarantees is less than that previously estimated, as costs have been mitigated or liabilities waived by the lessor, the lease liability has been remeasured. Where the value of this remeasurement exceeds the value of the right-of use asset, the reduction in the lease liability is credited to cost of sales 5 Variable lease payments primarily arise on a small number of contracts where engine lease payments are dependent upon utilisation rather than a periodic charge 6 Included in financing costs The total cash outflow for leases in 2024 was \u00a3421m (2023: \u00a3429m). Of this, \u00a3375m related to leases reflected in the lease liability, \u00a338m to short-term leases where lease payments are expensed on a straight-line basis and \u00a38m for variable lease payments where obligations are only due when the assets are used. The timing difference between income statement charge and cash flow relates to costs incurred at the end of leases for residual value guarantees and restoration costs that are recognised within depreciation over the term of the lease, the most significant amounts relate to engine leases\ufffd Engine leases in the Civil Aerospace business often include clauses that require the engines to be returned to the lessor with specific levels of usable life remaining or cash payments to the lessor. The costs of meeting these requirements are included in the lease payments. The amounts payable are calculated based upon an estimate of the utilisation of the engines over the lease term, whether the engine is restored to the required condition by performing an overhaul at our own cost or through the payments of amounts specified in the contract and any new contractual arrangements arising when the current lease contracts end. Amounts due can vary depending on the level of utilisation of the engines, overhaul activity prior to the end of the contract, and decisions taken on whether ongoing access to the assets is required at the end of the lease term. During the year, adjustments to return conditions at the end of leases resulted in a credit of \u00a36m to the income statement. The lease liability at 31 December 2024 included \u00a3297m relating to the cost of meeting these residual value guarantees in the Civil Aerospace business. Up to \u00a376m is payable in the next 12 months, \u00a3125m is due over the following four years and the remaining balance after five years. Leases as lessor The Group acts as lessor for engines to Civil Aerospace customers when they require engines to support their fleets. Lease agreements with the lessees provide protection over the assets. Usage in excess of specified limits and damage to the engine while on lease are covered by variable lease payment structures. Lessee bankruptcy risk is managed through ongoing monitoring of airline credit rating and, where applicable, the Cape Town Convention on International Interests in Mobile Equipment (including a specific protocol relating to aircraft equipment); an international treaty that creates common standards for the registration of lease contracts and establishes various legal remedies for default in financing agreements, including repossession and the effect of particular states\u2019 bankruptcy laws. Engines are only leased once the Group confirm that appropriate insurance documentation is established that covers the engine assets to pre-agreed amounts. All such contracts are operating leases. The Group also leases out a small number of properties, or parts of properties, where there is excess capacity under operating leases\ufffd
2024 2023
\u00a3m \u00a3m
Operating lease income
1, 2
99
104
1 Includes variable lease payments received of \u00a383m (2023: \u00a387m) that do not depend on an index or a rate 2 Items of property, plant and equipment subject to an operating lease are disclosed in note 10 Total non-cancellable future operating lease rentals (undiscounted) are \u00a371m (2023: \u00a391m) with \u00a310m (2023: \u00a312m) due within one year, \u00a338m (2023: \u00a343m) between one to five years and \u00a323m (2023: \u00a336m) after five years. In a limited number of circumstances, the Group sublets properties that are treated as a finance lease when the arrangement transfers substantially all the risks and rewards of ownership of the asset. At 31 December 2024, the total undiscounted lease payments receivable is \u00a337m (2023: \u00a335m) on annual lease income of \u00a35m (2023: \u00a34m). The discounted finance lease receivable at 31 December 2024 is \u00a329m (2023: \u00a328m). There was \u00a3nil (2023: \u00a3nil) finance income recognised during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-759": { "value": "18 Leases Leases as lessee The net book value of right-of-use assets at 31 December 2024 was \u00a3761m (2023: \u00a3905m), with a lease liability of \u00a31,555m (2023: \u00a31,660m), per notes 11 and 17, respectively. Leases that have not yet commenced to which the Group is committed have a future liability of \u00a32m and consist of mainly plant and equipment and properties. The consolidated income statement shows the following amounts relating to leases:
2024 2023
\u00a3m \u00a3m
Land and buildings depreciation and impairment
1
(45)
(45)
Plant and equipment depreciation and impairment
2
(45)
(48)
Aircraft and engines depreciation and impairment
3
(175)
(241)
Total depreciation and impairment charge for right-of-use assets
(265)
(334)
Adjustment of amounts payable under residual value guarantees within lease liabilities
3, 4
6
10
Expense relating to short-term leases of 12 months or less recognised as an expense on a straight line basis
2
(38)
(49)
Expense relating to variable lease payments not included in lease liabilities
3, 5
(8)
(5)
Total operating costs
(305)
(378)
Interest expense
6
(83)
(85)
Total lease expense
(388)
(463)
Income from sub-leasing right-of-use assets
29
31
Total amount recognised in the income statement
(359)
(432)
1 Included in cost of sales and commercial and administration costs depending on the nature and the use of the right-of-use asset 2 Included in cost of sales, commercial and administration costs, or research and development depending on the nature and use of the right-of-use asset 3 Included in cost of sales 4 Where the cost of meeting residual value guarantees is less than that previously estimated, as costs have been mitigated or liabilities waived by the lessor, the lease liability has been remeasured. Where the value of this remeasurement exceeds the value of the right-of use asset, the reduction in the lease liability is credited to cost of sales 5 Variable lease payments primarily arise on a small number of contracts where engine lease payments are dependent upon utilisation rather than a periodic charge 6 Included in financing costs The total cash outflow for leases in 2024 was \u00a3421m (2023: \u00a3429m). Of this, \u00a3375m related to leases reflected in the lease liability, \u00a338m to short-term leases where lease payments are expensed on a straight-line basis and \u00a38m for variable lease payments where obligations are only due when the assets are used. The timing difference between income statement charge and cash flow relates to costs incurred at the end of leases for residual value guarantees and restoration costs that are recognised within depreciation over the term of the lease, the most significant amounts relate to engine leases\ufffd Engine leases in the Civil Aerospace business often include clauses that require the engines to be returned to the lessor with specific levels of usable life remaining or cash payments to the lessor. The costs of meeting these requirements are included in the lease payments. The amounts payable are calculated based upon an estimate of the utilisation of the engines over the lease term, whether the engine is restored to the required condition by performing an overhaul at our own cost or through the payments of amounts specified in the contract and any new contractual arrangements arising when the current lease contracts end. Amounts due can vary depending on the level of utilisation of the engines, overhaul activity prior to the end of the contract, and decisions taken on whether ongoing access to the assets is required at the end of the lease term. During the year, adjustments to return conditions at the end of leases resulted in a credit of \u00a36m to the income statement. The lease liability at 31 December 2024 included \u00a3297m relating to the cost of meeting these residual value guarantees in the Civil Aerospace business. Up to \u00a376m is payable in the next 12 months, \u00a3125m is due over the following four years and the remaining balance after five years. Leases as lessor The Group acts as lessor for engines to Civil Aerospace customers when they require engines to support their fleets. Lease agreements with the lessees provide protection over the assets. Usage in excess of specified limits and damage to the engine while on lease are covered by variable lease payment structures. Lessee bankruptcy risk is managed through ongoing monitoring of airline credit rating and, where applicable, the Cape Town Convention on International Interests in Mobile Equipment (including a specific protocol relating to aircraft equipment); an international treaty that creates common standards for the registration of lease contracts and establishes various legal remedies for default in financing agreements, including repossession and the effect of particular states\u2019 bankruptcy laws. Engines are only leased once the Group confirm that appropriate insurance documentation is established that covers the engine assets to pre-agreed amounts. All such contracts are operating leases. The Group also leases out a small number of properties, or parts of properties, where there is excess capacity under operating leases\ufffd
2024 2023
\u00a3m \u00a3m
Operating lease income
1, 2
99
104
1 Includes variable lease payments received of \u00a383m (2023: \u00a387m) that do not depend on an index or a rate 2 Items of property, plant and equipment subject to an operating lease are disclosed in note 10 Total non-cancellable future operating lease rentals (undiscounted) are \u00a371m (2023: \u00a391m) with \u00a310m (2023: \u00a312m) due within one year, \u00a338m (2023: \u00a343m) between one to five years and \u00a323m (2023: \u00a336m) after five years. In a limited number of circumstances, the Group sublets properties that are treated as a finance lease when the arrangement transfers substantially all the risks and rewards of ownership of the asset. At 31 December 2024, the total undiscounted lease payments receivable is \u00a337m (2023: \u00a335m) on annual lease income of \u00a35m (2023: \u00a34m). The discounted finance lease receivable at 31 December 2024 is \u00a329m (2023: \u00a328m). There was \u00a3nil (2023: \u00a3nil) finance income recognised during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-691": { "value": "
19 Trade payables and other liabilities
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,526
1,608
\u2013
\u2013
1,526
1,608
Accrued liabilities
2,552
1,134
109
96
2,661
1,230
Customer discounts
1
1,035
1,018
866
773
1,901
1,791
Payables due on RRSAs
1,529
1,713
11
\u2013
1,540
1,713
Deferred receipts from RRSA workshare partners
55
56
757
774
812
830
Amounts owed to joint ventures and associates
492
542
\u2013
\u2013
492
542
Government grants
2
26
30
24
54
50
84
Other taxation and social security
54
92
\u2013
\u2013
54
92
Other payables
3
740
703
198
230
938
933
8,009
6,896
1,965
1,927
9,974
8,823
Trade payables and other liabilities are analysed as follows:
Financial instruments (note 20):
Trade payables and similar items
6,205
5,091
Other non-derivative financial liabilities
2,642
2,521
Non-financial instruments
1,127
1,211
9,974
8,823
1 Customer discounts include customer concession credits. Revenue recognised comprises sales to the Group\u2019s customers after such items. Customer concession credits are discounts
given to a customer upon the sale of goods or services. A liability is recognised to correspond with the recognition of revenue when the performance obligation is met, as set out on page
126. The largest element of the balance, approximately \u00a31.4bn (2023: \u00a31.2bn) arises when the Civil business delivers its engines to an airframer. A concession is often payable to the end
customer (e.g. an airline) on delivery of the aircraft from the airframer. The concession amounts are known and the payment date is reasonably certain, hence there is no significant
judgement or uncertainty associated with the timing of these amounts
2 During the year, \u00a3102m, (2023: \u00a374m) of government grants were released to the income statement
3 Other payables includes payroll liabilities and HM Government UK levies
The Group\u2019s payment terms with suppliers vary based on the products and services being sourced, the competitive global markets the Group
operates in and other commercial aspects of suppliers\u2019 relationships. Industry average payment terms vary between 90 to 120 days. The Group
offers reduced payment terms to its smaller suppliers, who are typically on 75-day payment terms, so that they are paid in 30 days.
In line with civil aviation industry practice, the Group offers a SCF programme in partnership with banks to enable suppliers (including joint
ventures who are on 90-day standard payment terms) to receive their payments sooner. This SCF programme is available to suppliers at their
discretion and does not change the Group\u2019s rights and obligations with the suppliers or the timing of payment by the Group to settle its liabilities
arising from transactions with these suppliers.
At 31 December 2024, \u00a3594m of trade payables were within the scope of SCF arrangements of which suppliers had drawn \u00a3506m (2023: \u00a3418m),
with \u00a3243m (2023: \u00a3154m) drawn by joint ventures. In some cases the Group settles the costs incurred by joint ventures as a result of them
utilising SCF arrangements and, during the year to 31 December 2024, the Group incurred costs of \u00a39m (2023: \u00a328m). These costs are included
within cost of sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-760": { "value": "19 Trade payables and other liabilities
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,526
1,608
\u2013
\u2013
1,526
1,608
Accrued liabilities
2,552
1,134
109
96
2,661
1,230
Customer discounts
1
1,035
1,018
866
773
1,901
1,791
Payables due on RRSAs
1,529
1,713
11
\u2013
1,540
1,713
Deferred receipts from RRSA workshare partners
55
56
757
774
812
830
Amounts owed to joint ventures and associates
492
542
\u2013
\u2013
492
542
Government grants
2
26
30
24
54
50
84
Other taxation and social security
54
92
\u2013
\u2013
54
92
Other payables
3
740
703
198
230
938
933
8,009
6,896
1,965
1,927
9,974
8,823
Trade payables and other liabilities are analysed as follows:
Financial instruments (note 20):
Trade payables and similar items
6,205
5,091
Other non-derivative financial liabilities
2,642
2,521
Non-financial instruments
1,127
1,211
9,974
8,823
1 Customer discounts include customer concession credits. Revenue recognised comprises sales to the Group\u2019s customers after such items. Customer concession credits are discounts given to a customer upon the sale of goods or services. A liability is recognised to correspond with the recognition of revenue when the performance obligation is met, as set out on page 126. The largest element of the balance, approximately \u00a31.4bn (2023: \u00a31.2bn) arises when the Civil business delivers its engines to an airframer. A concession is often payable to the end customer (e.g. an airline) on delivery of the aircraft from the airframer. The concession amounts are known and the payment date is reasonably certain, hence there is no significant judgement or uncertainty associated with the timing of these amounts 2 During the year, \u00a3102m, (2023: \u00a374m) of government grants were released to the income statement 3 Other payables includes payroll liabilities and HM Government UK levies The Group\u2019s payment terms with suppliers vary based on the products and services being sourced, the competitive global markets the Group operates in and other commercial aspects of suppliers\u2019 relationships. Industry average payment terms vary between 90 to 120 days. The Group offers reduced payment terms to its smaller suppliers, who are typically on 75-day payment terms, so that they are paid in 30 days. In line with civil aviation industry practice, the Group offers a SCF programme in partnership with banks to enable suppliers (including joint ventures who are on 90-day standard payment terms) to receive their payments sooner. This SCF programme is available to suppliers at their discretion and does not change the Group\u2019s rights and obligations with the suppliers or the timing of payment by the Group to settle its liabilities arising from transactions with these suppliers. At 31 December 2024, \u00a3594m of trade payables were within the scope of SCF arrangements of which suppliers had drawn \u00a3506m (2023: \u00a3418m), with \u00a3243m (2023: \u00a3154m) drawn by joint ventures. In some cases the Group settles the costs incurred by joint ventures as a result of them utilising SCF arrangements and, during the year to 31 December 2024, the Group incurred costs of \u00a39m (2023: \u00a328m). These costs are included within cost of sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-729": { "value": "19 Trade payables and other liabilities
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,526
1,608
\u2013
\u2013
1,526
1,608
Accrued liabilities
2,552
1,134
109
96
2,661
1,230
Customer discounts
1
1,035
1,018
866
773
1,901
1,791
Payables due on RRSAs
1,529
1,713
11
\u2013
1,540
1,713
Deferred receipts from RRSA workshare partners
55
56
757
774
812
830
Amounts owed to joint ventures and associates
492
542
\u2013
\u2013
492
542
Government grants
2
26
30
24
54
50
84
Other taxation and social security
54
92
\u2013
\u2013
54
92
Other payables
3
740
703
198
230
938
933
8,009
6,896
1,965
1,927
9,974
8,823
Trade payables and other liabilities are analysed as follows:
Financial instruments (note 20):
Trade payables and similar items
6,205
5,091
Other non-derivative financial liabilities
2,642
2,521
Non-financial instruments
1,127
1,211
9,974
8,823
1 Customer discounts include customer concession credits. Revenue recognised comprises sales to the Group\u2019s customers after such items. Customer concession credits are discounts given to a customer upon the sale of goods or services. A liability is recognised to correspond with the recognition of revenue when the performance obligation is met, as set out on page 126. The largest element of the balance, approximately \u00a31.4bn (2023: \u00a31.2bn) arises when the Civil business delivers its engines to an airframer. A concession is often payable to the end customer (e.g. an airline) on delivery of the aircraft from the airframer. The concession amounts are known and the payment date is reasonably certain, hence there is no significant judgement or uncertainty associated with the timing of these amounts 2 During the year, \u00a3102m, (2023: \u00a374m) of government grants were released to the income statement 3 Other payables includes payroll liabilities and HM Government UK levies The Group\u2019s payment terms with suppliers vary based on the products and services being sourced, the competitive global markets the Group operates in and other commercial aspects of suppliers\u2019 relationships. Industry average payment terms vary between 90 to 120 days. The Group offers reduced payment terms to its smaller suppliers, who are typically on 75-day payment terms, so that they are paid in 30 days. In line with civil aviation industry practice, the Group offers a SCF programme in partnership with banks to enable suppliers (including joint ventures who are on 90-day standard payment terms) to receive their payments sooner. This SCF programme is available to suppliers at their discretion and does not change the Group\u2019s rights and obligations with the suppliers or the timing of payment by the Group to settle its liabilities arising from transactions with these suppliers. At 31 December 2024, \u00a3594m of trade payables were within the scope of SCF arrangements of which suppliers had drawn \u00a3506m (2023: \u00a3418m), with \u00a3243m (2023: \u00a3154m) drawn by joint ventures. In some cases the Group settles the costs incurred by joint ventures as a result of them utilising SCF arrangements and, during the year to 31 December 2024, the Group incurred costs of \u00a39m (2023: \u00a328m). These costs are included within cost of sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-774": { "value": "
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,526
1,608
\u2013
\u2013
1,526
1,608
Accrued liabilities
2,552
1,134
109
96
2,661
1,230
Customer discounts
1
1,035
1,018
866
773
1,901
1,791
Payables due on RRSAs
1,529
1,713
11
\u2013
1,540
1,713
Deferred receipts from RRSA workshare partners
55
56
757
774
812
830
Amounts owed to joint ventures and associates
492
542
\u2013
\u2013
492
542
Government grants
2
26
30
24
54
50
84
Other taxation and social security
54
92
\u2013
\u2013
54
92
Other payables
3
740
703
198
230
938
933
8,009
6,896
1,965
1,927
9,974
8,823
Trade payables and other liabilities are analysed as follows:
Financial instruments (note 20):
Trade payables and similar items
6,205
5,091
Other non-derivative financial liabilities
2,642
2,521
Non-financial instruments
1,127
1,211
9,974
8,823
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-780": { "value": "
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,526
1,608
\u2013
\u2013
1,526
1,608
Accrued liabilities
2,552
1,134
109
96
2,661
1,230
Customer discounts
1
1,035
1,018
866
773
1,901
1,791
Payables due on RRSAs
1,529
1,713
11
\u2013
1,540
1,713
Deferred receipts from RRSA workshare partners
55
56
757
774
812
830
Amounts owed to joint ventures and associates
492
542
\u2013
\u2013
492
542
Government grants
2
26
30
24
54
50
84
Other taxation and social security
54
92
\u2013
\u2013
54
92
Other payables
3
740
703
198
230
938
933
8,009
6,896
1,965
1,927
9,974
8,823
Trade payables and other liabilities are analysed as follows:
Financial instruments (note 20):
Trade payables and similar items
6,205
5,091
Other non-derivative financial liabilities
2,642
2,521
Non-financial instruments
1,127
1,211
9,974
8,823
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-785": { "value": "
Current
Non-current
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,526
1,608
\u2013
\u2013
1,526
1,608
Accrued liabilities
2,552
1,134
109
96
2,661
1,230
Customer discounts
1
1,035
1,018
866
773
1,901
1,791
Payables due on RRSAs
1,529
1,713
11
\u2013
1,540
1,713
Deferred receipts from RRSA workshare partners
55
56
757
774
812
830
Amounts owed to joint ventures and associates
492
542
\u2013
\u2013
492
542
Government grants
2
26
30
24
54
50
84
Other taxation and social security
54
92
\u2013
\u2013
54
92
Other payables
3
740
703
198
230
938
933
8,009
6,896
1,965
1,927
9,974
8,823
Trade payables and other liabilities are analysed as follows:
Financial instruments (note 20):
Trade payables and similar items
6,205
5,091
Other non-derivative financial liabilities
2,642
2,521
Non-financial instruments
1,127
1,211
9,974
8,823
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-781": { "value": "Carrying values and fair values of financial instruments
Assets
Liabilities
Total
Basis for Amortised
determining FVPL FVOCI cost FVPL Other
Notes fair value \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
2024
Other non-current asset investments
12
A
\u2013
5
\u2013
\u2013
\u2013
5
Trade receivables and similar items
14
B/C
\u2013
9
5,179
\u2013
\u2013
5,188
Other non-derivative financial assets
14
B
\u2013
\u2013
366
\u2013
\u2013
366
Other assets
D/F
21
\u2013
16
\u2013
\u2013
37
Derivative financial assets
1
C
298
\u2013
\u2013
\u2013
\u2013
298
Cash and cash equivalents
16
B
1,900
\u2013
3,675
\u2013
\u2013
5,575
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(3,577)
(3,577)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,555)
(1,555)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,054)
\u2013
(2,054)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(198)
(198)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(6,205)
(6,205)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,642)
(2,642)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,280)
(1,280)
2,219
14
9,236
(2,054)
(15,487)
(6,072)
2023
Other non-current asset investments
12
A
24
7
\u2013
\u2013
\u2013
31
Trade receivables and similar items
14
B/C
\u2013
9
4,848
\u2013
\u2013
4,857
Other non-derivative financial assets
14
B
\u2013
\u2013
332
\u2013
\u2013
332
Other assets
D/F
32
\u2013
12
\u2013
\u2013
44
Derivative financial assets
1
C
350
\u2013
\u2013
\u2013
\u2013
350
Cash and cash equivalents
16
B
1,077
\u2013
2,707
\u2013
\u2013
3,784
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(4,099)
(4,099)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,660)
(1,660)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,228)
\u2013
(2,228)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(17)
(17)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(163)
(163)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(5,091)
(5,091)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,521)
(2,521)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,358)
(1,358)
1,483
16
7,899
(2,228)
(14,932)
(7,762)
1 In the event of counterparty default relating to derivative financial assets, derivative financial liabilities and \u00a3125m of cash and cash equivalents, offsetting would apply and financial assets and liabilities held with the same counterparty would net off. If this occurred with every counterparty, total financial assets would be \u00a326m (2023: \u00a33m) and liabilities \u00a31,657m (2023: \u00a31,881m) Fair values equate to book values for both 2024 and 2023, with the following exceptions:
2024
2023
Basis for
determining Book value Fair value Book value Fair value
fair value \u00a3m \u00a3m \u00a3m \u00a3m
Other assets
F
16
16
12
12
Borrowings
E
(3,559)
(3,540)
(4,034)
(3,977)
Borrowings
F
(18)
(21)
(65)
(67)
Financial RRSAs
H
(7)
(7)
(17)
(16)
The fair value of a financial instrument is the price at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s-length transaction. There have been no transfers during the year from or to Level 3 valuation. Fair values have been determined with reference to available market information at the balance sheet date, using the methodologies described below. A These primarily comprise unconsolidated companies where fair value approximates to the book value. Listed investments are valued using Level 1 methodology B Fair values are assumed to approximate to cost either due to the short-term maturity of the instruments or because the interest rate of the investments is reset after periods not exceeding six months. Money market funds are valued using Level 1 methodology C Fair values of derivative financial assets and liabilities and trade receivables held to collect or sell are estimated by discounting expected future contractual cash flows using prevailing interest rate curves. For commodity derivatives, forward commodity prices are used to determine expected future cash flows. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. These financial instruments are included on the balance sheet at fair value, derived from observable market prices (Level 2) D Other assets are included on the balance sheet at fair value, derived from observable market prices or latest forecast (Level 2/Level 3). At 31 December 2024, Level 3 assets totalled \u00a314m (2023: \u00a325m) E Borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated using quoted prices (Level 1) F Other assets and borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated by discounting contractual future cash flows. (Level 2) G The fair value of lease liabilities are estimated by discounting future contractual cash flows using either the interest rate implicit in the lease or the Group\u2019s incremental cost of borrowing (Level 2) H The fair value of RRSAs and other liabilities are estimated by discounting expected future cash flows. The contractual cash flows are based on future trading activity, which is estimated based on latest forecasts (Level 3) IFRS 13 Fair Value Measurement defines a three level valuation hierarchy: Level 1 \u2013 quoted prices for similar instruments Level 2 \u2013 directly observable market inputs other than Level 1 inputs Level 3 \u2013 inputs not based on observable market data Carrying values of other financial assets and liabilities
Foreign
exchange Commodity Interest rate Total Financial
contracts contracts
contracts
1
derivatives RRSAs Other C Shares Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Non-current assets
10
1
110
121
\u2013
5
\u2013
126
Current assets
25
4
148
177
\u2013
32
\u2013
209
Assets
35
5
258
298
\u2013
37
\u2013
335
Current liabilities
(539)
(18)
\u2013
(557)
\u2013
(62)
(23)
(642)
Non-current liabilities
(1,364)
(22)
(111)
(1,497)
(7)
(136)
\u2013
(1,640)
Liabilities
(1,903)
(40)
(111)
(2,054)
(7)
(198)
(23)
(2,282)
(1,868)
(35)
147
(1,756)
(7)
(161)
(23)
(1,947)
2023
Non-current assets
72
\u2013
254
326
\u2013
34
\u2013
360
Current assets
10
6
8
24
\u2013
10
\u2013
34
Assets
82
6
262
350
\u2013
44
\u2013
394
Current liabilities
(351)
(10)
(13)
(374)
(10)
(41)
(23)
(448)
Non-current liabilities
(1,766)
(15)
(73)
(1,854)
(7)
(122)
\u2013
(1,983)
Liabilities
(2,117)
(25)
(86)
(2,228)
(17)
(163)
(23)
(2,431)
(2,035)
(19)
176
(1,878)
(17)
(119)
(23)
(2,037)
1 Includes the foreign exchange impact of cross-currency interest rate swaps ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-761": { "value": "Carrying values and fair values of financial instruments
Assets
Liabilities
Total
Basis for Amortised
determining FVPL FVOCI cost FVPL Other
Notes fair value \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
2024
Other non-current asset investments
12
A
\u2013
5
\u2013
\u2013
\u2013
5
Trade receivables and similar items
14
B/C
\u2013
9
5,179
\u2013
\u2013
5,188
Other non-derivative financial assets
14
B
\u2013
\u2013
366
\u2013
\u2013
366
Other assets
D/F
21
\u2013
16
\u2013
\u2013
37
Derivative financial assets
1
C
298
\u2013
\u2013
\u2013
\u2013
298
Cash and cash equivalents
16
B
1,900
\u2013
3,675
\u2013
\u2013
5,575
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(3,577)
(3,577)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,555)
(1,555)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,054)
\u2013
(2,054)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(198)
(198)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(6,205)
(6,205)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,642)
(2,642)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,280)
(1,280)
2,219
14
9,236
(2,054)
(15,487)
(6,072)
2023
Other non-current asset investments
12
A
24
7
\u2013
\u2013
\u2013
31
Trade receivables and similar items
14
B/C
\u2013
9
4,848
\u2013
\u2013
4,857
Other non-derivative financial assets
14
B
\u2013
\u2013
332
\u2013
\u2013
332
Other assets
D/F
32
\u2013
12
\u2013
\u2013
44
Derivative financial assets
1
C
350
\u2013
\u2013
\u2013
\u2013
350
Cash and cash equivalents
16
B
1,077
\u2013
2,707
\u2013
\u2013
3,784
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(4,099)
(4,099)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,660)
(1,660)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,228)
\u2013
(2,228)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(17)
(17)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(163)
(163)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(5,091)
(5,091)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,521)
(2,521)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,358)
(1,358)
1,483
16
7,899
(2,228)
(14,932)
(7,762)
1 In the event of counterparty default relating to derivative financial assets, derivative financial liabilities and \u00a3125m of cash and cash equivalents, offsetting would apply and financial assets and liabilities held with the same counterparty would net off. If this occurred with every counterparty, total financial assets would be \u00a326m (2023: \u00a33m) and liabilities \u00a31,657m (2023: \u00a31,881m) Fair values equate to book values for both 2024 and 2023, with the following exceptions:
2024
2023
Basis for
determining Book value Fair value Book value Fair value
fair value \u00a3m \u00a3m \u00a3m \u00a3m
Other assets
F
16
16
12
12
Borrowings
E
(3,559)
(3,540)
(4,034)
(3,977)
Borrowings
F
(18)
(21)
(65)
(67)
Financial RRSAs
H
(7)
(7)
(17)
(16)
The fair value of a financial instrument is the price at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s-length transaction. There have been no transfers during the year from or to Level 3 valuation. Fair values have been determined with reference to available market information at the balance sheet date, using the methodologies described below. A These primarily comprise unconsolidated companies where fair value approximates to the book value. Listed investments are valued using Level 1 methodology B Fair values are assumed to approximate to cost either due to the short-term maturity of the instruments or because the interest rate of the investments is reset after periods not exceeding six months. Money market funds are valued using Level 1 methodology C Fair values of derivative financial assets and liabilities and trade receivables held to collect or sell are estimated by discounting expected future contractual cash flows using prevailing interest rate curves. For commodity derivatives, forward commodity prices are used to determine expected future cash flows. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. These financial instruments are included on the balance sheet at fair value, derived from observable market prices (Level 2) D Other assets are included on the balance sheet at fair value, derived from observable market prices or latest forecast (Level 2/Level 3). At 31 December 2024, Level 3 assets totalled \u00a314m (2023: \u00a325m) E Borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated using quoted prices (Level 1) F Other assets and borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated by discounting contractual future cash flows. (Level 2) G The fair value of lease liabilities are estimated by discounting future contractual cash flows using either the interest rate implicit in the lease or the Group\u2019s incremental cost of borrowing (Level 2) H The fair value of RRSAs and other liabilities are estimated by discounting expected future cash flows. The contractual cash flows are based on future trading activity, which is estimated based on latest forecasts (Level 3) IFRS 13 Fair Value Measurement defines a three level valuation hierarchy: Level 1 \u2013 quoted prices for similar instruments Level 2 \u2013 directly observable market inputs other than Level 1 inputs Level 3 \u2013 inputs not based on observable market data Carrying values of other financial assets and liabilities
Foreign
exchange Commodity Interest rate Total Financial
contracts contracts
contracts
1
derivatives RRSAs Other C Shares Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Non-current assets
10
1
110
121
\u2013
5
\u2013
126
Current assets
25
4
148
177
\u2013
32
\u2013
209
Assets
35
5
258
298
\u2013
37
\u2013
335
Current liabilities
(539)
(18)
\u2013
(557)
\u2013
(62)
(23)
(642)
Non-current liabilities
(1,364)
(22)
(111)
(1,497)
(7)
(136)
\u2013
(1,640)
Liabilities
(1,903)
(40)
(111)
(2,054)
(7)
(198)
(23)
(2,282)
(1,868)
(35)
147
(1,756)
(7)
(161)
(23)
(1,947)
2023
Non-current assets
72
\u2013
254
326
\u2013
34
\u2013
360
Current assets
10
6
8
24
\u2013
10
\u2013
34
Assets
82
6
262
350
\u2013
44
\u2013
394
Current liabilities
(351)
(10)
(13)
(374)
(10)
(41)
(23)
(448)
Non-current liabilities
(1,766)
(15)
(73)
(1,854)
(7)
(122)
\u2013
(1,983)
Liabilities
(2,117)
(25)
(86)
(2,228)
(17)
(163)
(23)
(2,431)
(2,035)
(19)
176
(1,878)
(17)
(119)
(23)
(2,037)
1 Includes the foreign exchange impact of cross-currency interest rate swaps ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-730": { "value": "Carrying values and fair values of financial instruments
Assets
Liabilities
Total
Basis for Amortised
determining FVPL FVOCI cost FVPL Other
Notes fair value \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
2024
Other non-current asset investments
12
A
\u2013
5
\u2013
\u2013
\u2013
5
Trade receivables and similar items
14
B/C
\u2013
9
5,179
\u2013
\u2013
5,188
Other non-derivative financial assets
14
B
\u2013
\u2013
366
\u2013
\u2013
366
Other assets
D/F
21
\u2013
16
\u2013
\u2013
37
Derivative financial assets
1
C
298
\u2013
\u2013
\u2013
\u2013
298
Cash and cash equivalents
16
B
1,900
\u2013
3,675
\u2013
\u2013
5,575
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(3,577)
(3,577)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,555)
(1,555)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,054)
\u2013
(2,054)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(198)
(198)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(6,205)
(6,205)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,642)
(2,642)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,280)
(1,280)
2,219
14
9,236
(2,054)
(15,487)
(6,072)
2023
Other non-current asset investments
12
A
24
7
\u2013
\u2013
\u2013
31
Trade receivables and similar items
14
B/C
\u2013
9
4,848
\u2013
\u2013
4,857
Other non-derivative financial assets
14
B
\u2013
\u2013
332
\u2013
\u2013
332
Other assets
D/F
32
\u2013
12
\u2013
\u2013
44
Derivative financial assets
1
C
350
\u2013
\u2013
\u2013
\u2013
350
Cash and cash equivalents
16
B
1,077
\u2013
2,707
\u2013
\u2013
3,784
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(4,099)
(4,099)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,660)
(1,660)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,228)
\u2013
(2,228)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(17)
(17)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(163)
(163)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(5,091)
(5,091)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,521)
(2,521)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,358)
(1,358)
1,483
16
7,899
(2,228)
(14,932)
(7,762)
1 In the event of counterparty default relating to derivative financial assets, derivative financial liabilities and \u00a3125m of cash and cash equivalents, offsetting would apply and financial assets and liabilities held with the same counterparty would net off. If this occurred with every counterparty, total financial assets would be \u00a326m (2023: \u00a33m) and liabilities \u00a31,657m (2023: \u00a31,881m) Fair values equate to book values for both 2024 and 2023, with the following exceptions:
2024
2023
Basis for
determining Book value Fair value Book value Fair value
fair value \u00a3m \u00a3m \u00a3m \u00a3m
Other assets
F
16
16
12
12
Borrowings
E
(3,559)
(3,540)
(4,034)
(3,977)
Borrowings
F
(18)
(21)
(65)
(67)
Financial RRSAs
H
(7)
(7)
(17)
(16)
The fair value of a financial instrument is the price at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s-length transaction. There have been no transfers during the year from or to Level 3 valuation. Fair values have been determined with reference to available market information at the balance sheet date, using the methodologies described below. A These primarily comprise unconsolidated companies where fair value approximates to the book value. Listed investments are valued using Level 1 methodology B Fair values are assumed to approximate to cost either due to the short-term maturity of the instruments or because the interest rate of the investments is reset after periods not exceeding six months. Money market funds are valued using Level 1 methodology C Fair values of derivative financial assets and liabilities and trade receivables held to collect or sell are estimated by discounting expected future contractual cash flows using prevailing interest rate curves. For commodity derivatives, forward commodity prices are used to determine expected future cash flows. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. These financial instruments are included on the balance sheet at fair value, derived from observable market prices (Level 2) D Other assets are included on the balance sheet at fair value, derived from observable market prices or latest forecast (Level 2/Level 3). At 31 December 2024, Level 3 assets totalled \u00a314m (2023: \u00a325m) E Borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated using quoted prices (Level 1) F Other assets and borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated by discounting contractual future cash flows. (Level 2) G The fair value of lease liabilities are estimated by discounting future contractual cash flows using either the interest rate implicit in the lease or the Group\u2019s incremental cost of borrowing (Level 2) H The fair value of RRSAs and other liabilities are estimated by discounting expected future cash flows. The contractual cash flows are based on future trading activity, which is estimated based on latest forecasts (Level 3) IFRS 13 Fair Value Measurement defines a three level valuation hierarchy: Level 1 \u2013 quoted prices for similar instruments Level 2 \u2013 directly observable market inputs other than Level 1 inputs Level 3 \u2013 inputs not based on observable market data Carrying values of other financial assets and liabilities
Foreign
exchange Commodity Interest rate Total Financial
contracts contracts
contracts
1
derivatives RRSAs Other C Shares Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Non-current assets
10
1
110
121
\u2013
5
\u2013
126
Current assets
25
4
148
177
\u2013
32
\u2013
209
Assets
35
5
258
298
\u2013
37
\u2013
335
Current liabilities
(539)
(18)
\u2013
(557)
\u2013
(62)
(23)
(642)
Non-current liabilities
(1,364)
(22)
(111)
(1,497)
(7)
(136)
\u2013
(1,640)
Liabilities
(1,903)
(40)
(111)
(2,054)
(7)
(198)
(23)
(2,282)
(1,868)
(35)
147
(1,756)
(7)
(161)
(23)
(1,947)
2023
Non-current assets
72
\u2013
254
326
\u2013
34
\u2013
360
Current assets
10
6
8
24
\u2013
10
\u2013
34
Assets
82
6
262
350
\u2013
44
\u2013
394
Current liabilities
(351)
(10)
(13)
(374)
(10)
(41)
(23)
(448)
Non-current liabilities
(1,766)
(15)
(73)
(1,854)
(7)
(122)
\u2013
(1,983)
Liabilities
(2,117)
(25)
(86)
(2,228)
(17)
(163)
(23)
(2,431)
(2,035)
(19)
176
(1,878)
(17)
(119)
(23)
(2,037)
1 Includes the foreign exchange impact of cross-currency interest rate swaps ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-775": { "value": "Carrying values and fair values of financial instruments
Assets
Liabilities
Total
Basis for Amortised
determining FVPL FVOCI cost FVPL Other
Notes fair value \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
2024
Other non-current asset investments
12
A
\u2013
5
\u2013
\u2013
\u2013
5
Trade receivables and similar items
14
B/C
\u2013
9
5,179
\u2013
\u2013
5,188
Other non-derivative financial assets
14
B
\u2013
\u2013
366
\u2013
\u2013
366
Other assets
D/F
21
\u2013
16
\u2013
\u2013
37
Derivative financial assets
1
C
298
\u2013
\u2013
\u2013
\u2013
298
Cash and cash equivalents
16
B
1,900
\u2013
3,675
\u2013
\u2013
5,575
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(3,577)
(3,577)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,555)
(1,555)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,054)
\u2013
(2,054)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(7)
(7)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(198)
(198)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(6,205)
(6,205)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,642)
(2,642)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,280)
(1,280)
2,219
14
9,236
(2,054)
(15,487)
(6,072)
2023
Other non-current asset investments
12
A
24
7
\u2013
\u2013
\u2013
31
Trade receivables and similar items
14
B/C
\u2013
9
4,848
\u2013
\u2013
4,857
Other non-derivative financial assets
14
B
\u2013
\u2013
332
\u2013
\u2013
332
Other assets
D/F
32
\u2013
12
\u2013
\u2013
44
Derivative financial assets
1
C
350
\u2013
\u2013
\u2013
\u2013
350
Cash and cash equivalents
16
B
1,077
\u2013
2,707
\u2013
\u2013
3,784
Borrowings
17
E/F
\u2013
\u2013
\u2013
\u2013
(4,099)
(4,099)
Lease liabilities
17
G
\u2013
\u2013
\u2013
\u2013
(1,660)
(1,660)
Derivative financial liabilities
1
C
\u2013
\u2013
\u2013
(2,228)
\u2013
(2,228)
Financial RRSAs
H
\u2013
\u2013
\u2013
\u2013
(17)
(17)
Other liabilities
H
\u2013
\u2013
\u2013
\u2013
(163)
(163)
C Shares
B
\u2013
\u2013
\u2013
\u2013
(23)
(23)
Trade payables and similar items
19
B
\u2013
\u2013
\u2013
\u2013
(5,091)
(5,091)
Other non-derivative financial liabilities
19
B
\u2013
\u2013
\u2013
\u2013
(2,521)
(2,521)
Contract liabilities
15
B
\u2013
\u2013
\u2013
\u2013
(1,358)
(1,358)
1,483
16
7,899
(2,228)
(14,932)
(7,762)
1 In the event of counterparty default relating to derivative financial assets, derivative financial liabilities and \u00a3125m of cash and cash equivalents, offsetting would apply and financial assets and liabilities held with the same counterparty would net off. If this occurred with every counterparty, total financial assets would be \u00a326m (2023: \u00a33m) and liabilities \u00a31,657m (2023: \u00a31,881m) Fair values equate to book values for both 2024 and 2023, with the following exceptions:
2024
2023
Basis for
determining Book value Fair value Book value Fair value
fair value \u00a3m \u00a3m \u00a3m \u00a3m
Other assets
F
16
16
12
12
Borrowings
E
(3,559)
(3,540)
(4,034)
(3,977)
Borrowings
F
(18)
(21)
(65)
(67)
Financial RRSAs
H
(7)
(7)
(17)
(16)
The fair value of a financial instrument is the price at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s-length transaction. There have been no transfers during the year from or to Level 3 valuation. Fair values have been determined with reference to available market information at the balance sheet date, using the methodologies described below. A These primarily comprise unconsolidated companies where fair value approximates to the book value. Listed investments are valued using Level 1 methodology B Fair values are assumed to approximate to cost either due to the short-term maturity of the instruments or because the interest rate of the investments is reset after periods not exceeding six months. Money market funds are valued using Level 1 methodology C Fair values of derivative financial assets and liabilities and trade receivables held to collect or sell are estimated by discounting expected future contractual cash flows using prevailing interest rate curves. For commodity derivatives, forward commodity prices are used to determine expected future cash flows. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. These financial instruments are included on the balance sheet at fair value, derived from observable market prices (Level 2) D Other assets are included on the balance sheet at fair value, derived from observable market prices or latest forecast (Level 2/Level 3). At 31 December 2024, Level 3 assets totalled \u00a314m (2023: \u00a325m) E Borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated using quoted prices (Level 1) F Other assets and borrowings are carried at amortised cost. Amounts denominated in foreign currencies are valued at the exchange rate prevailing at the balance sheet date. The fair value of borrowings is estimated by discounting contractual future cash flows. (Level 2) G The fair value of lease liabilities are estimated by discounting future contractual cash flows using either the interest rate implicit in the lease or the Group\u2019s incremental cost of borrowing (Level 2) H The fair value of RRSAs and other liabilities are estimated by discounting expected future cash flows. The contractual cash flows are based on future trading activity, which is estimated based on latest forecasts (Level 3) IFRS 13 Fair Value Measurement defines a three level valuation hierarchy: Level 1 \u2013 quoted prices for similar instruments Level 2 \u2013 directly observable market inputs other than Level 1 inputs Level 3 \u2013 inputs not based on observable market data Carrying values of other financial assets and liabilities
Foreign
exchange Commodity Interest rate Total Financial
contracts contracts
contracts
1
derivatives RRSAs Other C Shares Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Non-current assets
10
1
110
121
\u2013
5
\u2013
126
Current assets
25
4
148
177
\u2013
32
\u2013
209
Assets
35
5
258
298
\u2013
37
\u2013
335
Current liabilities
(539)
(18)
\u2013
(557)
\u2013
(62)
(23)
(642)
Non-current liabilities
(1,364)
(22)
(111)
(1,497)
(7)
(136)
\u2013
(1,640)
Liabilities
(1,903)
(40)
(111)
(2,054)
(7)
(198)
(23)
(2,282)
(1,868)
(35)
147
(1,756)
(7)
