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"pp-value-8-1": {
"value": "The nature of XP Power Limited and its subsidiaries\u2019 operations and its principal activities are set out in the \u201cMarkets and Products\u201d sections of the Annual Report on pages 02\u201303.",
"dimensions": {
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"value": "The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.2.1 Basis of preparationThe consolidated financial statements of XP Power Limited and its subsidiaries (the 'Group') have been prepared in accordance with International Financial Reporting Standards 'IFRSs' as issued by the International Accounting Standards Board (IFRSs as issued by the IASB) and Singapore Financial Reporting Standards (International) 'SFRS(I)s'.All references to SFRS(I)s and IFRSs are subsequently referred to as IFRS in these consolidated financial statements unless otherwise specified.The consolidated financial statements have been prepared on the historical cost convention except as disclosed in the accounting policies below. The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of these accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.Certain comparative amounts have been reclassified for consistency with the presentation of the 2022 consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1-2": {
"value": "The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.2.1 Basis of preparationThe consolidated financial statements of XP Power Limited and its subsidiaries (the 'Group') have been prepared in accordance with International Financial Reporting Standards 'IFRSs' as issued by the International Accounting Standards Board (IFRSs as issued by the IASB) and Singapore Financial Reporting Standards (International) 'SFRS(I)s'.All references to SFRS(I)s and IFRSs are subsequently referred to as IFRS in these consolidated financial statements unless otherwise specified.The consolidated financial statements have been prepared on the historical cost convention except as disclosed in the accounting policies below. The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of these accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.Certain comparative amounts have been reclassified for consistency with the presentation of the 2022 consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1-3": {
"value": "The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.2.1 Basis of preparationThe consolidated financial statements of XP Power Limited and its subsidiaries (the 'Group') have been prepared in accordance with International Financial Reporting Standards 'IFRSs' as issued by the International Accounting Standards Board (IFRSs as issued by the IASB) and Singapore Financial Reporting Standards (International) 'SFRS(I)s'.All references to SFRS(I)s and IFRSs are subsequently referred to as IFRS in these consolidated financial statements unless otherwise specified.The consolidated financial statements have been prepared on the historical cost convention except as disclosed in the accounting policies below. The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of these accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.Certain comparative amounts have been reclassified for consistency with the presentation of the 2022 consolidated financial statements.A. GOING CONCERNThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report on pages 20\u201325. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 46\u201349. The principal risks of the Group are set out on pages 51\u201357. The directors have considered these areas alongside the principal risks and how they may impact going concern. The directors reviewed budgets and forecasts to assess the cash requirements of the Group to continue in operational existence for a minimum period of 12 months from the date of the approval of these financial statements.The Directors also reviewed downside scenarios to the budgets and forecasts, which reflect the possible impact of risks identified in the risk management framework. The greatest consideration was given to those risks with the highest potential impact if they occurred and those with the highest probability of occurring. Throughout these downside scenarios, the Group continues to have significant headroom on its financial debt covenants. Therefore, after making the above enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements.B. CHANGES IN ACCOUNTING POLICY AND DISCLOSURESi New and amended standards adopted by the GroupOn 1 January 2022, the Group adopted the new or amended IFRS, Interpretations issued by the IFRS Interpretations Committee of the IASB 'IFRIC' and Interpretations of SFRS(I) 'INT SFRIS(I)' (collectively referred to as 'Standards and Interpretations') that are mandatory for application for the financial year. Changes to the Group\u2019s accounting policies have been made as required, in accordance with the transitional provisions in the respective Standards and Interpretations. The adoption of these new or amended Standards and Interpretations did not result in substantial changes to the Group\u2019s accounting policies and had no material effect on the amounts reported for the current or previous financial years.ii New standards and interpretations issued not yet adoptedCertain new accounting Standards and Interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. B. TRANSACTIONS WITH NON-CONTROLLING INTERESTSChanges in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control over the subsidiary are accounted for as transactions with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognised within equity attributable to the equity holders of the Company. 2.2 Revenue recognitionA. SALES OF GOODSThe Group manufactures and sells a range of power products. Sales are recognised at a point in time when control of the products has transferred to its customer. Transfer of control occurs when delivery to the customer takes place, depending on the delivery terms agreed with the customer.Power products are sometimes sold with volume discounts based on aggregate sales over a 12-month period or early payment discounts if the customers made early repayment. Revenue from these sales is recognised based on the price specified in the contract, net of the discounts. Accumulated experience is used to estimate and provide for the volume discounts, using the expected value method, and early payment discounts, using most likely approach. Revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. No element of financing is deemed present as the sales are made with a credit term of 30 days, which is consistent with market practice. The Group will usually issue a credit note for refund for faulty products.A receivable (financial asset) is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.Volume rebates and early payment discounts are recognised when the goods are delivered and is presented as a reduction in trade and other receivables.The Group has elected to apply the practical expedient not to adjust the transaction price for the existence of significant financing component when the period between the transfer of control of good or service to a customer and the payment date is one year or less.B. INTEREST INCOMEInterest income from financial assets at amortised cost is recognised using the effective interest rate method.2.3 Group accounting A. SUBSIDIARIESi ConsolidationSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests comprise the portion of a subsidiary\u2019s net results of operations and its net assets, which is attributable to the interests that are not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated statement of comprehensive income, statement of changes in equity and balance sheet. Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance. ii AcquisitionsThe acquisition method of accounting is used to account for business combinations entered into by the Group. The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date.Acquisition-related cots are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. Please refer to Note 2.7 for the subsequent accounting policy on goodwill. 2.4 Foreign currency translationA. FUNCTIONAL AND PRESENTATION CURRENCYItems included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (\u201cfunctional currency\u201d). The consolidated financial statements are presented in Pounds Sterling, which is different from the Company\u2019s functional currency. The Company\u2019s functional currency is the US Dollar.The financial statements are presented in Pounds Sterling, as the majority of the Company\u2019s shareholders are based in the UK and the Company is listed on the London Stock Exchange. It is the currency that the Directors of the Group use when controlling and monitoring the performance and financial position of the Group.B. TRANSACTIONS AND BALANCESTransactions in a currency other than the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognised in profit or loss. Monetary items include primarily financial assets (other than equity investments), contract assets and financial liabilities. Foreign exchange gains and losses impacting profit or loss are presented in the income statement within \u201coperating expenses\u201d. Non-monetary items measured at fair value in foreign currencies are translated using the exchange rates at the date when the fair values are determined. C. TRANSLATION OF GROUP ENTITIES\u2019 FINANCIAL STATEMENTS The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:i. Assets and liabilities are translated at the closing exchange rates at the reporting date; ii. Income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); andiii. All resulting currency translation differences are recognised in other comprehensive income and accumulated in the currency translation reserve. These currency translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control of the foreign operation. Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the reporting date. The Group has elected to treat goodwill and fair value adjustments arising on the acquisitions before the date of initial transition to IFRS as Pounds Sterling-denominated assets and liabilities translated using the exchange rates at the dates of the acquisitions. 2.5 InventoriesInventories are carried at the lower of cost and net realisable value. Cost is determined using the weighted-average cost formula. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses. 2.6 Property, plant and equipment A. MEASUREMENTi Property, plant and equipmentItems of property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.ii Components of costsThe cost of an item of property, plant and equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.B. DEPRECIATIONFreehold land and asset under construction are not depreciated. Depreciation on other items of property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows:Useful livesBuildings 20\u201350 yearsPlant and equipment 3\u201310 yearsMotor vehicles 4\u20135 years Building improvements 3\u201310 years The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognised in profit or loss when the changes arise.C. SUBSEQUENT EXPENDITURESubsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repairs and maintenance expenses are recognised in profit or loss when incurred. D. DISPOSAL On disposal of an item of property, plant and equipment, the difference between the disposal proceeds and its carrying amount is recognised in profit or loss within \u201coperating expenses\u201d. 2.7 Intangible assetsA. GOODWILLGoodwill on acquisitions of subsidiaries and businesses, represents the excess of (i) the sum of consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over (ii) the fair value of the identifiable net assets acquired. Goodwill on subsidiaries is recognised separately as intangible assets and carried at cost less accumulated impairment losses. B. OTHER INTANGIBLE ASSETS Other intangible assets include internally-generated assets and acquired assets. They are initially capitalised at cost and subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to profit or loss using the straight-line method over their estimated useful lives as follows: Useful livesProduct development costs 3\u20137 yearsSoftware 10 yearsBrand 2\u201310 yearsTechnology 5\u201310 yearsCustomer relationships 5\u201310 yearsCustomer contracts 1\u20131.5 yearsThe amortisation period and amortisation method of intangible assets other than goodwill are reviewed at least at each balance sheet date. The effects of any revision are recognised in profit or loss when the changes arise. i Product development costs (internally-generated)The Group is involved in research and development activities. Research costs are recognised as an expense when incurred. Costs directly attributable to the development of products are capitalised as intangible assets only when technical feasibility of the project is demonstrated, the Group has an intention and ability to complete and use the products and the costs can be measured reliably. Such costs include purchases of materials and services and payroll-related costs of employees directly involved in the project. ii Software (internally-generated) The Group is involved in the implementation of an enterprise resource planning system. Costs associated with maintaining software programmes are recognised as an expense when incurred. Costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the capitalisation criteria for development phase stated in IAS 38 Intangible Assets is met. Such costs mainly include consultancy costs and payroll-related costs of employees directly involved in the implementation. 2.9 Impairment of non-financial assetsA. GOODWILLGoodwill recognised separately as an intangible asset is tested for impairment annually and whenever there is indication that the goodwill may be impaired. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating units 'CGU' expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense is not reversed in a subsequent period. B. INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS Intangible assets, property, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For intangible assets that are not available for use, the Group tests them for impairment, at least annually as well. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss. For an asset other than goodwill, management assesses at the end of the reporting period whether there is any indication that an impairment recognised in prior periods may no longer exist or may have decreased. If any such indication exists, the recoverable amount of that asset is estimated and may result in a reversal of impairment loss. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss. 2.8 Borrowing costsBorrowing costs are recognised in profit or loss using the effective interest method except for those costs that are directly attributable to the development of internally-generated intangible assets. This includes costs on general borrowings used to finance the development of internally-generated intangible assets. Borrowing costs on general borrowings are capitalised by applying a capitalisation rate to development expenditures that are financed by general borrowings. Costs are capitalised during the period of time that is required to complete and prepare the qualifying asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Debt instrumentsDebt instruments mainly comprise of cash and bank balances, trade receivables, other current assets (excluding prepayments, VAT receivables and rights to returned goods) and bond receivable. There are three subsequent measurement categories, depending on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. \u2022 Amortised cost: Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is derecognised or impaired. Interest income from these financial assets is included in interest income using the effective interest rate method. \u2022 FVOCI: Debt instruments that are held for collection of contractual cash flows and for sale, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in fair values are recognised in Other Comprehensive Income 'OCI' and accumulated in fair value reserve, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and presented in \u201cother income\u201d. Interest income from these financial assets is recognised using the effective interest rate method and presented in \u201cinterest income\u201d. \u2022 FVPL: Debt instruments that are held for trading as well as those that do not meet the criteria for classification as amortised cost or FVOCI are classified as FVPL. Movement in fair values and interest income is recognised in profit or loss in the period in which it arises and presented in \u201cother income\u201d. 2.10 Financial assetsA. CLASSIFICATION AND MEASUREMENTThe Group classifies its financial assets in the following measurement categories:\u2022 Amortised cost; \u2022 Fair value through other comprehensive income (FVOCI); and \u2022 Fair value through profit or loss (FVPL). The classification depends on the Group\u2019s business model for managing the financial assets as well as the contractual terms of the cash flows of the financial asset. The Group reclassifies debt instruments when and only when its business model for managing those assets changes.i At initial recognition At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.B. IMPAIRMENT The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Note 50 details how the Group determines whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. C. RECOGNITION AND DERECOGNITION Regular way purchases and sales of financial assets are recognised on trade date \u2013 the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognised in profit or loss. Any amount previously recognised in other comprehensive income relating to that asset is reclassified to profit or loss. 2.11 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and the liability simultaneously.2.12 Trade and other payablesTrade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities.Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest method.2.13 ProvisionsProvision for legal dispute is recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Other provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax discount rate that reflects the current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised in the statement of comprehensive income as finance expense. Changes in the estimated timing or amount of the expenditure or discount rate are recognised in profit or loss when the changes arise.2.14 BorrowingsBorrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.When the contractual cash flows of borrowings are modified and does not result in derecognition, differences between the recalculated gross carrying amount and the carrying amount before modification is recognised in profit or loss as modification gain or loss, at the date of modification. Borrowings are derecognised when the obligation is discharged, cancelled or expired. The difference between the carrying amount and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities.2.15 LeasesWhen the Group is the lessee:At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed.A. RIGHT-OF-USE ASSETSThe Group recognised a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets.These right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.B. LEASE LIABILITIESThe initial measurement of lease liability is measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate.Lease payments include the following:\u2022 Fixed payment (including in-substance fixed payments), less any lease incentives receivables;\u2022 Variable lease payment that are based on an index or rate, initially measured using the index or rate at the commencement date;\u2022 Amount expected to be payable under residual value guarantees;\u2022 The exercise price of a purchase option if is reasonably certain to exercise the option; and\u2022 Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option.For contract that contain both lease and non-lease components, the Group allocates the consideration to each lease component on the basis of the relative standalone price of the lease and non-lease component. The Group has elected to not separate lease and non-lease component for property leases and account these as one single lease component.Lease liabilities are measured at amortised cost using the effective interest method. Lease liabilities shall be remeasured when:\u2022 There is a change in future lease payments arising from changes in an index or rate;\u2022 There is a change in the Group\u2019s assessment of whether it will exercise an extension option; or \u2022 There is a modification in the scope or the consideration of the lease that was not part of the original term.Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.2.15 Leases continuedC. SHORT-TERM AND LOW-VALUE LEASESThe Group has elected to not recognise right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low-value leases, except for sublease arrangements. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.D. VARIABLE LEASE PAYMENTSVariable lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of lease liability. The Group shall recognise those lease payments in profit or loss in the periods that triggered those lease payments.2.16 Derivative financial instruments A derivative financial instrument for which no hedge accounting is applied is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. Changes in fair value are recognised in profit or loss. The Group does not apply hedge accounting for its derivative financial instruments. 2.17 Income taxesCurrent income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.A deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised. Deferred income tax is measured: a. at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; andb. based on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amounts of its assets and liabilities. Current and deferred income taxes are recognised as income or expense in profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition. The Group accounts for investment tax credits similar to accounting for other tax credits where a deferred tax asset is recognised for unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilised. For equity-settled share-based payments, as the timing of the tax deduction and the recognition of the share-based payment expenses differs, the Group recognises the related deferred tax asset if the deferred tax asset recognition criteria are met. If the cumulative amount of tax deduction exceeds the tax effect of the related cumulative remuneration expense at the reporting date, the excess of the associated deferred tax shall be recognised directly in equity. 2.18 Cash and cash equivalentsFor the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents include cash on hand, deposits with financial institutions which are subject to an insignificant risk of change in value, and bank overdrafts. Bank overdrafts are presented as current borrowings on the balance sheet. For cash subjected to restriction, assessment is made on the economic substance of the restriction and whether they meet the definition of cash and cash equivalents. 2.19 Employee compensation Employee benefits are recognised as an expense, unless the cost qualifies to be capitalised as an asset. A. DEFINED CONTRIBUTION PLANS Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the Central Provident Fund in Singapore on a mandatory, contractual or voluntary basis. The Group has no further obligations once the contributions have been paid.B. SHARE-BASED COMPENSATION The Group operates an equity-settled, share-based compensation plan. The value of the employee services received in exchange for the grant of share-based payment awards is recognised as an expense with a corresponding increase in the share-based payments reserve over the vesting period. The total amount to be recognised over the vesting period is determined by reference to the fair value of the share-based payment awards granted on grant date. Non-market vesting conditions are included in the estimation of the number of shares under awards that are expected to become exercisable on the vesting date. At each balance sheet date, the Group revises its estimates of the number of shares under awards that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the share-based payments reserve over the remaining vesting period. When the share-based payment awards are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the share-based payments reserve are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees. Upon expiry of the share-based payment awards, the balance previously recognised in the share-based payments reserve are credited to retained earnings. C. PROFIT SHARING AND BONUS PLANS The Group recognises a liability and an expense for bonuses and profit-sharing, based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognises an accrual when it is contractually obliged to pay or when there is a past practice that has created a constructive obligation to pay. Under some profit-sharing or deferred bonus plans, employees receive a share of the profits or bonus only if they remain with the entity for a specified period in the future. The measurement of such benefit reflects the possibility that some employees may leave without receiving the profits or bonus. A liability for the benefit shall be accrued over the vesting period. D. EMPLOYEE LEAVE ENTITLEMENTSEmployee entitlements to annual leave are recognised in profit or loss when they accrue to employees. A provision is made for the estimated liability for leave as a result of services rendered by employees up to the balance sheet date.2.20 Share capital, treasury shares and other reserveOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account. When any entity within the Group purchases the Company\u2019s ordinary shares (\u201ctreasury shares\u201d), the carrying amount which includes the consideration paid and any directly attributable transaction cost is presented as a component within equity attributable to the Company\u2019s equity holders, until they are cancelled, sold or reissued. When treasury shares are subsequently cancelled, the cost of treasury shares are deducted against the share capital account if the shares are purchased out of capital of the Company, or against the retained earnings of the Company if the shares are purchased out of earnings of the Company.When treasury shares are subsequently sold or reissued pursuant to an equity-settled share-based payment plan, the cost of treasury shares is reversed from the treasury share account and the realised gain or loss on sale or reissue, net of any directly attributable incremental transaction costs and related income tax, is recognised in the other reserve. Other reserve also comprises future transactions with the non-controlling interest. The amount that may become payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding charge directly to equity. The liability is subsequently accreted through equity up to the redemption amount that is payable at the date at which the agreement first becomes exercisable. 2.21 Dividend distributionDividends to the Company\u2019s shareholders are recognised when the dividends are approved for payment, or, in the case of interim dividends, when paid.2.22 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Makers who are responsible for allocating resources and assessing performance of the operating segments. Segment reporting is disclosed in Note 4.3. Critical accounting estimates, assumptions and judgements In the process of applying the Group\u2019s accounting policies, as described in Note 2, management has made the following judgements and estimations that have the most significant effect on the amounts recognised in the financial statements.A. CRITICAL JUDGEMENTS IN APPLYING THE GROUP\u2019S ACCOUNTING POLICIESi Capitalisation of product development costs During the year, \u00a38.1 million (2021: \u00a38.3 million) of product development costs have been capitalised. Management has evaluated whether a project has entered the development phase before capitalising the costs that are directly attributable to the project. The assessment is based on information documented in business cases prepared by the engineering teams and approved by senior management. Management has considered the capitalisation criteria stated in IAS 38 Intangible Assets which includes the technical feasibility, intention and ability to complete the project when reviewing the business cases. The business cases also contain sales forecasts which indicate the probable future economic benefits of the projects. All product development costs are tracked and monitored which allow management to measure reliably the expenditure attributable to each project. Significant judgements are involved when management performs the assessment. B. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS i Recoverable amount of capitalised product development costsAs at 31 December 2022, the net book value of capitalised product development costs amounts to \u00a330.4 million (2021: \u00a330.0 million). For the purpose of impairment review, management has compared the carrying amount of the respective projects to their forecasted revenues. For some projects, significant judgements are used to estimate the future sales and growth rates applied in computing the recoverable amounts. In making these estimates, management has relied on performance of past projects, its communications with the intended customers and its expectations of industry trends and market development in the respective regions where the finished products will be marketed. ii Useful lives of capitalised product development costsThe Group estimates the useful lives of capitalised product development costs based on the period over which the assets are expected to be available for use by the Group. Significant judgements are used by the Group in determining the useful lives of capitalised product development costs based on the expected life cycle of these products, taking into consideration expected customer demand and technological innovation.iii Recoverable amount of cash-generating units for goodwill impairment assessment The Group tests annually for impairment of goodwill, or more frequently if there are indications that goodwill might be impaired.An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use.The recoverable amount of the goodwill is determined from value-in-use calculations. The key assumptions and estimates for the value-in-use calculations are those regarding the discount rates, revenue growth rates and terminal growth rates. 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 CGUs. The Group prepares cash flow forecasts derived from the most recent financial results and takes into account industry growth forecasts for the next five years and extrapolates cash flows for the following five years assuming no expansionary growth from that date. The carrying amount of goodwill as at 31 December 2022 was \u00a377.5 million (2021: \u00a352.5 million) with no impairment adjustment required for 2022.Management assessed that there are no realistic foreseeable changes that will result in impairment loss on the goodwill allocated to the North America, Europe and Asia operating segments. Management has also performed a sensitivity analysis on the impact of climate-related risks. The recoverable amounts remain higher than the carrying amounts as at 31 December 2022 and no impairment loss is recognised. 4. Segment and revenue informationManagement has determined the operating segments based on the reports reviewed by the Chief Operating Decision Makers 'CODM' that are used to make strategic decisions. The CODM are the Executive Board of Directors who will review the operating results and forecasts to make decisions about resources to be allocated to the segments and assess their performance.The Executive Board of Directors considers and manages the business on a geographic basis. Management manages and monitors the business based on the three primary geographic areas: North America, Europe and Asia. All geographic locations market the same class of products to their respective customer base.The Executive Board of Directors assesses the performance of the operating segments based on net sales and operating income. Net sales for geographic segments are based on the location of the design win rather than where the end sale is made. The operating income for each segment includes net sales to third parties, related cost of sales, operating expenses directly attributable to the segment, and a portion of corporate expenses. Costs excluded from segment operating income include stock-based compensation expense, income taxes, various non-operating charges, and other separately managed general and administrative costs. Segment assets consist primarily of property, plant and equipment, right-of-use assets, goodwill, intangible assets, inventories, trade receivables, cash and cash equivalents, derivative financial instruments and exclude tax assets.Segment liabilities comprise trade and other current liabilities, derivative financial instruments, borrowings, accrued contingent consideration and exclude tax liabilities.(i) RevenueThe Group derives revenue from the transfer of goods at a point in time in the following major product lines and geographical regions.The revenue by class of customer and location of the design win is as follows:Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 2.7 93.8 16.9 113.4 3.0 75.2 15.1 93.3Industrial Technology 61.3 44.5 13.8 119.6 43.7 37.1 11.2 92.0Healthcare 22.5 28.9 6.0 57.4 20.6 28.9 5.5 55.0Total 86.5 167.2 36.7 290.4 67.3 141.2 31.8 240.3Revenues of \u00a348.3 million (2021: \u00a340.2 million) are derived from a single external customer. These revenues are attributable to the semiconductor manufacturing equipment sector across all geographical regions. The revenue by region or country where sales are generated is as follows:\u00a3m 2022 2021North America 167.3 144.5United Kingdom 25.9 27.9Singapore 36.9 29.1Germany 40.8 21.4Switzerland 1.4 1.7France 3.5 3.3Other countries 14.6 12.4Total revenue 290.4 240.3The majority of North America\u2019s revenue is generated from the United States of America.As permitted under IFRS 15 Revenue from Contracts with Customers, the aggregated transaction price allocated to unsatisfied contracts of periods one year or less, or are billed based on time incurred, is not disclosed.4. Segment and revenue information continued(ii) SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2022 and prior year comparatives is as follows:Reconciliation of segment results to profit after tax:\u00a3m 2022 2021 Europe 21.5 20.3North America 48.5 46.1Asia 10.5 10.0Segment results 80.5 76.4Research and development \u2013 Employee compensation (13.0) (10.5)\u2013 Amortisation of intangible assets (2.2) (2.1)\u2013 Depreciation of property, plant and equipment (1.3) (0.9)\u2013 Safety and approval (0.8) (1.2)\u2013 Advertising (0.8) (0.7)\u2013 Others (1.7) (0.6)Manufacturing\u2013 Employee compensation (1.9) (1.3)\u2013 Cost of goods sales (1.3) (1.9)\u2013 Others (0.5) (0.4)Corporate cost from operating segment\u2013 Employee compensation (6.5) (6.7)\u2013 Information systems (3.4) (2.8)\u2013 Consultancy fees (1.5) (1.3)\u2013 Amortisation of intangible assets (1.7) (0.7)\u2013 Others (1.0) (0.2)Adjusted operating profit 42.9 45.1Finance expenses (6.1) (1.3)Specific items (67.0) (15.4)(Loss)/profit before tax (30.2) 28.4Income tax credit/(expense) 10.6 (5.4)(Loss)/profit after tax (19.6) 23.04. Segment and revenue information continued Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 1.4 3.3 3.6 8.3 0.2 3.3 2.0 5.5Depreciation of property, plant and equipment 0.4 2.0 2.7 5.1 0.2 1.6 2.2 4.0Right-of-use assets additions 13.8 33.0 3.6 50.4 0.4 0.1 4.5 5.0Depreciation of right-of-use assets 1.1 1.5 0.6 3.2 0.5 0.9 0.4 1.8Intangible assets (including goodwill) additions 32.4 3.2 8.6 44.2 \u2013 4.6 11.8 16.4Amortisation of intangible assets 1.5 4.4 3.4 9.3 0.2 4.3 2.9 7.4Costs relating to legal dispute \u2013 52.2 \u2013 52.2 \u2013 \u2013 \u2013 \u2013Impairment loss on intangible assets \u2013 7.7 0.1 7.8 \u2013 \u2013 \u2013 \u2013Bank deposits pledged \u2013 1.1 \u2013 1.1 \u2013 \u2013 \u2013 \u2013Balance sheetSegment assets 85.5 237.1 141.5 464.1 26.0 145.9 94.2 266.1Unallocated deferred and current income tax 17.6 6.1Consolidated total assets 481.7 272.2Segment liabilities (21.5) (269.4) (36.0) (326.9) (5.7) (52.2) (30.1) (88.0)Unallocated deferred and current income tax (15.3) (11.8)Consolidated total liabilities (342.2) (99.8)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by countries:\u00a3m 2022 2021North America 114.2 83.3United Kingdom 11.9 11.6Singapore 49.6 39.0Germany 47.4 0.5Switzerland \u2013 *France * *Other countries 16.9 12.9Total non-current assets 240.0 147.3* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. 4. Segment and revenue information continuedReconciliation of adjusted measuresThe Group presents adjusted operating profit and adjusted profit before tax by making adjustments for costs and profits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect on current year earnings. Such items may include, but are not limited to, costs associated with business combinations and legal dispute, gains and losses on the disposal of businesses, fair value movements, restructuring charges, acquisition related costs and amortisation of intangible assets arising from business combinations. In addition, the Group presents an adjusted profit after tax measure by making adjustments for certain tax charges and credits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect.The Group uses these adjusted measures to evaluate performance and as a method to provide shareholders with clear and consistent reporting. See below for a reconciliation of operating profit to adjusted operating profit, a reconciliation of profit before tax to adjusted profit before tax and a reconciliation of profit after tax to adjusted profit after tax.A. A RECONCILIATION OF OPERATING (LOSS)/PROFIT TO ADJUSTED OPERATING PROFIT IS AS FOLLOWS:\u00a3m 2022 2021Operating (loss)/profit (24.1) 29.7Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Restructuring costs 0.1 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.367.0 15.4Adjusted operating profit 42.9 45.1B. A RECONCILIATION OF (LOSS)/PROFIT BEFORE INCOME TAX TO ADJUSTED PROFIT BEFORE TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit before tax (30.2) 28.4Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modifications of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.368.2 15.4Adjusted profit before tax 38.0 43.84. Segment and revenue information continuedReconciliation of adjusted measures continuedC. A RECONCILIATION OF (LOSS)/PROFIT AFTER TAX TO ADJUSTED PROFIT AFTER TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit after tax (19.6) 23.0Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modification of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.31Non-recurring tax benefits(16.7) (3.0)51.5 12.4Adjusted profit after tax 31.9 35.41 Adjusted for tax on specific items relating to completed acquisitions of \u00a30.6 million (2021: \u00a310,058), gain on foreign exchange impact of Euro-denominated loan drawn down to finance acquisition of \u00a30.5 million (2021: \u00a3nil), costs related to Enterprise Resource Planning system implementation of \u00a30.8 million (2021: \u00a30.3 million), costs relating to legal dispute of \u00a313.6 million (2021: \u00a32.6 million) ), impairment of intangible assets of \u00a32.0 million (2021: \u00a3nil), RCF fees of \u00a327,706 (2021: \u00a3nil), loss on modification of revolving credit facility of \u00a30.2 million (2021: \u00a3nil), restructuring costs of \u00a330,117 (2021: \u00a3nil) and fair value impact of derivative financial instruments of \u00a322,464 (2021: \u00a30.1 million) 5. Employee compensation (including Directors)\u00a3m 2022 2021Wages and salaries 85.5 65.6Employers\u2019 contribution to defined contribution plans 9.6 8.1Share-based payment expenses 0.1 1.595.2 75.2Less: amount capitalised in intangible assets (6.8) (7.6)Total 88.4 67.6For further information regarding Directors\u2019 remuneration, refer to the Directors\u2019 Remuneration Report.6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. 7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.8. Income taxes\u00a3m 2022 2021Tax (credit)/expense attributable to (loss)/profit is made up of: (Loss)/profit for the financial year \u2013 Singapore 2.8 1.1\u2013 Foreign 4.1 1.2Current income tax 6.9 2.3Deferred income tax (17.1) 2.6(10.2) 4.9(Over)/under-provision in prior financial years\u2013 Singapore (0.2) 0.1\u2013 Foreign * *Current income tax (0.2) 0.1Deferred income tax (0.8) 0.3(1.0) 0.4Withholding tax 0.6 0.1Income tax (credit)/expense (10.6) 5.4* Balance is less than \u00a3100,000.8. Income taxes continuedTaxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions at the balance sheet date.The tax on the Group\u2019s (loss)/profit before tax differs from the theoretical amount that would arise using the Singapore standard rate of income tax as follows: \u00a3m 2022 2021(Loss)/profit before tax (30.2) 28.4Tax on (loss)/profit at standard Singapore tax rate of 17% (2021: 17%) (5.1) 4.8Tax incentives (0.5) (0.7)Different tax rates in other countries (4.6) 1.1Tax effect of share-based payments 0.2 (0.3)Expenses not deductible for tax purposes 1.0 0.2Income not subject to tax (1.0) (0.1)Deferred tax effect of change in tax rate (0.2) (0.1)(Over)/under-provision of tax in prior financial years (1.0) 0.4Withholding tax 0.6 0.1Income tax (credit)/expense (10.6) 5.4* Balance is less than \u00a3100,000.Aggregate deferred tax asset arising in the reporting period and not recognised in net profit or loss or other comprehensive income but directly debited/(credited) to equity:\u00a3m 2022 2021Deferred tax asset \u2013 share-based payments 1.5 (0.5)Total 1.5 (0.5)* Balance is less than \u00a3100,000.9. DividendsAmounts recognised as distributions to equity holders in the period: 2022 2021Pence Pence per share \u00a3mper share \u00a3m*Prior year third quarter dividend paid 21.04.1 20.0 3.9*Prior year final dividend paid 36.07.1 36.0 7.1^First quarter dividend paid 18.03.6 18.0* 3.5^Second quarter dividend paid 19.03.8 19.0* 3.7Total 94.0 18.6 93.0 18.2* Dividends in respect of 2021 (94.0p). ^ Dividends in respect of 2022 (94.0p).The third quarter dividend of 21.0 pence per share was paid on 18 January 2023. The proposed final dividend of 36.0 pence per share for the year ended 31 December 2022 is subject to approval by shareholders at the Annual General Meeting scheduled for 18 April 2023 and has not been included as a liability in these financial statements. It is proposed that the final dividend be paid on 27 April 2023 to members on the register as at 24 March 2023.10. Earnings per shareThe calculations of the basic and diluted earnings per share attributable to the ordinary equity holders of the Company are based on the following data:\u00a3m 2022 2021(Loss)/earnings(Loss)/earnings for the purposes of basic and diluted earnings per share(Loss)/profit after tax attributable to equity holders of the Company (20.0) 22.6(Loss)/earnings for earnings per share (20.0) 22.6Number of sharesWeighted average number of ordinary shares outstanding for basic earnings per share (thousands) 19,616 19,514Effect of dilutive potential share awards (thousands) 63 344Weighted average number of shares for diluted earnings per share (thousands) 19,679 19,858(Loss)/earnings per share Basic (102.0)p 115.8pBasic adjusted* 160.6p 179.4pDiluted (101.6)p 113.8pDiluted adjusted* 160.1p 176.3p* Reconciliation to compute the diluted adjusted earnings from operations is as per below:\u00a3m 2022 2021(Loss)/earnings for the purposes of basic and diluted earnings per share(Loss)/profit after tax attributable to equity holders of the Company (20.0) 22.6Amortisation of intangible assets acquired from business combination 4.1 2.8Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance the acquisition (3.2) \u2013Non-recurring tax benefits (16.7) (3.0)Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facilities fees 0.2 \u2013Loss on modification of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Adjusted earnings 31.5 35.011. Goodwill\u00a3m 2022 2021Cost and net book value At 1 January 52.5 52.2Accrued consideration (Note 21) * 0.2Acquisition of subsidiaries (Note 32(c)) 21.0 \u2013Currency translation differences 4.0 0.1At 31 December 77.5 52.5Goodwill arises on the consolidation of business/subsidiary undertakings. For the purpose of impairment tests for goodwill, goodwill is allocated to the cash-generating units 'CGUs' according to operating segments identified in Note 4.A segment-level summary of the goodwill allocation is as follows:\u00a3m 2022 2021North America 43.9 41.3Europe 32.0 9.7Asia 1.6 1.5At 31 December 77.5 52.511. Goodwill continuedThe recoverable amount of the CGU is determined from value-in-use calculations. Cash flow projections used in the value-in-use calculations were based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period were extrapolated using the estimated growth rates stated below. Key assumptions used for value-in-use calculations:31 December 2022 31 DECEMBER 2022Terminal Terminal 1212Growth rateDiscount rategrowth rate Growth rateDiscount rategrowth rateNorth America 8.7% 11.8% 2.0% 9.9% 11.0% 2.0%Europe 5.3% 12.9% 2.0% 6.3% 12.3% 2.0%Asia 8.5% 12.5% 2.0% 11.5% 12.1% 2.0%1 Compound annual growth rate of projected revenue over five years2 Pre-tax discount rate applied to the pre-tax cash flow projectionsA sensitivity analysis was performed for each of the CGUs or group of CGUs, management concluded that no reasonably possible change in any of the key assumptions would result in the carrying value of the CGU to exceed its recoverable amount.The impairment test carried out at 31 December 2022 for the North America CGU, which includes 56.6% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3227.2 million or 60.2% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.6% or a decrease in growth rate by 2.2% would result in the recoverable amount of the North America CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Europe CGU, which includes 41.3% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3127.6 million or 193.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 51.6% or a decrease in growth rate by 12.6% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Asia CGU, which includes 2.1% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3299.5 million or 94.0% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 21.9% or a decrease in growth rate by 12.7% would result in the recoverable amount of the Asia CGU being equal to its carrying value.The impairment test also modelled the potential impact on future cashflows due to climate change. A sensitivity analysis was performed for each CGUs or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Storm and flood disruption \u2013 major flood or fire could cause a disruption to the manufacturing sites2. Supply chain risks \u2013 climate change could result in disruption to our supply chain, either through supplier sites being directly affected, or by disruption to transportation and electricity supply3. Carbon price impacts in the value chain \u2013 the increase in carbon price may result in increased cost of goods sold and increased cost of transportation4. Robustness of local power supply \u2013 our energy supply may be disrupted for a prolonged period due to local supply robustness5. Risk of not meeting net zero target \u2013 failure to meet the defined net zero targets may cause reputational damage, dissuade potential investors, or result in greater costs due to the introduction of carbon pricingThese downside scenarios would result in 10-20% reduction of revenue and 5-10% increase of operating cost. They are considered to be reasonable tests as it reflects the expectation that financial impacts would be time-bound and most likely to impact the organisation\u2019s ability to meet demand for a period. The maximum impact to headroom based on the sensitivities tested for North America, Europe and Asia is a reduction of \u00a35.0 million, \u00a33.6 million and \u00a328.4 million respectively. The impacts would still leave significant headroom and as a result no potential indicator of impairment was identified.12. Intangible assetsProduct Development Customer Customer Assets under \u00a3mcosts Brand Trademarks Technologyrelationshipscontracts Softwaredevelopment TotalCostAt 1 January 2021 31.9 0.9 1.1 4.9 17.2 0.6 8.7 18.0 83.3Additions 0.6 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 15.7 16.4Transfer 2.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2.7) \u2013Reclassification from property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 * \u2013 *Currency translation differences 0.3 * * * 0.2 * 0.1 0.4 1.0At 31 December 2021 35.5 0.9 1.1 4.9 17.4 0.6 8.9 31.4 100.7Additions 0.7 \u2013 * \u2013 \u2013 \u2013 0.3 10.9 11.9Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 * \u2013 *Transfers 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 11.8 (17.1) \u2013Reclassification from property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6Acquisition of subsidiaries (Note 32(c)) \u2013 0.7 * 2.6 6.1 1.9 * \u2013 11.3Currency translation differences 2.4 0.2 * 0.8 2.5 0.2 2.1 3.1 11.3At 31 December 2022 43.9 1.8 1.1 8.3 26.0 2.7 23.7 28.3 135.8Accumulated amortisation and impairment lossesAt 1 January 2021 23.3 0.3 1.0 2.0 6.8 0.6 2.7 \u2013 36.7 Amortisation charge 3.7 * \u2013 0.6 2.2 \u2013 0.9 \u2013 7.4Currency translation differences 0.2 0.1 \u2013 (0.1) 0.1 * * \u2013 0.3At 31 December 2021 27.2 0.4 1.0 2.5 9.1 0.6 3.6 \u2013 44.4Amortisation charge 3.3 0.2 \u2013 0.9 2.3 0.7 1.9 \u2013 9.3Impairment charge \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 7.8 7.8Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 * \u2013 *Reclassification from property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.5 \u2013 0.5Currency translation differences 1.5 * * 0.4 1.3 0.1 0.4 0.2 3.9At 31 December 2022 32.0 0.6 1.0 3.8 12.7 1.4 6.4 8.0 65.9Net book valueAt 31 December 2022 11.9 1.2 0.1 4.5 13.3 1.3 17.3 20.3 69.9At 31 December 2021 8.3 0.5 0.1 2.4 8.3 \u2013 5.3 31.4 56.3* Balance is less than \u00a3100,000.The remaining amortisation period for customer relationships ranges from one to ten years. The Group\u2019s trademarks used to identify and distinguish the Group\u2019s name and logo have a carrying amount of \u00a30.1 million (2021: \u00a30.1 million). The Group intends to renew the trademarks continuously and evidence supports its ability to do so, based on its past experience. An analysis of market and competitive trends provides evidence that the trademarks will generate net cash inflows for the Group for an indefinite period. Therefore, the trademarks are carried at cost without amortisation, but is tested for impairment on an annual basis. 13. Property, plant and equipmentPlant Building Assets under \u00a3m Freehold land Buildingsand equipment Motor vehiclesimprovementsconstruction TotalCostAt 1 January 2021 1.5 17.1 26.6 0.3 6.3 \u2013 51.8Additions \u2013 \u2013 2.3 \u2013 0.6 2.6 5.5Disposals \u2013 \u2013 (0.3) (0.1) * \u2013 (0.4)Transfer \u2013 \u2013 1.2 \u2013 0.1 (1.3) \u2013Reclassification to intangible assets \u2013 \u2013 * \u2013 \u2013 \u2013 *Foreign currency translation * 0.2 0.5 0.1 0.1 * 0.9At 31 December 2021 1.5 17.3 30.3 0.3 7.1 1.3 57.8Acquisition of subsidiaries (Note 32(c)) \u2013 * 0.8 * * \u2013 0.8Additions \u2013 * 4.5 \u2013 0.3 2.7 7.5Disposals \u2013 * (0.5) * (0.3) \u2013 (0.8)Transfers \u2013 \u2013 0.6 * 1.0 (1.6) \u2013Reclassification to intangible assets \u2013 \u2013 (0.6) \u2013 \u2013 \u2013 (0.6)Currency translation differences 0.1 1.7 2.9 * 0.8 0.2 5.7At 31 December 2022 1.6 19.0 38.0 0.3 8.9 2.6 70.4Accumulated depreciationAt 1 January 2021 \u2013 3.6 16.5 0.2 3.1 \u2013 23.4Depreciation charge \u2013 0.5 2.9 * 0.6 \u2013 4.0Disposals \u2013 \u2013 (0.2) (0.1) * \u2013 (0.3)Transfers \u2013 \u2013 * \u2013 \u2013 \u2013 *Reclassification to intangible assets \u2013 \u2013 * \u2013 \u2013 \u2013 *Currency translation differences \u2013 0.1 0.2 0.2 \u2013 \u2013 0.5At 31 December 2021 \u2013 4.2 19.4 0.3 3.7 \u2013 27.6Depreciation charge \u2013 0.6 3.7 * 0.8 \u2013 5.1Disposals \u2013 \u2013 (0.5) * (0.3) \u2013 (0.8)Transfers \u2013 \u2013 * \u2013 \u2013 \u2013 *Reclassification to intangible assets \u2013 \u2013 (0.5) \u2013 \u2013 \u2013 (0.5)Currency translation differences \u2013 0.3 1.8 * 0.3 \u2013 2.4At 31 December 2022 \u2013 5.1 23.9 0.3 4.5 \u2013 33.8Net book value At 31 December 2022 1.6 13.9 14.1 \u2013 4.4 2.6 36.6At 31 December 2021 1.5 13.1 10.9 \u2013 3.4 1.3 30.2* Balance is less than \u00a3100,000.Assets under construction pertains to cost incurred for the renovation of the office space which is due for completion in 2023.14. LeasesNature of the Group\u2019s leasing activitiesLEASEHOLD LAND AND BUILDINGSThe Group has made an upfront payment to secure the right-of-use of two 50-year leasehold lands, which are used in the Group\u2019s production operations. The Group also leases office space for the purpose of back office operations, sales activities, and warehousing activities.During the financial year, the Group entered into a new lease for a building in North America for the purpose of back office operations, sales and warehousing activities. The lease has a lease term of 22.5 years commencing from 1 December 2022 which includes two options to extend, each for a period of five years.EQUIPMENT AND MOTOR VEHICLESThe Group leases vehicles to render logistic services, and leases copier machines for back office use.a. Right-of-use assetsCarrying amounts and depreciation charge during the yearLeasehold land Equipment and \u00a3mand buildingsmotor vehicles TotalCostAt 1 January 2021 4.8 0.3 5.1Additions 4.7 0.3 5.0Disposals * * *Depreciation charge (1.6) (0.2) (1.8)Currency translation differences * * *At 31 December 2021 7.9 0.4 8.3Additions 38.5 0.5 39.0Acquisition of subsidiaries (Note 32(c)) 11.4 * 11.4Disposals (2.1) * (2.1)Depreciation charge (3.0) (0.2) (3.2)Currency translation differences 1.5 * 1.5At 31 December 2022 54.2 0.7 54.9* Balance is less than \u00a3100,000.b. Lease expense not capitalised in lease liabilities\u00a3m 2022 2021Lease expense \u2013 short-term leases 0.2 0.2Lease expense \u2013 low-value leases * *Total (Note 7) 0.2 0.2* Balance is less than \u00a3100,000.c. Total cash outflow for all leases in 2022 was \u00a36.7 million (2021: \u00a32.1 million).d. Future cash outflows which are not capitalised in lease liabilitiesExtension optionsThe leases for certain office spaces contain extension options, for which the related lease payments have not been included in lease liabilities as the Group is not reasonably certain to exercise these extension options. The Group negotiates extension options to optimise operational flexibility in terms of managing the assets used in the Group\u2019s operations. All the extensions are exercisable by the Group and not by the lessor.e. Events occurring after balance sheet dateOn 31 January 2023, the Group entered into a new lease for office space in the United States of America. The contractual lease payments amount to \u00a310.6 million which will be paid during the period May 2024 to October 2040. 15. SubsidiariesThe Group has the following principal subsidiaries as at 31 December 2022 and 2021:Ownership Ownership interestinterest20222021Name of Subsidiary Country of business / incorporation (%)(%)Directly owned by the CompanyXP Power Plc UK 100 100XP Power Singapore Holdings Pte Limited Singapore 100 100Indirectly owned by the CompanyXP PLC UK 100 100XP Power Holdings Limited UK 100 100XP Power AG Switzerland 100 100Powersolve Electronics Limited* UK 90.6 89.9XP Power Srl Italy 100 100XP Power ApS Denmark 100 100XP Power Sweden AB Sweden 100 100XP Power GmbH Germany 100 100FuG Elektronik GmbH Germany 100 \u2013Guth High Voltage GmbH Germany 100 \u2013XP Power SA France 100 100XP Power Norway AS Norway 100 100XP Power International Limited UK 100 100XP Power LLC USA 100 100XP Power (Shanghai) Co., Limited China 100 100XP Power (Hong Kong) Limited Hong Kong 100 100XP Power (Vietnam) Co., Limited Vietnam 100 100XP Power Singapore Manufacturing Pte. Ltd. Singapore 100 100XP Power (Philippines) Inc. Philippines 100 100XP Power (Malaysia) Sdn. Bhd. Malaysia 100 100Hanpower Co., Ltd* South Korea 66 66* Refer to Note 2116. Cash and bank balances\u00a3m 2022 2021Cash at bank and on hand 23.2 8.9Short-term bank deposits 0.2 0.1Total 23.4 9.0For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:\u00a3m 2022 2021Cash at bank balances (as above) 23.4 9.0Less: Bank overdrafts (Note 22) (0.2) (0.2)Less: Bank deposit pledged (1.1) \u2013Cash and cash equivalents per consolidated statement of cash flows 22.1 8.8Bank deposit is pledged as a collateral to obtain a letter of credit for the security deposit of a lease. The deposit is classified as a non-current asset as it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. 17. Inventories\u00a3m 2022 2021Finished goods 28.4 25.5Raw materials 53.8 36.3Work in progress 32.2 12.2Total 114.4 74.0The cost of inventories recognised as an expense and included in \u201ccost of sales\u201d amounts to \u00a3129.2 million (2021: \u00a3105.2 million). 18. Trade receivables\u00a3m 2022 2021Current assetsTrade receivables 42.4 30.8Less: Loss allowance (Note 31 (d)) * *Total 42.4 30.8* Balance is less than \u00a3100,000.The average credit period taken on sales of goods is 53 days (2021: 47 days). No interest is charged on the outstanding receivables balance. The carrying amounts of trade receivables approximate their fair values.19. Other current assets\u00a3m 2022 2021Prepayments 3.3 3.3Deposits 0.9 0.3VAT receivables 3.1 0.6Rights to returned goods 0.5 0.2Other receivables 0.2 0.6Total 8.0 5.0Other current assets are not impaired as at 31 December 2022 and 31 December 2021.20. Trade and other payables\u00a3m 2022 2021Trade payables 25.3 26.0VAT payables 4.5 1.2Withholding tax 0.3 0.1Accruals for operating expenses 18.6 15.5Contract liabilities 2.9 1.3Refund liabilities 1.0 0.6Total 52.6 44.7The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in current period that was included in the contract liabilities at the beginning of the period amounts to \u00a31.3 million (2021: \u00a30.2 million).Customers have a right to return the goods to the Group within a given period. The Group recognised the refund liabilities for the amounts of consideration received for which the Group does not expect to be entitled. The Group also recognised a right to the returned goods measured by reference to the former carrying amounting of the goods.21. Accrued consideration\u00a3m 2022 2021At 1 January 1.3 1.0Provision made 0.2 0.3Payment * \u2013At 31 December 1.5 1.3\u00a3m 2022 2021Current \u2013 *Non-current 1.5 1.3At 31 December 1.5 1.3* Balance is less than \u00a3100,000.As at 31 December 2022, the Group owns 90.6% (2021: 89.9%) of the shares of Powersolve Electronics Limited 'Powersolve'. The Group entered into an amended agreement on 29 October 2016 to purchase the remaining 10.1% of the shares in 2022. On 26 February 2021, the Group entered into a deed of variation to amend the purchase of the remaining 10.1% of shares in 2022 to purchase 0.7% of the shares in 2022 and another 9.4% in 2025. In June 2022, the Group purchased 0.7% of the shares as per the deed of variation. The Group entered into an agreement on 20 May 2015 with Hanpower Co Ltd 'Hanpower' to purchase an additional 15.0% of the shares in 2020 and another 15% of the shares in 2025. The purchase of the first additional 15% was completed in 2020 and the Group now owns 66% (2021: 66%) of the shares of Hanpower. The commitment to purchase the remaining ownership interests has been accounted for as accrued consideration and is calculated based on the expected future payment which will be based on a predefined multiple of the average earnings for the past three years at the point of payment. The future payment is discounted to the present value, with the discount amortised to interest expense each period as the payment draws nearer. At each reporting period, the anticipated future payment is recalculated and an adjustment made accordingly, with a corresponding adjustment to goodwill for Powersolve. For Hanpower, the amount that is payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding charge directly to equity. The liability is subsequently accreted through equity up to the redemption amount that is payable in 2025.22. Borrowings and lease liabilities\u00a3m 2022 2021CurrentBank overdrafts 0.2 0.2Lease liabilities 2.4 1.6Total 2.6 1.8Non-currentBank borrowings 174.2 33.4Lease liabilities 48.9 6.5Total 223.1 39.9Undrawn borrowing facilities \u00a3m 2022 2021Expiring beyond one year 35.7 77.0Total 35.7 77.0The facility has no fixed repayment terms until maturity in 2026. The revolving credit facility denominated in USD is priced at LIBOR (before May 2022)/ SOFR (from May 2022) plus a margin of 1.0%-2.0% (2021: 1.0%) for the amount that has been drawn down and a margin of 0.8% (2021: 0.4%) for the unutilised facility. There is no impact to profit or loss arising from the change in benchmark rate. There is drawdown on bank overdrafts denominated in GBP of \u00a30.2 million (2021: \u00a30.2 million) during the year. The fair values of the Group\u2019s bank borrowings and overdrafts approximate their carrying amounts.22. Borrowings and lease liabilities continuedReconciliation of liabilities arising from financing activitiesNon-cash changesAcquisition Proceeds Principal Addition Disposal arising from Modification Foreign 31 1 January from and interest during during business of revolving Interest exchange December \u00a3m2022borrowingspaymentsthe yearthe yearcombinationscredit facilityexpensemovement2022Bank borrowings 33.4 170.3 (40.4) \u2013 \u2013 \u2013 1.0 5.3 4.6 174.2Lease liabilities 8.1 \u2013 (6.5) 37.5 (1.5) 11.4 \u2013 0.7 1.6 51.3Non-cash changesPrincipal Addition Foreign 1 January Proceeds from and interest during Disposal during Interest exchange 31 December \u00a3m2021borrowingspaymentsthe yearthe yearexpensemovement2021Bank borrowings 31.8 3.7 (3.6) \u2013 \u2013 1.2 0.3 33.4Lease liabilities 4.9 \u2013 (1.9) 5.0 * 0.2 (0.1) 8.1* Balance is less than \u00a3100,000.23. Derivative financial instrumentsCurrency forwardsDerivative financial instruments comprise of the USD/GBP currency forwards used to manage the exposure from issuance of dividends in GBP.Asset Liability31 December 2022 Contractual Contractual \u00a3mnotional amount Fair value notional amount Fair valueCurrency forwards (current) 3.5 * 7.1 (0.1)Asset Liability31 December 2021 Contractual Contractual \u00a3mnotional amount Fair value notional amount Fair valueCurrency forwards (current) 1.0 * 8.0 (0.1)* Balance is less than \u00a3100,000.24. Provisions (current)\u00a3mCurrent 2022 2021Legal dispute (Note (a) below) 46.1 \u2013Others * *Total 46.1 ** Balance is less than \u00a3100,000.(a) Legal dispute\u00a3m 2022 2021At 1 January 2022 \u2013 \u2013Provision made 46.9 \u2013Currency translation differences (0.8) \u2013At 31 December 2022 46.1 \u2013In September 2020, Comet Technologies USA Inc., Comet AG, and YXLON International (collectively 'Comet') filed a lawsuit against XP Power LLC, a wholly-owned subsidiary of the Group, alleging trade secret misappropriation relating to RF match and generator technology. On 24 March 2022, a jury in the US legal action brought by Comet found in favour of Comet and awarded damages of $40 million (\u00a333.2 million) against XP Power LLC. On 30 September 2022, the judge also ruled that there should be an injunction upon XP Power LLC in relation to certain trade secrets. Since this date the Group and its appointed lawyers have been working to resolve the situation including filing motions with the Court of the Northern District of California against the validity and level of the damages imposed. XP Power LLC has launched no products and therefore received no orders or revenue related to the contested RF match and generator technology. Upon receipt of the ruling of motions filed, the Board will consider next steps including potentially applying for an appeal with the Appellate Court. The Group has recognised a provision for legal dispute which is expected to be utilised in 2023. The provision of \u00a346.9 million includes damages and other related legal costs. In the opinion of the Directors, after taking appropriate legal advice, the outcomes of the legal dispute are not expected to give rise to any significant loss beyond the amounts provided at 31 December 2022. The Directors consider that disclosure of further details of this dispute will seriously prejudice the Group\u2019s negotiating position and accordingly, further information on the nature of the obligation has not been provided. 26. Deferred income taxesDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same taxation authority.The amounts, determined after appropriate offsetting, are shown on the balance sheet as follows:\u00a3m 2022 2021Deferred tax assets 15.1 3.2Deferred tax liabilities (10.5) (9.4)Net deferred tax assets/(liabilities) 4.6 (6.2)The movement in the net deferred income tax account is as follows: \u00a3m 2022 2021Beginning of financial year (6.2) (3.8)Currency translation differences (1.5) *Acquisition of subsidiaries (Note 32(c)) (4.1) \u2013Tax credited/(charged) to\u2013 Profit or loss (Note 8) 17.9 (2.9)\u2013 Equity (Note 8) (1.5) 0.5End of financial year 4.6 (6.2)The movement in deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction) is as follows:Deferred income tax assetsProvision for Share-based \u00a3m legal disputepayment Tax losses Others TotalAt 1 January 2021 \u2013 2.3 0.4 2.1 4.8Credited to profit or loss \u2013 * * (0.4) (0.4)Credited to equity \u2013 0.5 \u2013 \u2013 0.5At 31 December 2021 \u2013 2.8 0.4 1.7 4.9Credited/(charged) to profit or loss 11.5 (0.7) 1.1 1.7 13.6Debited to equity \u2013 (1.5) \u2013 \u2013 (1.5)Currency translation differences * \u2013 * 0.2 0.2At 31 December 2022 11.5 0.6 1.5 3.6 17.2Deferred income tax liabilitiesIntangible Accelerated tax assets \u00a3m depreciationamortisation Others TotalAt 1 January 2021 (1.7) (6.9) \u2013 (8.6)Charged to profit or loss (0.6) (1.9) \u2013 (2.5)Currency translation differences * * \u2013 *At 31 December 2021 (2.3) (8.8) \u2013 (11.1)Acquisition of subsidiaries \u2013 (3.7) (0.4) (4.1)Credited to profit or loss 0.4 3.5 0.4 4.3Currency translation differences (0.3) (1.4) * (1.7)At 31 December 2022 (2.2) (10.4) * (12.6)* Balance is less than \u00a3100,000. 25. Bond receivableIn November 2022, the Group purchased an appeal bond from an insurance company in preparation for a potential appeal with the Appellate Court amounting to \u00a336.9 million. Interest is accrued on the bond at an annual rate equivalent to the rate for the 3-month Treasury Bill as published by the Board of Governors of the Federal Reserve System. A management fee of 0.40% of the bond is calculated on an annualised basis. The bond receivable is restricted until the finalisation of the appeal. The carrying amount of \u00a337.0 million as at 31 December 2022 includes interest receivable of \u00a30.1 million. 27. Share capital and reservesa. Share capital No of ordinary shares AmountIssued share Treasury shares Share capital Treasury sharescapital \u00a3m\u00a3m2022Beginning of financial year 19,642,296 (92,881) 27.2 *Shares issued 100,000 \u2013 * \u2013Treasury shares purchased \u2013 (100,000) \u2013 *Treasury shares re-issued \u2013 90,795 \u2013 *End of financial year 19,742,296 (102,086) 27.2 *2021Beginning of financial year 19,642,296 (156,960) 27.2 (0.1)Treasury shares purchased \u2013 (900) \u2013 *Treasury shares re-issued \u2013 64,979 \u2013 *End of financial year 19,642,296 (92,881) 27.2 ** Balance is less than \u00a3100,000.All issued ordinary shares are fully paid. There is no par value for these ordinary shares. Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company.In 2022, the Company issued 100,000 ordinary shares for a total consideration of \u00a31,000 for cash to the ESOP Trust. The newly issued shares rank pari passu in all aspects with the previously issued shares. b. Treasury shares Treasury shares are shares in the Company that are held by the Company\u2019s Employee Share Ownership Plan (ESOP) Trust for the purpose of issuing shares under the Company\u2019s ESOP. Shares issued to employees are recognised on a first in, first out basis.In 2022, the Company issued 100,000 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 90,795 (2021: 64,979) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2021: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a311,000 (2021: \u00a317,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2022 2021Exercise price paid by employees * 0.5Value of employee services 1.8 0.5Total net consideration 1.8 1.0* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,800,000 (2021: \u00a31,000,000) is recognised in other reserve. c. Share-based payments reserveShare-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.d. Merger reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.e. Translation reserveTranslation reserve represents exchange differences arising from the translation of financial statements of foreign operations whose functional currencies are different from that of the Group\u2019s presentation currency.f. Other reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.Share-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.27. Share capital and reserves continuedOther reserve comprises future transactions with the non-controlling interest. The Group has an agreement with the non-controlling shareholders of Hanpower Co. Ltd, a subsidiary, to purchase an additional 15.0% of the shares in 2025.The amount that may become payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding change directly to equity. The liability is subsequently accreted through finance expenses up to the redemption amount that is payable at the date at which the agreement first becomes exercisable.29. Related party transactionsAs at 31 December 2022, the Company\u2019s Employee Share Ownership Plan provided nil (2021: nil) interest-free loans to Directors for the deferred payment share scheme. The detailed information is provided for in the Directors\u2019 Remuneration Report on pages 118\u2013138.Key management personnel compensationKey management personnel are the Directors of the Group. \u00a3m 2022 2021Short-term employee benefits 1.4 1.9Post-employment benefits 0.1 0.1Share-based payment expenses 0.2 0.7Total 1.7 2.7Further information about the remuneration of the individual Directors is provided in the Directors\u2019 Remuneration Report on pages 118\u2013138.28. Cash flow from movement in working capital The following adjustments have been made to reconcile from the movement in balance sheet heading to the amount presented in the cash flow from the movement in working capital. This is in order to more appropriately reflect the cash impact of the underlying transactions. Trade Other current Trade and other Accrued 2022Inventoriesreceivables assets payables consideration\u00a3m(Note 17)(Note 18)(Note 19)(Note 20) (Note 21) ProvisionsAt 31 December 2022 114.4 42.4 8.0 52.6 1.5 47.0At 31 December 2021 74.0 30.8 5.0 44.7 1.3 0.2Balance sheet movement (40.4) (11.6) (3.0) 7.9 0.2 46.8Acquisition of subsidiaries (Note 32(c)) 5.9 1.1 0.2 (2.9) \u2013 \u2013Movement, net of effects from acquisitions (34.5) (10.5) (2.8) 5.0 0.2 46.8Payment of accrued consideration (Note 21) \u2013 \u2013 \u2013 \u2013 * \u2013Withholding tax payable \u2013 \u2013 \u2013 (0.2) \u2013 \u2013Provision for reinstatement costs \u2013 \u2013 \u2013 \u2013 \u2013 *Provision for legal dispute \u2013 \u2013 \u2013 \u2013 \u2013 (46.9)Currency translation differences 9.7 3.2 0.6 (4.6) (0.2) 0.7(24.8) (7.3) (2.2) 0.2 \u2013 0.6* Balance is less than \u00a3100,000.Trade and other Other current Trade and other Accrued 2021Inventoriesreceivables assets payables consideration\u00a3m(Note 17)(Note 18)(Note 19)(Note 20) (Note 21) ProvisionsAt 31 December 2021 74.0 30.8 5.0 44.7 1.3 0.2At 31 December 2020 54.2 30.2 4.6 28.2 1.0 0.1Balance sheet movement (19.8) (0.6) (0.4) 16.5 0.3 0.1Movement in accrued consideration (Note 21) - - - - (0.3) -Interest payable - - - 0.1 - -Provision for reinstatement costs - - - - - (0.1)Currency translation differences 0.8 (0.1) - (0.5) - -(19.0) (0.7) (0.4) 16.1 - -30. Share-based paymentsThe Group operates several equity-settled share-based payment plans. a. XP Power Share Option Plan (the 'SOP') The SOP was approved by the shareholders on 2 April 2012. A total of 345,000 options and 418,000 options were granted in 2012 and 2016 respectively under the SOP. These options vest only if certain performance conditions are met. The vesting of outstanding options is based on Total Shareholder Return 'TSR' relative to the FTSE350 Electronic and Electric Equipment Sector. The options may only be exercised within 10 years from grant date. All options under the SOP are fully vested as at 31 December 2022.Set out below are summaries of options granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price share optionsper share optionshare optionsper share optionAt 1 January 76,885 \u00a315.43 118,329 \u00a314.92Forfeited during the year \u2013 \u2013 (1,592) \u00a315.43Exercised during the year* (3,208) \u00a315.43 (39,852) \u00a313.93At 31 December 73,677 \u00a315.43 76,885 \u00a315.43Exercisable at 31 December 73,677 \u00a315.43 76,885 \u00a315.43*The weighted average share price at the date of exercise of options exercised during the year ended 31 December 2022 was \u00a332.86 (2021: \u00a343.12). Share options outstanding at the end of the year have the following expiry dates and exercise prices:Share options Share options 31 December 31 December Grant date Expiry date Exercise price2022202123 February 2016 10 December 2023 \u00a315.43 34,800 34,80023 February 2016 23 February 2026 \u00a315.43 38,877 42,085Total 73,677 76,885Weighted average remaining contractual life of options outstanding at end of period 2.1 years 4.1 yearsb. XP Power Limited Long Term Incentive Plan 2017 (the 'XP LTIP 2017')The XP LTIP 2017 was approved by the shareholders on 19 April 2017 and amended by the Remuneration Committee on 28 February 2020 in respect of awards made on or after that date. The only participants under the XP LTIP 2017 are the Executive Directors who are granted Performance Share Awards. These Awards vest only if certain performance conditions are met. The vesting of outstanding Awards is based on TSR relative to the companies in the FTSE 250 index excluding investment trusts and earnings per share growth. Set out below are summaries of Awards granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardaward#At 1 January86,254 \u00a30.01 93,852 \u00a30.01Granted during the year 30,471 \u00a30.01 19,606 \u00a30.01#Forfeited during the year(21,669) \u00a30.01 (26,349) \u00a30.01Exercised during the year* (35,305) \u00a30.01 (855) \u00a30.01At 31 December 59,751 \u00a30.01 86,254 \u00a30.01Exercisable at 31 December - - 19,502 \u00a30.01#The beginning balance excludes 25,041 awards granted on 16 Mar 2019 where the EPS condition for the performance period 2019 to 2021 has not been met. This is different from the Remuneration Committee Report which discloses the forfeiture in 2022. The forfeited awards during the year includes 18,837 awards granted on 22 Apr 2020 where the TSR condition for the performance period 2020 to 2022 has not been met and the EPS condition was only partially met. This is different from the Remuneration Committee Report which will disclose the forfeiture in 2023. *The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2022 was \u00a325.45 (2021: \u00a356.75). 30. Share-based payments continuedAwards outstanding at the end of the year have the following expiry dates and exercise prices.Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 2021130 May 201730 May 2022 \u00a30.01 \u2013 5,12711 November 201731 December 2022 \u00a30.01 \u2013 8,000116 May 201816 May 2023 \u00a30.01 \u2013 12,749216 March 201916 March 2024 \u00a30.01 3,091 12,52022 April 2020 22 October 2025 \u00a30.01 3,038 14,56322 April 2020 22 April 2026 \u00a30.01 3,545 13,6893 March 2021 3 March 2027 \u00a30.01 11,582 11,58210 May 2021 10 May 2027 \u00a30.01 8,024 8,0248 March 2022 8 March 2028 \u00a30.01 30,471 \u2013Total 59,751 86,2541 These awards are fully vested. 2 50% of the awards vested in 2022 and the remaining 50% will vest in 2023. FAIR VALUE OF AWARDS The fair values at grant date of awards granted during the year under the XP LTIP 2017 are determined using the valuation models below. The model inputs are as follows: Options granted 30,471Fair value at grant date \u00a318.83 to \u00a330.99Model used Monte Carlo model and Black-Scholes model Assumption used:Share price \u00a336.00Exercise price \u00a30.01Expected volatility 40.04%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 1.44%c. XP Power Limited Senior Managers Long Term Incentive Plan 2017 (the 'XP Senior Managers LTIP 2017')The XP Senior Managers LTIP 2017 was approved by the shareholders on 19 April 2017 and amended by the Remuneration Committee on 28 February 2020 in respect of awards made on or after that date and introduced for non-Board members for certain grants made from 1 April 2020. The participants under the XP Senior Managers LTIP 2017 are the senior management of companies under the Group. There are four different types of awards granted under the XP Senior Managers LTIP 2017: 1. Performance Share Awards2. Performance Restricted Share Units 'Performance RSUs' 3. Restricted Share Awards4. Restricted Share Units 'RSUs'Performance RSUs and RSUs are only granted to participants in the United States and they are exercised at nil cost. Performance Share Awards and Restricted Share Awards are granted to participants outside of the United States and they are exercised at nominal cost. Performance Share Awards and Performance RSUs vest only if certain performance conditions are met. The vesting of outstanding Awards is based on TSR relative to the companies in the FTSE 250 index excluding investment trusts and earnings per share growth. For each tranche of Performance Share Awards and Performance RSUs granted in 2017, 2018 and 2019, 50% of the awards will vest after the third year and the remaining 50% of the share awards will vest after the fourth year. For each tranche of Performance Share Awards and Performance RSUs granted in 2020, 2021 and 2022, 100% of the awards will vest after the third year. Restricted Share Awards and RSUs vest over the service period of three years. There is no performance condition attached. 30. Share-based payments continuedPERFORMANCE SHARE AWARDSSet out below are summaries of Performance Share Awards granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 62,781 \u00a30.01 82,366 \u00a30.01Granted during the year 23,339 \u00a30.01 17,285 \u00a30.01Forfeited during the year (20,026) \u00a30.01 (29,935) \u00a30.01Exercised during the year* (11,207) \u00a30.01 (6,935) \u00a30.01At 31 December 54,887 \u00a30.01 62,781 \u00a30.01Exercisable at 31 December 9,515 \u00a30.01 9,272 \u00a30.01*The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2022 was \u00a330.90 (2021: \u00a353.59). Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 2021130 May 201730 May 2022 \u00a30.01 \u2013 2,991116 May 201816 May 2023 \u00a30.01 6,026 12,56114 September 20184 September 2023 \u00a30.01 \u2013 \u2013216 March 201916 March 2024 \u00a30.01 8,359 11,66522 April 2020 22 April 2024 \u00a30.01 4,232 19,7293 March 2021 3 March 2025 \u00a30.01 12,931 15,8358 March 2022 8 March 2026 \u00a30.01 22,819 \u201312 September 2022 12 September 2026 \u00a30.01 520 \u2013Total 54,887 62,7811 These awards are fully vested. 2 50% of the awards vested in 2022 and the remaining 50% will vest in 2023. PERFORMANCE RSUSSet out below are summaries of Performance RSUs granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 61,699 \u2013 98,754 \u2013Granted during the year 14,732 \u2013 10,995 \u2013Forfeited during the year (18,943) \u2013 (34,194) \u2013Exercised during the year* (21,611) \u2013 (13,856) \u2013At 31 December 35,877 \u2013 61,699 \u2013Exercisable at 31 December 414 \u2013 8,267 \u2013*The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2022 was \u00a332.43 (2021: \u00a351.62). 30. Share-based payments continuedAwards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 2021130 May 201730 May 2022 \u2013 \u2013 1,388112 October 201712 October 2022 \u2013 300 450116 May 201816 May 2023 \u2013 \u2013 12,857216 March 201916 March 2024 \u2013 6,242 14,61422 April 2020 22 April 2024 \u2013 5,134 21,5883 March 2021 3 March 2025 \u2013 9,746 10,8028 March 2022 8 March 2026 \u2013 13,489 \u201317 August 2022 17 August 2026 \u2013 966 \u2013Total 35,877 61,6991 These awards are fully vested. 2 50% of the awards vested in 2022 and the remaining 50% will vest in 2023. RESTRICTED SHARE AWARDS Set out below are summaries of Restricted Share Awards granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 3,912 \u00a30.01 2,425 \u00a30.01Granted during the year 6,523 \u00a30.01 1,793 \u00a30.01Forfeited during the year (974) \u00a30.01 (306) \u00a30.01At 31 December 9,461 \u00a30.01 3,912 \u00a30.01Exercisable at 31 December \u2013 \u2013 \u2013 \u2013Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 202122 April 2020 22 April 2024 \u00a30.01 1,639 2,3243 March 2021 3 March 2025 \u00a30.01 1,299 1,5888 March 2022 8 March 2026 \u00a30.01 4,701 \u201312 September 2022 12 September 2026 \u00a30.01 1,822 \u2013Total 9,461 3,912RSUs Set out below are summaries of RSUs granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 1,623 \u2013 1,248 \u2013Granted during the year 23,585 \u2013 577 \u2013Forfeited during the year (138) \u2013 (202) \u2013At 31 December 25,070 \u2013 1,623 \u2013Exercisable at 31 December \u2013 \u2013 \u2013 \u201330. Share-based payments continuedAwards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 202122 April 2020 22 April 2024 \u2013 1,046 1,0463 March 2021 3 March 2025 \u2013 577 5778 March 2022 8 March 2026 \u2013 14,554 \u201317 August 2022 17 August 2026 \u2013 483 \u201321 November 2022 21 November 2026 \u2013 8,410 \u2013Total 25,070 1,623Fair value of awards The fair values at grant date of awards granted during the year under the XP Senior Managers LTIP 2017 are determined using the valuation models below. The model inputs are as follows: Restricted Share Performance Share Award Performance RSUAward RSUOptions granted 23,339 14,732 6,523 23,585Fair value at grant date \u00a310.87 to \u00a332.90 \u00a310.87 to \u00a332.90 \u00a319.74 to \u00a332.90 \u00a319.74 to \u00a332.90Monte Carlo model and Monte Carlo model and Black-Scholes Black-Scholes Model used Black-Scholes model Black-Scholes modelmodel modelAssumption used:Share price \u00a319.20 to \u00a336.00 \u00a319.20 to \u00a336.00 \u00a321.60 to \u00a336.00 \u00a321.60 to \u00a336.00Exercise price \u00a30.01 - \u00a30.01 -Expected volatility 40.04% to 42.74% 40.04% to 42.74% 40.04% to 43.34% 40.04% to 43.34%Expected option life 3 years 3 years 3 years 3 yearsExpected dividend yield 3.00% 3.00% 1.70% 1.70%Risk-free interest rate 1.44% to 3.08% 1.44% to 3.08% 1.44% to 3.18% 1.44% to 3.18%30. Share-based payments continuedd. XP Power Limited Restricted Share Plan 2020 (the \u201cXP RSP 2020\u201d)The XP RSP 2020 was approved by the shareholders on 21 April 2020. The only participants under the XP RSP 2020 are the Executive Directors who are granted Restricted Shares. Restricted Shares vest over the service period of five years. There is no performance condition attached.Set out below are summaries of Restricted Shares granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 6,230 \u00a30.01 3,532 \u00a30.01Granted during the year 4,080 \u00a30.01 2,698 \u00a30.01Forfeited during the year (557) \u00a30.01 \u2013 \u2013At 31 December 9,753 \u00a30.01 6,230 \u00a30.01Exercisable at 31 December \u2013 \u2013 \u2013 \u2013Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 202122 April 2020 22 October 2025 \u00a30.01 1,263 1,82022 April 2020 22 April 2026 \u00a30.01 1,712 1,7123 March 2021 3 March 2027 \u00a30.01 1,495 1,49510 May 2021 10 May 2027 \u00a30.01 1,203 1,2038 March 2022 8 March 2028 \u00a30.01 4,080 -Total 9,753 6,230Fair value of awards The fair value at grant date of awards granted during the year under the XP RSP 2020 is determined using the Black-Scholes model. The model inputs are as follows: Options granted 4,080Fair value at grant date \u00a330.99Assumption used:Share price \u00a336.00Exercise price \u00a30.011Expected volatility35.87%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 1.44%1 Volatility was estimated based on the historical volatility of the shares over a five-year period prior to grant date.b. Currency riskThe Group operates in North America, Europe and Asia. Entities in the Group regularly transact in currencies other than their respective functional currencies (\u201cforeign currencies\u201d). The Group monitors and manages the currency risk through internal reports analysing major currency exposures. Where possible, the Group seeks to offset exposures by matching monetary asset and liability exposures in like currencies against each other, often using its bank facilities to square off or reduce exposures. The Group also manages some currency exposure by entering into currency forwards with banks The Group\u2019s currency exposure based on the information provided to key management is as follows:\u00a3m GBP EUR USD SGD Others TotalAt 31 December 2022 Financial assets Cash and cash equivalents 0.9 2.5 17.6 0.3 2.1 23.4Trade receivables 2.3 4.8 34.6 * 0.7 42.4Bond receivables \u2013 \u2013 37.0 \u2013 \u2013 37.0Other current assets 0.2 0.2 0.4 * 0.3 1.1ESOP loan to employees * \u2013 \u2013 \u2013 \u2013 *Subtotal 3.4 7.5 89.6 0.3 3.1 103.9Financial liabilitiesBorrowings (0.2) \u2013 (174.2) \u2013 \u2013 (174.4)Trade and other payables (3.1) (1.5) (34.1) (1.2) (5.0) (44.9)Lease liabilities (0.6) (13.6) (33.1) (4.0) * (51.3)Provisions (0.1) (0.1) (46.7) (0.1) \u2013 (47.0)Other financial liabilities (0.9) \u2013 \u2013 \u2013 (0.6) (1.5)Subtotal (4.9) (15.2) (288.1) (5.3) (5.6) (319.1)Net financial (liabilities)/assets (1.5) (7.7) (198.5) (5.0) (2.5) (215.2)Less: Currency forwards 10.6 \u2013 \u2013 \u2013 \u2013 10.6Currency profile 9.1 (7.7) (198.5) (5.0) (2.5) (204.6)Financial liabilities/(assets) denominated in the respective entities\u2019 functional currencies 0.8 8.1 203.6 \u2013 0.1 212.6Currency exposure of financial assets/(liabilities) 9.9 0.4 5.1 (5.0) (2.4) 8.0* Balance is less than \u00a3100,000.31. Financial risk managementThe Group\u2019s activities expose it to capital risk, market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Group seeks to minimise adverse effects from the unpredictability of financial markets on the Group\u2019s financial performance. a. Capital riskThe Group manages its capital to ensure that the entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity.The capital structure of the Group consists of debt, which includes the borrowings disclosed in Note 22, cash and equity attributable to equity holders of the Company, comprising issued capital, reserves and retained earnings as disclosed in Note 27.The Board reviews the capital structure of the business and considers the cost of capital and risks associated with each class of capital. The Group aims to balance its overall capital structure through the payment of dividends, new share issues and share buyback as well as the issue of new debt or the redemption of existing debt.31. Financial risk management continued\u00a3m GBP EUR USD SGD Others TotalAt 31 December 2021 Financial assets Cash and cash equivalents 1.1 0.5 5.6 0.1 1.7 9.0Trade receivables 2.4 2.3 25.9 * 0.2 30.8Other current assets 0.1 * 0.4 0.2 0.2 0.9ESOP loan to employees * \u2013 \u2013 \u2013 \u2013 \u2013Subtotal 3.6 2.8 31.9 0.3 2.1 40.7Financial liabilitiesBorrowings (0.2) \u2013 (33.4) \u2013 \u2013 (33.6)Trade and other payables (3.8) (0.6) (32.4) (1.4) (3.9) (42.1)Lease liabilities (0.2) (0.5) (2.8) (4.5) (0.1) (8.1)Provisions * \u2013 \u2013 (0.1) (0.1) (0.2)Other financial liabilities (0.9) \u2013 \u2013 \u2013 (0.5) (1.4)Subtotal (5.1) (1.1) (68.6) (6.0) (4.6) (85.4)Net financial (liabilities)/assets (1.5) 1.7 (36.7) (5.7) (2.5) (44.7)Less: Currency forwards 9.0 \u2013 \u2013 \u2013 \u2013 9.0Currency profile 7.5 1.7 (36.7) (5.7) (2.5) (35.7)Financial liabilities/(assets) denominated in the respective entities\u2019 functional currencies 0.8 (1.2) 41.9 \u2013 (0.1) 41.4Currency exposure of financial assets/(liabilities) 8.3 0.5 5.2 (5.7) (2.6) 5.7* Balance is less than \u00a3100,000.Within the Group, the Company, with USD as its functional currency, has significant currency exposure to financial assets and liabilities denominated in GBP and SGD. If the GBP and SGD change against USD by 10.2% and 2.8% respectively (2021: USD 7.3%, SGD 2.9%) with all other variables, including tax rates, being held constant, the effects arising from the net financial asset/(liability) that are exposed to currency risk will be as follows: 2022 2021 Profit after taxProfit after taxGBP against USD\u2013 Strengthened 0.7 0.5\u2013 Weakened (0.7) (0.5)SGD against USD \u2013 Strengthened (0.1) (0.1)\u2013 Weakened 0.1 0.1Another subsidiary, with EUR as its functional currency, has significant currency exposure to financial assets and liabilities denominated in USD. If EUR change against USD by 10.7% (2021: 4.8%) with all other variables, including tax rates, being held constant, the effects arising from the net financial asset/(liability) that are exposed to currency risk will be as follows:2022 2021 Profit after taxProfit after taxUSD against EUR\u2013 Strengthened 0.3 0.2\u2013 Weakened (0.3) (0.2)* Balance is less than \u00a3100,000.The impact of the currency risk on the other comprehensive income is not significant.c. Interest rate riskCash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As the Group has no significant interest-bearing assets, the Group\u2019s income is substantially independent of changes in the market interest rates.All of the Group\u2019s borrowings are at variable interest rates and are denominated in USD. If the USD interest rates on these borrowings increased/decreased by 1.0% (2021: 1.0%) with all other variables, including tax rates, being held constant, the profit after tax will be lower/higher by \u00a31,131,000 (2021: \u00a3270,000) as a result of higher/lower interest expense on these borrowings.31. Financial risk management continuedd. Credit riskCredit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a financial loss to the Group. For trade receivables the Group adopts a policy of only dealing with customers of appropriate credit history or rating. For other financial assets, the Group adopts the policy of only dealing with high credit quality counterparties.The Group uses a provision matrix to measure the lifetime expected credit loss allowance for trade receivables. In measuring the expected credit loss, trade receivables are grouped based on shared credit risk characteristics and days past due.In calculating the expected credit loss rates, the Group considers historical loss rates for each category of customers and adjusts to reflect current and forward macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified gross domestic product (GDP) and the public policy of the countries in which it sells goods as the most relevant factors.Trade receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. The Group considers a financial asset as in default if the counterparty fails to make contractual payments within 90 days when they fall due and writes off the financial asset when a debtor is in significant financial difficulties and have defaulted on payment that is usually greater than 120 days past due. Where receivables are written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss.Debtors separately identified as credit-impaired\u00a3m 2022 2021Gross carrying amount * \u2013Less: loss allowance * \u2013Carrying amount net of allowance \u2013 \u2013The Group\u2019s credit risk exposure in relation to trade receivables under IFRS 9 is set out in the provision matrix as follows:Past due\u00a3m Current 1\u201330 days 31\u201360 days 61\u201390 days 91\u2013120 days >120 days TotalAt 31 December 2022North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 0.1%Trade receivables 20.2 3.1 0.5 * * 0.3 24.1Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 10.8%Trade receivables 10.3 1.7 0.2 * 0.1 0.1 12.4Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 4.3 0.9 0.7 * \u2013 * 5.9Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Past due\u00a3m Current 1\u201330 days 31\u201360 days 61\u201390 days 91\u2013120 days >120 days TotalAt 31 December 2021North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 5.1%Trade receivables 14.8 1.7 0.5 0.4 0.1 0.2 17.7Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 29.6%Trade receivables 7.8 1.2 0.2 0.1 * 0.1 9.4Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 2.9 0.6 0.2 * * * 3.7Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013* Balance is less than \u00a3100,000.31. Financial risk management continuedThe movement in the allowance for impairment of trade receivables is as follows: \u00a3m 2022 2021Beginning of financial year * (0.5)(a)Loss allowance recognised in profit or loss during the year on assets acquired/originated * *Receivables written off as uncollectible \u2013 0.5Currency translation differences * *End of the financial year * *(a) Loss allowance measured at lifetime ECL.* Balance is less than \u00a3100,000.e. Liquidity riskPrudent liquidity risk management includes maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities (Note 22) and the ability to close out market positions at a short notice. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows. All significant subsidiaries prepare weekly cash forecast on a 13-weeks outlook basis and reviewed it on a weekly basis with the management.At the balance sheet date, assets held by the Group and the Company for managing liquidity risk included cash and short-term deposits as disclosed in Note 16.The Group\u2019s debt is sourced from a Revolving Credit Facility 'RCF' provided by HSBC UK Bank PLC, J.P. Morgan Securities PLC, DBS Bank Ltd, Banco de Sabadell S.A., Commerzbank Aktiengesellschaft and Bank of China Limited. In 2022, the Group amended in respect of replacing LIBOR with Compound Reference Rate and renewed its facility from US$150 million to US$255 million with a US$75 million accordion with a four-year term up to June 2026 and an option to extend the bank facility for a further one year to June 2027. The facility has no fixed repayment terms until maturity. The main features of the RCF are as follows: \u2022 The interest rate on the amounts drawn under the facility is determined as Secured Overnight Financing Rate (SOFR) administered by the Federal Reserve Bank of New York plus a margin of 1.2-2.8% for the utilisation facility and a margin of 1.7% for the unutilised facility.\u2022 Market standard financial covenants of the facility, as discussed below.\u2022 A US$75 million accordion feature, providing the Group with additional flexibility to increase the size of the banking facility to US$330 million, subject to approval of its bank lending group.The covenants to 31 December 2022 include:\u2022 The ratio of net debt to consolidated EBITDA permitted under the revolving credit facility must not exceed a multiple of three times.\u2022 Consolidated EBITDA must also cover relevant finance expenses by a minimum of four times.For covenant testing purposes, the Group\u2019s definition of consolidated EBITDA is adjusted to exclude specific items. Consolidated EBITDA, for covenant test purposes, is based on the previous 12-month period, measured on the last day of each financial quarter of the Group. Throughout the year and at 31 December 2022 both of these covenants were met.The table below analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cashflows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.31. Financial risk management continuedLess than Between Between Over \u00a3m1 year1 and 2 years2 and 5 years5 years TotalAt 31 December 2022Trade and other payables 44.9 \u2013 \u2013 \u2013 44.9Lease liabilities 2.9 4.1 14.6 68.7 90.3Accrued consideration \u2013 \u2013 1.5 \u2013 1.5Borrowings, including interest 12.6 11.6 195.7 \u2013 219.9Total 60.4 15.7 211.8 68.7 356.6At 31 December 2021Trade and other payables 42.1 \u2013 \u2013 \u2013 42.1Lease liabilities 1.9 2.0 2.4 2.2 8.5Accrued consideration * \u2013 1.3 \u2013 1.3Borrowings, including interest 0.9 0.7 34.0 \u2013 35.6Total 44.9 2.7 37.7 2.2 87.5* Balance is less than \u00a3100,000.The Group manages the liquidity risk by maintaining sufficient cash and bank facilities to enable it to meet its normal operating commitments.f. Fair value measurementsThe table below presents assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:i. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);ii. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); andiii. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).As at 31 December 2022 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)As at 31 December 2021 \u00a3mAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)* Balance is less than \u00a3100,000.The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of currency forwards is determined using quoted forward currency rates at the balance sheet date. These derivative financial instruments are included in Level 2.g. Financial instruments by categoryThe carrying amount of the different categories of financial instruments are as follows:\u00a3m 2022 2021Financial assets, at FVPL * *Financial liabilities, at FVPL (1.6) (1.5)Financial assets, at amortised cost 103.9 40.7Financial liabilities, at amortised cost (317.6) (83.9)* Balance is less than \u00a3100,000.h. Offsetting financial assets and financial liabilitiesThe Group has no financial instruments subject to enforceable master netting arrangements. 32. Business combinationsOn 31 January 2022, the Group acquired 100% equity interest in FuG Elektronik GmbH 'FuG' and Guth High Voltage GmbH 'Guth'. The principal activity of FuG and Guth is that of development, production and sale of high voltage products, covering applications from particle accelerators systems to laboratory power supplies. As a result of the acquisition, the Group is expected to add new and highly complementary technical capabilities to the Group\u2019s high voltage product portfolio. Details of the consideration paid, the assets acquired and liabilities assumed, the effects on the cash flows of the Group, at the acquisition date, are as follows: (a) Purchase consideration\u00a3mCash paid 33.2Consideration transferred for the businesses 33.2(b) Effect on cash flows of the Group\u00a3mCash paid (as above) 33.2Less: Cash and bank balances in subsidiaries acquired (0.2)Cash outflow on acquisition 33.0(c) Identifiable assets acquired and liabilities assumedAt fair valueCash and bank balances 0.2Property, plant and equipment (Note 13) 0.8Brand, Trademarks, Technology, Customers relationships, Customer contracts and Software (Note 12 and Note (f) below) 11.3Right-of-use assets (Note 14) 11.4Inventories 5.9Trade receivables (Note (e) below) 1.1Other current assets (Note (e) below) 0.2Total assets 30.9Trade and other payables (2.9)Lease liabilities (Note 22) (11.4)Income tax payable (0.3)Deferred tax liabilities (Note 26) (4.1)Total liabilities (18.7)Total identifiable net assets 12.2Add: Goodwill 21.0Consideration transferred for the businesses 33.232. Business combinations continued(d) Acquisition-related costsAcquisition-related costs of \u00a32.4 million are included in \u201cadministrative expenses\u201d in the consolidated statement of comprehensive income and in operating cash flows in the consolidated statement of cash flows.(e) Acquired receivablesThe fair value of trade and other receivables is \u00a31.3 million which is the same as the gross contractual amount, all of which is expected to be collectible.(f) Fair values The fair value of the acquired identifiable intangible assets of \u00a311.3 million was finalised during the year. (g) Goodwill The goodwill of \u00a321.0 million arising from the acquisition is attributable to the workforce in place, strategic value through new customers, new technologies, an expanded presence in Germany and the synergies expected to arise from the economies of scale in combining the operations of the Group with those of FuG and Guth. It is not deductible for tax purposes. (h) Revenue and profit contributionThe acquired businesses contributed revenue of \u00a316.6 million and net profit of \u00a32.9 million to the Group from the period 1 February 2022 to 31 December 2022.Had FuG and Guth been acquired from 1 January 2022, consolidated revenue and consolidated loss before tax for the period ended 31 December 2022 would have been \u00a3291.9 million and \u00a329.8 million respectively.33. InformationThese financial statements were authorised for issue in accordance with a resolution of the Board of Directors of XP Power Limited on 28 February 2023.",
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"value": "A. GOING CONCERNThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report on pages 20\u201325. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 46\u201349. The principal risks of the Group are set out on pages 51\u201357. The directors have considered these areas alongside the principal risks and how they may impact going concern. The directors reviewed budgets and forecasts to assess the cash requirements of the Group to continue in operational existence for a minimum period of 12 months from the date of the approval of these financial statements.The Directors also reviewed downside scenarios to the budgets and forecasts, which reflect the possible impact of risks identified in the risk management framework. The greatest consideration was given to those risks with the highest potential impact if they occurred and those with the highest probability of occurring. Throughout these downside scenarios, the Group continues to have significant headroom on its financial debt covenants. Therefore, after making the above enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements.",
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"pp-value-3-2": {
"value": "B. CHANGES IN ACCOUNTING POLICY AND DISCLOSURESi New and amended standards adopted by the GroupOn 1 January 2022, the Group adopted the new or amended IFRS, Interpretations issued by the IFRS Interpretations Committee of the IASB 'IFRIC' and Interpretations of SFRS(I) 'INT SFRIS(I)' (collectively referred to as 'Standards and Interpretations') that are mandatory for application for the financial year. Changes to the Group\u2019s accounting policies have been made as required, in accordance with the transitional provisions in the respective Standards and Interpretations. The adoption of these new or amended Standards and Interpretations did not result in substantial changes to the Group\u2019s accounting policies and had no material effect on the amounts reported for the current or previous financial years.ii New standards and interpretations issued not yet adoptedCertain new accounting Standards and Interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-3-3": {
"value": "B. CHANGES IN ACCOUNTING POLICY AND DISCLOSURESi New and amended standards adopted by the GroupOn 1 January 2022, the Group adopted the new or amended IFRS, Interpretations issued by the IFRS Interpretations Committee of the IASB 'IFRIC' and Interpretations of SFRS(I) 'INT SFRIS(I)' (collectively referred to as 'Standards and Interpretations') that are mandatory for application for the financial year. Changes to the Group\u2019s accounting policies have been made as required, in accordance with the transitional provisions in the respective Standards and Interpretations. The adoption of these new or amended Standards and Interpretations did not result in substantial changes to the Group\u2019s accounting policies and had no material effect on the amounts reported for the current or previous financial years.ii New standards and interpretations issued not yet adoptedCertain new accounting Standards and Interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ",
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"pp-value-9-2": {
"value": "B. TRANSACTIONS WITH NON-CONTROLLING INTERESTSChanges in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control over the subsidiary are accounted for as transactions with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognised within equity attributable to the equity holders of the Company. ",
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"pp-value-13-2": {
"value": "2.9 Impairment of non-financial assetsA. GOODWILLGoodwill recognised separately as an intangible asset is tested for impairment annually and whenever there is indication that the goodwill may be impaired. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating units 'CGU' expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense is not reversed in a subsequent period. B. INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS Intangible assets, property, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For intangible assets that are not available for use, the Group tests them for impairment, at least annually as well. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss. For an asset other than goodwill, management assesses at the end of the reporting period whether there is any indication that an impairment recognised in prior periods may no longer exist or may have decreased. If any such indication exists, the recoverable amount of that asset is estimated and may result in a reversal of impairment loss. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-15-2": {
"value": "Debt instrumentsDebt instruments mainly comprise of cash and bank balances, trade receivables, other current assets (excluding prepayments, VAT receivables and rights to returned goods) and bond receivable. There are three subsequent measurement categories, depending on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. \u2022 Amortised cost: Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is derecognised or impaired. Interest income from these financial assets is included in interest income using the effective interest rate method. \u2022 FVOCI: Debt instruments that are held for collection of contractual cash flows and for sale, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in fair values are recognised in Other Comprehensive Income 'OCI' and accumulated in fair value reserve, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and presented in \u201cother income\u201d. Interest income from these financial assets is recognised using the effective interest rate method and presented in \u201cinterest income\u201d. \u2022 FVPL: Debt instruments that are held for trading as well as those that do not meet the criteria for classification as amortised cost or FVOCI are classified as FVPL. Movement in fair values and interest income is recognised in profit or loss in the period in which it arises and presented in \u201cother income\u201d. ",
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"pp-value-21-2": {
"value": "3. Critical accounting estimates, assumptions and judgements In the process of applying the Group\u2019s accounting policies, as described in Note 2, management has made the following judgements and estimations that have the most significant effect on the amounts recognised in the financial statements.A. CRITICAL JUDGEMENTS IN APPLYING THE GROUP\u2019S ACCOUNTING POLICIESi Capitalisation of product development costs During the year, \u00a38.1 million (2021: \u00a38.3 million) of product development costs have been capitalised. Management has evaluated whether a project has entered the development phase before capitalising the costs that are directly attributable to the project. The assessment is based on information documented in business cases prepared by the engineering teams and approved by senior management. Management has considered the capitalisation criteria stated in IAS 38 Intangible Assets which includes the technical feasibility, intention and ability to complete the project when reviewing the business cases. The business cases also contain sales forecasts which indicate the probable future economic benefits of the projects. All product development costs are tracked and monitored which allow management to measure reliably the expenditure attributable to each project. Significant judgements are involved when management performs the assessment. B. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS i Recoverable amount of capitalised product development costsAs at 31 December 2022, the net book value of capitalised product development costs amounts to \u00a330.4 million (2021: \u00a330.0 million). For the purpose of impairment review, management has compared the carrying amount of the respective projects to their forecasted revenues. For some projects, significant judgements are used to estimate the future sales and growth rates applied in computing the recoverable amounts. In making these estimates, management has relied on performance of past projects, its communications with the intended customers and its expectations of industry trends and market development in the respective regions where the finished products will be marketed. ii Useful lives of capitalised product development costsThe Group estimates the useful lives of capitalised product development costs based on the period over which the assets are expected to be available for use by the Group. Significant judgements are used by the Group in determining the useful lives of capitalised product development costs based on the expected life cycle of these products, taking into consideration expected customer demand and technological innovation.iii Recoverable amount of cash-generating units for goodwill impairment assessment The Group tests annually for impairment of goodwill, or more frequently if there are indications that goodwill might be impaired.An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use.The recoverable amount of the goodwill is determined from value-in-use calculations. The key assumptions and estimates for the value-in-use calculations are those regarding the discount rates, revenue growth rates and terminal growth rates. 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 CGUs. The Group prepares cash flow forecasts derived from the most recent financial results and takes into account industry growth forecasts for the next five years and extrapolates cash flows for the following five years assuming no expansionary growth from that date. The carrying amount of goodwill as at 31 December 2022 was \u00a377.5 million (2021: \u00a352.5 million) with no impairment adjustment required for 2022.Management assessed that there are no realistic foreseeable changes that will result in impairment loss on the goodwill allocated to the North America, Europe and Asia operating segments. Management has also performed a sensitivity analysis on the impact of climate-related risks. The recoverable amounts remain higher than the carrying amounts as at 31 December 2022 and no impairment loss is recognised. ",
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"pp-value-22-2": {
"value": "4. Segment and revenue informationManagement has determined the operating segments based on the reports reviewed by the Chief Operating Decision Makers 'CODM' that are used to make strategic decisions. The CODM are the Executive Board of Directors who will review the operating results and forecasts to make decisions about resources to be allocated to the segments and assess their performance.The Executive Board of Directors considers and manages the business on a geographic basis. Management manages and monitors the business based on the three primary geographic areas: North America, Europe and Asia. All geographic locations market the same class of products to their respective customer base.The Executive Board of Directors assesses the performance of the operating segments based on net sales and operating income. Net sales for geographic segments are based on the location of the design win rather than where the end sale is made. The operating income for each segment includes net sales to third parties, related cost of sales, operating expenses directly attributable to the segment, and a portion of corporate expenses. Costs excluded from segment operating income include stock-based compensation expense, income taxes, various non-operating charges, and other separately managed general and administrative costs. Segment assets consist primarily of property, plant and equipment, right-of-use assets, goodwill, intangible assets, inventories, trade receivables, cash and cash equivalents, derivative financial instruments and exclude tax assets.Segment liabilities comprise trade and other current liabilities, derivative financial instruments, borrowings, accrued contingent consideration and exclude tax liabilities.(i) RevenueThe Group derives revenue from the transfer of goods at a point in time in the following major product lines and geographical regions.The revenue by class of customer and location of the design win is as follows:Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 2.7 93.8 16.9 113.4 3.0 75.2 15.1 93.3Industrial Technology 61.3 44.5 13.8 119.6 43.7 37.1 11.2 92.0Healthcare 22.5 28.9 6.0 57.4 20.6 28.9 5.5 55.0Total 86.5 167.2 36.7 290.4 67.3 141.2 31.8 240.3Revenues of \u00a348.3 million (2021: \u00a340.2 million) are derived from a single external customer. These revenues are attributable to the semiconductor manufacturing equipment sector across all geographical regions. The revenue by region or country where sales are generated is as follows:\u00a3m 2022 2021North America 167.3 144.5United Kingdom 25.9 27.9Singapore 36.9 29.1Germany 40.8 21.4Switzerland 1.4 1.7France 3.5 3.3Other countries 14.6 12.4Total revenue 290.4 240.3The majority of North America\u2019s revenue is generated from the United States of America.As permitted under IFRS 15 Revenue from Contracts with Customers, the aggregated transaction price allocated to unsatisfied contracts of periods one year or less, or are billed based on time incurred, is not disclosed.4. Segment and revenue information continued(ii) SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2022 and prior year comparatives is as follows:Reconciliation of segment results to profit after tax:\u00a3m 2022 2021 Europe 21.5 20.3North America 48.5 46.1Asia 10.5 10.0Segment results 80.5 76.4Research and development \u2013 Employee compensation (13.0) (10.5)\u2013 Amortisation of intangible assets (2.2) (2.1)\u2013 Depreciation of property, plant and equipment (1.3) (0.9)\u2013 Safety and approval (0.8) (1.2)\u2013 Advertising (0.8) (0.7)\u2013 Others (1.7) (0.6)Manufacturing\u2013 Employee compensation (1.9) (1.3)\u2013 Cost of goods sales (1.3) (1.9)\u2013 Others (0.5) (0.4)Corporate cost from operating segment\u2013 Employee compensation (6.5) (6.7)\u2013 Information systems (3.4) (2.8)\u2013 Consultancy fees (1.5) (1.3)\u2013 Amortisation of intangible assets (1.7) (0.7)\u2013 Others (1.0) (0.2)Adjusted operating profit 42.9 45.1Finance expenses (6.1) (1.3)Specific items (67.0) (15.4)(Loss)/profit before tax (30.2) 28.4Income tax credit/(expense) 10.6 (5.4)(Loss)/profit after tax (19.6) 23.04. Segment and revenue information continued Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 1.4 3.3 3.6 8.3 0.2 3.3 2.0 5.5Depreciation of property, plant and equipment 0.4 2.0 2.7 5.1 0.2 1.6 2.2 4.0Right-of-use assets additions 13.8 33.0 3.6 50.4 0.4 0.1 4.5 5.0Depreciation of right-of-use assets 1.1 1.5 0.6 3.2 0.5 0.9 0.4 1.8Intangible assets (including goodwill) additions 32.4 3.2 8.6 44.2 \u2013 4.6 11.8 16.4Amortisation of intangible assets 1.5 4.4 3.4 9.3 0.2 4.3 2.9 7.4Costs relating to legal dispute \u2013 52.2 \u2013 52.2 \u2013 \u2013 \u2013 \u2013Impairment loss on intangible assets \u2013 7.7 0.1 7.8 \u2013 \u2013 \u2013 \u2013Bank deposits pledged \u2013 1.1 \u2013 1.1 \u2013 \u2013 \u2013 \u2013Balance sheetSegment assets 85.5 237.1 141.5 464.1 26.0 145.9 94.2 266.1Unallocated deferred and current income tax 17.6 6.1Consolidated total assets 481.7 272.2Segment liabilities (21.5) (269.4) (36.0) (326.9) (5.7) (52.2) (30.1) (88.0)Unallocated deferred and current income tax (15.3) (11.8)Consolidated total liabilities (342.2) (99.8)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by countries:\u00a3m 2022 2021North America 114.2 83.3United Kingdom 11.9 11.6Singapore 49.6 39.0Germany 47.4 0.5Switzerland \u2013 *France * *Other countries 16.9 12.9Total non-current assets 240.0 147.3* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. 4. Segment and revenue information continuedReconciliation of adjusted measuresThe Group presents adjusted operating profit and adjusted profit before tax by making adjustments for costs and profits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect on current year earnings. Such items may include, but are not limited to, costs associated with business combinations and legal dispute, gains and losses on the disposal of businesses, fair value movements, restructuring charges, acquisition related costs and amortisation of intangible assets arising from business combinations. In addition, the Group presents an adjusted profit after tax measure by making adjustments for certain tax charges and credits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect.The Group uses these adjusted measures to evaluate performance and as a method to provide shareholders with clear and consistent reporting. See below for a reconciliation of operating profit to adjusted operating profit, a reconciliation of profit before tax to adjusted profit before tax and a reconciliation of profit after tax to adjusted profit after tax.A. A RECONCILIATION OF OPERATING (LOSS)/PROFIT TO ADJUSTED OPERATING PROFIT IS AS FOLLOWS:\u00a3m 2022 2021Operating (loss)/profit (24.1) 29.7Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Restructuring costs 0.1 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.367.0 15.4Adjusted operating profit 42.9 45.1B. A RECONCILIATION OF (LOSS)/PROFIT BEFORE INCOME TAX TO ADJUSTED PROFIT BEFORE TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit before tax (30.2) 28.4Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modifications of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.368.2 15.4Adjusted profit before tax 38.0 43.84. Segment and revenue information continuedReconciliation of adjusted measures continuedC. A RECONCILIATION OF (LOSS)/PROFIT AFTER TAX TO ADJUSTED PROFIT AFTER TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit after tax (19.6) 23.0Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modification of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.31Non-recurring tax benefits(16.7) (3.0)51.5 12.4Adjusted profit after tax 31.9 35.41 Adjusted for tax on specific items relating to completed acquisitions of \u00a30.6 million (2021: \u00a310,058), gain on foreign exchange impact of Euro-denominated loan drawn down to finance acquisition of \u00a30.5 million (2021: \u00a3nil), costs related to Enterprise Resource Planning system implementation of \u00a30.8 million (2021: \u00a30.3 million), costs relating to legal dispute of \u00a313.6 million (2021: \u00a32.6 million) ), impairment of intangible assets of \u00a32.0 million (2021: \u00a3nil), RCF fees of \u00a327,706 (2021: \u00a3nil), loss on modification of revolving credit facility of \u00a30.2 million (2021: \u00a3nil), restructuring costs of \u00a330,117 (2021: \u00a3nil) and fair value impact of derivative financial instruments of \u00a322,464 (2021: \u00a30.1 million) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-22-3": {
"value": "4. Segment and revenue informationManagement has determined the operating segments based on the reports reviewed by the Chief Operating Decision Makers 'CODM' that are used to make strategic decisions. The CODM are the Executive Board of Directors who will review the operating results and forecasts to make decisions about resources to be allocated to the segments and assess their performance.The Executive Board of Directors considers and manages the business on a geographic basis. Management manages and monitors the business based on the three primary geographic areas: North America, Europe and Asia. All geographic locations market the same class of products to their respective customer base.The Executive Board of Directors assesses the performance of the operating segments based on net sales and operating income. Net sales for geographic segments are based on the location of the design win rather than where the end sale is made. The operating income for each segment includes net sales to third parties, related cost of sales, operating expenses directly attributable to the segment, and a portion of corporate expenses. Costs excluded from segment operating income include stock-based compensation expense, income taxes, various non-operating charges, and other separately managed general and administrative costs. Segment assets consist primarily of property, plant and equipment, right-of-use assets, goodwill, intangible assets, inventories, trade receivables, cash and cash equivalents, derivative financial instruments and exclude tax assets.Segment liabilities comprise trade and other current liabilities, derivative financial instruments, borrowings, accrued contingent consideration and exclude tax liabilities.(i) RevenueThe Group derives revenue from the transfer of goods at a point in time in the following major product lines and geographical regions.The revenue by class of customer and location of the design win is as follows:Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 2.7 93.8 16.9 113.4 3.0 75.2 15.1 93.3Industrial Technology 61.3 44.5 13.8 119.6 43.7 37.1 11.2 92.0Healthcare 22.5 28.9 6.0 57.4 20.6 28.9 5.5 55.0Total 86.5 167.2 36.7 290.4 67.3 141.2 31.8 240.3Revenues of \u00a348.3 million (2021: \u00a340.2 million) are derived from a single external customer. These revenues are attributable to the semiconductor manufacturing equipment sector across all geographical regions. The revenue by region or country where sales are generated is as follows:\u00a3m 2022 2021North America 167.3 144.5United Kingdom 25.9 27.9Singapore 36.9 29.1Germany 40.8 21.4Switzerland 1.4 1.7France 3.5 3.3Other countries 14.6 12.4Total revenue 290.4 240.3The majority of North America\u2019s revenue is generated from the United States of America.As permitted under IFRS 15 Revenue from Contracts with Customers, the aggregated transaction price allocated to unsatisfied contracts of periods one year or less, or are billed based on time incurred, is not disclosed.4. Segment and revenue information continued(ii) SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2022 and prior year comparatives is as follows:Reconciliation of segment results to profit after tax:\u00a3m 2022 2021 Europe 21.5 20.3North America 48.5 46.1Asia 10.5 10.0Segment results 80.5 76.4Research and development \u2013 Employee compensation (13.0) (10.5)\u2013 Amortisation of intangible assets (2.2) (2.1)\u2013 Depreciation of property, plant and equipment (1.3) (0.9)\u2013 Safety and approval (0.8) (1.2)\u2013 Advertising (0.8) (0.7)\u2013 Others (1.7) (0.6)Manufacturing\u2013 Employee compensation (1.9) (1.3)\u2013 Cost of goods sales (1.3) (1.9)\u2013 Others (0.5) (0.4)Corporate cost from operating segment\u2013 Employee compensation (6.5) (6.7)\u2013 Information systems (3.4) (2.8)\u2013 Consultancy fees (1.5) (1.3)\u2013 Amortisation of intangible assets (1.7) (0.7)\u2013 Others (1.0) (0.2)Adjusted operating profit 42.9 45.1Finance expenses (6.1) (1.3)Specific items (67.0) (15.4)(Loss)/profit before tax (30.2) 28.4Income tax credit/(expense) 10.6 (5.4)(Loss)/profit after tax (19.6) 23.04. Segment and revenue information continued Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 1.4 3.3 3.6 8.3 0.2 3.3 2.0 5.5Depreciation of property, plant and equipment 0.4 2.0 2.7 5.1 0.2 1.6 2.2 4.0Right-of-use assets additions 13.8 33.0 3.6 50.4 0.4 0.1 4.5 5.0Depreciation of right-of-use assets 1.1 1.5 0.6 3.2 0.5 0.9 0.4 1.8Intangible assets (including goodwill) additions 32.4 3.2 8.6 44.2 \u2013 4.6 11.8 16.4Amortisation of intangible assets 1.5 4.4 3.4 9.3 0.2 4.3 2.9 7.4Costs relating to legal dispute \u2013 52.2 \u2013 52.2 \u2013 \u2013 \u2013 \u2013Impairment loss on intangible assets \u2013 7.7 0.1 7.8 \u2013 \u2013 \u2013 \u2013Bank deposits pledged \u2013 1.1 \u2013 1.1 \u2013 \u2013 \u2013 \u2013Balance sheetSegment assets 85.5 237.1 141.5 464.1 26.0 145.9 94.2 266.1Unallocated deferred and current income tax 17.6 6.1Consolidated total assets 481.7 272.2Segment liabilities (21.5) (269.4) (36.0) (326.9) (5.7) (52.2) (30.1) (88.0)Unallocated deferred and current income tax (15.3) (11.8)Consolidated total liabilities (342.2) (99.8)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by countries:\u00a3m 2022 2021North America 114.2 83.3United Kingdom 11.9 11.6Singapore 49.6 39.0Germany 47.4 0.5Switzerland \u2013 *France * *Other countries 16.9 12.9Total non-current assets 240.0 147.3* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. 4. Segment and revenue information continuedReconciliation of adjusted measuresThe Group presents adjusted operating profit and adjusted profit before tax by making adjustments for costs and profits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect on current year earnings. Such items may include, but are not limited to, costs associated with business combinations and legal dispute, gains and losses on the disposal of businesses, fair value movements, restructuring charges, acquisition related costs and amortisation of intangible assets arising from business combinations. In addition, the Group presents an adjusted profit after tax measure by making adjustments for certain tax charges and credits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect.The Group uses these adjusted measures to evaluate performance and as a method to provide shareholders with clear and consistent reporting. See below for a reconciliation of operating profit to adjusted operating profit, a reconciliation of profit before tax to adjusted profit before tax and a reconciliation of profit after tax to adjusted profit after tax.A. A RECONCILIATION OF OPERATING (LOSS)/PROFIT TO ADJUSTED OPERATING PROFIT IS AS FOLLOWS:\u00a3m 2022 2021Operating (loss)/profit (24.1) 29.7Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Restructuring costs 0.1 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.367.0 15.4Adjusted operating profit 42.9 45.1B. A RECONCILIATION OF (LOSS)/PROFIT BEFORE INCOME TAX TO ADJUSTED PROFIT BEFORE TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit before tax (30.2) 28.4Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modifications of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.368.2 15.4Adjusted profit before tax 38.0 43.84. Segment and revenue information continuedReconciliation of adjusted measures continuedC. A RECONCILIATION OF (LOSS)/PROFIT AFTER TAX TO ADJUSTED PROFIT AFTER TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit after tax (19.6) 23.0Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modification of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.31Non-recurring tax benefits(16.7) (3.0)51.5 12.4Adjusted profit after tax 31.9 35.41 Adjusted for tax on specific items relating to completed acquisitions of \u00a30.6 million (2021: \u00a310,058), gain on foreign exchange impact of Euro-denominated loan drawn down to finance acquisition of \u00a30.5 million (2021: \u00a3nil), costs related to Enterprise Resource Planning system implementation of \u00a30.8 million (2021: \u00a30.3 million), costs relating to legal dispute of \u00a313.6 million (2021: \u00a32.6 million) ), impairment of intangible assets of \u00a32.0 million (2021: \u00a3nil), RCF fees of \u00a327,706 (2021: \u00a3nil), loss on modification of revolving credit facility of \u00a30.2 million (2021: \u00a3nil), restructuring costs of \u00a330,117 (2021: \u00a3nil) and fair value impact of derivative financial instruments of \u00a322,464 (2021: \u00a30.1 million) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-22-4": {
"value": "4. Segment and revenue informationManagement has determined the operating segments based on the reports reviewed by the Chief Operating Decision Makers 'CODM' that are used to make strategic decisions. The CODM are the Executive Board of Directors who will review the operating results and forecasts to make decisions about resources to be allocated to the segments and assess their performance.The Executive Board of Directors considers and manages the business on a geographic basis. Management manages and monitors the business based on the three primary geographic areas: North America, Europe and Asia. All geographic locations market the same class of products to their respective customer base.The Executive Board of Directors assesses the performance of the operating segments based on net sales and operating income. Net sales for geographic segments are based on the location of the design win rather than where the end sale is made. The operating income for each segment includes net sales to third parties, related cost of sales, operating expenses directly attributable to the segment, and a portion of corporate expenses. Costs excluded from segment operating income include stock-based compensation expense, income taxes, various non-operating charges, and other separately managed general and administrative costs. Segment assets consist primarily of property, plant and equipment, right-of-use assets, goodwill, intangible assets, inventories, trade receivables, cash and cash equivalents, derivative financial instruments and exclude tax assets.Segment liabilities comprise trade and other current liabilities, derivative financial instruments, borrowings, accrued contingent consideration and exclude tax liabilities.(i) RevenueThe Group derives revenue from the transfer of goods at a point in time in the following major product lines and geographical regions.The revenue by class of customer and location of the design win is as follows:Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 2.7 93.8 16.9 113.4 3.0 75.2 15.1 93.3Industrial Technology 61.3 44.5 13.8 119.6 43.7 37.1 11.2 92.0Healthcare 22.5 28.9 6.0 57.4 20.6 28.9 5.5 55.0Total 86.5 167.2 36.7 290.4 67.3 141.2 31.8 240.3Revenues of \u00a348.3 million (2021: \u00a340.2 million) are derived from a single external customer. These revenues are attributable to the semiconductor manufacturing equipment sector across all geographical regions. The revenue by region or country where sales are generated is as follows:\u00a3m 2022 2021North America 167.3 144.5United Kingdom 25.9 27.9Singapore 36.9 29.1Germany 40.8 21.4Switzerland 1.4 1.7France 3.5 3.3Other countries 14.6 12.4Total revenue 290.4 240.3The majority of North America\u2019s revenue is generated from the United States of America.As permitted under IFRS 15 Revenue from Contracts with Customers, the aggregated transaction price allocated to unsatisfied contracts of periods one year or less, or are billed based on time incurred, is not disclosed.4. Segment and revenue information continued(ii) SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2022 and prior year comparatives is as follows:Reconciliation of segment results to profit after tax:\u00a3m 2022 2021 Europe 21.5 20.3North America 48.5 46.1Asia 10.5 10.0Segment results 80.5 76.4Research and development \u2013 Employee compensation (13.0) (10.5)\u2013 Amortisation of intangible assets (2.2) (2.1)\u2013 Depreciation of property, plant and equipment (1.3) (0.9)\u2013 Safety and approval (0.8) (1.2)\u2013 Advertising (0.8) (0.7)\u2013 Others (1.7) (0.6)Manufacturing\u2013 Employee compensation (1.9) (1.3)\u2013 Cost of goods sales (1.3) (1.9)\u2013 Others (0.5) (0.4)Corporate cost from operating segment\u2013 Employee compensation (6.5) (6.7)\u2013 Information systems (3.4) (2.8)\u2013 Consultancy fees (1.5) (1.3)\u2013 Amortisation of intangible assets (1.7) (0.7)\u2013 Others (1.0) (0.2)Adjusted operating profit 42.9 45.1Finance expenses (6.1) (1.3)Specific items (67.0) (15.4)(Loss)/profit before tax (30.2) 28.4Income tax credit/(expense) 10.6 (5.4)(Loss)/profit after tax (19.6) 23.04. Segment and revenue information continued Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 1.4 3.3 3.6 8.3 0.2 3.3 2.0 5.5Depreciation of property, plant and equipment 0.4 2.0 2.7 5.1 0.2 1.6 2.2 4.0Right-of-use assets additions 13.8 33.0 3.6 50.4 0.4 0.1 4.5 5.0Depreciation of right-of-use assets 1.1 1.5 0.6 3.2 0.5 0.9 0.4 1.8Intangible assets (including goodwill) additions 32.4 3.2 8.6 44.2 \u2013 4.6 11.8 16.4Amortisation of intangible assets 1.5 4.4 3.4 9.3 0.2 4.3 2.9 7.4Costs relating to legal dispute \u2013 52.2 \u2013 52.2 \u2013 \u2013 \u2013 \u2013Impairment loss on intangible assets \u2013 7.7 0.1 7.8 \u2013 \u2013 \u2013 \u2013Bank deposits pledged \u2013 1.1 \u2013 1.1 \u2013 \u2013 \u2013 \u2013Balance sheetSegment assets 85.5 237.1 141.5 464.1 26.0 145.9 94.2 266.1Unallocated deferred and current income tax 17.6 6.1Consolidated total assets 481.7 272.2Segment liabilities (21.5) (269.4) (36.0) (326.9) (5.7) (52.2) (30.1) (88.0)Unallocated deferred and current income tax (15.3) (11.8)Consolidated total liabilities (342.2) (99.8)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by countries:\u00a3m 2022 2021North America 114.2 83.3United Kingdom 11.9 11.6Singapore 49.6 39.0Germany 47.4 0.5Switzerland \u2013 *France * *Other countries 16.9 12.9Total non-current assets 240.0 147.3* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. 4. Segment and revenue information continuedReconciliation of adjusted measuresThe Group presents adjusted operating profit and adjusted profit before tax by making adjustments for costs and profits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect on current year earnings. Such items may include, but are not limited to, costs associated with business combinations and legal dispute, gains and losses on the disposal of businesses, fair value movements, restructuring charges, acquisition related costs and amortisation of intangible assets arising from business combinations. In addition, the Group presents an adjusted profit after tax measure by making adjustments for certain tax charges and credits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect.The Group uses these adjusted measures to evaluate performance and as a method to provide shareholders with clear and consistent reporting. See below for a reconciliation of operating profit to adjusted operating profit, a reconciliation of profit before tax to adjusted profit before tax and a reconciliation of profit after tax to adjusted profit after tax.A. A RECONCILIATION OF OPERATING (LOSS)/PROFIT TO ADJUSTED OPERATING PROFIT IS AS FOLLOWS:\u00a3m 2022 2021Operating (loss)/profit (24.1) 29.7Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Restructuring costs 0.1 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.367.0 15.4Adjusted operating profit 42.9 45.1B. A RECONCILIATION OF (LOSS)/PROFIT BEFORE INCOME TAX TO ADJUSTED PROFIT BEFORE TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit before tax (30.2) 28.4Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modifications of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.368.2 15.4Adjusted profit before tax 38.0 43.84. Segment and revenue information continuedReconciliation of adjusted measures continuedC. A RECONCILIATION OF (LOSS)/PROFIT AFTER TAX TO ADJUSTED PROFIT AFTER TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit after tax (19.6) 23.0Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modification of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.31Non-recurring tax benefits(16.7) (3.0)51.5 12.4Adjusted profit after tax 31.9 35.41 Adjusted for tax on specific items relating to completed acquisitions of \u00a30.6 million (2021: \u00a310,058), gain on foreign exchange impact of Euro-denominated loan drawn down to finance acquisition of \u00a30.5 million (2021: \u00a3nil), costs related to Enterprise Resource Planning system implementation of \u00a30.8 million (2021: \u00a30.3 million), costs relating to legal dispute of \u00a313.6 million (2021: \u00a32.6 million) ), impairment of intangible assets of \u00a32.0 million (2021: \u00a3nil), RCF fees of \u00a327,706 (2021: \u00a3nil), loss on modification of revolving credit facility of \u00a30.2 million (2021: \u00a3nil), restructuring costs of \u00a330,117 (2021: \u00a3nil) and fair value impact of derivative financial instruments of \u00a322,464 (2021: \u00a30.1 million) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-5": {
"value": "4. Segment and revenue informationManagement has determined the operating segments based on the reports reviewed by the Chief Operating Decision Makers 'CODM' that are used to make strategic decisions. The CODM are the Executive Board of Directors who will review the operating results and forecasts to make decisions about resources to be allocated to the segments and assess their performance.The Executive Board of Directors considers and manages the business on a geographic basis. Management manages and monitors the business based on the three primary geographic areas: North America, Europe and Asia. All geographic locations market the same class of products to their respective customer base.The Executive Board of Directors assesses the performance of the operating segments based on net sales and operating income. Net sales for geographic segments are based on the location of the design win rather than where the end sale is made. The operating income for each segment includes net sales to third parties, related cost of sales, operating expenses directly attributable to the segment, and a portion of corporate expenses. Costs excluded from segment operating income include stock-based compensation expense, income taxes, various non-operating charges, and other separately managed general and administrative costs. Segment assets consist primarily of property, plant and equipment, right-of-use assets, goodwill, intangible assets, inventories, trade receivables, cash and cash equivalents, derivative financial instruments and exclude tax assets.Segment liabilities comprise trade and other current liabilities, derivative financial instruments, borrowings, accrued contingent consideration and exclude tax liabilities.(i) RevenueThe Group derives revenue from the transfer of goods at a point in time in the following major product lines and geographical regions.The revenue by class of customer and location of the design win is as follows:Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 2.7 93.8 16.9 113.4 3.0 75.2 15.1 93.3Industrial Technology 61.3 44.5 13.8 119.6 43.7 37.1 11.2 92.0Healthcare 22.5 28.9 6.0 57.4 20.6 28.9 5.5 55.0Total 86.5 167.2 36.7 290.4 67.3 141.2 31.8 240.3Revenues of \u00a348.3 million (2021: \u00a340.2 million) are derived from a single external customer. These revenues are attributable to the semiconductor manufacturing equipment sector across all geographical regions. The revenue by region or country where sales are generated is as follows:\u00a3m 2022 2021North America 167.3 144.5United Kingdom 25.9 27.9Singapore 36.9 29.1Germany 40.8 21.4Switzerland 1.4 1.7France 3.5 3.3Other countries 14.6 12.4Total revenue 290.4 240.3The majority of North America\u2019s revenue is generated from the United States of America.As permitted under IFRS 15 Revenue from Contracts with Customers, the aggregated transaction price allocated to unsatisfied contracts of periods one year or less, or are billed based on time incurred, is not disclosed.4. Segment and revenue information continued(ii) SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2022 and prior year comparatives is as follows:Reconciliation of segment results to profit after tax:\u00a3m 2022 2021 Europe 21.5 20.3North America 48.5 46.1Asia 10.5 10.0Segment results 80.5 76.4Research and development \u2013 Employee compensation (13.0) (10.5)\u2013 Amortisation of intangible assets (2.2) (2.1)\u2013 Depreciation of property, plant and equipment (1.3) (0.9)\u2013 Safety and approval (0.8) (1.2)\u2013 Advertising (0.8) (0.7)\u2013 Others (1.7) (0.6)Manufacturing\u2013 Employee compensation (1.9) (1.3)\u2013 Cost of goods sales (1.3) (1.9)\u2013 Others (0.5) (0.4)Corporate cost from operating segment\u2013 Employee compensation (6.5) (6.7)\u2013 Information systems (3.4) (2.8)\u2013 Consultancy fees (1.5) (1.3)\u2013 Amortisation of intangible assets (1.7) (0.7)\u2013 Others (1.0) (0.2)Adjusted operating profit 42.9 45.1Finance expenses (6.1) (1.3)Specific items (67.0) (15.4)(Loss)/profit before tax (30.2) 28.4Income tax credit/(expense) 10.6 (5.4)(Loss)/profit after tax (19.6) 23.04. Segment and revenue information continued Year to 31 December 2022 Year to 31 December 2021NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 1.4 3.3 3.6 8.3 0.2 3.3 2.0 5.5Depreciation of property, plant and equipment 0.4 2.0 2.7 5.1 0.2 1.6 2.2 4.0Right-of-use assets additions 13.8 33.0 3.6 50.4 0.4 0.1 4.5 5.0Depreciation of right-of-use assets 1.1 1.5 0.6 3.2 0.5 0.9 0.4 1.8Intangible assets (including goodwill) additions 32.4 3.2 8.6 44.2 \u2013 4.6 11.8 16.4Amortisation of intangible assets 1.5 4.4 3.4 9.3 0.2 4.3 2.9 7.4Costs relating to legal dispute \u2013 52.2 \u2013 52.2 \u2013 \u2013 \u2013 \u2013Impairment loss on intangible assets \u2013 7.7 0.1 7.8 \u2013 \u2013 \u2013 \u2013Bank deposits pledged \u2013 1.1 \u2013 1.1 \u2013 \u2013 \u2013 \u2013Balance sheetSegment assets 85.5 237.1 141.5 464.1 26.0 145.9 94.2 266.1Unallocated deferred and current income tax 17.6 6.1Consolidated total assets 481.7 272.2Segment liabilities (21.5) (269.4) (36.0) (326.9) (5.7) (52.2) (30.1) (88.0)Unallocated deferred and current income tax (15.3) (11.8)Consolidated total liabilities (342.2) (99.8)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by countries:\u00a3m 2022 2021North America 114.2 83.3United Kingdom 11.9 11.6Singapore 49.6 39.0Germany 47.4 0.5Switzerland \u2013 *France * *Other countries 16.9 12.9Total non-current assets 240.0 147.3* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. 4. Segment and revenue information continuedReconciliation of adjusted measuresThe Group presents adjusted operating profit and adjusted profit before tax by making adjustments for costs and profits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect on current year earnings. Such items may include, but are not limited to, costs associated with business combinations and legal dispute, gains and losses on the disposal of businesses, fair value movements, restructuring charges, acquisition related costs and amortisation of intangible assets arising from business combinations. In addition, the Group presents an adjusted profit after tax measure by making adjustments for certain tax charges and credits, which management believes to be significant by virtue of their size, nature or incidence or which have a distortive effect.The Group uses these adjusted measures to evaluate performance and as a method to provide shareholders with clear and consistent reporting. See below for a reconciliation of operating profit to adjusted operating profit, a reconciliation of profit before tax to adjusted profit before tax and a reconciliation of profit after tax to adjusted profit after tax.A. A RECONCILIATION OF OPERATING (LOSS)/PROFIT TO ADJUSTED OPERATING PROFIT IS AS FOLLOWS:\u00a3m 2022 2021Operating (loss)/profit (24.1) 29.7Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Restructuring costs 0.1 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.367.0 15.4Adjusted operating profit 42.9 45.1B. A RECONCILIATION OF (LOSS)/PROFIT BEFORE INCOME TAX TO ADJUSTED PROFIT BEFORE TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit before tax (30.2) 28.4Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modifications of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.368.2 15.4Adjusted profit before tax 38.0 43.84. Segment and revenue information continuedReconciliation of adjusted measures continuedC. A RECONCILIATION OF (LOSS)/PROFIT AFTER TAX TO ADJUSTED PROFIT AFTER TAX IS AS FOLLOWS:\u00a3m 2022 2021(Loss)/profit after tax (19.6) 23.0Adjusted for:Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance acquisition (3.2) \u2013Costs related to Enterprise Resource Planning system implementation 3.8 2.1Amortisation of intangible assets acquired from business combinations 4.1 2.8Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facility fees 0.2 \u2013Loss on modification of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.31Non-recurring tax benefits(16.7) (3.0)51.5 12.4Adjusted profit after tax 31.9 35.41 Adjusted for tax on specific items relating to completed acquisitions of \u00a30.6 million (2021: \u00a310,058), gain on foreign exchange impact of Euro-denominated loan drawn down to finance acquisition of \u00a30.5 million (2021: \u00a3nil), costs related to Enterprise Resource Planning system implementation of \u00a30.8 million (2021: \u00a30.3 million), costs relating to legal dispute of \u00a313.6 million (2021: \u00a32.6 million) ), impairment of intangible assets of \u00a32.0 million (2021: \u00a3nil), RCF fees of \u00a327,706 (2021: \u00a3nil), loss on modification of revolving credit facility of \u00a30.2 million (2021: \u00a3nil), restructuring costs of \u00a330,117 (2021: \u00a3nil) and fair value impact of derivative financial instruments of \u00a322,464 (2021: \u00a30.1 million) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-2": {
"value": "5. Employee compensation (including Directors)\u00a3m 2022 2021Wages and salaries 85.5 65.6Employers\u2019 contribution to defined contribution plans 9.6 8.1Share-based payment expenses 0.1 1.595.2 75.2Less: amount capitalised in intangible assets (6.8) (7.6)Total 88.4 67.6For further information regarding Directors\u2019 remuneration, refer to the Directors\u2019 Remuneration Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-2": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-4": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-5": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-6": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-7": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-8": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-9": {
"value": "6. Finance expenses\u00a3m 2022 2021Interest income (0.1) *Interest expense Bank borrowings and overdrafts 5.3 1.2Lease liabilities 0.7 0.26.0 1.4Loss on modification of revolving credit facility 1.0 \u2013Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration * 0.16.9 1.5Less: amount capitalised in intangible assets (0.8) (0.2)Amount recognised in profit or loss 6.1 1.3* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 4.8% per annum (2021: 1.1% per annum).During the financial year ended 31 December 2022, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification loss of \u00a31.0 million in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-2": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-4": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-5": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-6": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-7": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-8": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-9": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-10": {
"value": "7. Expenses by nature \u00a3m 2022 2021Profit after tax is after charging:Amortisation of intangible assets (Note 12) 9.3 7.4Depreciation of property, plant and equipment (Note 13) 5.1 4.0Depreciation of right-of-use assets (Note 14) 3.2 1.8Employee compensation (Note 5) 88.4 67.6Foreign exchange gains - net (2.0) (0.9)Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Purchases of inventories 169.6 125.0Changes in inventories (40.4) (19.8)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.5Fees payable to the Group\u2019s Auditor for non-audit services * *Fees payable to other audit firm for audit related services 0.1 *Tax fees payable to other firms for services provided to the Group 0.3 0.2Lease expense (Note 14) 0.2 0.2Recruitment 1.1 1.3Information systems 4.6 3.5Consultancy fees 5.2 8.9Consultancy fees capitalised as intangible assets (Note 12) (3.5) (8.0)Travel and entertainment 2.0 0.7Advertising 1.1 0.8Safety and approval 0.9 1.0Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Acquisition costs 2.4 0.1Impairment loss on intangible assets (Note 12) 7.8 \u2013Revolving credit facility fees 0.2 \u2013Other expenses 2.3 3.8Total cost of sales, distribution and marketing, administrative and research and development expenses 314.5 210.6* Balance is less than \u00a3100,000.Comet Technologies USA Inc., Comet AG, and YXLON International (collectively \u201cComet\u201d) filed a lawsuit against XP Power LLC, alleging trade secret misappropriation relating to RF match and generator technology. The Group has incurred legal costs of \u00a352.2 million (2021: \u00a310.1 million) related to this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-2": {
"value": "8. Income taxes\u00a3m 2022 2021Tax (credit)/expense attributable to (loss)/profit is made up of: (Loss)/profit for the financial year \u2013 Singapore 2.8 1.1\u2013 Foreign 4.1 1.2Current income tax 6.9 2.3Deferred income tax (17.1) 2.6(10.2) 4.9(Over)/under-provision in prior financial years\u2013 Singapore (0.2) 0.1\u2013 Foreign * *Current income tax (0.2) 0.1Deferred income tax (0.8) 0.3(1.0) 0.4Withholding tax 0.6 0.1Income tax (credit)/expense (10.6) 5.4* Balance is less than \u00a3100,000.8. Income taxes continuedTaxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions at the balance sheet date.The tax on the Group\u2019s (loss)/profit before tax differs from the theoretical amount that would arise using the Singapore standard rate of income tax as follows: \u00a3m 2022 2021(Loss)/profit before tax (30.2) 28.4Tax on (loss)/profit at standard Singapore tax rate of 17% (2021: 17%) (5.1) 4.8Tax incentives (0.5) (0.7)Different tax rates in other countries (4.6) 1.1Tax effect of share-based payments 0.2 (0.3)Expenses not deductible for tax purposes 1.0 0.2Income not subject to tax (1.0) (0.1)Deferred tax effect of change in tax rate (0.2) (0.1)(Over)/under-provision of tax in prior financial years (1.0) 0.4Withholding tax 0.6 0.1Income tax (credit)/expense (10.6) 5.4* Balance is less than \u00a3100,000.Aggregate deferred tax asset arising in the reporting period and not recognised in net profit or loss or other comprehensive income but directly debited/(credited) to equity:\u00a3m 2022 2021Deferred tax asset \u2013 share-based payments 1.5 (0.5)Total 1.5 (0.5)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-2": {
"value": "9. DividendsAmounts recognised as distributions to equity holders in the period: 2022 2021Pence Pence per share \u00a3mper share \u00a3m*Prior year third quarter dividend paid 21.04.1 20.0 3.9*Prior year final dividend paid 36.07.1 36.0 7.1^First quarter dividend paid 18.03.6 18.0* 3.5^Second quarter dividend paid 19.03.8 19.0* 3.7Total 94.0 18.6 93.0 18.2* Dividends in respect of 2021 (94.0p). ^ Dividends in respect of 2022 (94.0p).The third quarter dividend of 21.0 pence per share was paid on 18 January 2023. The proposed final dividend of 36.0 pence per share for the year ended 31 December 2022 is subject to approval by shareholders at the Annual General Meeting scheduled for 18 April 2023 and has not been included as a liability in these financial statements. It is proposed that the final dividend be paid on 27 April 2023 to members on the register as at 24 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-2": {
"value": "10. Earnings per shareThe calculations of the basic and diluted earnings per share attributable to the ordinary equity holders of the Company are based on the following data:\u00a3m 2022 2021(Loss)/earnings(Loss)/earnings for the purposes of basic and diluted earnings per share(Loss)/profit after tax attributable to equity holders of the Company (20.0) 22.6(Loss)/earnings for earnings per share (20.0) 22.6Number of sharesWeighted average number of ordinary shares outstanding for basic earnings per share (thousands) 19,616 19,514Effect of dilutive potential share awards (thousands) 63 344Weighted average number of shares for diluted earnings per share (thousands) 19,679 19,858(Loss)/earnings per share Basic (102.0)p 115.8pBasic adjusted* 160.6p 179.4pDiluted (101.6)p 113.8pDiluted adjusted* 160.1p 176.3p* Reconciliation to compute the diluted adjusted earnings from operations is as per below:\u00a3m 2022 2021(Loss)/earnings for the purposes of basic and diluted earnings per share(Loss)/profit after tax attributable to equity holders of the Company (20.0) 22.6Amortisation of intangible assets acquired from business combination 4.1 2.8Acquisition costs 2.4 0.1Foreign exchange gain on Euro-denominated loan drawn down to finance the acquisition (3.2) \u2013Non-recurring tax benefits (16.7) (3.0)Costs related to Enterprise Resource Planning system implementation 3.8 2.1Costs relating to legal dispute 52.2 10.1Impairment loss on intangible assets 7.5 \u2013Revolving credit facilities fees 0.2 \u2013Loss on modification of revolving credit facility 1.0 \u2013Restructuring costs 0.3 \u2013Fair value (gain)/loss on derivative financial instruments (0.1) 0.3Adjusted earnings 31.5 35.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-2": {
"value": "11. Goodwill\u00a3m 2022 2021Cost and net book value At 1 January 52.5 52.2Accrued consideration (Note 21) * 0.2Acquisition of subsidiaries (Note 32(c)) 21.0 \u2013Currency translation differences 4.0 0.1At 31 December 77.5 52.5Goodwill arises on the consolidation of business/subsidiary undertakings. For the purpose of impairment tests for goodwill, goodwill is allocated to the cash-generating units 'CGUs' according to operating segments identified in Note 4.A segment-level summary of the goodwill allocation is as follows:\u00a3m 2022 2021North America 43.9 41.3Europe 32.0 9.7Asia 1.6 1.5At 31 December 77.5 52.511. Goodwill continuedThe recoverable amount of the CGU is determined from value-in-use calculations. Cash flow projections used in the value-in-use calculations were based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period were extrapolated using the estimated growth rates stated below. Key assumptions used for value-in-use calculations:31 December 2022 31 DECEMBER 2022Terminal Terminal 1212Growth rateDiscount rategrowth rate Growth rateDiscount rategrowth rateNorth America 8.7% 11.8% 2.0% 9.9% 11.0% 2.0%Europe 5.3% 12.9% 2.0% 6.3% 12.3% 2.0%Asia 8.5% 12.5% 2.0% 11.5% 12.1% 2.0%1 Compound annual growth rate of projected revenue over five years2 Pre-tax discount rate applied to the pre-tax cash flow projectionsA sensitivity analysis was performed for each of the CGUs or group of CGUs, management concluded that no reasonably possible change in any of the key assumptions would result in the carrying value of the CGU to exceed its recoverable amount.The impairment test carried out at 31 December 2022 for the North America CGU, which includes 56.6% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3227.2 million or 60.2% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.6% or a decrease in growth rate by 2.2% would result in the recoverable amount of the North America CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Europe CGU, which includes 41.3% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3127.6 million or 193.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 51.6% or a decrease in growth rate by 12.6% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Asia CGU, which includes 2.1% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3299.5 million or 94.0% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 21.9% or a decrease in growth rate by 12.7% would result in the recoverable amount of the Asia CGU being equal to its carrying value.The impairment test also modelled the potential impact on future cashflows due to climate change. A sensitivity analysis was performed for each CGUs or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Storm and flood disruption \u2013 major flood or fire could cause a disruption to the manufacturing sites2. Supply chain risks \u2013 climate change could result in disruption to our supply chain, either through supplier sites being directly affected, or by disruption to transportation and electricity supply3. Carbon price impacts in the value chain \u2013 the increase in carbon price may result in increased cost of goods sold and increased cost of transportation4. Robustness of local power supply \u2013 our energy supply may be disrupted for a prolonged period due to local supply robustness5. Risk of not meeting net zero target \u2013 failure to meet the defined net zero targets may cause reputational damage, dissuade potential investors, or result in greater costs due to the introduction of carbon pricingThese downside scenarios would result in 10-20% reduction of revenue and 5-10% increase of operating cost. They are considered to be reasonable tests as it reflects the expectation that financial impacts would be time-bound and most likely to impact the organisation\u2019s ability to meet demand for a period. The maximum impact to headroom based on the sensitivities tested for North America, Europe and Asia is a reduction of \u00a35.0 million, \u00a33.6 million and \u00a328.4 million respectively. The impacts would still leave significant headroom and as a result no potential indicator of impairment was identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "11. Goodwill\u00a3m 2022 2021Cost and net book value At 1 January 52.5 52.2Accrued consideration (Note 21) * 0.2Acquisition of subsidiaries (Note 32(c)) 21.0 \u2013Currency translation differences 4.0 0.1At 31 December 77.5 52.5Goodwill arises on the consolidation of business/subsidiary undertakings. For the purpose of impairment tests for goodwill, goodwill is allocated to the cash-generating units 'CGUs' according to operating segments identified in Note 4.A segment-level summary of the goodwill allocation is as follows:\u00a3m 2022 2021North America 43.9 41.3Europe 32.0 9.7Asia 1.6 1.5At 31 December 77.5 52.511. Goodwill continuedThe recoverable amount of the CGU is determined from value-in-use calculations. Cash flow projections used in the value-in-use calculations were based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period were extrapolated using the estimated growth rates stated below. Key assumptions used for value-in-use calculations:31 December 2022 31 DECEMBER 2022Terminal Terminal 1212Growth rateDiscount rategrowth rate Growth rateDiscount rategrowth rateNorth America 8.7% 11.8% 2.0% 9.9% 11.0% 2.0%Europe 5.3% 12.9% 2.0% 6.3% 12.3% 2.0%Asia 8.5% 12.5% 2.0% 11.5% 12.1% 2.0%1 Compound annual growth rate of projected revenue over five years2 Pre-tax discount rate applied to the pre-tax cash flow projectionsA sensitivity analysis was performed for each of the CGUs or group of CGUs, management concluded that no reasonably possible change in any of the key assumptions would result in the carrying value of the CGU to exceed its recoverable amount.The impairment test carried out at 31 December 2022 for the North America CGU, which includes 56.6% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3227.2 million or 60.2% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.6% or a decrease in growth rate by 2.2% would result in the recoverable amount of the North America CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Europe CGU, which includes 41.3% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3127.6 million or 193.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 51.6% or a decrease in growth rate by 12.6% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Asia CGU, which includes 2.1% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3299.5 million or 94.0% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 21.9% or a decrease in growth rate by 12.7% would result in the recoverable amount of the Asia CGU being equal to its carrying value.The impairment test also modelled the potential impact on future cashflows due to climate change. A sensitivity analysis was performed for each CGUs or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Storm and flood disruption \u2013 major flood or fire could cause a disruption to the manufacturing sites2. Supply chain risks \u2013 climate change could result in disruption to our supply chain, either through supplier sites being directly affected, or by disruption to transportation and electricity supply3. Carbon price impacts in the value chain \u2013 the increase in carbon price may result in increased cost of goods sold and increased cost of transportation4. Robustness of local power supply \u2013 our energy supply may be disrupted for a prolonged period due to local supply robustness5. Risk of not meeting net zero target \u2013 failure to meet the defined net zero targets may cause reputational damage, dissuade potential investors, or result in greater costs due to the introduction of carbon pricingThese downside scenarios would result in 10-20% reduction of revenue and 5-10% increase of operating cost. They are considered to be reasonable tests as it reflects the expectation that financial impacts would be time-bound and most likely to impact the organisation\u2019s ability to meet demand for a period. The maximum impact to headroom based on the sensitivities tested for North America, Europe and Asia is a reduction of \u00a35.0 million, \u00a33.6 million and \u00a328.4 million respectively. The impacts would still leave significant headroom and as a result no potential indicator of impairment was identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "11. Goodwill\u00a3m 2022 2021Cost and net book value At 1 January 52.5 52.2Accrued consideration (Note 21) * 0.2Acquisition of subsidiaries (Note 32(c)) 21.0 \u2013Currency translation differences 4.0 0.1At 31 December 77.5 52.5Goodwill arises on the consolidation of business/subsidiary undertakings. For the purpose of impairment tests for goodwill, goodwill is allocated to the cash-generating units 'CGUs' according to operating segments identified in Note 4.A segment-level summary of the goodwill allocation is as follows:\u00a3m 2022 2021North America 43.9 41.3Europe 32.0 9.7Asia 1.6 1.5At 31 December 77.5 52.511. Goodwill continuedThe recoverable amount of the CGU is determined from value-in-use calculations. Cash flow projections used in the value-in-use calculations were based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period were extrapolated using the estimated growth rates stated below. Key assumptions used for value-in-use calculations:31 December 2022 31 DECEMBER 2022Terminal Terminal 1212Growth rateDiscount rategrowth rate Growth rateDiscount rategrowth rateNorth America 8.7% 11.8% 2.0% 9.9% 11.0% 2.0%Europe 5.3% 12.9% 2.0% 6.3% 12.3% 2.0%Asia 8.5% 12.5% 2.0% 11.5% 12.1% 2.0%1 Compound annual growth rate of projected revenue over five years2 Pre-tax discount rate applied to the pre-tax cash flow projectionsA sensitivity analysis was performed for each of the CGUs or group of CGUs, management concluded that no reasonably possible change in any of the key assumptions would result in the carrying value of the CGU to exceed its recoverable amount.The impairment test carried out at 31 December 2022 for the North America CGU, which includes 56.6% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3227.2 million or 60.2% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.6% or a decrease in growth rate by 2.2% would result in the recoverable amount of the North America CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Europe CGU, which includes 41.3% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3127.6 million or 193.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 51.6% or a decrease in growth rate by 12.6% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2022 for the Asia CGU, which includes 2.1% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3299.5 million or 94.0% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 21.9% or a decrease in growth rate by 12.7% would result in the recoverable amount of the Asia CGU being equal to its carrying value.The impairment test also modelled the potential impact on future cashflows due to climate change. A sensitivity analysis was performed for each CGUs or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Storm and flood disruption \u2013 major flood or fire could cause a disruption to the manufacturing sites2. Supply chain risks \u2013 climate change could result in disruption to our supply chain, either through supplier sites being directly affected, or by disruption to transportation and electricity supply3. Carbon price impacts in the value chain \u2013 the increase in carbon price may result in increased cost of goods sold and increased cost of transportation4. Robustness of local power supply \u2013 our energy supply may be disrupted for a prolonged period due to local supply robustness5. Risk of not meeting net zero target \u2013 failure to meet the defined net zero targets may cause reputational damage, dissuade potential investors, or result in greater costs due to the introduction of carbon pricingThese downside scenarios would result in 10-20% reduction of revenue and 5-10% increase of operating cost. They are considered to be reasonable tests as it reflects the expectation that financial impacts would be time-bound and most likely to impact the organisation\u2019s ability to meet demand for a period. The maximum impact to headroom based on the sensitivities tested for North America, Europe and Asia is a reduction of \u00a35.0 million, \u00a33.6 million and \u00a328.4 million respectively. The impacts would still leave significant headroom and as a result no potential indicator of impairment was identified.12. Intangible assetsProduct Development Customer Customer Assets under \u00a3mcosts Brand Trademarks Technologyrelationshipscontracts Softwaredevelopment TotalCostAt 1 January 2021 31.9 0.9 1.1 4.9 17.2 0.6 8.7 18.0 83.3Additions 0.6 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 15.7 16.4Transfer 2.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2.7) \u2013Reclassification from property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 * \u2013 *Currency translation differences 0.3 * * * 0.2 * 0.1 0.4 1.0At 31 December 2021 35.5 0.9 1.1 4.9 17.4 0.6 8.9 31.4 100.7Additions 0.7 \u2013 * \u2013 \u2013 \u2013 0.3 10.9 11.9Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 * \u2013 *Transfers 5.3 \u2013 \u2013 \u2013 \u2013 \u2013 11.8 (17.1) \u2013Reclassification from property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6Acquisition of subsidiaries (Note 32(c)) \u2013 0.7 * 2.6 6.1 1.9 * \u2013 11.3Currency translation differences 2.4 0.2 * 0.8 2.5 0.2 2.1 3.1 11.3At 31 December 2022 43.9 1.8 1.1 8.3 26.0 2.7 23.7 28.3 135.8Accumulated amortisation and impairment lossesAt 1 January 2021 23.3 0.3 1.0 2.0 6.8 0.6 2.7 \u2013 36.7 Amortisation charge 3.7 * \u2013 0.6 2.2 \u2013 0.9 \u2013 7.4Currency translation differences 0.2 0.1 \u2013 (0.1) 0.1 * * \u2013 0.3At 31 December 2021 27.2 0.4 1.0 2.5 9.1 0.6 3.6 \u2013 44.4Amortisation charge 3.3 0.2 \u2013 0.9 2.3 0.7 1.9 \u2013 9.3Impairment charge \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 7.8 7.8Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 * \u2013 *Reclassification from property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.5 \u2013 0.5Currency translation differences 1.5 * * 0.4 1.3 0.1 0.4 0.2 3.9At 31 December 2022 32.0 0.6 1.0 3.8 12.7 1.4 6.4 8.0 65.9Net book valueAt 31 December 2022 11.9 1.2 0.1 4.5 13.3 1.3 17.3 20.3 69.9At 31 December 2021 8.3 0.5 0.1 2.4 8.3 \u2013 5.3 31.4 56.3* Balance is less than \u00a3100,000.The remaining amortisation period for customer relationships ranges from one to ten years. The Group\u2019s trademarks used to identify and distinguish the Group\u2019s name and logo have a carrying amount of \u00a30.1 million (2021: \u00a30.1 million). The Group intends to renew the trademarks continuously and evidence supports its ability to do so, based on its past experience. An analysis of market and competitive trends provides evidence that the trademarks will generate net cash inflows for the Group for an indefinite period. Therefore, the trademarks are carried at cost without amortisation, but is tested for impairment on an annual basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-2": {
"value": "13. Property, plant and equipmentPlant Building Assets under \u00a3m Freehold land Buildingsand equipment Motor vehiclesimprovementsconstruction TotalCostAt 1 January 2021 1.5 17.1 26.6 0.3 6.3 \u2013 51.8Additions \u2013 \u2013 2.3 \u2013 0.6 2.6 5.5Disposals \u2013 \u2013 (0.3) (0.1) * \u2013 (0.4)Transfer \u2013 \u2013 1.2 \u2013 0.1 (1.3) \u2013Reclassification to intangible assets \u2013 \u2013 * \u2013 \u2013 \u2013 *Foreign currency translation * 0.2 0.5 0.1 0.1 * 0.9At 31 December 2021 1.5 17.3 30.3 0.3 7.1 1.3 57.8Acquisition of subsidiaries (Note 32(c)) \u2013 * 0.8 * * \u2013 0.8Additions \u2013 * 4.5 \u2013 0.3 2.7 7.5Disposals \u2013 * (0.5) * (0.3) \u2013 (0.8)Transfers \u2013 \u2013 0.6 * 1.0 (1.6) \u2013Reclassification to intangible assets \u2013 \u2013 (0.6) \u2013 \u2013 \u2013 (0.6)Currency translation differences 0.1 1.7 2.9 * 0.8 0.2 5.7At 31 December 2022 1.6 19.0 38.0 0.3 8.9 2.6 70.4Accumulated depreciationAt 1 January 2021 \u2013 3.6 16.5 0.2 3.1 \u2013 23.4Depreciation charge \u2013 0.5 2.9 * 0.6 \u2013 4.0Disposals \u2013 \u2013 (0.2) (0.1) * \u2013 (0.3)Transfers \u2013 \u2013 * \u2013 \u2013 \u2013 *Reclassification to intangible assets \u2013 \u2013 * \u2013 \u2013 \u2013 *Currency translation differences \u2013 0.1 0.2 0.2 \u2013 \u2013 0.5At 31 December 2021 \u2013 4.2 19.4 0.3 3.7 \u2013 27.6Depreciation charge \u2013 0.6 3.7 * 0.8 \u2013 5.1Disposals \u2013 \u2013 (0.5) * (0.3) \u2013 (0.8)Transfers \u2013 \u2013 * \u2013 \u2013 \u2013 *Reclassification to intangible assets \u2013 \u2013 (0.5) \u2013 \u2013 \u2013 (0.5)Currency translation differences \u2013 0.3 1.8 * 0.3 \u2013 2.4At 31 December 2022 \u2013 5.1 23.9 0.3 4.5 \u2013 33.8Net book value At 31 December 2022 1.6 13.9 14.1 \u2013 4.4 2.6 36.6At 31 December 2021 1.5 13.1 10.9 \u2013 3.4 1.3 30.2* Balance is less than \u00a3100,000.Assets under construction pertains to cost incurred for the renovation of the office space which is due for completion in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-2": {
"value": "14. LeasesNature of the Group\u2019s leasing activitiesLEASEHOLD LAND AND BUILDINGSThe Group has made an upfront payment to secure the right-of-use of two 50-year leasehold lands, which are used in the Group\u2019s production operations. The Group also leases office space for the purpose of back office operations, sales activities, and warehousing activities.During the financial year, the Group entered into a new lease for a building in North America for the purpose of back office operations, sales and warehousing activities. The lease has a lease term of 22.5 years commencing from 1 December 2022 which includes two options to extend, each for a period of five years.EQUIPMENT AND MOTOR VEHICLESThe Group leases vehicles to render logistic services, and leases copier machines for back office use.a. Right-of-use assetsCarrying amounts and depreciation charge during the yearLeasehold land Equipment and \u00a3mand buildingsmotor vehicles TotalCostAt 1 January 2021 4.8 0.3 5.1Additions 4.7 0.3 5.0Disposals * * *Depreciation charge (1.6) (0.2) (1.8)Currency translation differences * * *At 31 December 2021 7.9 0.4 8.3Additions 38.5 0.5 39.0Acquisition of subsidiaries (Note 32(c)) 11.4 * 11.4Disposals (2.1) * (2.1)Depreciation charge (3.0) (0.2) (3.2)Currency translation differences 1.5 * 1.5At 31 December 2022 54.2 0.7 54.9* Balance is less than \u00a3100,000.b. Lease expense not capitalised in lease liabilities\u00a3m 2022 2021Lease expense \u2013 short-term leases 0.2 0.2Lease expense \u2013 low-value leases * *Total (Note 7) 0.2 0.2* Balance is less than \u00a3100,000.c. Total cash outflow for all leases in 2022 was \u00a36.7 million (2021: \u00a32.1 million).d. Future cash outflows which are not capitalised in lease liabilitiesExtension optionsThe leases for certain office spaces contain extension options, for which the related lease payments have not been included in lease liabilities as the Group is not reasonably certain to exercise these extension options. The Group negotiates extension options to optimise operational flexibility in terms of managing the assets used in the Group\u2019s operations. All the extensions are exercisable by the Group and not by the lessor.e. Events occurring after balance sheet dateOn 31 January 2023, the Group entered into a new lease for office space in the United States of America. The contractual lease payments amount to \u00a310.6 million which will be paid during the period May 2024 to October 2040. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "14. LeasesNature of the Group\u2019s leasing activitiesLEASEHOLD LAND AND BUILDINGSThe Group has made an upfront payment to secure the right-of-use of two 50-year leasehold lands, which are used in the Group\u2019s production operations. The Group also leases office space for the purpose of back office operations, sales activities, and warehousing activities.During the financial year, the Group entered into a new lease for a building in North America for the purpose of back office operations, sales and warehousing activities. The lease has a lease term of 22.5 years commencing from 1 December 2022 which includes two options to extend, each for a period of five years.EQUIPMENT AND MOTOR VEHICLESThe Group leases vehicles to render logistic services, and leases copier machines for back office use.a. Right-of-use assetsCarrying amounts and depreciation charge during the yearLeasehold land Equipment and \u00a3mand buildingsmotor vehicles TotalCostAt 1 January 2021 4.8 0.3 5.1Additions 4.7 0.3 5.0Disposals * * *Depreciation charge (1.6) (0.2) (1.8)Currency translation differences * * *At 31 December 2021 7.9 0.4 8.3Additions 38.5 0.5 39.0Acquisition of subsidiaries (Note 32(c)) 11.4 * 11.4Disposals (2.1) * (2.1)Depreciation charge (3.0) (0.2) (3.2)Currency translation differences 1.5 * 1.5At 31 December 2022 54.2 0.7 54.9* Balance is less than \u00a3100,000.b. Lease expense not capitalised in lease liabilities\u00a3m 2022 2021Lease expense \u2013 short-term leases 0.2 0.2Lease expense \u2013 low-value leases * *Total (Note 7) 0.2 0.2* Balance is less than \u00a3100,000.c. Total cash outflow for all leases in 2022 was \u00a36.7 million (2021: \u00a32.1 million).d. Future cash outflows which are not capitalised in lease liabilitiesExtension optionsThe leases for certain office spaces contain extension options, for which the related lease payments have not been included in lease liabilities as the Group is not reasonably certain to exercise these extension options. The Group negotiates extension options to optimise operational flexibility in terms of managing the assets used in the Group\u2019s operations. All the extensions are exercisable by the Group and not by the lessor.e. Events occurring after balance sheet dateOn 31 January 2023, the Group entered into a new lease for office space in the United States of America. The contractual lease payments amount to \u00a310.6 million which will be paid during the period May 2024 to October 2040. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-2": {
"value": "15. SubsidiariesThe Group has the following principal subsidiaries as at 31 December 2022 and 2021:Ownership Ownership interestinterest20222021Name of Subsidiary Country of business / incorporation (%)(%)Directly owned by the CompanyXP Power Plc UK 100 100XP Power Singapore Holdings Pte Limited Singapore 100 100Indirectly owned by the CompanyXP PLC UK 100 100XP Power Holdings Limited UK 100 100XP Power AG Switzerland 100 100Powersolve Electronics Limited* UK 90.6 89.9XP Power Srl Italy 100 100XP Power ApS Denmark 100 100XP Power Sweden AB Sweden 100 100XP Power GmbH Germany 100 100FuG Elektronik GmbH Germany 100 \u2013Guth High Voltage GmbH Germany 100 \u2013XP Power SA France 100 100XP Power Norway AS Norway 100 100XP Power International Limited UK 100 100XP Power LLC USA 100 100XP Power (Shanghai) Co., Limited China 100 100XP Power (Hong Kong) Limited Hong Kong 100 100XP Power (Vietnam) Co., Limited Vietnam 100 100XP Power Singapore Manufacturing Pte. Ltd. Singapore 100 100XP Power (Philippines) Inc. Philippines 100 100XP Power (Malaysia) Sdn. Bhd. Malaysia 100 100Hanpower Co., Ltd* South Korea 66 66* Refer to Note 21",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "15. SubsidiariesThe Group has the following principal subsidiaries as at 31 December 2022 and 2021:Ownership Ownership interestinterest20222021Name of Subsidiary Country of business / incorporation (%)(%)Directly owned by the CompanyXP Power Plc UK 100 100XP Power Singapore Holdings Pte Limited Singapore 100 100Indirectly owned by the CompanyXP PLC UK 100 100XP Power Holdings Limited UK 100 100XP Power AG Switzerland 100 100Powersolve Electronics Limited* UK 90.6 89.9XP Power Srl Italy 100 100XP Power ApS Denmark 100 100XP Power Sweden AB Sweden 100 100XP Power GmbH Germany 100 100FuG Elektronik GmbH Germany 100 \u2013Guth High Voltage GmbH Germany 100 \u2013XP Power SA France 100 100XP Power Norway AS Norway 100 100XP Power International Limited UK 100 100XP Power LLC USA 100 100XP Power (Shanghai) Co., Limited China 100 100XP Power (Hong Kong) Limited Hong Kong 100 100XP Power (Vietnam) Co., Limited Vietnam 100 100XP Power Singapore Manufacturing Pte. Ltd. Singapore 100 100XP Power (Philippines) Inc. Philippines 100 100XP Power (Malaysia) Sdn. Bhd. Malaysia 100 100Hanpower Co., Ltd* South Korea 66 66* Refer to Note 21",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-2": {
"value": "16. Cash and bank balances\u00a3m 2022 2021Cash at bank and on hand 23.2 8.9Short-term bank deposits 0.2 0.1Total 23.4 9.0For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:\u00a3m 2022 2021Cash at bank balances (as above) 23.4 9.0Less: Bank overdrafts (Note 22) (0.2) (0.2)Less: Bank deposit pledged (1.1) \u2013Cash and cash equivalents per consolidated statement of cash flows 22.1 8.8Bank deposit is pledged as a collateral to obtain a letter of credit for the security deposit of a lease. The deposit is classified as a non-current asset as it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-2": {
"value": "17. Inventories\u00a3m 2022 2021Finished goods 28.4 25.5Raw materials 53.8 36.3Work in progress 32.2 12.2Total 114.4 74.0The cost of inventories recognised as an expense and included in \u201ccost of sales\u201d amounts to \u00a3129.2 million (2021: \u00a3105.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": "18. Trade receivables\u00a3m 2022 2021Current assetsTrade receivables 42.4 30.8Less: Loss allowance (Note 31 (d)) * *Total 42.4 30.8* Balance is less than \u00a3100,000.The average credit period taken on sales of goods is 53 days (2021: 47 days). No interest is charged on the outstanding receivables balance. The carrying amounts of trade receivables approximate their fair values.25. Bond receivableIn November 2022, the Group purchased an appeal bond from an insurance company in preparation for a potential appeal with the Appellate Court amounting to \u00a336.9 million. Interest is accrued on the bond at an annual rate equivalent to the rate for the 3-month Treasury Bill as published by the Board of Governors of the Federal Reserve System. A management fee of 0.40% of the bond is calculated on an annualised basis. The bond receivable is restricted until the finalisation of the appeal. The carrying amount of \u00a337.0 million as at 31 December 2022 includes interest receivable of \u00a30.1 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "19. Other current assets\u00a3m 2022 2021Prepayments 3.3 3.3Deposits 0.9 0.3VAT receivables 3.1 0.6Rights to returned goods 0.5 0.2Other receivables 0.2 0.6Total 8.0 5.0Other current assets are not impaired as at 31 December 2022 and 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "19. Other current assets\u00a3m 2022 2021Prepayments 3.3 3.3Deposits 0.9 0.3VAT receivables 3.1 0.6Rights to returned goods 0.5 0.2Other receivables 0.2 0.6Total 8.0 5.0Other current assets are not impaired as at 31 December 2022 and 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-2": {
"value": "20. Trade and other payables\u00a3m 2022 2021Trade payables 25.3 26.0VAT payables 4.5 1.2Withholding tax 0.3 0.1Accruals for operating expenses 18.6 15.5Contract liabilities 2.9 1.3Refund liabilities 1.0 0.6Total 52.6 44.7The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in current period that was included in the contract liabilities at the beginning of the period amounts to \u00a31.3 million (2021: \u00a30.2 million).Customers have a right to return the goods to the Group within a given period. The Group recognised the refund liabilities for the amounts of consideration received for which the Group does not expect to be entitled. The Group also recognised a right to the returned goods measured by reference to the former carrying amounting of the goods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "20. Trade and other payables\u00a3m 2022 2021Trade payables 25.3 26.0VAT payables 4.5 1.2Withholding tax 0.3 0.1Accruals for operating expenses 18.6 15.5Contract liabilities 2.9 1.3Refund liabilities 1.0 0.6Total 52.6 44.7The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in current period that was included in the contract liabilities at the beginning of the period amounts to \u00a31.3 million (2021: \u00a30.2 million).Customers have a right to return the goods to the Group within a given period. The Group recognised the refund liabilities for the amounts of consideration received for which the Group does not expect to be entitled. The Group also recognised a right to the returned goods measured by reference to the former carrying amounting of the goods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-4": {
"value": "20. Trade and other payables\u00a3m 2022 2021Trade payables 25.3 26.0VAT payables 4.5 1.2Withholding tax 0.3 0.1Accruals for operating expenses 18.6 15.5Contract liabilities 2.9 1.3Refund liabilities 1.0 0.6Total 52.6 44.7The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in current period that was included in the contract liabilities at the beginning of the period amounts to \u00a31.3 million (2021: \u00a30.2 million).Customers have a right to return the goods to the Group within a given period. The Group recognised the refund liabilities for the amounts of consideration received for which the Group does not expect to be entitled. The Group also recognised a right to the returned goods measured by reference to the former carrying amounting of the goods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-2": {
"value": "21. Accrued consideration\u00a3m 2022 2021At 1 January 1.3 1.0Provision made 0.2 0.3Payment * \u2013At 31 December 1.5 1.3\u00a3m 2022 2021Current \u2013 *Non-current 1.5 1.3At 31 December 1.5 1.3* Balance is less than \u00a3100,000.As at 31 December 2022, the Group owns 90.6% (2021: 89.9%) of the shares of Powersolve Electronics Limited 'Powersolve'. The Group entered into an amended agreement on 29 October 2016 to purchase the remaining 10.1% of the shares in 2022. On 26 February 2021, the Group entered into a deed of variation to amend the purchase of the remaining 10.1% of shares in 2022 to purchase 0.7% of the shares in 2022 and another 9.4% in 2025. In June 2022, the Group purchased 0.7% of the shares as per the deed of variation. The Group entered into an agreement on 20 May 2015 with Hanpower Co Ltd 'Hanpower' to purchase an additional 15.0% of the shares in 2020 and another 15% of the shares in 2025. The purchase of the first additional 15% was completed in 2020 and the Group now owns 66% (2021: 66%) of the shares of Hanpower. The commitment to purchase the remaining ownership interests has been accounted for as accrued consideration and is calculated based on the expected future payment which will be based on a predefined multiple of the average earnings for the past three years at the point of payment. The future payment is discounted to the present value, with the discount amortised to interest expense each period as the payment draws nearer. At each reporting period, the anticipated future payment is recalculated and an adjustment made accordingly, with a corresponding adjustment to goodwill for Powersolve. For Hanpower, the amount that is payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding charge directly to equity. The liability is subsequently accreted through equity up to the redemption amount that is payable in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-3": {
"value": "21. Accrued consideration\u00a3m 2022 2021At 1 January 1.3 1.0Provision made 0.2 0.3Payment * \u2013At 31 December 1.5 1.3\u00a3m 2022 2021Current \u2013 *Non-current 1.5 1.3At 31 December 1.5 1.3* Balance is less than \u00a3100,000.As at 31 December 2022, the Group owns 90.6% (2021: 89.9%) of the shares of Powersolve Electronics Limited 'Powersolve'. The Group entered into an amended agreement on 29 October 2016 to purchase the remaining 10.1% of the shares in 2022. On 26 February 2021, the Group entered into a deed of variation to amend the purchase of the remaining 10.1% of shares in 2022 to purchase 0.7% of the shares in 2022 and another 9.4% in 2025. In June 2022, the Group purchased 0.7% of the shares as per the deed of variation. The Group entered into an agreement on 20 May 2015 with Hanpower Co Ltd 'Hanpower' to purchase an additional 15.0% of the shares in 2020 and another 15% of the shares in 2025. The purchase of the first additional 15% was completed in 2020 and the Group now owns 66% (2021: 66%) of the shares of Hanpower. The commitment to purchase the remaining ownership interests has been accounted for as accrued consideration and is calculated based on the expected future payment which will be based on a predefined multiple of the average earnings for the past three years at the point of payment. The future payment is discounted to the present value, with the discount amortised to interest expense each period as the payment draws nearer. At each reporting period, the anticipated future payment is recalculated and an adjustment made accordingly, with a corresponding adjustment to goodwill for Powersolve. For Hanpower, the amount that is payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding charge directly to equity. The liability is subsequently accreted through equity up to the redemption amount that is payable in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-2": {
"value": "22. Borrowings and lease liabilities\u00a3m 2022 2021CurrentBank overdrafts 0.2 0.2Lease liabilities 2.4 1.6Total 2.6 1.8Non-currentBank borrowings 174.2 33.4Lease liabilities 48.9 6.5Total 223.1 39.9Undrawn borrowing facilities \u00a3m 2022 2021Expiring beyond one year 35.7 77.0Total 35.7 77.0The facility has no fixed repayment terms until maturity in 2026. The revolving credit facility denominated in USD is priced at LIBOR (before May 2022)/ SOFR (from May 2022) plus a margin of 1.0%-2.0% (2021: 1.0%) for the amount that has been drawn down and a margin of 0.8% (2021: 0.4%) for the unutilised facility. There is no impact to profit or loss arising from the change in benchmark rate. There is drawdown on bank overdrafts denominated in GBP of \u00a30.2 million (2021: \u00a30.2 million) during the year. The fair values of the Group\u2019s bank borrowings and overdrafts approximate their carrying amounts.22. Borrowings and lease liabilities continuedReconciliation of liabilities arising from financing activitiesNon-cash changesAcquisition Proceeds Principal Addition Disposal arising from Modification Foreign 31 1 January from and interest during during business of revolving Interest exchange December \u00a3m2022borrowingspaymentsthe yearthe yearcombinationscredit facilityexpensemovement2022Bank borrowings 33.4 170.3 (40.4) \u2013 \u2013 \u2013 1.0 5.3 4.6 174.2Lease liabilities 8.1 \u2013 (6.5) 37.5 (1.5) 11.4 \u2013 0.7 1.6 51.3Non-cash changesPrincipal Addition Foreign 1 January Proceeds from and interest during Disposal during Interest exchange 31 December \u00a3m2021borrowingspaymentsthe yearthe yearexpensemovement2021Bank borrowings 31.8 3.7 (3.6) \u2013 \u2013 1.2 0.3 33.4Lease liabilities 4.9 \u2013 (1.9) 5.0 * 0.2 (0.1) 8.1* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-2": {
"value": "23. Derivative financial instrumentsCurrency forwardsDerivative financial instruments comprise of the USD/GBP currency forwards used to manage the exposure from issuance of dividends in GBP.Asset Liability31 December 2022 Contractual Contractual \u00a3mnotional amount Fair value notional amount Fair valueCurrency forwards (current) 3.5 * 7.1 (0.1)Asset Liability31 December 2021 Contractual Contractual \u00a3mnotional amount Fair value notional amount Fair valueCurrency forwards (current) 1.0 * 8.0 (0.1)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-2": {
"value": "24. Provisions (current)\u00a3mCurrent 2022 2021Legal dispute (Note (a) below) 46.1 \u2013Others * *Total 46.1 ** Balance is less than \u00a3100,000.(a) Legal dispute\u00a3m 2022 2021At 1 January 2022 \u2013 \u2013Provision made 46.9 \u2013Currency translation differences (0.8) \u2013At 31 December 2022 46.1 \u2013In September 2020, Comet Technologies USA Inc., Comet AG, and YXLON International (collectively 'Comet') filed a lawsuit against XP Power LLC, a wholly-owned subsidiary of the Group, alleging trade secret misappropriation relating to RF match and generator technology. On 24 March 2022, a jury in the US legal action brought by Comet found in favour of Comet and awarded damages of $40 million (\u00a333.2 million) against XP Power LLC. On 30 September 2022, the judge also ruled that there should be an injunction upon XP Power LLC in relation to certain trade secrets. Since this date the Group and its appointed lawyers have been working to resolve the situation including filing motions with the Court of the Northern District of California against the validity and level of the damages imposed. XP Power LLC has launched no products and therefore received no orders or revenue related to the contested RF match and generator technology. Upon receipt of the ruling of motions filed, the Board will consider next steps including potentially applying for an appeal with the Appellate Court. The Group has recognised a provision for legal dispute which is expected to be utilised in 2023. The provision of \u00a346.9 million includes damages and other related legal costs. In the opinion of the Directors, after taking appropriate legal advice, the outcomes of the legal dispute are not expected to give rise to any significant loss beyond the amounts provided at 31 December 2022. The Directors consider that disclosure of further details of this dispute will seriously prejudice the Group\u2019s negotiating position and accordingly, further information on the nature of the obligation has not been provided. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-2": {
"value": "26. Deferred income taxesDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same taxation authority.The amounts, determined after appropriate offsetting, are shown on the balance sheet as follows:\u00a3m 2022 2021Deferred tax assets 15.1 3.2Deferred tax liabilities (10.5) (9.4)Net deferred tax assets/(liabilities) 4.6 (6.2)The movement in the net deferred income tax account is as follows: \u00a3m 2022 2021Beginning of financial year (6.2) (3.8)Currency translation differences (1.5) *Acquisition of subsidiaries (Note 32(c)) (4.1) \u2013Tax credited/(charged) to\u2013 Profit or loss (Note 8) 17.9 (2.9)\u2013 Equity (Note 8) (1.5) 0.5End of financial year 4.6 (6.2)The movement in deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction) is as follows:Deferred income tax assetsProvision for Share-based \u00a3m legal disputepayment Tax losses Others TotalAt 1 January 2021 \u2013 2.3 0.4 2.1 4.8Credited to profit or loss \u2013 * * (0.4) (0.4)Credited to equity \u2013 0.5 \u2013 \u2013 0.5At 31 December 2021 \u2013 2.8 0.4 1.7 4.9Credited/(charged) to profit or loss 11.5 (0.7) 1.1 1.7 13.6Debited to equity \u2013 (1.5) \u2013 \u2013 (1.5)Currency translation differences * \u2013 * 0.2 0.2At 31 December 2022 11.5 0.6 1.5 3.6 17.2Deferred income tax liabilitiesIntangible Accelerated tax assets \u00a3m depreciationamortisation Others TotalAt 1 January 2021 (1.7) (6.9) \u2013 (8.6)Charged to profit or loss (0.6) (1.9) \u2013 (2.5)Currency translation differences * * \u2013 *At 31 December 2021 (2.3) (8.8) \u2013 (11.1)Acquisition of subsidiaries \u2013 (3.7) (0.4) (4.1)Credited to profit or loss 0.4 3.5 0.4 4.3Currency translation differences (0.3) (1.4) * (1.7)At 31 December 2022 (2.2) (10.4) * (12.6)* Balance is less than \u00a3100,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-2": {
"value": "27. Share capital and reservesa. Share capital No of ordinary shares AmountIssued share Treasury shares Share capital Treasury sharescapital \u00a3m\u00a3m2022Beginning of financial year 19,642,296 (92,881) 27.2 *Shares issued 100,000 \u2013 * \u2013Treasury shares purchased \u2013 (100,000) \u2013 *Treasury shares re-issued \u2013 90,795 \u2013 *End of financial year 19,742,296 (102,086) 27.2 *2021Beginning of financial year 19,642,296 (156,960) 27.2 (0.1)Treasury shares purchased \u2013 (900) \u2013 *Treasury shares re-issued \u2013 64,979 \u2013 *End of financial year 19,642,296 (92,881) 27.2 ** Balance is less than \u00a3100,000.All issued ordinary shares are fully paid. There is no par value for these ordinary shares. Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company.In 2022, the Company issued 100,000 ordinary shares for a total consideration of \u00a31,000 for cash to the ESOP Trust. The newly issued shares rank pari passu in all aspects with the previously issued shares. b. Treasury shares Treasury shares are shares in the Company that are held by the Company\u2019s Employee Share Ownership Plan (ESOP) Trust for the purpose of issuing shares under the Company\u2019s ESOP. Shares issued to employees are recognised on a first in, first out basis.In 2022, the Company issued 100,000 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 90,795 (2021: 64,979) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2021: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a311,000 (2021: \u00a317,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2022 2021Exercise price paid by employees * 0.5Value of employee services 1.8 0.5Total net consideration 1.8 1.0* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,800,000 (2021: \u00a31,000,000) is recognised in other reserve. c. Share-based payments reserveShare-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.d. Merger reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.e. Translation reserveTranslation reserve represents exchange differences arising from the translation of financial statements of foreign operations whose functional currencies are different from that of the Group\u2019s presentation currency.f. Other reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.Share-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.27. Share capital and reserves continuedOther reserve comprises future transactions with the non-controlling interest. The Group has an agreement with the non-controlling shareholders of Hanpower Co. Ltd, a subsidiary, to purchase an additional 15.0% of the shares in 2025.The amount that may become payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding change directly to equity. The liability is subsequently accreted through finance expenses up to the redemption amount that is payable at the date at which the agreement first becomes exercisable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-3": {
"value": "27. Share capital and reservesa. Share capital No of ordinary shares AmountIssued share Treasury shares Share capital Treasury sharescapital \u00a3m\u00a3m2022Beginning of financial year 19,642,296 (92,881) 27.2 *Shares issued 100,000 \u2013 * \u2013Treasury shares purchased \u2013 (100,000) \u2013 *Treasury shares re-issued \u2013 90,795 \u2013 *End of financial year 19,742,296 (102,086) 27.2 *2021Beginning of financial year 19,642,296 (156,960) 27.2 (0.1)Treasury shares purchased \u2013 (900) \u2013 *Treasury shares re-issued \u2013 64,979 \u2013 *End of financial year 19,642,296 (92,881) 27.2 ** Balance is less than \u00a3100,000.All issued ordinary shares are fully paid. There is no par value for these ordinary shares. Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company.In 2022, the Company issued 100,000 ordinary shares for a total consideration of \u00a31,000 for cash to the ESOP Trust. The newly issued shares rank pari passu in all aspects with the previously issued shares. b. Treasury shares Treasury shares are shares in the Company that are held by the Company\u2019s Employee Share Ownership Plan (ESOP) Trust for the purpose of issuing shares under the Company\u2019s ESOP. Shares issued to employees are recognised on a first in, first out basis.In 2022, the Company issued 100,000 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 90,795 (2021: 64,979) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2021: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a311,000 (2021: \u00a317,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2022 2021Exercise price paid by employees * 0.5Value of employee services 1.8 0.5Total net consideration 1.8 1.0* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,800,000 (2021: \u00a31,000,000) is recognised in other reserve. c. Share-based payments reserveShare-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.d. Merger reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.e. Translation reserveTranslation reserve represents exchange differences arising from the translation of financial statements of foreign operations whose functional currencies are different from that of the Group\u2019s presentation currency.f. Other reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.Share-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.27. Share capital and reserves continuedOther reserve comprises future transactions with the non-controlling interest. The Group has an agreement with the non-controlling shareholders of Hanpower Co. Ltd, a subsidiary, to purchase an additional 15.0% of the shares in 2025.The amount that may become payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding change directly to equity. The liability is subsequently accreted through finance expenses up to the redemption amount that is payable at the date at which the agreement first becomes exercisable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-4": {
"value": "27. Share capital and reservesa. Share capital No of ordinary shares AmountIssued share Treasury shares Share capital Treasury sharescapital \u00a3m\u00a3m2022Beginning of financial year 19,642,296 (92,881) 27.2 *Shares issued 100,000 \u2013 * \u2013Treasury shares purchased \u2013 (100,000) \u2013 *Treasury shares re-issued \u2013 90,795 \u2013 *End of financial year 19,742,296 (102,086) 27.2 *2021Beginning of financial year 19,642,296 (156,960) 27.2 (0.1)Treasury shares purchased \u2013 (900) \u2013 *Treasury shares re-issued \u2013 64,979 \u2013 *End of financial year 19,642,296 (92,881) 27.2 ** Balance is less than \u00a3100,000.All issued ordinary shares are fully paid. There is no par value for these ordinary shares. Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company.In 2022, the Company issued 100,000 ordinary shares for a total consideration of \u00a31,000 for cash to the ESOP Trust. The newly issued shares rank pari passu in all aspects with the previously issued shares. b. Treasury shares Treasury shares are shares in the Company that are held by the Company\u2019s Employee Share Ownership Plan (ESOP) Trust for the purpose of issuing shares under the Company\u2019s ESOP. Shares issued to employees are recognised on a first in, first out basis.In 2022, the Company issued 100,000 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 90,795 (2021: 64,979) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2021: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a311,000 (2021: \u00a317,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2022 2021Exercise price paid by employees * 0.5Value of employee services 1.8 0.5Total net consideration 1.8 1.0* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,800,000 (2021: \u00a31,000,000) is recognised in other reserve. c. Share-based payments reserveShare-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.d. Merger reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.e. Translation reserveTranslation reserve represents exchange differences arising from the translation of financial statements of foreign operations whose functional currencies are different from that of the Group\u2019s presentation currency.f. Other reserveMerger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares of subsidiaries acquired under common control.Share-based payments reserve represents the equity-settled share-based payments granted to employees. The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share-based payments and is reduced by the expiry or exercise of share-based payments.27. Share capital and reserves continuedOther reserve comprises future transactions with the non-controlling interest. The Group has an agreement with the non-controlling shareholders of Hanpower Co. Ltd, a subsidiary, to purchase an additional 15.0% of the shares in 2025.The amount that may become payable under the agreement is initially recognised at the present value of the redemption amount within liabilities with a corresponding change directly to equity. The liability is subsequently accreted through finance expenses up to the redemption amount that is payable at the date at which the agreement first becomes exercisable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-2": {
"value": "29. Related party transactionsAs at 31 December 2022, the Company\u2019s Employee Share Ownership Plan provided nil (2021: nil) interest-free loans to Directors for the deferred payment share scheme. The detailed information is provided for in the Directors\u2019 Remuneration Report on pages 118\u2013138.Key management personnel compensationKey management personnel are the Directors of the Group. \u00a3m 2022 2021Short-term employee benefits 1.4 1.9Post-employment benefits 0.1 0.1Share-based payment expenses 0.2 0.7Total 1.7 2.7Further information about the remuneration of the individual Directors is provided in the Directors\u2019 Remuneration Report on pages 118\u2013138.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "30. Share-based paymentsThe Group operates several equity-settled share-based payment plans. a. XP Power Share Option Plan (the 'SOP') The SOP was approved by the shareholders on 2 April 2012. A total of 345,000 options and 418,000 options were granted in 2012 and 2016 respectively under the SOP. These options vest only if certain performance conditions are met. The vesting of outstanding options is based on Total Shareholder Return 'TSR' relative to the FTSE350 Electronic and Electric Equipment Sector. The options may only be exercised within 10 years from grant date. All options under the SOP are fully vested as at 31 December 2022.Set out below are summaries of options granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price share optionsper share optionshare optionsper share optionAt 1 January 76,885 \u00a315.43 118,329 \u00a314.92Forfeited during the year \u2013 \u2013 (1,592) \u00a315.43Exercised during the year* (3,208) \u00a315.43 (39,852) \u00a313.93At 31 December 73,677 \u00a315.43 76,885 \u00a315.43Exercisable at 31 December 73,677 \u00a315.43 76,885 \u00a315.43*The weighted average share price at the date of exercise of options exercised during the year ended 31 December 2022 was \u00a332.86 (2021: \u00a343.12). Share options outstanding at the end of the year have the following expiry dates and exercise prices:Share options Share options 31 December 31 December Grant date Expiry date Exercise price2022202123 February 2016 10 December 2023 \u00a315.43 34,800 34,80023 February 2016 23 February 2026 \u00a315.43 38,877 42,085Total 73,677 76,885Weighted average remaining contractual life of options outstanding at end of period 2.1 years 4.1 yearsb. XP Power Limited Long Term Incentive Plan 2017 (the 'XP LTIP 2017')The XP LTIP 2017 was approved by the shareholders on 19 April 2017 and amended by the Remuneration Committee on 28 February 2020 in respect of awards made on or after that date. The only participants under the XP LTIP 2017 are the Executive Directors who are granted Performance Share Awards. These Awards vest only if certain performance conditions are met. The vesting of outstanding Awards is based on TSR relative to the companies in the FTSE 250 index excluding investment trusts and earnings per share growth. Set out below are summaries of Awards granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardaward#At 1 January86,254 \u00a30.01 93,852 \u00a30.01Granted during the year 30,471 \u00a30.01 19,606 \u00a30.01#Forfeited during the year(21,669) \u00a30.01 (26,349) \u00a30.01Exercised during the year* (35,305) \u00a30.01 (855) \u00a30.01At 31 December 59,751 \u00a30.01 86,254 \u00a30.01Exercisable at 31 December - - 19,502 \u00a30.01#The beginning balance excludes 25,041 awards granted on 16 Mar 2019 where the EPS condition for the performance period 2019 to 2021 has not been met. This is different from the Remuneration Committee Report which discloses the forfeiture in 2022. The forfeited awards during the year includes 18,837 awards granted on 22 Apr 2020 where the TSR condition for the performance period 2020 to 2022 has not been met and the EPS condition was only partially met. This is different from the Remuneration Committee Report which will disclose the forfeiture in 2023. *The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2022 was \u00a325.45 (2021: \u00a356.75). 30. Share-based payments continuedAwards outstanding at the end of the year have the following expiry dates and exercise prices.Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 2021130 May 201730 May 2022 \u00a30.01 \u2013 5,12711 November 201731 December 2022 \u00a30.01 \u2013 8,000116 May 201816 May 2023 \u00a30.01 \u2013 12,749216 March 201916 March 2024 \u00a30.01 3,091 12,52022 April 2020 22 October 2025 \u00a30.01 3,038 14,56322 April 2020 22 April 2026 \u00a30.01 3,545 13,6893 March 2021 3 March 2027 \u00a30.01 11,582 11,58210 May 2021 10 May 2027 \u00a30.01 8,024 8,0248 March 2022 8 March 2028 \u00a30.01 30,471 \u2013Total 59,751 86,2541 These awards are fully vested. 2 50% of the awards vested in 2022 and the remaining 50% will vest in 2023. FAIR VALUE OF AWARDS The fair values at grant date of awards granted during the year under the XP LTIP 2017 are determined using the valuation models below. The model inputs are as follows: Options granted 30,471Fair value at grant date \u00a318.83 to \u00a330.99Model used Monte Carlo model and Black-Scholes model Assumption used:Share price \u00a336.00Exercise price \u00a30.01Expected volatility 40.04%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 1.44%c. XP Power Limited Senior Managers Long Term Incentive Plan 2017 (the 'XP Senior Managers LTIP 2017')The XP Senior Managers LTIP 2017 was approved by the shareholders on 19 April 2017 and amended by the Remuneration Committee on 28 February 2020 in respect of awards made on or after that date and introduced for non-Board members for certain grants made from 1 April 2020. The participants under the XP Senior Managers LTIP 2017 are the senior management of companies under the Group. There are four different types of awards granted under the XP Senior Managers LTIP 2017: 1. Performance Share Awards2. Performance Restricted Share Units 'Performance RSUs' 3. Restricted Share Awards4. Restricted Share Units 'RSUs'Performance RSUs and RSUs are only granted to participants in the United States and they are exercised at nil cost. Performance Share Awards and Restricted Share Awards are granted to participants outside of the United States and they are exercised at nominal cost. Performance Share Awards and Performance RSUs vest only if certain performance conditions are met. The vesting of outstanding Awards is based on TSR relative to the companies in the FTSE 250 index excluding investment trusts and earnings per share growth. For each tranche of Performance Share Awards and Performance RSUs granted in 2017, 2018 and 2019, 50% of the awards will vest after the third year and the remaining 50% of the share awards will vest after the fourth year. For each tranche of Performance Share Awards and Performance RSUs granted in 2020, 2021 and 2022, 100% of the awards will vest after the third year. Restricted Share Awards and RSUs vest over the service period of three years. There is no performance condition attached. 30. Share-based payments continuedPERFORMANCE SHARE AWARDSSet out below are summaries of Performance Share Awards granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 62,781 \u00a30.01 82,366 \u00a30.01Granted during the year 23,339 \u00a30.01 17,285 \u00a30.01Forfeited during the year (20,026) \u00a30.01 (29,935) \u00a30.01Exercised during the year* (11,207) \u00a30.01 (6,935) \u00a30.01At 31 December 54,887 \u00a30.01 62,781 \u00a30.01Exercisable at 31 December 9,515 \u00a30.01 9,272 \u00a30.01*The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2022 was \u00a330.90 (2021: \u00a353.59). Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 2021130 May 201730 May 2022 \u00a30.01 \u2013 2,991116 May 201816 May 2023 \u00a30.01 6,026 12,56114 September 20184 September 2023 \u00a30.01 \u2013 \u2013216 March 201916 March 2024 \u00a30.01 8,359 11,66522 April 2020 22 April 2024 \u00a30.01 4,232 19,7293 March 2021 3 March 2025 \u00a30.01 12,931 15,8358 March 2022 8 March 2026 \u00a30.01 22,819 \u201312 September 2022 12 September 2026 \u00a30.01 520 \u2013Total 54,887 62,7811 These awards are fully vested. 2 50% of the awards vested in 2022 and the remaining 50% will vest in 2023. PERFORMANCE RSUSSet out below are summaries of Performance RSUs granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 61,699 \u2013 98,754 \u2013Granted during the year 14,732 \u2013 10,995 \u2013Forfeited during the year (18,943) \u2013 (34,194) \u2013Exercised during the year* (21,611) \u2013 (13,856) \u2013At 31 December 35,877 \u2013 61,699 \u2013Exercisable at 31 December 414 \u2013 8,267 \u2013*The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2022 was \u00a332.43 (2021: \u00a351.62). 30. Share-based payments continuedAwards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 2021130 May 201730 May 2022 \u2013 \u2013 1,388112 October 201712 October 2022 \u2013 300 450116 May 201816 May 2023 \u2013 \u2013 12,857216 March 201916 March 2024 \u2013 6,242 14,61422 April 2020 22 April 2024 \u2013 5,134 21,5883 March 2021 3 March 2025 \u2013 9,746 10,8028 March 2022 8 March 2026 \u2013 13,489 \u201317 August 2022 17 August 2026 \u2013 966 \u2013Total 35,877 61,6991 These awards are fully vested. 2 50% of the awards vested in 2022 and the remaining 50% will vest in 2023. RESTRICTED SHARE AWARDS Set out below are summaries of Restricted Share Awards granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 3,912 \u00a30.01 2,425 \u00a30.01Granted during the year 6,523 \u00a30.01 1,793 \u00a30.01Forfeited during the year (974) \u00a30.01 (306) \u00a30.01At 31 December 9,461 \u00a30.01 3,912 \u00a30.01Exercisable at 31 December \u2013 \u2013 \u2013 \u2013Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 202122 April 2020 22 April 2024 \u00a30.01 1,639 2,3243 March 2021 3 March 2025 \u00a30.01 1,299 1,5888 March 2022 8 March 2026 \u00a30.01 4,701 \u201312 September 2022 12 September 2026 \u00a30.01 1,822 \u2013Total 9,461 3,912RSUs Set out below are summaries of RSUs granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 1,623 \u2013 1,248 \u2013Granted during the year 23,585 \u2013 577 \u2013Forfeited during the year (138) \u2013 (202) \u2013At 31 December 25,070 \u2013 1,623 \u2013Exercisable at 31 December \u2013 \u2013 \u2013 \u201330. Share-based payments continuedAwards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 202122 April 2020 22 April 2024 \u2013 1,046 1,0463 March 2021 3 March 2025 \u2013 577 5778 March 2022 8 March 2026 \u2013 14,554 \u201317 August 2022 17 August 2026 \u2013 483 \u201321 November 2022 21 November 2026 \u2013 8,410 \u2013Total 25,070 1,623Fair value of awards The fair values at grant date of awards granted during the year under the XP Senior Managers LTIP 2017 are determined using the valuation models below. The model inputs are as follows: Restricted Share Performance Share Award Performance RSUAward RSUOptions granted 23,339 14,732 6,523 23,585Fair value at grant date \u00a310.87 to \u00a332.90 \u00a310.87 to \u00a332.90 \u00a319.74 to \u00a332.90 \u00a319.74 to \u00a332.90Monte Carlo model and Monte Carlo model and Black-Scholes Black-Scholes Model used Black-Scholes model Black-Scholes modelmodel modelAssumption used:Share price \u00a319.20 to \u00a336.00 \u00a319.20 to \u00a336.00 \u00a321.60 to \u00a336.00 \u00a321.60 to \u00a336.00Exercise price \u00a30.01 - \u00a30.01 -Expected volatility 40.04% to 42.74% 40.04% to 42.74% 40.04% to 43.34% 40.04% to 43.34%Expected option life 3 years 3 years 3 years 3 yearsExpected dividend yield 3.00% 3.00% 1.70% 1.70%Risk-free interest rate 1.44% to 3.08% 1.44% to 3.08% 1.44% to 3.18% 1.44% to 3.18%30. Share-based payments continuedd. XP Power Limited Restricted Share Plan 2020 (the \u201cXP RSP 2020\u201d)The XP RSP 2020 was approved by the shareholders on 21 April 2020. The only participants under the XP RSP 2020 are the Executive Directors who are granted Restricted Shares. Restricted Shares vest over the service period of five years. There is no performance condition attached.Set out below are summaries of Restricted Shares granted under the plan: 2022 2021Weighted Weighted average average Number of exercise price Number of exercise price shares under per share under shares under per share under awardawardawardawardAt 1 January 6,230 \u00a30.01 3,532 \u00a30.01Granted during the year 4,080 \u00a30.01 2,698 \u00a30.01Forfeited during the year (557) \u00a30.01 \u2013 \u2013At 31 December 9,753 \u00a30.01 6,230 \u00a30.01Exercisable at 31 December \u2013 \u2013 \u2013 \u2013Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award 31 award 31 Grant date Expiry date Exercise priceDecember 2022December 202122 April 2020 22 October 2025 \u00a30.01 1,263 1,82022 April 2020 22 April 2026 \u00a30.01 1,712 1,7123 March 2021 3 March 2027 \u00a30.01 1,495 1,49510 May 2021 10 May 2027 \u00a30.01 1,203 1,2038 March 2022 8 March 2028 \u00a30.01 4,080 -Total 9,753 6,230Fair value of awards The fair value at grant date of awards granted during the year under the XP RSP 2020 is determined using the Black-Scholes model. The model inputs are as follows: Options granted 4,080Fair value at grant date \u00a330.99Assumption used:Share price \u00a336.00Exercise price \u00a30.011Expected volatility35.87%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 1.44%1 Volatility was estimated based on the historical volatility of the shares over a five-year period prior to grant date.",
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"pp-value-63-2": {
"value": "31. Financial risk managementThe Group\u2019s activities expose it to capital risk, market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Group seeks to minimise adverse effects from the unpredictability of financial markets on the Group\u2019s financial performance. a. Capital riskThe Group manages its capital to ensure that the entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity.The capital structure of the Group consists of debt, which includes the borrowings disclosed in Note 22, cash and equity attributable to equity holders of the Company, comprising issued capital, reserves and retained earnings as disclosed in Note 27.The Board reviews the capital structure of the business and considers the cost of capital and risks associated with each class of capital. The Group aims to balance its overall capital structure through the payment of dividends, new share issues and share buyback as well as the issue of new debt or the redemption of existing debt.",
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"pp-value-62-2": {
"value": "b. Currency riskThe Group operates in North America, Europe and Asia. Entities in the Group regularly transact in currencies other than their respective functional currencies (\u201cforeign currencies\u201d). The Group monitors and manages the currency risk through internal reports analysing major currency exposures. Where possible, the Group seeks to offset exposures by matching monetary asset and liability exposures in like currencies against each other, often using its bank facilities to square off or reduce exposures. The Group also manages some currency exposure by entering into currency forwards with banks The Group\u2019s currency exposure based on the information provided to key management is as follows:\u00a3m GBP EUR USD SGD Others TotalAt 31 December 2022 Financial assets Cash and cash equivalents 0.9 2.5 17.6 0.3 2.1 23.4Trade receivables 2.3 4.8 34.6 * 0.7 42.4Bond receivables \u2013 \u2013 37.0 \u2013 \u2013 37.0Other current assets 0.2 0.2 0.4 * 0.3 1.1ESOP loan to employees * \u2013 \u2013 \u2013 \u2013 *Subtotal 3.4 7.5 89.6 0.3 3.1 103.9Financial liabilitiesBorrowings (0.2) \u2013 (174.2) \u2013 \u2013 (174.4)Trade and other payables (3.1) (1.5) (34.1) (1.2) (5.0) (44.9)Lease liabilities (0.6) (13.6) (33.1) (4.0) * (51.3)Provisions (0.1) (0.1) (46.7) (0.1) \u2013 (47.0)Other financial liabilities (0.9) \u2013 \u2013 \u2013 (0.6) (1.5)Subtotal (4.9) (15.2) (288.1) (5.3) (5.6) (319.1)Net financial (liabilities)/assets (1.5) (7.7) (198.5) (5.0) (2.5) (215.2)Less: Currency forwards 10.6 \u2013 \u2013 \u2013 \u2013 10.6Currency profile 9.1 (7.7) (198.5) (5.0) (2.5) (204.6)Financial liabilities/(assets) denominated in the respective entities\u2019 functional currencies 0.8 8.1 203.6 \u2013 0.1 212.6Currency exposure of financial assets/(liabilities) 9.9 0.4 5.1 (5.0) (2.4) 8.0* Balance is less than \u00a3100,000.31. Financial risk management continued\u00a3m GBP EUR USD SGD Others TotalAt 31 December 2021 Financial assets Cash and cash equivalents 1.1 0.5 5.6 0.1 1.7 9.0Trade receivables 2.4 2.3 25.9 * 0.2 30.8Other current assets 0.1 * 0.4 0.2 0.2 0.9ESOP loan to employees * \u2013 \u2013 \u2013 \u2013 \u2013Subtotal 3.6 2.8 31.9 0.3 2.1 40.7Financial liabilitiesBorrowings (0.2) \u2013 (33.4) \u2013 \u2013 (33.6)Trade and other payables (3.8) (0.6) (32.4) (1.4) (3.9) (42.1)Lease liabilities (0.2) (0.5) (2.8) (4.5) (0.1) (8.1)Provisions * \u2013 \u2013 (0.1) (0.1) (0.2)Other financial liabilities (0.9) \u2013 \u2013 \u2013 (0.5) (1.4)Subtotal (5.1) (1.1) (68.6) (6.0) (4.6) (85.4)Net financial (liabilities)/assets (1.5) 1.7 (36.7) (5.7) (2.5) (44.7)Less: Currency forwards 9.0 \u2013 \u2013 \u2013 \u2013 9.0Currency profile 7.5 1.7 (36.7) (5.7) (2.5) (35.7)Financial liabilities/(assets) denominated in the respective entities\u2019 functional currencies 0.8 (1.2) 41.9 \u2013 (0.1) 41.4Currency exposure of financial assets/(liabilities) 8.3 0.5 5.2 (5.7) (2.6) 5.7* Balance is less than \u00a3100,000.Within the Group, the Company, with USD as its functional currency, has significant currency exposure to financial assets and liabilities denominated in GBP and SGD. If the GBP and SGD change against USD by 10.2% and 2.8% respectively (2021: USD 7.3%, SGD 2.9%) with all other variables, including tax rates, being held constant, the effects arising from the net financial asset/(liability) that are exposed to currency risk will be as follows: 2022 2021 Profit after taxProfit after taxGBP against USD\u2013 Strengthened 0.7 0.5\u2013 Weakened (0.7) (0.5)SGD against USD \u2013 Strengthened (0.1) (0.1)\u2013 Weakened 0.1 0.1Another subsidiary, with EUR as its functional currency, has significant currency exposure to financial assets and liabilities denominated in USD. If EUR change against USD by 10.7% (2021: 4.8%) with all other variables, including tax rates, being held constant, the effects arising from the net financial asset/(liability) that are exposed to currency risk will be as follows:2022 2021 Profit after taxProfit after taxUSD against EUR\u2013 Strengthened 0.3 0.2\u2013 Weakened (0.3) (0.2)* Balance is less than \u00a3100,000.The impact of the currency risk on the other comprehensive income is not significant.c. Interest rate riskCash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As the Group has no significant interest-bearing assets, the Group\u2019s income is substantially independent of changes in the market interest rates.All of the Group\u2019s borrowings are at variable interest rates and are denominated in USD. If the USD interest rates on these borrowings increased/decreased by 1.0% (2021: 1.0%) with all other variables, including tax rates, being held constant, the profit after tax will be lower/higher by \u00a31,131,000 (2021: \u00a3270,000) as a result of higher/lower interest expense on these borrowings.",
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"pp-value-65-2": {
"value": "31. Financial risk management continuedd. Credit riskCredit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a financial loss to the Group. For trade receivables the Group adopts a policy of only dealing with customers of appropriate credit history or rating. For other financial assets, the Group adopts the policy of only dealing with high credit quality counterparties.The Group uses a provision matrix to measure the lifetime expected credit loss allowance for trade receivables. In measuring the expected credit loss, trade receivables are grouped based on shared credit risk characteristics and days past due.In calculating the expected credit loss rates, the Group considers historical loss rates for each category of customers and adjusts to reflect current and forward macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified gross domestic product (GDP) and the public policy of the countries in which it sells goods as the most relevant factors.Trade receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. The Group considers a financial asset as in default if the counterparty fails to make contractual payments within 90 days when they fall due and writes off the financial asset when a debtor is in significant financial difficulties and have defaulted on payment that is usually greater than 120 days past due. Where receivables are written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss.Debtors separately identified as credit-impaired\u00a3m 2022 2021Gross carrying amount * \u2013Less: loss allowance * \u2013Carrying amount net of allowance \u2013 \u2013The Group\u2019s credit risk exposure in relation to trade receivables under IFRS 9 is set out in the provision matrix as follows:Past due\u00a3m Current 1\u201330 days 31\u201360 days 61\u201390 days 91\u2013120 days >120 days TotalAt 31 December 2022North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 0.1%Trade receivables 20.2 3.1 0.5 * * 0.3 24.1Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 10.8%Trade receivables 10.3 1.7 0.2 * 0.1 0.1 12.4Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 4.3 0.9 0.7 * \u2013 * 5.9Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Past due\u00a3m Current 1\u201330 days 31\u201360 days 61\u201390 days 91\u2013120 days >120 days TotalAt 31 December 2021North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 5.1%Trade receivables 14.8 1.7 0.5 0.4 0.1 0.2 17.7Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 29.6%Trade receivables 7.8 1.2 0.2 0.1 * 0.1 9.4Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 2.9 0.6 0.2 * * * 3.7Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013* Balance is less than \u00a3100,000.31. Financial risk management continuedThe movement in the allowance for impairment of trade receivables is as follows: \u00a3m 2022 2021Beginning of financial year * (0.5)(a)Loss allowance recognised in profit or loss during the year on assets acquired/originated * *Receivables written off as uncollectible \u2013 0.5Currency translation differences * *End of the financial year * *(a) Loss allowance measured at lifetime ECL.* Balance is less than \u00a3100,000.",
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},
"pp-value-65-3": {
"value": "31. Financial risk management continuedd. Credit riskCredit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a financial loss to the Group. For trade receivables the Group adopts a policy of only dealing with customers of appropriate credit history or rating. For other financial assets, the Group adopts the policy of only dealing with high credit quality counterparties.The Group uses a provision matrix to measure the lifetime expected credit loss allowance for trade receivables. In measuring the expected credit loss, trade receivables are grouped based on shared credit risk characteristics and days past due.In calculating the expected credit loss rates, the Group considers historical loss rates for each category of customers and adjusts to reflect current and forward macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified gross domestic product (GDP) and the public policy of the countries in which it sells goods as the most relevant factors.Trade receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. The Group considers a financial asset as in default if the counterparty fails to make contractual payments within 90 days when they fall due and writes off the financial asset when a debtor is in significant financial difficulties and have defaulted on payment that is usually greater than 120 days past due. Where receivables are written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss.Debtors separately identified as credit-impaired\u00a3m 2022 2021Gross carrying amount * \u2013Less: loss allowance * \u2013Carrying amount net of allowance \u2013 \u2013The Group\u2019s credit risk exposure in relation to trade receivables under IFRS 9 is set out in the provision matrix as follows:Past due\u00a3m Current 1\u201330 days 31\u201360 days 61\u201390 days 91\u2013120 days >120 days TotalAt 31 December 2022North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 0.1%Trade receivables 20.2 3.1 0.5 * * 0.3 24.1Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 10.8%Trade receivables 10.3 1.7 0.2 * 0.1 0.1 12.4Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 4.3 0.9 0.7 * \u2013 * 5.9Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Past due\u00a3m Current 1\u201330 days 31\u201360 days 61\u201390 days 91\u2013120 days >120 days TotalAt 31 December 2021North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 5.1%Trade receivables 14.8 1.7 0.5 0.4 0.1 0.2 17.7Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 29.6%Trade receivables 7.8 1.2 0.2 0.1 * 0.1 9.4Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 2.9 0.6 0.2 * * * 3.7Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013* Balance is less than \u00a3100,000.31. Financial risk management continuedThe movement in the allowance for impairment of trade receivables is as follows: \u00a3m 2022 2021Beginning of financial year * (0.5)(a)Loss allowance recognised in profit or loss during the year on assets acquired/originated * *Receivables written off as uncollectible \u2013 0.5Currency translation differences * *End of the financial year * *(a) Loss allowance measured at lifetime ECL.* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-67-2": {
"value": "e. Liquidity riskPrudent liquidity risk management includes maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities (Note 22) and the ability to close out market positions at a short notice. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows. All significant subsidiaries prepare weekly cash forecast on a 13-weeks outlook basis and reviewed it on a weekly basis with the management.At the balance sheet date, assets held by the Group and the Company for managing liquidity risk included cash and short-term deposits as disclosed in Note 16.The Group\u2019s debt is sourced from a Revolving Credit Facility 'RCF' provided by HSBC UK Bank PLC, J.P. Morgan Securities PLC, DBS Bank Ltd, Banco de Sabadell S.A., Commerzbank Aktiengesellschaft and Bank of China Limited. In 2022, the Group amended in respect of replacing LIBOR with Compound Reference Rate and renewed its facility from US$150 million to US$255 million with a US$75 million accordion with a four-year term up to June 2026 and an option to extend the bank facility for a further one year to June 2027. The facility has no fixed repayment terms until maturity. The main features of the RCF are as follows: \u2022 The interest rate on the amounts drawn under the facility is determined as Secured Overnight Financing Rate (SOFR) administered by the Federal Reserve Bank of New York plus a margin of 1.2-2.8% for the utilisation facility and a margin of 1.7% for the unutilised facility.\u2022 Market standard financial covenants of the facility, as discussed below.\u2022 A US$75 million accordion feature, providing the Group with additional flexibility to increase the size of the banking facility to US$330 million, subject to approval of its bank lending group.The covenants to 31 December 2022 include:\u2022 The ratio of net debt to consolidated EBITDA permitted under the revolving credit facility must not exceed a multiple of three times.\u2022 Consolidated EBITDA must also cover relevant finance expenses by a minimum of four times.For covenant testing purposes, the Group\u2019s definition of consolidated EBITDA is adjusted to exclude specific items. Consolidated EBITDA, for covenant test purposes, is based on the previous 12-month period, measured on the last day of each financial quarter of the Group. Throughout the year and at 31 December 2022 both of these covenants were met.The table below analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cashflows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.31. Financial risk management continuedLess than Between Between Over \u00a3m1 year1 and 2 years2 and 5 years5 years TotalAt 31 December 2022Trade and other payables 44.9 \u2013 \u2013 \u2013 44.9Lease liabilities 2.9 4.1 14.6 68.7 90.3Accrued consideration \u2013 \u2013 1.5 \u2013 1.5Borrowings, including interest 12.6 11.6 195.7 \u2013 219.9Total 60.4 15.7 211.8 68.7 356.6At 31 December 2021Trade and other payables 42.1 \u2013 \u2013 \u2013 42.1Lease liabilities 1.9 2.0 2.4 2.2 8.5Accrued consideration * \u2013 1.3 \u2013 1.3Borrowings, including interest 0.9 0.7 34.0 \u2013 35.6Total 44.9 2.7 37.7 2.2 87.5* Balance is less than \u00a3100,000.The Group manages the liquidity risk by maintaining sufficient cash and bank facilities to enable it to meet its normal operating commitments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-2": {
"value": "f. Fair value measurementsThe table below presents assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:i. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);ii. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); andiii. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).As at 31 December 2022 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)As at 31 December 2021 \u00a3mAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)* Balance is less than \u00a3100,000.The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of currency forwards is determined using quoted forward currency rates at the balance sheet date. These derivative financial instruments are included in Level 2.g. Financial instruments by categoryThe carrying amount of the different categories of financial instruments are as follows:\u00a3m 2022 2021Financial assets, at FVPL * *Financial liabilities, at FVPL (1.6) (1.5)Financial assets, at amortised cost 103.9 40.7Financial liabilities, at amortised cost (317.6) (83.9)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-3": {
"value": "f. Fair value measurementsThe table below presents assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:i. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);ii. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); andiii. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).As at 31 December 2022 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)As at 31 December 2021 \u00a3mAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)* Balance is less than \u00a3100,000.The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of currency forwards is determined using quoted forward currency rates at the balance sheet date. These derivative financial instruments are included in Level 2.g. Financial instruments by categoryThe carrying amount of the different categories of financial instruments are as follows:\u00a3m 2022 2021Financial assets, at FVPL * *Financial liabilities, at FVPL (1.6) (1.5)Financial assets, at amortised cost 103.9 40.7Financial liabilities, at amortised cost (317.6) (83.9)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-4": {
"value": "f. Fair value measurementsThe table below presents assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:i. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);ii. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); andiii. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).As at 31 December 2022 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)As at 31 December 2021 \u00a3mAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)* Balance is less than \u00a3100,000.The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of currency forwards is determined using quoted forward currency rates at the balance sheet date. These derivative financial instruments are included in Level 2.g. Financial instruments by categoryThe carrying amount of the different categories of financial instruments are as follows:\u00a3m 2022 2021Financial assets, at FVPL * *Financial liabilities, at FVPL (1.6) (1.5)Financial assets, at amortised cost 103.9 40.7Financial liabilities, at amortised cost (317.6) (83.9)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-5": {
"value": "f. Fair value measurementsThe table below presents assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:i. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);ii. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); andiii. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).As at 31 December 2022 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)As at 31 December 2021 \u00a3mAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)* Balance is less than \u00a3100,000.The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of currency forwards is determined using quoted forward currency rates at the balance sheet date. These derivative financial instruments are included in Level 2.g. Financial instruments by categoryThe carrying amount of the different categories of financial instruments are as follows:\u00a3m 2022 2021Financial assets, at FVPL * *Financial liabilities, at FVPL (1.6) (1.5)Financial assets, at amortised cost 103.9 40.7Financial liabilities, at amortised cost (317.6) (83.9)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-6": {
"value": "f. Fair value measurementsThe table below presents assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:i. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);ii. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); andiii. Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).As at 31 December 2022 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)As at 31 December 2021 \u00a3mAssetsDerivative financial instruments \u2013 * \u2013 *LiabilitiesDerivative financial instruments \u2013 (0.1) \u2013 (0.1)* Balance is less than \u00a3100,000.The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of currency forwards is determined using quoted forward currency rates at the balance sheet date. These derivative financial instruments are included in Level 2.g. Financial instruments by categoryThe carrying amount of the different categories of financial instruments are as follows:\u00a3m 2022 2021Financial assets, at FVPL * *Financial liabilities, at FVPL (1.6) (1.5)Financial assets, at amortised cost 103.9 40.7Financial liabilities, at amortised cost (317.6) (83.9)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-2": {
"value": "h. Offsetting financial assets and financial liabilitiesThe Group has no financial instruments subject to enforceable master netting arrangements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-2": {
"value": "32. Business combinationsOn 31 January 2022, the Group acquired 100% equity interest in FuG Elektronik GmbH 'FuG' and Guth High Voltage GmbH 'Guth'. The principal activity of FuG and Guth is that of development, production and sale of high voltage products, covering applications from particle accelerators systems to laboratory power supplies. As a result of the acquisition, the Group is expected to add new and highly complementary technical capabilities to the Group\u2019s high voltage product portfolio. Details of the consideration paid, the assets acquired and liabilities assumed, the effects on the cash flows of the Group, at the acquisition date, are as follows: (a) Purchase consideration\u00a3mCash paid 33.2Consideration transferred for the businesses 33.2(b) Effect on cash flows of the Group\u00a3mCash paid (as above) 33.2Less: Cash and bank balances in subsidiaries acquired (0.2)Cash outflow on acquisition 33.0(c) Identifiable assets acquired and liabilities assumedAt fair valueCash and bank balances 0.2Property, plant and equipment (Note 13) 0.8Brand, Trademarks, Technology, Customers relationships, Customer contracts and Software (Note 12 and Note (f) below) 11.3Right-of-use assets (Note 14) 11.4Inventories 5.9Trade receivables (Note (e) below) 1.1Other current assets (Note (e) below) 0.2Total assets 30.9Trade and other payables (2.9)Lease liabilities (Note 22) (11.4)Income tax payable (0.3)Deferred tax liabilities (Note 26) (4.1)Total liabilities (18.7)Total identifiable net assets 12.2Add: Goodwill 21.0Consideration transferred for the businesses 33.232. Business combinations continued(d) Acquisition-related costsAcquisition-related costs of \u00a32.4 million are included in \u201cadministrative expenses\u201d in the consolidated statement of comprehensive income and in operating cash flows in the consolidated statement of cash flows.(e) Acquired receivablesThe fair value of trade and other receivables is \u00a31.3 million which is the same as the gross contractual amount, all of which is expected to be collectible.(f) Fair values The fair value of the acquired identifiable intangible assets of \u00a311.3 million was finalised during the year. (g) Goodwill The goodwill of \u00a321.0 million arising from the acquisition is attributable to the workforce in place, strategic value through new customers, new technologies, an expanded presence in Germany and the synergies expected to arise from the economies of scale in combining the operations of the Group with those of FuG and Guth. It is not deductible for tax purposes. (h) Revenue and profit contributionThe acquired businesses contributed revenue of \u00a316.6 million and net profit of \u00a32.9 million to the Group from the period 1 February 2022 to 31 December 2022.Had FuG and Guth been acquired from 1 January 2022, consolidated revenue and consolidated loss before tax for the period ended 31 December 2022 would have been \u00a3291.9 million and \u00a329.8 million respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "33. InformationThese financial statements were authorised for issue in accordance with a resolution of the Board of Directors of XP Power Limited on 28 February 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}