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"2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-551": { "value": "-15400000.0", "decimals": -5, "dimensions": { "concept": "synthomerplc:ForeignExchangeAndOtherMovements", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-552": { "value": "-14800000.0", "decimals": -5, "dimensions": { "concept": "synthomerplc:ForeignExchangeAndOtherMovements", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-553": { "value": "-97300000.0", "decimals": -5, "dimensions": { "concept": "synthomerplc:IncreaseDecreaseInNetDebt", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-554": { "value": "525200000.0", "decimals": -5, "dimensions": { "concept": "synthomerplc:IncreaseDecreaseInNetDebt", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-562": { "value": "
1 General information
Synthomer plc (the \u2018Company\u2019) is a public limited company, limited by shares and
incorporated and domiciled in the United Kingdom and registered in England under
the Companies Act. The address of the registered office is given on page 118. The
Company is listed on the London Stock Exchange.
The principal activities of the Company and its subsidiaries (the \u2018Group\u2019) and the
nature of the Group\u2019s operations are set out in the Strategic report.
The consolidated financial statements are prepared in pounds sterling, the functional
currency of the Company. Foreign operations are included in accordance with the
policies set out in note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Synthomer plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "value": "Synthomer plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-610": { "value": "The consolidated financial statements are prepared in pounds sterling, the functional currency of the Company. Foreign operations are included in accordance with the policies set out in note 2.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "value": "
2 Material accounting policies
Basis of preparation
These consolidated financial statements have been prepared in accordance with
UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards and
the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s
Financial Conduct Authority.
The financial statements have been prepared on a going concern basis and under the
historical cost basis, except for the revaluation of financial instruments that are
measured at fair value at the end of each reporting period, as explained in the
accounting policies below.
The principal accounting policies adopted and applied in the preparation of these
financial statements consistently in all the years presented are set out below.
Going concern
The Group meets its day-to-day working capital requirements through its bank facilities.
The current economic conditions continue to create uncertainty, particularly over
the level of demand for the Group\u2019s products. The Group\u2019s forecasts and projections
take account of reasonably possible changes in trading performance and a severe
but plausible downside scenario has been prepared, linked to our principal risks.
This scenario does not threaten the Group\u2019s ability to operate within the level of its
current facilities. No mitigating actions have been included for any of the scenarios and,
should it need to, the Group could take action quickly to significantly reduce costs and
cash outflows as demonstrated during the course of the COVID-19 pandemic in 2020.
The severe but plausible downside scenario, offset by mitigation actions as required,
does not threaten the Group\u2019s ability to operate within the level of its current facilities.
Having assessed the principal risks and the other matters discussed in connection
with the viability statement (see page 62), the Directors considered it appropriate to
adopt the going concern basis of accounting in preparing its consolidated financial
statements. Further information on the Group\u2019s borrowings is given in note 21.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the
Company and entities controlled by the Company (its subsidiaries) made up to
31 December each year. Control is achieved when the Company:
\u2022 \u2022
Has the power over the investee
\u2022 \u2022
Is exposed, or has rights, to variable returns from its involvement with the investee
\u2022 \u2022
Has the ability to use its power to affect its returns.
Consolidation of a subsidiary begins from the date the Company obtains control and
ceases from the date the Company loses control. Where necessary on obtaining
control, adjustments are made to the financial statements of subsidiaries to bring the
accounting policies into line with those used by the Group.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s
equity therein. Subsequent to the date on which the Company obtains control, the
carrying amount of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
All intra-Group assets and liabilities, equity, income, expenses and cash flows relating
to transactions between members of the Group are eliminated on consolidation.
Materiality
Various disclosures make reference to items considered material or immaterial to the
financial statements. The Group considers information to be material if omitting it or
misstating it could influence decisions that users make on the basis of the financial
information provided. Materiality is considered from both a quantitative and qualitative
factor perspective. In addition to subsequent specific references to materiality, and in
compliance with IFRS, certain disclosures have not been provided where the
information resulting from that disclosure is not material.
Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition
method. The consideration transferred in a business combination is measured at fair
value, which is calculated as the sum of the acquisition date fair values of assets
transferred by the Group, liabilities incurred by the Group to former owners of the
acquiree and the equity interest issued by the Group in exchange for control of
the acquiree. Acquisition-related costs are recognised in profit or loss as incurred.
At acquisition date, the identifiable assets acquired and the liabilities assumed are
recognised at their fair value, except that:
\u2022 \u2022
Deferred tax assets or liabilities are recognised and measured in accordance with
IAS 12 Income Taxes
\u2022 \u2022
Liabilities or assets related to employee benefit arrangements are recognised and
measured in accordance with IAS 19 Employee Benefits
\u2022 \u2022
Assets (or disposal groups) that are classified as held for sale in accordance with
IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are
measured in accordance with that standard.
If the initial accounting for a business combination is incomplete by the end of the
reporting period in which the combination occurs, the Group reports provisional
amounts for the items for which the accounting is incomplete. Those provisional
amounts are adjusted during a measurement period (see below), or additional assets
or liabilities are recognised, to reflect new information obtained about facts and
circumstances that existed as of the acquisition date that, if known, would have
affected the amounts recognised as of that date.
A measurement period is the period from the date of acquisition to the date the Group
obtains complete information about facts and circumstances that existed as of the
acquisition date and is subject to a maximum of one year.
If a business combination is achieved in stages, the Group\u2019s previously held interest
in the acquired entity is remeasured to its acquisition date fair value and the resulting
gain or loss, if any, is recognised in profit or loss.
Goodwill
Goodwill is measured as the excess of the consideration transferred over the Group\u2019s
interest in acquisition-date identifiable assets acquired less liabilities assumed.
Goodwill is not amortised but is reviewed for impairment at least annually. For the
purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash
generating units expected to benefit from the synergies of the combination. Cash
generating units are defined as our reportable segments: Coatings & Construction
Solutions, Adhesive Solutions and Health & Protection and Performance Materials.
Cash generating units to which goodwill has been allocated are tested for impairment
annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the cash generating unit is less than the carrying amount
of the unit, the impairment loss is allocated first to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of the unit pro-rata on the
basis of the carrying amount of each asset in the unit. An impairment loss for goodwill
is not reversed in a subsequent period.
On disposal of a subsidiary, associate or joint venture, the attributable amount of
goodwill is included in the determination of the profit or loss on disposal. Goodwill
arising on acquisitions before the date of transition to IFRS has been retained at the
previous UK GAAP amounts subject to being tested for impairment at that date.
Goodwill written off to reserves under UK GAAP before 1998 has not been reinstated
and is not included in determining any subsequent profit or loss on disposal.
Joint ventures
Joint ventures are accounted for using the equity method of accounting. Under the
equity method, interests in joint ventures are initially recognised at cost and adjusted
thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and
movements in other comprehensive income.
Revenue
General
Synthomer manufactures and sells mainly water-based polymers across a diverse
range of end-use applications. Our products are predominantly sold in liquid form,
in bulk containers.
Revenue is measured based on the consideration to which the Group expects to be
entitled in a contract with a customer when performance obligations are satisfied.
Revenue is recognised at the point in time when control of the product is transferred
from Synthomer to the customer.
The customer is deemed to obtain control of the resultant asset in line with the
Incoterms under which it is sold. The significant majority of Synthomer\u2019s products are
sold under Carriage Paid To (CPT) and Carriage and Insurance Paid (CIP) International
Commercial Terms. Under these terms, control of the product is transferred when the
goods reach their destination. At this point the risks of obsolescence and loss have
been transferred and there is no unfulfilled obligation that could affect the customer\u2019s
acceptance of the product. A receivable is recognised at this point in time as
consideration is unconditional and only the passage of time is required before
payment is due.
Rebates Synthomer may grant customers rebates if the goods purchased by the customer exceed a contractually defined threshold within the specified period. Rebates are usually deducted from the amounts payable by the customer. Depending on the terms of the underlying contract, Synthomer uses either the expected value or the most likely amount to estimate the variable consideration for expected future rebates. Historical, current and forecast information is considered when calculating rebates. The majority of rebate programmes are aligned with the Group\u2019s financial year end, providing certainty around how much should be recognised in the financial statements. Other The Group does not have any contracts where the period between the transfer of promised goods to the customer and payment by the customer exceeds one year. As a consequence, the Group applies the practical expedient in IFRS 15 and does not adjust any of the transaction prices for the time value of money. Foreign currencies In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency are recognised at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise except for: \u2022 \u2022 Exchange differences on transactions entered into to hedge certain foreign currency risks (see below under \u2018hedge accounting\u2019) \u2022 \u2022 Exchange differences on monetary items receivable or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment. On consolidation, the assets and liabilities of the Group\u2019s non-sterling operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a separate component of equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. The Group elected to treat goodwill and fair value adjustments arising on acquisitions before the date of transition to IFRS as sterling-denominated assets and liabilities. Operating profit and loss Operating profit and loss represents profit and loss from continuing activities before financing costs and taxation. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when the deferred
income tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the taxable entity or different taxable entities where there is an
intention to settle the balances on a net basis.
Global Minimum Top-up Tax
The Group has adopted International Tax Reform \u2013 Pillar Two Model Rules
(Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide
a temporary mandatory exception from deferred tax accounting for the top-up tax,
which is effective immediately, and require new disclosures about the Pillar Two
exposure (see Note 10/11).
The mandatory exception applies retrospectively. However, because no new legislation
to implement the top-up tax was enacted or substantively enacted at 31 December
2022 in any jurisdiction in which the Group operates and no related deferred tax was
recognised at that date, the retrospective application has no impact on the Group\u2019s
consolidated financial statements.
Leases
The Group assesses whether a contract is or contains a lease, at inception of the
contract. The lease term is determined from the commencement date of the contract
and covers the non-cancellable term. If considered reasonably certain, extension or
termination options are included in the lease term.
At the commencement date, a lease liability is recognised, measured at the present
value of the future lease payments and discounted using the Group\u2019s incremental
borrowing rate. Subsequently, the lease liability is adjusted by increasing the carrying
amount to reflect interest on the lease liability, reducing the carrying amount to reflect
the lease payments made and remeasuring the carrying amount to reflect any
reassessment or lease modifications.
At the commencement date, a right of use asset is recognised, measured at an
amount equal to the lease liability plus any lease payments made before the
commencement date and any initial direct costs, less any lease incentive payments.
An estimate of costs to be incurred in restoring an asset, in accordance with the terms
of the lease, is also included in the right of use asset at initial recognition.
Subsequently, right of use assets are measured in accordance with the accounting
policy for property, plant and equipment and are depreciated over the shorter period
of lease term and the useful life of the underlying asset. Any adjustments to the
corresponding lease liability are reflected in the corresponding right of use asset.
Short-term leases and low value leases are not recognised as lease liabilities and right
of use assets, but are recognised as an expense straight-line over the lease term.
Property, plant and equipment Property, plant and equipment is stated at cost, less accumulated depreciation and any recognised impairment loss. Cost comprises original purchase price and the costs attributable to bringing the asset to its working condition for its intended use, including, where appropriate, capitalised finance costs. Freehold land is not depreciated. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives, using the straight-line method, on the following bases: Freehold buildings \u2022 \u2022 50 years Leasehold land and buildings \u2022 \u2022 the lesser of 50 years and the period of the lease Plant and equipment \u2022 \u2022 between 3 and 20 years Assets in the course of construction are carried at cost, less any recognised impairment loss. Finance costs directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of those assets. Depreciation of these assets commences when the assets are ready for their intended use. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Acquired intangible assets Intangible assets acquired in a business combination are initially recognised at their fair value at the acquisition date, which is regarded as their cost. Where necessary, the fair value of assets at acquisition and their estimated useful lives are based on independent valuation reports. Acquired intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over estimated useful lives, on the following bases: Customer relationships \u2022 \u2022 between 8 and 20 years Other intangibles \u2022 \u2022 up to 20 years Assets with an indefinite life are not subject to amortisation. Acquired intangible assets are derecognised upon reaching the end of their useful lives. Other intangible assets Other intangible assets that are not acquired through a business combination are initially measured at cost and amortised on a straight-line basis over their estimated useful lives of up to 10 years.
An internally generated intangible asset arising from development (or from the
development phase of an internal project) is recognised only if all the following
conditions have been demonstrated:
\u2022 \u2022
The technical feasibility of completing the asset
\u2022 \u2022
The intention to complete the intangible asset and use or sell it
\u2022 \u2022
The ability to use or sell the asset once development has been completed
\u2022 \u2022
The probability that the asset created will generate future economic benefits
\u2022 \u2022
The availability of adequate technical, financial and other resources to complete
the development
\u2022 \u2022
The asset created can be separately identified and the development cost can be
measured reliably.
The amount initially recognised for internally generated intangible assets is the sum
of the expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above. Where no internally generated intangible asset can be
recognised, development expenditure is recognised as an expense in the period in
which it is incurred.
Impairment of property, plant and equipment and intangible assets
excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its property,
plant and equipment and intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). Where the asset does not generate cash
flows that are independent from other assets, the Group estimates the recoverable
amount of the cash generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs of disposal and value in
use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash generating unit) is estimated to be less
than its carrying amount, the carrying amount of the asset (or cash generating unit) is
reduced to its recoverable amount. An impairment loss is recognised in the
income statement.
When an impairment loss subsequently reverses, the carrying amount of the asset (or
cash generating unit) is increased to the revised estimate of its recoverable amount to
the extent that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised in prior
years. A reversal of an impairment loss is recognised immediately in the
income statement.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises
direct materials and, where applicable, direct labour costs and those overheads that
have been incurred in bringing the inventories to their present location and condition.
Cost is calculated using the weighted average method. Net realisable value represents
the estimated selling price less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution. Provision is made for obsolete,
slow-moving or defective items where they exist.
Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes
a party to the contractual provisions of the instrument.
The Group classifies its financial instruments in the following categories:
\u2022 \u2022
Financial assets and liabilities at amortised cost (AC)
\u2022 \u2022
Financial assets and liabilities at fair value through profit and loss (FVTPL)
\u2022 \u2022
Financial assets and liabilities at fair value through other comprehensive income
(FVTOCI).
Financial assets and liabilities are initially measured at fair value including, where
permitted, any directly attributable transaction costs.
All recognised financial assets are subsequently measured in their entirety at either
amortised cost or fair value, depending on their classification.
Financial assets and liabilities measured at amortised cost
Financial assets measured at amortised cost include cash and cash equivalents and
trade and other receivables. Cash and cash equivalents comprise cash held in bank
accounts with no access restrictions, and bank term deposits repayable on demand or
maturing within three months of inception.
At each reporting date, the Group recognises a loss allowance for expected credit
losses on financial assets measured at amortised cost. In establishing the appropriate
amount of loss allowance to be recognised, the Group applies either the general
approach or the simplified approach, depending on the nature of the underlying class
of financial assets:
\u2022 \u2022
Under the general approach, the Group recognises a loss allowance for a financial
asset at an amount equal to the 12-month expected credit losses, unless the credit
risk on the financial asset has increased significantly since initial recognition, in
which case a loss allowance is recognised at an amount equal to the lifetime
expected credit losses
\u2022 \u2022
The simplified approach is applied to the impairment assessment of trade and
other receivables. Under this approach, the Group recognises expected lifetime
losses upon initial recognition.
Financial liabilities measured at amortised cost include trade and other payables,
lease liabilities and borrowings. Borrowings are measured at amortised cost unless
they form part of a fair value hedge relationship. The difference between the initial
carrying amount of borrowings and the redemption value is recognised in the income
statement over the contractual terms using the effective interest rate method.
Financial assets and liabilities held at fair value
Financial assets and liabilities are measured at fair value through profit or loss when
they do not meet the criteria to be measured at amortised cost or at fair value through
other comprehensive income.
Financial assets and liabilities at FVTPL are measured at fair value at the end of each
reporting period with fair value gains or losses recognised in profit or loss to the extent
they are not part of a designated hedging relationship (see below).
Derivative financial instruments
The Group enters into a variety of derivative financial instruments to manage its
exposure to interest rate and foreign exchange rate risk, including foreign exchange
forward contracts, interest rate swaps and foreign currency options. Further details
of derivative financial instruments are set out in note 22.
Derivatives are initially recognised at fair value at the date the derivative contracts are
entered into and are subsequently remeasured to their fair value at the end of each
reporting period. The resulting gain or loss is recognised in the income statement
immediately unless the derivative is designated and effective as a hedging instrument,
in which event the timing of the recognition in the income statement depends on the
nature of the hedge relationship.
Hedge accounting
To mitigate foreign currency and interest rate risk, the Group designates certain
derivatives as hedging instruments in fair value hedges, cash flow hedges, or hedges
of net investments in foreign operations as appropriate.
At the inception of the hedge relationship, the Group documents the relationship
between the hedging instrument and the hedged item, along with its risk management
objectives and its strategy for undertaking various hedge transactions. Furthermore,
at the inception of the hedge and on an ongoing basis, the Group documents whether
the hedging instrument is effective in offsetting changes in fair value or cash flows of
the hedged item attributable to the hedged risk.
On adoption of IFRS 9, the Group elected to continue to apply the hedge accounting
requirements of IAS 39 as permitted by the standard.
Fair value hedges
The Group only applies fair value hedge accounting for foreign currency risk.
The fair value change on qualifying hedging instruments is recognised in the income
statement and is recognised in the same line as the hedged item.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and
qualify as cash flow hedges is recognised in other comprehensive income and
accumulated under the heading of cash flow hedging reserve, limited to the cumulative
change in fair value of the hedged item from inception of the hedge.
Gains or losses relating to an ineffective portion are recognised immediately in the
income statement.
Amounts previously recognised in other comprehensive income and accumulated in
equity are reclassified in the income statement in the periods when the hedged item
affects profit or loss, in the same line as the recognised hedged item. However, when
the hedged forecast transaction results in the recognition of a non-financial asset or a
non-financial liability, the gains and losses previously recognised in other
comprehensive income and accumulated in equity are removed from equity and
included in the initial measurement of the cost of the non-financial asset or non-
financial liability.
Hedge accounting is discontinued when the Group revokes the hedging relationship,
the hedging instrument expires or is sold, terminated or exercised, or no longer
qualifies for hedge accounting. Any gain or loss accumulated at that time in equity is
recognised when the forecast transaction is ultimately recognised in profit or loss.
When a forecast transaction is no longer expected to occur, the cumulative gain or
loss in equity is recognised immediately in profit or loss.
Hedges of net investment in foreign operations
Hedges of net investments in foreign operations are accounted for similarly to cash
flow hedges. Any gain or loss on the hedging instrument relating to the effective
portion of the hedge is recognised in other comprehensive income in the foreign
currency translation reserve. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Gains and losses on the hedging instrument relating to the effective portion of the
hedge accumulated in the foreign currency translation reserve are reclassified to profit
or loss on the disposal of the foreign operation.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are recognised as an
expense when employees have rendered service entitling them to the contributions.
Payments made to state-managed retirement benefit schemes are treated as
payments to defined contribution schemes where the Group\u2019s obligations under the
schemes are equivalent to those arising in a defined contribution scheme.
For defined benefit schemes, the cost of providing benefits is calculated using the
projected unit credit method, with actuarial valuations carried out at the end of each
reporting period.
Defined benefit costs are split into three categories, namely: \u2022 \u2022 Service costs, which includes current service cost, past service cost and gains and losses on curtailments and settlements \u2022 \u2022 Net interest expense \u2022 \u2022 Remeasurements. The Group presents service costs within cost of sales and administrative expenses. Past service cost is recognised when the plan amendment or curtailment occurs. Net interest expense is recognised within finance costs and is calculated by applying a discount rate to the net defined benefit liability. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding interest) are recognised immediately in the balance sheet with a charge or credit to the statement of other comprehensive income in the period in which they occur and are not subsequently reclassified to profit and loss. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured as the best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. Provisions for restructuring costs are recognised when the Group has a detailed formal plan for the restructuring that has been communicated to affected parties. Share-based payments The Group issues equity-settled share-based payments to certain employees. These are measured at the fair value of the equity instruments at grant date. The fair value excludes the effect of non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves. The Group will on occasion, at its own discretion, settle these share-based payments in cash rather than equity. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.
Alternative performance measures
The Group has consistently used two significant alternative performance measures
(APMs) since its adoption of IFRS in 2005:
\u2022 \u2022
Underlying performance, which excludes Special Items from IFRS profit measures
\u2022 \u2022
EBITDA, which excludes Special Items, amortisation and depreciation from IFRS
operating profit.
The Board\u2019s view is that Underlying performance provides additional clarity for the
Group\u2019s investors and so it is the primary focus of the Group\u2019s narrative reporting. It is
not intended to be a superior measure to IFRS, however, these measures are used
internally to manage the business. Further information and the reconciliation to the
IFRS measures are included in notes 4 and 5.
Critical accounting judgements and estimates
In the application of the Group\u2019s accounting policies, the Directors are required to
make judgements (other than those involving estimations) that have a significant
impact on the amounts recognised and to make estimates and assumptions about the
carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate
is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation
uncertainty at the reporting date that may have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below. The assumptions for each estimate are set out in the
relevant note referenced below.
\u2022 \u2022
Defined benefit obligation (note 26): calculation of the Group\u2019s defined benefit
obligation includes a number of assumptions which affect the carrying value of
the obligation.
\u2022 \u2022
Valuation of goodwill, intangible assets and property plant and equipment on
acquisition: in a business combination, intangible and tangible assets are identified
and recognised at fair value. The assumptions involved in valuing these assets
require the use of estimates that may differ from the actual outcome. These
estimates cover future growth rates, expected inflation rates and the discount rate
used. Changing the assumptions selected by management could significantly
affect the allocation of the purchase price paid between goodwill and other
acquired intangibles.
\u2022 Impairment of goodwill and intangible assets: as part of impairment testing, the Group is required to estimate the recoverable amount of cash generating units by estimating future cash flows. The assumptions involved in estimating the recoverable amount include future growth rates and the discount rates used. Changing the assumptions selected by management could significantly affect the amount of any impairment. \u2022 \u2022 Current tax liability and deferred tax (notes 10 and 11): the Group annually incurs significant amounts of income taxes payable to various jurisdictions around the world and it also recognises significant changes in deferred tax assets and deferred tax liabilities, all of which are based on management\u2019s interpretations of applicable laws, regulations and relevant court decisions. Critical judgements in applying the Group\u2019s accounting policies During the year, the Group maintained agreements under which amounts receivable from customers can be sold to a third party on a non-recourse basis. These receivables are derecognised at the point of sale which is shortly after the initial recognition of the receivable balance. This derecognition generated a net cash inflow of \u00a323.2m for the year ended 31 December 2024 (2023: \u00a328.6m) and a net reduction in receivables of \u00a387.3m as at 31 December 2024 (2023: \u00a3110.6m). In accordance with IFRS9, the Group has determined that substantially all the risks and rewards of ownerships of these receivables have been transferred to the third parties under the facilities, resulting in derecognition of the customer receivables. IFRS7 provides further guidance on disclosure requirements where there is continued involvement in the derecognised financial assets. The Group has determined that an asset should be recognised in respect of a deferred purchase price reserve, which represents a portion of the original receivable. This reserve is subsequently paid by the counterparties to the agreements, whether the customer pays the receivable in full or not. Further disclosures in relation to this receivable can be found in note 22. There are no other critical judgements, apart from those involving estimations (which are discussed above), that the Directors have made in the process of applying the Group\u2019s accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "Basis of preparation These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The financial statements have been prepared on a going concern basis and under the historical cost basis, except for the revaluation of financial instruments that are measured at fair value at the end of each reporting period, as explained in the accounting policies below. The principal accounting policies adopted and applied in the preparation of these financial statements consistently in all the years presented are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-611": { "value": "These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "Going concern The Group meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty, particularly over the level of demand for the Group\u2019s products. The Group\u2019s forecasts and projections take account of reasonably possible changes in trading performance and a severe but plausible downside scenario has been prepared, linked to our principal risks. This scenario does not threaten the Group\u2019s ability to operate within the level of its current facilities. No mitigating actions have been included for any of the scenarios and, should it need to, the Group could take action quickly to significantly reduce costs and cash outflows as demonstrated during the course of the COVID-19 pandemic in 2020. The severe but plausible downside scenario, offset by mitigation actions as required, does not threaten the Group\u2019s ability to operate within the level of its current facilities. Having assessed the principal risks and the other matters discussed in connection with the viability statement (see page 62), the Directors considered it appropriate to adopt the going concern basis of accounting in preparing its consolidated financial statements. Further information on the Group\u2019s borrowings is given in note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company: \u2022 \u2022 Has the power over the investee \u2022 \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee \u2022 \u2022 Has the ability to use its power to affect its returns. Consolidation of a subsidiary begins from the date the Company obtains control and ceases from the date the Company loses control. Where necessary on obtaining control, adjustments are made to the financial statements of subsidiaries to bring the accounting policies into line with those used by the Group. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Subsequent to the date on which the Company obtains control, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "value": "Materiality Various disclosures make reference to items considered material or immaterial to the financial statements. The Group considers information to be material if omitting it or misstating it could influence decisions that users make on the basis of the financial information provided. Materiality is considered from both a quantitative and qualitative factor perspective. In addition to subsequent specific references to materiality, and in compliance with IFRS, certain disclosures have not been provided where the information resulting from that disclosure is not material. ", "dimensions": { "concept": "synthomerplc:DescriptionOfAccountingPolicyForMateriality", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-612": { "value": "Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair values of assets transferred by the Group, liabilities incurred by the Group to former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. At acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 \u2022 Deferred tax assets or liabilities are recognised and measured in accordance with IAS 12 Income Taxes \u2022 \u2022 Liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 19 Employee Benefits \u2022 \u2022 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during a measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. A measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. If a business combination is achieved in stages, the Group\u2019s previously held interest in the acquired entity is remeasured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "value": "Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair values of assets transferred by the Group, liabilities incurred by the Group to former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. At acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2022 \u2022 Deferred tax assets or liabilities are recognised and measured in accordance with IAS 12 Income Taxes \u2022 \u2022 Liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 19 Employee Benefits \u2022 \u2022 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during a measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. A measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. If a business combination is achieved in stages, the Group\u2019s previously held interest in the acquired entity is remeasured to its acquisition date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Goodwill Goodwill is measured as the excess of the consideration transferred over the Group\u2019s interest in acquisition-date identifiable assets acquired less liabilities assumed. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units expected to benefit from the synergies of the combination. Cash generating units are defined as our reportable segments: Coatings & Construction Solutions, Adhesive Solutions and Health & Protection and Performance Materials. Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or joint venture, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP before 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-645": { "value": "Goodwill Goodwill is measured as the excess of the consideration transferred over the Group\u2019s interest in acquisition-date identifiable assets acquired less liabilities assumed. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units expected to benefit from the synergies of the combination. Cash generating units are defined as our reportable segments: Coatings & Construction Solutions, Adhesive Solutions and Health & Protection and Performance Materials. Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or joint venture, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP before 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal.
Acquired intangible assets
Intangible assets acquired in a business combination are initially recognised at their
fair value at the acquisition date, which is regarded as their cost. Where necessary, the
fair value of assets at acquisition and their estimated useful lives are based on
independent valuation reports.
Acquired intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised on a straight-line basis
over estimated useful lives, on the following bases:
Customer relationships
\u2022 \u2022
between 8 and 20 years
Other intangibles
\u2022 \u2022
up to 20 years
Assets with an indefinite life are not subject to amortisation.
Acquired intangible assets are derecognised upon reaching the end of their
useful lives.
Other intangible assets
Other intangible assets that are not acquired through a business combination are
initially measured at cost and amortised on a straight-line basis over their estimated
useful lives of up to 10 years.
An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised only if all the following conditions have been demonstrated: \u2022 \u2022 The technical feasibility of completing the asset \u2022 \u2022 The intention to complete the intangible asset and use or sell it \u2022 \u2022 The ability to use or sell the asset once development has been completed \u2022 \u2022 The probability that the asset created will generate future economic benefits \u2022 \u2022 The availability of adequate technical, financial and other resources to complete the development \u2022 \u2022 The asset created can be separately identified and the development cost can be measured reliably. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-613": { "value": "Goodwill Goodwill is measured as the excess of the consideration transferred over the Group\u2019s interest in acquisition-date identifiable assets acquired less liabilities assumed. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units expected to benefit from the synergies of the combination. Cash generating units are defined as our reportable segments: Coatings & Construction Solutions, Adhesive Solutions and Health & Protection and Performance Materials. Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or joint venture, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP before 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-614": { "value": "Joint ventures Joint ventures are accounted for using the equity method of accounting. Under the equity method, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "Joint ventures Joint ventures are accounted for using the equity method of accounting. Under the equity method, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "value": "Revenue General Synthomer manufactures and sells mainly water-based polymers across a diverse range of end-use applications. Our products are predominantly sold in liquid form, in bulk containers. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer when performance obligations are satisfied. Revenue is recognised at the point in time when control of the product is transferred from Synthomer to the customer. The customer is deemed to obtain control of the resultant asset in line with the Incoterms under which it is sold. The significant majority of Synthomer\u2019s products are sold under Carriage Paid To (CPT) and Carriage and Insurance Paid (CIP) International Commercial Terms. Under these terms, control of the product is transferred when the goods reach their destination. At this point the risks of obsolescence and loss have been transferred and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the product. A receivable is recognised at this point in time as consideration is unconditional and only the passage of time is required before payment is due.