(161)
(23)
(1,947)
2023
Non-current assets
72
\u2013
254
326
\u2013
34
\u2013
360
Current assets
10
6
8
24
\u2013
10
\u2013
34
Assets
82
6
262
350
\u2013
44
\u2013
394
Current liabilities
(351)
(10)
(13)
(374)
(10)
(41)
(23)
(448)
Non-current liabilities
(1,766)
(15)
(73)
(1,854)
(7)
(122)
\u2013
(1,983)
Liabilities
(2,117)
(25)
(86)
(2,228)
(17)
(163)
(23)
(2,431)
(2,035)
(19)
176
(1,878)
(17)
(119)
(23)
(2,037)
1 Includes the foreign exchange impact of cross-currency interest rate swaps ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-731": { "value": "Derivative financial instruments The Group uses various financial instruments to manage its exposure to movements in foreign exchange rates. The Group uses commodity swaps to manage its exposure to movements in the price of commodities (jet fuel, base metals, gas and power). To hedge the currency risk associated with a borrowing denominated in a foreign currency, the Group has currency derivatives designated as part of fair value or cash flow hedges. The Group uses interest rate swaps and forward rate agreements to manage its exposure to movements in interest rates. Movements in the fair values of derivative financial assets and liabilities were as follows:
Foreign exchange Interest rate instruments Interest rate instruments
instruments
Commodity instruments
\u2013 hedge accounted
1
\u2013 non-hedge accounted
Total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(2,035)
(3,851)
(19)
62
45
125
131
213
(1,878)
(3,451)
Movements in fair
value hedges
\u2013
\u2013
\u2013
\u2013
(32)
(71)
\u2013
\u2013
(32)
(71)
Movements in cash
flow hedges
\u2013
\u2013
\u2013
\u2013
(23)
(78)
\u2013
\u2013
(23)
(78)
Movements in other
derivative contracts
2
(631)
574
(18)
(60)
\u2013
\u2013
40
1
(609)
515
Contracts settled
798
1,242
2
(21)
64
69
(78)
(83)
786
1,207
At 31 December
(1,868)
(2,035)
(35)
(19)
54
45
93
131
(1,756)
(1,878)
1 Includes the foreign exchange impact of cross-currency interest rate swaps 2 Included in net financing Derivative financial instruments The nominal amounts, analysed by year of expected maturity, and fair values of derivative financial instruments are as follows:
Expected maturity
Fair value
Between Between
Nominal Within one and two and
amount one year two years five years Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange contracts:
Non-hedge accounted
20,728
8,018
5,781
6,929
35
(1,903)
Interest rate contracts:
Fair value hedges
1,517
658
375
484
128
(66)
Cash flow hedges
1,449
\u2013
677
772
37
(45)
Non-hedge accounted
1,517
658
375
484
93
\u2013
Commodity contracts:
Non-hedge accounted
330
137
108
85
5
(40)
25,541
9,471
7,316
8,754
298
(2,054)
At 31 December 2023
Foreign exchange contracts:
Non-hedge accounted
15,972
6,965
4,341
4,666
82
(2,117)
Interest rate contracts:
Fair value hedges
2,001
484
658
859
103
(69)
Cash flow hedges
1,449
\u2013
\u2013
1,449
28
(17)
Non-hedge accounted
2,001
484
658
859
131
\u2013
Commodity contracts:
Non-hedge accounted
257
102
73
82
6
(25)
21,680
8,035
5,730
7,915
350
(2,228)
As described above, all derivative financial instruments are entered into for risk management purposes, although these may not be designated into hedging relationships for accounting purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-732": { "value": "Financial risk and revenue sharing arrangements (RRSAs) and other financial assets and liabilities The Group has financial liabilities arising from financial RRSAs that are valued at each reporting date using the amortised cost method. This involves calculating the present value of the forecast cash flows of the arrangements using the internal rate of return at the inception of the arrangements as an appropriate discount rate. Other liabilities includes royalties payable to airframers where the present value of the liability is calculated using the Group\u2019s average borrowing rate as that reflects the nature of the balance in line with the effective interest method. In each case below, the fair value of the assets and liabilities reflect a level 3 valuation. Movements in the carrying values were as follows:
Financial RRSAs
Other \u2013 assets
Other \u2013 liabilities
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(17)
(22)
25
25
(163)
(101)
Exchange adjustments included in OCI
1
1
\u2013
\u2013
(5)
2
Additions
\u2013
\u2013
\u2013
\u2013
(34)
(80)
Financing charge
1
\u2013
\u2013
(11)
\u2013
(9)
(8)
Excluded from underlying profit/(loss):
Changes in forecast payments
1
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
Cash paid
9
5
\u2013
\u2013
12
11
Other
\u2013
\u2013
\u2013
\u2013
1
13
At 31 December
(7)
(17)
14
25
(198)
(163)
1 Included in net financing ", "dimensions": { "concept": "rollsroyceholdings:DisclosureOfFinancialRiskAndRevenueSharingArrangementsRRSAsAndOtherFinancialAssetsAndLiabilities", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-733": { "value": "Effect of hedging instruments on the financial position and performance To manage the risk of changes in the fair values of fixed rate borrowings (the hedged items), the Group has entered into fixed-to-floating interest rate swaps and cross currency interest rate swaps (the hedging instruments), which, for accounting purposes, are designated as fair value hedges. The impact of fair value hedges on the financial position and performance of the Group is as follows:
Hedged item
1
Hedging instrument
2
Hedge
FV FV FV ineffect-
adjustment adjustment Carrying Carrying movement iveness Weighted
in the since Carrying amount amount in the in the Weighted average
Nominal period inception amount Nominal asset liability period
period
3
average interest
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m FX rate rate
At 31 December 2024
Sterling
(375)
(3)
11
(364)
375
\u2013
(12)
3
\u2013
1.00 SONIA +
0.89
USD
(658)
(25)
(137)
(795)
658
128
\u2013
25
\u2013
1.52 SONIA +
1.47
Euro
(484)
13
42
(442)
484
\u2013
(54)
(11)
2
1.14 SONIA +
1.09
At 31 December 2023
Sterling
(375)
(10)
14
(361)
375
\u2013
(14)
10
\u2013
1\ufffd00 SONIA +
0\ufffd89
USD
(658)
31
(112)
(770)
658
104
\u2013
(30)
1
1\ufffd52 SONIA +
1.47
Euro
(968)
(14)
37
(931)
968
\u2013
(56)
16
2
1\ufffd14 SONIA +
0\ufffd92
1 Hedged items are included in borrowings in the balance sheet 2 Hedging instruments are included in other financial assets or liabilities in the balance sheet 3 Hedge ineffectiveness is included in net financing in the income statement To manage the foreign exchange rate risk in cash flows on fixed rate non-GBP borrowings (the hedged items), the Group has entered into fixed-to-fixed cross-currency interest rate swaps (the hedging instruments) to hedge the cash flows into GBP, which, for accounting purposes, are designated as cash flow hedges. The impact of cash flow hedges on the financial position and performance of the Group is as follows:
Hedged item
Hedging instrument
1
Hedging reserves
Hedge
FV Carrying FV ineffect- Closing
movement amount movement iveness Weighted Amount Recycled cash flow
in the asset/ in the in the Weighted average recognised to net hedge
Nominal period Nominal (liability) period
period
2
average interest in OCI financing reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m FX rate rate \u00a3m \u00a3m \u00a3m
At 31 December 2024
USD
(772)
(15)
772
37
9
(6)
1.29
5.33
(19)
15
(9)
Euro
(677)
28
677
(45)
(28)
\u2013
1.11
5.45
36
(38)
(10)
At 31 December 2023
USD
(772)
65
772
28
(62)
3
1\ufffd29
5\ufffd33
61
(41)
(5)
Euro
(677)
14
677
(17)
(14)
\u2013
1\ufffd11
5\ufffd45
21
(20)
(8)
1 Hedging instruments are included in other financial assets or liabilities in the balance sheet 2 Hedge ineffectiveness is included in net financing in the income statement ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-734": { "value": "Risk management policies and hedging activities The principal financial risks to which the Group is exposed are: foreign currency exchange rate risk; liquidity risk; credit risk; interest rate risk; and commodity price risk. The Board has approved policies for the management of these risks. Foreign currency exchange rate risk \u2013 The Group has significant cash flows (most significantly USD, followed by the euro) denominated in currencies other than the functional currency of the relevant trading entity. To manage its exposures to changes in values of future foreign currency cash flows, so as to maintain relatively stable long-term foreign exchange rates on settled transactions, the Group enters into derivative forward foreign currency transactions. In addition, the Group enters in to fixed-to-floating cross-currency interest rate swaps to manage its exposure to changes in fair value as a result of foreign exchange risk. See below. The Group economically hedges its GBP/USD exposure by forecasting highly probable net USD receipts up to five years forward. Hedges are taken out within prescribed maximum and minimum hedge positions set out in the Group FX Policy. The maximum and minimum policy bands decline gradually over the five-year horizon and are calculated as a percentage of forecast net income. A similar policy is operated for the Group\u2019s EUR/USD exposure. For accounting purposes, these derivative contracts are not designated in hedging relationships. The Group also has exposures to cash flows on EUR and USD denominated fixed rate borrowings. To manage its exposures to changes in values of future foreign currency cash flows, the Group has entered into fixed-to-fixed cross-currency interest rate swaps, which, for accounting purposes, are designated as cash flow hedges. The swaps have similar critical terms to the hedged items, such as the initial exchange amounts, payment dates and maturities. Therefore, there is an economic relationship and the hedge ratio is established as 1:1. Possible sources of ineffectiveness in the cash flow hedge relationship are changes in the credit risk of either party to the interest rate swap. Another possible source of ineffectiveness would be if the notional of the borrowings is less than the notional of the derivative, for example, in the event of a partial repayment of hedged debt prior to its maturity. The Group regards its interests in overseas subsidiary companies as long-term investments. The Group aims to match its translational exposures by matching the currencies of assets and liabilities. Liquidity risk \u2013 The Group\u2019s policy is to hold financial investments and maintain undrawn committed facilities at a level sufficient to ensure that the Group has available funds to meet its medium-term capital and funding obligations and to meet any unforeseen obligations and opportunities. The Group holds cash and short-term investments, which, together with the undrawn committed facilities, enable the Group to manage its liquidity risk. Credit risk \u2013 The Group is exposed to credit risk to the extent of non-payment by either its customers or the counterparties of its financial instruments. The effective monitoring and controlling of credit risk is a key component of the Group\u2019s risk management activities. The Group has credit policies covering both trading and financial exposures. Credit risks arising from treasury activities are managed by a central treasury function in accordance with the Group credit policy. The objective of the policy is to diversify and minimise the Group\u2019s exposure to credit risk from its treasury activities by ensuring the Group transacts strictly with \u2018BBB\u2019 or higher rated financial institutions based on pre-established limits per financial institution. At the balance sheet date, there were no significant concentrations of credit risk to individual customers or counterparties. The Group\u2019s revenue is generated from customers located across multiple geographical locations (see note 2). These customers are typically: airframers and airline operators relating to Civil Aerospace; government defence departments for the UK and US; and multiple smaller entities for Power Systems. Whilst there are a limited number of customers related to Civil Aerospace and Defence, they are spread across various geographical locations. The maximum exposure to credit risk at the balance sheet date is represented by the carrying value of each financial asset, including derivative financial instruments. Interest rate risk \u2013 The Group\u2019s interest rate risk is primarily in relation to its fixed rate borrowings (fair value risk), floating rate borrowings and cash and cash equivalents (cash flow risk). Interest rate derivatives are used to manage the overall interest rate profile of the Group. The fixed or floating rate interest rate decision on long-term borrowings is determined for each new agreement at the point it is entered into. The aggregate interest rate position of the Group is reviewed regularly and can be revised at any time in order to react to changes in market conditions or circumstances. The Group also has exposures to the fair values of non-derivative financial instruments such as EUR, GBP and USD fixed rate borrowings. To manage the risk of changes in these fair values, the Group has entered into fixed-to-floating interest rate swaps and cross-currency interest rate swaps, which, for accounting purposes, are designated as fair value hedges. The swaps have similar critical terms to the hedged items, such as the reference rate, reset dates, notional amounts, payment dates and maturities. Therefore, there is an economic relationship and the hedge ratio is established as 1:1. Possible sources of ineffectiveness in the fair value hedge relationship are changes in the credit risk of either party to the interest rate swap and, for cross-currency interest rate swaps, the cross-currency basis risk as this risk is present in the hedging instrument only. Another possible source of ineffectiveness would be if the notional of the borrowings is less than the notional of the derivative, for example in the event of a partial repayment of hedged debt prior to its maturity. The Group has exposure to changes in cash flows due to changes in interest rates. To manage this risk, the Group has entered into floating-to- fixed interest rate swaps to hedge a proportion of its floating rate exposure to fixed rates. The swaps have similar critical terms to the floating leg of swaps that form part of the fair value hedges, such as the reference rate, reset dates, notional amounts, payment dates and maturities. For accounting purposes, these derivative contracts are generally not designated as hedging instruments. Commodity price risk \u2013 The Group has exposures to the price of jet fuel, base metals, gas and power arising from business operations. To minimise its cash flow exposures to changes in commodity prices, the Group enters into derivative commodity transactions. The commodity hedging policy is similar to the Group FX policy, in that the Group forecasts highly probable exposures to commodities, and takes out hedges within prescribed maximum and minimum levels as set out in the policy. The maximum and minimum policy bands decline gradually over time. For accounting purposes, these derivative contracts are generally not designated in hedging relationships. Other price risk \u2013 The Group\u2019s cash equivalent balances represent investments in money-market instruments, with a term of up to three months. The Group does not consider that these are subject to significant price risk. Interest rate risk In respect of income-earning financial assets and interest-bearing financial liabilities, the following table indicates their effective interest rates. The value shown is the carrying amount before taking account of swaps.
2024
2023
Fixed rate Floating rate Total Fixed rate Floating rate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1
\u2013
5,575
5,575
\u2013
3,784
3,784
Borrowings
(3,563)
(14)
(3,577)
(4,036)
(63)
(4,099)
Lease liabilities
(1,298)
(257)
(1,555)
(1,269)
(391)
(1,660)
(4,861)
5,304
443
(5,305)
3,330
(1,975)
Weighted average interest rates
Borrowings
4.0%
5.0%
3.7%
5.9%
Lease liabilities
2
4.9%
5.8%
4.6%
6.8%
1 Cash and cash equivalents comprises bank balances and term deposits and earn interest based on short-term floating market interest rates 2 Interest rates for lease liabilities are considered to be the discount rates at the balance sheet date None (2023: none) of the Group\u2019s borrowings are subject to financial covenants and there are no rating triggers contained in any of the Group\u2019s facilities that could require the Group to accelerate or repay any facility for a given movement in the Group\u2019s credit rating. \u00a3106m (2023: \u00a3105m) of the Group\u2019s lease liabilities include a customary loan-to-value covenant. The Group has several contractual cures available in the event the stipulated loan-to-value ratio is exceeded. Failure by the Group to satisfy its contractual obligations under the covenant gives rights to the lessor to terminate its lease and claim termination amounts for the outstanding lease balance. At 31 December 2024 none (2023: none) of these were in breach. Sensitivity analysis
2024 2023
Sensitivities at 31 December (all other variables held constant) \u2013 impact on profit after tax and equity \u00a3m \u00a3m
Sterling 10% weaker against the USD
(1,506)
(1,207)
Sterling 10% stronger against the USD
1,232
988
Euro 10% weaker against the USD
(358)
(176)
Euro 10% stronger against the USD
293
144
Sterling 10% weaker against the Euro
(27)
(17)
Sterling 10% stronger against the Euro
22
14
Commodity prices 10% lower
(20)
(17)
Commodity prices 10% higher
20
17
Interest rates 50 basis points lower
(40)
(43)
Interest rates 50 basis points higher
39
42
C Shares and payments to shareholders The Company has historically issued non-cumulative redeemable preference shares (C Shares) as an alternative to paying a cash dividend. C Shares in respect of a year were issued in the following year. Shareholders are able to redeem any number of their C Shares for cash. Any C Shares retained attract a dividend of Bank of England base rate on the 0.1p nominal value of each share, paid on a twice-yearly basis, and have limited voting rights. The Company has the option to compulsorily redeem the C Shares, at any time, if the aggregate number of C Shares in issue is less than 10% of the aggregate number of C Shares issued, or on the acquisition or capital restructuring of the Company. Movements in issued and fully paid C Shares during the year were as follows:
2024
2023
Millions
Millions
At 1 January
23,153
23,855
Redeemed
(647)
(702)
At 31 December
22,506
23,153
Payments to shareholders represent the value of C Shares to be issued in respect of the results for the year. There have been no issues (2023: no issues) of C Shares declared in respect of the year to 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-762": { "value": "Foreign currency exchange rate risk \u2013 The Group has significant cash flows (most significantly USD, followed by the euro) denominated in currencies other than the functional currency of the relevant trading entity. To manage its exposures to changes in values of future foreign currency cash flows, so as to maintain relatively stable long-term foreign exchange rates on settled transactions, the Group enters into derivative forward foreign currency transactions. In addition, the Group enters in to fixed-to-floating cross-currency interest rate swaps to manage its exposure to changes in fair value as a result of foreign exchange risk. See below. The Group economically hedges its GBP/USD exposure by forecasting highly probable net USD receipts up to five years forward. Hedges are taken out within prescribed maximum and minimum hedge positions set out in the Group FX Policy. The maximum and minimum policy bands decline gradually over the five-year horizon and are calculated as a percentage of forecast net income. A similar policy is operated for the Group\u2019s EUR/USD exposure. For accounting purposes, these derivative contracts are not designated in hedging relationships. The Group also has exposures to cash flows on EUR and USD denominated fixed rate borrowings. To manage its exposures to changes in values of future foreign currency cash flows, the Group has entered into fixed-to-fixed cross-currency interest rate swaps, which, for accounting purposes, are designated as cash flow hedges. The swaps have similar critical terms to the hedged items, such as the initial exchange amounts, payment dates and maturities. Therefore, there is an economic relationship and the hedge ratio is established as 1:1. Possible sources of ineffectiveness in the cash flow hedge relationship are changes in the credit risk of either party to the interest rate swap. Another possible source of ineffectiveness would be if the notional of the borrowings is less than the notional of the derivative, for example, in the event of a partial repayment of hedged debt prior to its maturity. The Group regards its interests in overseas subsidiary companies as long-term investments. The Group aims to match its translational exposures by matching the currencies of assets and liabilities. Interest rate risk \u2013 The Group\u2019s interest rate risk is primarily in relation to its fixed rate borrowings (fair value risk), floating rate borrowings and cash and cash equivalents (cash flow risk). Interest rate derivatives are used to manage the overall interest rate profile of the Group. The fixed or floating rate interest rate decision on long-term borrowings is determined for each new agreement at the point it is entered into. The aggregate interest rate position of the Group is reviewed regularly and can be revised at any time in order to react to changes in market conditions or circumstances. The Group also has exposures to the fair values of non-derivative financial instruments such as EUR, GBP and USD fixed rate borrowings. To manage the risk of changes in these fair values, the Group has entered into fixed-to-floating interest rate swaps and cross-currency interest rate swaps, which, for accounting purposes, are designated as fair value hedges. The swaps have similar critical terms to the hedged items, such as the reference rate, reset dates, notional amounts, payment dates and maturities. Therefore, there is an economic relationship and the hedge ratio is established as 1:1. Possible sources of ineffectiveness in the fair value hedge relationship are changes in the credit risk of either party to the interest rate swap and, for cross-currency interest rate swaps, the cross-currency basis risk as this risk is present in the hedging instrument only. Another possible source of ineffectiveness would be if the notional of the borrowings is less than the notional of the derivative, for example in the event of a partial repayment of hedged debt prior to its maturity. The Group has exposure to changes in cash flows due to changes in interest rates. To manage this risk, the Group has entered into floating-to- fixed interest rate swaps to hedge a proportion of its floating rate exposure to fixed rates. The swaps have similar critical terms to the floating leg of swaps that form part of the fair value hedges, such as the reference rate, reset dates, notional amounts, payment dates and maturities. For accounting purposes, these derivative contracts are generally not designated as hedging instruments. Commodity price risk \u2013 The Group has exposures to the price of jet fuel, base metals, gas and power arising from business operations. To minimise its cash flow exposures to changes in commodity prices, the Group enters into derivative commodity transactions. The commodity hedging policy is similar to the Group FX policy, in that the Group forecasts highly probable exposures to commodities, and takes out hedges within prescribed maximum and minimum levels as set out in the policy. The maximum and minimum policy bands decline gradually over time. For accounting purposes, these derivative contracts are generally not designated in hedging relationships. Other price risk \u2013 The Group\u2019s cash equivalent balances represent investments in money-market instruments, with a term of up to three months. The Group does not consider that these are subject to significant price risk. Interest rate risk In respect of income-earning financial assets and interest-bearing financial liabilities, the following table indicates their effective interest rates. The value shown is the carrying amount before taking account of swaps.
2024
2023
Fixed rate Floating rate Total Fixed rate Floating rate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1
\u2013
5,575
5,575
\u2013
3,784
3,784
Borrowings
(3,563)
(14)
(3,577)
(4,036)
(63)
(4,099)
Lease liabilities
(1,298)
(257)
(1,555)
(1,269)
(391)
(1,660)
(4,861)
5,304
443
(5,305)
3,330
(1,975)
Weighted average interest rates
Borrowings
4.0%
5.0%
3.7%
5.9%
Lease liabilities
2
4.9%
5.8%
4.6%
6.8%
1 Cash and cash equivalents comprises bank balances and term deposits and earn interest based on short-term floating market interest rates 2 Interest rates for lease liabilities are considered to be the discount rates at the balance sheet date None (2023: none) of the Group\u2019s borrowings are subject to financial covenants and there are no rating triggers contained in any of the Group\u2019s facilities that could require the Group to accelerate or repay any facility for a given movement in the Group\u2019s credit rating. \u00a3106m (2023: \u00a3105m) of the Group\u2019s lease liabilities include a customary loan-to-value covenant. The Group has several contractual cures available in the event the stipulated loan-to-value ratio is exceeded. Failure by the Group to satisfy its contractual obligations under the covenant gives rights to the lessor to terminate its lease and claim termination amounts for the outstanding lease balance. At 31 December 2024 none (2023: none) of these were in breach. Sensitivity analysis
2024 2023
Sensitivities at 31 December (all other variables held constant) \u2013 impact on profit after tax and equity \u00a3m \u00a3m
Sterling 10% weaker against the USD
(1,506)
(1,207)
Sterling 10% stronger against the USD
1,232
988
Euro 10% weaker against the USD
(358)
(176)
Euro 10% stronger against the USD
293
144
Sterling 10% weaker against the Euro
(27)
(17)
Sterling 10% stronger against the Euro
22
14
Commodity prices 10% lower
(20)
(17)
Commodity prices 10% higher
20
17
Interest rates 50 basis points lower
(40)
(43)
Interest rates 50 basis points higher
39
42
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-763": { "value": "
Liquidity risk \u2013 The Group\u2019s policy is to hold financial investments and maintain undrawn committed facilities at a level sufficient to ensure that
the Group has available funds to meet its medium-term capital and funding obligations and to meet any unforeseen obligations and
opportunities. The Group holds cash and short-term investments, which, together with the undrawn committed facilities, enable the Group to
manage its liquidity risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-764": { "value": "Credit risk \u2013 The Group is exposed to credit risk to the extent of non-payment by either its customers or the counterparties of its financial instruments. The effective monitoring and controlling of credit risk is a key component of the Group\u2019s risk management activities. The Group has credit policies covering both trading and financial exposures. Credit risks arising from treasury activities are managed by a central treasury function in accordance with the Group credit policy. The objective of the policy is to diversify and minimise the Group\u2019s exposure to credit risk from its treasury activities by ensuring the Group transacts strictly with \u2018BBB\u2019 or higher rated financial institutions based on pre-established limits per financial institution. At the balance sheet date, there were no significant concentrations of credit risk to individual customers or counterparties. The Group\u2019s revenue is generated from customers located across multiple geographical locations (see note 2). These customers are typically: airframers and airline operators relating to Civil Aerospace; government defence departments for the UK and US; and multiple smaller entities for Power Systems. Whilst there are a limited number of customers related to Civil Aerospace and Defence, they are spread across various geographical locations. The maximum exposure to credit risk at the balance sheet date is represented by the carrying value of each financial asset, including derivative financial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-735": { "value": "Currency analysis Foreign exchange contracts are denominated in the following currencies:
Nominal amount of currencies purchased forward
Sterling USD Euro Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Currencies sold forward:
Sterling
\u2013
882
41
59
982
USD
14,654
\u2013
4,419
287
19,360
Euro
35
290
\u2013
26
351
Other
At 31 December 2023
3
1
31
\u2013
35
Currencies sold forward:
Sterling
\u2013
1,573
\u2013
115
1,688
USD
11,389
\u2013
2,316
303
14,008
Euro
53
171
\u2013
21
245
Other
6
3
22
\u2013
31
The nominal value of interest rate and commodity contracts are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
Sterling
1,915
2,376
USD
1,719
1,671
Euro
1,179
1,661
Non-derivative financial instruments are denominated in the following currencies:
Sterling USD Euro Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Other non-current asset investments
\u2013
5
\u2013
\u2013
5
Trade receivables and similar items
301
4,346
460
81
5,188
Other non-derivative financial assets
73
242
40
11
366
Other assets
\u2013
21
16
\u2013
37
Cash and cash equivalents
2,251
1,283
1,867
174
5,575
Assets
2,625
5,897
2,383
266
11,171
Borrowings
(908)
(1,594)
(1,072)
(3)
(3,577)
Lease liabilities
(237)
(1,074)
(49)
(195)
(1,555)
Financial RRSAs
\u2013
(6)
(1)
\u2013
(7)
Other liabilities
(39)
(159)
\u2013
\u2013
(198)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(1,006)
(4,701)
(423)
(75)
(6,205)
Other non-derivative financial liabilities
(350)
(2,084)
(158)
(50)
(2,642)
Contract liabilities
\u2013
(1,280)
\u2013
\u2013
(1,280)
Liabilities
(2,563)
(10,898)
(1,703)
(323)
(15,487)
62
(5,001)
680
(57)
(4,316)
At 31 December 2023
Other non-current asset investments
10
21
\u2013
\u2013
31
Trade receivables and similar items
219
4,039
513
86
4,857
Other non-derivative financial assets
94
163
58
17
332
Other assets
\u2013
22
22
\u2013
44
Cash and cash equivalents
1,242
869
1,463
210
3,784
Assets
1,565
5,114
2,056
313
9,048
Borrowings
(904)
(1,605)
(1,590)
\u2013
(4,099)
Lease liabilities
(195)
(1,222)
(45)
(198)
(1,660)
Financial RRSAs
\u2013
(7)
(10)
\u2013
(17)
Other liabilities
(32)
(131)
\u2013
\u2013
(163)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(976)
(3,561)
(493)
(61)
(5,091)
Other non-derivative financial liabilities
(334)
(2,008)
(134)
(45)
(2,521)
Contract liabilities
\u2013
(1,358)
\u2013
\u2013
(1,358)
Liabilities
(2,464)
(9,892)
(2,272)
(304)
(14,932)
(899)
(4,778)
(216)
9
(5,884)
Currency exposures The Group\u2019s actual currency exposures on financial instruments after taking account of derivative foreign currency contracts, which are not designated as hedging instruments for accounting purposes are as follows:
Sterling USD Euro Other Total
Functional currency of Group operations \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Sterling
\u2013
\u2013
\u2013
1
1
USD
(11)
\u2013
\u2013
(2)
(13)
Euro
\u2013
7
\u2013
15
22
Other
At 31 December 2023
55
37
68
\u2013
160
Sterling
\u2013
\u2013
\u2013
5
5
USD
(6)
\u2013
1
\u2013
(5)
Euro
1
4
\u2013
(2)
3
Other
109
38
40
\u2013
187
", "dimensions": { "concept": "rollsroyceholdings:DisclosureOfCurrencyAnalysis", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-776": { "value": "Currency exposures The Group\u2019s actual currency exposures on financial instruments after taking account of derivative foreign currency contracts, which are not designated as hedging instruments for accounting purposes are as follows:
Sterling USD Euro Other Total
Functional currency of Group operations \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Sterling
\u2013
\u2013
\u2013
1
1
USD
(11)
\u2013
\u2013
(2)
(13)
Euro
\u2013
7
\u2013
15
22
Other
At 31 December 2023
55
37
68
\u2013
160
Sterling
\u2013
\u2013
\u2013
5
5
USD
(6)
\u2013
1
\u2013
(5)
Euro
1
4
\u2013
(2)
3
Other
109
38
40
\u2013
187
Sensitivity analysis
2024 2023
Sensitivities at 31 December (all other variables held constant) \u2013 impact on profit after tax and equity \u00a3m \u00a3m
Sterling 10% weaker against the USD
(1,506)
(1,207)
Sterling 10% stronger against the USD
1,232
988
Euro 10% weaker against the USD
(358)
(176)
Euro 10% stronger against the USD
293
144
Sterling 10% weaker against the Euro
(27)
(17)
Sterling 10% stronger against the Euro
22
14
Commodity prices 10% lower
(20)
(17)
Commodity prices 10% higher
20
17
Interest rates 50 basis points lower
(40)
(43)
Interest rates 50 basis points higher
39
42
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-736": { "value": "Ageing beyond contractual due date of financial assets
Between
Up to three
three months and More than
Within months one year one year
terms overdue overdue overdue Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Other non-current asset investments
5
\u2013
\u2013
\u2013
5
Trade receivables and similar items
4,738
324
82
44
5,188
Other non-derivative financial assets
331
32
\u2013
3
366
Other assets
28
9
\u2013
\u2013
37
Derivative financial assets
298
\u2013
\u2013
\u2013
298
Cash and cash equivalents
5,575
\u2013
\u2013
\u2013
5,575
10,975
365
82
47
11,469
At 31 December 2023
Other non-current asset investments
31
\u2013
\u2013
\u2013
31
Trade receivables and similar items
4,054
650
87
66
4,857
Other non-derivative financial assets
328
\u2013
4
\u2013
332
Other assets
44
\u2013
\u2013
\u2013
44
Derivative financial assets
350
\u2013
\u2013
\u2013
350
Cash and cash equivalents
3,784
\u2013
\u2013
\u2013
3,784
8,591
650
91
66
9,398
", "dimensions": { "concept": "rollsroyceholdings:DisclosureOfAgeingBeyondContractualDueDateOfFinancialAssets", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-737": { "value": "Contractual maturity analysis of non-derivative financial liabilities
Gross values
Between Between
Within one and two and After Carrying
one year two years five years five years value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Borrowings
(961)
(1,109)
(1,893)
(16)
(3,577)
Lease liabilities
(365)
(324)
(533)
(1,189)
(1,555)
Financial RRSAs
(1)
\u2013
(1)
(4)
(7)
Other liabilities
(61)
(11)
(25)
(101)
(198)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(6,054)
(21)
(67)
(63)
(6,205)
Other non-derivative financial liabilities
(1,700)
(316)
(297)
(329)
(2,642)
Contract liabilities
(1,280)
\u2013
\u2013
\u2013
(1,280)
(10,445)
(1,781)
(2,816)
(1,702)
(15,487)
At 31 December 2023
Borrowings
(694)
(943)
(3,042)
(14)
(4,099)
Lease liabilities
(358)
(366)
(697)
(735)
(1,660)
Financial RRSAs
(10)
\u2013
(1)
(4)
(17)
Other liabilities
(42)
(6)
(25)
(90)
(163)
C Shares
(23)
\u2013
\u2013
\u2013
(23)
Trade payables and similar items
(4,952)
(15)
(47)
(77)
(5,091)
Other non-derivative financial liabilities
(1,646)
(235)
(267)
(373)
(2,521)
Contract liabilities
(1,358)
\u2013
\u2013
\u2013
(1,358)
(9,083)
(1,565)
(4,079)
(1,293)
(14,932)
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-738": { "value": "Expected maturity analysis of derivative financial instruments
Gross values
Between Between
Within one and two and Carrying
one year two years five years value
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Derivative financial assets:
Cash inflows
1,940
605
1,089
Cash outflows
(1,780)
(592)
(1,054)
Other net cash flows
1
66
25
24
226
38
59
298
Derivative financial liabilities:
Cash inflows
6,988
5,866
7,154
Cash outflows
(7,959)
(6,524)
(7,850)
Other net cash flows
1
(30)
(11)
(11)
(1,001)
(669)
(707)
(2,054)
At 31 December 2023
Derivative financial assets:
Cash inflows
2,024
1,943
2,333
Cash outflows
(2,021)
(1,805)
(2,311)
Other net cash flows
1
88
43
33
91
181
55
350
Derivative financial liabilities:
Cash inflows
5,535
3,296
4,377
Cash outflows
(6,418)
(4,027)
(5,189)
Other net cash flows
1
(21)
(13)
(3)
(904)
(744)
(815)
(2,228)
1 Derivative financial assets and liabilities that are settled on a net cash basis ", "dimensions": { "concept": "rollsroyceholdings:DisclosureOfExpectedMaturityAnalysisOfDerivativeFinancialInstruments", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-782": { "value": "Sensitivity analysis
2024 2023
Sensitivities at 31 December (all other variables held constant) \u2013 impact on profit after tax and equity \u00a3m \u00a3m
Sterling 10% weaker against the USD
(1,506)
(1,207)
Sterling 10% stronger against the USD
1,232
988
Euro 10% weaker against the USD
(358)
(176)
Euro 10% stronger against the USD
293
144
Sterling 10% weaker against the Euro
(27)
(17)
Sterling 10% stronger against the Euro
22
14
Commodity prices 10% lower
(20)
(17)
Commodity prices 10% higher
20
17
Interest rates 50 basis points lower
(40)
(43)
Interest rates 50 basis points higher
39
42
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-739": { "value": "21 Provisions for liabilities and charges
Charged to At
At 1 January income Transfers to Exchange 31 December
2024
statement
1
Reversed Utilised held for sale differences 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Onerous contracts
1,472
558
(374)
(218)
(3)
(2)
1,433
Warranty and guarantees
306
158
(13)
(87)
\u2013
(10)
354
Trent 1000 wastage costs
116
2
\u2013
(82)
\u2013
\u2013
36
Employer liability claims
24
5
(1)
(2)
\u2013
(1)
25
Transformation and restructuring
9
101
(12)
(35)
\u2013
(1)
62
Tax related interest and penalties
22
3
(5)
(4)
\u2013
\u2013
16
Claims and litigation
43
1
(16)
(3)
\u2013
\u2013
25
Other
37
22
(2)
(13)
\u2013
(1)
43
2,029
850
(423)
(444)
(3)
(15)
1,994
Current liabilities
532
589
Non-current liabilities
1,497
1,405
1 The charge to the income statement within net financing includes \u00a347m (2023: \u00a359m) as a result of the unwinding of the discounting of provisions previously recognised Onerous contracts Onerous contract provisions are recorded when the direct costs to fulfil a contract are assessed as being greater than the expected recoverable amount. Onerous contract provisions are measured on a fully costed basis and during the year \u00a3218m (2023: \u00a3185m) of the provisions have been utilised. Additional contract losses for the Group of \u00a3558m (2023: \u00a3500m) have been recognised. These are mainly a result of increases in the estimate of future LTSA costs due to prolonged supply chain challenges, inflationary cost increases and implementing required product modifications that could cause some disruption to the throughput of engine overhauls. Contract losses of \u00a3374m (2023: \u00a3433m) previously recognised have been reversed following improvements to the forecast revenue, cost estimates and time on wing across various engine programmes as a result of operational improvements, contractual renegotiations and extensions. The Group continues to monitor the onerous contract provision for changes in the market and revises the provision as required. The value of the remaining onerous contract provisions reflect, in each case, the single most likely outcome. The provisions are expected to be utilised over the term of the customer contracts, typically within eight to 16 years. IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires a company to recognise any impairment loss that has occurred on assets used in fulfilling the contract before recognising a separate provision for an onerous contract. No impairments were required for any of the assets solely used in the fulfilment of onerous contracts. The Trent 1000 intangible assets (certification costs and development costs) and Trent 1000 spare engines (right of use and owned) are tested for impairment as part of the Trent 1000 Cash generating unit (CGU) and no impairment was required. Warranty and guarantees Provisions for warranty and guarantees relate to products sold and are calculated based on an assessment of the remediation costs related to future claims based on past experience. The provision generally covers a period of up to three years. Trent 1000 wastage costs In November 2019, the Group announced the outcome of testing and a thorough technical and financial review of the Trent 1000 TEN programme, following technical issues which were identified in 2019, resulting in a revised timeline and a more conservative estimate of durability for the improved HP turbine blade for the TEN variant. During the year, the Group has utilised \u00a382m (2023: \u00a379m) of the Trent 1000 wastage costs provision. This represents customer disruption costs and remediation shop visit costs. During the year, a net charge to the provision of \u00a32m (2023: \u00a316m) has been recognised reflecting the discount unwind. The value of the remaining provision reflects the single most likely outcome and is expected to be utilised in 2025. Employer liability claims The provision relating to employer healthcare liability claims is as a result of an historical insolvency of the previous provider and is expected to be utilised over the next 30 years. Transformation and restructuring In 2023, the Group announced a major multi-year transformation programme consisting of seven workstreams, set out in the 2022 Annual Report. During the year, the Group made progress against those workstreams and as a result of the details communicated, a provision of \u00a3101m (2023: \u00a32m) has been recorded and recognised in cost of sales and commercial and administration costs. During the year \u00a335m (2023: \u00a32m) was utilised and \u00a312m reversed (2023: nil) as part of these plans and a further \u00a32m (2023: \u00a34m) has been charged directly to the income statement. The remaining provision is expected to be utilised by 31 December 2025. Tax related interest and penalties Provisions for tax related interest and penalties relate to uncertain tax positions in some of the jurisdictions in which the Group operates. Utilisation of the provisions will depend on the timing of resolution of the issues with the relevant tax authorities. Claims and litigation Provisions for claims and litigation represent ongoing matters where the outcome for the Group may be unfavourable. The balance also includes the best estimate of any retained exposure by the Group\u2019s captive insurance company for any claims that have been incurred but not yet reported to the Group, as that entity retains a portion of the exposures it insures on behalf of the remainder of the Group. Such exposures include policies for aviation claims, employer liabilities and healthcare claims. Significant delays can occur in the notification and settlement of claims, and judgement is involved in assessing outstanding liabilities, the ultimate cost and timing of which cannot be known with certainty at the balance sheet date. The insurance provisions are based on information currently available, however, it is inherent in the nature of the business that ultimate liabilities may vary if the frequency or severity of claims differs from estimated. Other Other items are individually immaterial. The value of any remaining provisions reflects the single most likely outcome in each case. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-692": { "value": "21 Provisions for liabilities and charges
Charged to At
At 1 January income Transfers to Exchange 31 December
2024
statement
1
Reversed Utilised held for sale differences 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Onerous contracts
1,472
558
(374)
(218)
(3)
(2)
1,433
Warranty and guarantees
306
158
(13)
(87)
\u2013
(10)
354
Trent 1000 wastage costs
116
2
\u2013
(82)
\u2013
\u2013
36
Employer liability claims
24
5
(1)
(2)
\u2013
(1)
25
Transformation and restructuring
9
101
(12)
(35)
\u2013
(1)
62
Tax related interest and penalties
22
3
(5)
(4)
\u2013
\u2013
16
Claims and litigation
43
1
(16)
(3)
\u2013
\u2013
25
Other
37
22
(2)
(13)
\u2013
(1)
43
2,029
850
(423)
(444)
(3)
(15)
1,994
Current liabilities
532
589
Non-current liabilities
1,497
1,405
1 The charge to the income statement within net financing includes \u00a347m (2023: \u00a359m) as a result of the unwinding of the discounting of provisions previously recognised Onerous contracts Onerous contract provisions are recorded when the direct costs to fulfil a contract are assessed as being greater than the expected recoverable amount. Onerous contract provisions are measured on a fully costed basis and during the year \u00a3218m (2023: \u00a3185m) of the provisions have been utilised. Additional contract losses for the Group of \u00a3558m (2023: \u00a3500m) have been recognised. These are mainly a result of increases in the estimate of future LTSA costs due to prolonged supply chain challenges, inflationary cost increases and implementing required product modifications that could cause some disruption to the throughput of engine overhauls. Contract losses of \u00a3374m (2023: \u00a3433m) previously recognised have been reversed following improvements to the forecast revenue, cost estimates and time on wing across various engine programmes as a result of operational improvements, contractual renegotiations and extensions. The Group continues to monitor the onerous contract provision for changes in the market and revises the provision as required. The value of the remaining onerous contract provisions reflect, in each case, the single most likely outcome. The provisions are expected to be utilised over the term of the customer contracts, typically within eight to 16 years. IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires a company to recognise any impairment loss that has occurred on assets used in fulfilling the contract before recognising a separate provision for an onerous contract. No impairments were required for any of the assets solely used in the fulfilment of onerous contracts. The Trent 1000 intangible assets (certification costs and development costs) and Trent 1000 spare engines (right of use and owned) are tested for impairment as part of the Trent 1000 Cash generating unit (CGU) and no impairment was required. Warranty and guarantees Provisions for warranty and guarantees relate to products sold and are calculated based on an assessment of the remediation costs related to future claims based on past experience. The provision generally covers a period of up to three years. Trent 1000 wastage costs In November 2019, the Group announced the outcome of testing and a thorough technical and financial review of the Trent 1000 TEN programme, following technical issues which were identified in 2019, resulting in a revised timeline and a more conservative estimate of durability for the improved HP turbine blade for the TEN variant. During the year, the Group has utilised \u00a382m (2023: \u00a379m) of the Trent 1000 wastage costs provision. This represents customer disruption costs and remediation shop visit costs. During the year, a net charge to the provision of \u00a32m (2023: \u00a316m) has been recognised reflecting the discount unwind. The value of the remaining provision reflects the single most likely outcome and is expected to be utilised in 2025. Employer liability claims The provision relating to employer healthcare liability claims is as a result of an historical insolvency of the previous provider and is expected to be utilised over the next 30 years. Transformation and restructuring In 2023, the Group announced a major multi-year transformation programme consisting of seven workstreams, set out in the 2022 Annual Report. During the year, the Group made progress against those workstreams and as a result of the details communicated, a provision of \u00a3101m (2023: \u00a32m) has been recorded and recognised in cost of sales and commercial and administration costs. During the year \u00a335m (2023: \u00a32m) was utilised and \u00a312m reversed (2023: nil) as part of these plans and a further \u00a32m (2023: \u00a34m) has been charged directly to the income statement. The remaining provision is expected to be utilised by 31 December 2025.
Tax related interest and penalties
Provisions for tax related interest and penalties relate to uncertain tax positions in some of the jurisdictions in which the Group operates.
Utilisation of the provisions will depend on the timing of resolution of the issues with the relevant tax authorities.
Claims and litigation
Provisions for claims and litigation represent ongoing matters where the outcome for the Group may be unfavourable.
The balance also includes the best estimate of any retained exposure by the Group\u2019s captive insurance company for any claims that have been
incurred but not yet reported to the Group, as that entity retains a portion of the exposures it insures on behalf of the remainder of the Group.
Such exposures include policies for aviation claims, employer liabilities and healthcare claims. Significant delays can occur in the notification
and settlement of claims, and judgement is involved in assessing outstanding liabilities, the ultimate cost and timing of which cannot be known
with certainty at the balance sheet date. The insurance provisions are based on information currently available, however, it is inherent in the
nature of the business that ultimate liabilities may vary if the frequency or severity of claims differs from estimated.
Other
Other items are individually immaterial. The value of any remaining provisions reflects the single most likely outcome in each case.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-740": { "value": "22 Post-retirement benefits The Group operates a number of defined benefit and defined contribution schemes: \u2014 The UK defined benefit scheme is funded, with the assets held in a separate UK trust. The scheme closed to future accrual on 31 December 2020 for all active members and there are no new defined benefit accruals in the UK scheme. As at 31 December 2024, the scheme was estimated to be funded at 119% on the Technical Provisions basis. \u2014 The Group also operates a large trust-based defined contribution scheme for current employees in the UK (Rolls-Royce Retirement Savings Trust). Pension contributions are generally paid as a salary sacrifice under which employees agree to a reduction in gross contractual pay in return for the Group making additional pension contributions on their behalf. As a result, there is a decrease in wages and salaries and a corresponding increase in pension costs of \u00a388m (2023: \u00a372m) in the year. \u2014 Overseas defined benefit schemes are a mixture of funded and unfunded plans and provide benefits in line with local practice. Additionally, in the US, and to a lesser extent in some other countries, the Group\u2019s employment practices include the provision of healthcare and life insurance benefits for retired employees. These healthcare schemes are unfunded. The valuations of the defined benefit schemes are based on the results of the most recent funding valuation from 31 March 2023, where relevant, updated by the scheme actuaries to 31 December 2024. Other Virgin Media The Group is aware of a UK High Court legal ruling that took place in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited, which decided that certain historic rule amendments were invalid if they were not accompanied by actuarial certifications. The ruling was subject to an appeal with a judgment delivered on 25 July 2024. The Court of Appeal unanimously upheld the decision of the High Court and concluded that the pre-April 2013 conditions applied to amendments to both future and past service. Whilst this ruling was in respect of another scheme, this judgment will need to be reviewed for its relevance to the RRUKPF scheme, and other UK schemes. A high-level review has been undertaken of the UK Schemes which concluded that there is a very low risk of any historic plan amendments being found to be invalid. The Company\u2019s pension advisers have not completed detailed numerical analysis and no adjustments have been made to the Consolidated Financial Statements at 31 December 2024. There is a separate legal case which is due to be taken to the High Court in early 2025, this is expected to provide further clarification on several outstanding points of detail relevant to this case. Barber adjustment In 2018, an estimated cost of equalising normal retirement ages between men and women arising from the Barber judgement in 1990 was recognised. While the Rolls-Royce schemes were equalised under these principles in the period after the original Barber ruling, further work has been carried out by the pension scheme administrators and the Scheme Actuary in 2024 to review all relevant data points and make further changes to member records and required payments. This work has resulted in a past service charge of \u00a314m being recognised in the income statement of the Consolidated Financial Statements at 31 December 2024.
Amounts recognised in the income statement
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined benefit schemes:
Current service cost and administrative expenses
5
37
42
8
35
43
Past-service cost/(credit) and settlement loss
14
\u2013
14
\u2013
(2)
(2)
19
37
56
8
33
41
Defined contribution schemes
228
101
329
195
98
293
Operating cost
247
138
385
203
131
334
Net financing (credit)/charge in respect of defined benefit schemes
(35)
37
2
(29)
41
12
Total income statement charge
212
175
387
174
172
346
The operating cost is charged as follows:
Defined benefit
Defined contribution
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of sales
30
33
227
211
257
244
Commercial and administrative costs
20
2
51
41
71
43
Research and development costs
6
6
51
41
57
47
56
41
329
293
385
334
Net financing comprises:
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing on scheme obligations
200
61
261
218
66
284
Financing on scheme assets
(235)
(24)
(259)
(247)
(25)
(272)
Net financing (income)/charge in respect of defined benefit schemes
(35)
37
2
(29)
41
12
Financing income on scheme surpluses
(35)
(2)
(37)
(29)
(1)
(30)
Financing cost on scheme deficits
\u2013
39
39
\u2013
42
42
Amounts recognised in OCI in respect of defined benefit schemes
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actuarial gains and losses arising from:
Demographic assumptions
1
19
(10)
9
180
\u2013
180
Financial assumptions
2
617
56
673
(132)
(63)
(195)
Experience adjustments
3
(8)
(14)
(22)
116
1
117
Return on scheme assets excluding financing income
2
(633)
(5)
(638)
(12)
26
14
(5)
27
22
152
(36)
116
1 For the UK Scheme, this reflects latest available CMI mortality projections and an update of the post-retirement mortality assumptions based on an analysis prepared for the 31 March 2023
funding valuation
2 Actuarial gains and losses arising from financial assumptions arise primarily due to changes in discount rate and inflation
3 This reflects an experience gain as a result of allowance for updated membership data following the valuation during the year offset by realised inflation being higher than expected in
the period
Amounts recognised in the balance sheet in respect of defined benefit schemes
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
(3,958)
(986)
(4,944)
(4,537)
(993)
(5,530)
Fair value of scheme assets
4,737
531
5,268
5,304
520
5,824
Net asset/(liability) on funded schemes
779
(455)
324
767
(473)
294
Present value of unfunded obligations
\u2013
(515)
(515)
\u2013
(547)
(547)
Net asset/(liability) recognised in the balance sheet
779
(970)
(191)
767
(1,020)
(253)
Post-retirement scheme surpluses
1
779
11
790
767
15
782
Post-retirement scheme deficits
\u2013
(981)
(981)
\u2013
(1,035)
(1,035)
1 The surplus in the UK scheme is recognised as on an ultimate wind-up when there are no longer any remaining members, any surplus would be returned to the Group, which has the power
to prevent the surplus being used for other purposes in advance of this event
Overseas schemes are located in the following countries:
2024
2023
Assets Obligations Net Assets Obligations Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Canada
193
(225)
(32)
199
(239)
(40)
Germany
56
(664)
(608)
31
(679)
(648)
US pension schemes
282
(297)
(15)
290
(301)
(11)
US healthcare schemes
\u2013
(312)
(312)
\u2013
(318)
(318)
Other
\u2013
(3)
(3)
\u2013
(3)
(3)
Net asset/(liability) recognised in the balance sheet
531
(1,501)
(970)
520
(1,540)
(1,020)
Defined benefit schemes
Assumptions
Significant actuarial assumptions for UK schemes at the balance sheet date were as follows:
2024
2023
Discount rate
5.50%
4.50%
Inflation assumption (RPI)
3.30%
3.30%
Inflation assumption (CPI)
2.90%
2.85%
Transfer take-up assumption (employed deferred/deferred)
20%/15%
35%/25%
Bridging Pension Option (BPO) assumption (employed deferred/deferred)
40%/25%
30%/30%
Life expectancy from age 65: current male pensioner
20.8 years
20\ufffd8 years
future male pensioner currently aged 45
21.5 years
21\ufffd5 years
current female pensioner
22.8 years
22\ufffd8 years
future female pensioner currently aged 45
24.1 years
24\ufffd1 years
Discount rates are determined by reference to the market yields on AA rated corporate bonds. The rate is determined by using the profile of
forecast benefit payments to derive a weighted average discount rate from the yield curve.
The inflation assumption is determined by the market-implied assumption based on the yields on long-term index-linked government securities.
The mortality assumptions adopted for the UK pension schemes are derived from the SAPS S3 \u2018All\u2019 actuarial tables, with future improvements in
line with the CMI 2023 core projections updated to reflect use of an \u2018A\u2019 parameter of 0.25% for future improvements and long-term improvements
of 1.25%. Where appropriate, these are adjusted to take account of the scheme\u2019s actual experience.
The assumption for transfers and the BPO is based on actual experience and actuarial advice.
Other assumptions have been set on advice from the actuary, having regard to the latest trends in scheme experience and the assumptions used
in the most recent funding valuation. The rate of increase of pensions in payment is based on the rules of the scheme, combined with the inflation
assumption where the increase is capped.
Assumptions for overseas schemes are less significant and are based on advice from local actuaries. The principal assumptions are:
2024
2023
Discount rate
4.50%
4.20%
Inflation assumption
2.10%
1.60%
Long-term healthcare cost trend rate
4.75%
4.75%
Male life expectancy from age 65: current pensioner
20.5 years
20\ufffd5 years
future pensioner currently aged 45
22.5 years
22\ufffd4 years
Changes in present value of defined benefit obligations
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(4,537)
(1,540)
(6,077)
(4,621)
(1,507)
(6,128)
Exchange differences
\u2013
38
38
\u2013
54
54
Current service cost
\u2013
(37)
(37)
(4)
(33)
(37)
Past-service cost
(14)
\u2013
(14)
\u2013
2
2
Finance cost
(200)
(61)
(261)
(218)
(66)
(284)
Contributions by employees
\u2013
(13)
(13)
\u2013
(9)
(9)
Benefits paid out
165
80
245
142
80
222
Actuarial gains/(losses)
628
32
660
164
(61)
103
Transfers
\u2013
\u2013
\u2013
\u2013
(2)
(2)
Transferred to held for sale
\u2013
\u2013
\u2013
\u2013
2
2
At 31 December
(3,958)
(1,501)
(5,459)
(4,537)
(1,540)
(6,077)
Funded schemes
(3,958)
(986)
(4,944)
(4,537)
(993)
(5,530)
Unfunded schemes
\u2013
(515)
(515)
\u2013
(547)
(547)
The defined benefit obligations are in respect of:
Active plan participants
1
(1,277)
(731)
(2,008)
(1,584)
(731)
(2,315)
Deferred plan participants
(1,064)
(98)
(1,162)
(1,287)
(100)
(1,387)
Pensioners
(1,617)
(672)
(2,289)
(1,666)
(709)
(2,375)
Weighted average duration of obligations (years)
14
12
13
16
12
15
1 Although the UK scheme closed to future accrual on 31 December 2020, members who became deferred as a result of the closure and remain employed by the Group retain some additional
benefits compared to other deferred members. The obligations for these members are shown as active plan participants
Changes in fair value of scheme assets
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
5,304
520
5,824
5,215
493
5,708
Exchange differences
\u2013
(13)
(13)
\u2013
(21)
(21)
Administrative expenses
(5)
(1)
(6)
(4)
(1)
(5)
Financing
235
24
259
247
25
272
Return on plan assets excluding financing
(633)
(5)
(638)
(12)
26
14
Contributions by employer
1
73
74
\u2013
69
69
Contributions by employees
\u2013
13
13
\u2013
9
9
Benefits paid out
(165)
(80)
(245)
(142)
(80)
(222)
At 31 December
4,737
531
5,268
5,304
520
5,824
Total return on scheme assets
(398)
19
(379)
235
51
286
Fair value of scheme assets at 31 December
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sovereign debt
3,335
140
3,475
3,259
118
3,377
Corporate debt instruments
1,860
248
2,108
1,996
270
2,266
Interest rate swaps
197
\u2013
197
170
\u2013
170
Inflation swaps
92
\u2013
92
86
\u2013
86
Cash and similar instruments
1
(1,176)
\u2013
(1,176)
(892)
\u2013
(892)
Liability driven investment (LDI) portfolios
2
4,308
388
4,696
4,619
388
5,007
Listed equities
\u2013
54
54
\u2013
69
69
Unlisted equities
25
\u2013
25
32
\u2013
32
Synthetic equities
3
\u2013
\u2013
\u2013
20
\u2013
20
Corporate debt instruments
379
\u2013
379
630
\u2013
630
Cash
25
11
36
\u2013
10
10
Other
\u2013
78
78
3
53
56
At 31 December
4,737
531
5,268
5,304
520
5,824
1 UK cash and similar instruments include repurchase agreements on UK Government bonds amounting to \u00a3(1,203)m (2023: \u00a3(993)m). The latest maturity date for these short-term
borrowings is June 2025
2 A portfolio of gilt and swap contracts, backed by investment-grade credit instruments and diversified liquidity funds, that is designed to hedge the majority of the interest rate and inflation
risks associated with the schemes\u2019 obligations
3 Portfolios of swap contracts designed to provide investment returns in line with global equity markets. The maximum exposure (notional value and accrued returns) on the portfolios was
\u00a3nil (2023: \u00a3379m)
The investment strategy for the UK scheme is controlled by the Trustee in consultation with the Group. The scheme assets do not include any of
the Group\u2019s own financial instruments, nor any property occupied by, or other assets used by, the Group (2023: none).
Future contributions
The Group expects to contribute approximately \u00a376m to its overseas defined benefit schemes in 2025 (2024: \u00a373m).
In the UK, any cash funding of RRUKPF is based on a statutory triennial funding valuation process. The Group and the Trustee negotiate and
agree the actuarial assumptions used to value the liabilities (Technical Provisions); assumptions which may differ from those used for accounting
are set out above. The assumptions used to value Technical Provisions must be prudent rather than a best estimate of the liability. Most notably,
the Technical Provisions discount rate is currently based upon UK Government bond yields plus a margin (0.5% at the 31 March 2023 valuation)
rather than being based on yields of AA corporate bonds. Once each valuation is signed, a Schedule of Contributions (SoC) must be agreed
which sets out the cash contributions to be paid. The most recent valuation, as at 31 March 2023, agreed by the Trustee in October 2023, showed
that the RRUKPF was estimated to be 115% funded on the Technical Provisions basis (estimated to be 119% at 31 December 2024). All cash due
has been paid in full and the current SoC does not currently require any cash contributions to be made by the Group.
Sensitivities
The calculations of the defined benefit obligations are sensitive to the assumptions set out above. The following table summarises how the
estimated impact of a change in a significant assumption would affect the UK defined benefit obligation at 31 December 2024, while holding all
other assumptions constant. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
For the most significant funded schemes, the investment strategies hedge the risks from interest rates and inflation measured on a proxy
solvency basis.
For the UK scheme, the interest rate and inflation hedging is currently based on UK Government bond yields without any adjustment for any
credit spread. The sensitivity analysis set out below has been determined based on a method that estimates the impact on the defined
benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
2024 2023
\u00a3m \u00a3m
Reduction in the discount rate of 0.25%
1
Obligation
(145)
(185)
Plan assets (LDI portfolio)
179
204
Increase in inflation of 0.25%
1
Obligation
(55)
(75)
Plan assets (LDI portfolio)
73
77
Increase of 1% in transfer value assumption
Obligations
(25)
(30)
One year increase in life expectancy
Obligations
(125)
(155)
1 The differences between the sensitivities on obligations and plan assets arise largely due to differences in the methods used to value the obligations for accounting purposes and the
adopted proxy solvency basis
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-693": { "value": "22 Post-retirement benefits The Group operates a number of defined benefit and defined contribution schemes: \u2014 The UK defined benefit scheme is funded, with the assets held in a separate UK trust. The scheme closed to future accrual on 31 December 2020 for all active members and there are no new defined benefit accruals in the UK scheme. As at 31 December 2024, the scheme was estimated to be funded at 119% on the Technical Provisions basis. \u2014 The Group also operates a large trust-based defined contribution scheme for current employees in the UK (Rolls-Royce Retirement Savings Trust). Pension contributions are generally paid as a salary sacrifice under which employees agree to a reduction in gross contractual pay in return for the Group making additional pension contributions on their behalf. As a result, there is a decrease in wages and salaries and a corresponding increase in pension costs of \u00a388m (2023: \u00a372m) in the year. \u2014 Overseas defined benefit schemes are a mixture of funded and unfunded plans and provide benefits in line with local practice. Additionally, in the US, and to a lesser extent in some other countries, the Group\u2019s employment practices include the provision of healthcare and life insurance benefits for retired employees. These healthcare schemes are unfunded. The valuations of the defined benefit schemes are based on the results of the most recent funding valuation from 31 March 2023, where relevant, updated by the scheme actuaries to 31 December 2024. Other Virgin Media The Group is aware of a UK High Court legal ruling that took place in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited, which decided that certain historic rule amendments were invalid if they were not accompanied by actuarial certifications. The ruling was subject to an appeal with a judgment delivered on 25 July 2024. The Court of Appeal unanimously upheld the decision of the High Court and concluded that the pre-April 2013 conditions applied to amendments to both future and past service. Whilst this ruling was in respect of another scheme, this judgment will need to be reviewed for its relevance to the RRUKPF scheme, and other UK schemes. A high-level review has been undertaken of the UK Schemes which concluded that there is a very low risk of any historic plan amendments being found to be invalid. The Company\u2019s pension advisers have not completed detailed numerical analysis and no adjustments have been made to the Consolidated Financial Statements at 31 December 2024. There is a separate legal case which is due to be taken to the High Court in early 2025, this is expected to provide further clarification on several outstanding points of detail relevant to this case. Barber adjustment In 2018, an estimated cost of equalising normal retirement ages between men and women arising from the Barber judgement in 1990 was recognised. While the Rolls-Royce schemes were equalised under these principles in the period after the original Barber ruling, further work has been carried out by the pension scheme administrators and the Scheme Actuary in 2024 to review all relevant data points and make further changes to member records and required payments. This work has resulted in a past service charge of \u00a314m being recognised in the income statement of the Consolidated Financial Statements at 31 December 2024. Amounts recognised in the income statement
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined benefit schemes:
Current service cost and administrative expenses
5
37
42
8
35
43
Past-service cost/(credit) and settlement loss
14
\u2013
14
\u2013
(2)
(2)
19
37
56
8
33
41
Defined contribution schemes
228
101
329
195
98
293
Operating cost
247
138
385
203
131
334
Net financing (credit)/charge in respect of defined benefit schemes
(35)
37
2
(29)
41
12
Total income statement charge
212
175
387
174
172
346
The operating cost is charged as follows:
Defined benefit
Defined contribution
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost of sales
30
33
227
211
257
244
Commercial and administrative costs
20
2
51
41
71
43
Research and development costs
6
6
51
41
57
47
56
41
329
293
385
334
Net financing comprises:
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing on scheme obligations
200
61
261
218
66
284
Financing on scheme assets
(235)
(24)
(259)
(247)
(25)
(272)
Net financing (income)/charge in respect of defined benefit schemes
(35)
37
2
(29)
41
12
Financing income on scheme surpluses
(35)
(2)
(37)
(29)
(1)
(30)
Financing cost on scheme deficits
\u2013
39
39
\u2013
42
42
Amounts recognised in OCI in respect of defined benefit schemes
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actuarial gains and losses arising from:
Demographic assumptions
1
19
(10)
9
180
\u2013
180
Financial assumptions
2
617
56
673
(132)
(63)
(195)
Experience adjustments
3
(8)
(14)
(22)
116
1
117
Return on scheme assets excluding financing income
2
(633)
(5)
(638)
(12)
26
14
(5)
27
22
152
(36)
116
1 For the UK Scheme, this reflects latest available CMI mortality projections and an update of the post-retirement mortality assumptions based on an analysis prepared for the 31 March 2023 funding valuation 2 Actuarial gains and losses arising from financial assumptions arise primarily due to changes in discount rate and inflation 3 This reflects an experience gain as a result of allowance for updated membership data following the valuation during the year offset by realised inflation being higher than expected in the period Amounts recognised in the balance sheet in respect of defined benefit schemes
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
(3,958)
(986)
(4,944)
(4,537)
(993)
(5,530)
Fair value of scheme assets
4,737
531
5,268
5,304
520
5,824
Net asset/(liability) on funded schemes
779
(455)
324
767
(473)
294
Present value of unfunded obligations
\u2013
(515)
(515)
\u2013
(547)
(547)
Net asset/(liability) recognised in the balance sheet
779
(970)
(191)
767
(1,020)
(253)
Post-retirement scheme surpluses
1
779
11
790
767
15
782
Post-retirement scheme deficits
\u2013
(981)
(981)
\u2013
(1,035)
(1,035)
1 The surplus in the UK scheme is recognised as on an ultimate wind-up when there are no longer any remaining members, any surplus would be returned to the Group, which has the power to prevent the surplus being used for other purposes in advance of this event Overseas schemes are located in the following countries:
2024
2023
Assets Obligations Net Assets Obligations Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Canada
193
(225)
(32)
199
(239)
(40)
Germany
56
(664)
(608)
31
(679)
(648)
US pension schemes
282
(297)
(15)
290
(301)
(11)
US healthcare schemes
\u2013
(312)
(312)
\u2013
(318)
(318)
Other
\u2013
(3)
(3)
\u2013
(3)
(3)
Net asset/(liability) recognised in the balance sheet
531
(1,501)
(970)
520
(1,540)
(1,020)
Defined benefit schemes Assumptions Significant actuarial assumptions for UK schemes at the balance sheet date were as follows:
2024
2023
Discount rate
5.50%
4.50%
Inflation assumption (RPI)
3.30%
3.30%
Inflation assumption (CPI)
2.90%
2.85%
Transfer take-up assumption (employed deferred/deferred)
20%/15%
35%/25%
Bridging Pension Option (BPO) assumption (employed deferred/deferred)
40%/25%
30%/30%
Life expectancy from age 65: current male pensioner
20.8 years
20\ufffd8 years
future male pensioner currently aged 45
21.5 years
21\ufffd5 years
current female pensioner
22.8 years
22\ufffd8 years
future female pensioner currently aged 45
24.1 years
24\ufffd1 years
Discount rates are determined by reference to the market yields on AA rated corporate bonds. The rate is determined by using the profile of forecast benefit payments to derive a weighted average discount rate from the yield curve. The inflation assumption is determined by the market-implied assumption based on the yields on long-term index-linked government securities. The mortality assumptions adopted for the UK pension schemes are derived from the SAPS S3 \u2018All\u2019 actuarial tables, with future improvements in line with the CMI 2023 core projections updated to reflect use of an \u2018A\u2019 parameter of 0.25% for future improvements and long-term improvements of 1.25%. Where appropriate, these are adjusted to take account of the scheme\u2019s actual experience. The assumption for transfers and the BPO is based on actual experience and actuarial advice. Other assumptions have been set on advice from the actuary, having regard to the latest trends in scheme experience and the assumptions used in the most recent funding valuation. The rate of increase of pensions in payment is based on the rules of the scheme, combined with the inflation assumption where the increase is capped. Assumptions for overseas schemes are less significant and are based on advice from local actuaries. The principal assumptions are:
2024
2023
Discount rate
4.50%
4.20%
Inflation assumption
2.10%
1.60%
Long-term healthcare cost trend rate
4.75%
4.75%
Male life expectancy from age 65: current pensioner
20.5 years
20\ufffd5 years
future pensioner currently aged 45
22.5 years
22\ufffd4 years
Changes in present value of defined benefit obligations
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(4,537)
(1,540)
(6,077)
(4,621)
(1,507)
(6,128)
Exchange differences
\u2013
38
38
\u2013
54
54
Current service cost
\u2013
(37)
(37)
(4)
(33)
(37)
Past-service cost
(14)
\u2013
(14)
\u2013
2
2
Finance cost
(200)
(61)
(261)
(218)
(66)
(284)
Contributions by employees
\u2013
(13)
(13)
\u2013
(9)
(9)
Benefits paid out
165
80
245
142
80
222
Actuarial gains/(losses)
628
32
660
164
(61)
103
Transfers
\u2013
\u2013
\u2013
\u2013
(2)
(2)
Transferred to held for sale
\u2013
\u2013
\u2013
\u2013
2
2
At 31 December
(3,958)
(1,501)
(5,459)
(4,537)
(1,540)
(6,077)
Funded schemes
(3,958)
(986)
(4,944)
(4,537)
(993)
(5,530)
Unfunded schemes
\u2013
(515)
(515)
\u2013
(547)
(547)
The defined benefit obligations are in respect of:
Active plan participants
1
(1,277)
(731)
(2,008)
(1,584)
(731)
(2,315)
Deferred plan participants
(1,064)
(98)
(1,162)
(1,287)
(100)
(1,387)
Pensioners
(1,617)
(672)
(2,289)
(1,666)
(709)
(2,375)
Weighted average duration of obligations (years)
14
12
13
16
12
15
1 Although the UK scheme closed to future accrual on 31 December 2020, members who became deferred as a result of the closure and remain employed by the Group retain some additional benefits compared to other deferred members. The obligations for these members are shown as active plan participants Changes in fair value of scheme assets
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
5,304
520
5,824
5,215
493
5,708
Exchange differences
\u2013
(13)
(13)
\u2013
(21)
(21)
Administrative expenses
(5)
(1)
(6)
(4)
(1)
(5)
Financing
235
24
259
247
25
272
Return on plan assets excluding financing
(633)
(5)
(638)
(12)
26
14
Contributions by employer
1
73
74
\u2013
69
69
Contributions by employees
\u2013
13
13
\u2013
9
9
Benefits paid out
(165)
(80)
(245)
(142)
(80)
(222)
At 31 December
4,737
531
5,268
5,304
520
5,824
Total return on scheme assets
(398)
19
(379)
235
51
286
Fair value of scheme assets at 31 December
2024
2023
UK Overseas UK Overseas
schemes schemes Total schemes schemes Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sovereign debt
3,335
140
3,475
3,259
118
3,377
Corporate debt instruments
1,860
248
2,108
1,996
270
2,266
Interest rate swaps
197
\u2013
197
170
\u2013
170
Inflation swaps
92
\u2013
92
86
\u2013
86
Cash and similar instruments
1
(1,176)
\u2013
(1,176)
(892)
\u2013
(892)
Liability driven investment (LDI) portfolios
2
4,308
388
4,696
4,619
388
5,007
Listed equities
\u2013
54
54
\u2013
69
69
Unlisted equities
25
\u2013
25
32
\u2013
32
Synthetic equities
3
\u2013
\u2013
\u2013
20
\u2013
20
Corporate debt instruments
379
\u2013
379
630
\u2013
630
Cash
25
11
36
\u2013
10
10
Other
\u2013
78
78
3
53
56
At 31 December
4,737
531
5,268
5,304
520
5,824
1 UK cash and similar instruments include repurchase agreements on UK Government bonds amounting to \u00a3(1,203)m (2023: \u00a3(993)m). The latest maturity date for these short-term borrowings is June 2025 2 A portfolio of gilt and swap contracts, backed by investment-grade credit instruments and diversified liquidity funds, that is designed to hedge the majority of the interest rate and inflation risks associated with the schemes\u2019 obligations 3 Portfolios of swap contracts designed to provide investment returns in line with global equity markets. The maximum exposure (notional value and accrued returns) on the portfolios was \u00a3nil (2023: \u00a3379m) The investment strategy for the UK scheme is controlled by the Trustee in consultation with the Group. The scheme assets do not include any of the Group\u2019s own financial instruments, nor any property occupied by, or other assets used by, the Group (2023: none). Future contributions The Group expects to contribute approximately \u00a376m to its overseas defined benefit schemes in 2025 (2024: \u00a373m). In the UK, any cash funding of RRUKPF is based on a statutory triennial funding valuation process. The Group and the Trustee negotiate and agree the actuarial assumptions used to value the liabilities (Technical Provisions); assumptions which may differ from those used for accounting are set out above. The assumptions used to value Technical Provisions must be prudent rather than a best estimate of the liability. Most notably, the Technical Provisions discount rate is currently based upon UK Government bond yields plus a margin (0.5% at the 31 March 2023 valuation) rather than being based on yields of AA corporate bonds. Once each valuation is signed, a Schedule of Contributions (SoC) must be agreed which sets out the cash contributions to be paid. The most recent valuation, as at 31 March 2023, agreed by the Trustee in October 2023, showed that the RRUKPF was estimated to be 115% funded on the Technical Provisions basis (estimated to be 119% at 31 December 2024). All cash due has been paid in full and the current SoC does not currently require any cash contributions to be made by the Group. Sensitivities The calculations of the defined benefit obligations are sensitive to the assumptions set out above. The following table summarises how the estimated impact of a change in a significant assumption would affect the UK defined benefit obligation at 31 December 2024, while holding all other assumptions constant. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. For the most significant funded schemes, the investment strategies hedge the risks from interest rates and inflation measured on a proxy solvency basis. For the UK scheme, the interest rate and inflation hedging is currently based on UK Government bond yields without any adjustment for any credit spread. The sensitivity analysis set out below has been determined based on a method that estimates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
2024 2023
\u00a3m \u00a3m
Reduction in the discount rate of 0.25%
1
Obligation
(145)
(185)
Plan assets (LDI portfolio)
179
204
Increase in inflation of 0.25%
1
Obligation
(55)
(75)
Plan assets (LDI portfolio)
73
77
Increase of 1% in transfer value assumption
Obligations
(25)
(30)
One year increase in life expectancy
Obligations
(125)
(155)
1 The differences between the sensitivities on obligations and plan assets arise largely due to differences in the methods used to value the obligations for accounting purposes and the adopted proxy solvency basis", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-694": { "value": "
23 Share capital
Non-equity
Equity
Special Nominal Ordinary shares Nominal
Share value of 20p each value
of \u00a31 \u00a3m Millions \u00a3m
Issued and fully paid
At 1 January 2023
1
\u2013
8,368
1,674
Shares issued to employee share trust
\u2013
\u2013
49
10
At 31 December 2023
1
\u2013
8,417
1,684
Shares issued to employee share trust
\u2013
\u2013
88
17
At 31 December 2024
1
\u2013
8,505
1,701
The rights attaching to each class of share are set out on pages 220 to 221.
In accordance with IAS 32 Financial Instruments: Presentation, the Company\u2019s non-cumulative redeemable preference shares (C Shares) are
classified as financial liabilities. Accordingly, movements in C Shares are included in note 20. In addition, rights to C share holders are included
on page 220\ufffd
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-741": { "value": "23 Share capital
Non-equity
Equity
Special Nominal Ordinary shares Nominal
Share value of 20p each value
of \u00a31 \u00a3m Millions \u00a3m
Issued and fully paid
At 1 January 2023
1
\u2013
8,368
1,674
Shares issued to employee share trust
\u2013
\u2013
49
10
At 31 December 2023
1
\u2013
8,417
1,684
Shares issued to employee share trust
\u2013
\u2013
88
17
At 31 December 2024
1
\u2013
8,505
1,701
The rights attaching to each class of share are set out on pages 220 to 221. In accordance with IAS 32 Financial Instruments: Presentation, the Company\u2019s non-cumulative redeemable preference shares (C Shares) are classified as financial liabilities. Accordingly, movements in C Shares are included in note 20. In addition, rights to C share holders are included on page 220\ufffd", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-695": { "value": "24 Share-based payments Effect of share-based payment transactions on the Group\u2019s results and financial position
2024 2023
\u00a3m \u00a3m
Total expense recognised for equity-settled share-based payments transactions
95
49
Total cost recognised for cash-settled share-based payments transactions
41
17
Share-based payments recognised in the consolidated income statement
136
66
Liability for cash-settled share-based payment transactions
59
18
A description of the share-based payment plans is included in the Directors\u2019 Remuneration Report on pages 86 to 110. Movements in the Group\u2019s share-based payment plans during the year
ShareSave
Free Shares
LTIP
Incentive Plan
Weighted average
Number exercise price Number Number Number
Millions Pence Millions Millions Millions
Outstanding at 1 January 2023
65\ufffd6
127
\u2013
93\ufffd0
12\ufffd2
Granted
0\ufffd1
115
\u2013
44.7
7.0
Forfeited
(12.3)
203
\u2013
(29.1)
(1.9)
Exercised
\u2013
\u2013
\u2013
(7.6)
(0.1)
Outstanding at 31 December 2023
53\ufffd4
107
\u2013
101\ufffd0
17.2
Granted
\u2013
\u2013
6.2
22.8
5.0
Forfeited
(2.3)
110
(0.2)
(5.7)
(0.5)
Exercised
(0.5)
104
\u2013
(25.4)
(5.6)
Outstanding at 31 December 2024
50.6
107
6.0
92.7
16.1
Exercisable at 31 December 2024
0.1
\u2013
\u2013
\u2013
\u2013
Exercisable at 31 December 2023
\u2013
\u2013
\u2013
\u2013
\u2013
The weighted average share price at the date share options were exercised was 420p (2023: 159p). The closing price at 31 December 2024 was 569p (2023: 300p). The weighted average remaining contractual life for the share options as at 31 December 2024 was one month (2023: one year) as the majority of shares are due to vest in early 2025 and the range of exercise prices for the share options as at 31 December 2024 was 97p to 232p. Fair values of share-based payment plans The weighted average fair value per share of equity-settled share-based payment plans granted during the year, estimated at the date of grant, are as follows:
2024
2023
Free Shares
494p
\u2013
Long-term incentive plan
361p
216p
Incentive Plan
378p
157p
Long-term incentive plan The fair value of shares awarded is calculated using a pricing model that takes account of the non-entitlement to dividends (or equivalent) during the vesting period and the market-based performance condition based on expectations about volatility and the correlation of share price returns in the group of FTSE 100 and S&P Global Industrials Index companies and which incorporates into the valuation the interdependency between share price performance and TSR vesting where market-based conditions are applicable. This adjustment decreases the fair value of the award relative to the share price at the date of grant. ShareSave The fair value of the options granted is calculated using a pricing model that assumes that participants will exercise their options at the beginning of the six-month window if the share price is greater than the exercise price. Otherwise, it assumes that options are held until the expiration of their contractual term. This results in an expected life of the mid-point between the start of the exercise window and the date of expiration. Incentive Plan The fair value of shares awarded is calculated as the share price on the date of the award, on the basis that awards are entitled to receive dividends (or equivalents). Free Shares During the year, every Rolls-Royce employee was gifted 150 shares. The awards were granted under two plans; the \u2018Rolls-Royce Share Purchase Plan\u2019 for UK employees and the \u2018Rolls-Royce Global Employee Share Purchase Plan\u2019 for non-UK employees; both being equity-settled schemes. The fair value of shares awarded under the free shares scheme is calculated as the share price on the date of the award, on the basis that awards are entitled to receive dividends (or equivalents).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-696": { "value": "
25 Contingent liabilities
In January 2017, after full cooperation, the Company concluded deferred prosecution agreements (DPA) with the Serious Fraud Office and the
US Department of Justice and a leniency agreement with the Minist\u00e9rio P\u00fablico Federal, the Brazilian federal prosecutor. The terms of both DPAs
have now expired. The Company has also met all its obligations under a two-year leniency agreement with Brazil\u2019s Comptroller General (CGU),
signed in October 2021, relating to the same historical matters. In April 2024, the CGU confirmed that the Company would no longer be subject
to compliance monitorship. Certain authorities are investigating members of the Group for matters relating to misconduct in relation to
historical matters. The Group is responding appropriately. Action may be taken by further authorities against the Group or individuals. In
addition, the Group could still be affected by actions from other parties, including customers, customers\u2019 financiers and the Company\u2019s current
and former investors, including certain potential claims in respect of the Group\u2019s historical ethics and compliance disclosures which have been
notified to the Group. The Directors are not currently aware of any matters that are likely to lead to a material financial loss over and above the
penalties imposed to date, but cannot anticipate all the possible actions that may be taken or their potential consequences.
The Group has, in the normal course of business, entered into arrangements in respect of export finance, performance bonds, grant funding,
countertrade obligations and minor miscellaneous items, which could result in potential outflows if the requirements related to those
arrangements are not met. Various Group undertakings are party to legal actions and claims (including with tax authorities) which arise in the
ordinary course of business, some of which are for substantial amounts.
In connection with the sale of its products, the Group will, on some occasions, provide financing support for its customers, generally in respect
of civil aircraft. The Group\u2019s commitments relating to these financing arrangements are spread over many years, they relate to a number of
customers, a broad product portfolio and are generally secured on the asset subject to the financing. These include commitments of $405m
(2023: $857m) (on a discounted basis) to provide facilities to enable customers to purchase aircraft (of which approximately $100m could be
called during 2025). These facilities may only be used if the customer is unable to obtain financing elsewhere and are priced at a premium to the
market rate. Significant events impacting the international aircraft financing market, the failure by customers to meet their obligations under
such financing agreements, or inadequate provisions for customer financing liabilities may adversely affect the Group\u2019s financial position.
Customer financing provisions would be made to cover guarantees provided for asset value and/or financing were it probable that a payment
would be made. These would be measured on a discounted basis at the Group\u2019s borrowing rate to reflect the time span over which these
exposures could arise. The values of aircraft providing security are based on advice from a specialist aircraft appraiser. There were no provisions
for customer financing provisions at 31 December 2024 or 31 December 2023.
The Group has responded appropriately to the Russia-Ukraine conflict to comply with international sanctions and export control regime, and to
continue to implement the business decision to exit from Russia. The Group could be subject to action by impacted customers, suppliers and
other contract parties.
While the outcome of the above matters cannot precisely be foreseen, the Directors do not expect any of these arrangements, legal actions or
claims, after allowing for provisions already made, to result in significant loss to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-765": { "value": "25 Contingent liabilities In January 2017, after full cooperation, the Company concluded deferred prosecution agreements (DPA) with the Serious Fraud Office and the US Department of Justice and a leniency agreement with the Minist\u00e9rio P\u00fablico Federal, the Brazilian federal prosecutor. The terms of both DPAs have now expired. The Company has also met all its obligations under a two-year leniency agreement with Brazil\u2019s Comptroller General (CGU), signed in October 2021, relating to the same historical matters. In April 2024, the CGU confirmed that the Company would no longer be subject to compliance monitorship. Certain authorities are investigating members of the Group for matters relating to misconduct in relation to historical matters. The Group is responding appropriately. Action may be taken by further authorities against the Group or individuals. In addition, the Group could still be affected by actions from other parties, including customers, customers\u2019 financiers and the Company\u2019s current and former investors, including certain potential claims in respect of the Group\u2019s historical ethics and compliance disclosures which have been notified to the Group. The Directors are not currently aware of any matters that are likely to lead to a material financial loss over and above the penalties imposed to date, but cannot anticipate all the possible actions that may be taken or their potential consequences. The Group has, in the normal course of business, entered into arrangements in respect of export finance, performance bonds, grant funding, countertrade obligations and minor miscellaneous items, which could result in potential outflows if the requirements related to those arrangements are not met. Various Group undertakings are party to legal actions and claims (including with tax authorities) which arise in the ordinary course of business, some of which are for substantial amounts. In connection with the sale of its products, the Group will, on some occasions, provide financing support for its customers, generally in respect of civil aircraft. The Group\u2019s commitments relating to these financing arrangements are spread over many years, they relate to a number of customers, a broad product portfolio and are generally secured on the asset subject to the financing. These include commitments of $405m (2023: $857m) (on a discounted basis) to provide facilities to enable customers to purchase aircraft (of which approximately $100m could be called during 2025). These facilities may only be used if the customer is unable to obtain financing elsewhere and are priced at a premium to the market rate. Significant events impacting the international aircraft financing market, the failure by customers to meet their obligations under such financing agreements, or inadequate provisions for customer financing liabilities may adversely affect the Group\u2019s financial position. Customer financing provisions would be made to cover guarantees provided for asset value and/or financing were it probable that a payment would be made. These would be measured on a discounted basis at the Group\u2019s borrowing rate to reflect the time span over which these exposures could arise. The values of aircraft providing security are based on advice from a specialist aircraft appraiser. There were no provisions for customer financing provisions at 31 December 2024 or 31 December 2023. The Group has responded appropriately to the Russia-Ukraine conflict to comply with international sanctions and export control regime, and to continue to implement the business decision to exit from Russia. The Group could be subject to action by impacted customers, suppliers and other contract parties. While the outcome of the above matters cannot precisely be foreseen, the Directors do not expect any of these arrangements, legal actions or claims, after allowing for provisions already made, to result in significant loss to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-742": { "value": "25 Contingent liabilities In January 2017, after full cooperation, the Company concluded deferred prosecution agreements (DPA) with the Serious Fraud Office and the US Department of Justice and a leniency agreement with the Minist\u00e9rio P\u00fablico Federal, the Brazilian federal prosecutor. The terms of both DPAs have now expired. The Company has also met all its obligations under a two-year leniency agreement with Brazil\u2019s Comptroller General (CGU), signed in October 2021, relating to the same historical matters. In April 2024, the CGU confirmed that the Company would no longer be subject to compliance monitorship. Certain authorities are investigating members of the Group for matters relating to misconduct in relation to historical matters. The Group is responding appropriately. Action may be taken by further authorities against the Group or individuals. In addition, the Group could still be affected by actions from other parties, including customers, customers\u2019 financiers and the Company\u2019s current and former investors, including certain potential claims in respect of the Group\u2019s historical ethics and compliance disclosures which have been notified to the Group. The Directors are not currently aware of any matters that are likely to lead to a material financial loss over and above the penalties imposed to date, but cannot anticipate all the possible actions that may be taken or their potential consequences. The Group has, in the normal course of business, entered into arrangements in respect of export finance, performance bonds, grant funding, countertrade obligations and minor miscellaneous items, which could result in potential outflows if the requirements related to those arrangements are not met. Various Group undertakings are party to legal actions and claims (including with tax authorities) which arise in the ordinary course of business, some of which are for substantial amounts. In connection with the sale of its products, the Group will, on some occasions, provide financing support for its customers, generally in respect of civil aircraft. The Group\u2019s commitments relating to these financing arrangements are spread over many years, they relate to a number of customers, a broad product portfolio and are generally secured on the asset subject to the financing. These include commitments of $405m (2023: $857m) (on a discounted basis) to provide facilities to enable customers to purchase aircraft (of which approximately $100m could be called during 2025). These facilities may only be used if the customer is unable to obtain financing elsewhere and are priced at a premium to the market rate. Significant events impacting the international aircraft financing market, the failure by customers to meet their obligations under such financing agreements, or inadequate provisions for customer financing liabilities may adversely affect the Group\u2019s financial position. Customer financing provisions would be made to cover guarantees provided for asset value and/or financing were it probable that a payment would be made. These would be measured on a discounted basis at the Group\u2019s borrowing rate to reflect the time span over which these exposures could arise. The values of aircraft providing security are based on advice from a specialist aircraft appraiser. There were no provisions for customer financing provisions at 31 December 2024 or 31 December 2023. The Group has responded appropriately to the Russia-Ukraine conflict to comply with international sanctions and export control regime, and to continue to implement the business decision to exit from Russia. The Group could be subject to action by impacted customers, suppliers and other contract parties. While the outcome of the above matters cannot precisely be foreseen, the Directors do not expect any of these arrangements, legal actions or claims, after allowing for provisions already made, to result in significant loss to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-697": { "value": "
26 Related party transactions
2024 2023
\u00a3m \u00a3m
Sales of goods and services
1
7,702
6,700
Purchases of goods and services
1
(8,725)
(7,471)
Lease payments to joint ventures and associates
(241)
(244)
Guarantees of joint arrangements\u2019 and associates\u2019 borrowings
\u2013
2
Guarantees of non-wholly owned subsidiaries\u2019 borrowings
4
3
Dividends received from joint ventures and associates
77
54
Other income received from joint ventures and associates
7
6
1 Sales of goods and services to related parties and purchases of goods and services from related parties, including joint ventures and associates, are included at the average exchange
rate, consistent with the statutory income statement
Included in sales of goods and services to related parties are sales of spare engines amounting to \u00a348m (2023: \u00a348m). Profit recognised in the
year on such sales amounted to \u00a362m (2023: \u00a388m), including profit on current year sales and recognition of profit deferred on similar sales in
previous years. Cash receipts relating to the sale of spare engines amounted to \u00a348m (2023: \u00a373m).
Included in cost of sales in the income statement are interest costs of \u00a39m (2023: \u00a334m) incurred during the year which have been settled by the
Group on behalf of joint ventures.
The aggregated balances with joint ventures are shown in notes 14 and 19. Transactions with Group pension schemes are shown in note 22.
Key management personnel are deemed to be the Directors (pages 68 to 69) and the members of the Executive Team (described on page 78).
Remuneration for key management personnel is shown below:
2024 2023
\u00a3m \u00a3m
Salaries and benefits
29
26
Included in the above:
Post-retirement schemes
1
\u2013
Share-based payments
13
15
During the year, no Directors (2023: one) received termination benefits. For further detail, see the Remuneration Report.
More detailed information regarding the Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term
incentive plan is shown in the Remuneration Report on pages 86 to 110. The charge for share-based payments above is based on when the award
is charged to the income statement in accordance with IFRS 2 Share-Based Payments, rather than when the shares vest, which is the basis used
in the Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-743": { "value": "26 Related party transactions
2024 2023
\u00a3m \u00a3m
Sales of goods and services
1
7,702
6,700
Purchases of goods and services
1
(8,725)
(7,471)
Lease payments to joint ventures and associates
(241)
(244)
Guarantees of joint arrangements\u2019 and associates\u2019 borrowings
\u2013
2
Guarantees of non-wholly owned subsidiaries\u2019 borrowings
4
3
Dividends received from joint ventures and associates
77
54
Other income received from joint ventures and associates
7
6
1 Sales of goods and services to related parties and purchases of goods and services from related parties, including joint ventures and associates, are included at the average exchange rate, consistent with the statutory income statement Included in sales of goods and services to related parties are sales of spare engines amounting to \u00a348m (2023: \u00a348m). Profit recognised in the year on such sales amounted to \u00a362m (2023: \u00a388m), including profit on current year sales and recognition of profit deferred on similar sales in previous years. Cash receipts relating to the sale of spare engines amounted to \u00a348m (2023: \u00a373m). Included in cost of sales in the income statement are interest costs of \u00a39m (2023: \u00a334m) incurred during the year which have been settled by the Group on behalf of joint ventures. The aggregated balances with joint ventures are shown in notes 14 and 19. Transactions with Group pension schemes are shown in note 22. Key management personnel are deemed to be the Directors (pages 68 to 69) and the members of the Executive Team (described on page 78). Remuneration for key management personnel is shown below:
2024 2023
\u00a3m \u00a3m
Salaries and benefits
29
26
Included in the above:
Post-retirement schemes
1
\u2013
Share-based payments
13
15
During the year, no Directors (2023: one) received termination benefits. For further detail, see the Remuneration Report. More detailed information regarding the Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term incentive plan is shown in the Remuneration Report on pages 86 to 110. The charge for share-based payments above is based on when the award is charged to the income statement in accordance with IFRS 2 Share-Based Payments, rather than when the shares vest, which is the basis used in the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-766": { "value": "Key management personnel are deemed to be the Directors (pages 68 to 69) and the members of the Executive Team (described on page 78). Remuneration for key management personnel is shown below:
2024 2023
\u00a3m \u00a3m
Salaries and benefits
29
26
Included in the above:
Post-retirement schemes
1
\u2013
Share-based payments
13
15
During the year, no Directors (2023: one) received termination benefits. For further detail, see the Remuneration Report. More detailed information regarding the Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term incentive plan is shown in the Remuneration Report on pages 86 to 110. The charge for share-based payments above is based on when the award is charged to the income statement in accordance with IFRS 2 Share-Based Payments, rather than when the shares vest, which is the basis used in the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-698": { "value": "
27 Business disposals and businesses held for sale
Disposals
At 31 December 2023, the Group had classified the assets and liabilities related to part of the Power Systems\u2019 lower power range engines business
as held for sale as, in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the business was available for sale in its
current condition and the sale was considered highly probable. A disposal agreement was signed with Deutz AG on 28 March 2024 and the
disposal completed on 31 July 2024 for cash consideration of \u00a362m. The carrying value of the net assets derecognised was \u00a342m, with a \u00a316m
profit on disposal after costs.
2024
\u00a3m
Proceeds
Net cash consideration at prevailing exchange rate and at effective hedged rate
62
Cash flow on disposal of business per cash flow statement
62
Intangible assets
49
Inventory
4
Provisions for liabilities and charges
(6)
Contract liabilities
(4)
Post-retirement scheme deficits
(1)
Less: Net assets disposed
42
Profit on disposal before disposal costs and accounting adjustments
20
Disposal costs
(4)
Profit on disposal of business before and after taxation
16
Profit on disposal of businesses per income statement
16
Businesses held for sale
At 31 December 2024, the Group had classified the assets and liabilities related to its naval propulsors & handling business as held for sale as, in
line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the business was available for sale in its current condition and
the sale was considered highly probable. On 18 September 2024, the Group and Fairbanks Morse Defense signed a sale and disposal agreement,
with completion anticipated during 2025.
At 31 December 2023, assets and liabilities related to part of Power Systems\u2019 lower power range engines business were held for sale, as set out
above this sale completed on 31 July 2024.
Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Assets and liabilities held for sale are
summarised in the table below.
2024 2023
\u00a3m \u00a3m
Intangible assets
13
51
Property, plant and equipment
51
\u2013
Right-of-use assets
1
\u2013
Inventory
24
11
Trade receivables and other assets
64
47
Assets held for sale
153
109
Trade payables and other liabilities
(96)
(41)
Contract liabilities
(4)
Provisions for liabilities and charges
(3)
(8)
Borrowings and lease liabilities
(1)
\u2013
Post-retirement scheme deficits
(2)
Liabilities associated with assets held for sale
(100)
(55)
Net assets held for sale
53
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-767": { "value": "27 Business disposals and businesses held for sale Disposals At 31 December 2023, the Group had classified the assets and liabilities related to part of the Power Systems\u2019 lower power range engines business as held for sale as, in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the business was available for sale in its current condition and the sale was considered highly probable. A disposal agreement was signed with Deutz AG on 28 March 2024 and the disposal completed on 31 July 2024 for cash consideration of \u00a362m. The carrying value of the net assets derecognised was \u00a342m, with a \u00a316m profit on disposal after costs.
2024
\u00a3m
Proceeds
Net cash consideration at prevailing exchange rate and at effective hedged rate
62
Cash flow on disposal of business per cash flow statement
62
Intangible assets
49
Inventory
4
Provisions for liabilities and charges
(6)
Contract liabilities
(4)
Post-retirement scheme deficits
(1)
Less: Net assets disposed
42
Profit on disposal before disposal costs and accounting adjustments
20
Disposal costs
(4)
Profit on disposal of business before and after taxation
16
Profit on disposal of businesses per income statement
16
Businesses held for sale At 31 December 2024, the Group had classified the assets and liabilities related to its naval propulsors & handling business as held for sale as, in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the business was available for sale in its current condition and the sale was considered highly probable. On 18 September 2024, the Group and Fairbanks Morse Defense signed a sale and disposal agreement, with completion anticipated during 2025. At 31 December 2023, assets and liabilities related to part of Power Systems\u2019 lower power range engines business were held for sale, as set out above this sale completed on 31 July 2024. Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Assets and liabilities held for sale are summarised in the table below.
2024 2023
\u00a3m \u00a3m
Intangible assets
13
51
Property, plant and equipment
51
\u2013
Right-of-use assets
1
\u2013
Inventory
24
11
Trade receivables and other assets
64
47
Assets held for sale
153
109
Trade payables and other liabilities
(96)
(41)
Contract liabilities
(4)
Provisions for liabilities and charges
(3)
(8)
Borrowings and lease liabilities
(1)
\u2013
Post-retirement scheme deficits
(2)
Liabilities associated with assets held for sale
(100)
(55)
Net assets held for sale
53
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-744": { "value": "27 Business disposals and businesses held for sale Disposals At 31 December 2023, the Group had classified the assets and liabilities related to part of the Power Systems\u2019 lower power range engines business as held for sale as, in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the business was available for sale in its current condition and the sale was considered highly probable. A disposal agreement was signed with Deutz AG on 28 March 2024 and the disposal completed on 31 July 2024 for cash consideration of \u00a362m. The carrying value of the net assets derecognised was \u00a342m, with a \u00a316m profit on disposal after costs.
2024
\u00a3m
Proceeds
Net cash consideration at prevailing exchange rate and at effective hedged rate
62
Cash flow on disposal of business per cash flow statement
62
Intangible assets
49
Inventory
4
Provisions for liabilities and charges
(6)
Contract liabilities
(4)
Post-retirement scheme deficits
(1)
Less: Net assets disposed
42
Profit on disposal before disposal costs and accounting adjustments
20
Disposal costs
(4)
Profit on disposal of business before and after taxation
16
Profit on disposal of businesses per income statement
16
Businesses held for sale At 31 December 2024, the Group had classified the assets and liabilities related to its naval propulsors & handling business as held for sale as, in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the business was available for sale in its current condition and the sale was considered highly probable. On 18 September 2024, the Group and Fairbanks Morse Defense signed a sale and disposal agreement, with completion anticipated during 2025. At 31 December 2023, assets and liabilities related to part of Power Systems\u2019 lower power range engines business were held for sale, as set out above this sale completed on 31 July 2024. Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Assets and liabilities held for sale are summarised in the table below.
2024 2023
\u00a3m \u00a3m
Intangible assets
13
51
Property, plant and equipment
51
\u2013
Right-of-use assets
1
\u2013
Inventory
24
11
Trade receivables and other assets
64
47
Assets held for sale
153
109
Trade payables and other liabilities
(96)
(41)
Contract liabilities
(4)
Provisions for liabilities and charges
(3)
(8)
Borrowings and lease liabilities
(1)
\u2013
Post-retirement scheme deficits
(2)
Liabilities associated with assets held for sale
(100)
(55)
Net assets held for sale
53
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-699": { "value": "
28 Derivation of summary funds flow statement
2024
2023
Impact of
other
Impact of non-
Impact of acquisition underlying
Cash flow hedge book accounting items Funds flow Funds flow
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Operating profit/(loss)
2,906
(191)
45
(296)
2,464
1,590
Loss on disposal of property, plant and equipment
1
32
\u2013
\u2013
\u2013
32
18
Loss on disposal of intangible assets
1
6
\u2013
\u2013
\u2013
6
\u2013
Joint venture trading
1
(95)
\u2013
\u2013
\u2013
(95)
(119)
Depreciation, amortisation and impairment
543
\u2013
(45)
355
853
978
Movement in provisions
(56)
(56)
\u2013
(55)
(167)
(258)
(Increase)/decrease in inventories
2
(323)
\u2013
\u2013
\u2013
(323)
(200)
Movement in prepayments to RRSAs for LTSA parts
(348)
129
\u2013
\u2013
(219)
(252)
Movement in cost to obtain contracts
(19)
1
\u2013
\u2013
(18)
(40)
Movement in trade receivables/payables and other assets/liabilities
2
524
(341)
\u2013
(17)
166
(2,251)
Revaluation of trading assets
2
24
(38)
\u2013
\u2013
(14)
196
Realised derivatives in financing
652
\u2013
\u2013
\u2013
652
853
Movement in Civil LTSA balance
1,193
(283)
\u2013
\u2013
910
1,331
Movement in contract assets/liabilities (excluding Civil LTSA)
2
(441)
108
\u2013
132
(201)
1,046
Settlement of excess derivatives
(146)
\u2013
\u2013
\u2013
(146)
(389)
Interest received
269
\u2013
\u2013
\u2013
269
159
Contributions to defined benefit schemes in excess of underlying
operating profit charge
1
(18)
\u2013
\u2013
(13)
(31)
(26)
Cash flows on other financial assets and liabilities held for operating
purposes
(676)
652
\u2013
\u2013
(24)
8
Share-based payments
1
136
\u2013
\u2013
\u2013
136
66
Other
1
\u2013
(5)
\u2013
\u2013
(5)
(7)
Income tax
(381)
\u2013
\u2013
\u2013
(381)
(172)
Cash from operating activities
3,782
(24)
\u2013
106
3,864
2,531
Capital element of lease payments
(299)
24
\u2013
\u2013
(275)
(270)
Capital expenditure
(876)
\u2013
\u2013
\u2013
(876)
(695)
Investments
16
\u2013
\u2013
\u2013
16
69
Interest paid
(298)
\u2013
\u2013
\u2013
(298)
(333)
Other (M&A, restructuring and exceptional transformation costs)
100
\u2013
\u2013
(106)
(6)
(17)
Free cash flow
2,425
\u2013
\u2013
\u2013
2,425
1,285
1 Included in other operating cash flows in the summarised free cash flow on page 23
2 Included in working capital (excluding Civil LTSA balance) in the summarised free cash flow on page 23
The comparative information to 31 December 2024 has been presented in a different format to align to the current year presentation. In some
instances, the groupings of items may have changed.
Free cash flow is a measure of the financial performance of the businesses\u2019 cash flows which is consistent with the way in which performance is
communicated to the Board. Free cash flow is defined as cash flows from operating activities including capital expenditure and movements in
investments, capital elements of lease payments, interest paid, amounts paid relating to the settlement of excess derivatives and excluding
amounts spent or received on activity related to business acquisitions or disposals and other material exceptional or one-off cash flows. The
Board considers that free cash flow reflects cash generated from the Group\u2019s underlying trading.
Cash flow from operating activities is determined to be the nearest statutory measure to free cash flow. The reconciliation between free cash
flow and cash flow from operating activities can be found on page 218.
", "dimensions": { "concept": "rollsroyceholdings:DisclosureOfDerivationOfSummaryFundsFlowStatement", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-700": { "value": "
% of class
Company name
Address
Class of shares
 held
Aerospace Transmission Technologies GmbH
1
Adelheidstrasse 40, D-88046, Friedrichshafen, Germany
Capital Stock
50
Amalgamated Power Engineering Limited
2
London
3
Deferred 100
Ordinary 100
Bristol Siddeley Engines Limited
2
London
3
Ordinary
100
Brown Brothers & Company, Limited
4
Taxiway, Hillend Industrial Estate, Dalgety Bay, Dunfermline, Fife
Ordinary
100
KY11 9JT, Scotland
C A Parsons & Company Limited
4
London
3
Ordinary
100
Derby Specialist Fabrications Limited
2
London
3
Ordinary
100
Europea Microfusioni Aerospaziali S.p.A.
Zona Industriale AS1, 83040 Morra de Sanctis, Avellino, Italy
Ordinary
100
Heaton Power Limited
2
London
3
Ordinary
100
John Thompson Cochran Limited
2
Taxiway, Hillend Industrial Estate, Dalgety Bay, Dunfermline, Fife 6% Cumulative 100
KY11 9JT, Scotland Preference
Ordinary 100
Karl Maybach-Hilfe GmbH i.l.
9
Maybachplatz 1, 88045, Friedrichshafen, Germany
Capital Stock
100
Kinolt Immo SA
Rue de l\u2019Avenir 61, 4460, Grace-Hollogne, Belgium
Ordinary
100
Kinolt Immobilien SA
Rue de l\u2019Avenir 61, 4460, Grace-Hollogne, Belgium
Ordinary
100
Kinolt Sistemas de UPS SpA
Bucarest No 17 Oficina, No 33, Previdencia, Santiago, Chile
Ordinary
100
Kinolt UK Limited
2
London
3
Ordinary
100
LLC Rolls-Royce Solutions Rus
2
Shabolovka Street 2, 119049, Moscow, Russian Federation
Ordinary
100
MTU Cooltech Power Systems Co., Limited
1
Building No 2, No 1633 Tianchen Road, Quingpu District, Shanghai,
Equity
50
China
MTU India Private Limited
6
6th Floor, RMZ Galleria, S/Y No. 144 Bengaluru, Bangalore,
Ordinary
100
Kamataka
560,064, India
MTU Polska Sp. z o.o.
ul. Ho\u017ca 86, lokal 410, 00-682 Warsaw, Poland
Ordinary
100
NEI International Combustion Limited
2
London
3
Ordinary
100
NEI Mining Equipment Limited
2
London
3
Ordinary
100
NEI Nuclear Systems Limited
2
London
3
Ordinary
100
NEI Parsons Limited
2
London
3
Ordinary
100
NEI Peebles Limited
2
London
3
Ordinary
100
NEI Power Projects Limited
2
London
3
Ordinary
100
Nightingale Insurance Limited
PO Box 33, Dorey Court, Admiral Park, St Peter Port GY1 4AT,
Ordinary
100
Guernsey
No-Break Power Limited
2
London
3
Ordinary
100
Powerfield Limited
2
Derby
7
Ordinary
100
PT Rolls-Royce
Secure Building Blok B, Jl. Raya Protokol Halim, Perdanakusuma,
Ordinary
100
Jakarta, 13610,
Indonesia
PT Rolls Royce Solutions Indonesia
Secure Building Blok B, Jl. Raya Protokol Halim, Perdanakusuma,
Ordinary
100
Jakarta, 13610,
Indonesia
Rolls-Royce (Ireland) Unlimited Company
2
Ulster International Finance, 1st Floor IFSC House, IFSC Dublin,
Ordinary
100
Dublin, County Dublin, DO1R 2P9, Ireland
Rolls-Royce (Thailand) Limited
989
Floor 12A, Unit B1, B2, Siam Piwat Tower, Rama 1, Pathumwan,
Ordinary
100
Bangkok,
10
330, Thailand
Rolls-Royce Aero Engine Services Limited
2
London
3
Ordinary
100
Rolls-Royce Australia Pty Limited
Suite 14.03, Level 14, 130 Pitt St, Sydney NSW 2000, Australia
Ordinary
100
Rolls-Royce Australia Services Pty Limited
Suite 14.03, Level 14, 130 Pitt St, Sydney NSW 2000, Australia
Ordinary
100
Rolls-Royce Brasil Limitada
Rua Jose Versolato, No. 111, Torre B, Sala 2502, Centro, S\u00e3o
Quotas
100
Bernando do Campo, S\u00e3o Paulo, CEP 09750-730, Brazil
Rolls-Royce Canada Limited
9500
C\u00f4te de Liesse, Lachine, Qu\u00e9bec H8T 1A2, Canada
Common
100
Stock
Rolls-Royce Chile SpA
Rosario Norte #407 Depto. #1601 Comuna Las Condes Ciudad
Ordinary
100
Santiago, Chile
Rolls-Royce China Holding Limited
305
Indigo Building 1, 20 Jiuxianqiao Road, Beijing, 100016, China
Ordinary
100
Rolls-Royce Commercial Aero Engines
London
3
Ordinary
100
Limited
2
Rolls-Royce Controls and Data Services
London
3
Ordinary
100
Limited
2
Rolls-Royce Controls and Data Services (NZ) Deloitte Centre, Level 20, 1 Queen Street, Auckland, 10103,
Ordinary
100
Limited New Zealand
Rolls-Royce Controls and Data Services (UK)
Derby
7
Ordinary
100
Limited
4
As at 31 December 2024, the companies listed below and on the following pages are indirectly held by Rolls-Royce Holdings plc, except Rolls-Royce Group Limited, which is 100% directly owned by Rolls-Royce Holdings plc and Rolls-Royce plc which Rolls-Royce Holdings plc directly owns 3.54%. The financial year end of each company is 31 December unless otherwise indicated. Subsidiaries
% of class
Company name
Address
Class of shares
 held
Rolls-Royce Corporation
Wilmington
8
Common 100
Stock
Rolls-Royce Crosspointe LLC
Wilmington
8
Partnership 100
(no equity
held)
Rolls-Royce Defense Products and Solutions
Wilmington
8
Common 100
Inc\ufffd Stock
Rolls-Royce Defense Services Inc.
Wilmington
8
Common 100
Stock
Rolls-Royce Deutschland Ltd & Co KG
Eschenweg
11,
15827
Blankenfelde-Mahlow OT Dahlewitz, Germany
Partnership
100
(no equity
held)
Rolls-Royce Electrical Norway AS
Jarleveien 8A, 7041, Trondheim, Norway
Ordinary
100
Rolls-Royce Energy Angola, Limitada
2
Casa no. 174, Largo Leite Duarte, Bairro Miramar, Luanda,
Quota
100
Municipality of Ingombota, Angola
Rolls-Royce Energy Systems Inc.
2
Wilmington
8
Common 100
Stock
Rolls-Royce Engine Services Holdings Co.
Wilmington
8
Common 100
Stock
Rolls-Royce Engine Services Limitada Inc.
9
Bldg. 06 Berthaphil Compound, Jose Abad Santos Avenue,
Capital Stock
100
Rolls-Royce Erste Beteiligungs GmbH
Clark Special Economic Zone, Clark, Pampanga, Philippines
Eschenweg 11,
15827
Blankenfelde-Mahlow OT Dahlewitz, Germany
Capital Stock
100
Rolls-Royce Finance Company Limited
2
London
3
Deferred 100
Ordinary 100
Rolls-Royce Finance Holdings Co.
Wilmington
8
Common 100
Stock
Rolls-Royce Fuel Cell Systems Limited
4
Derby
7
Ordinary
100
Rolls-Royce General Partner (Ireland)
29 Earlsfort Terrace, Dublin 2, Dublin D02 AY28, Ireland
Ordinary
100
Limited
Rolls-Royce General Partner Limited
2
London
3
Ordinary
100
Rolls-Royce Group Limited
13
London
3
Ordinary 100
Ordinary A
Rolls-Royce High Temperature Composites Corporation Service Company, 2710 Gateway Oaks Drive,
Ordinary
100
Inc\ufffd Suite 150N, Sacramento, California 95833, United States
Rolls-Royce Holdings Canada Inc.
9500
C\u00f4te de Liesse, Lachine, Qu\u00e9bec H8T 1A2, Canada
Common C
100
Rolls-Royce Hungary Kft
Gizella U. 51\u201357, 1143 Budapest, Hungary
Cash shares
100
Rolls-Royce India Limited
2, 6, 10
Derby
7
Ordinary
100
Rolls-Royce India Private Limited
6
Birla Tower West, 2nd Floor 25, Barakhamba Road, New Delhi,
Equity
100
11
0
001, India
Rolls-Royce Industrial & Marine Power
London
3
Ordinary
100
Limited
4
Rolls-Royce Industrial Power (India)
Derby
7
Ordinary
100
Limited
2, 6, 10
Rolls-Royce Industrial Power Engineering
Derby
7
Ordinary
100
(Overseas Projects) Limited
4
Rolls-Royce Industries Limited
4
Derby
7
Ordinary
100
Rolls-Royce International Limited
Derby
7
Ordinary
100
Rolls-Royce Japan Co., Limited
31st Floor, Kasumigaseki Building, 3-2-5 Kasumigaseki,
Ordinary
100
Chiyoda-Ku, Tokyo, 100-6031, Japan
Rolls-Royce Leasing Limited
Derby
7
Ordinary
100
Rolls-Royce Malaysia Sdn. Bhd.
Unit A-3-6 TTDI Plaza, Jalan Wan Kadir 3, Taman Tun Dr Ismail,
Ordinary
100
6000
Kuala Lumpur, Malaysia
Rolls-Royce Marine North America Inc.
Wilmington
8
Common 100
Stock
Rolls-Royce Military Aero Engines
London
3
Ordinary
100
Limited
2, 6, 10
Rolls-Royce New Zealand Limited
Deloitte Centre, Level 20, 1 Queen Street, Auckland, 10103,
New Zealand
Ordinary
100
Rolls-Royce North America (USA)
Wilmington
8
Common 100
Holdings Co. Stock
Rolls-Royce North America Holdings Inc.
Wilmington
8
Common 100
Stock
Rolls-Royce North America Ventures Inc.
Wilmington
8
Common 100
Stock
Rolls-Royce North America Inc.
Wilmington
8
Common 100
Stock
% of class Company name Address Class of shares held Rolls-Royce North American Technologies Wilmington8 Common 100 Inc\ufffd Stock Rolls-Royce Oman LLC Bait Al Reem, Business Office #131, Building No 81, Way No 3409, Ordinary 100 Block No 234, Al Thaqafa Street, Al Khuwair, PO Box 20, Postal Code 103, Oman Rolls-Royce Operations (India) Birla Tower West, 2nd Floor, 25 Barakhamba Road, New Delhi, Ordinary 100 Private Limited2, 6 11 0 001, India Rolls-Royce Overseas Holdings Limited4 Derby7 Ordinary 100 Ordinary A 100 Rolls-Royce Overseas Investments Limited4 Derby7 Ordinary 100 Rolls-Royce Placements Limited2 London3 Ordinary 100 Rolls-Royce plc London3 Ordinary 100 Rolls-Royce Power Engineering Limited Derby7 Ordinary 100 Rolls-Royce Power Systems AG Maybachplatz 1, 88045, Friedrichshafen, Germany Ordinary 100 Rolls-Royce Retirement Savings Trust Derby7 Ordinary 100 Limited2, 6 Rolls-Royce Saudi Arabia Limited 3010 \u2013 Al Arid, Riyadh 13332 \u2013 7663, Saudi Arabia Cash shares 100 Rolls-Royce Singapore Pte. Ltd. 6 Shenton Way, #33-00 OUE, Downtown Singapore 068809, Ordinary 100 Singapore Rolls-Royce SMR Limited Derby7 Ordinary 70.5 Rolls-Royce Solutions (Suzhou) Co. Ltd 9 Long Yun Road, Suzhou Industrial Park, Suzhou 215024, Ordinary 100 Jiang Su, China Rolls-Royce Solutions Africa (Pty) Limited 36 Marconi Street, Montague Gardens, Cape Town, 7441, South Africa Capital Stock 100 Rolls-Royce Solutions America Inc. West Tenth Street, Wilmington \u2013 Delaware DE 19808, 100 United States Ordinary 100 Rolls-Royce Solutions Asia Pte. Limited 10 Tukang Innovation Drive, Singapore 618302 Ordinary 100 Rolls-Royce Solutions Augsburg GmbH Dasinger Strasse 11, 86165, Augsburg, Germany Capital Stock 100 Rolls-Royce Solutions Benelux B.V. Merwedestraat 86, 3313 CS, Dordrecht, Netherlands Ordinary 100 Rolls-Royce Solutions Brasil Limitada Via Anhanguera, KM 29203, 05276-000 S\u00e3o Paulo \u2013 SP, Brazil Quotas 100 Rolls-Royce Solutions Enerji Deniz Ve Hatira Sokak, No. 5, \u00d6merli Mahellesi, 34555 Arnavutk\u00f6y, Ordinary 100 Savunma Anonim \u015eirketi Istanbul, Turkey Rolls-Royce Solutions France S.A.S. Immeuble Colorado, 8/10 rue de Rosa Luxembourg-Parc des Ordinary 100 Bellevues 95610, Erangy-sur-Oise, France Rolls-Royce Solutions GmbH Maybachplatz 1, 88045, Friedrichshafen, Germany Capital Stock 100 Rolls-Royce Solutions Hong Kong Limited 14/F, Chinabest International Centre, 8 Kwai On Road, Kwai Chung, Ordinary 100 N.T., Hong Kong Rolls-Royce Solutions Ib\u00e9rica s.l.u. Paseo de las Flores 46, 28823 Coslada, Madrid, Spain Ordinary 100 Rolls-Royce Solutions Israel Limited 6 Meir Ariel St., Natanya, Israel Ordinary 100 Rolls-Royce Solutions Italia S.r.l. Via Aurelia Nord, 328, 19021 Arcola (SP), Italy Capital Stock 100 Rolls-Royce Solutions Japan Co. Limited 14-3, Nishitenma 4-chome, Kita-ku, Osaka 530-0047, Japan Ordinary 100 Rolls-Royce Solutions Korea Limited Unit 301, The Square, 9 Mulgeum-ro, Mulgeum-eup, Yangsan-si, Ordinary 100 Gyeongsangnam-do 50657, Republic of Korea Rolls-Royce Solutions Li\u00e8ge Holding S.A. Rue de l\u2019Avenir 61, 4460, Grace-Hollogne, Belgium Ordinary 100 Rolls-Royce Solutions Li\u00e8ge S.A. Rue de l\u2019Avenir 61, 4460, Grace-Hollogne, Belgium Ordinary 100 Rolls-Royce Solutions Magdeburg GmbH Friedrich-List-Strasse 8, 39122 Magdeburg, Germany Capital Stock 100 Rolls-Royce Solutions Malaysia Sdn. Bhd. Platinum Sentral, Jalan Stesen Sentral 2, 50470 Kuala Lumpur, Office no. B329, Spaces Platinum Sentral, Lot G02-G07, Level 3 Ordinary 100 Malaysia Rolls-Royce Solutions Mexico City S.A. Xochicalco 620, Colonia Letran Valle, Delegacion Benito Juarez, Common 100 de C.V. Mexico City 03650, Mexico Shares Rolls-Royce Solutions Middle East FZE S3B5SR06, Jebel Ali Free Zone, South P.O. Box 61141, Dubai, Ordinary 100 United Arab Emirates Rolls-Royce Solutions Ruhstorf GmbH Rotthofer Strasse 8, 94099 Ruhstorf a.d. Rott, Germany Capital Stock 100 Rolls-Royce Solutions South Africa (Pty) 36 Marconi Street, Montague Gardens, Cape Town, 7441, Ordinary 100 Limited South Africa Rolls-Royce Solutions Trading and REGUS Service Office, Office No. 1034, Shoumoukh Tower, 10th Ordinary 49 Contracting LLC5 Floor, Tower B, C-Ring Road, Al Sadd, PO Box 207207, Doha, Qatar Rolls-Royce Solutions UK Limited Derby7 Ordinary 100 Rolls-Royce Solutions Willich GmbH Konrad-Zuse-Str. 3, 47877, Willich, Germany Capital Stock 100 Rolls-Royce Sp z.o.o. Opolska 100 31-323, Krakow, Poland Ordinary 100 Rolls-Royce Submarines Limited Atlantic House, Raynesway, Derby, Derbyshire DE21 7BE, United Kingdom
% of class
Company name
Address
Class of shares
 held
Rolls-Royce Technical Support Sarl
Site Motoristes Vendor-Village, 46 avenue Jean Monnet, 31770,
Ordinary
100
Colomiers, France
Rolls-Royce Total Care Services Limited
4
Derby
7
Ordinary
100
Rolls Royce Turkey G\u00fc\u00e7 \u00c7\u00f6z\u00fcmleri San. ve Cumhuriyet Mah. Yakac\u0131k D-100 Kuzey Yanyol Cad. No: 25 Kartal,
Cash shares
100
Tic.Ltd.\u015eti. Istanbul, T\u00fcrkiye
Rolls-Royce UK Pension Fund Trustees
Derby
7
Ordinary
100
Limited
2
Rolls-Royce Zweite Beteiligungs GmbH
Eschenweg 11,
15827
Blankenfelde-Mahlow OT Dahlewitz, Germany
Capital Stock
100
Ross Ceramics Limited
4
Derby
7
Ordinary
100
Servowatch Systems Limited
4
London
3
Ordinary
100
Sharing in Growth UK Limited
11
Moor Lane, Allenton, Derby DE24 9HY, United Kingdom
Limited by
100
guarantee
Spare IPG 20 Limited
4
London
3
Ordinary
100
Spare IPG 21 Limited
2
London
3
Ordinary
100
Spare IPG 24 Limited
4
London
3
Ordinary
100
Spare IPG 32 Limited
4
London
3
Ordinary
100
Spare IPG 4 Limited
2
London
3
Ordinary
100
Team Italia Marine S.R.L.
Kampanien, Via Luigi Einaudi 114/B, 61032 Fano, Pesaro and
Ordinary
100
Urbino, Italy
The Bushing Company Limited
4
London
3
Ordinary
100
Timec 1487 Limited
2
London
3
Ordinary
100
Turbine Surface Technologies Limited
1
Unit 13a, Little Oak Drive, Sherwood Park, Annesley, Ordinary A Nil
Nottinghamshire NG15 0DR, United Kingdom Ordinary B 100
Vessel Lifter Inc.
2
Corporation Service Company, 1201 Hays Street, Tallahassee, Common 100
Florida 32301, United States Stock
Vinters Defence Systems Limited
2
London
3
Ordinary
100
Vinters Engineering Limited
Derby
7
Ordinary
100
Vinters International Limited
4
Derby
7
Ordinary
100
Vinters Limited
4
Derby
7
Ordinary
100
Vinters-Armstrongs (Engineers) Limited
2
London
3
Ordinary
100
Vinters-Armstrongs Limited
2
London
3
Ordinary B
100
Yocova Private Ltd
London
3
Ordinary
100
Yocova PTE. Ltd.
2
6 Shenton Way, #33-00 OUE, Downtown Singapore 068809,
Ordinary
100
Singapore
1 Although the interest held is 50%, the Company controls the entity (see note 1 to the Consolidated Financial Statements) and, as a result, consolidates the entity and records
a non-controlling interest
2 Dormant entity
3 Kings Place, 90 York Way, London N1 9FX, United Kingdom
4 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ended 31 December 2024. Rolls-Royce plc will issue a guarantee pursuant to s479A in relation
to the liabilities of the entity
5 Although the interest held is 49%, the Company controls the entity (see note 1 to the Consolidated Financial Statements) and, as a result, consolidates the entity and records
a non-controlling interest
6 Reporting year end is 31 March 2025
7 Moor Lane, Derby, Derbyshire DE24 8BJ, United Kingdom
8 Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808, United States
9 Entity in liquidation
10 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ending 31 March 2025. Rolls-Royce plc will issue a guarantee pursuant to S479A in relation
to the liabilities of the entity
11 The entity is not included in the consolidation, as Rolls-Royce plc does not have a beneficial interest in the net assets of the entity
12 The entity is accounted for as a joint operation (see note 1 to the Consolidated Financial Statements)
13 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ended 31 December 2025. The Company will issue a guarantee pursuant to s479A in relation
to the liabilities of the entity
14 Entity is accounted for as a joint venture as approval is required from the other shareholder for operationally running the affairs of the entity
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-701": { "value": "
Group
interest
% of class held
Company name
Address
Class of shares
 held %
Aero Gearbox International SAS
12
18 Boulevard Louis Sequin, 92700 Colombes, France
Ordinary
50
50
Airtanker Services Limited
Airtanker Hub, RAF Brize Norton, Carterton, Oxfordshire
Ordinary
23\ufffd5
23\ufffd5
OX18 3LX, United Kingdom
Alpha Leasing (US) (No.2) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.4) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.5) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.6) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.7) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.8) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Partners Leasing Limited
1 Brewer\u2019s Green, London SW1H 0RH, United Kingdom
Ordinary A
100 50
Ordinary B Nil
Beijing Aero Engine Services Company No. 12 Jinhang Middle Road, Shunyi District, (Tianzhu
Capital
50
50
Limited Comprehensive Bonded Zone Bonded Function Zone 2),
Beijing, China
CFMS Limited
43 Queen Square, Bristol BS1 4QP, United Kingdom
Limited by
\u2013
33\ufffd3
guarantee
Clarke Chapman Portia Port Services Maritime Centre, Port of Liverpool, Liverpool L21 1LA, Ordinary A 100 50
Limited
2
United Kingdom Ordinary B Nil
Egypt Aero Management Services
9
Maintenance and Technical Works Company Building,
Ordinary
50
50
Room No. 204, Second Floor, Airport Road, El Nozha,
Cairo
EPI Europrop International GmbH
Pelkovenstr. 147, 80992 M\u00fcnchen, Germany
Capital Stock
28
28
Eurojet Turbo GmbH
Lilienthalstrasse 2b, 85399 Halbergmoos, Germany
Ordinary
33
33
Force MTU Power Systems Private Limited
Mumbai Pune Road, Akurdi, Pune, Maharashtra 411035,
Capital Stock
49
49
India
Genistics Holdings Limited
Derby
7
Ordinary A 100 50
Ordinary B Nil
Global Aerospace Centre for Icing and
1000
Marie-Victorin Boulevard, Longueuil Qu\u00e9bec
Ordinary
50
50
Environmental Research Inc.
12
J4G 1A1, Canada
Hoeller Electrolyzer GmbH
14
Alter Holzhafen, 23966 Wismar, Germany
Ordinary
54\ufffd2
54\ufffd2
Hong Kong Aero Engine Services Limited
33rd Floor, One Pacific Place, 88 Queensway, Hong Kong
Ordinary
50
50
International Aerospace Manufacturing Survey No. 3 Kempapura Village, Varthur Hobli,
Ordinary
50
50
Private Limited
6, 12
Bangalore, KA 560037, India
ITP Next Generation Turbines SL
Parque Tecnologico Edificio 300, 48170, Zamudio,
Ordinary A Nil 25
Vizcaya, Spain Ordinary B 100
Light Helicopter Turbine Engine Company
Suite
119,
9238
Madison Boulevard, Madison, Alabama
Partnership
\u2013
50
(unincorporated partnership)
35
758, United States
(no equity held)
Manse Opus Management Company Third Floor Queensberry House, 3 Old Burlington Street, Limited by
33\ufffd3
33\ufffd3
Limited
6
London W1S 3AE, United Kingdom guarantee
MEST Co., Limited
97 Bukjeonggongdan 2-gil, Yangsan-si,
Normal
46\ufffd8
46\ufffd8
Gyeongsangnam-do, 50571, Republic of Korea
MTU Power Systems Sdn. Bhd.
32 Floor, UBN Tower, 20 Jalan P Ramlee, 50250 Kuala
Ordinary A 100 49
Lumpur, Malaysia Ordinary B Nil
MTU Turbomeca Rolls-Royce ITP GmbH
Am S\u00f6ldnermoos 17, 85399 Hallbergmoos, Germany
Capital Stock
25
25
MTU Turbomeca Rolls-Royce GmbH
Am S\u00f6ldnermoos 17, 85399 Hallbergmoos, Germany
Capital Stock
33\ufffd3
33\ufffd3
MTU Yuchai Power Company Limited
No 7 Danan Road, Yuzhou, Yulin, Guangxi, China, 537005,
Capital Stock
50
50
China
N3 Engine Overhaul Services GmbH
Gerhard-H\u00f6ltje-Strasse 1, D-99310, Arnstadt, Germany
Capital Stock
50
50
& Co KG
N3 Engine Overhaul Services
Gerhard-H\u00f6ltje-Strasse 1, D-99310, Arnstadt, Germany
Capital Stock
50
50
Verwaltungsgesellschaft Mbh
Rolls Laval Heat Exchangers Limited
2
Derby
7
Ordinary
50
50
Rolls-Royce & Partners Finance (US)
Wilmington
8
Partnership
\u2013
50
(No 2) LLC (no equity held)
Rolls-Royce & Partners Finance (US) LLC
Wilmington
8
Partnership \u2013 50
(no equity held)
Joint ventures and associates 1 Although the interest held is 50%, the Company controls the entity (see note 1 to the Consolidated Financial Statements) and, as a result, consolidates the entity and records a non-controlling interest 2 Dormant entity 3 Kings Place, 90 York Way, London N1 9FX, United Kingdom 4 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ended 31 December 2024. Rolls-Royce plc will issue a guarantee pursuant to s479A in relation to the liabilities of the entity 5 Although the interest held is 49%, the Company controls the entity (see note 1 to the Consolidated Financial Statements) and, as a result, consolidates the entity and records a non-controlling interest 6 Reporting year end is 31 March 2025 7 Moor Lane, Derby, Derbyshire DE24 8BJ, United Kingdom 8 Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19809, United States 9 Entity in liquidation 10 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ending 31 March 2025. Rolls-Royce plc will issue a guarantee pursuant to S479A in relation to the liabilities of the entity 11 The entity is not included in the consolidation, as Rolls-Royce plc does not have a beneficial interest in the net assets of the entity 12 The entity is accounted for as a joint operation (see note 1 to the Consolidated Financial Statements) 13 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ended 31 December 2024. The Company will issue a guarantee pursuant to s479A in relation to the liabilities of the entity 14 Entity is accounted for as a joint venture as approval is required from the other shareholder for operationally running the affairs of the entity
Group
interest
% of class held
Company name
Address
Class of shares
 held %
SAFYRR Propulsion Limited
2
Derby
7
A Shares Nil 50
B Shares 100
Singapore Aero Engine Services Private
11 Calshot Road, 509932, Singapore
Ordinary
50
50
Limited
Taec Ucak Motor Sanayi AS
2
Levent Mahallesi Prof. Ahmet Kemal Aru Sk. No: 4/1,
Cash Shares
49
49
Be\u015fikta\u015f, Turkey
Techjet Aerofoils Limited
12
Tefen Industrial Zone, PO Box 16, 24959, Israel
Ordinary A
50 50
Ordinary B 50
TRT Limited
2 Bramble Way, Clover Nook Industrial Estate
Ordinary A Nil 50
Somercotes, Derbyshire DE55 4RH, United Kingdom Ordinary B 100
1C Nil
Turbo-Union GmbH
Lilienthalstrasse 2b, 85399 Halbergmoos, Germany
Capital Stock
40
40
X R Aero Components Limited
12
Xujiawan, Beijiao, Xian 710021, Shaanxi, China
Ordinary
49
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-745": { "value": "
Group
interest
% of class held
Company name
Address
Class of shares
 held %
Aero Gearbox International SAS
12
18 Boulevard Louis Sequin, 92700 Colombes, France
Ordinary
50
50
Airtanker Services Limited
Airtanker Hub, RAF Brize Norton, Carterton, Oxfordshire
Ordinary
23\ufffd5
23\ufffd5
OX18 3LX, United Kingdom
Alpha Leasing (US) (No.2) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.4) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.5) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.6) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.7) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) (No.8) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Leasing (US) LLC
Wilmington
8
Partnership
\u2013
50
(no equity held)
Alpha Partners Leasing Limited
1 Brewer\u2019s Green, London SW1H 0RH, United Kingdom
Ordinary A
100 50
Ordinary B Nil
Beijing Aero Engine Services Company No. 12 Jinhang Middle Road, Shunyi District, (Tianzhu
Capital
50
50
Limited Comprehensive Bonded Zone Bonded Function Zone 2),
Beijing, China
CFMS Limited
43 Queen Square, Bristol BS1 4QP, United Kingdom
Limited by
\u2013
33\ufffd3
guarantee
Clarke Chapman Portia Port Services Maritime Centre, Port of Liverpool, Liverpool L21 1LA, Ordinary A 100 50
Limited
2
United Kingdom Ordinary B Nil
Egypt Aero Management Services
9
Maintenance and Technical Works Company Building,
Ordinary
50
50
Room No. 204, Second Floor, Airport Road, El Nozha,
Cairo
EPI Europrop International GmbH
Pelkovenstr. 147, 80992 M\u00fcnchen, Germany
Capital Stock
28
28
Eurojet Turbo GmbH
Lilienthalstrasse 2b, 85399 Halbergmoos, Germany
Ordinary
33
33
Force MTU Power Systems Private Limited
Mumbai Pune Road, Akurdi, Pune, Maharashtra 411035,
Capital Stock
49
49
India
Genistics Holdings Limited
Derby
7
Ordinary A 100 50
Ordinary B Nil
Global Aerospace Centre for Icing and
1000
Marie-Victorin Boulevard, Longueuil Qu\u00e9bec
Ordinary
50
50
Environmental Research Inc.
12
J4G 1A1, Canada
Hoeller Electrolyzer GmbH
14
Alter Holzhafen, 23966 Wismar, Germany
Ordinary
54\ufffd2
54\ufffd2
Hong Kong Aero Engine Services Limited
33rd Floor, One Pacific Place, 88 Queensway, Hong Kong
Ordinary
50
50
International Aerospace Manufacturing Survey No. 3 Kempapura Village, Varthur Hobli,
Ordinary
50
50
Private Limited
6, 12
Bangalore, KA 560037, India
ITP Next Generation Turbines SL
Parque Tecnologico Edificio 300, 48170, Zamudio,
Ordinary A Nil 25
Vizcaya, Spain Ordinary B 100
Light Helicopter Turbine Engine Company
Suite
119,
9238
Madison Boulevard, Madison, Alabama
Partnership
\u2013
50
(unincorporated partnership)
35
758, United States
(no equity held)
Manse Opus Management Company Third Floor Queensberry House, 3 Old Burlington Street, Limited by
33\ufffd3
33\ufffd3
Limited
6
London W1S 3AE, United Kingdom guarantee
MEST Co., Limited
97 Bukjeonggongdan 2-gil, Yangsan-si,
Normal
46\ufffd8
46\ufffd8
Gyeongsangnam-do, 50571, Republic of Korea
MTU Power Systems Sdn. Bhd.
32 Floor, UBN Tower, 20 Jalan P Ramlee, 50250 Kuala
Ordinary A 100 49
Lumpur, Malaysia Ordinary B Nil
MTU Turbomeca Rolls-Royce ITP GmbH
Am S\u00f6ldnermoos 17, 85399 Hallbergmoos, Germany
Capital Stock
25
25
MTU Turbomeca Rolls-Royce GmbH
Am S\u00f6ldnermoos 17, 85399 Hallbergmoos, Germany
Capital Stock
33\ufffd3
33\ufffd3
MTU Yuchai Power Company Limited
No 7 Danan Road, Yuzhou, Yulin, Guangxi, China, 537005,
Capital Stock
50
50
China
N3 Engine Overhaul Services GmbH
Gerhard-H\u00f6ltje-Strasse 1, D-99310, Arnstadt, Germany
Capital Stock
50
50
& Co KG
N3 Engine Overhaul Services
Gerhard-H\u00f6ltje-Strasse 1, D-99310, Arnstadt, Germany
Capital Stock
50
50
Verwaltungsgesellschaft Mbh
Rolls Laval Heat Exchangers Limited
2
Derby
7
Ordinary
50
50
Rolls-Royce & Partners Finance (US)
Wilmington
8
Partnership
\u2013
50
(No 2) LLC (no equity held)
Rolls-Royce & Partners Finance (US) LLC
Wilmington
8
Partnership \u2013 50
(no equity held)
Joint ventures and associates
1 Although the interest held is 50%, the Company controls the entity (see note 1 to the Consolidated Financial Statements) and, as a result, consolidates the entity and records
a non-controlling interest
2 Dormant entity
3 Kings Place, 90 York Way, London N1 9FX, United Kingdom
4 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ended 31 December 2024. Rolls-Royce plc will issue a guarantee pursuant to s479A in relation
to the liabilities of the entity
5 Although the interest held is 49%, the Company controls the entity (see note 1 to the Consolidated Financial Statements) and, as a result, consolidates the entity and records
a non-controlling interest
6 Reporting year end is 31 March 2025
7 Moor Lane, Derby, Derbyshire DE24 8BJ, United Kingdom
8 Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19809, United States
9 Entity in liquidation
10 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ending 31 March 2025. Rolls-Royce plc will issue a guarantee pursuant to S479A in relation
to the liabilities of the entity
11 The entity is not included in the consolidation, as Rolls-Royce plc does not have a beneficial interest in the net assets of the entity
12 The entity is accounted for as a joint operation (see note 1 to the Consolidated Financial Statements)
13 Entity to take advantage of s479A Companies Act 2006 (s479A) audit exemption for the year ended 31 December 2024. The Company will issue a guarantee pursuant to s479A in relation
to the liabilities of the entity
14 Entity is accounted for as a joint venture as approval is required from the other shareholder for operationally running the affairs of the entity
Group
interest
% of class held
Company name
Address
Class of shares
 held %
SAFYRR Propulsion Limited
2
Derby
7
A Shares Nil 50
B Shares 100
Singapore Aero Engine Services Private
11 Calshot Road, 509932, Singapore
Ordinary
50
50
Limited
Taec Ucak Motor Sanayi AS
2
Levent Mahallesi Prof. Ahmet Kemal Aru Sk. No: 4/1,
Cash Shares
49
49
Be\u015fikta\u015f, Turkey
Techjet Aerofoils Limited
12
Tefen Industrial Zone, PO Box 16, 24959, Israel
Ordinary A
50 50
Ordinary B 50
TRT Limited
2 Bramble Way, Clover Nook Industrial Estate
Ordinary A Nil 50
Somercotes, Derbyshire DE55 4RH, United Kingdom Ordinary B 100
1C Nil
Turbo-Union GmbH
Lilienthalstrasse 2b, 85399 Halbergmoos, Germany
Capital Stock
40
40
X R Aero Components Limited
12
Xujiawan, Beijiao, Xian 710021, Shaanxi, China
Ordinary
49
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "Kings Place, 90 York Way, London N1 9FX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800EC7997ZBLZJH69", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }