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"pp-value-7-1": {
"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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"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
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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 \u201cGroup\u201d) 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-5-2": {
"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 \u201cGroup\u201d) 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-5-3": {
"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 \u201cGroup\u201d) 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.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 34\u201339. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 44\u201350. The principal risks of the Group are set out on pages 52\u201359. 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 Group has available to it a US $ denominated Revolving Credit Facility (RCF) of $255 million (\u00a3200 million). The facility matures in June 2026 and therefore is committed throughout the minimum period for which going concern is assessed, which is 12 months from the date of signing these financial statements. At 31 December 2023, the Group had drawn down $162 million (\u00a3127 million) against this, leaving undrawn facility headroom of more than \u00a373 million.In late 2023, financial covenants within the RCF agreement were amended as follows as part of the Funding Plan described in the Chief Financial Officer\u2019s Review:\u2022 Leverage ratio: Net Debt to Adjusted EBITDA of not more than 3.5x until 31 December 2024, and not more than 3.0xthereafter\u2022 Interest cover: Adjusted EBITDA to Adjusted Net Finance Expense to not less than 3.0x until 30 September 2025, and notless than 4.0x thereafterBoth covenants are tested quarterly.As part of its going concern review, the Group developed base and severe but plausible downside scenarios, assessing forecast liquidity and covenant compliance in each case.2. Summary of material accounting policies CONTINUEDThe key assumption in both forecast scenarios is revenue, particularly revenue beyond the initial six-month period for which the business already has visibility via existing sales orders. Revenue in this period, H2 2024 in this case, will be determined by, amongst other things, the assumed timing of the semiconductor equipment market upcycle and when any overstocking in the sales channel will be cleared. Other key assumptions relate to the impact of available mitigating actions and future interest rates. Given that the Group\u2019s borrowings are US $ denominated, net debt and therefore the leverage ratio can be impacted by future movements in the US $ exchange rate. In both Cases below, the US $ exchange rate is assumed to be $1.26.The Group\u2019s Base Case scenario is that the slowdown in revenue that commenced in mid-2023 will continue until mid-2024 before recovering thereafter as excess channel inventory is cleared and demand returns to the Semiconductor Manufacturing Equipment market. This results in a 14% decline in revenue between 2023 and 2024 in total.The impact of this is mitigated by management actions to reduce costs, as set out in the Chief Financial Officer\u2019s Review.The Base Case assumes SOFR reduces gradually to 4.25% by 31 December 2024, in line with current market expectations, lowering interest costs. The Group has capped the variable interest rate applicable to the majority of its borrowings at a rate slightly above the current SOFR.In the Base Case, the Group remains in full compliance with its financial covenants and with ample liquidity throughout the going concern assessment period.The lowest point of headroom in the Leverage Ratio covenant is at 30 September 2024. EBITDA would need to fall c.32% short of expectations in the period 1 January to 30 September 2024 for a breach to occur. Note that the current order book covers nearly all of the first half\u2019s revenue.The lowest point of headroom in the Interest Cover covenant is at 30 September 2024. EBITDA would need to fall c.24% short of expectations in the period 1 January to 30 September 2024 for a breach to occur.In the severe but plausible downside scenario, the slowdown in revenue that commenced in mid-2023 continues throughout 2024 with no recovery. This results in a 18% decline in revenue between 2023 and 2024 in total, with the additional 4% decline versus the Base Case arising in H2 2024.This case assumes a \u00a35.0 million reduction in annualised overheads, implemented from the start of H2 2024, which reduces overheads for 2024 by 3.0%, in addition to the reductions assumed in the Base Case. The interest rate assumption is the same as the Base Case.In the Downside Case, the Group remains compliant with its financial covenants, albeit with lower headroom, and with ample liquidity throughout the going concern assessment period.The lowest point of headroom in the Leverage Ratio covenant is 31 December 2024. EBITDA would need to fall c.18% short of expectations in 2024 for a breach to occur.The lowest point of headroom in the Interest Cover covenant is 31 December 2024. EBITDA would need to fall c.4% short of expectations in 2024 for a breach to occur.The Group\u2019s funding position has improved considerably due to the Funding Plan implemented in late 2023. New funds have been raised from a share Placing, covenant terms were amended with the support of all the Group\u2019s lenders, and actions were taken to preserve cash and reduce costs. Actions taken to reduce cost illustrate the Group\u2019s ability to respond to changed circumstances robustly and the benefit of these actions is now coming through.The Directors are confident that the Base Case and Downside Cases, including the benefit of the Funding Plan, provides an appropriate basis for the going concern assumption to be applied in preparing the financial statements, whilst recognising lower headroom in the Downside Case.Therefore, 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.i New and amended standards adopted by the GroupOn 1 January 2023, 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 \u201cStandards and Interpretations\u201d) 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 2023 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. 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 to 60 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 are 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 are 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 income statement, 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 costs 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. 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. 2.4 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 statementsThe 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 thecumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using theexchange rates at the dates of the transactions); andiii. All resulting currency translation differences are recognised in other comprehensive income and accumulated in the currencytranslation reserve. These currency translation differences are reclassified to profit or loss on disposal or partial disposal withloss 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: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. DisposalOn 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. 2.9 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 recognised as an expense is not reversed in a subsequent period. b. Intangible assets, property, plant and equipment, right-of-use assetsIntangible 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. Summary of material accounting policies CONTINUED2.7 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 assetsOther 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: The 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. 2.8 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. 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.2. Summary of material accounting policies CONTINUEDi 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.ii At subsequent measurementDebt 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 representsolely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that issubsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss whenthe asset is derecognised or impaired. Interest income from these financial assets is included in interest income using theeffective interest rate method.\u2022 FVOCI: Debt instruments that are held for collection of contractual cash flows and for sale, where the assets\u2019 cash flowsrepresent solely payments of principal and interest, are measured at FVOCI. Movements in fair values are recognised inOther Comprehensive Income (OCI) and accumulated in fair value reserve, except for the recognition of impairment gainsor losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financialasset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss andpresented in \u201cother income\u201d. Interest income from these financial assets is recognised using the effective interest rate methodand 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 amortisedcost or FVOCI are classified as FVPL. Movement in fair values and interest income is recognised in profit or loss in the periodin which it arises and presented in \u201cother income\u201d.b. ImpairmentThe 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 31 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 derecognitionRegular 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 the 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 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 do not result in derecognition, differences between the recalculated gross carrying amount and the carrying amount before modification are 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 recognises 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.2. Summary of material accounting policies CONTINUEDb. 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 is based on an index or rate, initially measured using the index or rate at thecommencement date;\u2022 Amount expected to be payable under residual value guarantees;\u2022 The exercise price of a purchase option if it 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 contracts 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 components 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 are recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.c. 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 incometax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheetdate; and(b) based on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, torecover 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 that 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 plansDefined 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 compensationThe 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 is credited to retained earnings. 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, \u00a39.4 million (2022: \u00a38.1 million) of product development costs have been capitalised, including capitalised interest. 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 allows management to measure reliably the expenditure attributable to each project. Significant judgements are involved when management performs the assessment. ii Going concernParagraph 2.1 A confirms that these financial statements have been prepared on a going concern basis and explains the basis for the Directors\u2019 conclusion that a going concern basis is appropriate. In determining whether the Group\u2019s accounts should be prepared on a going concern basis, the Directors considered the Group\u2019s business activities, its current liquidity position and banking covenants and factors likely to affect its future performance and financial position, including the principal risks as set out on pages 52\u201359. This assessment is considered to be a critical accounting judgement. In performing this assessment, the Directors prepared both base and downside scenarios. The key variables and sensitivities in these scenarios are the timing of the recovery of revenue and interest costs. Judgements have been made in determining when the Semiconductor Manufacturing Equipment market recovers and when excess channel inventory clears and on the SOFR interest rate. Further details are set out in paragraph 2.1.Under both the base and downside scenarios, the Group has liquidity headroom and is in compliance with its banking covenants for the period under review. Inevitably if market condition were to be worse than we have modelled or if more severe risks were to crystallise then the Group would seek to identify and implement additional operational and financial measures to ensure ongoing compliance with covenants and adequate liquidity. b. Critical accounting estimates and assumptions i Recoverable amount of capitalised product development costsAs at 31 December 2023, the net book value of capitalised product development costs amounts to \u00a330.6 million (2022: \u00a330.4 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 costs and start date for amortisationThe 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. During the year, the minimum useful life for product development costs was increased from three years to five years.The Group also takes a view on when amortisation should start and expense capitalisation should cease based on when the product is considered to be capable of operating in a manner intended by management. Significant judgement is required in determining this date as some projects follow an iterative design process and so it is hard to determine when development has ended and commercial sales have begun. The principals for determining this date were reviewed during the year and new, cleared principals introduced.The impact of the change in minimum useful life reduced the amortisation charge in the year by \u00a30.9 million and the change in amortisation start date lead to an increase in the amortisation charge of \u00a32.6 million \u2013 a combined effect of an increase in amortisation charge of \u00a31.7 million. Estimating the effect of the change in estimates on future years is impracticable.2. Summary of material accounting policies CONTINUEDc. 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 CONTINUEDiii 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 with a terminal growth rate of 2% after this. The carrying amount of goodwill as at 31 December 2023 was \u00a375.6 million (2022: \u00a377.5 million) with no impairment adjustment required for 2023.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 2023 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. As set out in (ii) below, costs excluded from segment operating income include centrally managed general and administrative costs, share-based payment expense, various non-operating charges, income taxes and Adjusting items as they do not relate to the underlying cost base of the segment. 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 market sectors and geographical regions.The revenue by market and location of the design win is as follows:2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 3.4 86.0 12.8 102.2 2.7 93.8 16.9 113.4Industrial Technology 67.6 54.0 14.7 136.3 61.3 44.5 13.8 119.6Healthcare 26.8 44.5 6.6 77.9 22.5 28.9 6.0 57.4Total 97.8 184.5 34.1 316.4 86.5 167.2 36.7 290.4Revenue of \u00a356.6 million (2022: \u00a348.3 million) is derived from a single external customer. This is 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 2023 2022North America 176.3 167.3United Kingdom 25.3 25.9Singapore 45.7 36.9Germany 48.0 40.8Switzerland 2.0 1.4France 4.4 3.5Other countries 14.7 14.6Total revenue 316.4 290.4The 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.ii SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2023 and prior year comparatives is as follows:Reconciliation of segment results to loss for the year:\u00a3m 2023 2022Europe 24.2 21.5North America 55.1 48.5Asia 11.9 10.5Segment results 91.2 80.5Costs excluded from operating segmentsResearch and development \u2013 Employee compensation (14.5) (13.0)\u2013 Amortisation of intangible assets (2.4) (2.2)\u2013 Depreciation of property, plant and equipment (1.2) (1.3)\u2013 Safety and approval (1.1) (0.8)\u2013 Advertising (0.8) (0.8)\u2013 Others (1.9) (1.7)Manufacturing\u2013 Employee compensation (1.9) (1.9)\u2013 Cost of goods sold (8.8) (1.3)\u2013 Others (0.8) (0.5)Corporate cost \u2013 Employee compensation (9.5) (6.5)\u2013 Information systems (3.5) (3.4)\u2013 Consultancy fees (1.7) (1.5)\u2013 Amortisation of intangible assets (2.1) (1.7)\u2013 Others (2.9) (1.0)Adjusted operating profit 38.1 42.9Net finance expense (13.3) (6.1)Adjustments (13.6) (67.0)Profit/(Loss) before tax 11.2 (30.2)Taxation (20.2) 10.6Loss for the year (9.0) (19.6)4. Segment and revenue information CONTINUED2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 0.6 20.5 9.5 30.6 1.4 3.3 3.6 8.3Depreciation of property, plant and equipment 0.5 2.0 2.6 5.1 0.4 2.0 2.7 5.1Right-of-use assets additions 0.9 6.3 0.1 7.3 13.8 33.0 3.6 50.4Depreciation of right-of-use assets 1.3 2.7 0.5 4.5 1.1 1.5 0.6 3.2Intangible assets (including goodwill) additions * 3.5 6.0 9.5 32.4 3.2 8.6 44.2Amortisation of intangible assets 1.4 3.8 5.3 10.5 1.5 4.4 3.4 9.3Costs relating to legal dispute \u2013 2.1 \u2013 2.1 \u2013 52.2 \u2013 52.2Impairment loss on intangible assets \u2013 \u2013 1.9 1.9 \u2013 7.7 0.1 7.8Bank deposits pledged \u2013 0.3 \u2013 0.3 \u2013 1.1 \u2013 1.1Balance sheetSegment assets 79.2 245.9 120.0 445.1 85.5 237.1 141.5 464.1Unallocated deferred and current income tax 1.2 17.6Consolidated total assets 446.3 481.7Segment liabilities (21.2) (227.2) (28.3) (276.7) (21.5) (269.4) (36.0) (326.9)Unallocated deferred and current income tax (14.3) (15.3)Consolidated total liabilities (291.0) (342.2)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by region or country:\u00a3m 2023 2022North America 129.1 114.2United Kingdom 11.4 11.9Singapore 45.2 49.6Germany 45.3 47.4Malaysia 10.5 3.5Other countries 12.1 13.4Total non-current assets 253.6 240.0* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. Reconciliation 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 costs, 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/(loss) to Adjusted operating profit, a reconciliation of profit/(loss) before tax to Adjusted profit before tax and a reconciliation of loss after tax to Adjusted profit after tax.a. A reconciliation of operating profit/(loss) to Adjusted operating profit is as follows:\u00a3m 2023 2022Operating profit/(loss) 24.5 (24.1)Adjusted for:Restructuring costs 5.3 0.1Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2Fair value gain on derivative financial instruments (0.1) (0.1)13.6 67.0Adjusted operating profit 38.1 42.9b. A reconciliation of profit/(loss) before tax to Adjusted profit before tax is as follows:\u00a3m 2023 2022Profit/(Loss) before tax 11.2 (30.2)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modifications of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)15.4 68.2Adjusted profit before tax 26.6 38.04. Segment and revenue information CONTINUEDc. Impact of Adjusted items on the relevant lines in the Income Statement provided below:2023Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructruing costs 1.7 3.6 2.4 7.7Global supply chain transformation 1.5 1.2 2.7Costs realting to legal dispute 2.0 0.1 2.1Amortisation of intangible assets acquired from business combinations 3.0 0.2 3.2Costs relating to Enterprise Resource Planning systems implementation 0.3 0.3Acquisition costs 0.1 0.1Gain on modifications of revolving credit facility (0.6) (0.6)Fair value gain on derivative financial instruments (0.1) (0.1)6.1 7.4 0.1 1.8 15.42022Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructuring costs 0.1 0.2 0.3Costs relating to legal dispute 52.1 0.1 52.2Impairment of intangible assets 7.5 7.5Amortisation of intangible assets acquired from business combinations 4.1 4.1Costs relating to Enterprise Resource Planning systems implementation 3.8 3.8Acquisition costs 2.4 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition (3.2) (3.2)Revolving credit facility fees 0.2 0.2Loss on modifications of revolving credit facility 1.0 1.0Fair value gain on derivative financial instruments (0.1) (0.1)4.1 55.3 7.6 1.2 68.2d. A reconciliation of loss for the year to Adjusted profit for the year is as follows:\u00a3m 2023 2022Loss for the year (9.0) (19.6)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modification of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)1Non-recurring tax expense/(credit)10.4 (16.7)25.8 51.5Adjusted profit for the year 16.8 31.91 Adjusted for tax on specific items relating to completed acquisitions of \u00a316,526 (2022: \u00a30.6 million), gain on foreign exchange impact of euro-denominated loan drawn down to finance acquisition of \u00a3nil (2022: \u00a30.5 million), costs related to Enterprise Resource Planning system implementation of \u00a349,878 (2022: \u00a30.8 million), costs relating to legal dispute of \u00a30.5 million (2022: \u00a313.6 million) ), impairment of intangible assets of \u00a35,272 (2022: \u00a32.0 million), revolving credit facility fees of \u00a32,113 (2022: \u00a327,706), gain on modification of revolving credit facility of \u00a30.1 million (2022: loss of \u00a3 0.2 million), restructuring cost of \u00a31.9 million (2022: \u00a330,117), global supply chain transformation \u00a30.7 million (2022: \u00a3nil), and gain on fair value impact on derivative financial instruments of \u00a315,775 (2021: \u00a322,462) and tax loss relating to legal claim \u00a313.6 million (2022: \u00a3nil).5. Employee compensation (including Directors)\u00a3m 2023 2022Wages and salaries 97.9 85.5Employers\u2019 contribution to defined contribution plans 10.7 9.6Share-based payment expenses 1.1 0.1109.7 95.2Less: amount capitalised in intangible assets and property, plant and equipment (7.6) (6.8)Total 102.1 88.4For further information regarding Directors\u2019 remuneration, refer to the Directors\u2019 Remuneration Report.6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). 7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.8. Taxation\u00a3m 2023 2022Tax expense/(credit) attributable to (loss)/profit is made up of: Tax on profit /(loss) for the financial year \u2013 Singapore 3.6 2.8\u2013 Foreign 3.3 4.1Current income tax 6.9 6.9Deferred income tax 13.7 (17.1)20.6 (10.2)Over provision in prior financial years\u2013 Singapore (0.3) (0.2)\u2013 Foreign * *Current income tax (0.3) (0.2)Deferred income tax (0.7) (0.8)(1.0) (1.0)Withholding tax 0.6 0.6Income tax expense/(credit) 20.2 (10.6)Taxation 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 2023 2022Profit/(loss) before tax 11.2 (30.2)Tax on profit/(loss) at standard Singapore tax rate of 17% (2022: 17%) 1.9 (5.1)Tax incentives (0.9) (0.5)Different tax rates in other countries (0.9) (4.6)Tax effect of share-based payments * 0.2Expenses not deductible for tax purposes 1.1 1.0Income not subject to tax (0.2) (1.0)Deferred tax effect of change in tax rate 0.4 (0.2)Over provision of tax in prior financial years (1.0) (1.0)Deferred tax asset on tax losses and wear and tear allowances not provided for 5.8 \u2013Withholding tax 0.6 0.6Deferred tax expense arising from the write-down of deferred tax asset 13.4 \u2013Income tax expense/(credit) 20.2 (10.6)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 2023 2022Deferred tax asset \u2013 share-based payments 0.2 1.5Total 0.2 1.5* Balance is less than \u00a3100,000.2023 2022Pence Pence per share \u00a3mper share \u00a3mPrior year third quarter dividend paid 21.0* 4.1 21.0 4.1Prior year final dividend paid 36.0* 7.1 36.0 7.1First quarter dividend paid 18.0^ 3.6 18.0* 3.6Second quarter dividend paid \u2013 \u2013 19.0* 3.8Total 75.0 14.8 94.0 18.6* Dividends in respect of 2022 (94.0p).^ Dividends in respect of 2023 (18.0p).No further dividends are proposed in respect of the 2023 financial year.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 2023 2022LossLoss for the purposes of basic and diluted earnings per shareLoss for the year attributable to equity holders of the Company (9.2) (20.0)Loss for earnings per share (9.2) (20.0)Number of sharesWeighted average number of ordinary shares outstanding for basic earnings per share (thousands) 20,281 19,616Effect of dilutive potential share awards (thousands) 23 63Weighted average number of shares for diluted earnings per share (thousands) 20,304 19,679(Loss)/earnings per share Basic (45.4)p (102.0)pBasic Adjusted* 81.9p 160.6pDiluted (45.3)p (101.6)pDiluted Adjusted* 81.8p 160.1p* Reconciliation to compute the diluted Adjusted earnings from operations is as per below:\u00a3m 2023 2022Loss for the purposes of basic and diluted earnings per shareLoss for the year attributable to equity holders of the Company (9.2) (20.0)Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combination 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance the acquisition \u2013 (3.2)Revolving credit facilities fees * 0.2(Gain)/loss on modification of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)Non-recurring tax expense/(credit) 10.4 (16.7)Adjusted earnings 16.6 31.5* Balance is less than \u00a3100,000.11. Goodwill\u00a3m 2023 2022Cost and net book value At 1 January 77.5 52.5Accrued consideration (Note 21) * *Acquisition of subsidiaries \u2013 21.0Currency translation differences (1.9) 4.0At 31 December 75.6 77.5* Balance is less than \u00a3100,000.Goodwill 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 2023 2022North America 42.7 43.9Europe 31.4 32.0Asia 1.5 1.6At 31 December 75.6 77.5The 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:2023 2022Growth Discount Terminal Growth Discount Terminal 122raterategrowth rateraterategrowth rateNorth America 5.0% 10.2% 2.0% 8.7% 11.8% 2.0%Europe 3.5% 12.4% 2.0% 5.3% 12.9% 2.0%Asia 7.7% 15.1% 2.0% 8.5% 12.5% 2.0%1 Compound annual growth rate of projected revenue over 2024-2028.2 Pre-tax discount rate applied to the pre-tax cash flow projections.A 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 exceeding its recoverable amount.The impairment test carried out at 31 December 2023 for the North America CGU, which includes 56.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3202.2 million or 47.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 3.5% or a decrease in growth rate by 7.5% 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 2023 for the Europe CGU, which includes 41.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a364.3 million or 71.9% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.4% or a decrease in growth rate by 7.3% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2023 for the Asia CGU, which includes 2.0% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3129.7 million or 14.6% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 1.6% or a decrease in growth rate by 7.8% 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 cash flows due to climate change. A sensitivity analysis was performed for each CGU or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Flood risk \u2013 major flood could cause a disruption to the manufacturing sites.2. Supply chain risks \u2013 physical climate-related impacts could also result in supply chain disruptions, either through supplier sites being directly affected, or by disruption to transportation and energy supply.3. 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 transportation.4. 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 sustained cost impacts from any introduction of carbon pricing.These downside scenarios would result in 5-6% reduction of revenue and 5-10% increase in operating costs. 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 \u00a33.7 million, \u00a32.1 million and \u00a34.7 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 2022 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 \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 28.3 135.8Additions 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 * 9.2 9.5Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.2) \u2013 (0.2)Transfers 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 1.9 (10.4) \u2013Currency translation differences (1.7) * * (0.4) (1.2) (0.1) (1.2) (1.5) (6.1)At 31 December 2023 51.0 1.8 1.1 7.9 24.8 2.6 24.2 25.6 139.0Accumulated amortisation and impairment lossesAt 1 January 2022 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 65.9Amortisation charge 5.0 0.2 * 0.8 1.6 0.6 2.3 \u2013 10.5Impairment charge * \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.5 2.5Currency translation differences (1.1) \u2013 * (0.2) (0.7) (0.1) (0.4) (0.5) (3.0)At 31 December 2023 35.9 0.8 1.0 4.4 13.6 1.9 8.3 10.0 75.9Net book valueAt 31 December 2023 15.1 1.0 0.1 3.5 11.2 0.7 15.9 15.6 63.1At 31 December 2022 11.9 1.2 0.1 4.5 13.3 1.3 17.3 20.3 69.9* Balance is less than \u00a3100,000.The remaining amortisation period for customer relationships ranges from four to nine years. The Group\u2019s trademarks used to identify and distinguish the Group\u2019s name and logo have a carrying amount of \u00a30.1 million (2022: \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 are tested for impairment on an annual basis. 13. Property, plant and equipmentFreehold Plant and Motor Building Assets under \u00a3mland Buildingsequipmentvehiclesimprovementsconstruction TotalCostAt 1 January 2022 1.5 17.3 30.3 0.3 7.1 1.3 57.8Acquisition of subsidiaries \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 70.4Additions \u2013 0.2 3.3 * 0.2 26.9 30.6Disposals \u2013 \u2013 (3.5) (0.1) (0.6) \u2013 (4.2)Transfers \u2013 \u2013 2.4 \u2013 19.2 (21.6) \u2013Currency translation differences (0.1) (1.0) (2.1) * (0.8) (0.3) (4.3)At 31 December 2023 1.5 18.2 38.1 0.2 26.9 7.6 92.5Accumulated depreciationAt 1 January 2022 \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 33.8Depreciation charge \u2013 0.5 3.7 * 0.9 \u2013 5.1Disposals \u2013 \u2013 (3.4) (0.1) (0.6) \u2013 (4.1)Currency translation differences \u2013 (0.3) (1.3) * (0.2) \u2013 (1.8)At 31 December 2023 \u2013 5.3 22.9 0.2 4.6 \u2013 33.0Net book value At 31 December 2023 1.5 12.9 15.2 \u2013 22.3 7.6 59.5At 31 December 2022 1.6 13.9 14.1 \u2013 4.4 2.6 36.6* Balance is less than \u00a3100,000.Assets under construction pertains to cost incurred for the building of Malaysia factory of \u00a37.1 million and renovation of the office space in North America which is due for completion in 2024 of \u00a30.5 million.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 and product development uses. The lease has a lease term of 12 years commencing from 1 April 2023 which includes options to extend 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 Equipment land and and motor \u00a3mbuildingsvehicles TotalCostAt 1 January 2022 7.9 0.4 8.3Additions 38.5 0.5 39.0Acquisition of subsidiaries 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 54.9Additions 7.1 0.2 7.3Disposals (0.8) * (0.8)Depreciation charge (4.3) (0.2) (4.5)Currency translation differences (2.9) * (2.9)At 31 December 2023 53.3 0.7 54.0* Balance is less than \u00a3100,000.b. Lease expense not capitalised in lease liabilities\u00a3m 2023 2022Lease 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 2023 was \u00a33.6 million (2022: \u00a36.7 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.15. SubsidiariesThe Group has the following principal subsidiaries as at 31 December 2023 and 2022:Ownership Ownership interestinterest20232022Name 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 90.6XP 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 100Guth High Voltage GmbH Germany 100 100XP 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 66XP Power (India) Pte. Ltd. India 100 \u2013* Refer to Note 21.16. Cash and bank balances\u00a3m 2023 2022Cash at bank and on hand 13.3 23.2Short-term bank deposits 0.1 0.2Total 13.4 23.4For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:\u00a3m 2023 2022Cash at bank balances (as above) 13.4 23.4Less: Bank overdrafts (Note 22) \u2013 (0.2)Less: Bank deposit pledged (1.4) (1.1)Cash and cash equivalents per consolidated statement of cash flows 12.0 22.1Bank 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 2023 2022Finished goods 31.3 28.4Raw materials 44.2 53.8Work in progress 16.1 32.2Total 91.6 114.4The cost of inventories recognised as an expense and included in \u201ccost of sales\u201d amounts to \u00a3138.3 million (2022: \u00a3129.2 million). 18. Trade receivables\u00a3m 2023 2022Current assetsTrade receivables 43.2 42.4Less: Loss allowance (Note 31(d)) (0.1) *Total 43.1 42.4* Balance is less than \u00a3100,000.The average credit period taken on sales of goods is 50 days (2022: 53 days). No interest is charged on the outstanding receivables balance. The carrying amounts of trade receivables approximates to their fair values.19. Other current assets\u00a3m 2023 2022Prepayments 3.0 3.3Deposits 0.7 0.9VAT receivables 0.6 3.1Rights to returned goods 0.3 0.5Other receivables 3.5 0.2Total 8.1 8.0Other current assets are not impaired as at 31 December 2023 and 31 December 2022.20. Trade and other payables\u00a3m 2023 2022Trade payables 18.5 25.3VAT payables 1.4 4.5Withholding tax 0.1 0.3Accruals for operating expenses 24.3 18.6Contract liabilities 3.4 2.9Refund liabilities 0.6 1.0Total 48.3 52.6The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in the current period that was included in the contract liabilities at the beginning of the period amounts to \u00a32.5 million (2022: \u00a31.3 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 2023 2022At 1 January 1.5 1.3Provision made 0.2 0.2Payment \u2013 *At 31 December 1.7 1.5* Balance is less than \u00a3100,000.\u00a3m 2023 2022Current \u2013 \u2013Non-current 1.7 1.5At 31 December 1.7 1.5As at 31 December 2023, the Group owns 90.6% (2022: 90.6%) of the shares of Powersolve Electronics Limited (\u201cPowersolve\u201d). In February 2017, the Group acquired 89.9% of the shares in 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. As at 31 December 2023, the Group owns 66% (2022: 66%) of the shares of Hanpower Co Ltd (\u201cHanpower\u201d). The Group acquired an initial 51% of the shares in Hanpower in May 2015 and the Group entered into an agreement on 20 May 2015 with 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. The commitments 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 2023 2022CurrentBank overdrafts \u2013 0.2Bank borrowings 0.4 \u2013Lease liabilities 1.4 2.4Total 1.8 2.6Non-currentBank borrowings 125.7 174.2Lease liabilities 53.3 48.9Total 179.0 223.1Undrawn borrowing facilities \u00a3m 2023 2022Expiring beyond one year 73.1 35.7Total 73.1 35.7The facility has no fixed repayment terms until maturity in 2026. The revolving credit facility denominated in US dollar is priced at SOFR plus a margin of 1.5%-3.25%, depending on leverage, (2022: 1.2%-2.8%) for the amount that has been drawn down and an amount of 40% of the margin for the unutilised facility. There is no drawdown on bank overdrafts denominated in GBP (2022: \u00a30.2 million) during the year. The fair values of the Group\u2019s bank borrowings and overdrafts approximate to their carrying amounts.Reconciliation of liabilities arising from financing activitiesNon-cash changesPrincipal Acquisition Proceeds and Addition Modification Disposal arising from Modification Net Foreign 31 1 January from interest during of lease during business of revolving interest exchange December \u00a3m2023borrowingspaymentsthe yearliabilitythe yearcombinationscredit facilityexpensemovement2023Bank borrowings 174.2 14.5 (67.0) \u2013 \u2013 \u2013 \u2013 (0.6) 12.2 (7.2) 126.1Lease liabilities 51.3 \u2013 (3.4) 6.8 (0.6) \u2013 \u2013 \u2013 3.1 (2.5) 54.7Non-cash changesPrincipal Acquisition Proceeds and Addition Modification Disposal arising from Modification Net Foreign 31 1 January from interest during of lease during business of revolving interest exchange December \u00a3m2022borrowingspaymentsthe yearliabilitythe yearcombinationscredit facilityexpensemovement2022Bank borrowings 33.4 170.3 (40.4) \u2013 \u2013 \u2013 \u2013 1.0 5.3 4.6 174.2Lease liabilities 8.1 \u2013 (6.5) 37.5 \u2013 (1.5) 11.4 \u2013 0.7 1.6 51.323. Derivative financial instrumentsCurrency forwardsAt 31 December 2022, derivative financial instruments comprised the USD/GBP currency forwards used to manage the exposure from issuance of dividends in GBP. There were no such forwards in place at 31 December 2023.Asset LiabilityContractual Contractual 31 December 2023 notional notional \u00a3mamount Fair value amount Fair valueCurrency forwards (current) \u2013 \u2013 \u2013 \u2013Asset LiabilityContractual Contractual 31 December 2022 notional notional \u00a3mamount Fair value amount Fair valueCurrency forwards (current) 3.5 * 7.1 (0.1)* Balance is less than \u00a3100,000.24. Provisions (current)\u00a3mCurrent 2023 2022Legal dispute (Note (a) below) 43.6 46.1Others 1.3 *Total 44.9 46.1* Balance is less than \u00a3100,000.As part of the Funding Plan Actions identified in the Chief Financial Officer\u2019s Review, the construction of the new site in Malaysia has been delayed. Agreement has been reached with the main contractor for the payment of prolongation costs in respect of this delay. Based on the expected delay and related costs, a provision of \u00a31.1 million has been made in these financial statements and the charge has been reported as part of Global supply chain transformation in Adjusting terms per Note 4.a. Legal dispute\u00a3m 2023 2022At 1 January 46.1 \u2013Provision made \u2013 46.9Currency translation differences (2.5) (0.8)At 31 December 2023 43.6 46.1As reported in the 2022 Annual Report and Accounts, in March 2022, an award for damages was made against XP for a total of $40 million in respect of a US legal action brought by Comet Technologies USA Inc., Comet AG, and YXLON International (\u201cComet\u201d). Our appeal against the original ruling, which we believe to be well founded, was filed with the Appellate Court in August 2023 and we have been responding in line with the Appellate Court\u2019s timeline. We expect the appeal to be heard during 2024. Judgement has yet to be received in respect of Comet\u2019s claim for legal fees and interest associated with the case. It is expected soon. We incurred legal fees of \u00a32.1 million in 2023 and these are reported as an Adjusting item per Note 4. While we believe we have provided for the worst-case situation, with the pending judgements and future appeals there remain a broad range of potential outcomes. Further updates will be provided as and when the current position changes.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 three-month Treasury Bill as published by the Board of Governors of the Federal Reserve System. A management fee of 0.4% of the bond is calculated on an annualised basis. The bond receivable is restricted until the finalisation of the appeal. The carrying amount of \u00a336.7 million as at 31 December 2023 is comprises the initial bond value of \u00a334.6 million, plus bond premium of \u00a30.4 million, interest receivable of \u00a31.8 million less the management fees paid of \u00a30.1 million. 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 2023 2022Deferred tax assets 0.7 15.1Deferred tax liabilities (9.3) (10.5)Net deferred tax (liabilities)/assets (8.6) 4.6The movement in the net deferred income tax account is as follows: \u00a3m 2023 2022Beginning of financial year 4.6 (6.2)Currency translation differences \u2013 (1.5)Acquisition of subsidiaries \u2013 (4.1)Tax (charged)/credited to:\u2013 Profit or loss (Note 8) (13.0) 17.9\u2013 Equity (Note 8) (0.2) (1.5)End of financial year (8.6) 4.6The 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 Lease \u00a3m legal disputepayment Tax lossesliabilities Others TotalAt 1 January 2022 \u2013 2.8 0.4 1.8 1.7 6.7Acquisition of subsidiary \u2013 \u2013 \u2013 3.2 \u2013 3.2Credited/(charged) to income statement 11.5 (0.7) 1.1 7.8 1.7 21.4Debited to equity \u2013 (1.5) \u2013 \u2013 \u2013 (1.5)Currency translation differences * \u2013 * 0.4 0.2 0.6At 31 December 2022 11.5 0.6 1.5 13.2 3.6 30.4Charged to income statement (11.0) * (1.2) (8.3) (3.5) (24.0)Debited to equity \u2013 (0.2) \u2013 \u2013 \u2013 (0.2)Currency translation differences (0.4) \u2013 * (0.4) (0.1) (0.9)At 31 December 2023 0.1 0.4 0.3 4.5 \u2013 5.3At 31 December 2023, the Group has unutilised tax losses and other credits of \u00a367.2 million for which no deferred tax benefit is recognised in the balance sheet due to the current uncertainty as to the Group\u2019s ability to utilise these losses. These tax losses and capital allowances can be carried forward and used to offset against future taxable income subject to meeting certain local statutory requirements. Tax losses amounting to \u00a311.0 million can be carried forward indefinitely, losses amounting to \u00a352.7 million begin to expire in 2029 and losses amounting to \u00a33.5 million begin to expire in 2034.Deferred income tax liabilitiesAccelerated Intangible tax assets \u00a3m depreciationamortisation Lease assets Others TotalAt 1 January 2022 (2.3) (8.8) (1.8) \u2013 (12.9)Acquisition of subsidiaries \u2013 (3.7) (3.2) (0.4) (7.3)Credited/(charged) to income statement 0.4 3.5 (7.8) 0.4 (3.5)Currency translation differences (0.3) (1.4) (0.4) * (2.1)At 31 December 2022 (2.2) (10.4) (13.2) * (25.8)Credited/(charged) to income statement 1.3 1.5 8.3 (0.1) 11.0Currency translation differences 0.1 0.4 0.4 * 0.9At 31 December 2023 (0.8) (8.5) (4.5) (0.1) (13.9)* Balance is less than \u00a3100,000. 27. Share capital and reservesa. Share capital No. of ordinary shares AmountShare TreasuryIssued share Treasury capitalsharescapital shares\u00a3m\u00a3m2023Beginning of financial year 19,742,296 (102,086) 27.2 *Shares issued 3,946,958 \u2013 44.0 \u2013Treasury shares purchased \u2013 (979) \u2013 *Treasury shares re-issued \u2013 54,182 \u2013 *End of financial year 23,689,254 (48,883) 71.2 *2022Beginning 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 ** 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 2023, the Company issued 3,946,958 ordinary shares for a net consideration of \u00a344 million. The newly issued shares rank pari passu in all aspects with the previously issued shares. 29. Related-party transactionsKey management personnel compensationKey management personnel are the Directors of the Group. \u00a3m 2023 2022Short-term employee benefits 1.9 1.4Post-employment benefits 0.1 0.1Share-based payment expenses 0.6 0.2Total 2.6 1.7Further information about the remuneration of the individual Directors is provided in the Directors\u2019 Remuneration Report on pages 122\u2013144.27. Share capital and reserves CONTINUEDb. 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 2023, the Company purchased 979 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 54,182 (2022: 90,795) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2022: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a36,000 (2022: \u00a311,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2023 2022Exercise price paid by employees 0.4 *Value of employee services 1.2 1.8Total net consideration 1.6 1.8* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,600,000 (2022: \u00a31,800,000) is recognised in other reserve. c. Share-based payments reserve 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.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 reserveOther reserve comprises: \u2022 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, and\u2022 the value relating to the exercise of share-based payment awards.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 Accrued 2023Inventoriesreceivables assets other payables consideration\u00a3m(Note 17)(Note 18)(Note 19)(Note 20) (Note 21) ProvisionsAt 31 December 2023 91.6 43.1 8.1 48.3 1.7 45.9At 31 December 2022 114.4 42.4 8.0 52.6 1.5 47.0Balance sheet movement 22.8 (0.7) (0.1) (4.3) 0.2 (1.1)Accrued consideration on acquisition \u2013 \u2013 \u2013 \u2013 (0.1) \u2013Provision for doubtful debt \u2013 * \u2013 \u2013 \u2013 \u2013Withholding tax payable \u2013 \u2013 \u2013 0.1 \u2013 \u2013Interest accrual movement \u2013 \u2013 \u2013 \u2013 (0.1) \u2013Provision for reinstatement costs \u2013 \u2013 \u2013 (0.2) \u2013 0.1Currency translation differences (5.4) (1.8) (0.5) 2.6 * 2.517.4 (2.5) (0.6) (1.8) * 1.5Trade and other Other current Trade and Accrued 2022Inventoriesreceivables assets other 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 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 \u00a3100,000.30. Share-based paymentsThe Group operates several equity-settled share-based payment plans. a. XP Power Share Option Plan (the \u201cSOP\u201d) 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 ten years from grant date. All options under the SOP are fully vested as at 31 December 2023.Set out below are summaries of options granted under the plan: 2023 2022Weighted Weighted average average exercise price exercise price Number of per share Number of per share share optionsoptionshare optionsoptionAt 1 January 73,677 \u00a315.43 76,885 \u00a315.43Forfeited during the year (10,000) \u00a315.43 \u2013 \u2013Exercised during the year* (25,000) \u00a315.43 (3,208) \u00a315.43At 31 December 38,677 \u00a315.43 73,677 \u00a315.43Exercisable at 31 December 38,677 \u00a315.43 73,677 \u00a315.43*The weighted average share price at the date of exercise of options exercised during the year ended 31 December 2023 was \u00a323.75 (2022: \u00a332.86). 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 price2023202223 February 2016 10 December 2023 \u00a315.43 \u2013 34,80023 February 2016 23 February 2026 \u00a315.43 38,677 38,877Total 38,677 73,677 Weighted average remaining contractual life of options outstanding at end of period 2.2 year 2.1 years b. XP Power Limited Long-Term Incentive Plan 2017 (the \u201cXP LTIP 2017\u201d)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: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder award#At 1 January59,754 \u00a30.01 86,254 \u00a30.01Granted during the year 53,408 \u00a30.01 30,471 \u00a30.01#Forfeited during the year(31,161) \u00a30.01 (21,666) \u00a30.01Exercised during the year* \u2013 \u2013 (35,305) \u00a30.01At 31 December 82,001 \u00a30.01 59,754 \u00a30.01Exercisable at 31 December 3,091 \u00a30.01 3,091 \u00a30.01# The beginning balance excludes 18,834 awards granted on 22 April 2020 where the EPS condition for the performance period 2020 to 2022 was only partially met and TSR condition for the performance period from 2020 to 2022 has not been met. This is different from the Remuneration Committee Report, which discloses the forfeiture in 2023. The forfeited awards during the year include 11,582 awards granted on 3 March 2021 where both the TSR and performance condition for the performance period 2021 to 2023 has not been 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. Awards outstanding at the end of the year have the following expiry dates and exercise prices.Shares under Shares under award award 31 December 31 December Grant date Expiry date Exercise price20232022116 March 201916 March 2024 \u00a30.01 3,091 3,09122 April 2020 22 October 2025 \u00a30.01 3,039 3,03922 April 2020 22 April 2026 \u00a30.01 3,547 3,5473 March 2021 3 March 2027 \u00a30.01 \u2013 11,58210 May 2021 10 May 2027 \u00a30.01 \u2013 8,0248 March 2022 8 March 2028 \u00a30.01 18,916 30,47117 March 2023 17 March 2029 \u00a30.01 33,381 \u201314 September 2023 14 September 2029 \u00a30.01 20,027 \u2013Total 82,001 59,7541 50% of the awards vested in 2023 and the remaining 50% will vest in 2024. 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 53,408Fair value at grant date \u00a311.96 to \u00a318.91Model used Monte Carlo model and Black\u2013Scholes model Assumptions used:Share price \u00a321.66Exercise price \u00a30.01Expected volatility 40.04% to 40.68%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 3.28% to 4.28%30. Share-based payments CONTINUEDc. XP Power Limited Senior Managers Long-Term Incentive Plan 2017 (the \u201cXP Senior Managers LTIP 2017\u201d)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 (\u201cPerformance RSUs\u201d) 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, 2022 and 2023, 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. Performance Share AwardsSet out below are summaries of Performance Share Awards granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 54,887 \u00a30.01 62,781 \u00a30.01Granted during the year 56,788 \u00a30.01 23,339 \u00a30.01Forfeited during the year (18,744) \u00a30.01 (20,026) \u00a30.01Exercised during the year* (13,272) \u00a30.01 (11,207) \u00a30.01At 31 December 79,659 \u00a30.01 54,887 \u00a30.01Exercisable at 31 December 3,657 \u00a30.01 9,515 \u00a30.01* The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2023 was \u00a321.78 (2022: \u00a330.90). Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award award 31 December 31 December Grant date Expiry date Exercise price20232022116 May 201816 May 2023 \u00a30.01 \u2013 6,026216 March 201916 March 2024 \u00a30.01 2,273 8,35922 April 2020 22 April 2024 \u00a30.01 2,769 4,2323 March 2021 3 March 2025 \u00a30.01 \u2013 12,9318 March 2022 8 March 2026 \u00a30.01 21,710 22,81912 September 2022 12 September 2026 \u00a30.01 \u2013 52013 June 2023 13 June 2027 \u00a30.01 44,942 \u201314 September 2023 14 September 2027 \u00a30.01 7,965 \u2013Total 79,659 54,8871 These awards are fully vested. 2 50% of the awards vested in 2023 and the remaining 50% will vest in 2024. Performance RSUsSet out below are summaries of Performance RSUs granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 35,877 \u2013 61,699 \u2013Granted during the year 27,878 \u2013 14,732 \u2013Forfeited during the year (16,902) \u2013 (18,943) \u2013Exercised during the year* (10,406) \u2013 (21,611) \u2013At 31 December 36,447 \u2013 35,877 \u2013Exercisable at 31 December \u2013 \u2013 414 \u2013* The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2023 was \u00a321.19 (2022: \u00a332.43). Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award award 31 December 31 December Grant date Expiry date Exercise price2023202212 October 2017 12 October 2022 \u2013 \u2013 30016 March 2019 16 March 2024 \u2013 \u2013 6,24222 April 2020 22 April 2024 \u2013 \u2013 5,1343 March 2021 3 March 2025 \u2013 \u2013 9,7468 March 2022 8 March 2026 \u2013 10,937 13,48917 August 2022 17 August 2026 \u2013 966 96613 June 2023 13 June 2027 \u2013 23,341 \u201314 September 2023 14 September 2027 \u2013 1,203 \u2013Total 36,447 35,87730. Share-based payments CONTINUEDRestricted Share Awards Set out below are summaries of Restricted Share Awards granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 9,461 \u00a30.01 3,912 \u00a30.01Granted during the year 24,438 \u00a30.01 6,523 \u00a30.01Forfeited during the year (1,834) \u00a30.01 (974) \u00a30.01Exercised during the year (202) \u00a30.01 \u2013 \u2013At 31 December 31,863 \u00a30.01 9,461 \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 award 31 December 31 December Grant date Expiry date Exercise price2023202222 April 2020 22 April 2024 \u00a30.01 1,376 1,6393 March 2021 3 March 2025 \u00a30.01 1,299 1,2998 March 2022 8 March 2026 \u00a30.01 4,701 4,70112 September 2022 12 September 2026 \u00a30.01 1,302 1,82213 June 2023 13 June 2027 \u00a30.01 17,496 \u201314 September 2023 14 September 2027 \u00a30.01 5,689 \u2013Total 31,863 9,461RSUs Set out below are summaries of RSUs granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 28,227 \u2013 1,623 \u2013Granted during the year 32,942 \u2013 26,742 \u2013Forfeited during the year (12,616) \u2013 (138) \u2013Exercised during the year (1,046) \u2013 \u2013 \u2013At 31 December 47,507 \u2013 28,227 \u2013Exercisable 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 awardaward 31 December 31 December Grant date Expiry date Exercise price2023202222 April 2020 22 April 2024 \u2013 \u2013 1,0463 March 2021 3 March 2025 \u2013 433 5778 March 2022 8 March 2026 \u2013 10,698 14,55417 August 2022 17 August 2026 \u2013 483 48326 August 2022 26 August 2026 \u2013 2,116 2,11612 September 2022 12 September 2026 \u2013 1,041 1,04121 November 2022 21 November 2026 \u2013 6,463 8,41013 June 2023 13 June 2027 \u2013 25,654 \u201314 September 2023 14 September 2027 \u2013 619 \u2013Total 47,507 28,227Fair 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: Performance Share Award Performance RSU Restricted Share Award RSUOptions granted 56,788 27,878 24,438 32,942Fair value at grant date \u00a312.50 to \u00a320.08 \u00a312.50 to \u00a320.08 \u00a318.49 to \u00a321.24 \u00a318.49 to \u00a321.24Model used Monte Carlo model and Monte Carlo model and Black\u2013Scholes model Black\u2013Scholes modelBlack\u2013Scholes model Black\u2013Scholes modelAssumptions used:Share price \u00a321.89 to \u00a321.97 \u00a321.89 to \u00a321.97 \u00a320.01 to \u00a321.32 \u00a320.01 to \u00a321.32Exercise price \u00a30.01 \u2013 \u00a30.01 \u2013Expected volatility 39.4% to 68.85% 39.4% to 68.85% 38.99% to 45.34% 38.99% to 45.34%Expected option life 3 years 3 years 3 years 3 yearsExpected dividend yield 3.00% 3.00% 3.00% 3.00%Risk-free interest rate 4.28% to 4.43% 4.28% to 4.43% 4.28% to 4.43% 4.28% to 4.43%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: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 9,753 \u00a30.01 6,230 \u00a30.01Granted during the year 7,189 \u00a30.01 4,080 \u00a30.01Forfeited during the year (2,647) \u00a30.01 (557) \u00a30.01At 31 December 14,295 \u00a30.01 9,753 \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 award 31 December 31 December Grant date Expiry date Exercise price2023202222 April 2020 22 October 2025 \u00a30.01 1,263 1,26322 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 \u2013 1,2038 March 2022 8 March 2028 \u00a30.01 2,636 4,08017 March 2023 17 March 2029 \u00a30.01 4,686 \u201314 September 2023 14 September 2029 \u00a30.01 2,503 \u2013Total 14,295 9,753Fair 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\u2013Scholes model. The model inputs are as follows: Options granted 7,189Fair value at grant date \u00a318.49 to \u00a318.91Assumptions used:Share price \u00a321.48 to \u00a321.97Exercise price \u00a30.011Expected volatility40.05% to 40.68%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 3.28% to 4.28%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 is as follows:\u00a3m GBP EUR USD SGD Others TotalAt 31 December 2023 Financial assets Cash and cash equivalents 2.1 1.7 8.2 0.3 1.1 13.4Trade receivables 2.0 4.3 36.6 * 0.2 43.1Bond receivables \u2013 \u2013 36.7 \u2013 \u2013 36.7Other current assets * 0.3 3.7 * 0.2 4.2ESOP loan to employees * \u2013 \u2013 \u2013 \u2013 *Subtotal 4.1 6.3 85.2 0.3 1.5 97.4Financial liabilitiesBorrowings * \u2013 (126.1) \u2013 \u2013 (126.1)Trade and other payables (2.5) (2.1) (35.1) * (3.7) (43.4)Lease liabilities (0.4) (13.3) (37.3) (3.6) (0.1) (54.7)Provisions * (0.2) (44.5) (0.1) (1.1) (45.9)Accrued consideration (0.9) \u2013 \u2013 \u2013 (0.8) (1.7)Subtotal (3.8) (15.6) (243.0) (3.7) (5.7) (271.8)Net financial assets/(liabilities) 0.3 (9.3) (157.8) (3.4) (4.2) (174.4)Currency profile 0.3 (9.3) (157.8) (3.4) (4.2) (174.4)Financial (assets)/liabilities denominated in the respective entities\u2019 functional currencies (0.5) 9.8 162.6 \u2013 2.9 174.8Currency exposure of financial (liabilities)/assets (0.2) 0.5 4.8 (3.4) (1.3) 0.4* 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.d. 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 has 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 2023 2022Gross carrying amount 0.1 *Less: loss allowance (0.1) *Carrying amount net of allowance \u2013 \u201331. Financial risk management CONTINUED\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)Accrued consideration (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.Within the Group, the Company, with US dollar as its functional currency, has significant currency exposure to financial assets and liabilities denominated in sterling and SG dollar. If the sterling and SG dollar change against US dollar by 0.5% and 2.7% respectively (2022: sterling 10.2%, SG dollar 2.8%) 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: 2023 2022 ProfitProfit after taxafter taxGBP against USD \u2013 Strengthened * 0.7 \u2013 Weakened * (0.7)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 changes against USD by 2.0% (2022: 10.7%) 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: 2023 2022 ProfitProfit for the yearfor the yearUSD against EUR \u2013 Strengthened (0.1) 0.3 \u2013 Weakened 0.1 (0.3)* 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 US dollar. The SOFR rate as of 31 December 2023 was 5.3%. In January 2024, the Group purchased an interest rate cap such that the interest payable on 100 million sterling of the Group\u2019s borrowing is capped at 5.5%, effective 2 April 2024. If the US dollar interest rates on the year end borrowings decreased by 1.0% (2022: 1.0%) with all other variables, including tax rates, being held constant, the profit for the year will be higher by \u00a31.0 million (2022: \u00a31.1 million) as a result of lower interest expense on these borrowings. If the US dollar interest rates on the year end borrowings increased by 1.0% (2022: 1.0%) with all other variables, including tax rates, being held constant, the profit for the year will be lower by \u00a30.4 million (2022: \u00a31.1 million) as a result of lower interest expense on these borrowings and the impact of the cap purchased.31. Financial risk management CONTINUEDThe 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 2023North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 2.2%Trade receivables 18.7 6.9 0.8 * * 0.2 26.6Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 3.7%Trade receivables 8.0 2.0 0.1 0.1 * 0.1 10.3Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 4.9 1.0 0.4 * * * 6.3Loss 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 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 \u2013* Balance is less than \u00a3100,000.The movement in the allowance for impairment of trade receivables is as follows: \u00a3m 2023 2022At 1 January * *(a)Loss allowance recognised in profit or loss during the year on assets acquired/originated (0.1) *Receivables written off as uncollectible * \u2013Currency translation differences * *At 31 December (0.1) *(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 forecasts on a 20 weeks outlook basis and review them on a weekly basis with management.At the balance sheet date, assets held by the Group and the Company for managing liquidity risk included cash and short-term deposits are 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. The current facility has not changed during 2023 and remains at US$255 million. The RCF facility is in place up to June 2026 and there is an option to extend for a further one year to June 2027 subject to lender consent. The facility has no fixed repayment terms until maturity. The revolving loan is priced based on the Secured Overnight Financing Rate (SOFR) administered by the Federal Reserve Bank of New York plus a margin. The current margins for the utilisation facility range from 1.5\u20133.25%, depending on the Net Debt: Adjusted EBITDA ratio for the previous quarter and a margin of 40% of the utilisation facility margin for the unutilised facility. The main features of the RCF are as follows: \u2022 The interest rate on the amounts drawn under the facility is determined as USD SOFR plus margin depending on leverage ratio.\u2022 Market standard financial covenants of the facility, as discussed below.The covenants to 31 December 2023 include:\u2022 The ratio of net debt to consolidated EBITDA permitted under the revolving credit facility must not exceed a multiple of 3.5x until 31 December 2024, returning to a multiple of 3x thereafter. \u2022 Consolidated EBITDA must also cover relevant finance charges by a minimum of 3x until 30 September 2025, returning to a multiple of 4x thereafter. For covenant testing purposes, the Group\u2019s definition of consolidated EBITDA is adjusted to exclude certain items as detailed in Note 4. 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 2023 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 cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.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 2023 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 \u2013 \u2013 \u2013LiabilitiesDerivative financial instruments \u2013 \u2013 \u2013 \u2013As at 31 December 2022 \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 2023 2022Financial assets, at FVPL \u2013 *Financial liabilities, at FVPL (1.7) (1.6)Financial assets, at amortised cost 97.4 103.9Financial liabilities, at amortised cost (270.1) (317.5)* Balance is less than \u00a3100,000.31. Financial risk management CONTINUEDLess than Between Between Over \u00a3m1 year1 and 2 years2 and 5 years5 years TotalGroupAt 31 December 2023Trade and other payables 43.4 \u2013 \u2013 \u2013 43.4Lease liabilities 4.7 5.8 13.8 83.0 107.3Accrued consideration \u2013 1.7 \u2013 \u2013 1.7Borrowings, including interest 11.9 11.0 136.6 \u2013 159.5Total 60.0 18.5 150.4 83.0 311.9At 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 68.7 356.6The Group manages the liquidity risk by maintaining sufficient cash and bank facilities to enable it to meet its normal operating commitments.h. Offsetting financial assets and financial liabilitiesThe Group has no financial instruments subject to enforceable master netting arrangements. 32. InformationThese financial statements were authorised for issue in accordance with a resolution of the Board of Directors of XP Power Limited on 4 March 2024.",
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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 34\u201339. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 44\u201350. The principal risks of the Group are set out on pages 52\u201359. 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 Group has available to it a US $ denominated Revolving Credit Facility (RCF) of $255 million (\u00a3200 million). The facility matures in June 2026 and therefore is committed throughout the minimum period for which going concern is assessed, which is 12 months from the date of signing these financial statements. At 31 December 2023, the Group had drawn down $162 million (\u00a3127 million) against this, leaving undrawn facility headroom of more than \u00a373 million.In late 2023, financial covenants within the RCF agreement were amended as follows as part of the Funding Plan described in the Chief Financial Officer\u2019s Review:\u2022 Leverage ratio: Net Debt to Adjusted EBITDA of not more than 3.5x until 31 December 2024, and not more than 3.0xthereafter\u2022 Interest cover: Adjusted EBITDA to Adjusted Net Finance Expense to not less than 3.0x until 30 September 2025, and notless than 4.0x thereafterBoth covenants are tested quarterly.As part of its going concern review, the Group developed base and severe but plausible downside scenarios, assessing forecast liquidity and covenant compliance in each case.2. Summary of material accounting policies CONTINUEDThe key assumption in both forecast scenarios is revenue, particularly revenue beyond the initial six-month period for which the business already has visibility via existing sales orders. Revenue in this period, H2 2024 in this case, will be determined by, amongst other things, the assumed timing of the semiconductor equipment market upcycle and when any overstocking in the sales channel will be cleared. Other key assumptions relate to the impact of available mitigating actions and future interest rates. Given that the Group\u2019s borrowings are US $ denominated, net debt and therefore the leverage ratio can be impacted by future movements in the US $ exchange rate. In both Cases below, the US $ exchange rate is assumed to be $1.26.The Group\u2019s Base Case scenario is that the slowdown in revenue that commenced in mid-2023 will continue until mid-2024 before recovering thereafter as excess channel inventory is cleared and demand returns to the Semiconductor Manufacturing Equipment market. This results in a 14% decline in revenue between 2023 and 2024 in total.The impact of this is mitigated by management actions to reduce costs, as set out in the Chief Financial Officer\u2019s Review.The Base Case assumes SOFR reduces gradually to 4.25% by 31 December 2024, in line with current market expectations, lowering interest costs. The Group has capped the variable interest rate applicable to the majority of its borrowings at a rate slightly above the current SOFR.In the Base Case, the Group remains in full compliance with its financial covenants and with ample liquidity throughout the going concern assessment period.The lowest point of headroom in the Leverage Ratio covenant is at 30 September 2024. EBITDA would need to fall c.32% short of expectations in the period 1 January to 30 September 2024 for a breach to occur. Note that the current order book covers nearly all of the first half\u2019s revenue.The lowest point of headroom in the Interest Cover covenant is at 30 September 2024. EBITDA would need to fall c.24% short of expectations in the period 1 January to 30 September 2024 for a breach to occur.In the severe but plausible downside scenario, the slowdown in revenue that commenced in mid-2023 continues throughout 2024 with no recovery. This results in a 18% decline in revenue between 2023 and 2024 in total, with the additional 4% decline versus the Base Case arising in H2 2024.This case assumes a \u00a35.0 million reduction in annualised overheads, implemented from the start of H2 2024, which reduces overheads for 2024 by 3.0%, in addition to the reductions assumed in the Base Case. The interest rate assumption is the same as the Base Case.In the Downside Case, the Group remains compliant with its financial covenants, albeit with lower headroom, and with ample liquidity throughout the going concern assessment period.The lowest point of headroom in the Leverage Ratio covenant is 31 December 2024. EBITDA would need to fall c.18% short of expectations in 2024 for a breach to occur.The lowest point of headroom in the Interest Cover covenant is 31 December 2024. EBITDA would need to fall c.4% short of expectations in 2024 for a breach to occur.The Group\u2019s funding position has improved considerably due to the Funding Plan implemented in late 2023. New funds have been raised from a share Placing, covenant terms were amended with the support of all the Group\u2019s lenders, and actions were taken to preserve cash and reduce costs. Actions taken to reduce cost illustrate the Group\u2019s ability to respond to changed circumstances robustly and the benefit of these actions is now coming through.The Directors are confident that the Base Case and Downside Cases, including the benefit of the Funding Plan, provides an appropriate basis for the going concern assumption to be applied in preparing the financial statements, whilst recognising lower headroom in the Downside Case.Therefore, 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-9-2": {
"value": "i New and amended standards adopted by the GroupOn 1 January 2023, 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 \u201cStandards and Interpretations\u201d) 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 2023 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-9-3": {
"value": "i New and amended standards adopted by the GroupOn 1 January 2023, 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 \u201cStandards and Interpretations\u201d) 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 2023 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "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 costs 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-12-2": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-17-2": {
"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 recognised as an expense is not reversed in a subsequent period. b. Intangible assets, property, plant and equipment, right-of-use assetsIntangible 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-22-2": {
"value": "2. Summary of material accounting policies CONTINUEDi 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.ii At subsequent measurementDebt 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 representsolely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that issubsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss whenthe asset is derecognised or impaired. Interest income from these financial assets is included in interest income using theeffective interest rate method.\u2022 FVOCI: Debt instruments that are held for collection of contractual cash flows and for sale, where the assets\u2019 cash flowsrepresent solely payments of principal and interest, are measured at FVOCI. Movements in fair values are recognised inOther Comprehensive Income (OCI) and accumulated in fair value reserve, except for the recognition of impairment gainsor losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financialasset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss andpresented in \u201cother income\u201d. Interest income from these financial assets is recognised using the effective interest rate methodand 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 amortisedcost or FVOCI are classified as FVPL. Movement in fair values and interest income is recognised in profit or loss in the periodin which it arises and presented in \u201cother income\u201d.b. ImpairmentThe 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 31 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 derecognitionRegular 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-27-2": {
"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, \u00a39.4 million (2022: \u00a38.1 million) of product development costs have been capitalised, including capitalised interest. 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 allows management to measure reliably the expenditure attributable to each project. Significant judgements are involved when management performs the assessment. ii Going concernParagraph 2.1 A confirms that these financial statements have been prepared on a going concern basis and explains the basis for the Directors\u2019 conclusion that a going concern basis is appropriate. In determining whether the Group\u2019s accounts should be prepared on a going concern basis, the Directors considered the Group\u2019s business activities, its current liquidity position and banking covenants and factors likely to affect its future performance and financial position, including the principal risks as set out on pages 52\u201359. This assessment is considered to be a critical accounting judgement. In performing this assessment, the Directors prepared both base and downside scenarios. The key variables and sensitivities in these scenarios are the timing of the recovery of revenue and interest costs. Judgements have been made in determining when the Semiconductor Manufacturing Equipment market recovers and when excess channel inventory clears and on the SOFR interest rate. Further details are set out in paragraph 2.1.Under both the base and downside scenarios, the Group has liquidity headroom and is in compliance with its banking covenants for the period under review. Inevitably if market condition were to be worse than we have modelled or if more severe risks were to crystallise then the Group would seek to identify and implement additional operational and financial measures to ensure ongoing compliance with covenants and adequate liquidity. b. Critical accounting estimates and assumptions i Recoverable amount of capitalised product development costsAs at 31 December 2023, the net book value of capitalised product development costs amounts to \u00a330.6 million (2022: \u00a330.4 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 costs and start date for amortisationThe 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. During the year, the minimum useful life for product development costs was increased from three years to five years.The Group also takes a view on when amortisation should start and expense capitalisation should cease based on when the product is considered to be capable of operating in a manner intended by management. Significant judgement is required in determining this date as some projects follow an iterative design process and so it is hard to determine when development has ended and commercial sales have begun. The principals for determining this date were reviewed during the year and new, cleared principals introduced.The impact of the change in minimum useful life reduced the amortisation charge in the year by \u00a30.9 million and the change in amortisation start date lead to an increase in the amortisation charge of \u00a32.6 million \u2013 a combined effect of an increase in amortisation charge of \u00a31.7 million. Estimating the effect of the change in estimates on future years is impracticable.3. Critical accounting estimates, assumptions and judgements CONTINUEDiii 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 with a terminal growth rate of 2% after this. The carrying amount of goodwill as at 31 December 2023 was \u00a375.6 million (2022: \u00a377.5 million) with no impairment adjustment required for 2023.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 2023 and no impairment loss is recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-2": {
"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. As set out in (ii) below, costs excluded from segment operating income include centrally managed general and administrative costs, share-based payment expense, various non-operating charges, income taxes and Adjusting items as they do not relate to the underlying cost base of the segment. 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 market sectors and geographical regions.The revenue by market and location of the design win is as follows:2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 3.4 86.0 12.8 102.2 2.7 93.8 16.9 113.4Industrial Technology 67.6 54.0 14.7 136.3 61.3 44.5 13.8 119.6Healthcare 26.8 44.5 6.6 77.9 22.5 28.9 6.0 57.4Total 97.8 184.5 34.1 316.4 86.5 167.2 36.7 290.4Revenue of \u00a356.6 million (2022: \u00a348.3 million) is derived from a single external customer. This is 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 2023 2022North America 176.3 167.3United Kingdom 25.3 25.9Singapore 45.7 36.9Germany 48.0 40.8Switzerland 2.0 1.4France 4.4 3.5Other countries 14.7 14.6Total revenue 316.4 290.4The 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.ii SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2023 and prior year comparatives is as follows:Reconciliation of segment results to loss for the year:\u00a3m 2023 2022Europe 24.2 21.5North America 55.1 48.5Asia 11.9 10.5Segment results 91.2 80.5Costs excluded from operating segmentsResearch and development \u2013 Employee compensation (14.5) (13.0)\u2013 Amortisation of intangible assets (2.4) (2.2)\u2013 Depreciation of property, plant and equipment (1.2) (1.3)\u2013 Safety and approval (1.1) (0.8)\u2013 Advertising (0.8) (0.8)\u2013 Others (1.9) (1.7)Manufacturing\u2013 Employee compensation (1.9) (1.9)\u2013 Cost of goods sold (8.8) (1.3)\u2013 Others (0.8) (0.5)Corporate cost \u2013 Employee compensation (9.5) (6.5)\u2013 Information systems (3.5) (3.4)\u2013 Consultancy fees (1.7) (1.5)\u2013 Amortisation of intangible assets (2.1) (1.7)\u2013 Others (2.9) (1.0)Adjusted operating profit 38.1 42.9Net finance expense (13.3) (6.1)Adjustments (13.6) (67.0)Profit/(Loss) before tax 11.2 (30.2)Taxation (20.2) 10.6Loss for the year (9.0) (19.6)4. Segment and revenue information CONTINUED2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 0.6 20.5 9.5 30.6 1.4 3.3 3.6 8.3Depreciation of property, plant and equipment 0.5 2.0 2.6 5.1 0.4 2.0 2.7 5.1Right-of-use assets additions 0.9 6.3 0.1 7.3 13.8 33.0 3.6 50.4Depreciation of right-of-use assets 1.3 2.7 0.5 4.5 1.1 1.5 0.6 3.2Intangible assets (including goodwill) additions * 3.5 6.0 9.5 32.4 3.2 8.6 44.2Amortisation of intangible assets 1.4 3.8 5.3 10.5 1.5 4.4 3.4 9.3Costs relating to legal dispute \u2013 2.1 \u2013 2.1 \u2013 52.2 \u2013 52.2Impairment loss on intangible assets \u2013 \u2013 1.9 1.9 \u2013 7.7 0.1 7.8Bank deposits pledged \u2013 0.3 \u2013 0.3 \u2013 1.1 \u2013 1.1Balance sheetSegment assets 79.2 245.9 120.0 445.1 85.5 237.1 141.5 464.1Unallocated deferred and current income tax 1.2 17.6Consolidated total assets 446.3 481.7Segment liabilities (21.2) (227.2) (28.3) (276.7) (21.5) (269.4) (36.0) (326.9)Unallocated deferred and current income tax (14.3) (15.3)Consolidated total liabilities (291.0) (342.2)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by region or country:\u00a3m 2023 2022North America 129.1 114.2United Kingdom 11.4 11.9Singapore 45.2 49.6Germany 45.3 47.4Malaysia 10.5 3.5Other countries 12.1 13.4Total non-current assets 253.6 240.0* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. Reconciliation 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 costs, 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/(loss) to Adjusted operating profit, a reconciliation of profit/(loss) before tax to Adjusted profit before tax and a reconciliation of loss after tax to Adjusted profit after tax.a. A reconciliation of operating profit/(loss) to Adjusted operating profit is as follows:\u00a3m 2023 2022Operating profit/(loss) 24.5 (24.1)Adjusted for:Restructuring costs 5.3 0.1Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2Fair value gain on derivative financial instruments (0.1) (0.1)13.6 67.0Adjusted operating profit 38.1 42.9b. A reconciliation of profit/(loss) before tax to Adjusted profit before tax is as follows:\u00a3m 2023 2022Profit/(Loss) before tax 11.2 (30.2)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modifications of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)15.4 68.2Adjusted profit before tax 26.6 38.04. Segment and revenue information CONTINUEDc. Impact of Adjusted items on the relevant lines in the Income Statement provided below:2023Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructruing costs 1.7 3.6 2.4 7.7Global supply chain transformation 1.5 1.2 2.7Costs realting to legal dispute 2.0 0.1 2.1Amortisation of intangible assets acquired from business combinations 3.0 0.2 3.2Costs relating to Enterprise Resource Planning systems implementation 0.3 0.3Acquisition costs 0.1 0.1Gain on modifications of revolving credit facility (0.6) (0.6)Fair value gain on derivative financial instruments (0.1) (0.1)6.1 7.4 0.1 1.8 15.42022Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructuring costs 0.1 0.2 0.3Costs relating to legal dispute 52.1 0.1 52.2Impairment of intangible assets 7.5 7.5Amortisation of intangible assets acquired from business combinations 4.1 4.1Costs relating to Enterprise Resource Planning systems implementation 3.8 3.8Acquisition costs 2.4 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition (3.2) (3.2)Revolving credit facility fees 0.2 0.2Loss on modifications of revolving credit facility 1.0 1.0Fair value gain on derivative financial instruments (0.1) (0.1)4.1 55.3 7.6 1.2 68.2d. A reconciliation of loss for the year to Adjusted profit for the year is as follows:\u00a3m 2023 2022Loss for the year (9.0) (19.6)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modification of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)1Non-recurring tax expense/(credit)10.4 (16.7)25.8 51.5Adjusted profit for the year 16.8 31.91 Adjusted for tax on specific items relating to completed acquisitions of \u00a316,526 (2022: \u00a30.6 million), gain on foreign exchange impact of euro-denominated loan drawn down to finance acquisition of \u00a3nil (2022: \u00a30.5 million), costs related to Enterprise Resource Planning system implementation of \u00a349,878 (2022: \u00a30.8 million), costs relating to legal dispute of \u00a30.5 million (2022: \u00a313.6 million) ), impairment of intangible assets of \u00a35,272 (2022: \u00a32.0 million), revolving credit facility fees of \u00a32,113 (2022: \u00a327,706), gain on modification of revolving credit facility of \u00a30.1 million (2022: loss of \u00a3 0.2 million), restructuring cost of \u00a31.9 million (2022: \u00a330,117), global supply chain transformation \u00a30.7 million (2022: \u00a3nil), and gain on fair value impact on derivative financial instruments of \u00a315,775 (2021: \u00a322,462) and tax loss relating to legal claim \u00a313.6 million (2022: \u00a3nil).",
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"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. As set out in (ii) below, costs excluded from segment operating income include centrally managed general and administrative costs, share-based payment expense, various non-operating charges, income taxes and Adjusting items as they do not relate to the underlying cost base of the segment. 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 market sectors and geographical regions.The revenue by market and location of the design win is as follows:2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 3.4 86.0 12.8 102.2 2.7 93.8 16.9 113.4Industrial Technology 67.6 54.0 14.7 136.3 61.3 44.5 13.8 119.6Healthcare 26.8 44.5 6.6 77.9 22.5 28.9 6.0 57.4Total 97.8 184.5 34.1 316.4 86.5 167.2 36.7 290.4Revenue of \u00a356.6 million (2022: \u00a348.3 million) is derived from a single external customer. This is 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 2023 2022North America 176.3 167.3United Kingdom 25.3 25.9Singapore 45.7 36.9Germany 48.0 40.8Switzerland 2.0 1.4France 4.4 3.5Other countries 14.7 14.6Total revenue 316.4 290.4The 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.ii SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2023 and prior year comparatives is as follows:Reconciliation of segment results to loss for the year:\u00a3m 2023 2022Europe 24.2 21.5North America 55.1 48.5Asia 11.9 10.5Segment results 91.2 80.5Costs excluded from operating segmentsResearch and development \u2013 Employee compensation (14.5) (13.0)\u2013 Amortisation of intangible assets (2.4) (2.2)\u2013 Depreciation of property, plant and equipment (1.2) (1.3)\u2013 Safety and approval (1.1) (0.8)\u2013 Advertising (0.8) (0.8)\u2013 Others (1.9) (1.7)Manufacturing\u2013 Employee compensation (1.9) (1.9)\u2013 Cost of goods sold (8.8) (1.3)\u2013 Others (0.8) (0.5)Corporate cost \u2013 Employee compensation (9.5) (6.5)\u2013 Information systems (3.5) (3.4)\u2013 Consultancy fees (1.7) (1.5)\u2013 Amortisation of intangible assets (2.1) (1.7)\u2013 Others (2.9) (1.0)Adjusted operating profit 38.1 42.9Net finance expense (13.3) (6.1)Adjustments (13.6) (67.0)Profit/(Loss) before tax 11.2 (30.2)Taxation (20.2) 10.6Loss for the year (9.0) (19.6)4. Segment and revenue information CONTINUED2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 0.6 20.5 9.5 30.6 1.4 3.3 3.6 8.3Depreciation of property, plant and equipment 0.5 2.0 2.6 5.1 0.4 2.0 2.7 5.1Right-of-use assets additions 0.9 6.3 0.1 7.3 13.8 33.0 3.6 50.4Depreciation of right-of-use assets 1.3 2.7 0.5 4.5 1.1 1.5 0.6 3.2Intangible assets (including goodwill) additions * 3.5 6.0 9.5 32.4 3.2 8.6 44.2Amortisation of intangible assets 1.4 3.8 5.3 10.5 1.5 4.4 3.4 9.3Costs relating to legal dispute \u2013 2.1 \u2013 2.1 \u2013 52.2 \u2013 52.2Impairment loss on intangible assets \u2013 \u2013 1.9 1.9 \u2013 7.7 0.1 7.8Bank deposits pledged \u2013 0.3 \u2013 0.3 \u2013 1.1 \u2013 1.1Balance sheetSegment assets 79.2 245.9 120.0 445.1 85.5 237.1 141.5 464.1Unallocated deferred and current income tax 1.2 17.6Consolidated total assets 446.3 481.7Segment liabilities (21.2) (227.2) (28.3) (276.7) (21.5) (269.4) (36.0) (326.9)Unallocated deferred and current income tax (14.3) (15.3)Consolidated total liabilities (291.0) (342.2)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by region or country:\u00a3m 2023 2022North America 129.1 114.2United Kingdom 11.4 11.9Singapore 45.2 49.6Germany 45.3 47.4Malaysia 10.5 3.5Other countries 12.1 13.4Total non-current assets 253.6 240.0* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. Reconciliation 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 costs, 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/(loss) to Adjusted operating profit, a reconciliation of profit/(loss) before tax to Adjusted profit before tax and a reconciliation of loss after tax to Adjusted profit after tax.a. A reconciliation of operating profit/(loss) to Adjusted operating profit is as follows:\u00a3m 2023 2022Operating profit/(loss) 24.5 (24.1)Adjusted for:Restructuring costs 5.3 0.1Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2Fair value gain on derivative financial instruments (0.1) (0.1)13.6 67.0Adjusted operating profit 38.1 42.9b. A reconciliation of profit/(loss) before tax to Adjusted profit before tax is as follows:\u00a3m 2023 2022Profit/(Loss) before tax 11.2 (30.2)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modifications of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)15.4 68.2Adjusted profit before tax 26.6 38.04. Segment and revenue information CONTINUEDc. Impact of Adjusted items on the relevant lines in the Income Statement provided below:2023Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructruing costs 1.7 3.6 2.4 7.7Global supply chain transformation 1.5 1.2 2.7Costs realting to legal dispute 2.0 0.1 2.1Amortisation of intangible assets acquired from business combinations 3.0 0.2 3.2Costs relating to Enterprise Resource Planning systems implementation 0.3 0.3Acquisition costs 0.1 0.1Gain on modifications of revolving credit facility (0.6) (0.6)Fair value gain on derivative financial instruments (0.1) (0.1)6.1 7.4 0.1 1.8 15.42022Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructuring costs 0.1 0.2 0.3Costs relating to legal dispute 52.1 0.1 52.2Impairment of intangible assets 7.5 7.5Amortisation of intangible assets acquired from business combinations 4.1 4.1Costs relating to Enterprise Resource Planning systems implementation 3.8 3.8Acquisition costs 2.4 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition (3.2) (3.2)Revolving credit facility fees 0.2 0.2Loss on modifications of revolving credit facility 1.0 1.0Fair value gain on derivative financial instruments (0.1) (0.1)4.1 55.3 7.6 1.2 68.2d. A reconciliation of loss for the year to Adjusted profit for the year is as follows:\u00a3m 2023 2022Loss for the year (9.0) (19.6)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modification of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)1Non-recurring tax expense/(credit)10.4 (16.7)25.8 51.5Adjusted profit for the year 16.8 31.91 Adjusted for tax on specific items relating to completed acquisitions of \u00a316,526 (2022: \u00a30.6 million), gain on foreign exchange impact of euro-denominated loan drawn down to finance acquisition of \u00a3nil (2022: \u00a30.5 million), costs related to Enterprise Resource Planning system implementation of \u00a349,878 (2022: \u00a30.8 million), costs relating to legal dispute of \u00a30.5 million (2022: \u00a313.6 million) ), impairment of intangible assets of \u00a35,272 (2022: \u00a32.0 million), revolving credit facility fees of \u00a32,113 (2022: \u00a327,706), gain on modification of revolving credit facility of \u00a30.1 million (2022: loss of \u00a3 0.2 million), restructuring cost of \u00a31.9 million (2022: \u00a330,117), global supply chain transformation \u00a30.7 million (2022: \u00a3nil), and gain on fair value impact on derivative financial instruments of \u00a315,775 (2021: \u00a322,462) and tax loss relating to legal claim \u00a313.6 million (2022: \u00a3nil).",
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"pp-value-30-4": {
"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. As set out in (ii) below, costs excluded from segment operating income include centrally managed general and administrative costs, share-based payment expense, various non-operating charges, income taxes and Adjusting items as they do not relate to the underlying cost base of the segment. 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 market sectors and geographical regions.The revenue by market and location of the design win is as follows:2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 3.4 86.0 12.8 102.2 2.7 93.8 16.9 113.4Industrial Technology 67.6 54.0 14.7 136.3 61.3 44.5 13.8 119.6Healthcare 26.8 44.5 6.6 77.9 22.5 28.9 6.0 57.4Total 97.8 184.5 34.1 316.4 86.5 167.2 36.7 290.4Revenue of \u00a356.6 million (2022: \u00a348.3 million) is derived from a single external customer. This is 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 2023 2022North America 176.3 167.3United Kingdom 25.3 25.9Singapore 45.7 36.9Germany 48.0 40.8Switzerland 2.0 1.4France 4.4 3.5Other countries 14.7 14.6Total revenue 316.4 290.4The 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.ii SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2023 and prior year comparatives is as follows:Reconciliation of segment results to loss for the year:\u00a3m 2023 2022Europe 24.2 21.5North America 55.1 48.5Asia 11.9 10.5Segment results 91.2 80.5Costs excluded from operating segmentsResearch and development \u2013 Employee compensation (14.5) (13.0)\u2013 Amortisation of intangible assets (2.4) (2.2)\u2013 Depreciation of property, plant and equipment (1.2) (1.3)\u2013 Safety and approval (1.1) (0.8)\u2013 Advertising (0.8) (0.8)\u2013 Others (1.9) (1.7)Manufacturing\u2013 Employee compensation (1.9) (1.9)\u2013 Cost of goods sold (8.8) (1.3)\u2013 Others (0.8) (0.5)Corporate cost \u2013 Employee compensation (9.5) (6.5)\u2013 Information systems (3.5) (3.4)\u2013 Consultancy fees (1.7) (1.5)\u2013 Amortisation of intangible assets (2.1) (1.7)\u2013 Others (2.9) (1.0)Adjusted operating profit 38.1 42.9Net finance expense (13.3) (6.1)Adjustments (13.6) (67.0)Profit/(Loss) before tax 11.2 (30.2)Taxation (20.2) 10.6Loss for the year (9.0) (19.6)4. Segment and revenue information CONTINUED2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 0.6 20.5 9.5 30.6 1.4 3.3 3.6 8.3Depreciation of property, plant and equipment 0.5 2.0 2.6 5.1 0.4 2.0 2.7 5.1Right-of-use assets additions 0.9 6.3 0.1 7.3 13.8 33.0 3.6 50.4Depreciation of right-of-use assets 1.3 2.7 0.5 4.5 1.1 1.5 0.6 3.2Intangible assets (including goodwill) additions * 3.5 6.0 9.5 32.4 3.2 8.6 44.2Amortisation of intangible assets 1.4 3.8 5.3 10.5 1.5 4.4 3.4 9.3Costs relating to legal dispute \u2013 2.1 \u2013 2.1 \u2013 52.2 \u2013 52.2Impairment loss on intangible assets \u2013 \u2013 1.9 1.9 \u2013 7.7 0.1 7.8Bank deposits pledged \u2013 0.3 \u2013 0.3 \u2013 1.1 \u2013 1.1Balance sheetSegment assets 79.2 245.9 120.0 445.1 85.5 237.1 141.5 464.1Unallocated deferred and current income tax 1.2 17.6Consolidated total assets 446.3 481.7Segment liabilities (21.2) (227.2) (28.3) (276.7) (21.5) (269.4) (36.0) (326.9)Unallocated deferred and current income tax (14.3) (15.3)Consolidated total liabilities (291.0) (342.2)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by region or country:\u00a3m 2023 2022North America 129.1 114.2United Kingdom 11.4 11.9Singapore 45.2 49.6Germany 45.3 47.4Malaysia 10.5 3.5Other countries 12.1 13.4Total non-current assets 253.6 240.0* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. Reconciliation 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 costs, 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/(loss) to Adjusted operating profit, a reconciliation of profit/(loss) before tax to Adjusted profit before tax and a reconciliation of loss after tax to Adjusted profit after tax.a. A reconciliation of operating profit/(loss) to Adjusted operating profit is as follows:\u00a3m 2023 2022Operating profit/(loss) 24.5 (24.1)Adjusted for:Restructuring costs 5.3 0.1Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2Fair value gain on derivative financial instruments (0.1) (0.1)13.6 67.0Adjusted operating profit 38.1 42.9b. A reconciliation of profit/(loss) before tax to Adjusted profit before tax is as follows:\u00a3m 2023 2022Profit/(Loss) before tax 11.2 (30.2)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modifications of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)15.4 68.2Adjusted profit before tax 26.6 38.04. Segment and revenue information CONTINUEDc. Impact of Adjusted items on the relevant lines in the Income Statement provided below:2023Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructruing costs 1.7 3.6 2.4 7.7Global supply chain transformation 1.5 1.2 2.7Costs realting to legal dispute 2.0 0.1 2.1Amortisation of intangible assets acquired from business combinations 3.0 0.2 3.2Costs relating to Enterprise Resource Planning systems implementation 0.3 0.3Acquisition costs 0.1 0.1Gain on modifications of revolving credit facility (0.6) (0.6)Fair value gain on derivative financial instruments (0.1) (0.1)6.1 7.4 0.1 1.8 15.42022Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructuring costs 0.1 0.2 0.3Costs relating to legal dispute 52.1 0.1 52.2Impairment of intangible assets 7.5 7.5Amortisation of intangible assets acquired from business combinations 4.1 4.1Costs relating to Enterprise Resource Planning systems implementation 3.8 3.8Acquisition costs 2.4 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition (3.2) (3.2)Revolving credit facility fees 0.2 0.2Loss on modifications of revolving credit facility 1.0 1.0Fair value gain on derivative financial instruments (0.1) (0.1)4.1 55.3 7.6 1.2 68.2d. A reconciliation of loss for the year to Adjusted profit for the year is as follows:\u00a3m 2023 2022Loss for the year (9.0) (19.6)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modification of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)1Non-recurring tax expense/(credit)10.4 (16.7)25.8 51.5Adjusted profit for the year 16.8 31.91 Adjusted for tax on specific items relating to completed acquisitions of \u00a316,526 (2022: \u00a30.6 million), gain on foreign exchange impact of euro-denominated loan drawn down to finance acquisition of \u00a3nil (2022: \u00a30.5 million), costs related to Enterprise Resource Planning system implementation of \u00a349,878 (2022: \u00a30.8 million), costs relating to legal dispute of \u00a30.5 million (2022: \u00a313.6 million) ), impairment of intangible assets of \u00a35,272 (2022: \u00a32.0 million), revolving credit facility fees of \u00a32,113 (2022: \u00a327,706), gain on modification of revolving credit facility of \u00a30.1 million (2022: loss of \u00a3 0.2 million), restructuring cost of \u00a31.9 million (2022: \u00a330,117), global supply chain transformation \u00a30.7 million (2022: \u00a3nil), and gain on fair value impact on derivative financial instruments of \u00a315,775 (2021: \u00a322,462) and tax loss relating to legal claim \u00a313.6 million (2022: \u00a3nil).",
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"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
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"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-30-5": {
"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. As set out in (ii) below, costs excluded from segment operating income include centrally managed general and administrative costs, share-based payment expense, various non-operating charges, income taxes and Adjusting items as they do not relate to the underlying cost base of the segment. 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 market sectors and geographical regions.The revenue by market and location of the design win is as follows:2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalSemiconductor Manufacturing Equipment 3.4 86.0 12.8 102.2 2.7 93.8 16.9 113.4Industrial Technology 67.6 54.0 14.7 136.3 61.3 44.5 13.8 119.6Healthcare 26.8 44.5 6.6 77.9 22.5 28.9 6.0 57.4Total 97.8 184.5 34.1 316.4 86.5 167.2 36.7 290.4Revenue of \u00a356.6 million (2022: \u00a348.3 million) is derived from a single external customer. This is 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 2023 2022North America 176.3 167.3United Kingdom 25.3 25.9Singapore 45.7 36.9Germany 48.0 40.8Switzerland 2.0 1.4France 4.4 3.5Other countries 14.7 14.6Total revenue 316.4 290.4The 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.ii SegmentThe segment information provided to the CODM for the reportable segments for the year ended 31 December 2023 and prior year comparatives is as follows:Reconciliation of segment results to loss for the year:\u00a3m 2023 2022Europe 24.2 21.5North America 55.1 48.5Asia 11.9 10.5Segment results 91.2 80.5Costs excluded from operating segmentsResearch and development \u2013 Employee compensation (14.5) (13.0)\u2013 Amortisation of intangible assets (2.4) (2.2)\u2013 Depreciation of property, plant and equipment (1.2) (1.3)\u2013 Safety and approval (1.1) (0.8)\u2013 Advertising (0.8) (0.8)\u2013 Others (1.9) (1.7)Manufacturing\u2013 Employee compensation (1.9) (1.9)\u2013 Cost of goods sold (8.8) (1.3)\u2013 Others (0.8) (0.5)Corporate cost \u2013 Employee compensation (9.5) (6.5)\u2013 Information systems (3.5) (3.4)\u2013 Consultancy fees (1.7) (1.5)\u2013 Amortisation of intangible assets (2.1) (1.7)\u2013 Others (2.9) (1.0)Adjusted operating profit 38.1 42.9Net finance expense (13.3) (6.1)Adjustments (13.6) (67.0)Profit/(Loss) before tax 11.2 (30.2)Taxation (20.2) 10.6Loss for the year (9.0) (19.6)4. Segment and revenue information CONTINUED2023 2022NorthNorth\u00a3m EuropeAmerica Asia Total EuropeAmerica Asia TotalOther informationProperty, plant and equipment additions 0.6 20.5 9.5 30.6 1.4 3.3 3.6 8.3Depreciation of property, plant and equipment 0.5 2.0 2.6 5.1 0.4 2.0 2.7 5.1Right-of-use assets additions 0.9 6.3 0.1 7.3 13.8 33.0 3.6 50.4Depreciation of right-of-use assets 1.3 2.7 0.5 4.5 1.1 1.5 0.6 3.2Intangible assets (including goodwill) additions * 3.5 6.0 9.5 32.4 3.2 8.6 44.2Amortisation of intangible assets 1.4 3.8 5.3 10.5 1.5 4.4 3.4 9.3Costs relating to legal dispute \u2013 2.1 \u2013 2.1 \u2013 52.2 \u2013 52.2Impairment loss on intangible assets \u2013 \u2013 1.9 1.9 \u2013 7.7 0.1 7.8Bank deposits pledged \u2013 0.3 \u2013 0.3 \u2013 1.1 \u2013 1.1Balance sheetSegment assets 79.2 245.9 120.0 445.1 85.5 237.1 141.5 464.1Unallocated deferred and current income tax 1.2 17.6Consolidated total assets 446.3 481.7Segment liabilities (21.2) (227.2) (28.3) (276.7) (21.5) (269.4) (36.0) (326.9)Unallocated deferred and current income tax (14.3) (15.3)Consolidated total liabilities (291.0) (342.2)* Balance is less than \u00a3100,000.Non-current assets, other than deferred income tax assets, by region or country:\u00a3m 2023 2022North America 129.1 114.2United Kingdom 11.4 11.9Singapore 45.2 49.6Germany 45.3 47.4Malaysia 10.5 3.5Other countries 12.1 13.4Total non-current assets 253.6 240.0* Balance is less than \u00a3100,000.The majority of North America\u2019s non-current assets are located in the United States of America. Reconciliation 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 costs, 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/(loss) to Adjusted operating profit, a reconciliation of profit/(loss) before tax to Adjusted profit before tax and a reconciliation of loss after tax to Adjusted profit after tax.a. A reconciliation of operating profit/(loss) to Adjusted operating profit is as follows:\u00a3m 2023 2022Operating profit/(loss) 24.5 (24.1)Adjusted for:Restructuring costs 5.3 0.1Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2Fair value gain on derivative financial instruments (0.1) (0.1)13.6 67.0Adjusted operating profit 38.1 42.9b. A reconciliation of profit/(loss) before tax to Adjusted profit before tax is as follows:\u00a3m 2023 2022Profit/(Loss) before tax 11.2 (30.2)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modifications of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)15.4 68.2Adjusted profit before tax 26.6 38.04. Segment and revenue information CONTINUEDc. Impact of Adjusted items on the relevant lines in the Income Statement provided below:2023Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructruing costs 1.7 3.6 2.4 7.7Global supply chain transformation 1.5 1.2 2.7Costs realting to legal dispute 2.0 0.1 2.1Amortisation of intangible assets acquired from business combinations 3.0 0.2 3.2Costs relating to Enterprise Resource Planning systems implementation 0.3 0.3Acquisition costs 0.1 0.1Gain on modifications of revolving credit facility (0.6) (0.6)Fair value gain on derivative financial instruments (0.1) (0.1)6.1 7.4 0.1 1.8 15.42022Distribution andResearch andNet finance\u00a3mmarketing AdministrativedevelopmentexpenseRestructuring costs 0.1 0.2 0.3Costs relating to legal dispute 52.1 0.1 52.2Impairment of intangible assets 7.5 7.5Amortisation of intangible assets acquired from business combinations 4.1 4.1Costs relating to Enterprise Resource Planning systems implementation 3.8 3.8Acquisition costs 2.4 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition (3.2) (3.2)Revolving credit facility fees 0.2 0.2Loss on modifications of revolving credit facility 1.0 1.0Fair value gain on derivative financial instruments (0.1) (0.1)4.1 55.3 7.6 1.2 68.2d. A reconciliation of loss for the year to Adjusted profit for the year is as follows:\u00a3m 2023 2022Loss for the year (9.0) (19.6)Adjusted for:Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combinations 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance acquisition \u2013 (3.2)Revolving credit facility fees * 0.2(Gain)/loss on modification of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)1Non-recurring tax expense/(credit)10.4 (16.7)25.8 51.5Adjusted profit for the year 16.8 31.91 Adjusted for tax on specific items relating to completed acquisitions of \u00a316,526 (2022: \u00a30.6 million), gain on foreign exchange impact of euro-denominated loan drawn down to finance acquisition of \u00a3nil (2022: \u00a30.5 million), costs related to Enterprise Resource Planning system implementation of \u00a349,878 (2022: \u00a30.8 million), costs relating to legal dispute of \u00a30.5 million (2022: \u00a313.6 million) ), impairment of intangible assets of \u00a35,272 (2022: \u00a32.0 million), revolving credit facility fees of \u00a32,113 (2022: \u00a327,706), gain on modification of revolving credit facility of \u00a30.1 million (2022: loss of \u00a3 0.2 million), restructuring cost of \u00a31.9 million (2022: \u00a330,117), global supply chain transformation \u00a30.7 million (2022: \u00a3nil), and gain on fair value impact on derivative financial instruments of \u00a315,775 (2021: \u00a322,462) and tax loss relating to legal claim \u00a313.6 million (2022: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": "5. Employee compensation (including Directors)\u00a3m 2023 2022Wages and salaries 97.9 85.5Employers\u2019 contribution to defined contribution plans 10.7 9.6Share-based payment expenses 1.1 0.1109.7 95.2Less: amount capitalised in intangible assets and property, plant and equipment (7.6) (6.8)Total 102.1 88.4For further information regarding Directors\u2019 remuneration, refer to the Directors\u2019 Remuneration Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-4": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-5": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-6": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-43-7": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-8": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-9": {
"value": "6. Net finance expense\u00a3m 2023 2022Interest income (1.5) (0.1)Interest expense Bank borrowings and overdrafts 13.8 5.3Lease liabilities 3.1 0.716.9 6.0(Gain)/Loss on modification of revolving credit facility (0.6) 1.0Unwinding of discount for asset retirement obligation * *Unwinding of discount for accrued consideration 0.1 *14.9 6.9Less: amount capitalised in intangible assets and property, plant and equipment \u2013 see below (1.6) (0.8)Amount recognised in income statement 13.3 6.1* Balance is less than \u00a3100,000.Finance expenses on general financing were capitalised at a rate of 8.1% p.a. (2022: 4.8% p.a.).Of the amount capitalised, \u00a31.2 million (2022: \u00a30.6 million) was capitalised to Product Development costs, \u00a30.2 million (2022: \u00a3nil) to buildings costs and \u00a30.2 million (2022: \u00a30.2 million) to software. During the financial year ended 31 December 2023, the Group renegotiated its existing revolving credit facility. This resulted in the recognition of a modification gain of \u00a30.6 million (2022: loss of \u00a31.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-2": {
"value": "7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-4": {
"value": "7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-5": {
"value": "7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-6": {
"value": "7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-7": {
"value": "7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-8": {
"value": "7. Expenses by nature \u00a3m 2023 2022Loss for the year is after charging:Amortisation of intangible assets (Note 12) 10.5 9.3Depreciation of property, plant and equipment (Note 13) 5.1 5.11Depreciation of right-of-use assets (Note 14) 2.9 3.2Employee compensation (Note 5) 102.1 88.4Foreign exchange losses/(gains) \u2013 net 0.9 (2.0)Fair value gain on derivative financial instruments (0.1) (0.1)Purchases of inventories 115.5 169.6Changes in inventories 22.8 (40.4)Fees payable to the Group\u2019s Auditor for the audit of the Group\u2019s accounts 0.7 0.7Fees payable to the Group\u2019s Auditor for non-audit services \u2013 *Fees payable to other audit firm for audit-related services 0.1 0.1Tax fees payable to other firms for services provided to the Group 0.4 0.3Lease expense (Note 14) 0.2 0.2Recruitment 0.9 1.1Information systems 4.4 4.6Consultancy fees 2.6 5.2Consultancy fees capitalised as intangible assets \u2013 (3.5)Travel and entertainment 1.9 2.0Advertising 1.0 1.1Safety and approval 1.2 0.9Costs related to Enterprise Resource Planning system implementation 0.3 3.8Costs relating to legal dispute 2.1 52.2Acquisition costs 0.1 2.42Impairment loss on intangible assets1.9 7.8Revolving credit facility fees * 0.2Restructuring costs 5.3 \u2013Global supply chain transformation 2.7 \u2013Other expenses 6.4 2.3Total cost of sales, distribution and marketing, administrative and research and development expenses 291.9 314.5* Balance is less than \u00a3100,000.1 \u00a31.6 million of depreciation of right-of-use assets related to lease for office space in the United States of America was reclassified to disclose under restructuring costs.2 \u00a30.6 million of impairment of intangible assets was reclassified to disclose under restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-2": {
"value": "8. Taxation\u00a3m 2023 2022Tax expense/(credit) attributable to (loss)/profit is made up of: Tax on profit /(loss) for the financial year \u2013 Singapore 3.6 2.8\u2013 Foreign 3.3 4.1Current income tax 6.9 6.9Deferred income tax 13.7 (17.1)20.6 (10.2)Over provision in prior financial years\u2013 Singapore (0.3) (0.2)\u2013 Foreign * *Current income tax (0.3) (0.2)Deferred income tax (0.7) (0.8)(1.0) (1.0)Withholding tax 0.6 0.6Income tax expense/(credit) 20.2 (10.6)Taxation 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 2023 2022Profit/(loss) before tax 11.2 (30.2)Tax on profit/(loss) at standard Singapore tax rate of 17% (2022: 17%) 1.9 (5.1)Tax incentives (0.9) (0.5)Different tax rates in other countries (0.9) (4.6)Tax effect of share-based payments * 0.2Expenses not deductible for tax purposes 1.1 1.0Income not subject to tax (0.2) (1.0)Deferred tax effect of change in tax rate 0.4 (0.2)Over provision of tax in prior financial years (1.0) (1.0)Deferred tax asset on tax losses and wear and tear allowances not provided for 5.8 \u2013Withholding tax 0.6 0.6Deferred tax expense arising from the write-down of deferred tax asset 13.4 \u2013Income tax expense/(credit) 20.2 (10.6)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 2023 2022Deferred tax asset \u2013 share-based payments 0.2 1.5Total 0.2 1.5* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-51-2": {
"value": "2023 2022Pence Pence per share \u00a3mper share \u00a3mPrior year third quarter dividend paid 21.0* 4.1 21.0 4.1Prior year final dividend paid 36.0* 7.1 36.0 7.1First quarter dividend paid 18.0^ 3.6 18.0* 3.6Second quarter dividend paid \u2013 \u2013 19.0* 3.8Total 75.0 14.8 94.0 18.6* Dividends in respect of 2022 (94.0p).^ Dividends in respect of 2023 (18.0p).No further dividends are proposed in respect of the 2023 financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-56-2": {
"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 2023 2022LossLoss for the purposes of basic and diluted earnings per shareLoss for the year attributable to equity holders of the Company (9.2) (20.0)Loss for earnings per share (9.2) (20.0)Number of sharesWeighted average number of ordinary shares outstanding for basic earnings per share (thousands) 20,281 19,616Effect of dilutive potential share awards (thousands) 23 63Weighted average number of shares for diluted earnings per share (thousands) 20,304 19,679(Loss)/earnings per share Basic (45.4)p (102.0)pBasic Adjusted* 81.9p 160.6pDiluted (45.3)p (101.6)pDiluted Adjusted* 81.8p 160.1p* Reconciliation to compute the diluted Adjusted earnings from operations is as per below:\u00a3m 2023 2022Loss for the purposes of basic and diluted earnings per shareLoss for the year attributable to equity holders of the Company (9.2) (20.0)Restructuring costs 7.7 0.3Global supply chain transformation 2.7 \u2013Costs relating to legal dispute 2.1 52.2Impairment loss on intangible assets * 7.5Amortisation of intangible assets acquired from business combination 3.2 4.1Costs related to Enterprise Resource Planning system implementation 0.3 3.8Acquisition costs 0.1 2.4Foreign exchange gain on euro-denominated loan drawn down to finance the acquisition \u2013 (3.2)Revolving credit facilities fees * 0.2(Gain)/loss on modification of revolving credit facility (0.6) 1.0Fair value gain on derivative financial instruments (0.1) (0.1)Non-recurring tax expense/(credit) 10.4 (16.7)Adjusted earnings 16.6 31.5* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-57-2": {
"value": "11. Goodwill\u00a3m 2023 2022Cost and net book value At 1 January 77.5 52.5Accrued consideration (Note 21) * *Acquisition of subsidiaries \u2013 21.0Currency translation differences (1.9) 4.0At 31 December 75.6 77.5* Balance is less than \u00a3100,000.Goodwill 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 2023 2022North America 42.7 43.9Europe 31.4 32.0Asia 1.5 1.6At 31 December 75.6 77.5The 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:2023 2022Growth Discount Terminal Growth Discount Terminal 122raterategrowth rateraterategrowth rateNorth America 5.0% 10.2% 2.0% 8.7% 11.8% 2.0%Europe 3.5% 12.4% 2.0% 5.3% 12.9% 2.0%Asia 7.7% 15.1% 2.0% 8.5% 12.5% 2.0%1 Compound annual growth rate of projected revenue over 2024-2028.2 Pre-tax discount rate applied to the pre-tax cash flow projections.A 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 exceeding its recoverable amount.The impairment test carried out at 31 December 2023 for the North America CGU, which includes 56.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3202.2 million or 47.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 3.5% or a decrease in growth rate by 7.5% 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 2023 for the Europe CGU, which includes 41.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a364.3 million or 71.9% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.4% or a decrease in growth rate by 7.3% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2023 for the Asia CGU, which includes 2.0% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3129.7 million or 14.6% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 1.6% or a decrease in growth rate by 7.8% 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 cash flows due to climate change. A sensitivity analysis was performed for each CGU or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Flood risk \u2013 major flood could cause a disruption to the manufacturing sites.2. Supply chain risks \u2013 physical climate-related impacts could also result in supply chain disruptions, either through supplier sites being directly affected, or by disruption to transportation and energy supply.3. 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 transportation.4. 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 sustained cost impacts from any introduction of carbon pricing.These downside scenarios would result in 5-6% reduction of revenue and 5-10% increase in operating costs. 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 \u00a33.7 million, \u00a32.1 million and \u00a34.7 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "11. Goodwill\u00a3m 2023 2022Cost and net book value At 1 January 77.5 52.5Accrued consideration (Note 21) * *Acquisition of subsidiaries \u2013 21.0Currency translation differences (1.9) 4.0At 31 December 75.6 77.5* Balance is less than \u00a3100,000.Goodwill 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 2023 2022North America 42.7 43.9Europe 31.4 32.0Asia 1.5 1.6At 31 December 75.6 77.5The 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:2023 2022Growth Discount Terminal Growth Discount Terminal 122raterategrowth rateraterategrowth rateNorth America 5.0% 10.2% 2.0% 8.7% 11.8% 2.0%Europe 3.5% 12.4% 2.0% 5.3% 12.9% 2.0%Asia 7.7% 15.1% 2.0% 8.5% 12.5% 2.0%1 Compound annual growth rate of projected revenue over 2024-2028.2 Pre-tax discount rate applied to the pre-tax cash flow projections.A 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 exceeding its recoverable amount.The impairment test carried out at 31 December 2023 for the North America CGU, which includes 56.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3202.2 million or 47.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 3.5% or a decrease in growth rate by 7.5% 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 2023 for the Europe CGU, which includes 41.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a364.3 million or 71.9% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.4% or a decrease in growth rate by 7.3% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2023 for the Asia CGU, which includes 2.0% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3129.7 million or 14.6% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 1.6% or a decrease in growth rate by 7.8% 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 cash flows due to climate change. A sensitivity analysis was performed for each CGU or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Flood risk \u2013 major flood could cause a disruption to the manufacturing sites.2. Supply chain risks \u2013 physical climate-related impacts could also result in supply chain disruptions, either through supplier sites being directly affected, or by disruption to transportation and energy supply.3. 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 transportation.4. 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 sustained cost impacts from any introduction of carbon pricing.These downside scenarios would result in 5-6% reduction of revenue and 5-10% increase in operating costs. 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 \u00a33.7 million, \u00a32.1 million and \u00a34.7 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-57-4": {
"value": "11. Goodwill\u00a3m 2023 2022Cost and net book value At 1 January 77.5 52.5Accrued consideration (Note 21) * *Acquisition of subsidiaries \u2013 21.0Currency translation differences (1.9) 4.0At 31 December 75.6 77.5* Balance is less than \u00a3100,000.Goodwill 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 2023 2022North America 42.7 43.9Europe 31.4 32.0Asia 1.5 1.6At 31 December 75.6 77.5The 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:2023 2022Growth Discount Terminal Growth Discount Terminal 122raterategrowth rateraterategrowth rateNorth America 5.0% 10.2% 2.0% 8.7% 11.8% 2.0%Europe 3.5% 12.4% 2.0% 5.3% 12.9% 2.0%Asia 7.7% 15.1% 2.0% 8.5% 12.5% 2.0%1 Compound annual growth rate of projected revenue over 2024-2028.2 Pre-tax discount rate applied to the pre-tax cash flow projections.A 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 exceeding its recoverable amount.The impairment test carried out at 31 December 2023 for the North America CGU, which includes 56.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3202.2 million or 47.8% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 3.5% or a decrease in growth rate by 7.5% 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 2023 for the Europe CGU, which includes 41.5% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a364.3 million or 71.9% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 7.4% or a decrease in growth rate by 7.3% would result in the recoverable amount of the Europe CGU being equal to its carrying value.The impairment test carried out at 31 December 2023 for the Asia CGU, which includes 2.0% of the goodwill recognised on the balance sheet, has revealed that the recoverable amount of the CGU is \u00a3129.7 million or 14.6% higher than its carrying amount. A reasonably possible change of an increase in the discount rate by 1.6% or a decrease in growth rate by 7.8% 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 cash flows due to climate change. A sensitivity analysis was performed for each CGU or group of CGUs to demonstrate the financial impact of the following key climate-related risks (see Climate Risks in the Sustainability Report):1. Flood risk \u2013 major flood could cause a disruption to the manufacturing sites.2. Supply chain risks \u2013 physical climate-related impacts could also result in supply chain disruptions, either through supplier sites being directly affected, or by disruption to transportation and energy supply.3. 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 transportation.4. 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 sustained cost impacts from any introduction of carbon pricing.These downside scenarios would result in 5-6% reduction of revenue and 5-10% increase in operating costs. 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 \u00a33.7 million, \u00a32.1 million and \u00a34.7 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 2022 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 \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 28.3 135.8Additions 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 * 9.2 9.5Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.2) \u2013 (0.2)Transfers 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 1.9 (10.4) \u2013Currency translation differences (1.7) * * (0.4) (1.2) (0.1) (1.2) (1.5) (6.1)At 31 December 2023 51.0 1.8 1.1 7.9 24.8 2.6 24.2 25.6 139.0Accumulated amortisation and impairment lossesAt 1 January 2022 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 65.9Amortisation charge 5.0 0.2 * 0.8 1.6 0.6 2.3 \u2013 10.5Impairment charge * \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.5 2.5Currency translation differences (1.1) \u2013 * (0.2) (0.7) (0.1) (0.4) (0.5) (3.0)At 31 December 2023 35.9 0.8 1.0 4.4 13.6 1.9 8.3 10.0 75.9Net book valueAt 31 December 2023 15.1 1.0 0.1 3.5 11.2 0.7 15.9 15.6 63.1At 31 December 2022 11.9 1.2 0.1 4.5 13.3 1.3 17.3 20.3 69.9* Balance is less than \u00a3100,000.The remaining amortisation period for customer relationships ranges from four to nine years. The Group\u2019s trademarks used to identify and distinguish the Group\u2019s name and logo have a carrying amount of \u00a30.1 million (2022: \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 are tested for impairment on an annual basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "13. Property, plant and equipmentFreehold Plant and Motor Building Assets under \u00a3mland Buildingsequipmentvehiclesimprovementsconstruction TotalCostAt 1 January 2022 1.5 17.3 30.3 0.3 7.1 1.3 57.8Acquisition of subsidiaries \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 70.4Additions \u2013 0.2 3.3 * 0.2 26.9 30.6Disposals \u2013 \u2013 (3.5) (0.1) (0.6) \u2013 (4.2)Transfers \u2013 \u2013 2.4 \u2013 19.2 (21.6) \u2013Currency translation differences (0.1) (1.0) (2.1) * (0.8) (0.3) (4.3)At 31 December 2023 1.5 18.2 38.1 0.2 26.9 7.6 92.5Accumulated depreciationAt 1 January 2022 \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 33.8Depreciation charge \u2013 0.5 3.7 * 0.9 \u2013 5.1Disposals \u2013 \u2013 (3.4) (0.1) (0.6) \u2013 (4.1)Currency translation differences \u2013 (0.3) (1.3) * (0.2) \u2013 (1.8)At 31 December 2023 \u2013 5.3 22.9 0.2 4.6 \u2013 33.0Net book value At 31 December 2023 1.5 12.9 15.2 \u2013 22.3 7.6 59.5At 31 December 2022 1.6 13.9 14.1 \u2013 4.4 2.6 36.6* Balance is less than \u00a3100,000.Assets under construction pertains to cost incurred for the building of Malaysia factory of \u00a37.1 million and renovation of the office space in North America which is due for completion in 2024 of \u00a30.5 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-67-2": {
"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 and product development uses. The lease has a lease term of 12 years commencing from 1 April 2023 which includes options to extend 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 Equipment land and and motor \u00a3mbuildingsvehicles TotalCostAt 1 January 2022 7.9 0.4 8.3Additions 38.5 0.5 39.0Acquisition of subsidiaries 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 54.9Additions 7.1 0.2 7.3Disposals (0.8) * (0.8)Depreciation charge (4.3) (0.2) (4.5)Currency translation differences (2.9) * (2.9)At 31 December 2023 53.3 0.7 54.0* Balance is less than \u00a3100,000.b. Lease expense not capitalised in lease liabilities\u00a3m 2023 2022Lease 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 2023 was \u00a33.6 million (2022: \u00a36.7 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-67-3": {
"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 and product development uses. The lease has a lease term of 12 years commencing from 1 April 2023 which includes options to extend 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 Equipment land and and motor \u00a3mbuildingsvehicles TotalCostAt 1 January 2022 7.9 0.4 8.3Additions 38.5 0.5 39.0Acquisition of subsidiaries 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 54.9Additions 7.1 0.2 7.3Disposals (0.8) * (0.8)Depreciation charge (4.3) (0.2) (4.5)Currency translation differences (2.9) * (2.9)At 31 December 2023 53.3 0.7 54.0* Balance is less than \u00a3100,000.b. Lease expense not capitalised in lease liabilities\u00a3m 2023 2022Lease 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 2023 was \u00a33.6 million (2022: \u00a36.7 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-68-2": {
"value": "15. SubsidiariesThe Group has the following principal subsidiaries as at 31 December 2023 and 2022:Ownership Ownership interestinterest20232022Name 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 90.6XP 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 100Guth High Voltage GmbH Germany 100 100XP 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 66XP Power (India) Pte. Ltd. India 100 \u2013* Refer to Note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-68-3": {
"value": "15. SubsidiariesThe Group has the following principal subsidiaries as at 31 December 2023 and 2022:Ownership Ownership interestinterest20232022Name 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 90.6XP 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 100Guth High Voltage GmbH Germany 100 100XP 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 66XP Power (India) Pte. Ltd. India 100 \u2013* Refer to Note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-69-2": {
"value": "16. Cash and bank balances\u00a3m 2023 2022Cash at bank and on hand 13.3 23.2Short-term bank deposits 0.1 0.2Total 13.4 23.4For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:\u00a3m 2023 2022Cash at bank balances (as above) 13.4 23.4Less: Bank overdrafts (Note 22) \u2013 (0.2)Less: Bank deposit pledged (1.4) (1.1)Cash and cash equivalents per consolidated statement of cash flows 12.0 22.1Bank 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "17. Inventories\u00a3m 2023 2022Finished goods 31.3 28.4Raw materials 44.2 53.8Work in progress 16.1 32.2Total 91.6 114.4The cost of inventories recognised as an expense and included in \u201ccost of sales\u201d amounts to \u00a3138.3 million (2022: \u00a3129.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-75-2": {
"value": "18. Trade receivables\u00a3m 2023 2022Current assetsTrade receivables 43.2 42.4Less: Loss allowance (Note 31(d)) (0.1) *Total 43.1 42.4* Balance is less than \u00a3100,000.The average credit period taken on sales of goods is 50 days (2022: 53 days). No interest is charged on the outstanding receivables balance. The carrying amounts of trade receivables approximates to their fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-76-2": {
"value": "19. Other current assets\u00a3m 2023 2022Prepayments 3.0 3.3Deposits 0.7 0.9VAT receivables 0.6 3.1Rights to returned goods 0.3 0.5Other receivables 3.5 0.2Total 8.1 8.0Other current assets are not impaired as at 31 December 2023 and 31 December 2022.25. 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 three-month Treasury Bill as published by the Board of Governors of the Federal Reserve System. A management fee of 0.4% of the bond is calculated on an annualised basis. The bond receivable is restricted until the finalisation of the appeal. The carrying amount of \u00a336.7 million as at 31 December 2023 is comprises the initial bond value of \u00a334.6 million, plus bond premium of \u00a30.4 million, interest receivable of \u00a31.8 million less the management fees paid of \u00a30.1 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-76-3": {
"value": "19. Other current assets\u00a3m 2023 2022Prepayments 3.0 3.3Deposits 0.7 0.9VAT receivables 0.6 3.1Rights to returned goods 0.3 0.5Other receivables 3.5 0.2Total 8.1 8.0Other current assets are not impaired as at 31 December 2023 and 31 December 2022.25. 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 three-month Treasury Bill as published by the Board of Governors of the Federal Reserve System. A management fee of 0.4% of the bond is calculated on an annualised basis. The bond receivable is restricted until the finalisation of the appeal. The carrying amount of \u00a336.7 million as at 31 December 2023 is comprises the initial bond value of \u00a334.6 million, plus bond premium of \u00a30.4 million, interest receivable of \u00a31.8 million less the management fees paid of \u00a30.1 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-77-2": {
"value": "20. Trade and other payables\u00a3m 2023 2022Trade payables 18.5 25.3VAT payables 1.4 4.5Withholding tax 0.1 0.3Accruals for operating expenses 24.3 18.6Contract liabilities 3.4 2.9Refund liabilities 0.6 1.0Total 48.3 52.6The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in the current period that was included in the contract liabilities at the beginning of the period amounts to \u00a32.5 million (2022: \u00a31.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-77-3": {
"value": "20. Trade and other payables\u00a3m 2023 2022Trade payables 18.5 25.3VAT payables 1.4 4.5Withholding tax 0.1 0.3Accruals for operating expenses 24.3 18.6Contract liabilities 3.4 2.9Refund liabilities 0.6 1.0Total 48.3 52.6The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in the current period that was included in the contract liabilities at the beginning of the period amounts to \u00a32.5 million (2022: \u00a31.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-77-4": {
"value": "20. Trade and other payables\u00a3m 2023 2022Trade payables 18.5 25.3VAT payables 1.4 4.5Withholding tax 0.1 0.3Accruals for operating expenses 24.3 18.6Contract liabilities 3.4 2.9Refund liabilities 0.6 1.0Total 48.3 52.6The Group recognised contract liabilities for payments from customers that are received in advance of the transfer of goods. Revenue recognised in the current period that was included in the contract liabilities at the beginning of the period amounts to \u00a32.5 million (2022: \u00a31.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-78-2": {
"value": "21. Accrued consideration\u00a3m 2023 2022At 1 January 1.5 1.3Provision made 0.2 0.2Payment \u2013 *At 31 December 1.7 1.5* Balance is less than \u00a3100,000.\u00a3m 2023 2022Current \u2013 \u2013Non-current 1.7 1.5At 31 December 1.7 1.5As at 31 December 2023, the Group owns 90.6% (2022: 90.6%) of the shares of Powersolve Electronics Limited (\u201cPowersolve\u201d). In February 2017, the Group acquired 89.9% of the shares in 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. As at 31 December 2023, the Group owns 66% (2022: 66%) of the shares of Hanpower Co Ltd (\u201cHanpower\u201d). The Group acquired an initial 51% of the shares in Hanpower in May 2015 and the Group entered into an agreement on 20 May 2015 with 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. The commitments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-78-3": {
"value": "21. Accrued consideration\u00a3m 2023 2022At 1 January 1.5 1.3Provision made 0.2 0.2Payment \u2013 *At 31 December 1.7 1.5* Balance is less than \u00a3100,000.\u00a3m 2023 2022Current \u2013 \u2013Non-current 1.7 1.5At 31 December 1.7 1.5As at 31 December 2023, the Group owns 90.6% (2022: 90.6%) of the shares of Powersolve Electronics Limited (\u201cPowersolve\u201d). In February 2017, the Group acquired 89.9% of the shares in 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. As at 31 December 2023, the Group owns 66% (2022: 66%) of the shares of Hanpower Co Ltd (\u201cHanpower\u201d). The Group acquired an initial 51% of the shares in Hanpower in May 2015 and the Group entered into an agreement on 20 May 2015 with 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. The commitments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "22. Borrowings and lease liabilities\u00a3m 2023 2022CurrentBank overdrafts \u2013 0.2Bank borrowings 0.4 \u2013Lease liabilities 1.4 2.4Total 1.8 2.6Non-currentBank borrowings 125.7 174.2Lease liabilities 53.3 48.9Total 179.0 223.1Undrawn borrowing facilities \u00a3m 2023 2022Expiring beyond one year 73.1 35.7Total 73.1 35.7The facility has no fixed repayment terms until maturity in 2026. The revolving credit facility denominated in US dollar is priced at SOFR plus a margin of 1.5%-3.25%, depending on leverage, (2022: 1.2%-2.8%) for the amount that has been drawn down and an amount of 40% of the margin for the unutilised facility. There is no drawdown on bank overdrafts denominated in GBP (2022: \u00a30.2 million) during the year. The fair values of the Group\u2019s bank borrowings and overdrafts approximate to their carrying amounts.Reconciliation of liabilities arising from financing activitiesNon-cash changesPrincipal Acquisition Proceeds and Addition Modification Disposal arising from Modification Net Foreign 31 1 January from interest during of lease during business of revolving interest exchange December \u00a3m2023borrowingspaymentsthe yearliabilitythe yearcombinationscredit facilityexpensemovement2023Bank borrowings 174.2 14.5 (67.0) \u2013 \u2013 \u2013 \u2013 (0.6) 12.2 (7.2) 126.1Lease liabilities 51.3 \u2013 (3.4) 6.8 (0.6) \u2013 \u2013 \u2013 3.1 (2.5) 54.7Non-cash changesPrincipal Acquisition Proceeds and Addition Modification Disposal arising from Modification Net Foreign 31 1 January from interest during of lease during business of revolving interest exchange December \u00a3m2022borrowingspaymentsthe yearliabilitythe yearcombinationscredit facilityexpensemovement2022Bank borrowings 33.4 170.3 (40.4) \u2013 \u2013 \u2013 \u2013 1.0 5.3 4.6 174.2Lease liabilities 8.1 \u2013 (6.5) 37.5 \u2013 (1.5) 11.4 \u2013 0.7 1.6 51.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-85-2": {
"value": "23. Derivative financial instrumentsCurrency forwardsAt 31 December 2022, derivative financial instruments comprised the USD/GBP currency forwards used to manage the exposure from issuance of dividends in GBP. There were no such forwards in place at 31 December 2023.Asset LiabilityContractual Contractual 31 December 2023 notional notional \u00a3mamount Fair value amount Fair valueCurrency forwards (current) \u2013 \u2013 \u2013 \u2013Asset LiabilityContractual Contractual 31 December 2022 notional notional \u00a3mamount Fair value amount Fair valueCurrency forwards (current) 3.5 * 7.1 (0.1)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "24. Provisions (current)\u00a3mCurrent 2023 2022Legal dispute (Note (a) below) 43.6 46.1Others 1.3 *Total 44.9 46.1* Balance is less than \u00a3100,000.As part of the Funding Plan Actions identified in the Chief Financial Officer\u2019s Review, the construction of the new site in Malaysia has been delayed. Agreement has been reached with the main contractor for the payment of prolongation costs in respect of this delay. Based on the expected delay and related costs, a provision of \u00a31.1 million has been made in these financial statements and the charge has been reported as part of Global supply chain transformation in Adjusting terms per Note 4.a. Legal dispute\u00a3m 2023 2022At 1 January 46.1 \u2013Provision made \u2013 46.9Currency translation differences (2.5) (0.8)At 31 December 2023 43.6 46.1As reported in the 2022 Annual Report and Accounts, in March 2022, an award for damages was made against XP for a total of $40 million in respect of a US legal action brought by Comet Technologies USA Inc., Comet AG, and YXLON International (\u201cComet\u201d). Our appeal against the original ruling, which we believe to be well founded, was filed with the Appellate Court in August 2023 and we have been responding in line with the Appellate Court\u2019s timeline. We expect the appeal to be heard during 2024. Judgement has yet to be received in respect of Comet\u2019s claim for legal fees and interest associated with the case. It is expected soon. We incurred legal fees of \u00a32.1 million in 2023 and these are reported as an Adjusting item per Note 4. While we believe we have provided for the worst-case situation, with the pending judgements and future appeals there remain a broad range of potential outcomes. Further updates will be provided as and when the current position changes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-2": {
"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 2023 2022Deferred tax assets 0.7 15.1Deferred tax liabilities (9.3) (10.5)Net deferred tax (liabilities)/assets (8.6) 4.6The movement in the net deferred income tax account is as follows: \u00a3m 2023 2022Beginning of financial year 4.6 (6.2)Currency translation differences \u2013 (1.5)Acquisition of subsidiaries \u2013 (4.1)Tax (charged)/credited to:\u2013 Profit or loss (Note 8) (13.0) 17.9\u2013 Equity (Note 8) (0.2) (1.5)End of financial year (8.6) 4.6The 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 Lease \u00a3m legal disputepayment Tax lossesliabilities Others TotalAt 1 January 2022 \u2013 2.8 0.4 1.8 1.7 6.7Acquisition of subsidiary \u2013 \u2013 \u2013 3.2 \u2013 3.2Credited/(charged) to income statement 11.5 (0.7) 1.1 7.8 1.7 21.4Debited to equity \u2013 (1.5) \u2013 \u2013 \u2013 (1.5)Currency translation differences * \u2013 * 0.4 0.2 0.6At 31 December 2022 11.5 0.6 1.5 13.2 3.6 30.4Charged to income statement (11.0) * (1.2) (8.3) (3.5) (24.0)Debited to equity \u2013 (0.2) \u2013 \u2013 \u2013 (0.2)Currency translation differences (0.4) \u2013 * (0.4) (0.1) (0.9)At 31 December 2023 0.1 0.4 0.3 4.5 \u2013 5.3At 31 December 2023, the Group has unutilised tax losses and other credits of \u00a367.2 million for which no deferred tax benefit is recognised in the balance sheet due to the current uncertainty as to the Group\u2019s ability to utilise these losses. These tax losses and capital allowances can be carried forward and used to offset against future taxable income subject to meeting certain local statutory requirements. Tax losses amounting to \u00a311.0 million can be carried forward indefinitely, losses amounting to \u00a352.7 million begin to expire in 2029 and losses amounting to \u00a33.5 million begin to expire in 2034.Deferred income tax liabilitiesAccelerated Intangible tax assets \u00a3m depreciationamortisation Lease assets Others TotalAt 1 January 2022 (2.3) (8.8) (1.8) \u2013 (12.9)Acquisition of subsidiaries \u2013 (3.7) (3.2) (0.4) (7.3)Credited/(charged) to income statement 0.4 3.5 (7.8) 0.4 (3.5)Currency translation differences (0.3) (1.4) (0.4) * (2.1)At 31 December 2022 (2.2) (10.4) (13.2) * (25.8)Credited/(charged) to income statement 1.3 1.5 8.3 (0.1) 11.0Currency translation differences 0.1 0.4 0.4 * 0.9At 31 December 2023 (0.8) (8.5) (4.5) (0.1) (13.9)* Balance is less than \u00a3100,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-2": {
"value": "27. Share capital and reservesa. Share capital No. of ordinary shares AmountShare TreasuryIssued share Treasury capitalsharescapital shares\u00a3m\u00a3m2023Beginning of financial year 19,742,296 (102,086) 27.2 *Shares issued 3,946,958 \u2013 44.0 \u2013Treasury shares purchased \u2013 (979) \u2013 *Treasury shares re-issued \u2013 54,182 \u2013 *End of financial year 23,689,254 (48,883) 71.2 *2022Beginning 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 ** 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 2023, the Company issued 3,946,958 ordinary shares for a net consideration of \u00a344 million. The newly issued shares rank pari passu in all aspects with the previously issued shares. 27. Share capital and reserves CONTINUEDb. 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 2023, the Company purchased 979 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 54,182 (2022: 90,795) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2022: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a36,000 (2022: \u00a311,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2023 2022Exercise price paid by employees 0.4 *Value of employee services 1.2 1.8Total net consideration 1.6 1.8* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,600,000 (2022: \u00a31,800,000) is recognised in other reserve. c. Share-based payments reserve 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.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 reserveOther reserve comprises: \u2022 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, and\u2022 the value relating to the exercise of share-based payment awards.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-3": {
"value": "27. Share capital and reservesa. Share capital No. of ordinary shares AmountShare TreasuryIssued share Treasury capitalsharescapital shares\u00a3m\u00a3m2023Beginning of financial year 19,742,296 (102,086) 27.2 *Shares issued 3,946,958 \u2013 44.0 \u2013Treasury shares purchased \u2013 (979) \u2013 *Treasury shares re-issued \u2013 54,182 \u2013 *End of financial year 23,689,254 (48,883) 71.2 *2022Beginning 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 ** 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 2023, the Company issued 3,946,958 ordinary shares for a net consideration of \u00a344 million. The newly issued shares rank pari passu in all aspects with the previously issued shares. 27. Share capital and reserves CONTINUEDb. 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 2023, the Company purchased 979 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 54,182 (2022: 90,795) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2022: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a36,000 (2022: \u00a311,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2023 2022Exercise price paid by employees 0.4 *Value of employee services 1.2 1.8Total net consideration 1.6 1.8* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,600,000 (2022: \u00a31,800,000) is recognised in other reserve. c. Share-based payments reserve 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.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 reserveOther reserve comprises: \u2022 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, and\u2022 the value relating to the exercise of share-based payment awards.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-4": {
"value": "27. Share capital and reservesa. Share capital No. of ordinary shares AmountShare TreasuryIssued share Treasury capitalsharescapital shares\u00a3m\u00a3m2023Beginning of financial year 19,742,296 (102,086) 27.2 *Shares issued 3,946,958 \u2013 44.0 \u2013Treasury shares purchased \u2013 (979) \u2013 *Treasury shares re-issued \u2013 54,182 \u2013 *End of financial year 23,689,254 (48,883) 71.2 *2022Beginning 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 ** 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 2023, the Company issued 3,946,958 ordinary shares for a net consideration of \u00a344 million. The newly issued shares rank pari passu in all aspects with the previously issued shares. 27. Share capital and reserves CONTINUEDb. 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 2023, the Company purchased 979 ordinary shares at 1 pence per share and held under ESOP Trust.The Company re-issued 54,182 (2022: 90,795) treasury shares during the financial year pursuant to the Company\u2019s ESOP at the exercise price of ranging from \u00a30.01 to \u00a315.43 (2022: \u00a30.01 to \u00a315.43). The cost of the treasury shares re-issued amounted to \u00a36,000 (2022: \u00a311,000). The total consideration (net of expense) for the treasury shares issued is as follows: \u00a3m 2023 2022Exercise price paid by employees 0.4 *Value of employee services 1.2 1.8Total net consideration 1.6 1.8* Balance is less than \u00a3100,000.Accordingly, a gain on re-issue of treasury shares of \u00a31,600,000 (2022: \u00a31,800,000) is recognised in other reserve. c. Share-based payments reserve 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.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 reserveOther reserve comprises: \u2022 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, and\u2022 the value relating to the exercise of share-based payment awards.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-101-2": {
"value": "29. Related-party transactionsKey management personnel compensationKey management personnel are the Directors of the Group. \u00a3m 2023 2022Short-term employee benefits 1.9 1.4Post-employment benefits 0.1 0.1Share-based payment expenses 0.6 0.2Total 2.6 1.7Further information about the remuneration of the individual Directors is provided in the Directors\u2019 Remuneration Report on pages 122\u2013144.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-107-2": {
"value": "30. Share-based paymentsThe Group operates several equity-settled share-based payment plans. a. XP Power Share Option Plan (the \u201cSOP\u201d) 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 ten years from grant date. All options under the SOP are fully vested as at 31 December 2023.Set out below are summaries of options granted under the plan: 2023 2022Weighted Weighted average average exercise price exercise price Number of per share Number of per share share optionsoptionshare optionsoptionAt 1 January 73,677 \u00a315.43 76,885 \u00a315.43Forfeited during the year (10,000) \u00a315.43 \u2013 \u2013Exercised during the year* (25,000) \u00a315.43 (3,208) \u00a315.43At 31 December 38,677 \u00a315.43 73,677 \u00a315.43Exercisable at 31 December 38,677 \u00a315.43 73,677 \u00a315.43*The weighted average share price at the date of exercise of options exercised during the year ended 31 December 2023 was \u00a323.75 (2022: \u00a332.86). 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 price2023202223 February 2016 10 December 2023 \u00a315.43 \u2013 34,80023 February 2016 23 February 2026 \u00a315.43 38,677 38,877Total 38,677 73,677 Weighted average remaining contractual life of options outstanding at end of period 2.2 year 2.1 years b. XP Power Limited Long-Term Incentive Plan 2017 (the \u201cXP LTIP 2017\u201d)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: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder award#At 1 January59,754 \u00a30.01 86,254 \u00a30.01Granted during the year 53,408 \u00a30.01 30,471 \u00a30.01#Forfeited during the year(31,161) \u00a30.01 (21,666) \u00a30.01Exercised during the year* \u2013 \u2013 (35,305) \u00a30.01At 31 December 82,001 \u00a30.01 59,754 \u00a30.01Exercisable at 31 December 3,091 \u00a30.01 3,091 \u00a30.01# The beginning balance excludes 18,834 awards granted on 22 April 2020 where the EPS condition for the performance period 2020 to 2022 was only partially met and TSR condition for the performance period from 2020 to 2022 has not been met. This is different from the Remuneration Committee Report, which discloses the forfeiture in 2023. The forfeited awards during the year include 11,582 awards granted on 3 March 2021 where both the TSR and performance condition for the performance period 2021 to 2023 has not been 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. Awards outstanding at the end of the year have the following expiry dates and exercise prices.Shares under Shares under award award 31 December 31 December Grant date Expiry date Exercise price20232022116 March 201916 March 2024 \u00a30.01 3,091 3,09122 April 2020 22 October 2025 \u00a30.01 3,039 3,03922 April 2020 22 April 2026 \u00a30.01 3,547 3,5473 March 2021 3 March 2027 \u00a30.01 \u2013 11,58210 May 2021 10 May 2027 \u00a30.01 \u2013 8,0248 March 2022 8 March 2028 \u00a30.01 18,916 30,47117 March 2023 17 March 2029 \u00a30.01 33,381 \u201314 September 2023 14 September 2029 \u00a30.01 20,027 \u2013Total 82,001 59,7541 50% of the awards vested in 2023 and the remaining 50% will vest in 2024. 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 53,408Fair value at grant date \u00a311.96 to \u00a318.91Model used Monte Carlo model and Black\u2013Scholes model Assumptions used:Share price \u00a321.66Exercise price \u00a30.01Expected volatility 40.04% to 40.68%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 3.28% to 4.28%30. Share-based payments CONTINUEDc. XP Power Limited Senior Managers Long-Term Incentive Plan 2017 (the \u201cXP Senior Managers LTIP 2017\u201d)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 (\u201cPerformance RSUs\u201d) 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, 2022 and 2023, 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. Performance Share AwardsSet out below are summaries of Performance Share Awards granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 54,887 \u00a30.01 62,781 \u00a30.01Granted during the year 56,788 \u00a30.01 23,339 \u00a30.01Forfeited during the year (18,744) \u00a30.01 (20,026) \u00a30.01Exercised during the year* (13,272) \u00a30.01 (11,207) \u00a30.01At 31 December 79,659 \u00a30.01 54,887 \u00a30.01Exercisable at 31 December 3,657 \u00a30.01 9,515 \u00a30.01* The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2023 was \u00a321.78 (2022: \u00a330.90). Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award award 31 December 31 December Grant date Expiry date Exercise price20232022116 May 201816 May 2023 \u00a30.01 \u2013 6,026216 March 201916 March 2024 \u00a30.01 2,273 8,35922 April 2020 22 April 2024 \u00a30.01 2,769 4,2323 March 2021 3 March 2025 \u00a30.01 \u2013 12,9318 March 2022 8 March 2026 \u00a30.01 21,710 22,81912 September 2022 12 September 2026 \u00a30.01 \u2013 52013 June 2023 13 June 2027 \u00a30.01 44,942 \u201314 September 2023 14 September 2027 \u00a30.01 7,965 \u2013Total 79,659 54,8871 These awards are fully vested. 2 50% of the awards vested in 2023 and the remaining 50% will vest in 2024. Performance RSUsSet out below are summaries of Performance RSUs granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 35,877 \u2013 61,699 \u2013Granted during the year 27,878 \u2013 14,732 \u2013Forfeited during the year (16,902) \u2013 (18,943) \u2013Exercised during the year* (10,406) \u2013 (21,611) \u2013At 31 December 36,447 \u2013 35,877 \u2013Exercisable at 31 December \u2013 \u2013 414 \u2013* The weighted average share price at the date of exercise of awards exercised during the year ended 31 December 2023 was \u00a321.19 (2022: \u00a332.43). Awards outstanding at the end of the year have the following expiry dates and exercise prices:Shares under Shares under award award 31 December 31 December Grant date Expiry date Exercise price2023202212 October 2017 12 October 2022 \u2013 \u2013 30016 March 2019 16 March 2024 \u2013 \u2013 6,24222 April 2020 22 April 2024 \u2013 \u2013 5,1343 March 2021 3 March 2025 \u2013 \u2013 9,7468 March 2022 8 March 2026 \u2013 10,937 13,48917 August 2022 17 August 2026 \u2013 966 96613 June 2023 13 June 2027 \u2013 23,341 \u201314 September 2023 14 September 2027 \u2013 1,203 \u2013Total 36,447 35,87730. Share-based payments CONTINUEDRestricted Share Awards Set out below are summaries of Restricted Share Awards granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 9,461 \u00a30.01 3,912 \u00a30.01Granted during the year 24,438 \u00a30.01 6,523 \u00a30.01Forfeited during the year (1,834) \u00a30.01 (974) \u00a30.01Exercised during the year (202) \u00a30.01 \u2013 \u2013At 31 December 31,863 \u00a30.01 9,461 \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 award 31 December 31 December Grant date Expiry date Exercise price2023202222 April 2020 22 April 2024 \u00a30.01 1,376 1,6393 March 2021 3 March 2025 \u00a30.01 1,299 1,2998 March 2022 8 March 2026 \u00a30.01 4,701 4,70112 September 2022 12 September 2026 \u00a30.01 1,302 1,82213 June 2023 13 June 2027 \u00a30.01 17,496 \u201314 September 2023 14 September 2027 \u00a30.01 5,689 \u2013Total 31,863 9,461RSUs Set out below are summaries of RSUs granted under the plan: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 28,227 \u2013 1,623 \u2013Granted during the year 32,942 \u2013 26,742 \u2013Forfeited during the year (12,616) \u2013 (138) \u2013Exercised during the year (1,046) \u2013 \u2013 \u2013At 31 December 47,507 \u2013 28,227 \u2013Exercisable 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 awardaward 31 December 31 December Grant date Expiry date Exercise price2023202222 April 2020 22 April 2024 \u2013 \u2013 1,0463 March 2021 3 March 2025 \u2013 433 5778 March 2022 8 March 2026 \u2013 10,698 14,55417 August 2022 17 August 2026 \u2013 483 48326 August 2022 26 August 2026 \u2013 2,116 2,11612 September 2022 12 September 2026 \u2013 1,041 1,04121 November 2022 21 November 2026 \u2013 6,463 8,41013 June 2023 13 June 2027 \u2013 25,654 \u201314 September 2023 14 September 2027 \u2013 619 \u2013Total 47,507 28,227Fair 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: Performance Share Award Performance RSU Restricted Share Award RSUOptions granted 56,788 27,878 24,438 32,942Fair value at grant date \u00a312.50 to \u00a320.08 \u00a312.50 to \u00a320.08 \u00a318.49 to \u00a321.24 \u00a318.49 to \u00a321.24Model used Monte Carlo model and Monte Carlo model and Black\u2013Scholes model Black\u2013Scholes modelBlack\u2013Scholes model Black\u2013Scholes modelAssumptions used:Share price \u00a321.89 to \u00a321.97 \u00a321.89 to \u00a321.97 \u00a320.01 to \u00a321.32 \u00a320.01 to \u00a321.32Exercise price \u00a30.01 \u2013 \u00a30.01 \u2013Expected volatility 39.4% to 68.85% 39.4% to 68.85% 38.99% to 45.34% 38.99% to 45.34%Expected option life 3 years 3 years 3 years 3 yearsExpected dividend yield 3.00% 3.00% 3.00% 3.00%Risk-free interest rate 4.28% to 4.43% 4.28% to 4.43% 4.28% to 4.43% 4.28% to 4.43%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: 2023 2022Weighted Weighted average average Number of exercise price Number of exercise price shares under per share shares under per share awardunder awardawardunder awardAt 1 January 9,753 \u00a30.01 6,230 \u00a30.01Granted during the year 7,189 \u00a30.01 4,080 \u00a30.01Forfeited during the year (2,647) \u00a30.01 (557) \u00a30.01At 31 December 14,295 \u00a30.01 9,753 \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 award 31 December 31 December Grant date Expiry date Exercise price2023202222 April 2020 22 October 2025 \u00a30.01 1,263 1,26322 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 \u2013 1,2038 March 2022 8 March 2028 \u00a30.01 2,636 4,08017 March 2023 17 March 2029 \u00a30.01 4,686 \u201314 September 2023 14 September 2029 \u00a30.01 2,503 \u2013Total 14,295 9,753Fair 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\u2013Scholes model. The model inputs are as follows: Options granted 7,189Fair value at grant date \u00a318.49 to \u00a318.91Assumptions used:Share price \u00a321.48 to \u00a321.97Exercise price \u00a30.011Expected volatility40.05% to 40.68%Expected option life 5 yearsExpected dividend yield 3.00%Risk-free interest rate 3.28% to 4.28%1 Volatility was estimated based on the historical volatility of the shares over a five-year period prior to grant date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-128-2": {
"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 is as follows:\u00a3m GBP EUR USD SGD Others TotalAt 31 December 2023 Financial assets Cash and cash equivalents 2.1 1.7 8.2 0.3 1.1 13.4Trade receivables 2.0 4.3 36.6 * 0.2 43.1Bond receivables \u2013 \u2013 36.7 \u2013 \u2013 36.7Other current assets * 0.3 3.7 * 0.2 4.2ESOP loan to employees * \u2013 \u2013 \u2013 \u2013 *Subtotal 4.1 6.3 85.2 0.3 1.5 97.4Financial liabilitiesBorrowings * \u2013 (126.1) \u2013 \u2013 (126.1)Trade and other payables (2.5) (2.1) (35.1) * (3.7) (43.4)Lease liabilities (0.4) (13.3) (37.3) (3.6) (0.1) (54.7)Provisions * (0.2) (44.5) (0.1) (1.1) (45.9)Accrued consideration (0.9) \u2013 \u2013 \u2013 (0.8) (1.7)Subtotal (3.8) (15.6) (243.0) (3.7) (5.7) (271.8)Net financial assets/(liabilities) 0.3 (9.3) (157.8) (3.4) (4.2) (174.4)Currency profile 0.3 (9.3) (157.8) (3.4) (4.2) (174.4)Financial (assets)/liabilities denominated in the respective entities\u2019 functional currencies (0.5) 9.8 162.6 \u2013 2.9 174.8Currency exposure of financial (liabilities)/assets (0.2) 0.5 4.8 (3.4) (1.3) 0.4* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-134-2": {
"value": "d. 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 has 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 2023 2022Gross carrying amount 0.1 *Less: loss allowance (0.1) *Carrying amount net of allowance \u2013 \u201331. Financial risk management CONTINUEDThe 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 2023North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 2.2%Trade receivables 18.7 6.9 0.8 * * 0.2 26.6Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 3.7%Trade receivables 8.0 2.0 0.1 0.1 * 0.1 10.3Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 4.9 1.0 0.4 * * * 6.3Loss 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 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 \u2013* Balance is less than \u00a3100,000.The movement in the allowance for impairment of trade receivables is as follows: \u00a3m 2023 2022At 1 January * *(a)Loss allowance recognised in profit or loss during the year on assets acquired/originated (0.1) *Receivables written off as uncollectible * \u2013Currency translation differences * *At 31 December (0.1) *(a) Loss allowance measured at lifetime ECL.* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-134-3": {
"value": "d. 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 has 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 2023 2022Gross carrying amount 0.1 *Less: loss allowance (0.1) *Carrying amount net of allowance \u2013 \u201331. Financial risk management CONTINUEDThe 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 2023North America regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 2.2%Trade receivables 18.7 6.9 0.8 * * 0.2 26.6Loss allowance \u2013 * * * * * *Europe regionExpected loss rate 0.0% 0.1% 0.2% 0.2% 0.3% 3.7%Trade receivables 8.0 2.0 0.1 0.1 * 0.1 10.3Loss allowance \u2013 * * * * * *Asia regionExpected loss rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Trade receivables 4.9 1.0 0.4 * * * 6.3Loss 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 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 \u2013* Balance is less than \u00a3100,000.The movement in the allowance for impairment of trade receivables is as follows: \u00a3m 2023 2022At 1 January * *(a)Loss allowance recognised in profit or loss during the year on assets acquired/originated (0.1) *Receivables written off as uncollectible * \u2013Currency translation differences * *At 31 December (0.1) *(a) Loss allowance measured at lifetime ECL.* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-142-2": {
"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 forecasts on a 20 weeks outlook basis and review them on a weekly basis with management.At the balance sheet date, assets held by the Group and the Company for managing liquidity risk included cash and short-term deposits are 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. The current facility has not changed during 2023 and remains at US$255 million. The RCF facility is in place up to June 2026 and there is an option to extend for a further one year to June 2027 subject to lender consent. The facility has no fixed repayment terms until maturity. The revolving loan is priced based on the Secured Overnight Financing Rate (SOFR) administered by the Federal Reserve Bank of New York plus a margin. The current margins for the utilisation facility range from 1.5\u20133.25%, depending on the Net Debt: Adjusted EBITDA ratio for the previous quarter and a margin of 40% of the utilisation facility margin for the unutilised facility. The main features of the RCF are as follows: \u2022 The interest rate on the amounts drawn under the facility is determined as USD SOFR plus margin depending on leverage ratio.\u2022 Market standard financial covenants of the facility, as discussed below.The covenants to 31 December 2023 include:\u2022 The ratio of net debt to consolidated EBITDA permitted under the revolving credit facility must not exceed a multiple of 3.5x until 31 December 2024, returning to a multiple of 3x thereafter. \u2022 Consolidated EBITDA must also cover relevant finance charges by a minimum of 3x until 30 September 2025, returning to a multiple of 4x thereafter. For covenant testing purposes, the Group\u2019s definition of consolidated EBITDA is adjusted to exclude certain items as detailed in Note 4. 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 2023 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 cash flows. 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 TotalGroupAt 31 December 2023Trade and other payables 43.4 \u2013 \u2013 \u2013 43.4Lease liabilities 4.7 5.8 13.8 83.0 107.3Accrued consideration \u2013 1.7 \u2013 \u2013 1.7Borrowings, including interest 11.9 11.0 136.6 \u2013 159.5Total 60.0 18.5 150.4 83.0 311.9At 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 68.7 356.6The Group manages the liquidity risk by maintaining sufficient cash and bank facilities to enable it to meet its normal operating commitments.",
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"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-145-2": {
"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 2023 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 \u2013 \u2013 \u2013LiabilitiesDerivative financial instruments \u2013 \u2013 \u2013 \u2013As at 31 December 2022 \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 2023 2022Financial assets, at FVPL \u2013 *Financial liabilities, at FVPL (1.7) (1.6)Financial assets, at amortised cost 97.4 103.9Financial liabilities, at amortised cost (270.1) (317.5)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-145-3": {
"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 2023 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 \u2013 \u2013 \u2013LiabilitiesDerivative financial instruments \u2013 \u2013 \u2013 \u2013As at 31 December 2022 \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 2023 2022Financial assets, at FVPL \u2013 *Financial liabilities, at FVPL (1.7) (1.6)Financial assets, at amortised cost 97.4 103.9Financial liabilities, at amortised cost (270.1) (317.5)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-145-4": {
"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 2023 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 \u2013 \u2013 \u2013LiabilitiesDerivative financial instruments \u2013 \u2013 \u2013 \u2013As at 31 December 2022 \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 2023 2022Financial assets, at FVPL \u2013 *Financial liabilities, at FVPL (1.7) (1.6)Financial assets, at amortised cost 97.4 103.9Financial liabilities, at amortised cost (270.1) (317.5)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-145-5": {
"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 2023 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 \u2013 \u2013 \u2013LiabilitiesDerivative financial instruments \u2013 \u2013 \u2013 \u2013As at 31 December 2022 \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 2023 2022Financial assets, at FVPL \u2013 *Financial liabilities, at FVPL (1.7) (1.6)Financial assets, at amortised cost 97.4 103.9Financial liabilities, at amortised cost (270.1) (317.5)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-145-6": {
"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 2023 \u00a3m Level 1 Level 2 Level 3 TotalAssetsDerivative financial instruments \u2013 \u2013 \u2013 \u2013LiabilitiesDerivative financial instruments \u2013 \u2013 \u2013 \u2013As at 31 December 2022 \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 2023 2022Financial assets, at FVPL \u2013 *Financial liabilities, at FVPL (1.7) (1.6)Financial assets, at amortised cost 97.4 103.9Financial liabilities, at amortised cost (270.1) (317.5)* Balance is less than \u00a3100,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-148-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-149-2": {
"value": "32. InformationThese financial statements were authorised for issue in accordance with a resolution of the Board of Directors of XP Power Limited on 4 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800I7RWQ3FV72EZ26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}