Rebates
Synthomer may grant customers rebates if the goods purchased by the customer
exceed a contractually defined threshold within the specified period. Rebates are
usually deducted from the amounts payable by the customer. Depending on the terms
of the underlying contract, Synthomer uses either the expected value or the most likely
amount to estimate the variable consideration for expected future rebates. Historical,
current and forecast information is considered when calculating rebates.
The majority of rebate programmes are aligned with the Group\u2019s financial year end,
providing certainty around how much should be recognised in the financial statements.
Other
The Group does not have any contracts where the period between the transfer of
promised goods to the customer and payment by the customer exceeds one year. As a
consequence, the Group applies the practical expedient in IFRS 15 and does not adjust
any of the transaction prices for the time value of money.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-616": { "value": "Rebates Synthomer may grant customers rebates if the goods purchased by the customer exceed a contractually defined threshold within the specified period. Rebates are usually deducted from the amounts payable by the customer. Depending on the terms of the underlying contract, Synthomer uses either the expected value or the most likely amount to estimate the variable consideration for expected future rebates. Historical, current and forecast information is considered when calculating rebates. The majority of rebate programmes are aligned with the Group\u2019s financial year end, providing certainty around how much should be recognised in the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "value": "
Foreign currencies
In preparing the financial statements of the individual companies, transactions in
currencies other than the entity\u2019s functional currency are recognised at the rates of
exchange prevailing on the dates of the transactions. At each balance sheet date,
monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Non-monetary assets and
liabilities carried at fair value that are denominated in foreign currencies are translated at
the rates prevailing at the date when the fair value was determined. Non-monetary items
that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise
except for:
\u2022 \u2022
Exchange differences on transactions entered into to hedge certain foreign
currency risks (see below under \u2018hedge accounting\u2019)
\u2022 \u2022
Exchange differences on monetary items receivable or payable to a foreign
operation for which settlement is neither planned nor likely to occur in the
foreseeable future (therefore forming part of the net investment in the foreign
operation), which are recognised initially in other comprehensive income and
reclassified from equity to profit or loss on disposal of the net investment.
On consolidation, the assets and liabilities of the Group\u2019s non-sterling operations are
translated at exchange rates prevailing on the balance sheet date. Income and
expense items are translated at the average exchange rates for the period. Exchange
differences arising, if any, are recognised in other comprehensive income and
accumulated in a separate component of equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
treated as assets and liabilities of the foreign entity and translated at the closing rate.
The Group elected to treat goodwill and fair value adjustments arising on acquisitions
before the date of transition to IFRS as sterling-denominated assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-567": { "value": "Operating profit and loss Operating profit and loss represents profit and loss from continuing activities before financing costs and taxation. ", "dimensions": { "concept": "synthomerplc:DescriptionOfAccountingPolicyForOperatingProfitAndLoss", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-568": { "value": "
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs
from profit before tax as reported in the income statement because it excludes items
of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group\u2019s liability for current tax
is calculated using tax rates that have been enacted or substantively enacted by the
balance sheet date.
A provision is recognised for those matters for which the tax determination is
uncertain but it is considered probable that there will be a future outflow of funds to a
tax authority. The provisions are measured at best estimate of the amount expected to
become payable. The assessment is based on the judgement of tax professionals
within the Company supported by previous experience in respect of such activities and
in certain cases based on specialist independent tax advice.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between
the carrying amounts of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit and is accounted
for using the balance sheet liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised.
Deferred tax liabilities and assets are not recognised for temporary differences
between the carrying amount and tax bases of investments in foreign operations
where the Group is able to control the reversal of the temporary differences and it is
probable that the differences will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date
and reduced to the extent that it is no longer probable that sufficient taxable profits will
be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when
the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement, except when it relates to items charged or credited directly to other
comprehensive income, in which case the deferred tax is also dealt with in other
comprehensive income.
The measurement of deferred tax liabilities and assets reflects the tax consequences
that would follow from the manner in which the Group expects, at the end of the
reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Global Minimum Top-up Tax The Group has adopted International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure (see Note 10/11). The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2022 in any jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application has no impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-615": { "value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Global Minimum Top-up Tax The Group has adopted International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure (see Note 10/11). The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2022 in any jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application has no impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-569": { "value": "Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The lease term is determined from the commencement date of the contract and covers the non-cancellable term. If considered reasonably certain, extension or termination options are included in the lease term. At the commencement date, a lease liability is recognised, measured at the present value of the future lease payments and discounted using the Group\u2019s incremental borrowing rate. Subsequently, the lease liability is adjusted by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications. At the commencement date, a right of use asset is recognised, measured at an amount equal to the lease liability plus any lease payments made before the commencement date and any initial direct costs, less any lease incentive payments. An estimate of costs to be incurred in restoring an asset, in accordance with the terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, right of use assets are measured in accordance with the accounting policy for property, plant and equipment and are depreciated over the shorter period of lease term and the useful life of the underlying asset. Any adjustments to the corresponding lease liability are reflected in the corresponding right of use asset. Short-term leases and low value leases are not recognised as lease liabilities and right of use assets, but are recognised as an expense straight-line over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-570": { "value": "
Property, plant and equipment
Property, plant and equipment is stated at cost, less accumulated depreciation and
any recognised impairment loss. Cost comprises original purchase price and the costs
attributable to bringing the asset to its working condition for its intended use,
including, where appropriate, capitalised finance costs.
Freehold land is not depreciated.
Depreciation is recognised so as to write off the cost of assets less their residual
values over their useful lives, using the straight-line method, on the following bases:
Freehold buildings
\u2022 \u2022
50 years
Leasehold land and buildings
\u2022 \u2022
the lesser of 50 years and the
period of the lease
Plant and equipment
\u2022 \u2022
between 3 and 20 years
Assets in the course of construction are carried at cost, less any recognised
impairment loss. Finance costs directly attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of those assets. Depreciation of
these assets commences when the assets are ready for their intended use.
The estimated useful lives, residual values and depreciation method are reviewed at
the end of each reporting period, with the effect of any changes in estimate accounted
for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-617": { "value": "Property, plant and equipment Property, plant and equipment is stated at cost, less accumulated depreciation and any recognised impairment loss. Cost comprises original purchase price and the costs attributable to bringing the asset to its working condition for its intended use, including, where appropriate, capitalised finance costs. Freehold land is not depreciated. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives, using the straight-line method, on the following bases: Freehold buildings \u2022 \u2022 50 years Leasehold land and buildings \u2022 \u2022 the lesser of 50 years and the period of the lease Plant and equipment \u2022 \u2022 between 3 and 20 years Assets in the course of construction are carried at cost, less any recognised impairment loss. Finance costs directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of those assets. Depreciation of these assets commences when the assets are ready for their intended use. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-571": { "value": "Acquired intangible assets Intangible assets acquired in a business combination are initially recognised at their fair value at the acquisition date, which is regarded as their cost. Where necessary, the fair value of assets at acquisition and their estimated useful lives are based on independent valuation reports. Acquired intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over estimated useful lives, on the following bases: Customer relationships \u2022 \u2022 between 8 and 20 years Other intangibles \u2022 \u2022 up to 20 years Assets with an indefinite life are not subject to amortisation. Acquired intangible assets are derecognised upon reaching the end of their useful lives. Other intangible assets Other intangible assets that are not acquired through a business combination are initially measured at cost and amortised on a straight-line basis over their estimated useful lives of up to 10 years. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised only if all the following conditions have been demonstrated: \u2022 \u2022 The technical feasibility of completing the asset \u2022 \u2022 The intention to complete the intangible asset and use or sell it \u2022 \u2022 The ability to use or sell the asset once development has been completed \u2022 \u2022 The probability that the asset created will generate future economic benefits \u2022 \u2022 The availability of adequate technical, financial and other resources to complete the development \u2022 \u2022 The asset created can be separately identified and the development cost can be measured reliably. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-618": { "value": "Impairment of property, plant and equipment and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised in the income statement. When an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years. A reversal of an impairment loss is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-572": { "value": "Impairment of property, plant and equipment and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised in the income statement. When an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years. A reversal of an impairment loss is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-573": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Provision is made for obsolete, slow-moving or defective items where they exist. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-574": { "value": "Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. The Group classifies its financial instruments in the following categories: \u2022 \u2022 Financial assets and liabilities at amortised cost (AC) \u2022 \u2022 Financial assets and liabilities at fair value through profit and loss (FVTPL) \u2022 \u2022 Financial assets and liabilities at fair value through other comprehensive income (FVTOCI). Financial assets and liabilities are initially measured at fair value including, where permitted, any directly attributable transaction costs. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on their classification. Financial assets and liabilities measured at amortised cost Financial assets measured at amortised cost include cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash held in bank accounts with no access restrictions, and bank term deposits repayable on demand or maturing within three months of inception. At each reporting date, the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified approach, depending on the nature of the underlying class of financial assets: \u2022 \u2022 Under the general approach, the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses \u2022 \u2022 The simplified approach is applied to the impairment assessment of trade and other receivables. Under this approach, the Group recognises expected lifetime losses upon initial recognition. Financial liabilities measured at amortised cost include trade and other payables, lease liabilities and borrowings. Borrowings are measured at amortised cost unless they form part of a fair value hedge relationship. The difference between the initial carrying amount of borrowings and the redemption value is recognised in the income statement over the contractual terms using the effective interest rate method. Financial assets and liabilities held at fair value Financial assets and liabilities are measured at fair value through profit or loss when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Financial assets and liabilities at FVTPL are measured at fair value at the end of each reporting period with fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see below). Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and foreign currency options. Further details of derivative financial instruments are set out in note 22. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship. Hedge accounting To mitigate foreign currency and interest rate risk, the Group designates certain derivatives as hedging instruments in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations as appropriate. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair value or cash flows of the hedged item attributable to the hedged risk. On adoption of IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39 as permitted by the standard. Fair value hedges The Group only applies fair value hedge accounting for foreign currency risk. The fair value change on qualifying hedging instruments is recognised in the income statement and is recognised in the same line as the hedged item. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Gains or losses relating to an ineffective portion are recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified in the income statement in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated at that time in equity is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is recognised immediately in profit or loss. Hedges of net investment in foreign operations Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of the foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-670": { "value": "Financial assets and liabilities measured at amortised cost Financial assets measured at amortised cost include cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash held in bank accounts with no access restrictions, and bank term deposits repayable on demand or maturing within three months of inception. At each reporting date, the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified approach, depending on the nature of the underlying class of financial assets: \u2022 \u2022 Under the general approach, the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses \u2022 \u2022 The simplified approach is applied to the impairment assessment of trade and other receivables. Under this approach, the Group recognises expected lifetime losses upon initial recognition. Financial liabilities measured at amortised cost include trade and other payables, lease liabilities and borrowings. Borrowings are measured at amortised cost unless they form part of a fair value hedge relationship. The difference between the initial carrying amount of borrowings and the redemption value is recognised in the income statement over the contractual terms using the effective interest rate method. Financial assets and liabilities held at fair value Financial assets and liabilities are measured at fair value through profit or loss when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Financial assets and liabilities at FVTPL are measured at fair value at the end of each reporting period with fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see below). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-661": { "value": "Financial assets and liabilities measured at amortised cost Financial assets measured at amortised cost include cash and cash equivalents and trade and other receivables. Cash and cash equivalents comprise cash held in bank accounts with no access restrictions, and bank term deposits repayable on demand or maturing within three months of inception. At each reporting date, the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified approach, depending on the nature of the underlying class of financial assets: \u2022 \u2022 Under the general approach, the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses \u2022 \u2022 The simplified approach is applied to the impairment assessment of trade and other receivables. Under this approach, the Group recognises expected lifetime losses upon initial recognition. Financial liabilities measured at amortised cost include trade and other payables, lease liabilities and borrowings. Borrowings are measured at amortised cost unless they form part of a fair value hedge relationship. The difference between the initial carrying amount of borrowings and the redemption value is recognised in the income statement over the contractual terms using the effective interest rate method. Financial assets and liabilities held at fair value Financial assets and liabilities are measured at fair value through profit or loss when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Financial assets and liabilities at FVTPL are measured at fair value at the end of each reporting period with fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see below). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-646": { "value": "Financial assets and liabilities held at fair value Financial assets and liabilities are measured at fair value through profit or loss when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Financial assets and liabilities at FVTPL are measured at fair value at the end of each reporting period with fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see below). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-619": { "value": "Financial assets and liabilities held at fair value Financial assets and liabilities are measured at fair value through profit or loss when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Financial assets and liabilities at FVTPL are measured at fair value at the end of each reporting period with fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see below). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-662": { "value": "Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and foreign currency options. Further details of derivative financial instruments are set out in note 22. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship. Hedge accounting To mitigate foreign currency and interest rate risk, the Group designates certain derivatives as hedging instruments in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations as appropriate. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair value or cash flows of the hedged item attributable to the hedged risk. On adoption of IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39 as permitted by the standard. Fair value hedges The Group only applies fair value hedge accounting for foreign currency risk. The fair value change on qualifying hedging instruments is recognised in the income statement and is recognised in the same line as the hedged item. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Gains or losses relating to an ineffective portion are recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified in the income statement in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated at that time in equity is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is recognised immediately in profit or loss. Hedges of net investment in foreign operations Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of the foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-647": { "value": "Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and foreign currency options. Further details of derivative financial instruments are set out in note 22. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship. Hedge accounting To mitigate foreign currency and interest rate risk, the Group designates certain derivatives as hedging instruments in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations as appropriate. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair value or cash flows of the hedged item attributable to the hedged risk. On adoption of IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39 as permitted by the standard. Fair value hedges The Group only applies fair value hedge accounting for foreign currency risk. The fair value change on qualifying hedging instruments is recognised in the income statement and is recognised in the same line as the hedged item. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Gains or losses relating to an ineffective portion are recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified in the income statement in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated at that time in equity is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is recognised immediately in profit or loss. Hedges of net investment in foreign operations Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of the foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-620": { "value": "Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and foreign currency options. Further details of derivative financial instruments are set out in note 22. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship. Hedge accounting To mitigate foreign currency and interest rate risk, the Group designates certain derivatives as hedging instruments in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations as appropriate. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair value or cash flows of the hedged item attributable to the hedged risk. On adoption of IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39 as permitted by the standard. Fair value hedges The Group only applies fair value hedge accounting for foreign currency risk. The fair value change on qualifying hedging instruments is recognised in the income statement and is recognised in the same line as the hedged item. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Gains or losses relating to an ineffective portion are recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified in the income statement in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated at that time in equity is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is recognised immediately in profit or loss. Hedges of net investment in foreign operations Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of the foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-575": { "value": "Retirement benefit costs Payments to defined contribution retirement benefit schemes are recognised as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit schemes are treated as payments to defined contribution schemes where the Group\u2019s obligations under the schemes are equivalent to those arising in a defined contribution scheme. For defined benefit schemes, the cost of providing benefits is calculated using the projected unit credit method, with actuarial valuations carried out at the end of each reporting period.
Defined benefit costs are split into three categories, namely:
\u2022 \u2022
Service costs, which includes current service cost, past service cost and gains and
losses on curtailments and settlements
\u2022 \u2022
Net interest expense
\u2022 \u2022
Remeasurements.
The Group presents service costs within cost of sales and administrative expenses.
Past service cost is recognised when the plan amendment or curtailment occurs.
Net interest expense is recognised within finance costs and is calculated by applying a
discount rate to the net defined benefit liability.
Remeasurement comprising actuarial gains and losses and the return on scheme
assets (excluding interest) are recognised immediately in the balance sheet with a
charge or credit to the statement of other comprehensive income in the period in
which they occur and are not subsequently reclassified to profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-576": { "value": "
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that the Group will be required to
settle that obligation and a reliable estimate can be made of the amount of the
obligation. Provisions are measured as the best estimate of the expenditure required
to settle the obligation at the balance sheet date and are discounted to present value
where the effect is material.
Provisions for restructuring costs are recognised when the Group has a detailed
formal plan for the restructuring that has been communicated to affected parties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-577": { "value": "
Share-based payments
The Group issues equity-settled share-based payments to certain employees. These
are measured at the fair value of the equity instruments at grant date. The fair value
excludes the effect of non-market-based vesting conditions. The fair value determined
at the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group\u2019s estimate of equity
instruments that will eventually vest. At each balance sheet date, the Group revises its
estimate of the number of equity instruments expected to vest as a result of the effect
of non-market-based vesting conditions. The impact of the revision of the original
estimates, if any, is recognised in profit or loss such that the cumulative expense
reflects the revised estimate, with a corresponding adjustment to equity reserves.
The Group will on occasion, at its own discretion, settle these share-based payments
in cash rather than equity.
For cash-settled share-based payments, a liability is recognised for the goods or
services acquired, measured initially at the fair value of the liability. At each balance
sheet date until the liability is settled, and at the date of settlement, the fair value of the
liability is remeasured, with any changes in fair value recognised in profit or loss for
the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-578": { "value": "Alternative performance measures The Group has consistently used two significant alternative performance measures (APMs) since its adoption of IFRS in 2005: \u2022 \u2022 Underlying performance, which excludes Special Items from IFRS profit measures \u2022 \u2022 EBITDA, which excludes Special Items, amortisation and depreciation from IFRS operating profit. The Board\u2019s view is that Underlying performance provides additional clarity for the Group\u2019s investors and so it is the primary focus of the Group\u2019s narrative reporting. It is not intended to be a superior measure to IFRS, however, these measures are used internally to manage the business. Further information and the reconciliation to the IFRS measures are included in notes 4 and 5. ", "dimensions": { "concept": "synthomerplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-579": { "value": "Critical accounting judgements and estimates In the application of the Group\u2019s accounting policies, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The assumptions for each estimate are set out in the relevant note referenced below. \u2022 \u2022 Defined benefit obligation (note 26): calculation of the Group\u2019s defined benefit obligation includes a number of assumptions which affect the carrying value of the obligation. \u2022 \u2022 Valuation of goodwill, intangible assets and property plant and equipment on acquisition: in a business combination, intangible and tangible assets are identified and recognised at fair value. The assumptions involved in valuing these assets require the use of estimates that may differ from the actual outcome. These estimates cover future growth rates, expected inflation rates and the discount rate used. Changing the assumptions selected by management could significantly affect the allocation of the purchase price paid between goodwill and other acquired intangibles. \u2022 Impairment of goodwill and intangible assets: as part of impairment testing, the Group is required to estimate the recoverable amount of cash generating units by estimating future cash flows. The assumptions involved in estimating the recoverable amount include future growth rates and the discount rates used. Changing the assumptions selected by management could significantly affect the amount of any impairment. \u2022 \u2022 Current tax liability and deferred tax (notes 10 and 11): the Group annually incurs significant amounts of income taxes payable to various jurisdictions around the world and it also recognises significant changes in deferred tax assets and deferred tax liabilities, all of which are based on management\u2019s interpretations of applicable laws, regulations and relevant court decisions. Critical judgements in applying the Group\u2019s accounting policies During the year, the Group maintained agreements under which amounts receivable from customers can be sold to a third party on a non-recourse basis. These receivables are derecognised at the point of sale which is shortly after the initial recognition of the receivable balance. This derecognition generated a net cash inflow of \u00a323.2m for the year ended 31 December 2024 (2023: \u00a328.6m) and a net reduction in receivables of \u00a387.3m as at 31 December 2024 (2023: \u00a3110.6m). In accordance with IFRS9, the Group has determined that substantially all the risks and rewards of ownerships of these receivables have been transferred to the third parties under the facilities, resulting in derecognition of the customer receivables. IFRS7 provides further guidance on disclosure requirements where there is continued involvement in the derecognised financial assets. The Group has determined that an asset should be recognised in respect of a deferred purchase price reserve, which represents a portion of the original receivable. This reserve is subsequently paid by the counterparties to the agreements, whether the customer pays the receivable in full or not. Further disclosures in relation to this receivable can be found in note 22. There are no other critical judgements, apart from those involving estimations (which are discussed above), that the Directors have made in the process of applying the Group\u2019s accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-621": { "value": "Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The assumptions for each estimate are set out in the relevant note referenced below. \u2022 \u2022 Defined benefit obligation (note 26): calculation of the Group\u2019s defined benefit obligation includes a number of assumptions which affect the carrying value of the obligation. \u2022 \u2022 Valuation of goodwill, intangible assets and property plant and equipment on acquisition: in a business combination, intangible and tangible assets are identified and recognised at fair value. The assumptions involved in valuing these assets require the use of estimates that may differ from the actual outcome. These estimates cover future growth rates, expected inflation rates and the discount rate used. Changing the assumptions selected by management could significantly affect the allocation of the purchase price paid between goodwill and other acquired intangibles. \u2022 Impairment of goodwill and intangible assets: as part of impairment testing, the Group is required to estimate the recoverable amount of cash generating units by estimating future cash flows. The assumptions involved in estimating the recoverable amount include future growth rates and the discount rates used. Changing the assumptions selected by management could significantly affect the amount of any impairment. \u2022 \u2022 Current tax liability and deferred tax (notes 10 and 11): the Group annually incurs significant amounts of income taxes payable to various jurisdictions around the world and it also recognises significant changes in deferred tax assets and deferred tax liabilities, all of which are based on management\u2019s interpretations of applicable laws, regulations and relevant court decisions. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-580": { "value": "
3 Adoption of new and revised standards
The Group has applied the following standards and amendments for the first time for
its annual reporting period commencing 1 January 2024:
\u2022 \u2022
Classification of Liabilities as Current or Non-current and Non-current liabilities
with covenants \u2013 Amendments to IAS 1;
\u2022 \u2022
Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16; and
\u2022 \u2022
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7.
The amendments listed above did not have any material impact on the amounts recognised
in prior periods and are not expected to significantly affect the current or future periods.
There are a number of amendments and clarifications to IFRS, effective in future
years, which have not been early adopted by the Group. These standards,
amendments or clarifications are not expected to significantly affect the Group\u2019s
consolidated results or financial position in the current or future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-622": { "value": "The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024: \u2022 \u2022 Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amendments to IAS 1; \u2022 \u2022 Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16; and \u2022 \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-623": { "value": "There are a number of amendments and clarifications to IFRS, effective in future years, which have not been early adopted by the Group. These standards, amendments or clarifications are not expected to significantly affect the Group\u2019s consolidated results or financial position in the current or future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-581": { "value": "4 Special Items IFRS and Underlying performance The IFRS profit measures show the performance of the Group as a whole and as such include all sources of income and expense, including both one-off items and those that do not relate to the Group\u2019s ongoing businesses. To provide additional clarity on the ongoing trading performance of the Group\u2019s businesses, management uses \u2018Underlying\u2019 performance as an APM to plan for, control and assess the performance of the segments. Underlying performance differs from the IFRS measures as it excludes Special Items. Special Items Special Items are disclosed separately in order to provide a clearer indication of the Group\u2019s Underlying performance. Special Items are either irregular, and therefore including them in the assessment of a segment\u2019s performance would lead to a distortion of trends, or are technical adjustments which ensure the Group\u2019s financial statements are in compliance with IFRS but do not reflect the operating performance of a segment in the year, or both. An example of the latter is the amortisation of acquired intangibles, which principally relates to acquired customer relationships. The Group incurs costs, which are recognised as an expense in the income statement, in maintaining these customer relationships. The Group considers that the exclusion of the amortisation charge on acquired intangibles from Underlying performance avoids the potential double counting of such costs and therefore excludes it as a Special Item from Underlying performance. The following are consistently disclosed separately as Special Items in order to provide a clearer indication of the Group\u2019s Underlying performance: \u2022 \u2022 Restructuring and site closure costs \u2022 \u2022 Sale of business or significant asset \u2022 \u2022 Acquisition costs \u2022 \u2022 Amortisation of acquired intangible assets \u2022 \u2022 Impairment of non-current assets \u2022 \u2022 Fair value adjustments in respect of derivative financial instruments where hedge accounting is not applied \u2022 \u2022 Items of income and expense that are considered material, either by their size and/ or nature \u2022 \u2022 Customisation, configuration and set up costs of significant Software as a Service (\u201cSaaS\u201d) arrangements \u2022 \u2022 Tax impact of above items \u2022 \u2022 Settlement of prior period tax issues. Special Items comprise: 2024 2023 Note \u00a3m \u00a3m Amortisation of acquired intangibles 15 (45.1) (49.3) Restructuring and site closure costs (including share of JV) (15.4) (14.7) Impairment charge (5.7) (5.6) Acquisition costs and related gains (0.6) (2.0) Sale of business (3.3) (0.1) Regulatory fine \u2013 (0.7) Abortive bond costs \u2013 (0.5) Pension past service cost (4.4) \u2013 Total impact on operating profit/loss (74.5) (72.9) Finance costs Fair value loss on unhedged interest derivatives9 \u2013 (1.8) Loss on extinguishment of financing facilities 9 (1.4) (4.7) Total impact on loss before taxation (75.9) (79.4) Taxation Special Items 10 7.5 (1.7) Taxation on Special Items 10 7.1 4.5 Total impact on loss for the year \u2013 continuing operations (61.3) (76.6) Discontinued operations Restructuring and site closure costs (1.1) (3.7) Sale of business (3.1) 61.3 Impairment charge \u2013 (0.8) Taxation on Special Items \u2013 (17.4) Total impact on profit/loss for the year \u2013 discontinued operations (4.2) 39.4 Total impact on loss for the year (65.5) (37.2) Amortisation of acquired intangibles is the amortisation on the customer lists, patents, trademarks and trade secrets arising on past acquisitions. The fair value of the intangible assets arising on past acquisitions are being amortised over periods of 8-20 years mainly dependent on the characteristics of the customer relationships. Within continuing operations, restructuring and site closure costs in 2024 principally comprised: \u2022 \u2022 A \u00a35.5m charge in relation to the ongoing integration of the acquired Adhesive Resins business into the Adhesive Solutions division \u2022 \u2022 \u00a33.7m of costs in relation to restructuring costs associated with our operational site reviews to align with our strategic initiatives \u2022 \u2022 \u00a37.3m of costs for ongoing functional and site rationalisation in the USA and Europe, as a result of previous divestments and closures \u2022 \u2022 A \u00a32.4m gain in relation to site rationalisation activity and a release of an uncertain tax provision in Malaysia. Within discontinued operations, Restructuring and site closure costs of \u00a31.1m were incurred in relation to the closure of the US paper and carpets business. Restructuring and site closure costs in 2023 included charges to integrate the adhesive resins business, site rationalisation costs in the USA, Malaysia and Europe, and costs in relation to the strategy change and alignment of the business into its new divisions. Within continuing operations, a further \u00a33.6m impairment charge was provided in relation to plant capacity plan changes in Malaysia and a \u00a32.1m impairment recognised in relation to site rationalisations in the USA. The impairment charge in 2023 related to the mothballing of the NBR plant in Malaysia. The discontinued operations impairment charge in 2023 related to lease impairments in the discontinued US paper and carpets business. Acquisition costs and related gains are for the acquisition of the adhesive resins business and comprise \u00a30.6m of costs, related to obligations to the US pension schemes . Acquisition costs in 2023 also related to this acquisition. Sale of business mainly related to the proceeds net of any costs, primarily professional fees, incurred in conjunction with the sale of the compounding business to Matco Latex Services BV along with costs incurred in relation to prior and future divestments. Other costs include a \u00a34.4m charge in relation to a one-off non-cash past service cost due to a \u201cBarber window\u201d equalisation and other adjustments which arose following a legal review of scheme documentation. In July 2018, the Group entered into swap arrangements to fix euro interest rates on the full value of the then \u20ac440m committed unsecured revolving credit facility. The fair value movement of the unhedged interest rate derivatives in 2023 relates to the movement in the mark-to-market of the swap in excess of the Group\u2019s borrowings. Taxation Special Items in 2024 reflected the release of a Malaysian uncertain tax provision which was successfully concluded in the year. Tax Special Items in 2023 related to the disposal of the Laminates, Films and Coated Fabrics business. Taxation on Special Items is mainly deferred tax credits arising on the amortisation of acquired intangibles and restructuring and site closure costs.", "dimensions": { "concept": "synthomerplc:DisclosureOfSpecialItems", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-582": { "value": "
5 Segmental analysis
The Group\u2019s Executive Committee, chaired by the Chief Executive Officer, examines
the Group\u2019s performance. At the start of 2024, certain foam products were transferred
from the CCS division into Performance Materials, and tyre cord, elastomeric modifiers
and reinforcing resins products transferred in the other direction. Other than the
reclassification of goodwill detailed in note 14, the net financial effect was not significant.
The Group\u2019s reportable segments are as follows:
Coatings & Construction Solutions
Our specialist polymers enhance the sustainable performance of a wide range of
coatings and construction products. We work across architectural and masonry
coatings, mortar modification, waterproofing and flooring, fibre bonding, and
energy solutions.
Adhesive Solutions
Our adhesive solutions bond, modify and compatibilise surfaces and components
for products including tapes and labels, packaging, hygiene, tyres and plastic
modification, helping improve permeability, strength, elasticity, damping, dispersion
and grip.
Health & Protection and Performance Materials
We help enhance protection and performance in a wide range of industries including
medical glove manufacture, speciality paper, food packaging, carpet and artificial turf,
gel foam elastomers, and vinyl-coated seating fabrics.
The Group\u2019s Executive Committee is the chief operating decision maker and primarily
uses a measure of EBITDA to assess the performance of the operating segments.
No information is provided to the Group\u2019s Executive Committee at the segment
level concerning interest income, interest expense, income tax or other material
non-cash items.
No single customer accounts for more than 10% of the Group\u2019s revenue.
A segmental analysis of Underlying performance and Special Items is shown below.
Discontinued
Continuing operations operations
Health & Health &
Protection Protection
Coatings & and and
Construction Adhesive Performance Performance
Solutions Solutions Materials Corporate Total Materials Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue\ue278
Total revenue
790.5
588.4
611.4
\u2013
1,990.3
9.8
2,000.1
Inter-segmental revenue
\u2013
\u2013
(3.5)
\u2013
(3.5)
\u2013
(3.5)
790.5
588.4
607.9
\u2013
1,986.8
9.8
1,996.6
EBITDA
85.9
47.9
36.5
(23.7)
146.6
2.6
149.2
Depreciation and amortisation
(25.3)
(32.9)
(28.1)
(9.9)
(96.2)
(0.2)
(96.4)
Operating profit/(loss) before Special Items
60.6
15.0
8.4
(33.6)
50.4
2.4
52.8
Special Items
(28.1)
(24.5)
(17.9)
(4.0)
(74.5)
(4.2)
(78.7)
Operating profit/(loss)
32.5
(9.5)
(9.5)
(37.6)
(24.1)
(1.8)
(25.9)
Finance costs
(61.4)
Loss before taxation
(87.3)
Discontinued
Continuing operations operations
Health & Health &
Protection Protection
Coatings & and and
Construction Adhesive Performance Performance
Solutions Solutions Materials Corporate Total Materials Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Total revenue
820.2
581.7
549.3
\u2013
1,951.2
80.6
2,031.8
Inter-segmental revenue
\u2013
\u2013
(10.6)
\u2013
(10.6)
\u2013
(10.6)
820.2
581.7
538.7
\u2013
1,940.6
80.6
2,021.2
EBITDA
100.1
31.2
26.3
(20.2)
137.4
1.7
139.1
Depreciation and amortisation
(25.8)
(38.7)
(32.3)
( 7.2)
(104.0)
(1.3)
(105.3)
Operating profit/(loss) before Special Items
74.3
(7.5)
(6.0)
(27.4)
33.4
0.4
33.8
Special Items
(32.2)
(25.2)
(9.3)
(6.2)
(72.9)
56.8
(16.1)
Operating profit/(loss)
42.1
(32.7)
(15.3)
(33.6)
(39.5)
57.2
17.7
Finance costs
(71.4)
Loss before taxation
(53.7)
Geographical information
The Group\u2019s revenue from external customers and its non-current assets
(excluding deferred tax and the defined benefit asset) by geographical location are
detailed below:
Revenue by destination
Non-current assets
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
UK
97.7
97.1
180.0
191.6
Germany
227.0
259.9
170.9
174.7
Italy
88.9
94
32.2
34.6
Netherlands
78.8
68.5
129.6
140.7
France
83.8
98.8
85.4
73.0
Belgium
46.1
49.8
51.9
57.9
Spain
76.9
7 7.6
5.9
6.0
Other Europe
258.1
261.1
69.0
90.4
Malaysia
177.6
117.6
143.5
154.5
China
116.2
110.7
25.7
23.7
Other Asia
152.9
122.4
4.1
4.2
USA
469.3
511.2
721.9
742.5
Rest of World
123.3
152.5
9.3
8.7
1,996.6
2,021.2
1,629.4
1,702.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-624": { "value": "Geographical information The Group\u2019s revenue from external customers and its non-current assets (excluding deferred tax and the defined benefit asset) by geographical location are detailed below:
Revenue by destination
Non-current assets
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
UK
97.7
97.1
180.0
191.6
Germany
227.0
259.9
170.9
174.7
Italy
88.9
94
32.2
34.6
Netherlands
78.8
68.5
129.6
140.7
France
83.8
98.8
85.4
73.0
Belgium
46.1
49.8
51.9
57.9
Spain
76.9
7 7.6
5.9
6.0
Other Europe
258.1
261.1
69.0
90.4
Malaysia
177.6
117.6
143.5
154.5
China
116.2
110.7
25.7
23.7
Other Asia
152.9
122.4
4.1
4.2
USA
469.3
511.2
721.9
742.5
Rest of World
123.3
152.5
9.3
8.7
1,996.6
2,021.2
1,629.4
1,702.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-583": { "value": "
6 Operating profit \u2013 continuing operations
2024 2023
Note \u00a3m \u00a3m
Revenue
1,986.8
1,940.6
Cost of sales
(1,649.1)
(1,640.5)
Gross profit
337.7
300.1
Sales and marketing costs
(77.5)
(73.6)
Administrative expenses
(115.2)
(90.5)
Share of joint ventures
18
1.6
1.4
EBITDA
146.6
137.4
Depreciation and amortisation \u2013 Underlying
performance
(96.2)
(104.0)
Operating profit \u2013 Underlying performance
50.4
33.4
Special Items
(74.5)
(72.9)
Operating loss \u2013 IFRS
(24.1)
(39.5)
2024 2023
Note \u00a3m \u00a3m
Operating profit is stated after charging the following:
Amortisation of acquired intangibles
4
45.1
49.3
Amortisation of other intangibles
5
12.1
8.8
Depreciation of property, plant and equipment
5
73.0
83.7
Depreciation of right of use assets
5
11.1
11.5
Research and development expenditure
32.7
33.8
Net loss on foreign exchange
0.4
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-671": { "value": "6 Operating profit \u2013 continuing operations
2024 2023
Note \u00a3m \u00a3m
Revenue
1,986.8
1,940.6
Cost of sales
(1,649.1)
(1,640.5)
Gross profit
337.7
300.1
Sales and marketing costs
(77.5)
(73.6)
Administrative expenses
(115.2)
(90.5)
Share of joint ventures
18
1.6
1.4
EBITDA
146.6
137.4
Depreciation and amortisation \u2013 Underlying
performance
(96.2)
(104.0)
Operating profit \u2013 Underlying performance
50.4
33.4
Special Items
(74.5)
(72.9)
Operating loss \u2013 IFRS
(24.1)
(39.5)
2024 2023
Note \u00a3m \u00a3m
Operating profit is stated after charging the following:
Amortisation of acquired intangibles
4
45.1
49.3
Amortisation of other intangibles
5
12.1
8.8
Depreciation of property, plant and equipment
5
73.0
83.7
Depreciation of right of use assets
5
11.1
11.5
Research and development expenditure
32.7
33.8
Net loss on foreign exchange
0.4
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-663": { "value": "6 Operating profit \u2013 continuing operations
2024 2023
Note \u00a3m \u00a3m
Revenue
1,986.8
1,940.6
Cost of sales
(1,649.1)
(1,640.5)
Gross profit
337.7
300.1
Sales and marketing costs
(77.5)
(73.6)
Administrative expenses
(115.2)
(90.5)
Share of joint ventures
18
1.6
1.4
EBITDA
146.6
137.4
Depreciation and amortisation \u2013 Underlying
performance
(96.2)
(104.0)
Operating profit \u2013 Underlying performance
50.4
33.4
Special Items
(74.5)
(72.9)
Operating loss \u2013 IFRS
(24.1)
(39.5)
2024 2023
Note \u00a3m \u00a3m
Operating profit is stated after charging the following:
Amortisation of acquired intangibles
4
45.1
49.3
Amortisation of other intangibles
5
12.1
8.8
Depreciation of property, plant and equipment
5
73.0
83.7
Depreciation of right of use assets
5
11.1
11.5
Research and development expenditure
32.7
33.8
Net loss on foreign exchange
0.4
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-648": { "value": "6 Operating profit \u2013 continuing operations
2024 2023
Note \u00a3m \u00a3m
Revenue
1,986.8
1,940.6
Cost of sales
(1,649.1)
(1,640.5)
Gross profit
337.7
300.1
Sales and marketing costs
(77.5)
(73.6)
Administrative expenses
(115.2)
(90.5)
Share of joint ventures
18
1.6
1.4
EBITDA
146.6
137.4
Depreciation and amortisation \u2013 Underlying
performance
(96.2)
(104.0)
Operating profit \u2013 Underlying performance
50.4
33.4
Special Items
(74.5)
(72.9)
Operating loss \u2013 IFRS
(24.1)
(39.5)
2024 2023
Note \u00a3m \u00a3m
Operating profit is stated after charging the following:
Amortisation of acquired intangibles
4
45.1
49.3
Amortisation of other intangibles
5
12.1
8.8
Depreciation of property, plant and equipment
5
73.0
83.7
Depreciation of right of use assets
5
11.1
11.5
Research and development expenditure
32.7
33.8
Net loss on foreign exchange
0.4
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-625": { "value": "6 Operating profit \u2013 continuing operations
2024 2023
Note \u00a3m \u00a3m
Revenue
1,986.8
1,940.6
Cost of sales
(1,649.1)
(1,640.5)
Gross profit
337.7
300.1
Sales and marketing costs
(77.5)
(73.6)
Administrative expenses
(115.2)
(90.5)
Share of joint ventures
18
1.6
1.4
EBITDA
146.6
137.4
Depreciation and amortisation \u2013 Underlying
performance
(96.2)
(104.0)
Operating profit \u2013 Underlying performance
50.4
33.4
Special Items
(74.5)
(72.9)
Operating loss \u2013 IFRS
(24.1)
(39.5)
2024 2023
Note \u00a3m \u00a3m
Operating profit is stated after charging the following:
Amortisation of acquired intangibles
4
45.1
49.3
Amortisation of other intangibles
5
12.1
8.8
Depreciation of property, plant and equipment
5
73.0
83.7
Depreciation of right of use assets
5
11.1
11.5
Research and development expenditure
32.7
33.8
Net loss on foreign exchange
0.4
2.0
7 Auditors\u2019 remuneration
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for:
\u2013 Audit of the Company\u2019s annual financial statements
and the consolidated annual financial statements
527
637
Fees payable to the Company\u2019s auditor and their
associates for other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries\u2019 annual
financial statements
1,911
1,893
Total audit fees
2,438
2,530
Audit related assurance services
53
51
Other assurance services
196
542
Total non-audit fees
249
593
Details of the Company\u2019s policy on the use of auditor for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee section of the Corporate Governance Report on page 93. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-586": { "value": "
7 Auditors\u2019 remuneration
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for:
\u2013 Audit of the Company\u2019s annual financial statements
and the consolidated annual financial statements
527
637
Fees payable to the Company\u2019s auditor and their
associates for other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries\u2019 annual
financial statements
1,911
1,893
Total audit fees
2,438
2,530
Audit related assurance services
53
51
Other assurance services
196
542
Total non-audit fees
249
593
Details of the Company\u2019s policy on the use of auditor for non-audit services, the
reasons why the auditor was used rather than another supplier and how the auditor\u2019s
independence and objectivity was safeguarded are set out in the Audit Committee
section of the Corporate Governance Report on page 93. No services were provided
pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-584": { "value": "
8 Staff costs
2024 2023
Number Number
The average monthly number of employees
during the year by segment was:
Coatings & Construction Solutions
2,117
2,152
Adhesive Solutions
718
723
Health & Protection and Performance Materials
1,243
1,816
Corporate
49
47
4,127
4,738
2024 2023
\u00a3m \u00a3m
The aggregate remuneration of all Group
employees comprised:
Wages and salaries
251.5
245.2
Social security costs
34.7
35.2
Other pension costs
18.3
15.8
Share-based payments
1.6
1.8
306.1
298.0
Directors\u2019 emoluments are disclosed in the Directors\u2019 remuneration report on pages
101 to 116.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-585": { "value": "
9 Finance costs
2024 2023
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
68.0
70.6
Less: interest receivable
(12.1)
(10.2)
Net interest expense on defined benefit obligations
1.7
2.7
Interest element of lease payments
2.4
1.8
Underlying finance costs
60.0
64.9
Fair value loss on unhedged interest derivatives
\u2013
1.8
Loss on extinguishment of financing facilities
1.4
4.7
Total finance costs from continuing operations
61.4
71.4
Finance costs from discontinued operations
\u2013
\u2013
Total finance costs
61.4
71.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-664": { "value": "9 Finance costs
2024 2023
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
68.0
70.6
Less: interest receivable
(12.1)
(10.2)
Net interest expense on defined benefit obligations
1.7
2.7
Interest element of lease payments
2.4
1.8
Underlying finance costs
60.0
64.9
Fair value loss on unhedged interest derivatives
\u2013
1.8
Loss on extinguishment of financing facilities
1.4
4.7
Total finance costs from continuing operations
61.4
71.4
Finance costs from discontinued operations
\u2013
\u2013
Total finance costs
61.4
71.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-649": { "value": "9 Finance costs
2024 2023
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
68.0
70.6
Less: interest receivable
(12.1)
(10.2)
Net interest expense on defined benefit obligations
1.7
2.7
Interest element of lease payments
2.4
1.8
Underlying finance costs
60.0
64.9
Fair value loss on unhedged interest derivatives
\u2013
1.8
Loss on extinguishment of financing facilities
1.4
4.7
Total finance costs from continuing operations
61.4
71.4
Finance costs from discontinued operations
\u2013
\u2013
Total finance costs
61.4
71.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-626": { "value": "9 Finance costs
2024 2023
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
68.0
70.6
Less: interest receivable
(12.1)
(10.2)
Net interest expense on defined benefit obligations
1.7
2.7
Interest element of lease payments
2.4
1.8
Underlying finance costs
60.0
64.9
Fair value loss on unhedged interest derivatives
\u2013
1.8
Loss on extinguishment of financing facilities
1.4
4.7
Total finance costs from continuing operations
61.4
71.4
Finance costs from discontinued operations
\u2013
\u2013
Total finance costs
61.4
71.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-587": { "value": "
10 Taxation
2024 2023
\u00a3m \u00a3m
Current tax
UK corporation tax
(0.5)
(0.1)
Overseas taxation
15.1
11.8
14.6
11.7
Deferred tax
Origination and reversal of temporary differences
(18.0)
(13.2)
(3.4)
(1.5)
Special Items
Current tax:
Historical issues
( 7.5)
1.7
Purchase and sale of business
(0.1)
0.1
Restructuring and site closure costs
(1.5)
(1.9)
Deferred tax:
Sale of business
(0.1)
17.0
Restructuring and site closure costs
(0.6)
0.6
Amortisation of acquired intangibles
(3.7)
(2.9)
Impairment of goodwill
\u2013
\u2013
Acquired tax attributes
\u2013
\u2013
Prior year adjustment
(1.1)
\u2013
(14.6)
14.6
Total tax on loss before taxation
(18.0)
13.1
Total tax from continuing operations
(18.8)
(6.3)
Total tax from discontinued operations
0.8
19.4
UK corporation tax is calculated at 25% (2023: 23.5%) of the estimated assessable
profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing
in the respective jurisdictions.
Reconciliation of tax expense to profit before taxation
The differences between the total tax expense shown above and the amount
calculated by applying the standard rate of UK corporation tax to the profit before
tax is as follows.
2024 2023
\u00a3m \u00a3m
Loss before taxation
(87.3)
(53.7)
Tax on loss before taxation at standard UK corporation
tax rate of 25% (2023: 23.5%)
(21.8)
(12.6)
Effects of:
Expenses not deductible for tax purposes
10.6
7.0
Tax incentives and items not subject to tax
(2.3)
(4.3)
Higher tax rates on overseas earnings
(1.4)
(0.5)
Other deferred tax assets not recognised less amounts
now recognised
2.0
1.8
Adjustments to tax charge in respect of prior periods
(4.6)
(0.2)
Effect of change of rate on deferred tax
0.3
(0.9)
Sale of business
(0.8)
22.8
Tax (credit)/charge for year
(18.0)
13.1
Tax relating to components of other comprehensive income
2024 2023
\u00a3m \u00a3m
Current tax credit in respect of actuarial losses
(0.2)
\u2013
Deferred tax charge/(credit) in respect of actuarial
movements
0.3
(1.0)
Total tax charge in respect of actuarial gains/losses
0.1
(1.0)
Current tax
2024 2023
\u00a3m \u00a3m
Current tax assets
15.6
8.8
Current tax liabilities
(17.6)
(28.0)
The Group\u2019s effective tax rate is affected by the tax impact of Special Items.
It is therefore helpful to consider the Underlying and Special Items affecting tax
rates separately:
The effective tax rate on continuing underlying profit before tax for the year is
43.8% (2023: 11.1%) due to the geographical mix of profits.
The effective tax rate for Special Items was 19% (2023: -65%), this was largely driven by the current tax credit in relation to the successful resolution
of the litigation in Malaysia regarding the tax treatment on the sale of plantation land. In 2023, this was driven by the utilisation of US tax losses against
the US tax on the sale of the Laminates, Films and Coated Fabrics business.
Global Minimum Top-up Tax
The Group is subject to global minimum top-up tax under Pillar Two legislation for the financial year beginning 1 January 2024. The Group has
performed an assessment of the Group\u2019s potential exposure to Pillar Two top-up tax and, based on the assessment performed, transitional safe
harbour relief should apply to all the jurisdictions where the Group operates. Therefore, the Group does not expect a potential exposure to the Pillar Two
top-up tax. The management is not currently aware of any circumstances under which this might change.
The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax.
11 Deferred taxation
Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets to the extent
that it is probable that these assets will be recovered.
The movements in deferred tax assets and liabilities are shown below.
Deferred tax liabilities
Accelerated Acquired Right of
tax depreciation intangibles Sub-total offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
Credited to income statement
2.7
3.7
6.4
Exchange adjustment
(0.8)
1.0
0.2
At 31 December
(39.0)
(28.1)
(67.1)
38.2
(28.9)
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(56.2)
(37.8)
(94.0)
49.1
(44.9)
Reclassification to assets/liabilities classified as held for sale
(0.1)
\u2013
(0.1)
Credited to income statement
10.6
2.9
13.5
Exchange adjustment
4.8
2.1
6.9
At 31 December
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Deferred tax liability not recognised
No deferred tax liability has been recognised on temporary differences relating to unremitted earnings of overseas subsidiaries of \u00a3214.8m (2023: \u00a3174.8m), as the Group is able
to control the timing of the reversal of the temporary differences and it is not probable that the differences will reverse in the foreseeable future.
Deferred tax assets
Provisions &
Losses Pension restructuring Other Sub-total Right of offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
3.1
(2.9)
1.3
15.6
17.1
Charged to statement of other comprehensive income
0.3
0.3
Exchange adjustment
(0.2)
(0.4)
0.3
(0.3)
At 31 December
40.0
2.4
27.4
24.1
93.9
(38.2)
55.7
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
62.6
8.0
22.9
5.9
99.4
(49.1)
50.3
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
(23.0)
(1.2)
6.9
2.3
(15.0)
Charged to statement of other comprehensive income
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustment
(2.5)
(0.4)
(3.7)
\u2013
(6.6)
At 31 December
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
The Group has concluded that the deferred tax assets recognised on balance sheet will be fully recoverable against the unwind of taxable temporary differences and future taxable
profits based on the long-term strategic plans of the Group. Where applicable the financial projections used in assessing future taxable income are consistent with those used
elsewhere across the business, for example in the assessment of going concern.
Deferred tax asset not recognised
An assessment has been made as to when the deferred tax asset on the tax losses is expected to be utilised by considering probable forecast future taxable profits. No deferred tax
asset has been recognised on tax losses where it is not probable that forecast future taxable profits exist in the entity or jurisdiction to which they relate. The amounts of gross tax
losses for which no deferred tax asset has been recognised at the balance sheet dates are as follows.
2024 2023
\u00a3m \u00a3m
Tax losses
86.7
89.0
86.7
89.0
All the unrecognised tax losses set out above can be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-672": { "value": "11 Deferred taxation Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets to the extent that it is probable that these assets will be recovered. The movements in deferred tax assets and liabilities are shown below. Deferred tax liabilities
Accelerated Acquired Right of
tax depreciation intangibles Sub-total offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
Credited to income statement
2.7
3.7
6.4
Exchange adjustment
(0.8)
1.0
0.2
At 31 December
(39.0)
(28.1)
(67.1)
38.2
(28.9)
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(56.2)
(37.8)
(94.0)
49.1
(44.9)
Reclassification to assets/liabilities classified as held for sale
(0.1)
\u2013
(0.1)
Credited to income statement
10.6
2.9
13.5
Exchange adjustment
4.8
2.1
6.9
At 31 December
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Deferred tax liability not recognised No deferred tax liability has been recognised on temporary differences relating to unremitted earnings of overseas subsidiaries of \u00a3214.8m (2023: \u00a3174.8m), as the Group is able to control the timing of the reversal of the temporary differences and it is not probable that the differences will reverse in the foreseeable future. Deferred tax assets
Provisions &
Losses Pension restructuring Other Sub-total Right of offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
3.1
(2.9)
1.3
15.6
17.1
Charged to statement of other comprehensive income
0.3
0.3
Exchange adjustment
(0.2)
(0.4)
0.3
(0.3)
At 31 December
40.0
2.4
27.4
24.1
93.9
(38.2)
55.7
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
62.6
8.0
22.9
5.9
99.4
(49.1)
50.3
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
(23.0)
(1.2)
6.9
2.3
(15.0)
Charged to statement of other comprehensive income
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustment
(2.5)
(0.4)
(3.7)
\u2013
(6.6)
At 31 December
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
The Group has concluded that the deferred tax assets recognised on balance sheet will be fully recoverable against the unwind of taxable temporary differences and future taxable profits based on the long-term strategic plans of the Group. Where applicable the financial projections used in assessing future taxable income are consistent with those used elsewhere across the business, for example in the assessment of going concern. Deferred tax asset not recognised An assessment has been made as to when the deferred tax asset on the tax losses is expected to be utilised by considering probable forecast future taxable profits. No deferred tax asset has been recognised on tax losses where it is not probable that forecast future taxable profits exist in the entity or jurisdiction to which they relate. The amounts of gross tax losses for which no deferred tax asset has been recognised at the balance sheet dates are as follows.
2024 2023
\u00a3m \u00a3m
Tax losses
86.7
89.0
86.7
89.0
All the unrecognised tax losses set out above can be carried forward indefinitely. 24 Trade and other payables
2024 2023
\u00a3m \u00a3m
Amount due within one year
Trade payables
261.9
272.1
Other payables
26.6
68.1
Accruals
103.1
91.1
391.6
431.3
Amount due after one year
Accruals
0.1
0.2
0.1
0.2
Average trade payable days in 2024 was 65 (2023: 66). This figure represents trade payable days for all trading operations within the Group, calculated as a weighted average based on cost of sales. The Directors consider that the carrying amount of trade payables, other payables and accruals approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-665": { "value": "11 Deferred taxation Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets to the extent that it is probable that these assets will be recovered. The movements in deferred tax assets and liabilities are shown below. Deferred tax liabilities
Accelerated Acquired Right of
tax depreciation intangibles Sub-total offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
Credited to income statement
2.7
3.7
6.4
Exchange adjustment
(0.8)
1.0
0.2
At 31 December
(39.0)
(28.1)
(67.1)
38.2
(28.9)
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(56.2)
(37.8)
(94.0)
49.1
(44.9)
Reclassification to assets/liabilities classified as held for sale
(0.1)
\u2013
(0.1)
Credited to income statement
10.6
2.9
13.5
Exchange adjustment
4.8
2.1
6.9
At 31 December
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Deferred tax liability not recognised No deferred tax liability has been recognised on temporary differences relating to unremitted earnings of overseas subsidiaries of \u00a3214.8m (2023: \u00a3174.8m), as the Group is able to control the timing of the reversal of the temporary differences and it is not probable that the differences will reverse in the foreseeable future. Deferred tax assets
Provisions &
Losses Pension restructuring Other Sub-total Right of offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
3.1
(2.9)
1.3
15.6
17.1
Charged to statement of other comprehensive income
0.3
0.3
Exchange adjustment
(0.2)
(0.4)
0.3
(0.3)
At 31 December
40.0
2.4
27.4
24.1
93.9
(38.2)
55.7
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
62.6
8.0
22.9
5.9
99.4
(49.1)
50.3
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
(23.0)
(1.2)
6.9
2.3
(15.0)
Charged to statement of other comprehensive income
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustment
(2.5)
(0.4)
(3.7)
\u2013
(6.6)
At 31 December
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
The Group has concluded that the deferred tax assets recognised on balance sheet will be fully recoverable against the unwind of taxable temporary differences and future taxable profits based on the long-term strategic plans of the Group. Where applicable the financial projections used in assessing future taxable income are consistent with those used elsewhere across the business, for example in the assessment of going concern. Deferred tax asset not recognised An assessment has been made as to when the deferred tax asset on the tax losses is expected to be utilised by considering probable forecast future taxable profits. No deferred tax asset has been recognised on tax losses where it is not probable that forecast future taxable profits exist in the entity or jurisdiction to which they relate. The amounts of gross tax losses for which no deferred tax asset has been recognised at the balance sheet dates are as follows.
2024 2023
\u00a3m \u00a3m
Tax losses
86.7
89.0
86.7
89.0
All the unrecognised tax losses set out above can be carried forward indefinitely. 20 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
155.8
147.6
Other receivables
62.6
59.8
Prepayments
8.8
5.6
227.2
213.0
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. Before accepting a new customer, the Group uses appropriate procedures to assess the potential customer\u2019s credit quality in order to set a credit limit. The Group applies a simplified approach to measure the loss allowance for trade receivables classified at amortised cost, using the lifetime expected loss provision. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default experience and credit rating, adjusted as appropriate for current observable data. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers. The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix.
Trade receivables \u2013 days past due
Not yet due <60 61-120 >120 Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
139.9
13.6
0.3
3.1
156.9
Expected credit loss rate
0.06%
Lifetime expected credit loss
(1.1)
Total
155.8
Trade receivables \u2013 days past due
Not yet due <60 61-120 >120 Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
120.6
21.9
4.8
1.4
148.7
Expected credit loss rate
0.06%
Lifetime expected credit loss
(1.1)
Total
147.6
The following table shows the movement in the lifetime expected credit loss that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
2024 2023
\u00a3m \u00a3m
At 1 January
1.1
1.6
Exchange adjustments
(0.1)
(0.1)
Transfer from credit impaired
0.7
0.8
Uncollectable amounts recovered
(0.4)
(1.2)
At 31 December
1.3
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-650": { "value": "11 Deferred taxation Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets to the extent that it is probable that these assets will be recovered. The movements in deferred tax assets and liabilities are shown below. Deferred tax liabilities
Accelerated Acquired Right of
tax depreciation intangibles Sub-total offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
Credited to income statement
2.7
3.7
6.4
Exchange adjustment
(0.8)
1.0
0.2
At 31 December
(39.0)
(28.1)
(67.1)
38.2
(28.9)
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(56.2)
(37.8)
(94.0)
49.1
(44.9)
Reclassification to assets/liabilities classified as held for sale
(0.1)
\u2013
(0.1)
Credited to income statement
10.6
2.9
13.5
Exchange adjustment
4.8
2.1
6.9
At 31 December
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Deferred tax liability not recognised No deferred tax liability has been recognised on temporary differences relating to unremitted earnings of overseas subsidiaries of \u00a3214.8m (2023: \u00a3174.8m), as the Group is able to control the timing of the reversal of the temporary differences and it is not probable that the differences will reverse in the foreseeable future. Deferred tax assets
Provisions &
Losses Pension restructuring Other Sub-total Right of offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
3.1
(2.9)
1.3
15.6
17.1
Charged to statement of other comprehensive income
0.3
0.3
Exchange adjustment
(0.2)
(0.4)
0.3
(0.3)
At 31 December
40.0
2.4
27.4
24.1
93.9
(38.2)
55.7
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
62.6
8.0
22.9
5.9
99.4
(49.1)
50.3
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
(23.0)
(1.2)
6.9
2.3
(15.0)
Charged to statement of other comprehensive income
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustment
(2.5)
(0.4)
(3.7)
\u2013
(6.6)
At 31 December
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
The Group has concluded that the deferred tax assets recognised on balance sheet will be fully recoverable against the unwind of taxable temporary differences and future taxable profits based on the long-term strategic plans of the Group. Where applicable the financial projections used in assessing future taxable income are consistent with those used elsewhere across the business, for example in the assessment of going concern. Deferred tax asset not recognised An assessment has been made as to when the deferred tax asset on the tax losses is expected to be utilised by considering probable forecast future taxable profits. No deferred tax asset has been recognised on tax losses where it is not probable that forecast future taxable profits exist in the entity or jurisdiction to which they relate. The amounts of gross tax losses for which no deferred tax asset has been recognised at the balance sheet dates are as follows.
2024 2023
\u00a3m \u00a3m
Tax losses
86.7
89.0
86.7
89.0
All the unrecognised tax losses set out above can be carried forward indefinitely. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-627": { "value": "11 Deferred taxation Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets to the extent that it is probable that these assets will be recovered. The movements in deferred tax assets and liabilities are shown below. Deferred tax liabilities
Accelerated Acquired Right of
tax depreciation intangibles Sub-total offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
Credited to income statement
2.7
3.7
6.4
Exchange adjustment
(0.8)
1.0
0.2
At 31 December
(39.0)
(28.1)
(67.1)
38.2
(28.9)
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(56.2)
(37.8)
(94.0)
49.1
(44.9)
Reclassification to assets/liabilities classified as held for sale
(0.1)
\u2013
(0.1)
Credited to income statement
10.6
2.9
13.5
Exchange adjustment
4.8
2.1
6.9
At 31 December
(40.9)
(32.8)
(73.7)
39.9
(33.8)
Deferred tax liability not recognised No deferred tax liability has been recognised on temporary differences relating to unremitted earnings of overseas subsidiaries of \u00a3214.8m (2023: \u00a3174.8m), as the Group is able to control the timing of the reversal of the temporary differences and it is not probable that the differences will reverse in the foreseeable future. Deferred tax assets
Provisions &
Losses Pension restructuring Other Sub-total Right of offset Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
3.1
(2.9)
1.3
15.6
17.1
Charged to statement of other comprehensive income
0.3
0.3
Exchange adjustment
(0.2)
(0.4)
0.3
(0.3)
At 31 December
40.0
2.4
27.4
24.1
93.9
(38.2)
55.7
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
62.6
8.0
22.9
5.9
99.4
(49.1)
50.3
Reclassification to assets/liabilities classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
Credited/(charged) to income statement
(23.0)
(1.2)
6.9
2.3
(15.0)
Charged to statement of other comprehensive income
\u2013
(1.0)
\u2013
\u2013
(1.0)
Exchange adjustment
(2.5)
(0.4)
(3.7)
\u2013
(6.6)
At 31 December
37.1
5.4
26.1
8.2
76.8
(39.9)
36.8
The Group has concluded that the deferred tax assets recognised on balance sheet will be fully recoverable against the unwind of taxable temporary differences and future taxable profits based on the long-term strategic plans of the Group. Where applicable the financial projections used in assessing future taxable income are consistent with those used elsewhere across the business, for example in the assessment of going concern. Deferred tax asset not recognised An assessment has been made as to when the deferred tax asset on the tax losses is expected to be utilised by considering probable forecast future taxable profits. No deferred tax asset has been recognised on tax losses where it is not probable that forecast future taxable profits exist in the entity or jurisdiction to which they relate. The amounts of gross tax losses for which no deferred tax asset has been recognised at the balance sheet dates are as follows.
2024 2023
\u00a3m \u00a3m
Tax losses
86.7
89.0
86.7
89.0
All the unrecognised tax losses set out above can be carried forward indefinitely. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-589": { "value": "
12 Dividends
In 2022, the Board announced the suspension of dividends. The Board has confirmed that dividends will remain suspended until the Group\u2019s net debt is less than 3.0x its EBITDA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-588": { "value": "
13 Earnings per share
2024
2023
Underlying Special Underlying Special
performance
Items
IFRS
performance
Items
IFRS
Earnings
Loss attributable to equity holders of the parent \u2013 continuing operations
\u00a3m
(5.7)
(64.3)
(70.0)
(28.4)
(76.4)
(104.8)
Loss attributable to equity holders of the parent
\u00a3m
(4.1)
(68.5)
(72.6)
(30.0)
(37.0)
(67.0)
Number of shares
Weighted average number of ordinary shares \u2013 basic
\u2019000
163,473
85,382
Effect of dilutive potential ordinary shares
\u2019000
1,078
251
Weighted average number of ordinary shares \u2013 diluted
\u2019000
164,551
85,633
Earnings per share for profit from continuing operations
Basic earnings per share
pence
(3.5)
(39.3)
(42.8)
(33.4)
(89.4)
(122.8)
Diluted earnings per share
pence
(3.5)
(39.3)
(42.8)
(33.4)
(89.4)
(122.8)
Earnings per share for profit from discontinued operations
Basic earnings per share
pence
1.0
(2.6)
(1.6)
(1.9)
46.2
44.3
Diluted earnings per share
pence
1.0
(2.6)
(1.6)
(1.9)
46.2
44.3
Earnings per share for profit attributable to equity holders of the parent
Basic earnings per share
pence
(2.5)
(41.9)
(44.4)
(35.1)
(43.4)
(78.5)
Diluted earnings per share
pence
(2.5)
(41.9)
(44.4)
(35.1)
(43.4)
(78.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-590": { "value": "
14 Goodwill
2024 2023
\u00a3m \u00a3m
Cost
At 1 January
608.4
629.9
Measurement period adjustment
\u2013
1.3
Sale of business
(7.5)
\u2013
Exchange adjustments
(2.1)
(22.8)
At 31 December
598.8
608.4
Accumulated impairment losses
At 1 January
142.7
149.1
Exchange adjustments
1.0
(6.4)
At 31 December
143.7
142.7
Net book value
At 31 December
455.1
465.7
Goodwill acquired in a business combination is allocated, at acquisition, to the cash
generating units (CGUs) that are expected to benefit from that business combination.
The allocation of the carrying value of goodwill is represented below.
Net book Net book
value at value at
1 January Divisional Exchange 31 December
2024 reorganisation Derecognition adjustments 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Coatings &
Construction
Solutions
320.5
36.3
\u2013
(2.3)
354.5
Adhesive Solutions
24.5
\u2013
\u2013
0.2
24.7
Health & Protection
and Performance
Materials
120.7
(36.3)
(7.5)
(1.0)
75.9
Total
465.7
0.0
(7.5)
(3.1)
455.1
Net book Net book
value at Measurment value at
1 January period Exchange 31 December
2023 adjustment Derecogniton adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Coatings &
Construction
Solutions
332.6
\u2013
\u2013
(12.1)
320.5
Adhesive Solutions
24.1
1.3
\u2013
(0.9)
24.5
Health & Protection
and Performance
Materials
124.1
\u2013
\u2013
(3.4)
120.7
Total
480.8
1.3
0.0
(16.4)
465.7
The Group tests goodwill annually for impairment, or more frequently if there are
indications that goodwill might be impaired.
The recoverable amounts for CGUs are determined from value in use calculations.
The key assumptions for the value in use calculations are the discount rate,
profitability and growth rate. These assumptions have been updated in the year in
light of the current economic environment.
Management estimates discount rates using pre-tax rates that reflect current market
assessments of the time value of money and the risks specific to the Group. The
discount rate is based on the Group\u2019s weighted average cost of capital adjusted, where
appropriate, for the risk premium attributable to a particular CGU\u2019s activities. A pre-tax
discount rate of 11.9% has been used in the above calculations for each CGU
(2023: 11.9%).
The Group prepares cash flow forecasts for each CGU, derived from the most recent
five-year business plans approved by the Board. The final year cash flow is then
assumed to apply into perpetuity with estimated annual growth rates of 1.96%, 2.05%
and 2.38% for Coatings & Construction Solutions, Adhesive Solutions and Health &
Protection and Performance Materials respectively (2023: 2.06%, 1.9% and 2.76%
respectively). These rates do not exceed average long-term growth rates for
relevant markets.
For each CGU, a sensitivity analysis has been undertaken on the impairment tests,
with scenarios covering increased cost of capital, the impact of potential carbon taxes,
reduced margins and reduction in customer demand. For each CGU, the Directors
believe that there is no reasonably possible change in the key assumptions on which
the recoverable amount is based that would cause the aggregate carrying amount to
exceed the aggregate recoverable amount of the CGU.
For each CGU, the primary sensitivities were the discount rate and the perpituity
growth rate. For Coatings & Construction Solutions, Adhesive Solutions and
Health & Protection and Performance Materials, every 0.5% increase in discount
rate would yield a decrease in recoverable amount of \u00a361m, \u00a335m and \u00a323m
respectively. Every 0.25% decrease in perpetuity growth rate yields a decrease
in recoverable amount of \u00a320m, \u00a312m and \u00a38m respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-628": { "value": "14 Goodwill
2024 2023
\u00a3m \u00a3m
Cost
At 1 January
608.4
629.9
Measurement period adjustment
\u2013
1.3
Sale of business
(7.5)
\u2013
Exchange adjustments
(2.1)
(22.8)
At 31 December
598.8
608.4
Accumulated impairment losses
At 1 January
142.7
149.1
Exchange adjustments
1.0
(6.4)
At 31 December
143.7
142.7
Net book value
At 31 December
455.1
465.7
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to benefit from that business combination. The allocation of the carrying value of goodwill is represented below.
Net book Net book
value at value at
1 January Divisional Exchange 31 December
2024 reorganisation Derecognition adjustments 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Coatings &
Construction
Solutions
320.5
36.3
\u2013
(2.3)
354.5
Adhesive Solutions
24.5
\u2013
\u2013
0.2
24.7
Health & Protection
and Performance
Materials
120.7
(36.3)
(7.5)
(1.0)
75.9
Total
465.7
0.0
(7.5)
(3.1)
455.1
Net book Net book
value at Measurment value at
1 January period Exchange 31 December
2023 adjustment Derecogniton adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Coatings &
Construction
Solutions
332.6
\u2013
\u2013
(12.1)
320.5
Adhesive Solutions
24.1
1.3
\u2013
(0.9)
24.5
Health & Protection
and Performance
Materials
124.1
\u2013
\u2013
(3.4)
120.7
Total
480.8
1.3
0.0
(16.4)
465.7
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amounts for CGUs are determined from value in use calculations. The key assumptions for the value in use calculations are the discount rate, profitability and growth rate. These assumptions have been updated in the year in light of the current economic environment. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the Group. The discount rate is based on the Group\u2019s weighted average cost of capital adjusted, where appropriate, for the risk premium attributable to a particular CGU\u2019s activities. A pre-tax discount rate of 11.9% has been used in the above calculations for each CGU (2023: 11.9%). The Group prepares cash flow forecasts for each CGU, derived from the most recent five-year business plans approved by the Board. The final year cash flow is then assumed to apply into perpetuity with estimated annual growth rates of 1.96%, 2.05% and 2.38% for Coatings & Construction Solutions, Adhesive Solutions and Health & Protection and Performance Materials respectively (2023: 2.06%, 1.9% and 2.76% respectively). These rates do not exceed average long-term growth rates for relevant markets. For each CGU, a sensitivity analysis has been undertaken on the impairment tests, with scenarios covering increased cost of capital, the impact of potential carbon taxes, reduced margins and reduction in customer demand. For each CGU, the Directors believe that there is no reasonably possible change in the key assumptions on which the recoverable amount is based that would cause the aggregate carrying amount to exceed the aggregate recoverable amount of the CGU. For each CGU, the primary sensitivities were the discount rate and the perpituity growth rate. For Coatings & Construction Solutions, Adhesive Solutions and Health & Protection and Performance Materials, every 0.5% increase in discount rate would yield a decrease in recoverable amount of \u00a361m, \u00a335m and \u00a323m respectively. Every 0.25% decrease in perpetuity growth rate yields a decrease in recoverable amount of \u00a320m, \u00a312m and \u00a38m respectively. 15 Acquired intangible assets
Other
Customer acquired
relationships intangibles Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
488.0
108.6
596.6
Exchange adjustments
(1.6)
(0.1)
(1.7)
At 31 December 2024
486.4
108.5
594.9
Accumulated amortisation and impairment
At 1 January 2024
129.6
14.5
14 4.1
Amortisation charge for the year
37.6
7.5
45.1
Exchange adjustments
(1.3)
(0.1)
(1.4)
At 31 December 2024
165.9
21.9
187.8
Net book value
At 31 December 2024
320.5
86.6
407.1
Other
Customer acquired
relationships intangibles Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
525.6
117.4
643.0
Derecognition of fully amortised assets
(15.2)
(3.9)
(19.1)
Exchange adjustments
(22.4)
(4.9)
(27.3)
At 31 December 2023
488.0
108.6
596.6
Accumulated amortisation and impairment
At 1 January 2023
108.9
10.5
119.4
Amortisation charge for the year
40.8
8.5
49.3
Derecognition of fully amortised assets
(15.2)
(3.9)
(19.1)
Exchange adjustments
(4.9)
(0.6)
(5.5)
At 31 December 2023
129.6
14.5
14 4.1
Net book value
At 31 December 2023
358.4
94.1
452.5
Amortisation of acquired intangibles is included under Special Items. 16 Other intangible assets
Other Assets
intangible under
assets construction Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
107.0
1.7
108.7
Additions
1.0
10.1
11.1
Disposals
(1.3)
\u2013
(1.3)
Transfer to held for sale
\u2013
\u2013
\u2013
Transfers from assets under construction
11.1
(11.1)
\u2013
Other transfers
\u2013
\u2013
\u2013
Exchange adjustments
(0.1)
0.4
0.3
At 31 December 2024
117.7
1.1
118.8
Accumulated amortisation
At 1 January 2024
37.6
\u2013
37.6
Amortisation charge for the year
12.1
\u2013
12.1
Disposals
(1.3)
\u2013
(1.3)
Exchange adjustments
(0.2)
\u2013
(0.2)
At 31 December 2024
48.2
\u2013
48.2
Net book value
At 31 December 2024
69.5
1.1
70.6
Other intangible assets comprises mainly the Pathway programme and other software.
Other Assets
intangible under
assets construction Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
90.9
\u2013
90.9
Additions
2.2
17.0
19.2
Disposals
(1.6)
\u2013
(1.6)
Transfer to held for sale
14.7
(14.7)
\u2013
Transfers
1.7
\u2013
1.7
Exchange adjustments
(0.9)
(0.6)
(1.5)
At 31 December 2023
107.0
1.7
108.7
Accumulated amortisation
At 1 January 2023
30.0
\u2013
30.0
Amortisation charge for the year
8.8
\u2013
8.8
Disposals
(1.5)
\u2013
(1.5)
Transfer to held for sale
\u2013
\u2013
\u2013
Transfers
1.0
\u2013
1.0
Exchange adjustments
(0.7)
\u2013
(0.7)
At 31 December 2023
37.6
\u2013
37.6
Net book value
At 31 December 2023
69.4
1.7
71.1
Expenditure on research activities is recognised as an expense in the period in which it is incurred. As disclosed in note 2, there are various conditions required by IAS 38 for an internally generated intangible asset to be recognised. During the year, the Group invested a further \u00a311.6m in its Pathway programme (2023: \u00a310.3m). This programme is designed to deliver a unified operating model on a single set of integrated systems to improve the efficiency and effectiveness of the Group. The investment in this programme was shown as an asset under construction until the deployment phase began.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-591": { "value": "
15 Acquired intangible assets
Other
Customer acquired
relationships intangibles Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
488.0
108.6
596.6
Exchange adjustments
(1.6)
(0.1)
(1.7)
At 31 December 2024
486.4
108.5
594.9
Accumulated amortisation and impairment
At 1 January 2024
129.6
14.5
14 4.1
Amortisation charge for the year
37.6
7.5
45.1
Exchange adjustments
(1.3)
(0.1)
(1.4)
At 31 December 2024
165.9
21.9
187.8
Net book value
At 31 December 2024
320.5
86.6
407.1
Other
Customer acquired
relationships intangibles Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
525.6
117.4
643.0
Derecognition of fully amortised assets
(15.2)
(3.9)
(19.1)
Exchange adjustments
(22.4)
(4.9)
(27.3)
At 31 December 2023
488.0
108.6
596.6
Accumulated amortisation and impairment
At 1 January 2023
108.9
10.5
119.4
Amortisation charge for the year
40.8
8.5
49.3
Derecognition of fully amortised assets
(15.2)
(3.9)
(19.1)
Exchange adjustments
(4.9)
(0.6)
(5.5)
At 31 December 2023
129.6
14.5
14 4.1
Net book value
At 31 December 2023
358.4
94.1
452.5
Amortisation of acquired intangibles is included under Special Items.
16 Other intangible assets
Other Assets
intangible under
assets construction Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
107.0
1.7
108.7
Additions
1.0
10.1
11.1
Disposals
(1.3)
\u2013
(1.3)
Transfer to held for sale
\u2013
\u2013
\u2013
Transfers from assets under construction
11.1
(11.1)
\u2013
Other transfers
\u2013
\u2013
\u2013
Exchange adjustments
(0.1)
0.4
0.3
At 31 December 2024
117.7
1.1
118.8
Accumulated amortisation
At 1 January 2024
37.6
\u2013
37.6
Amortisation charge for the year
12.1
\u2013
12.1
Disposals
(1.3)
\u2013
(1.3)
Exchange adjustments
(0.2)
\u2013
(0.2)
At 31 December 2024
48.2
\u2013
48.2
Net book value
At 31 December 2024
69.5
1.1
70.6
Other intangible assets comprises mainly the Pathway programme and other software.
Other Assets
intangible under
assets construction Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
90.9
\u2013
90.9
Additions
2.2
17.0
19.2
Disposals
(1.6)
\u2013
(1.6)
Transfer to held for sale
14.7
(14.7)
\u2013
Transfers
1.7
\u2013
1.7
Exchange adjustments
(0.9)
(0.6)
(1.5)
At 31 December 2023
107.0
1.7
108.7
Accumulated amortisation
At 1 January 2023
30.0
\u2013
30.0
Amortisation charge for the year
8.8
\u2013
8.8
Disposals
(1.5)
\u2013
(1.5)
Transfer to held for sale
\u2013
\u2013
\u2013
Transfers
1.0
\u2013
1.0
Exchange adjustments
(0.7)
\u2013
(0.7)
At 31 December 2023
37.6
\u2013
37.6
Net book value
At 31 December 2023
69.4
1.7
71.1
Expenditure on research activities is recognised as an expense in the period in which
it is incurred.
As disclosed in note 2, there are various conditions required by IAS 38 for an internally
generated intangible asset to be recognised.
During the year, the Group invested a further \u00a311.6m in its Pathway programme
(2023: \u00a310.3m). This programme is designed to deliver a unified operating model on
a single set of integrated systems to improve the efficiency and effectiveness of the
Group. The investment in this programme was shown as an asset under construction
until the deployment phase began.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-592": { "value": "
17 Property, plant and equipment
Owned assets
Right of use assets
Freehold land Leasehold land Plant and Assets under Land and Plant and
and buildings and buildings equipment construction buildings equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
203.2
8.0
970.5
36.7
43.4
29.5
1,291.3
Additions
3.6
\u2013
25.1
54.5
5.2
7.7
96.1
Transfer to held for sale
(2.7)
\u2013
(13.1)
\u2013
\u2013
\u2013
(15.8)
Sale of business
(1.9)
\u2013
(11.4)
(0.3)
\u2013
\u2013
(13.6)
Impairment
(1.1)
\u2013
(1.2)
(3.7)
\u2013
\u2013
(6.0)
Disposals
(4.0)
\u2013
(12.4)
(0.1)
(1.7)
(3.9)
(22.1)
Transfer from assets under construction
2.2
0.8
7.1
(10.1)
\u2013
\u2013
\u2013
Other transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange adjustments
(4.6)
\u2013
(5.2)
(1.6)
(0.3)
(0.4)
(12.1)
At 31 December 2024
194.7
8.8
959.4
75.4
46.6
32.9
1, 317.8
Accumulated depreciation and impairment
At 1 January 2024
62.2
5.1
495.5
\u2013
12.8
10.0
585.6
Depreciation charge for the year
7.5
0.2
65.5
\u2013
4.2
6.9
84.3
Transfer to held for sale
(2.0)
\u2013
(7.3)
\u2013
\u2013
\u2013
(9.3)
Sale of business
\u2013
\u2013
(8.4)
\u2013
\u2013
\u2013
(8.4)
Impairment
(0.1)
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.3)
Disposals
\u2013
\u2013
(11.2)
\u2013
(1.7)
(4.1)
(17.0)
Other transfers
(4.8)
0.2
4.6
\u2013
\u2013
\u2013
\u2013
Exchange adjustments
(2.3)
(0.1)
(3.1)
\u2013
\u2013
(0.1)
(5.6)
At 31 December 2024
60.5
5.4
535.4
\u2013
15.3
12.7
629.3
Net book value
At 31 December 2024
134.2
3.4
424.0
75.4
31.3
20.2
688.5
Owned assets
Right of use assets
Freehold land Leasehold land Plant and Assets under Land and Plant and
and buildings and buildings equipment construction buildings equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
213.1
9.5
996.9
3.2
35.8
33.9
1,292.4
Additions
1.4
\u2013
29.9
38.4
11.3
12.7
93.7
Purchase of business
\u2013
\u2013
\u2013
2.4
\u2013
\u2013
2.4
Transfer to held for sale
(6.6)
\u2013
\u2013
\u2013
\u2013
\u2013
(6.6)
Disposals
(1.9)
(1.0)
(10.2)
\u2013
(2.4)
(15.8)
(31.3)
Transfer from assets under construction
5.3
\u2013
\u2013
(5.3)
\u2013
\u2013
\u2013
Other transfers
\u2013
\u2013
(1.7)
\u2013
\u2013
\u2013
(1.7)
Exchange adjustments
(8.1)
(0.5)
(44.4)
(2.0)
(1.3)
(1.3)
(57.6)
At 31 December 2023
203.2
8.0
970.5
36.7
43.4
29.5
1,291.3
Accumulated depreciation and impairment
At 1 January 2023
59.7
5.4
443.0
\u2013
12.0
18.7
538.8
Depreciation charge for the year
4.6
0.2
80.2
\u2013
3.8
7.7
96.5
Transfer to held for sale
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(5.2)
Impairment
5.6
\u2013
0.3
\u2013
\u2013
\u2013
5.9
Disposals
(0.5)
(0.1)
(6.8)
\u2013
(2.6)
(15.8)
(25.8)
Other transfers
\u2013
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Exchange adjustments
(2.0)
(0.4)
(20.2)
\u2013
(0.4)
(0.6)
(23.6)
At 31 December 2023
62.2
5.1
495.5
\u2013
12.8
10.0
585.6
Net book value
At 31 December 2023
141.0
2.9
475.0
36.7
30.6
19.5
705.7
Freehold land is not depreciated and is held at historical cost. At 31 December 2024, the Group\u2019s freehold land was recognised at \u00a334.3m (31 December 2023: \u00a336.7 m).
At 31 December 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a35.0m (2023: \u00a38.8 m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-629": { "value": "17 Property, plant and equipment
Owned assets
Right of use assets
Freehold land Leasehold land Plant and Assets under Land and Plant and
and buildings and buildings equipment construction buildings equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
203.2
8.0
970.5
36.7
43.4
29.5
1,291.3
Additions
3.6
\u2013
25.1
54.5
5.2
7.7
96.1
Transfer to held for sale
(2.7)
\u2013
(13.1)
\u2013
\u2013
\u2013
(15.8)
Sale of business
(1.9)
\u2013
(11.4)
(0.3)
\u2013
\u2013
(13.6)
Impairment
(1.1)
\u2013
(1.2)
(3.7)
\u2013
\u2013
(6.0)
Disposals
(4.0)
\u2013
(12.4)
(0.1)
(1.7)
(3.9)
(22.1)
Transfer from assets under construction
2.2
0.8
7.1
(10.1)
\u2013
\u2013
\u2013
Other transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange adjustments
(4.6)
\u2013
(5.2)
(1.6)
(0.3)
(0.4)
(12.1)
At 31 December 2024
194.7
8.8
959.4
75.4
46.6
32.9
1, 317.8
Accumulated depreciation and impairment
At 1 January 2024
62.2
5.1
495.5
\u2013
12.8
10.0
585.6
Depreciation charge for the year
7.5
0.2
65.5
\u2013
4.2
6.9
84.3
Transfer to held for sale
(2.0)
\u2013
(7.3)
\u2013
\u2013
\u2013
(9.3)
Sale of business
\u2013
\u2013
(8.4)
\u2013
\u2013
\u2013
(8.4)
Impairment
(0.1)
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.3)
Disposals
\u2013
\u2013
(11.2)
\u2013
(1.7)
(4.1)
(17.0)
Other transfers
(4.8)
0.2
4.6
\u2013
\u2013
\u2013
\u2013
Exchange adjustments
(2.3)
(0.1)
(3.1)
\u2013
\u2013
(0.1)
(5.6)
At 31 December 2024
60.5
5.4
535.4
\u2013
15.3
12.7
629.3
Net book value
At 31 December 2024
134.2
3.4
424.0
75.4
31.3
20.2
688.5
Owned assets
Right of use assets
Freehold land Leasehold land Plant and Assets under Land and Plant and
and buildings and buildings equipment construction buildings equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
213.1
9.5
996.9
3.2
35.8
33.9
1,292.4
Additions
1.4
\u2013
29.9
38.4
11.3
12.7
93.7
Purchase of business
\u2013
\u2013
\u2013
2.4
\u2013
\u2013
2.4
Transfer to held for sale
(6.6)
\u2013
\u2013
\u2013
\u2013
\u2013
(6.6)
Disposals
(1.9)
(1.0)
(10.2)
\u2013
(2.4)
(15.8)
(31.3)
Transfer from assets under construction
5.3
\u2013
\u2013
(5.3)
\u2013
\u2013
\u2013
Other transfers
\u2013
\u2013
(1.7)
\u2013
\u2013
\u2013
(1.7)
Exchange adjustments
(8.1)
(0.5)
(44.4)
(2.0)
(1.3)
(1.3)
(57.6)
At 31 December 2023
203.2
8.0
970.5
36.7
43.4
29.5
1,291.3
Accumulated depreciation and impairment
At 1 January 2023
59.7
5.4
443.0
\u2013
12.0
18.7
538.8
Depreciation charge for the year
4.6
0.2
80.2
\u2013
3.8
7.7
96.5
Transfer to held for sale
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(5.2)
Impairment
5.6
\u2013
0.3
\u2013
\u2013
\u2013
5.9
Disposals
(0.5)
(0.1)
(6.8)
\u2013
(2.6)
(15.8)
(25.8)
Other transfers
\u2013
\u2013
(1.0)
\u2013
\u2013
\u2013
(1.0)
Exchange adjustments
(2.0)
(0.4)
(20.2)
\u2013
(0.4)
(0.6)
(23.6)
At 31 December 2023
62.2
5.1
495.5
\u2013
12.8
10.0
585.6
Net book value
At 31 December 2023
141.0
2.9
475.0
36.7
30.6
19.5
705.7
Freehold land is not depreciated and is held at historical cost. At 31 December 2024, the Group\u2019s freehold land was recognised at \u00a334.3m (31 December 2023: \u00a336.7 m). At 31 December 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a35.0m (2023: \u00a38.8 m).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-630": { "value": "
18 Investment in joint ventures
Details of the Group\u2019s joint ventures are as follows:
Place of Principal
Name of entity
incorporation
Ownership
activity
Segment
Synthomer Middle Saudi
49%
Manufacturer
Coatings &
East Company Ltd Arabia and sale of acrylic Construction
and vinyl resin Solutions
emulsions
Synthomer Functional
UAE
49%
Trading in
Adhesive
Solutions FZCO adhesives and Solutions
oilfield chemicals
Synthomer FZCO
UAE
49%
Sales and
Coatings &
marketing support Construction
for Synthomer Solutions
Group Companies
Nanjing Yangzi
China
50%
Manufacturer
Adhesive
Eastman Chemical Ltd of hydrogenated Solutions
hydrocarbon resins
Super Sky Ltd
United
50%
Non-trading
Corporate
Kingdom
Joint ventures are accounted for using the equity method in these financial
statements. The ownership of entities has not changed since the prior year.
Summarised financial information in respect of the joint ventures is set out below.
This information represents amounts in the joint ventures\u2019 financial statements
adjusted for differences in accounting policies between the Group and the joint
venture (and not the Group\u2019s share of those amounts).
Summarised balance sheet (100%)
2024 2023
\u00a3m \u00a3m
Non-current assets
12.2
12.4
Cash and cash equivalents
3.7
6.2
Other current assets
28.0
24.6
Total current assets
31.7
30.8
Other current liabilities
(32.1)
(28.2)
Total current liabilities
(32.1)
(28.2)
Net assets
11.8
15.0
Summarised statement of comprehensive income (100%)
2024 2023
\u00a3m \u00a3m
Revenue
90.3
91.3
Operating profit
2.7
3.0
Taxation
(0.1)
(0.1)
Profit for the year
2.6
2.9
Exchange differences on translation
\u2013
(0.1)
Total comprehensive income
2.6
2.8
Dividends paid
(2.1)
(3.4)
Movement in retained earnings
0.5
(0.6)
Group share:
Profit for the year
1.3
1.4
Exchange differences on translation
\u2013
\u2013
Dividends paid
(1.0)
(1.9)
The following table reconciles the summary information above to the carrying amount of the Group\u2019s interest in the joint ventures: Investment in joint venture
2024 2023
\u00a3m \u00a3m
At 1 January
7.5
8.1
Profit from continuing operations
1.3
1.4
Exchange differences on translation
0.3
(0.1)
Dividend paid
(1.0)
(1.9)
At 31 December
8.1
7.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-593": { "value": "18 Investment in joint ventures Details of the Group\u2019s joint ventures are as follows:
Place of Principal
Name of entity
incorporation
Ownership
activity
Segment
Synthomer Middle Saudi
49%
Manufacturer
Coatings &
East Company Ltd Arabia and sale of acrylic Construction
and vinyl resin Solutions
emulsions
Synthomer Functional
UAE
49%
Trading in
Adhesive
Solutions FZCO adhesives and Solutions
oilfield chemicals
Synthomer FZCO
UAE
49%
Sales and
Coatings &
marketing support Construction
for Synthomer Solutions
Group Companies
Nanjing Yangzi
China
50%
Manufacturer
Adhesive
Eastman Chemical Ltd of hydrogenated Solutions
hydrocarbon resins
Super Sky Ltd
United
50%
Non-trading
Corporate
Kingdom
Joint ventures are accounted for using the equity method in these financial statements. The ownership of entities has not changed since the prior year. Summarised financial information in respect of the joint ventures is set out below. This information represents amounts in the joint ventures\u2019 financial statements adjusted for differences in accounting policies between the Group and the joint venture (and not the Group\u2019s share of those amounts).
Summarised balance sheet (100%)
2024 2023
\u00a3m \u00a3m
Non-current assets
12.2
12.4
Cash and cash equivalents
3.7
6.2
Other current assets
28.0
24.6
Total current assets
31.7
30.8
Other current liabilities
(32.1)
(28.2)
Total current liabilities
(32.1)
(28.2)
Net assets
11.8
15.0
Summarised statement of comprehensive income (100%)
2024 2023
\u00a3m \u00a3m
Revenue
90.3
91.3
Operating profit
2.7
3.0
Taxation
(0.1)
(0.1)
Profit for the year
2.6
2.9
Exchange differences on translation
\u2013
(0.1)
Total comprehensive income
2.6
2.8
Dividends paid
(2.1)
(3.4)
Movement in retained earnings
0.5
(0.6)
Group share:
Profit for the year
1.3
1.4
Exchange differences on translation
\u2013
\u2013
Dividends paid
(1.0)
(1.9)
The following table reconciles the summary information above to the carrying amount
of the Group\u2019s interest in the joint ventures:
Investment in joint venture
2024 2023
\u00a3m \u00a3m
At 1 January
7.5
8.1
Profit from continuing operations
1.3
1.4
Exchange differences on translation
0.3
(0.1)
Dividend paid
(1.0)
(1.9)
At 31 December
8.1
7.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-594": { "value": "
19 Inventories
2024 2023
\u00a3m \u00a3m
Raw materials and consumables
167.5
163.4
Finished goods
180.7
180.7
348.2
34 4.1
Stock written off during the year
6.0
8.0
Cost of inventory recognised as an expense and
included in cost of sales
1,238.3
1,258.0
The nature of the chemical reaction necessary to produce finished goods from raw
materials is such that \u2018work in progress\u2019 is not a material part of the Group\u2019s inventory
at any given point of time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-595": { "value": "
20 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
155.8
147.6
Other receivables
62.6
59.8
Prepayments
8.8
5.6
227.2
213.0
The Directors consider that the carrying amount of trade and other receivables
approximates to their fair value.
Before accepting a new customer, the Group uses appropriate procedures to assess
the potential customer\u2019s credit quality in order to set a credit limit.
The Group applies a simplified approach to measure the loss allowance for trade
receivables classified at amortised cost, using the lifetime expected loss provision.
The expected credit loss on trade receivables is estimated using a provision matrix
by reference to past default experience and credit rating, adjusted as appropriate for
current observable data. The Group has no significant concentration of credit risk,
with exposure spread over a large number of customers. The following table details
the risk profile of trade receivables based on the Group\u2019s provision matrix.
Trade receivables \u2013 days past due
Not yet due <60 61-120 >120 Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
139.9
13.6
0.3
3.1
156.9
Expected credit loss rate
0.06%
Lifetime expected credit loss
(1.1)
Total
155.8
Trade receivables \u2013 days past due
Not yet due <60 61-120 >120 Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
120.6
21.9
4.8
1.4
148.7
Expected credit loss rate
0.06%
Lifetime expected credit loss
(1.1)
Total
147.6
The following table shows the movement in the lifetime expected credit loss that has
been recognised for trade receivables in accordance with the simplified approach set
out in IFRS 9:
2024 2023
\u00a3m \u00a3m
At 1 January
1.1
1.6
Exchange adjustments
(0.1)
(0.1)
Transfer from credit impaired
0.7
0.8
Uncollectable amounts recovered
(0.4)
(1.2)
At 31 December
1.3
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-631": { "value": "20 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
155.8
147.6
Other receivables
62.6
59.8
Prepayments
8.8
5.6
227.2
213.0
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. Before accepting a new customer, the Group uses appropriate procedures to assess the potential customer\u2019s credit quality in order to set a credit limit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-632": { "value": "
Trade receivables \u2013 days past due
Not yet due <60 61-120 >120 Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
139.9
13.6
0.3
3.1
156.9
Expected credit loss rate
0.06%
Lifetime expected credit loss
(1.1)
Total
155.8
Trade receivables \u2013 days past due
Not yet due <60 61-120 >120 Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
120.6
21.9
4.8
1.4
148.7
Expected credit loss rate
0.06%
Lifetime expected credit loss
(1.1)
Total
147.6
The following table shows the movement in the lifetime expected credit loss that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
2024 2023
\u00a3m \u00a3m
At 1 January
1.1
1.6
Exchange adjustments
(0.1)
(0.1)
Transfer from credit impaired
0.7
0.8
Uncollectable amounts recovered
(0.4)
(1.2)
At 31 December
1.3
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-596": { "value": "
21 Cash and borrowings
Exchange
1 January and other 31 December
2024 Cash flows movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
(0.7)
0.4
\u2013
(0.3)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
\u2013
\u2013
(123.9)
(123.9)
Current bank borrowings
\u2013
\u2013
\u2013
\u2013
Current liabilities
(0.7)
0.4
(123.9)
(124.2)
Bank loans
(421.9)
3.1
4.6
(414.2)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
(448.4)
318.8
129.6
\u2013
\u20ac350m 7.375% senior unsecured
loan notes due 2029
\u2013
(293.5)
9.1
(284.4)
Non-current liabilities
(870.3)
28.4
143.3
(698.6)
Total borrowings
(871.0)
28.8
19.4
(822.8)
Cash and cash equivalents
371.3
(141.5)
(4.0)
225.8
Net debt
(499.7)
(112.7)
15.4
(597.0)
Capitalised debt costs which have been recognised as a reduction in borrowings
in the financial statements, amounted to \u00a312.8m at 31 December 2024
(31 December 2023: \u00a310.5m).
Exchange
1 January and other 31 December
2023 Cash flows movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
(18.5)
17.8
\u2013
(0.7)
Current liabilities
(18.5)
17.8
\u2013
(0.7)
Bank loans
(777.7)
343.6
12.2
(421.9)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
(456.4)
\u2013
8.0
(448.4)
Non-current liabilities
(1,234.1)
343.6
20.2
(870.3)
Total borrowings
(1,252.6)
361.4
20.2
(871.0)
Cash and cash equivalents
227.7
149.0
(5.4)
371.3
Net debt
(1,024.9)
510.4
14.8
(499.7)
Analysis of net debt by currency:
2024
2023
Cash and Cash and
cash Total cash Total
equivalents borrowings equivalents borrowings
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling
21.4
\u2013
117.5
Euro
92.1
651.8
116.4
700.8
US dollar
65.7
183.8
79.5
180.7
Malaysian ringgit
34.1
\u2013
38.5
\u2013
Other
12.5
\u2013
19.4
\u2013
Total
225.8
835.6
371.3
881.5
The principal features of the Group\u2019s borrowings are as follows:
The Group has unsecured borrowing facilities comprising, an undrawn \u20ac300m
revolving credit facility ending July 2027, \u20ac350m 7.375% unsecured senior loan notes
due in May 2029, \u20ac520m 3.875% unsecured senior loan notes due in June 2025, of
which \u20ac150m is outstanding, and UK Export Finance facilities for \u20ac288m and $230m
respectively ending in October 2027. These are 80% guaranteed by UK Export Finance
and are on terms that are similar to the Company\u2019s existing revolving credit facility.
Changes in liabilities arising from financing activities
Non cash changes
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2024 outflows Acquisitions movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(870.3)
28.4
\u2013
143.3
(698.6)
Lease liabilities
(55.3)
12.1
\u2013
(12.7)
(55.9)
Total
(925.6)
40.5
\u2013
130.6
(754.5)
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2023 outflows Acquisitions movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(1, 234.1)
343.6
\u2013
20.2
(870.3)
Lease liabilities
(45.5)
12.4
\u2013
(22.2)
(55.3)
Total
(1,279.6)
356.0
\u2013
(2.0)
(925.6)
22 Financial instruments
The table below sets out the Group\u2019s accounting classification of each class of financial assets and liabilities:
2024
2023
Carrying Carrying
Valuation amount amount
category in Fair value Carrying within scope Carrying within scope
accordance hierarchy amount of IFRS 7 Fair value amount of IFRS 7 Fair value
with IFRS 9
1
 level \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
AC
Level 2
155.8
155.8
155.8
147.6
147.6
147.6
Other receivables
AC
Level 2
62.6
42.3
42.3
59.8
35.3
35.3
Cash and cash equivalents
AC
Level 2
225.8
225.8
225.8
371.3
371.3
371.3
Derivatives
FVTOCI
Level 2
2.8
2.8
2.8
5.5
5.5
5.5
Total assets
447.0
426.7
426.7
584.2
559.7
559.7
Borrowings
AC
Level 2
(822.8)
(822.8)
(835.6)
(871.0)
(871.0)
(881.5)
Trade and other payables
AC
Level 2
(391.7)
(379.0)
(379.0)
(431.5)
(419.9)
(419.9)
Derivatives
FVTOCI
Level 2
(1.6)
(1.6)
(1.6)
\u2013
\u2013
\u2013
Total liabilities
(1,216.1)
(1,203.4)
(1,216.2)
(1,302.5)
(1,290.9)
(1,301.4)
1. AC: amortised cost; FVTOCI: fair value through other comprehensive income; FVTPL: fair value through profit or loss; a more detailed description of the categories can be found in note 2.
The fair value of the Group\u2019s borrowings at 31 December 2024 was \u00a3835.6m (31 December 2023: \u00a3881.5m).
As at 31 December 2024 \u00a31.0m (2023: \u00a34.3m) of the interest rate swap derivatives were designated as being in a hedging relationship.
Financial risk management
The Group\u2019s policies, approved by the Board, provide written principles on financial risk management and the use of financial derivatives.
These risks include market risk (including currency risk and interest rate risk), credit risk and liquidity risk.
The Group has a policy of hedging significant foreign exchange transactional exposure at operating company level. The Group regularly reviews its net assets and borrowing currency
exposures, borrowing in overseas currencies in order to hedge the net assets held in those currencies as appropriate. The Group does not enter into or trade financial instruments,
including derivative financial instruments, for speculative purposes.
Currency risk
The Group presents its consolidated financial statements in sterling and conducts business in many currencies. As a result, it is subject to foreign currency risk due to exchange rate
movements, which will affect the Group\u2019s transactions and the translation of the results and underlying net assets of its operations.
To manage the currency risk, the Group uses foreign currency borrowings, forward contracts and currency swaps to hedge overseas net assets, which are predominantly denominated
in euros, US dollars and Malaysian ringgits. Profit translation exposures are not hedged.
The Group hedges currency transaction exposures at the point of confirmed order, using forward foreign exchange contracts. The Group\u2019s policy is, where practicable, to hedge all
exposures on monetary assets and liabilities. Consequently, there are no material currency exposures to disclose (2023: none).
Interest rate risk
The Group has an exposure to interest rate risk, arising principally on changes in US dollar and euro interest rates. To manage interest rate risk, the Group manages its proportion
of fixed to floating rate borrowings, and utilises interest rate swaps. These practices aim to minimise the Group\u2019s net finance charges with acceptable year-on-year volatility.
At 31 December 2024, the Group had in place swap arrangements to fix interest rates on \u20ac260m and $125m of borrowings.
The Group\u2019s interest rate derivatives are designated as cash flow hedges with fair value movement on the hedged portion recognised in equity. Interest paid on these derivatives
is recognised in the income statement, within Underlying interest costs. Fair value movement in the unhedged portion is also recognised in profit and loss, as a Special Item.
After taking account of interest rate swaps, the Group\u2019s currency and interest rate exposure as at 31 December 2024 was:
2024
2023
Floating rate Fixed rate Total Floating rate Fixed rate Total
borrowings borrowings borrowings borrowings borrowings borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Euro
22.8
629.1
651.9
31.3
669.5
700.8
US dollar
83.9
99.9
183.8
75.6
105.1
180.7
Total
106.7
729.0
835.7
106.9
774.6
881.5
Market risk sensitivity analysis
The Group\u2019s main exposure to market risk is in the form of interest rate risk and foreign currency risk. The Group uses a sensitivity analysis that estimates the impacts on the
consolidated income statement and other comprehensive income of either an instantaneous increase or decrease of 1.0% in market interest rates or a 10% strengthening or
weakening in sterling against all other currencies, from the rates applicable at 31 December 2024 and 31 December 2023 with all other variables remaining constant. The sensitivity
analysis excludes the impact of market risks on the net post-employment benefit liabilities and assets, and corporate tax payable. This analysis is for illustrative purposes only,
as interest and foreign exchange rates rarely change in isolation.
There has been no change to the Group\u2019s exposure to market risks or the manner in which these risks are managed and measured.
2024
2023
Income statement
Equity
Income statement
Equity
Underlying IFRS IFRS Underlying IFRS IFRS
-/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m
Interest rate sensitivity analysis
UK interest rate +/- 1.0%
0.2
0.2
\u2013
1.2
\u2013
\u2013
Euro interest rate +/- 1.0%
0.7
0.7
2.2
0.9
\u2013
2.3
US interest rate +/- 1.0%
(0.2)
(0.2)
1.0
\u2013
\u2013
0.9
Foreign currency sensitivity analysis
Sterling -/+ 10%
0.3
0.3
\u2013
5.8
5.8
9.4
Euro exchange rate -/+ 10%
(1.8)
(1.8)
(3.2)
11.9
11.9
0.9
US dollar exchange rate -/+ 10%
0.7
0.7
(2.4)
7.6
7.6
9.4
Malaysian ringgit exchange rate -/+ 10%
\u2013
\u2013
\u2013
0.6
0.6
\u2013
The interest rate sensitivity analysis has been determined based on the exposure to
interest rates for both derivative and non-derivative instruments at the balance sheet
date. For floating rate liabilities, the analysis is prepared assuming that the amount of
liability outstanding at the balance sheet date was outstanding for the whole year.
For interest rate derivatives the mark-to-market adjustment, and amount recognised
in equity as part of a hedging arrangement, is estimated using the interest rate
sensitivity against the nominal amount.
The foreign currency sensitivity analysis includes only outstanding foreign currency
denominated monetary items and adjusts their translation at the period end for a 10%
change in foreign currency rates. The sensitivity analysis includes external loans as
well as loans to foreign operations within the Group where the denomination of the
loan is in a currency other than the functional currency of the lender or borrower.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Group. Credit risk arises on cash balances, derivative
financial instruments and credit exposures to customers.
The carrying amount of financial assets represents the Group\u2019s exposure to credit risk
at the balance sheet date as disclosed at the start of this note. A financial asset is in
default when the counterparty fails to pay its contractual obligations. Financial assets
are written-off when there is no reasonable expectation of recovery. Credit risk is
managed separately for financial and business-related credit exposures.
Financial credit risk
Synthomer aims to minimise its financial credit risk through the application of risk
management policies approved and monitored by the Board. Counterparties are
predominantly limited to major banks and financial institutions with a credit rating
of investment grade and the policy restricts the exposure to any one counterparty
by setting credit limits. The Group\u2019s policy is designed to ensure that individual
counterparty limits are adhered to and that there are no significant concentrations
of credit risk. The Board also defines the types of financial instruments which may
be transacted. Synthomer annually reviews the credit limits applied and regularly
monitors the counterparties\u2019 credit quality, reflecting market credit conditions.
Business-related credit risk
Trade and other receivables exposures are managed locally in the operating units
where they arise and active risk management is applied, focusing on country risk,
credit limits, ongoing credit evaluation and monitoring procedures. There is no
significant concentration of credit risk with respect to receivables as the Group has
a large number of customers which are internationally dispersed. See note 20 for
information on credit risk with respect to trade and other receivables.
Liquidity risk
Liquidity risk is the risk that Synthomer is unable to meet its payment obligations
when due, or that it is unable, on an ongoing basis, to borrow funds at an acceptable
price to fund actual or proposed commitments. The Group manages liquidity risk by
maintaining adequate reserves, banking facilities and reserve borrowing facilities,
by continuously monitoring forecast and actual cash flows, and by matching the
maturity profiles of assets and liabilities.
The following tables provide an analysis of the anticipated undiscounted contractual cash flows including interest payable for the Group\u2019s financial liabilities and derivative instruments.
The liquidity analysis for lease liabilities is included in note 23. Where interest payments are calculated at a floating rate, rates of each cash flow until maturity of the instruments are
calculated based on the forward yield curve prevailing at the respective year ends. Derivative contracts are presented on a net basis.
2024
2023
Amount due
Amount due
Within Between Between Within Between Between
one year 1 and 2 years 2 and 5 years one year 1 and 2 years 2 and 5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdrafts
(0.3)
\u2013
\u2013
(0.7)
\u2013
\u2013
Financial liabilities in trade and other payables
(378.9)
\u2013
(0.1)
(419.7)
(0.1)
(0.1)
Bank loans \u2013 principal
\u2013
\u2013
(421.7)
\u2013
\u2013
(429.9)
\u20ac520m 3.875% senior unsecured loan notes due 2025
(124.1)
\u2013
\u2013
\u2013
(450.9)
\u2013
\u20ac350m 3.875% senior unsecured loan notes due 2029
\u2013
\u2013
(289.6)
\u2013
\u2013
\u2013
Interest payments on borrowings
(39.2)
(36.7)
(62.0)
(41.8)
(13.4)
(7.4)
Total non-derivative financial liabilities
(542.5)
(36.7)
(773.4)
(462.2)
(464.4)
(4 37.4)
2024
2023
Amount due
Amount due
Within Between Between Within Between Between
one year 1 and 2 years 2 and 5 years Total one year 1 and 2 years 2 and 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
2.2
0.2
0.4
2.8
6.3
4.2
\u2013
10.5
Currency forwards
0.3
\u2013
\u2013
0.3
5.5
\u2013
\u2013
5.5
Total derivative financial assets
2.5
0.2
0.4
3.1
11.8
4.2
\u2013
16.0
Interest rate swaps
0.4
0.4
0.9
1.7
\u2013
\u2013
\u2013
\u2013
Currency forwards
0.5
\u2013
\u2013
0.5
1.7
1.7
2.9
6.3
Total derivative financial liabilities
0.9
0.4
0.9
2.2
1.7
1.7
2.9
6.3
The financial covenant at 31 December 2024 for the RCF is that net debt must be less than 5.75 times EBITDA. At 31 December 2024, the actual covenant for the net debt was
4.6 times EBITDA.
Any non-compliance with covenants underlying Synthomer\u2019s financing arrangements could, if not waived, constitute an event of default with respect to any such arrangements,
and any non-compliance with covenants may, in particular circumstances, lead to an acceleration of maturity on certain borrowings and the inability to access committed facilities.
Synthomer was in full compliance with its financial covenants in respect of its borrowings throughout each of the years presented.
At the year end, Synthomer had available undrawn committed bank facilities as follows:
2024
2023
Expiring Expiring Expiring Expiring
Expiring between between Expiring Expiring between between Expiring
within 1 and 2 and 5 after within 1 and 2 and 5 after
one year 2 years years 5 years Total one year 2 years years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured \u20ac300m multi-currency
RCF expiring 31 July 2027
(amended from $400m in 2023)
\u2013
\u2013
228.6
\u2013
228.6
\u2013
\u2013
314.2
\u2013
314.2
\u2013
\u2013
228.6
\u2013
228.6
\u2013
\u2013
314.2
\u2013
314.2
Fair value measurement
Certain of the Group\u2019s financial instruments are held at fair value. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the balance sheet date.
As prescribed by IFRS 13 Fair Value Measurement, fair values are measured using a hierarchy where the inputs are as follows:
\u2022 \u2022
Level 1 \u2013 quoted prices in active markets for identical assets or liabilities
\u2022 \u2022
Level 2 \u2013 not level 1 but are observable for that asset or liability either directly or indirectly
\u2022 \u2022
Level 3 \u2013 not based on observable market data.
Interest rate swaps and foreign currency forwards and swaps are valued using discounted cash flow techniques. These techniques incorporate inputs such as foreign exchange rates
and interest rates, which are used in a discounted cash flow calculation incorporating the instrument\u2019s term, notional amount and discount rate, and taking credit risk into account.
As significant inputs to the valuation are observable in active markets, all the Group\u2019s financial instruments are classified as level 2 financial instruments.
The fair value of forward foreign exchange contracts, interest rate swaps and currency swaps is estimated by discounting the future contractual cash flows using forward exchange
rates, interest rates and prices at the balance sheet date.
There were no transfers of any financial instrument between the levels of the fair value hierarchy during the current or prior year.
Hedge relationships
The Group targets a one-to-one hedge ratio. Strengths of the economic relationship between the hedged item and the hedging instrument is analysed
on an ongoing basis. Ineffectiveness can arise from subsequent change in the forecast transactions as a result of timing, cash flows or value except
when the critical terms of the hedging instrument and hedged item are closely aligned. The change in the credit risk of the hedging instruments or the
hedged items is not expected to be the primary factor in the economic relationship.
The notional amounts, contractual maturities and rates of the hedging instruments designated in hedging relationships as of 31 December 2024 by the
main risk categories are as follows:
Hedged risk
Notional amount
Maturity
Range of hedged rates
2024
Cash flow hedges
Interest rate swap
Interest rate
Up to \u20ac260m and $125m
28/08/2018 \u2013 10/10/2027
0.517% to 4.637% Fixed
Net investment hedges
Net investment
Currency
Up to \u20ac560m
01/04/2020 \u2013 present
1.17-1.21
Net investment
Currency
Up to $230m
01/04/2020 \u2013 present
1.24-1.32
2023
Cash flow hedges
Interest rate swap
Interest rate
Up to \u20ac440m and $125m
28/08/2018 \u2013 10/10/2027
0.517% to 4.637% Fixed
Net investment hedges
Net investment
Currency
Up to \u20ac560m
01/04/2020 \u2013 present
1.11-1.17
Net investment
Currency
Up to $370m
01/04/2020 \u2013 present
1.18-1.31
Where hedge accounting is applied, hedges are documented and tested for effectiveness on an ongoing basis.
The ratio for hedging instruments designated in both net investment and cash flow hedge relationships was 1:1. Ineffectiveness could occur on either
hedging relationship due to significant changes in counterparty credit risk or a reduction in the notional amount of the hedged item during the
designated hedging period.
Cash flow hedges
The Group designated as a cash flow hedge the interest rate swaps used to manage interest rate risk on its euro borrowings.
In 2024, a loss of \u00a33.3m (2023: \u00a37.7m loss) was recognised in the cash flow hedge reserve in respect of these derivatives. At 31 December 2024,
the cash flow hedge reserve includes a cumulative loss of \u00a311.3m (2023: loss of \u00a38.0m), all of which relates to continuing cash flow hedges. The cash
flows are expected to occur between 2025 and 2027.
In the year, the Group\u2019s euro borrowings exceeded the total of the interest rate derivative contracts and, as such, there is no unhedged portion
recognised as a finance cost within Special Items. In the prior year, the Group\u2019s euro borrowings did not exceed the total of the interest rate derivative
contracts. Due to this, the change in fair value relating to the unhedged portion of the interest rate swaps was a loss of \u00a31.8m, which was recognised in
the income statement within finance costs as a Special Item.
Receivables financing
During the year, the Group continued to sell amounts receivable from customers to
a third party on a non-recourse basis. As a result, \u00a3111.7m of trade receivables were
sold and derecognised as at December 2024. A corresponding asset of \u00a324.4m has
been recognised in respect of deferred purchase price reserves, which represent
a portion of the original receivables. This balance has been recorded within \u201cOther
receivables\u201d in note 20.
These reserves are subsequently paid by the counterparties to the agreements,
whether the customer pays the receivable in full or not. The fair value of these
assets is considered to be the same as the carrying value.
Capital management
The Board is committed to enhancing shareholder value in the long term, both by
investing in the business to deliver continued improvement in the return from those
investments and by managing the capital structure.
Synthomer manages its capital structure to achieve capital efficiency and to provide
flexibility to invest through the economic cycle and give efficient access to debt
markets at attractive cost levels. This is achieved by targeting a net debt to EBITDA
ratio between 1.0 and 2.0. In order to finance acquisitions, the Group may increase
the ratio with a view to deleveraging within 12-24 months.
As at 31 December 2024, the net debt to EBITDA ratio was 4.6 times (2023: 4.2 times).
In 2022, the Board announced the suspension of dividends. The Board has confirmed
that dividends will remain suspended until the Group\u2019s debt is less than three times
its EBITDA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-651": { "value": "21 Cash and borrowings
Exchange
1 January and other 31 December
2024 Cash flows movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
(0.7)
0.4
\u2013
(0.3)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
\u2013
\u2013
(123.9)
(123.9)
Current bank borrowings
\u2013
\u2013
\u2013
\u2013
Current liabilities
(0.7)
0.4
(123.9)
(124.2)
Bank loans
(421.9)
3.1
4.6
(414.2)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
(448.4)
318.8
129.6
\u2013
\u20ac350m 7.375% senior unsecured
loan notes due 2029
\u2013
(293.5)
9.1
(284.4)
Non-current liabilities
(870.3)
28.4
143.3
(698.6)
Total borrowings
(871.0)
28.8
19.4
(822.8)
Cash and cash equivalents
371.3
(141.5)
(4.0)
225.8
Net debt
(499.7)
(112.7)
15.4
(597.0)
Capitalised debt costs which have been recognised as a reduction in borrowings in the financial statements, amounted to \u00a312.8m at 31 December 2024 (31 December 2023: \u00a310.5m).
Exchange
1 January and other 31 December
2023 Cash flows movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
(18.5)
17.8
\u2013
(0.7)
Current liabilities
(18.5)
17.8
\u2013
(0.7)
Bank loans
(777.7)
343.6
12.2
(421.9)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
(456.4)
\u2013
8.0
(448.4)
Non-current liabilities
(1,234.1)
343.6
20.2
(870.3)
Total borrowings
(1,252.6)
361.4
20.2
(871.0)
Cash and cash equivalents
227.7
149.0
(5.4)
371.3
Net debt
(1,024.9)
510.4
14.8
(499.7)
Analysis of net debt by currency:
2024
2023
Cash and Cash and
cash Total cash Total
equivalents borrowings equivalents borrowings
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling
21.4
\u2013
117.5
Euro
92.1
651.8
116.4
700.8
US dollar
65.7
183.8
79.5
180.7
Malaysian ringgit
34.1
\u2013
38.5
\u2013
Other
12.5
\u2013
19.4
\u2013
Total
225.8
835.6
371.3
881.5
The principal features of the Group\u2019s borrowings are as follows: The Group has unsecured borrowing facilities comprising, an undrawn \u20ac300m revolving credit facility ending July 2027, \u20ac350m 7.375% unsecured senior loan notes due in May 2029, \u20ac520m 3.875% unsecured senior loan notes due in June 2025, of which \u20ac150m is outstanding, and UK Export Finance facilities for \u20ac288m and $230m respectively ending in October 2027. These are 80% guaranteed by UK Export Finance and are on terms that are similar to the Company\u2019s existing revolving credit facility. Changes in liabilities arising from financing activities
Non cash changes
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2024 outflows Acquisitions movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(870.3)
28.4
\u2013
143.3
(698.6)
Lease liabilities
(55.3)
12.1
\u2013
(12.7)
(55.9)
Total
(925.6)
40.5
\u2013
130.6
(754.5)
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2023 outflows Acquisitions movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(1, 234.1)
343.6
\u2013
20.2
(870.3)
Lease liabilities
(45.5)
12.4
\u2013
(22.2)
(55.3)
Total
(1,279.6)
356.0
\u2013
(2.0)
(925.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-633": { "value": "21 Cash and borrowings
Exchange
1 January and other 31 December
2024 Cash flows movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
(0.7)
0.4
\u2013
(0.3)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
\u2013
\u2013
(123.9)
(123.9)
Current bank borrowings
\u2013
\u2013
\u2013
\u2013
Current liabilities
(0.7)
0.4
(123.9)
(124.2)
Bank loans
(421.9)
3.1
4.6
(414.2)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
(448.4)
318.8
129.6
\u2013
\u20ac350m 7.375% senior unsecured
loan notes due 2029
\u2013
(293.5)
9.1
(284.4)
Non-current liabilities
(870.3)
28.4
143.3
(698.6)
Total borrowings
(871.0)
28.8
19.4
(822.8)
Cash and cash equivalents
371.3
(141.5)
(4.0)
225.8
Net debt
(499.7)
(112.7)
15.4
(597.0)
Capitalised debt costs which have been recognised as a reduction in borrowings in the financial statements, amounted to \u00a312.8m at 31 December 2024 (31 December 2023: \u00a310.5m).
Exchange
1 January and other 31 December
2023 Cash flows movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
(18.5)
17.8
\u2013
(0.7)
Current liabilities
(18.5)
17.8
\u2013
(0.7)
Bank loans
(777.7)
343.6
12.2
(421.9)
\u20ac520m 3.875% senior unsecured
loan notes due 2025
(456.4)
\u2013
8.0
(448.4)
Non-current liabilities
(1,234.1)
343.6
20.2
(870.3)
Total borrowings
(1,252.6)
361.4
20.2
(871.0)
Cash and cash equivalents
227.7
149.0
(5.4)
371.3
Net debt
(1,024.9)
510.4
14.8
(499.7)
Analysis of net debt by currency:
2024
2023
Cash and Cash and
cash Total cash Total
equivalents borrowings equivalents borrowings
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling
21.4
\u2013
117.5
Euro
92.1
651.8
116.4
700.8
US dollar
65.7
183.8
79.5
180.7
Malaysian ringgit
34.1
\u2013
38.5
\u2013
Other
12.5
\u2013
19.4
\u2013
Total
225.8
835.6
371.3
881.5
The principal features of the Group\u2019s borrowings are as follows: The Group has unsecured borrowing facilities comprising, an undrawn \u20ac300m revolving credit facility ending July 2027, \u20ac350m 7.375% unsecured senior loan notes due in May 2029, \u20ac520m 3.875% unsecured senior loan notes due in June 2025, of which \u20ac150m is outstanding, and UK Export Finance facilities for \u20ac288m and $230m respectively ending in October 2027. These are 80% guaranteed by UK Export Finance and are on terms that are similar to the Company\u2019s existing revolving credit facility. Changes in liabilities arising from financing activities
Non cash changes
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2024 outflows Acquisitions movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(870.3)
28.4
\u2013
143.3
(698.6)
Lease liabilities
(55.3)
12.1
\u2013
(12.7)
(55.9)
Total
(925.6)
40.5
\u2013
130.6
(754.5)
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2023 outflows Acquisitions movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(1, 234.1)
343.6
\u2013
20.2
(870.3)
Lease liabilities
(45.5)
12.4
\u2013
(22.2)
(55.3)
Total
(1,279.6)
356.0
\u2013
(2.0)
(925.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-666": { "value": "Changes in liabilities arising from financing activities
Non cash changes
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2024 outflows Acquisitions movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(870.3)
28.4
\u2013
143.3
(698.6)
Lease liabilities
(55.3)
12.1
\u2013
(12.7)
(55.9)
Total
(925.6)
40.5
\u2013
130.6
(754.5)
Financing
cash Exchange
1 January (inflows)/ and other 31 December
2023 outflows Acquisitions movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
(1, 234.1)
343.6
\u2013
20.2
(870.3)
Lease liabilities
(45.5)
12.4
\u2013
(22.2)
(55.3)
Total
(1,279.6)
356.0
\u2013
(2.0)
(925.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-634": { "value": "Financial risk management The Group\u2019s policies, approved by the Board, provide written principles on financial risk management and the use of financial derivatives. These risks include market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Group has a policy of hedging significant foreign exchange transactional exposure at operating company level. The Group regularly reviews its net assets and borrowing currency exposures, borrowing in overseas currencies in order to hedge the net assets held in those currencies as appropriate. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Currency risk The Group presents its consolidated financial statements in sterling and conducts business in many currencies. As a result, it is subject to foreign currency risk due to exchange rate movements, which will affect the Group\u2019s transactions and the translation of the results and underlying net assets of its operations. To manage the currency risk, the Group uses foreign currency borrowings, forward contracts and currency swaps to hedge overseas net assets, which are predominantly denominated in euros, US dollars and Malaysian ringgits. Profit translation exposures are not hedged. The Group hedges currency transaction exposures at the point of confirmed order, using forward foreign exchange contracts. The Group\u2019s policy is, where practicable, to hedge all exposures on monetary assets and liabilities. Consequently, there are no material currency exposures to disclose (2023: none). Interest rate risk The Group has an exposure to interest rate risk, arising principally on changes in US dollar and euro interest rates. To manage interest rate risk, the Group manages its proportion of fixed to floating rate borrowings, and utilises interest rate swaps. These practices aim to minimise the Group\u2019s net finance charges with acceptable year-on-year volatility. At 31 December 2024, the Group had in place swap arrangements to fix interest rates on \u20ac260m and $125m of borrowings. The Group\u2019s interest rate derivatives are designated as cash flow hedges with fair value movement on the hedged portion recognised in equity. Interest paid on these derivatives is recognised in the income statement, within Underlying interest costs. Fair value movement in the unhedged portion is also recognised in profit and loss, as a Special Item. After taking account of interest rate swaps, the Group\u2019s currency and interest rate exposure as at 31 December 2024 was:
2024
2023
Floating rate Fixed rate Total Floating rate Fixed rate Total
borrowings borrowings borrowings borrowings borrowings borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Euro
22.8
629.1
651.9
31.3
669.5
700.8
US dollar
83.9
99.9
183.8
75.6
105.1
180.7
Total
106.7
729.0
835.7
106.9
774.6
881.5
Market risk sensitivity analysis The Group\u2019s main exposure to market risk is in the form of interest rate risk and foreign currency risk. The Group uses a sensitivity analysis that estimates the impacts on the consolidated income statement and other comprehensive income of either an instantaneous increase or decrease of 1.0% in market interest rates or a 10% strengthening or weakening in sterling against all other currencies, from the rates applicable at 31 December 2024 and 31 December 2023 with all other variables remaining constant. The sensitivity analysis excludes the impact of market risks on the net post-employment benefit liabilities and assets, and corporate tax payable. This analysis is for illustrative purposes only, as interest and foreign exchange rates rarely change in isolation. There has been no change to the Group\u2019s exposure to market risks or the manner in which these risks are managed and measured.
2024
2023
Income statement
Equity
Income statement
Equity
Underlying IFRS IFRS Underlying IFRS IFRS
-/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m
Interest rate sensitivity analysis
UK interest rate +/- 1.0%
0.2
0.2
\u2013
1.2
\u2013
\u2013
Euro interest rate +/- 1.0%
0.7
0.7
2.2
0.9
\u2013
2.3
US interest rate +/- 1.0%
(0.2)
(0.2)
1.0
\u2013
\u2013
0.9
Foreign currency sensitivity analysis
Sterling -/+ 10%
0.3
0.3
\u2013
5.8
5.8
9.4
Euro exchange rate -/+ 10%
(1.8)
(1.8)
(3.2)
11.9
11.9
0.9
US dollar exchange rate -/+ 10%
0.7
0.7
(2.4)
7.6
7.6
9.4
Malaysian ringgit exchange rate -/+ 10%
\u2013
\u2013
\u2013
0.6
0.6
\u2013
The interest rate sensitivity analysis has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the balance sheet date was outstanding for the whole year. For interest rate derivatives the mark-to-market adjustment, and amount recognised in equity as part of a hedging arrangement, is estimated using the interest rate sensitivity against the nominal amount. The foreign currency sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or borrower. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises on cash balances, derivative financial instruments and credit exposures to customers. The carrying amount of financial assets represents the Group\u2019s exposure to credit risk at the balance sheet date as disclosed at the start of this note. A financial asset is in default when the counterparty fails to pay its contractual obligations. Financial assets are written-off when there is no reasonable expectation of recovery. Credit risk is managed separately for financial and business-related credit exposures. Financial credit risk Synthomer aims to minimise its financial credit risk through the application of risk management policies approved and monitored by the Board. Counterparties are predominantly limited to major banks and financial institutions with a credit rating of investment grade and the policy restricts the exposure to any one counterparty by setting credit limits. The Group\u2019s policy is designed to ensure that individual counterparty limits are adhered to and that there are no significant concentrations of credit risk. The Board also defines the types of financial instruments which may be transacted. Synthomer annually reviews the credit limits applied and regularly monitors the counterparties\u2019 credit quality, reflecting market credit conditions. Business-related credit risk Trade and other receivables exposures are managed locally in the operating units where they arise and active risk management is applied, focusing on country risk, credit limits, ongoing credit evaluation and monitoring procedures. There is no significant concentration of credit risk with respect to receivables as the Group has a large number of customers which are internationally dispersed. See note 20 for information on credit risk with respect to trade and other receivables. Liquidity risk Liquidity risk is the risk that Synthomer is unable to meet its payment obligations when due, or that it is unable, on an ongoing basis, to borrow funds at an acceptable price to fund actual or proposed commitments. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of assets and liabilities. The following tables provide an analysis of the anticipated undiscounted contractual cash flows including interest payable for the Group\u2019s financial liabilities and derivative instruments. The liquidity analysis for lease liabilities is included in note 23. Where interest payments are calculated at a floating rate, rates of each cash flow until maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year ends. Derivative contracts are presented on a net basis.
2024
2023
Amount due
Amount due
Within Between Between Within Between Between
one year 1 and 2 years 2 and 5 years one year 1 and 2 years 2 and 5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdrafts
(0.3)
\u2013
\u2013
(0.7)
\u2013
\u2013
Financial liabilities in trade and other payables
(378.9)
\u2013
(0.1)
(419.7)
(0.1)
(0.1)
Bank loans \u2013 principal
\u2013
\u2013
(421.7)
\u2013
\u2013
(429.9)
\u20ac520m 3.875% senior unsecured loan notes due 2025
(124.1)
\u2013
\u2013
\u2013
(450.9)
\u2013
\u20ac350m 3.875% senior unsecured loan notes due 2029
\u2013
\u2013
(289.6)
\u2013
\u2013
\u2013
Interest payments on borrowings
(39.2)
(36.7)
(62.0)
(41.8)
(13.4)
(7.4)
Total non-derivative financial liabilities
(542.5)
(36.7)
(773.4)
(462.2)
(464.4)
(4 37.4)
2024
2023
Amount due
Amount due
Within Between Between Within Between Between
one year 1 and 2 years 2 and 5 years Total one year 1 and 2 years 2 and 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
2.2
0.2
0.4
2.8
6.3
4.2
\u2013
10.5
Currency forwards
0.3
\u2013
\u2013
0.3
5.5
\u2013
\u2013
5.5
Total derivative financial assets
2.5
0.2
0.4
3.1
11.8
4.2
\u2013
16.0
Interest rate swaps
0.4
0.4
0.9
1.7
\u2013
\u2013
\u2013
\u2013
Currency forwards
0.5
\u2013
\u2013
0.5
1.7
1.7
2.9
6.3
Total derivative financial liabilities
0.9
0.4
0.9
2.2
1.7
1.7
2.9
6.3
The financial covenant at 31 December 2024 for the RCF is that net debt must be less than 5.75 times EBITDA. At 31 December 2024, the actual covenant for the net debt was 4.6 times EBITDA. Any non-compliance with covenants underlying Synthomer\u2019s financing arrangements could, if not waived, constitute an event of default with respect to any such arrangements, and any non-compliance with covenants may, in particular circumstances, lead to an acceleration of maturity on certain borrowings and the inability to access committed facilities. Synthomer was in full compliance with its financial covenants in respect of its borrowings throughout each of the years presented. At the year end, Synthomer had available undrawn committed bank facilities as follows:
2024
2023
Expiring Expiring Expiring Expiring
Expiring between between Expiring Expiring between between Expiring
within 1 and 2 and 5 after within 1 and 2 and 5 after
one year 2 years years 5 years Total one year 2 years years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured \u20ac300m multi-currency
RCF expiring 31 July 2027
(amended from $400m in 2023)
\u2013
\u2013
228.6
\u2013
228.6
\u2013
\u2013
314.2
\u2013
314.2
\u2013
\u2013
228.6
\u2013
228.6
\u2013
\u2013
314.2
\u2013
314.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-652": { "value": "Currency risk The Group presents its consolidated financial statements in sterling and conducts business in many currencies. As a result, it is subject to foreign currency risk due to exchange rate movements, which will affect the Group\u2019s transactions and the translation of the results and underlying net assets of its operations. To manage the currency risk, the Group uses foreign currency borrowings, forward contracts and currency swaps to hedge overseas net assets, which are predominantly denominated in euros, US dollars and Malaysian ringgits. Profit translation exposures are not hedged. The Group hedges currency transaction exposures at the point of confirmed order, using forward foreign exchange contracts. The Group\u2019s policy is, where practicable, to hedge all exposures on monetary assets and liabilities. Consequently, there are no material currency exposures to disclose (2023: none). Interest rate risk The Group has an exposure to interest rate risk, arising principally on changes in US dollar and euro interest rates. To manage interest rate risk, the Group manages its proportion of fixed to floating rate borrowings, and utilises interest rate swaps. These practices aim to minimise the Group\u2019s net finance charges with acceptable year-on-year volatility. At 31 December 2024, the Group had in place swap arrangements to fix interest rates on \u20ac260m and $125m of borrowings. The Group\u2019s interest rate derivatives are designated as cash flow hedges with fair value movement on the hedged portion recognised in equity. Interest paid on these derivatives is recognised in the income statement, within Underlying interest costs. Fair value movement in the unhedged portion is also recognised in profit and loss, as a Special Item. After taking account of interest rate swaps, the Group\u2019s currency and interest rate exposure as at 31 December 2024 was:
2024
2023
Floating rate Fixed rate Total Floating rate Fixed rate Total
borrowings borrowings borrowings borrowings borrowings borrowings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Euro
22.8
629.1
651.9
31.3
669.5
700.8
US dollar
83.9
99.9
183.8
75.6
105.1
180.7
Total
106.7
729.0
835.7
106.9
774.6
881.5
Market risk sensitivity analysis The Group\u2019s main exposure to market risk is in the form of interest rate risk and foreign currency risk. The Group uses a sensitivity analysis that estimates the impacts on the consolidated income statement and other comprehensive income of either an instantaneous increase or decrease of 1.0% in market interest rates or a 10% strengthening or weakening in sterling against all other currencies, from the rates applicable at 31 December 2024 and 31 December 2023 with all other variables remaining constant. The sensitivity analysis excludes the impact of market risks on the net post-employment benefit liabilities and assets, and corporate tax payable. This analysis is for illustrative purposes only, as interest and foreign exchange rates rarely change in isolation. There has been no change to the Group\u2019s exposure to market risks or the manner in which these risks are managed and measured.
2024
2023
Income statement
Equity
Income statement
Equity
Underlying IFRS IFRS Underlying IFRS IFRS
-/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m
Interest rate sensitivity analysis
UK interest rate +/- 1.0%
0.2
0.2
\u2013
1.2
\u2013
\u2013
Euro interest rate +/- 1.0%
0.7
0.7
2.2
0.9
\u2013
2.3
US interest rate +/- 1.0%
(0.2)
(0.2)
1.0
\u2013
\u2013
0.9
Foreign currency sensitivity analysis
Sterling -/+ 10%
0.3
0.3
\u2013
5.8
5.8
9.4
Euro exchange rate -/+ 10%
(1.8)
(1.8)
(3.2)
11.9
11.9
0.9
US dollar exchange rate -/+ 10%
0.7
0.7
(2.4)
7.6
7.6
9.4
Malaysian ringgit exchange rate -/+ 10%
\u2013
\u2013
\u2013
0.6
0.6
\u2013
The interest rate sensitivity analysis has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the balance sheet date was outstanding for the whole year. For interest rate derivatives the mark-to-market adjustment, and amount recognised in equity as part of a hedging arrangement, is estimated using the interest rate sensitivity against the nominal amount. The foreign currency sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or borrower. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-667": { "value": "Market risk sensitivity analysis The Group\u2019s main exposure to market risk is in the form of interest rate risk and foreign currency risk. The Group uses a sensitivity analysis that estimates the impacts on the consolidated income statement and other comprehensive income of either an instantaneous increase or decrease of 1.0% in market interest rates or a 10% strengthening or weakening in sterling against all other currencies, from the rates applicable at 31 December 2024 and 31 December 2023 with all other variables remaining constant. The sensitivity analysis excludes the impact of market risks on the net post-employment benefit liabilities and assets, and corporate tax payable. This analysis is for illustrative purposes only, as interest and foreign exchange rates rarely change in isolation. There has been no change to the Group\u2019s exposure to market risks or the manner in which these risks are managed and measured.
2024
2023
Income statement
Equity
Income statement
Equity
Underlying IFRS IFRS Underlying IFRS IFRS
-/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m -/+ \u00a3m
Interest rate sensitivity analysis
UK interest rate +/- 1.0%
0.2
0.2
\u2013
1.2
\u2013
\u2013
Euro interest rate +/- 1.0%
0.7
0.7
2.2
0.9
\u2013
2.3
US interest rate +/- 1.0%
(0.2)
(0.2)
1.0
\u2013
\u2013
0.9
Foreign currency sensitivity analysis
Sterling -/+ 10%
0.3
0.3
\u2013
5.8
5.8
9.4
Euro exchange rate -/+ 10%
(1.8)
(1.8)
(3.2)
11.9
11.9
0.9
US dollar exchange rate -/+ 10%
0.7
0.7
(2.4)
7.6
7.6
9.4
Malaysian ringgit exchange rate -/+ 10%
\u2013
\u2013
\u2013
0.6
0.6
\u2013
The interest rate sensitivity analysis has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the balance sheet date was outstanding for the whole year. For interest rate derivatives the mark-to-market adjustment, and amount recognised in equity as part of a hedging arrangement, is estimated using the interest rate sensitivity against the nominal amount. The foreign currency sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or borrower. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-653": { "value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises on cash balances, derivative financial instruments and credit exposures to customers. The carrying amount of financial assets represents the Group\u2019s exposure to credit risk at the balance sheet date as disclosed at the start of this note. A financial asset is in default when the counterparty fails to pay its contractual obligations. Financial assets are written-off when there is no reasonable expectation of recovery. Credit risk is managed separately for financial and business-related credit exposures. Financial credit risk Synthomer aims to minimise its financial credit risk through the application of risk management policies approved and monitored by the Board. Counterparties are predominantly limited to major banks and financial institutions with a credit rating of investment grade and the policy restricts the exposure to any one counterparty by setting credit limits. The Group\u2019s policy is designed to ensure that individual counterparty limits are adhered to and that there are no significant concentrations of credit risk. The Board also defines the types of financial instruments which may be transacted. Synthomer annually reviews the credit limits applied and regularly monitors the counterparties\u2019 credit quality, reflecting market credit conditions. Business-related credit risk Trade and other receivables exposures are managed locally in the operating units where they arise and active risk management is applied, focusing on country risk, credit limits, ongoing credit evaluation and monitoring procedures. There is no significant concentration of credit risk with respect to receivables as the Group has a large number of customers which are internationally dispersed. See note 20 for information on credit risk with respect to trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-654": { "value": "Liquidity risk Liquidity risk is the risk that Synthomer is unable to meet its payment obligations when due, or that it is unable, on an ongoing basis, to borrow funds at an acceptable price to fund actual or proposed commitments. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of assets and liabilities. The following tables provide an analysis of the anticipated undiscounted contractual cash flows including interest payable for the Group\u2019s financial liabilities and derivative instruments. The liquidity analysis for lease liabilities is included in note 23. Where interest payments are calculated at a floating rate, rates of each cash flow until maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year ends. Derivative contracts are presented on a net basis.
2024
2023
Amount due
Amount due
Within Between Between Within Between Between
one year 1 and 2 years 2 and 5 years one year 1 and 2 years 2 and 5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdrafts
(0.3)
\u2013
\u2013
(0.7)
\u2013
\u2013
Financial liabilities in trade and other payables
(378.9)
\u2013
(0.1)
(419.7)
(0.1)
(0.1)
Bank loans \u2013 principal
\u2013
\u2013
(421.7)
\u2013
\u2013
(429.9)
\u20ac520m 3.875% senior unsecured loan notes due 2025
(124.1)
\u2013
\u2013
\u2013
(450.9)
\u2013
\u20ac350m 3.875% senior unsecured loan notes due 2029
\u2013
\u2013
(289.6)
\u2013
\u2013
\u2013
Interest payments on borrowings
(39.2)
(36.7)
(62.0)
(41.8)
(13.4)
(7.4)
Total non-derivative financial liabilities
(542.5)
(36.7)
(773.4)
(462.2)
(464.4)
(4 37.4)
2024
2023
Amount due
Amount due
Within Between Between Within Between Between
one year 1 and 2 years 2 and 5 years Total one year 1 and 2 years 2 and 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
2.2
0.2
0.4
2.8
6.3
4.2
\u2013
10.5
Currency forwards
0.3
\u2013
\u2013
0.3
5.5
\u2013
\u2013
5.5
Total derivative financial assets
2.5
0.2
0.4
3.1
11.8
4.2
\u2013
16.0
Interest rate swaps
0.4
0.4
0.9
1.7
\u2013
\u2013
\u2013
\u2013
Currency forwards
0.5
\u2013
\u2013
0.5
1.7
1.7
2.9
6.3
Total derivative financial liabilities
0.9
0.4
0.9
2.2
1.7
1.7
2.9
6.3
The financial covenant at 31 December 2024 for the RCF is that net debt must be less than 5.75 times EBITDA. At 31 December 2024, the actual covenant for the net debt was 4.6 times EBITDA. Any non-compliance with covenants underlying Synthomer\u2019s financing arrangements could, if not waived, constitute an event of default with respect to any such arrangements, and any non-compliance with covenants may, in particular circumstances, lead to an acceleration of maturity on certain borrowings and the inability to access committed facilities. Synthomer was in full compliance with its financial covenants in respect of its borrowings throughout each of the years presented. At the year end, Synthomer had available undrawn committed bank facilities as follows:
2024
2023
Expiring Expiring Expiring Expiring
Expiring between between Expiring Expiring between between Expiring
within 1 and 2 and 5 after within 1 and 2 and 5 after
one year 2 years years 5 years Total one year 2 years years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Unsecured \u20ac300m multi-currency
RCF expiring 31 July 2027
(amended from $400m in 2023)
\u2013
\u2013
228.6
\u2013
228.6
\u2013
\u2013
314.2
\u2013
314.2
\u2013
\u2013
228.6
\u2013
228.6
\u2013
\u2013
314.2
\u2013
314.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-668": { "value": "Fair value measurement Certain of the Group\u2019s financial instruments are held at fair value. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the balance sheet date. As prescribed by IFRS 13 Fair Value Measurement, fair values are measured using a hierarchy where the inputs are as follows: \u2022 \u2022 Level 1 \u2013 quoted prices in active markets for identical assets or liabilities \u2022 \u2022 Level 2 \u2013 not level 1 but are observable for that asset or liability either directly or indirectly \u2022 \u2022 Level 3 \u2013 not based on observable market data. Interest rate swaps and foreign currency forwards and swaps are valued using discounted cash flow techniques. These techniques incorporate inputs such as foreign exchange rates and interest rates, which are used in a discounted cash flow calculation incorporating the instrument\u2019s term, notional amount and discount rate, and taking credit risk into account. As significant inputs to the valuation are observable in active markets, all the Group\u2019s financial instruments are classified as level 2 financial instruments. The fair value of forward foreign exchange contracts, interest rate swaps and currency swaps is estimated by discounting the future contractual cash flows using forward exchange rates, interest rates and prices at the balance sheet date. There were no transfers of any financial instrument between the levels of the fair value hierarchy during the current or prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-655": { "value": "Fair value measurement Certain of the Group\u2019s financial instruments are held at fair value. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the balance sheet date. As prescribed by IFRS 13 Fair Value Measurement, fair values are measured using a hierarchy where the inputs are as follows: \u2022 \u2022 Level 1 \u2013 quoted prices in active markets for identical assets or liabilities \u2022 \u2022 Level 2 \u2013 not level 1 but are observable for that asset or liability either directly or indirectly \u2022 \u2022 Level 3 \u2013 not based on observable market data. Interest rate swaps and foreign currency forwards and swaps are valued using discounted cash flow techniques. These techniques incorporate inputs such as foreign exchange rates and interest rates, which are used in a discounted cash flow calculation incorporating the instrument\u2019s term, notional amount and discount rate, and taking credit risk into account. As significant inputs to the valuation are observable in active markets, all the Group\u2019s financial instruments are classified as level 2 financial instruments. The fair value of forward foreign exchange contracts, interest rate swaps and currency swaps is estimated by discounting the future contractual cash flows using forward exchange rates, interest rates and prices at the balance sheet date. There were no transfers of any financial instrument between the levels of the fair value hierarchy during the current or prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-656": { "value": "Hedge relationships The Group targets a one-to-one hedge ratio. Strengths of the economic relationship between the hedged item and the hedging instrument is analysed on an ongoing basis. Ineffectiveness can arise from subsequent change in the forecast transactions as a result of timing, cash flows or value except when the critical terms of the hedging instrument and hedged item are closely aligned. The change in the credit risk of the hedging instruments or the hedged items is not expected to be the primary factor in the economic relationship. The notional amounts, contractual maturities and rates of the hedging instruments designated in hedging relationships as of 31 December 2024 by the main risk categories are as follows:
Hedged risk
Notional amount
Maturity
Range of hedged rates
2024
Cash flow hedges
Interest rate swap
Interest rate
Up to \u20ac260m and $125m
28/08/2018 \u2013 10/10/2027
0.517% to 4.637% Fixed
Net investment hedges
Net investment
Currency
Up to \u20ac560m
01/04/2020 \u2013 present
1.17-1.21
Net investment
Currency
Up to $230m
01/04/2020 \u2013 present
1.24-1.32
2023
Cash flow hedges
Interest rate swap
Interest rate
Up to \u20ac440m and $125m
28/08/2018 \u2013 10/10/2027
0.517% to 4.637% Fixed
Net investment hedges
Net investment
Currency
Up to \u20ac560m
01/04/2020 \u2013 present
1.11-1.17
Net investment
Currency
Up to $370m
01/04/2020 \u2013 present
1.18-1.31
Where hedge accounting is applied, hedges are documented and tested for effectiveness on an ongoing basis. The ratio for hedging instruments designated in both net investment and cash flow hedge relationships was 1:1. Ineffectiveness could occur on either hedging relationship due to significant changes in counterparty credit risk or a reduction in the notional amount of the hedged item during the designated hedging period. Cash flow hedges The Group designated as a cash flow hedge the interest rate swaps used to manage interest rate risk on its euro borrowings. In 2024, a loss of \u00a33.3m (2023: \u00a37.7m loss) was recognised in the cash flow hedge reserve in respect of these derivatives. At 31 December 2024, the cash flow hedge reserve includes a cumulative loss of \u00a311.3m (2023: loss of \u00a38.0m), all of which relates to continuing cash flow hedges. The cash flows are expected to occur between 2025 and 2027. In the year, the Group\u2019s euro borrowings exceeded the total of the interest rate derivative contracts and, as such, there is no unhedged portion recognised as a finance cost within Special Items. In the prior year, the Group\u2019s euro borrowings did not exceed the total of the interest rate derivative contracts. Due to this, the change in fair value relating to the unhedged portion of the interest rate swaps was a loss of \u00a31.8m, which was recognised in the income statement within finance costs as a Special Item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-635": { "value": "Hedge relationships The Group targets a one-to-one hedge ratio. Strengths of the economic relationship between the hedged item and the hedging instrument is analysed on an ongoing basis. Ineffectiveness can arise from subsequent change in the forecast transactions as a result of timing, cash flows or value except when the critical terms of the hedging instrument and hedged item are closely aligned. The change in the credit risk of the hedging instruments or the hedged items is not expected to be the primary factor in the economic relationship. The notional amounts, contractual maturities and rates of the hedging instruments designated in hedging relationships as of 31 December 2024 by the main risk categories are as follows:
Hedged risk
Notional amount
Maturity
Range of hedged rates
2024
Cash flow hedges
Interest rate swap
Interest rate
Up to \u20ac260m and $125m
28/08/2018 \u2013 10/10/2027
0.517% to 4.637% Fixed
Net investment hedges
Net investment
Currency
Up to \u20ac560m
01/04/2020 \u2013 present
1.17-1.21
Net investment
Currency
Up to $230m
01/04/2020 \u2013 present
1.24-1.32
2023
Cash flow hedges
Interest rate swap
Interest rate
Up to \u20ac440m and $125m
28/08/2018 \u2013 10/10/2027
0.517% to 4.637% Fixed
Net investment hedges
Net investment
Currency
Up to \u20ac560m
01/04/2020 \u2013 present
1.11-1.17
Net investment
Currency
Up to $370m
01/04/2020 \u2013 present
1.18-1.31
Where hedge accounting is applied, hedges are documented and tested for effectiveness on an ongoing basis. The ratio for hedging instruments designated in both net investment and cash flow hedge relationships was 1:1. Ineffectiveness could occur on either hedging relationship due to significant changes in counterparty credit risk or a reduction in the notional amount of the hedged item during the designated hedging period. Cash flow hedges The Group designated as a cash flow hedge the interest rate swaps used to manage interest rate risk on its euro borrowings. In 2024, a loss of \u00a33.3m (2023: \u00a37.7m loss) was recognised in the cash flow hedge reserve in respect of these derivatives. At 31 December 2024, the cash flow hedge reserve includes a cumulative loss of \u00a311.3m (2023: loss of \u00a38.0m), all of which relates to continuing cash flow hedges. The cash flows are expected to occur between 2025 and 2027. In the year, the Group\u2019s euro borrowings exceeded the total of the interest rate derivative contracts and, as such, there is no unhedged portion recognised as a finance cost within Special Items. In the prior year, the Group\u2019s euro borrowings did not exceed the total of the interest rate derivative contracts. Due to this, the change in fair value relating to the unhedged portion of the interest rate swaps was a loss of \u00a31.8m, which was recognised in the income statement within finance costs as a Special Item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-636": { "value": "Capital management The Board is committed to enhancing shareholder value in the long term, both by investing in the business to deliver continued improvement in the return from those investments and by managing the capital structure. Synthomer manages its capital structure to achieve capital efficiency and to provide flexibility to invest through the economic cycle and give efficient access to debt markets at attractive cost levels. This is achieved by targeting a net debt to EBITDA ratio between 1.0 and 2.0. In order to finance acquisitions, the Group may increase the ratio with a view to deleveraging within 12-24 months. As at 31 December 2024, the net debt to EBITDA ratio was 4.6 times (2023: 4.2 times). In 2022, the Board announced the suspension of dividends. The Board has confirmed that dividends will remain suspended until the Group\u2019s debt is less than three times its EBITDA.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-597": { "value": "
23 Leases
The Group has a portfolio of leases mainly comprising land and buildings, chemical
storage tanks and vehicles. Further details are given in note 2.
Information in respect of right of use assets, including the carrying amount, additions
and depreciation, are set out in note 17 to these financial statements. Information
in respect of the carrying value is set out below and information in respect of interest
arising on lease liabilities is set out in note 9.
Synthomer also enters into short-term leases and low-value leases, which are not
recognised as right of use assets and lease liabilities. The expense recognised in the
year in relation to these leases is not material. Synthomer has no material exposure to
variable lease payments, extension options, residual value guarantees, or committed
leases not yet commenced.
The total cash outflow for leases in the year was as follows:
2024 2023
\u00a3m \u00a3m
Payments for the principal portion of lease liabilities
12.1
12.4
Payments for the interest portion of lease liabilities
2.4
1.8
Lease liabilities included in the balance sheet are as follows:
2024 2023
\u00a3m \u00a3m
Current
12.3
13.8
Non-current
43.6
41.5
55.9
55.3
The following table details the maturity of contractual undiscounted cash flows for
lease liabilities:
2024 2023
\u00a3m \u00a3m
Less than one year
12.0
13.8
Between one and two years
9.6
9.8
Between two and five years
15.9
17.5
More than five years
57.0
41.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-638": { "value": "
24 Trade and other payables
2024 2023
\u00a3m \u00a3m
Amount due within one year
Trade payables
261.9
272.1
Other payables
26.6
68.1
Accruals
103.1
91.1
391.6
431.3
Amount due after one year
Accruals
0.1
0.2
0.1
0.2
Average trade payable days in 2024 was 65 (2023: 66). This figure represents trade
payable days for all trading operations within the Group, calculated as a weighted
average based on cost of sales.
The Directors consider that the carrying amount of trade payables, other payables
and accruals approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-599": { "value": "24 Trade and other payables
2024 2023
\u00a3m \u00a3m
Amount due within one year
Trade payables
261.9
272.1
Other payables
26.6
68.1
Accruals
103.1
91.1
391.6
431.3
Amount due after one year
Accruals
0.1
0.2
0.1
0.2
Average trade payable days in 2024 was 65 (2023: 66). This figure represents trade payable days for all trading operations within the Group, calculated as a weighted average based on cost of sales. The Directors consider that the carrying amount of trade payables, other payables and accruals approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-657": { "value": "24 Trade and other payables
2024 2023
\u00a3m \u00a3m
Amount due within one year
Trade payables
261.9
272.1
Other payables
26.6
68.1
Accruals
103.1
91.1
391.6
431.3
Amount due after one year
Accruals
0.1
0.2
0.1
0.2
Average trade payable days in 2024 was 65 (2023: 66). This figure represents trade payable days for all trading operations within the Group, calculated as a weighted average based on cost of sales. The Directors consider that the carrying amount of trade payables, other payables and accruals approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-669": { "value": "24 Trade and other payables
2024 2023
\u00a3m \u00a3m
Amount due within one year
Trade payables
261.9
272.1
Other payables
26.6
68.1
Accruals
103.1
91.1
391.6
431.3
Amount due after one year
Accruals
0.1
0.2
0.1
0.2
Average trade payable days in 2024 was 65 (2023: 66). This figure represents trade payable days for all trading operations within the Group, calculated as a weighted average based on cost of sales. The Directors consider that the carrying amount of trade payables, other payables and accruals approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-598": { "value": "
25 Provisions for other liabilities and charges
Restructuring
and site
Environmental closure Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
10.3
31.2
41.5
Charge/(credit) to income statement during
the year
(0.2)
1.1
0.9
Utilised during the year
(0.6)
(6.7)
(7.3)
Exchange adjustments
(0.4)
0.6
0.2
31 December 2024
9.1
26.2
35.3
Analysis of provisions
31 December 31 December
2024 2023
\u00a3m \u00a3m
Non-current
27.5
29.6
Current
7.8
11.9
35.3
41.5
Analysis of credit/(charge) to the income statement
2024 2023
\u00a3m \u00a3m
Underlying performance
\u2013
\u2013
Special Items
0.9
(0.2)
0.9
(0.2)
The closing balance includes \u00a326.2m in relation to the rationalisation of sites around the
Group, most notably in Marl. \u00a30.7m in relation to the onerous contract arising on the
disposal of the European Tyre Cord business, and \u00a311.3m for decommissioning assets at
a number of sites. \u00a39.1m relates to environmental remediation work required at the
Jefferson and Middelburg sites, acquired in 2022, and a further \u00a37.9m relates to the
demolition and disposal of unused equipment and vacant tanks at the Jefferson
and Longview sites in order to bring them into line with our ESG strategy.
We expect these costs to be incurred within the next five years, with the exception of
$4m relating to environmental remediation work at Jefferson, which is expected to be
incurred in more than five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-637": { "value": "25 Provisions for other liabilities and charges
Restructuring
and site
Environmental closure Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
10.3
31.2
41.5
Charge/(credit) to income statement during
the year
(0.2)
1.1
0.9
Utilised during the year
(0.6)
(6.7)
(7.3)
Exchange adjustments
(0.4)
0.6
0.2
31 December 2024
9.1
26.2
35.3
Analysis of provisions
31 December 31 December
2024 2023
\u00a3m \u00a3m
Non-current
27.5
29.6
Current
7.8
11.9
35.3
41.5
Analysis of credit/(charge) to the income statement
2024 2023
\u00a3m \u00a3m
Underlying performance
\u2013
\u2013
Special Items
0.9
(0.2)
0.9
(0.2)
The closing balance includes \u00a326.2m in relation to the rationalisation of sites around the Group, most notably in Marl. \u00a30.7m in relation to the onerous contract arising on the disposal of the European Tyre Cord business, and \u00a311.3m for decommissioning assets at a number of sites. \u00a39.1m relates to environmental remediation work required at the Jefferson and Middelburg sites, acquired in 2022, and a further \u00a37.9m relates to the demolition and disposal of unused equipment and vacant tanks at the Jefferson and Longview sites in order to bring them into line with our ESG strategy. We expect these costs to be incurred within the next five years, with the exception of $4m relating to environmental remediation work at Jefferson, which is expected to be incurred in more than five years. 31 Contingent assets, contingent liabilities and guarantees Guarantees and contingent liabilities of the Group amount to \u00a3nil (2023: \u00a3nil). The Company and its subsidiaries have, in the normal course of business, entered into guarantees and counter-indemnities in respect of performance bonds, relating to the Group\u2019s own contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-600": { "value": "26 Retirement benefit obligations The Group operates a variety of retirement benefit arrangements, covering both defined contribution and defined benefit schemes. Defined contribution scheme The Group operates a number of defined contribution schemes for its employees. Costs recognised in respect of defined contribution pension plans across the Group for the year ended 31 December 2024 were \u00a311.3m (2023: \u00a314m). Charge to income statement in respect of the Group\u2019s defined contribution scheme
2024
UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined contribution
3.5
2.6
0.1
5.1
11.3
2023
UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined contribution
3.6
4.5
1.0
4.9
14.0
The risk relating to benefits to be paid to the dependants of scheme members (widow and orphan benefits) is re-insured with an external insurance company. Multi-employer schemes The Group participates in several tariffs of the Pensionskasse Degussa in Germany, which is a multi-employer pension scheme. Regular contributions are payable to the scheme by each participating employer for new benefits accruing. The assets of all participating employers are pooled, and contributions are calculated based on aggregated demographic experience. Therefore sufficient information is not available to identify the Group\u2019s share of the assets on a consistent and reliable basis and the Group accounts for the scheme on a defined contribution basis. The Group expects to make a regular contribution of \u00a31.7m to the scheme in 2025. To the extent that there is underfunding in the scheme, deficit contributions are payable based on an actuarial assessment of each participating employer\u2019s share of the future benefit accrual. At 31 December 2024, there is no indication of any commitment for additional deficit contributions in excess of regular contributions
Defined benefit schemes
UK
The Group\u2019s UK defined benefit scheme is administered by a fund that is legally
separate from the Company. The trustees of the pension fund are required by law
to act in the interest of the fund and of all relevant stakeholders in the scheme.
The trustees of the pension scheme are responsible for the investment policy with
regard to the assets of the fund.
The scheme was closed to future accrual in 2009 and all retirement benefits since
that time are provided by way of a defined contribution scheme. The assets of the
scheme are held separately from those of the companies concerned. A triennial
actuarial valuation of the scheme was undertaken in 2024 and is expected to be
completed for publication in 2025.
In June 2023, the High Court judged that amendments made to the Virgin Media
scheme were invalid because the scheme\u2019s actuary did not provide the associated
Section 37 certificate. The High Court\u2019s decision has wide-ranging implications,
affecting other schemes that were contracted out on a salary-related basis and made
amendments between April 1997 and April 2016. As such, the ruling could have
implications for the Company. Based on guidance from the scheme actuary and legal
advisor, there is significant uncertainty around how companies should calculate and
account for any potential impact. As such we have made no financial provision in
relation to this ruling as at 31 December 2024.
USA
The Group\u2019s US defined benefit scheme was acquired as part of the OMNOVA
acquisition and is administered by a fund which is legally separate from OMNOVA
Solutions Inc. The fiduciary committee is required by law to act in the interest of the
fund and is responsible for the investment policy with regard to the assets of the fund.
The scheme was closed to future accrual in 2011, and all retirement benefits since that
time are provided by way of a defined contribution scheme. The assets of the scheme
are held separately from those of the companies concerned and a formal valuation is
undertaken on an annual basis.
Germany
The Group operates a number of defined benefit schemes in Germany. These schemes
are closed to new members. In line with common practice, these schemes are
unfunded and liabilities are settled on a cash basis as they fall due. At each balance
sheet date, obligations are calculated by external actuaries.
Other
The Group operates a number of smaller overseas pension and retirement benefit
schemes. For the funded schemes, assets are held separately from those of the
Group. The aggregated pension disclosures for the other defined benefit schemes
have been compiled from a number of actuarial valuations at 31 December 2024.
Retirement benefit obligations
Defined benefit schemes expose the Group to a number of risks, the most significant of which are detailed below:
Asset return risk
The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will
increase the deficit.
Interest rate risk
A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plan assets
in bond holdings.
Longevity risk
The majority of the plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the
plans\u2019 liabilities.
Charges to the income statement in respect of the Group\u2019s defined benefit pension schemes are as follows:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Service cost
6.1
0.6
0.2
0.1
7.0
0.3
0.6
0.2
0.7
1.8
Net interest (income)/expense
(1.1)
0.4
2.0
0.4
1.7
(0.4)
0.5
2.2
0.4
2.7
5.0
1.0
2.2
0.5
8.7
(0.1)
1.1
2.4
1.1
4.5
Amounts recognised in the statement of comprehensive income are set out below:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Return on plan assets excluding amounts
included in interest expense
(22.0)
(5.7)
\u2013
\u2013
(27.7 )
8.6
7.6
\u2013
\u2013
16.2
Gains/(losses) from changes in assumptions
18.2
5.6
2.0
(0.2)
25.6
(3.4)
(5.0)
(3.7)
(1.2)
(13.3)
Actuarial gains and losses
(3.8)
(0.1)
2.0
(0.2)
(2.1)
5.2
2.6
(3.7)
(1.2)
2.9
Amounts included in the Group\u2019s consolidated balance sheet arising from the Group\u2019s defined benefit scheme obligations are:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined benefit obligation
(251.2)
(157.6)
(57.8)
(14.4)
(481.0)
(269.6)
(166.5)
(63.0)
(15.5)
(514.6)
Fair value of schemes\u2019 assets
277.2
148.5
2.5
3.1
431.3
286.1
158.3
2.6
2.9
449.9
Net asset/(liability) arising from defined
benefit obligation
26.0
(9.1)
(55.3)
(11.3)
(49.7)
16.5
(8.2)
(60.4)
(12.6)
(64.7)
Fair value of the schemes\u2019 assets are set out below:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
286.1
158.3
2.6
2.9
449.9
274.8
165.3
3.1
3.1
446.3
Interest income
12.9
7.3
\u2013
0.1
20.3
13.5
7.9
\u2013
0.1
21.5
Amounts recognised in income in respect
of defined benefit schemes
12.9
7.3
\u2013
0.1
20.3
13.5
7.9
\u2013
0.1
21.5
Remeasurement:
\u2013 Return on plan assets excluding amounts
included in interest income
(22.0)
(5.7)
\u2013
\u2013
(27.7)
8.6
7.6
\u2013
\u2013
16.2
Amounts recognised in the statement
of comprehensive income
(22.0)
(5.7)
\u2013
\u2013
(27.7)
8.6
7.6
\u2013
\u2013
16.2
Contributions:
\u2013 Employers
16.6
0.3
\u2013
1.1
18.0
5.0
0.4
\u2013
0.5
5.9
Payments from plans
\u2013 Benefit payments
(16.4)
(14.2)
\u2013
(0.9)
(31.5)
(15.8)
(14.5)
\u2013
(0.6)
(30.9)
0.2
(13.9)
\u2013
0.2
(13.5)
(10.8)
(14.1)
\u2013
(0.1)
(25.0)
Exchange adjustments
\u2013
2.5
(0.1)
(0.1)
2.3
\u2013
(8.4)
(0.5)
(0.2)
(9.1)
At 31 December
277.2
148.5
2.5
3.1
431.3
286.1
158.3
2.6
2.9
449.9
Plan assets for the principal schemes comprised:
2024
2023
UK US Germany UK US Germany
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment funds
31.1
\u2013
\u2013
30.6
\u2013
\u2013
Equities
44.1
\u2013
\u2013
47.0
38.6
1.3
Debt instruments
186.1
135.8
2.5
195.3
111.9
1.3
Property
4.4
7.5
\u2013
5.8
7.8
\u2013
Annuity assets
2.5
\u2013
\u2013
2.4
\u2013
\u2013
Cash and cash equivalents
9.0
5.2
\u2013
5.0
\u2013
\u2013
Fair value of schemes\u2019 assets
277.2
148.5
2.5
286.1
158.3
2.6
All investments in equities, bonds and property are quoted.
Present value of defined benefit obligations comprised:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(269.6)
(166.5)
(63.0)
(15.5)
(514.6)
(268.9)
(175.9)
(60.8)
(14.1)
(519.7)
Current service cost
(1.7)
(0.6)
(0.2)
(0.1)
(2.6)
(0.3)
(0.7)
(0.2)
(0.5)
(1.7)
Past service cost
(4.4)
\u2013
\u2013
\u2013
(4.4)
\u2013
0.1
\u2013
(0.2)
(0.1)
Interest expense
(11.8)
( 7.7 )
(2.0)
(0.5)
(22.0)
(13.1)
(8.4)
(2.2)
(0.5)
(24.2)
Amounts recognised in income statement
in respect of defined benefit schemes
(17.9)
(8.3)
(2.2)
(0.6)
(29.0)
(13.4)
(9.0)
(2.4)
(1.2)
(26.0)
Remeasurement gains/(losses) from:
\u2013 Changes in financial assumptions
20.0
7.3
1.5
(0.1)
28.7
(14.0)
(3.8)
(3.2)
(1.7)
(22.7)
\u2013 Changes in demographic assumptions
(1.7)
0.1
\u2013
(0.1)
(1.7)
12.0
(0.9)
\u2013
\u2013
11.1
\u2013 Experience adjustments
(0.1)
(1.8)
0.5
\u2013
(1.4)
(1.4)
(0.3)
(0.5)
0.5
(1.7)
Amounts recognised in the statement
of comprehensive income
18.2
5.6
2.0
(0.2)
25.6
(3.4)
(5.0)
(3.7)
(1.2)
(13.3)
Contributions:
\u2013 Employers
1.7
\u2013
2.6
0.2
4.5
0.3
\u2013
2.6
0.3
3.2
Payments from plans
\u2013 Benefit payments
16.4
14.2
\u2013
0.9
31.5
15.8
14.5
\u2013
0.6
30.9
18.1
14.2
2.6
1.1
36.0
16.1
14.5
2.6
0.9
34.1
Exchange adjustments
\u2013
(2.6)
2.8
0.8
1.0
\u2013
8.9
1.3
0.1
10.3
At 31 December
(251.2)
(157.6)
(57.8)
(14.4)
(481.0)
(269.6)
(166.5)
(63.0)
(15.5)
(514.6)
The Group remains committed to funding the UK and US defined benefit schemes.
The Group remains committed to paying contributions into the UK scheme for the foreseeable future.
The defined benefit obligation of the US scheme increased to \u00a39.2m at 31 December 2024. The Group is expecting to contribute \u00a32.6m in 2025.
The Group\u2019s other defined benefit schemes are largely unfunded, with minimal plan assets. Liabilities from these schemes are settled on a cash basis as they fall due.
Actuarial assumptions
The major assumptions used for the purposes of the actuarial valuations were as follows:
2024
2023
UK
US
Germany
Other
UK
US
Germany
Other
Rate of increase in pensions in payment
3.00%
0.00%
1.00%
2.1%\u20139%
2.90%
0.00%
2.50%
2.1%\u20139%
Rate of increase in pensions in deferment
2.75%
0.00%
2.50%
3.50%
2.60%
0.00%
1.00%
3.5%\u20139%
Discount rate
5.30%
5.50%
3.50%
2.7%\u201310.5%
4.50%
4.94%
3.30%
3.1%\u20139.25%
Inflation assumption
3.20%
0.00%
2.25%
2%\u20132.2%
3.05%
0.00%
2.25%
2%\u20132.4%
Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics. Mortality assumptions are based on country-specific mortality
tables and, where appropriate, include an allowance for future improvements in life expectancy. In addition, where credible data exists, actual plan experience is taken into account.
The Group\u2019s most substantial pension liabilities are in the UK, the US and Germany where, using the mortality tables adopted, the expected lifetime of average members currently
at age 65 and average members at age 65 in 20 years\u2019 time is as follows:
2024
2023
Retiring today
Retiring in 20 years
Retiring today
Retiring in 20 years
UK
US
Germany
UK
US
Germany
UK
US
Germany
UK
US
Germany
Males
86.0
86.6
85.9
86.9
87.6
88.6
85.9
86.6
85.8
86.7
87.5
88.5
Females
88.5
87.6
89.3
89.3
88.7
91.5
88.3
87.6
89.2
89.1
88.6
91.4
The weighted average duration of the benefit obligation at the end of the reporting period is 10.0 years for the UK scheme (2023: 12.0 years), 6.5 years for the US scheme (2023: 6.8
years) and 13.3 years for the German schemes (2023: 13.9 years).
Sensitivity analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and mortality. The sensitivity analysis below has been determined based
on reasonably possible changes of the assumptions occurring at the end of the reporting period, assuming that all other assumptions are held constant:
Increase in scheme liabilities
UK US Germany
\u00a3m \u00a3m \u00a3m
Discount rate (decrease of 1%)
27.0
13.5
7.9
Future mortality rate (one year increase in expectancy)
11.0
4.6
2.2
The above sensitivities are based on a change of assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions
may have some correlation. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined
benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognised within the
balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-639": { "value": "
Defined contribution scheme
The Group operates a number of defined contribution schemes for its employees.
Costs recognised in respect of defined contribution pension plans across the Group
for the year ended 31 December 2024 were \u00a311.3m (2023: \u00a314m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-640": { "value": "Defined benefit schemes UK The Group\u2019s UK defined benefit scheme is administered by a fund that is legally separate from the Company. The trustees of the pension fund are required by law to act in the interest of the fund and of all relevant stakeholders in the scheme. The trustees of the pension scheme are responsible for the investment policy with regard to the assets of the fund. The scheme was closed to future accrual in 2009 and all retirement benefits since that time are provided by way of a defined contribution scheme. The assets of the scheme are held separately from those of the companies concerned. A triennial actuarial valuation of the scheme was undertaken in 2024 and is expected to be completed for publication in 2025. In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid because the scheme\u2019s actuary did not provide the associated Section 37 certificate. The High Court\u2019s decision has wide-ranging implications, affecting other schemes that were contracted out on a salary-related basis and made amendments between April 1997 and April 2016. As such, the ruling could have implications for the Company. Based on guidance from the scheme actuary and legal advisor, there is significant uncertainty around how companies should calculate and account for any potential impact. As such we have made no financial provision in relation to this ruling as at 31 December 2024. USA The Group\u2019s US defined benefit scheme was acquired as part of the OMNOVA acquisition and is administered by a fund which is legally separate from OMNOVA Solutions Inc. The fiduciary committee is required by law to act in the interest of the fund and is responsible for the investment policy with regard to the assets of the fund. The scheme was closed to future accrual in 2011, and all retirement benefits since that time are provided by way of a defined contribution scheme. The assets of the scheme are held separately from those of the companies concerned and a formal valuation is undertaken on an annual basis. Germany The Group operates a number of defined benefit schemes in Germany. These schemes are closed to new members. In line with common practice, these schemes are unfunded and liabilities are settled on a cash basis as they fall due. At each balance sheet date, obligations are calculated by external actuaries. Other The Group operates a number of smaller overseas pension and retirement benefit schemes. For the funded schemes, assets are held separately from those of the Group. The aggregated pension disclosures for the other defined benefit schemes have been compiled from a number of actuarial valuations at 31 December 2024. Retirement benefit obligations Defined benefit schemes expose the Group to a number of risks, the most significant of which are detailed below:
Asset return risk
The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will
increase the deficit.
Interest rate risk
A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plan assets
in bond holdings.
Longevity risk
The majority of the plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the
plans\u2019 liabilities.
Charges to the income statement in respect of the Group\u2019s defined benefit pension schemes are as follows:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Service cost
6.1
0.6
0.2
0.1
7.0
0.3
0.6
0.2
0.7
1.8
Net interest (income)/expense
(1.1)
0.4
2.0
0.4
1.7
(0.4)
0.5
2.2
0.4
2.7
5.0
1.0
2.2
0.5
8.7
(0.1)
1.1
2.4
1.1
4.5
Amounts recognised in the statement of comprehensive income are set out below:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Return on plan assets excluding amounts
included in interest expense
(22.0)
(5.7)
\u2013
\u2013
(27.7 )
8.6
7.6
\u2013
\u2013
16.2
Gains/(losses) from changes in assumptions
18.2
5.6
2.0
(0.2)
25.6
(3.4)
(5.0)
(3.7)
(1.2)
(13.3)
Actuarial gains and losses
(3.8)
(0.1)
2.0
(0.2)
(2.1)
5.2
2.6
(3.7)
(1.2)
2.9
Amounts included in the Group\u2019s consolidated balance sheet arising from the Group\u2019s defined benefit scheme obligations are:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined benefit obligation
(251.2)
(157.6)
(57.8)
(14.4)
(481.0)
(269.6)
(166.5)
(63.0)
(15.5)
(514.6)
Fair value of schemes\u2019 assets
277.2
148.5
2.5
3.1
431.3
286.1
158.3
2.6
2.9
449.9
Net asset/(liability) arising from defined
benefit obligation
26.0
(9.1)
(55.3)
(11.3)
(49.7)
16.5
(8.2)
(60.4)
(12.6)
(64.7)
Fair value of the schemes\u2019 assets are set out below:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
286.1
158.3
2.6
2.9
449.9
274.8
165.3
3.1
3.1
446.3
Interest income
12.9
7.3
\u2013
0.1
20.3
13.5
7.9
\u2013
0.1
21.5
Amounts recognised in income in respect
of defined benefit schemes
12.9
7.3
\u2013
0.1
20.3
13.5
7.9
\u2013
0.1
21.5
Remeasurement:
\u2013 Return on plan assets excluding amounts
included in interest income
(22.0)
(5.7)
\u2013
\u2013
(27.7)
8.6
7.6
\u2013
\u2013
16.2
Amounts recognised in the statement
of comprehensive income
(22.0)
(5.7)
\u2013
\u2013
(27.7)
8.6
7.6
\u2013
\u2013
16.2
Contributions:
\u2013 Employers
16.6
0.3
\u2013
1.1
18.0
5.0
0.4
\u2013
0.5
5.9
Payments from plans
\u2013 Benefit payments
(16.4)
(14.2)
\u2013
(0.9)
(31.5)
(15.8)
(14.5)
\u2013
(0.6)
(30.9)
0.2
(13.9)
\u2013
0.2
(13.5)
(10.8)
(14.1)
\u2013
(0.1)
(25.0)
Exchange adjustments
\u2013
2.5
(0.1)
(0.1)
2.3
\u2013
(8.4)
(0.5)
(0.2)
(9.1)
At 31 December
277.2
148.5
2.5
3.1
431.3
286.1
158.3
2.6
2.9
449.9
Plan assets for the principal schemes comprised:
2024
2023
UK US Germany UK US Germany
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment funds
31.1
\u2013
\u2013
30.6
\u2013
\u2013
Equities
44.1
\u2013
\u2013
47.0
38.6
1.3
Debt instruments
186.1
135.8
2.5
195.3
111.9
1.3
Property
4.4
7.5
\u2013
5.8
7.8
\u2013
Annuity assets
2.5
\u2013
\u2013
2.4
\u2013
\u2013
Cash and cash equivalents
9.0
5.2
\u2013
5.0
\u2013
\u2013
Fair value of schemes\u2019 assets
277.2
148.5
2.5
286.1
158.3
2.6
All investments in equities, bonds and property are quoted. Present value of defined benefit obligations comprised:
2024
2023
UK US Germany Other Total UK US Germany Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(269.6)
(166.5)
(63.0)
(15.5)
(514.6)
(268.9)
(175.9)
(60.8)
(14.1)
(519.7)
Current service cost
(1.7)
(0.6)
(0.2)
(0.1)
(2.6)
(0.3)
(0.7)
(0.2)
(0.5)
(1.7)
Past service cost
(4.4)
\u2013
\u2013
\u2013
(4.4)
\u2013
0.1
\u2013
(0.2)
(0.1)
Interest expense
(11.8)
( 7.7 )
(2.0)
(0.5)
(22.0)
(13.1)
(8.4)
(2.2)
(0.5)
(24.2)
Amounts recognised in income statement
in respect of defined benefit schemes
(17.9)
(8.3)
(2.2)
(0.6)
(29.0)
(13.4)
(9.0)
(2.4)
(1.2)
(26.0)
Remeasurement gains/(losses) from:
\u2013 Changes in financial assumptions
20.0
7.3
1.5
(0.1)
28.7
(14.0)
(3.8)
(3.2)
(1.7)
(22.7)
\u2013 Changes in demographic assumptions
(1.7)
0.1
\u2013
(0.1)
(1.7)
12.0
(0.9)
\u2013
\u2013
11.1
\u2013 Experience adjustments
(0.1)
(1.8)
0.5
\u2013
(1.4)
(1.4)
(0.3)
(0.5)
0.5
(1.7)
Amounts recognised in the statement
of comprehensive income
18.2
5.6
2.0
(0.2)
25.6
(3.4)
(5.0)
(3.7)
(1.2)
(13.3)
Contributions:
\u2013 Employers
1.7
\u2013
2.6
0.2
4.5
0.3
\u2013
2.6
0.3
3.2
Payments from plans
\u2013 Benefit payments
16.4
14.2
\u2013
0.9
31.5
15.8
14.5
\u2013
0.6
30.9
18.1
14.2
2.6
1.1
36.0
16.1
14.5
2.6
0.9
34.1
Exchange adjustments
\u2013
(2.6)
2.8
0.8
1.0
\u2013
8.9
1.3
0.1
10.3
At 31 December
(251.2)
(157.6)
(57.8)
(14.4)
(481.0)
(269.6)
(166.5)
(63.0)
(15.5)
(514.6)
The Group remains committed to funding the UK and US defined benefit schemes. The Group remains committed to paying contributions into the UK scheme for the foreseeable future. The defined benefit obligation of the US scheme increased to \u00a39.2m at 31 December 2024. The Group is expecting to contribute \u00a32.6m in 2025. The Group\u2019s other defined benefit schemes are largely unfunded, with minimal plan assets. Liabilities from these schemes are settled on a cash basis as they fall due. Actuarial assumptions The major assumptions used for the purposes of the actuarial valuations were as follows:
2024
2023
UK
US
Germany
Other
UK
US
Germany
Other
Rate of increase in pensions in payment
3.00%
0.00%
1.00%
2.1%\u20139%
2.90%
0.00%
2.50%
2.1%\u20139%
Rate of increase in pensions in deferment
2.75%
0.00%
2.50%
3.50%
2.60%
0.00%
1.00%
3.5%\u20139%
Discount rate
5.30%
5.50%
3.50%
2.7%\u201310.5%
4.50%
4.94%
3.30%
3.1%\u20139.25%
Inflation assumption
3.20%
0.00%
2.25%
2%\u20132.2%
3.05%
0.00%
2.25%
2%\u20132.4%
Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics. Mortality assumptions are based on country-specific mortality tables and, where appropriate, include an allowance for future improvements in life expectancy. In addition, where credible data exists, actual plan experience is taken into account. The Group\u2019s most substantial pension liabilities are in the UK, the US and Germany where, using the mortality tables adopted, the expected lifetime of average members currently at age 65 and average members at age 65 in 20 years\u2019 time is as follows:
2024
2023
Retiring today
Retiring in 20 years
Retiring today
Retiring in 20 years
UK
US
Germany
UK
US
Germany
UK
US
Germany
UK
US
Germany
Males
86.0
86.6
85.9
86.9
87.6
88.6
85.9
86.6
85.8
86.7
87.5
88.5
Females
88.5
87.6
89.3
89.3
88.7
91.5
88.3
87.6
89.2
89.1
88.6
91.4
The weighted average duration of the benefit obligation at the end of the reporting period is 10.0 years for the UK scheme (2023: 12.0 years), 6.5 years for the US scheme (2023: 6.8 years) and 13.3 years for the German schemes (2023: 13.9 years). Sensitivity analysis Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and mortality. The sensitivity analysis below has been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, assuming that all other assumptions are held constant:
Increase in scheme liabilities
UK US Germany
\u00a3m \u00a3m \u00a3m
Discount rate (decrease of 1%)
27.0
13.5
7.9
Future mortality rate (one year increase in expectancy)
11.0
4.6
2.2
The above sensitivities are based on a change of assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may have some correlation. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognised within the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-601": { "value": "
27 Share capital and reserves
Share capital
2024 2023 2024 2023
Number Number \u00a3m \u00a3m
Ordinary shares
Ordinary shares of 10p
in issue at 1 January
163,567,621
4
67,336,041
1.6
46.7
Share consolidation
\u2013
(443,969,238)
\u2013
(46.5)
Issued in year
\u2013
140,200,818
\u2013
1.4
Ordinary shares of 1p in issue
at 31 December
163,567,621
163,567,621
1.6
1.6
Ordinary shares carry no right to fixed income.
On 9 September 2023, the Company proposed a share consolidation and rights issue.
On 26 September, under the terms of the share consolidation, 20 existing 10p ordinary
shares were converted to one 1p ordinary share. Immediately following the share
consolidation, the Company shareholders were invited to subscribe to a rights issue
of 140,200,818 ordinary 1p shares at an issue price of 197 pence per share on the
basis of 6 new ordinary 1p shares for every 1 consolidated ordinary share held on
26 September 2023.
The rights issue resulted in gross proceeds of \u00a3276.2m. Shares totalling 129,881,397
were taken up by existing shareholders (93%) with the remaining rump of 10,319,421
being underwritten. The rights issue completed on 12 October 2023.
Share premium
2024 2023
\u00a3m \u00a3m
Balance at 1 January
925.9
620.0
Share consolidation
\u2013
46.5
Premium arising on issue of shares
\u2013
274.8
Expenses of issue of shares
\u2013
(15.4)
Balance at 31 December
925.9
925.9
The share premium account represents the difference between the issue price and the
nominal value of shares issued.
Retained earnings
2024 2023
\u00a3m \u00a3m
Balance at 1 January
209.8
273.5
Dividends paid
\u2013
\u2013
Net loss for the year
(72.6)
(67.0)
Actuarial (losses)/gains recognised in other comprehensive
income
(2.1)
2.9
Tax arising from other comprehensive income
0.1
(1.0)
Credit to equity for equity-settled share-based payments
1.5
1.4
Balance at 31 December
136.7
209.8
Hedging and translation reserve
Cash flow
hedging Translation
reserve reserve Total
\u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(8.0)
18.4
10.4
Exchange differences on translation of
foreign operations
\u2013
3.8
3.8
Gains on net investment hedges taken to equity
\u2013
11.9
11.9
Loss recognised on cash flow hedges:
\u2013 Interest rate swaps
(3.3)
\u2013
(3.3)
Reclassification to profit or loss:
\u2013 Exchange differences recycled on sale
of business
\u2013
4.4
4.4
Balance at 31 December 2024
(11.3)
38.5
27.2
Cash flow
hedging Translation
reserve reserve Total
\u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
(0.3)
76.2
75.9
Exchange differences on translation of
foreign operations
\u2013
(58.3)
(58.3)
Gains on net investment hedges taken to equity
\u2013
1.0
1.0
Loss recognised on cash flow hedges:
\u2013
\u2013
\u2013 Interest rate swaps
(7.7)
\u2013
(7.7)
Reclassification to profit or loss:
\u2013
\u2013
\u2013 Exchange differences recycled on sale
of business
\u2013
(0.5)
(0.5)
Balance at 31 December 2023
(8.0)
18.4
10.4
Cash flow hedging reserve
The hedging reserve represents the cumulative amount of gains and losses on hedging
instruments deemed effective in cash flow hedges. The cumulative deferred gain or
loss on the hedging instrument is recognised in profit or loss only when the hedged
transaction affects the profit or loss, or is included as a basis adjustment to the
non-financial hedged item, consistent with the applicable accounting policy.
Translation reserve
Exchange differences relating to the translation of the net assets of the Group\u2019s foreign
operations, which relate to subsidiaries only, from their functional currency into the
parent\u2019s functional currency, being sterling, are recognised directly in the translation
reserve. Gains and losses on hedging instruments that are designated as hedges of
net investments in foreign operations are included in the translation reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-641": { "value": "Share capital
2024 2023 2024 2023
Number Number \u00a3m \u00a3m
Ordinary shares
Ordinary shares of 10p
in issue at 1 January
163,567,621
4
67,336,041
1.6
46.7
Share consolidation
\u2013
(443,969,238)
\u2013
(46.5)
Issued in year
\u2013
140,200,818
\u2013
1.4
Ordinary shares of 1p in issue
at 31 December
163,567,621
163,567,621
1.6
1.6
Ordinary shares carry no right to fixed income. On 9 September 2023, the Company proposed a share consolidation and rights issue. On 26 September, under the terms of the share consolidation, 20 existing 10p ordinary shares were converted to one 1p ordinary share. Immediately following the share consolidation, the Company shareholders were invited to subscribe to a rights issue of 140,200,818 ordinary 1p shares at an issue price of 197 pence per share on the basis of 6 new ordinary 1p shares for every 1 consolidated ordinary share held on 26 September 2023. The rights issue resulted in gross proceeds of \u00a3276.2m. Shares totalling 129,881,397 were taken up by existing shareholders (93%) with the remaining rump of 10,319,421 being underwritten. The rights issue completed on 12 October 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-642": { "value": "Share premium
2024 2023
\u00a3m \u00a3m
Balance at 1 January
925.9
620.0
Share consolidation
\u2013
46.5
Premium arising on issue of shares
\u2013
274.8
Expenses of issue of shares
\u2013
(15.4)
Balance at 31 December
925.9
925.9
The share premium account represents the difference between the issue price and the nominal value of shares issued. Retained earnings
2024 2023
\u00a3m \u00a3m
Balance at 1 January
209.8
273.5
Dividends paid
\u2013
\u2013
Net loss for the year
(72.6)
(67.0)
Actuarial (losses)/gains recognised in other comprehensive
income
(2.1)
2.9
Tax arising from other comprehensive income
0.1
(1.0)
Credit to equity for equity-settled share-based payments
1.5
1.4
Balance at 31 December
136.7
209.8
Hedging and translation reserve
Cash flow
hedging Translation
reserve reserve Total
\u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(8.0)
18.4
10.4
Exchange differences on translation of
foreign operations
\u2013
3.8
3.8
Gains on net investment hedges taken to equity
\u2013
11.9
11.9
Loss recognised on cash flow hedges:
\u2013 Interest rate swaps
(3.3)
\u2013
(3.3)
Reclassification to profit or loss:
\u2013 Exchange differences recycled on sale
of business
\u2013
4.4
4.4
Balance at 31 December 2024
(11.3)
38.5
27.2
Cash flow
hedging Translation
reserve reserve Total
\u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
(0.3)
76.2
75.9
Exchange differences on translation of
foreign operations
\u2013
(58.3)
(58.3)
Gains on net investment hedges taken to equity
\u2013
1.0
1.0
Loss recognised on cash flow hedges:
\u2013
\u2013
\u2013 Interest rate swaps
(7.7)
\u2013
(7.7)
Reclassification to profit or loss:
\u2013
\u2013
\u2013 Exchange differences recycled on sale
of business
\u2013
(0.5)
(0.5)
Balance at 31 December 2023
(8.0)
18.4
10.4
Cash flow hedging reserve The hedging reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in profit or loss only when the hedged transaction affects the profit or loss, or is included as a basis adjustment to the non-financial hedged item, consistent with the applicable accounting policy. Translation reserve Exchange differences relating to the translation of the net assets of the Group\u2019s foreign operations, which relate to subsidiaries only, from their functional currency into the parent\u2019s functional currency, being sterling, are recognised directly in the translation reserve. Gains and losses on hedging instruments that are designated as hedges of net investments in foreign operations are included in the translation reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-602": { "value": "
28 Reconciliation of operating profit/(loss) to cash generated
from operations
Continuing and discontinued operations:
2024 2023
\u00a3m \u00a3m
Operating (loss)/profit
(25.9)
17.7
Less: share of profits of joint ventures
(1.6)
(1.4)
(27.5)
16.3
Adjustments for:
\u2013 Depreciation of property, plant and equipment
73.2
85.0
\u2013 Depreciation of right of use assets
11.1
11.5
\u2013 Amortisation of other intangibles
12.1
8.8
\u2013 Share-based payments
1.6
1.8
\u2013 Gain on sale of underlying assets
(4.3)
\u2013
\u2013 Special Items
78.7
16.1
Cash impact of settlement of interest rate
derivative contracts
\u2013
12.1
Cash impact of restructuring and site closure costs
(20.2)
(28.0)
Cash impact of acquisition costs and related gains
(1.7)
(1.9)
Pension funding in excess of service cost
(19.8)
(7.3)
Movement in working capital
(24.9)
80.6
Payment of EC fine settlement amount
(39.1)
\u2013
Cash generated from operations
39.2
195.0
Reconciliation of movement in working capital
(Increase)/decrease in inventories
(15.5)
45.7
(Increase)/decrease in trade and other receivables
(23.4)
52.7
Increase/(decrease) in trade and other payables
14.0
(17.8)
Movement in working capital
(24.9)
80.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-603": { "value": "
29 Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not included in this note.
Transactions between the Company and its subsidiaries are disclosed in the
Company\u2019s financial statements where appropriate.
The UK defined benefit scheme is a related party, see note 26.
2024 2023
\u00a3m \u00a3m
Key management compensation
Short-term employee benefits
7.5
6.9
Pension costs
0.2
0.6
Share-based payments
1.6
1.8
9.3
9.3
Key management personnel comprise the Board of Directors and the
Executive Committee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-643": { "value": "29 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not included in this note. Transactions between the Company and its subsidiaries are disclosed in the Company\u2019s financial statements where appropriate. The UK defined benefit scheme is a related party, see note 26.
2024 2023
\u00a3m \u00a3m
Key management compensation
Short-term employee benefits
7.5
6.9
Pension costs
0.2
0.6
Share-based payments
1.6
1.8
9.3
9.3
Key management personnel comprise the Board of Directors and the Executive Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-658": { "value": "
2024 2023
\u00a3m \u00a3m
Key management compensation
Short-term employee benefits
7.5
6.9
Pension costs
0.2
0.6
Share-based payments
1.6
1.8
9.3
9.3
Key management personnel comprise the Board of Directors and the Executive Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-604": { "value": "
30 Discontinued operations
On 30 April 2024, the Group sold its Compounds business to Matco Latex Services BV with net cash proceeds of \u00a319.6m.
The Group also incurred a small amount of costs in relation to other divestments and business closures from the prior year.
All discontinued operations form part of the Health & Protection and Performance Materials division.
Financial information in respect of the discontinued operation is set out below:
Financial performance and cash flow information
2024
2023
Laminates Laminates
Films and NA Paper Films and NA Paper
Coated Fabrics and Carpet Total Coated Fabrics and Carpet Total
Compounds \u00a3m \u00a3m
\u00a3m
Compounds
\u00a3m \u00a3m \u00a3m
Revenue
9.8
\u2013
\u2013
9.8
30.3
28.0
22.3
80.6
Expenses
(7.2)
\u2013
\u2013
( 7.2)
(25.6)
(25.5)
(27.8)
(78.9)
EBITDA
2.6
\u2013
\u2013
2.6
4.7
2.5
(5.5)
1.7
Depreciation and amortisation \u2013 Underlying performance
(0.2)
\u2013
\u2013
(0.2)
(0.4)
\u2013
(0.9)
(1.3)
Operating profit/(loss) \u2013 Underlying performance
2.4
\u2013
\u2013
2.4
4.3
2.5
(6.4)
0.4
Special Items
(3.3)
0.2
(1.1)
(4.2)
(0.2)
61.5
(4.5)
56.8
Operating (loss)/profit \u2013 IFRS
(0.9)
0.2
(1.1)
(1.8)
4.1
64.0
(10.9)
57.2
Finance costs
\u2013
\u2013
\u2013
0.0
\u2013
\u2013
\u2013
\u2013
(Loss)/profit before taxation
(0.9)
0.2
(1.1)
(1.8)
4.1
64.0
(10.9)
57.2
Taxation
(0.8)
\u2013
\u2013
(0.8)
(1.8)
(17.6)
\u2013
(19.4)
(Loss)/Profit for the year
(1.7)
0.2
(1.1)
(2.6)
2.3
46.4
(10.9)
37.8
Cash flows from discontinued operations
Net cash outflow from operating activities
(3.6)
\u2013
(1.1)
(4.7)
7.5
(0.1)
(7.8)
(0.4)
Net cash inflow from investing activities
17.5
(0.1)
\u2013
17.4
(0.6)
208.2
\u2013
207.6
The prior-year figures of the consolidated income statement and the consolidated statement of cashflows have been restated in accordance with IFRS 5 to report the discontinued
operations separately from continuing operations.
Assets and liabilities classified as held for sale
At 31 December 2023, the assets held for sale related to land and buildings at the
Calhoun site, and within the Desa Badhuri legal entity. These were sold in the year.
At 31 December 2024, the Fitchburg site is classified as held for sale as well as a
number of reactors and strippers. These assets are detailed below:
2024 2023
Note \u00a3m \u00a3m
Non-current assets
Goodwill
14
\u2013
\u2013
Acquired intangible assets
15
\u2013
\u2013
Other intangible assets
16
\u2013
\u2013
Property, plant and equipment
17
6.5
1.4
Deferred tax assets
11
\u2013
0.1
Total non-current assets
6.5
1.5
Current assets
Inventories
\u2013
\u2013
Trade and other receivables
\u2013
\u2013
Total current assets
\u2013
\u2013
Total assets
6.5
1.5
Current liabilities
Trade and other payables
\u2013
\u2013
Lease liabilities
\u2013
\u2013
Current tax liabilities
\u2013
\u2013
Total current liabilities
\u2013
\u2013
Non-current liabilities
Lease liabilities
\u2013
\u2013
Deferred tax liabilities
\u2013
\u2013
Retirement benefit obligations
26
\u2013
\u2013
Total non-current liabilities
\u2013
\u2013
Total liabilities
\u2013
\u2013
Net assets held for sale
6.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-644": { "value": "30 Discontinued operations On 30 April 2024, the Group sold its Compounds business to Matco Latex Services BV with net cash proceeds of \u00a319.6m. The Group also incurred a small amount of costs in relation to other divestments and business closures from the prior year. All discontinued operations form part of the Health & Protection and Performance Materials division. Financial information in respect of the discontinued operation is set out below: Financial performance and cash flow information
2024
2023
Laminates Laminates
Films and NA Paper Films and NA Paper
Coated Fabrics and Carpet Total Coated Fabrics and Carpet Total
Compounds \u00a3m \u00a3m
\u00a3m
Compounds
\u00a3m \u00a3m \u00a3m
Revenue
9.8
\u2013
\u2013
9.8
30.3
28.0
22.3
80.6
Expenses
(7.2)
\u2013
\u2013
( 7.2)
(25.6)
(25.5)
(27.8)
(78.9)
EBITDA
2.6
\u2013
\u2013
2.6
4.7
2.5
(5.5)
1.7
Depreciation and amortisation \u2013 Underlying performance
(0.2)
\u2013
\u2013
(0.2)
(0.4)
\u2013
(0.9)
(1.3)
Operating profit/(loss) \u2013 Underlying performance
2.4
\u2013
\u2013
2.4
4.3
2.5
(6.4)
0.4
Special Items
(3.3)
0.2
(1.1)
(4.2)
(0.2)
61.5
(4.5)
56.8
Operating (loss)/profit \u2013 IFRS
(0.9)
0.2
(1.1)
(1.8)
4.1
64.0
(10.9)
57.2
Finance costs
\u2013
\u2013
\u2013
0.0
\u2013
\u2013
\u2013
\u2013
(Loss)/profit before taxation
(0.9)
0.2
(1.1)
(1.8)
4.1
64.0
(10.9)
57.2
Taxation
(0.8)
\u2013
\u2013
(0.8)
(1.8)
(17.6)
\u2013
(19.4)
(Loss)/Profit for the year
(1.7)
0.2
(1.1)
(2.6)
2.3
46.4
(10.9)
37.8
Cash flows from discontinued operations
Net cash outflow from operating activities
(3.6)
\u2013
(1.1)
(4.7)
7.5
(0.1)
(7.8)
(0.4)
Net cash inflow from investing activities
17.5
(0.1)
\u2013
17.4
(0.6)
208.2
\u2013
207.6
The prior-year figures of the consolidated income statement and the consolidated statement of cashflows have been restated in accordance with IFRS 5 to report the discontinued operations separately from continuing operations. Assets and liabilities classified as held for sale At 31 December 2023, the assets held for sale related to land and buildings at the Calhoun site, and within the Desa Badhuri legal entity. These were sold in the year. At 31 December 2024, the Fitchburg site is classified as held for sale as well as a number of reactors and strippers. These assets are detailed below:
2024 2023
Note \u00a3m \u00a3m
Non-current assets
Goodwill
14
\u2013
\u2013
Acquired intangible assets
15
\u2013
\u2013
Other intangible assets
16
\u2013
\u2013
Property, plant and equipment
17
6.5
1.4
Deferred tax assets
11
\u2013
0.1
Total non-current assets
6.5
1.5
Current assets
Inventories
\u2013
\u2013
Trade and other receivables
\u2013
\u2013
Total current assets
\u2013
\u2013
Total assets
6.5
1.5
Current liabilities
Trade and other payables
\u2013
\u2013
Lease liabilities
\u2013
\u2013
Current tax liabilities
\u2013
\u2013
Total current liabilities
\u2013
\u2013
Non-current liabilities
Lease liabilities
\u2013
\u2013
Deferred tax liabilities
\u2013
\u2013
Retirement benefit obligations
26
\u2013
\u2013
Total non-current liabilities
\u2013
\u2013
Total liabilities
\u2013
\u2013
Net assets held for sale
6.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-659": { "value": "Assets and liabilities classified as held for sale At 31 December 2023, the assets held for sale related to land and buildings at the Calhoun site, and within the Desa Badhuri legal entity. These were sold in the year. At 31 December 2024, the Fitchburg site is classified as held for sale as well as a number of reactors and strippers. These assets are detailed below:
2024 2023
Note \u00a3m \u00a3m
Non-current assets
Goodwill
14
\u2013
\u2013
Acquired intangible assets
15
\u2013
\u2013
Other intangible assets
16
\u2013
\u2013
Property, plant and equipment
17
6.5
1.4
Deferred tax assets
11
\u2013
0.1
Total non-current assets
6.5
1.5
Current assets
Inventories
\u2013
\u2013
Trade and other receivables
\u2013
\u2013
Total current assets
\u2013
\u2013
Total assets
6.5
1.5
Current liabilities
Trade and other payables
\u2013
\u2013
Lease liabilities
\u2013
\u2013
Current tax liabilities
\u2013
\u2013
Total current liabilities
\u2013
\u2013
Non-current liabilities
Lease liabilities
\u2013
\u2013
Deferred tax liabilities
\u2013
\u2013
Retirement benefit obligations
26
\u2013
\u2013
Total non-current liabilities
\u2013
\u2013
Total liabilities
\u2013
\u2013
Net assets held for sale
6.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-605": { "value": "
31 Contingent assets, contingent liabilities and guarantees
Guarantees and contingent liabilities of the Group amount to \u00a3nil (2023: \u00a3nil).
The Company and its subsidiaries have, in the normal course of business, entered into
guarantees and counter-indemnities in respect of performance bonds, relating to the
Group\u2019s own contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-660": { "value": "31 Contingent assets, contingent liabilities and guarantees Guarantees and contingent liabilities of the Group amount to \u00a3nil (2023: \u00a3nil). The Company and its subsidiaries have, in the normal course of business, entered into guarantees and counter-indemnities in respect of performance bonds, relating to the Group\u2019s own contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-606": { "value": "
32 Share-based payments
Executive share option schemes
The Group\u2019s share option scheme is described in the Directors\u2019 remuneration report
on pages 101 to 116.
In addition to the two executive directors, it is available to other senior management.
Movement in the options held under the scheme are defined as follows:
Weighted av. Weighted av.
exercise exercise
Options price (\u00a3) Options price (\u00a3)
2024 2024 2023 2023
number number number number
Outstanding at 1 January
845,401
\u2013
3,273,222
\u2013
Granted during the year
1,911,425
\u2013
4,612,178
\u2013
Exercised during the year
(10,062)
\u2013
(313,491)
\u2013
Lapsed during the year
(184,019)
\u2013
(909,299)
\u2013
Adjustment for share
consolidation and
rights issue
\u2013
\u2013
(5,817, 209)
\u2013
Outstanding at 31 December
2,562,745
\u2013
845,401
\u2013
Exercisable at 31 December
10,278
5,463
The outstanding share options were all issued under the Performance Share Plan.
As at 31 December 2024 the following options were outstanding:
Executive share options
Number
Exercisable between 2023-2030
4,520
Exercisable between 2024-2031
5,758
Exercisable between 2025-2032
201,630
Exercisable between 2026-2033
547,854
Exercisable between 2027-2034
1,802,983
2,562,745
The total exercise price for all the above grants is \u00a3nil.
For options outstanding as at 31 December 2024, the exercise price was \u00a3nil and the
weighted average remaining contractual life was 5.62 years (2023: 5.57 years).
The weighted average share price at the date of exercise was \u00a32.49 (2023: \u00a31.09).
The weighted average fair value of the options at the measurement date granted
during the year was \u00a31.88 (2023: \u00a31.05). The valuation was based on the following
inputs and assumptions, using a Monte Carlo simulation model:
2024
2023
Weighted average share price (\u00a3)
1.88
1.05
Option price (\u00a3)
\u2013
\u2013
Value of optionality
nil
nil
Vesting assumption
41%
30%
\u2022 \u2022
Equity value - Based on the Company\u2019s equity value inclusive of preference shares.
\u2022 \u2022
Expected term \u2013 Vesting date of April 2027 has been assumed.
\u2022 \u2022
Volatility \u2013 63.49% has been used based on the historical volatility of Synthomer
and a number of quoted peer companies using a look-back period equal to the
2.69-year simulation term.
\u2022 \u2022
Risk free rate \u2013 4.22% based on UK Government bond rates as at the valuation date.
The vesting assumption is the estimate at the measurement date of the percentage
of the options that will ultimately vest and is based on market conditions and
management\u2019s assessment of the likelihood of achievement of the performance criteria.
The charge in the year in relation to the equity settled scheme was \u00a31.5m (2023: \u00a31.8m).
The Group also operates a cash-settled share-based payment scheme for which there
was a charge in the year of \u00a30.5m (2023: credit of \u00a30.1m) and for which there was
a liability at the year end of \u00a30.7m (2023: \u00a30.3m).
The Synthomer Employee Benefit Trust
The Company established a trust, the Yule Catto Employee Benefit Trust, on 17 July
1996 to distribute shares to employees enabling the obligations under the Yule Catto
Longer-Term Performance Share Plan and the Yule Catto Longer-Term Deferred
Bonus Plan to be met.
The Trust is managed by the RBC Trustees (Guernsey) Limited, an independent
company located in Guernsey.
At 31 December 2024, the Trust held 96,516 (2023: 708) ordinary shares in the
Company with a market value of \u00a30.2m (2023: \u00a3nil).
The dividends on these shares have been waived. All the shares are under option.
Costs are amortised over the life of the plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-607": { "value": "33 Share price information The middle market value of the listed ordinary shares at 31 December 2024 was 161.0 pence (31 December 2023: 189.70 pence). During the year, the market price ranged between 336.0 pence and 118.0 pence. The latest ordinary share price is available on the Group\u2019s website.", "dimensions": { "concept": "synthomerplc:DisclosureOfSharePriceInformation", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-608": { "value": "
34 Post balance sheet events
As part of the Group\u2019s previously announced non-core portfolio rationalisation
programme, there are three formal divestment processes underway for non-core
businesses in Europe, currently incorporated within the Health & Protection and
Performance Materials division. Given progress made since the year end, the Directors
now consider it is more likely than not that at least one of these processes will lead to
a divestment within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-609": { "value": "35 Audit exemptions The following subsidiaries have taken advantage of the exemption from an audit for the year ended 31 December 2024 available under s479a of the Companies Act 2006 as the Company has given a statutory guarantee of all of the outstanding liabilities of these subsidiaries as at 31 December 2024. Company Registration Dimex Limited 01763129 Ecatto Limited 00978441 Harlow Chemical Company Limited 00778831 Polymerlatex Limited 03439041 Revertex Limited 00873653 Super Sky Limited 02021871 Synthomer Adhesive Technologies Limited 13827669 Synthomer Thailand Holdings Limited 14625368 Synthomer Overseas Limited 06349474 Temple Fields 514 Limited 04541637 Temple Fields 515 Limited 00692510 Temple Fields 522 Limited 05516912 Temple Fields 523 Limited 05516913 Temple Fields 530 Limited 00831113", "dimensions": { "concept": "synthomerplc:DisclosureOfAuditExemptions", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Temple Fields Harlow Essex CM20 2BH ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800EHT3TI1KPQQJ56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }