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patients living with chronic conditions, their care
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givers and the healthcare professionals who
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long-term chronic conditions, with leading market
\n
positions in Advanced Wound Care, Ostomy Care,
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"2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f22327": { "value": "1. BASIS OF PREPARATION
This section describes the Group\u2019s significant accounting policies that relate to the Consolidated Financial Statements and
explains critical accounting judgements and estimates that management has identified as having a potentially material impact
to the Group. Specific accounting policies relating to the Notes to the Consolidated Financial Statements are described within
that note.
1.1 General information
Convatec Group Plc (the Company) is a public limited company incorporated in the United Kingdom under the Companies Act of
2006. The Company\u2019s registered office is 7
th
Floor, 20 Eastbourne Terrace, London, W2 6LG, United Kingdom.
The Consolidated Financial Statements have been prepared in accordance with United Kingdom adopted international accounting
standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
The Consolidated Financial Statements are presented in US dollars (USD), which is also the functional currency as the revenue and
operating profits of the Company and its subsidiaries (collectively, the Group) are primarily generated in US dollars and US dollar-
linked currencies. All values are rounded to $0.1 million except where otherwise indicated.
Pages 5 to 7 in the Strategic report provide further detail of the Group\u2019s principal activities and nature of its operations.
1.2 Significant accounting policies
The following significant accounting policies apply to the Consolidated Financial Statements as a whole:
Basis of accounting and presentation
The consolidated financial information has been prepared on a historical cost basis, except for certain financial instruments where fair
value has been applied. Historical cost is generally based on the value of the consideration given in exchange for goods and services.
Basis of consolidation
The Consolidated Financial Statements include the results of the Company and all of its subsidiary undertakings. Subsidiaries are
entities controlled ultimately by the Company. Control exists when the Company ultimately: (i) has power over the investee; (ii) is
exposed, or has rights, to variable returns from its involvement in the investee; and (iii) has the ability to use its power to affect its
returns. The Company reassesses whether or not it ultimately controls an entity if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
The consolidated financial information of the Company\u2019s subsidiaries is included within the Group\u2019s Consolidated Financial
Statements from the date that control commences until the date that control ceases and is prepared for the same year-end date
using consistent accounting policies.
Going concern
As discussed in the Financial review on pages 26 to 33, the overall financial performance of the business remains strong with a
robust liquidity position.
As at 31 December 2023, the Group held cash and cash equivalents of $97.6 million (31 December 2022: $143.8 million), and
borrowings of $1,226.9 million (31 December 2022: $1,211.9 million). The borrowings as at 31 December 2023 comprised of senior
notes of $500.0 million, term loan of $250.0 million, and drawn multicurrency revolving credit facilities of $490.6 million, net of
unamortised financing fees of $13.7 million. During the year, the term of the $950.0 million multicurrency revolving credit facility
was extended by an additional year and is now committed to November 2028. The term loan and senior notes remain repayable in
2027 and 2029 respectively. $459.4 million of the multicurrency revolving credit facilities remained undrawn as at 31 December 2023,
which together with cash and cash equivalents of $97.6 million, provided the Group with total liquidity of $557.0 million as at that
date (2022: $616.6 million). The principal financial covenants remain unchanged and as at 31 December 2023, the Group was in
compliance with its financial covenants.
In preparing their assessment of going concern, the Directors have considered available cash resources, financial performance
and forecast performance, including strategy delivery, together with the Group\u2019s financial covenant compliance requirements and
principal risks and uncertainties. The Directors have used cash flow forecasts and actual performance in 2023, the Board approved
2024 budget and longer-term strategic plan as foundations. The forecasts reflected the full potential funding requirements in
relation to the remaining estimated contingent consideration payable in relation to the Group\u2019s acquisitions. The Directors have
considered a going concern period to 31 December 2025, which is at least 12 months from the date of approval of the Consolidated
Financial Statements.
In accordance with FRC guidance, management applied severe but plausible downside scenarios linked to the Group\u2019s principal
and emerging risks, including supply chain disruption, cyber security disruption, significant regulatory breaches, financial market
distress and geopolitical events. Scenarios combining certain risks were also considered. Further details of the specific scenarios
are provided in the Viability statement on pages 86 and 87. The Board has reviewed these scenarios as part of the going concern
assessment and has concluded that these scenarios are in line with the Group\u2019s principal and emerging risks and continue to reflect
the potential financial risk of severe but plausible downside events and circumstances during the going concern period. Under each
scenario, the Group is forecast to retain significant liquidity and covenant headroom throughout the going concern period.
The Group has carried out a reverse stress test against the forecast base case to determine the performance levels that would
result in a breach of covenants. For a breach of covenants to occur in the next 12 months, before Board and management
mitigation, the Group would need to experience a sustained revenue reduction of at least 10% across all categories and markets.
This was considered to be implausible given the Group\u2019s strong global market position and diversified portfolio of products and
the mitigations available to the Board and management, which include reducing expansionary capital investment.
Accordingly, at the time of approving these Consolidated Financial Statements, the Directors have a reasonable expectation that the
Group and the Company will have adequate liquid resources to meet their respective liabilities as they become due and will be able
to sustain its business model, strategy and operations and remain solvent for a period of at least 12 months from 5 March 2024.
Foreign currency translation and transactions
Assets and liabilities of subsidiaries whose functional currency is not US dollars are translated into US dollars at the rate of exchange
at the period end. Equity is translated into US dollars at historic rate. Income and expenses are translated into US dollars at
the average rates of exchange prevailing during the year. Foreign currency gains and losses resulting from the translation of
subsidiaries into US dollars are recognised in the Consolidated Statement of Comprehensive Income. Exchange differences arising
from the translation of the net investment in foreign operations are taken to the cumulative translation reserve within equity. They
are recycled and recognised in the Consolidated Income Statement upon disposal of the operation.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting
date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the
date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency
are not retranslated. Any gain or loss arising from subsequent exchange rate movements is included as an exchange gain or loss
in the Consolidated Income Statement.
1.3 Climate change
The Directors recognise the risk of climate change on the business and acknowledge that the Group must take appropriate action
to mitigate and, where feasible, prevent further climate change impact. Accordingly, climate related risks have been identified as
a principal risk and discussed in greater detail in the \u2018Principal Risks\u2019 section within the Annual Report and Accounts.
Whilst the valuation of our assets and liabilities has not been materially impacted as at 31 December 2023, the Group will continue to
monitor possible implications of climate related risks that could arise in future years on both future cash flows and the valuation of
the Group\u2019s assets and liabilities, as Government policies and the Group\u2019s own strategy and transition plans evolve. Further detail is
provided within the \u2018Responsible business review\u2019 and \u2018The Task Force on Climate-related Financial Disclosure\u2019 sections of the
Annual Report and Accounts on pages 38 to 75.
1.4 Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements, in conformity with United Kingdom adopted international accounting standards and
International Financial Reporting Standards (IFRS), requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported value of assets and liabilities, income and expense. Actual results
may differ from these estimates or judgements of likely outcome. Management regularly reviews, and revises as necessary, the
accounting judgements that significantly impact the amounts recognised in the Consolidated Financial Statements and the sources
of estimation uncertainty that are considered to be key estimates due to their potential to give rise to material adjustments in the
Group\u2019s Consolidated Financial Statements within the next financial year.
In preparing the Consolidated Financial Statements no critical accounting judgements have been identified. Management have
identified one key source of estimation uncertainty in respect of the provision for contingent consideration on acquisitions.
The nature of the uncertainty arises from both the estimation of the undiscounted amounts expected to be paid and the estimation
of the timing of discrete payments.
The underlying drivers of the contingent consideration are determined in accordance with the contractual terms of the purchase
agreements for each relevant acquisition and may vary depending on the amounts or timing of product revenues (including future
revenues, which are inherently uncertain), particularly when it relates to products which are relatively new to market or not yet
launched, the future achievement of regulatory clearance for new products, or other uncertainties deriving from the purchase
agreement, which may be subject to negotiation. The Group estimates provisions for contingent consideration based on
information available at the balance sheet date that includes forecasts that run up to 20 years into the future and expectations
of when future events that trigger payments will happen. Future payment forecasts are discounted to present value in accordance
with the requirements of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
Actual results may differ from estimates or there may be delays to estimated timetables for regulatory clearances which would
lead to a change in estimate of provisions for contingent consideration and may vary materially within the next financial year.
At 31 December 2023 the discounted estimate of provisions for contingent consideration was $138.0 million (see Note 26 \u2013 Acquisitions).
Management has determined that a reasonable possible range of discounted outcomes within the next financial year is $50.0 million to
$156.0 million.
As detailed further in the Group\u2019s Audit and Risk Committee report on pages 110 to 119, the Committee has reviewed, discussed,
and challenged management on its determination that there were no identified critical accounting judgements, and the key source
of estimation uncertainty regarding the calculation of the contingent consideration provision and the Committee has subsequently
agreed with management.
1.5 Accounting standards
New standards, interpretations and amendments applied for the first time
On 1 January 2023, the Group adopted the following amendments which are mandatorily effective for the period beginning
1 January 2023:
\u2013
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
\u2013
Definition of Accounting Estimates (Amendments to IAS 8);
\u2013
Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12);
\u2013
IFRS 17
\u2013 Insurance contracts;
and
\u2013
International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12).
The adoption during the year of the amendments and interpretations has not had a material impact on the Consolidated Financial
Statements.
Apart from these changes, the accounting policies set out in the Notes have been applied consistently to both years presented
in these Consolidated Financial Statements.
New standards, interpretations and amendments not yet effective
There are a number of standards, amendments to standards and interpretations which have been issued by the IASB that are
effective in future accounting periods that the Group has decided not to adopt early.
The following amendments are effective for the period beginning 1 January 2024:
\u2013
IFRS 16
Leases (Amendment \u2013 Liability in a Sale and Leaseback);
\u2013
IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current);
and
\u2013
IAS 1 Presentation of Financial Statements (Amendment \u2013 Non-current liabilities with Covenants).
The Group is currently assessing the impact of these new accounting standards and amendments and does not believe these will
have a material impact on the Group.
Other interpretations and amendments
In addition to these issued standards, there are a number of other interpretations, amendments and annual improvement project
recommendations that have been issued but not yet effective that have not yet been adopted by the Group because application is
not yet mandatory, or they are not relevant for the Group.
1.6 Prior year re-presentation
Certain line items in the primary statements have been disaggregated to provide greater clarity, and accordingly, the corresponding
2022 comparative amounts have been re-presented for consistency and comparability between periods.
Within the Consolidated Income Statement, the fair value movement of contingent consideration has been presented separately.
The 2022 comparative amount includes $15.6 million that was previously included within finance expense, and $29.5 million
previously included within non-operating income/(expense), net.
Within the Consolidated Statement of Financial Position, intangible assets of $924.9 million and goodwill of $1,224.6 million are now
disclosed separately; and current tax receivable of $24.7 million is disclosed separately from trade and other receivables.
Within the Consolidated Statement of Cash Flows, trade and other payables and other non-current payables have been re-presented
to separately disclose the cash impact of movements in provisions of $9.8 million.
There is no impact on net profit, net assets, cash flows or any subtotals presented previously.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22334": { "value": "1.1 General information
Convatec Group Plc (the Company) is a public limited company incorporated in the United Kingdom under the Companies Act of
2006. The Company\u2019s registered office is 7
th
Floor, 20 Eastbourne Terrace, London, W2 6LG, United Kingdom.
The Consolidated Financial Statements have been prepared in accordance with United Kingdom adopted international accounting
standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
The Consolidated Financial Statements are presented in US dollars (USD), which is also the functional currency as the revenue and
operating profits of the Company and its subsidiaries (collectively, the Group) are primarily generated in US dollars and US dollar-
linked currencies. All values are rounded to $0.1 million except where otherwise indicated.
Pages 5 to 7 in the Strategic report provide further detail of the Group\u2019s principal activities and nature of its operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22337": { "value": "Convatec Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22338": { "value": "Convatec Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22339": { "value": "Convatec Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22340": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22341": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22342": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22343": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22345": { "value": "7
th
Floor, 20 Eastbourne Terrace, London, W2 6LG, United Kingdom.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22358": { "value": "1.2 Significant accounting policies
The following significant accounting policies apply to the Consolidated Financial Statements as a whole:
Basis of accounting and presentation
The consolidated financial information has been prepared on a historical cost basis, except for certain financial instruments where fair
value has been applied. Historical cost is generally based on the value of the consideration given in exchange for goods and services.
Basis of consolidation
The Consolidated Financial Statements include the results of the Company and all of its subsidiary undertakings. Subsidiaries are
entities controlled ultimately by the Company. Control exists when the Company ultimately: (i) has power over the investee; (ii) is
exposed, or has rights, to variable returns from its involvement in the investee; and (iii) has the ability to use its power to affect its
returns. The Company reassesses whether or not it ultimately controls an entity if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
The consolidated financial information of the Company\u2019s subsidiaries is included within the Group\u2019s Consolidated Financial
Statements from the date that control commences until the date that control ceases and is prepared for the same year-end date
using consistent accounting policies.
Going concern
As discussed in the Financial review on pages 26 to 33, the overall financial performance of the business remains strong with a
robust liquidity position.
As at 31 December 2023, the Group held cash and cash equivalents of $97.6 million (31 December 2022: $143.8 million), and
borrowings of $1,226.9 million (31 December 2022: $1,211.9 million). The borrowings as at 31 December 2023 comprised of senior
notes of $500.0 million, term loan of $250.0 million, and drawn multicurrency revolving credit facilities of $490.6 million, net of
unamortised financing fees of $13.7 million. During the year, the term of the $950.0 million multicurrency revolving credit facility
was extended by an additional year and is now committed to November 2028. The term loan and senior notes remain repayable in
2027 and 2029 respectively. $459.4 million of the multicurrency revolving credit facilities remained undrawn as at 31 December 2023,
which together with cash and cash equivalents of $97.6 million, provided the Group with total liquidity of $557.0 million as at that
date (2022: $616.6 million). The principal financial covenants remain unchanged and as at 31 December 2023, the Group was in
compliance with its financial covenants.
In preparing their assessment of going concern, the Directors have considered available cash resources, financial performance
and forecast performance, including strategy delivery, together with the Group\u2019s financial covenant compliance requirements and
principal risks and uncertainties. The Directors have used cash flow forecasts and actual performance in 2023, the Board approved
2024 budget and longer-term strategic plan as foundations. The forecasts reflected the full potential funding requirements in
relation to the remaining estimated contingent consideration payable in relation to the Group\u2019s acquisitions. The Directors have
considered a going concern period to 31 December 2025, which is at least 12 months from the date of approval of the Consolidated
Financial Statements.
In accordance with FRC guidance, management applied severe but plausible downside scenarios linked to the Group\u2019s principal
and emerging risks, including supply chain disruption, cyber security disruption, significant regulatory breaches, financial market
distress and geopolitical events. Scenarios combining certain risks were also considered. Further details of the specific scenarios
are provided in the Viability statement on pages 86 and 87. The Board has reviewed these scenarios as part of the going concern
assessment and has concluded that these scenarios are in line with the Group\u2019s principal and emerging risks and continue to reflect
the potential financial risk of severe but plausible downside events and circumstances during the going concern period. Under each
scenario, the Group is forecast to retain significant liquidity and covenant headroom throughout the going concern period.
The Group has carried out a reverse stress test against the forecast base case to determine the performance levels that would
result in a breach of covenants. For a breach of covenants to occur in the next 12 months, before Board and management
mitigation, the Group would need to experience a sustained revenue reduction of at least 10% across all categories and markets.
This was considered to be implausible given the Group\u2019s strong global market position and diversified portfolio of products and
the mitigations available to the Board and management, which include reducing expansionary capital investment.
Accordingly, at the time of approving these Consolidated Financial Statements, the Directors have a reasonable expectation that the
Group and the Company will have adequate liquid resources to meet their respective liabilities as they become due and will be able
to sustain its business model, strategy and operations and remain solvent for a period of at least 12 months from 5 March 2024.
Foreign currency translation and transactions
Assets and liabilities of subsidiaries whose functional currency is not US dollars are translated into US dollars at the rate of exchange
at the period end. Equity is translated into US dollars at historic rate. Income and expenses are translated into US dollars at
the average rates of exchange prevailing during the year. Foreign currency gains and losses resulting from the translation of
subsidiaries into US dollars are recognised in the Consolidated Statement of Comprehensive Income. Exchange differences arising
from the translation of the net investment in foreign operations are taken to the cumulative translation reserve within equity. They
are recycled and recognised in the Consolidated Income Statement upon disposal of the operation.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting
date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the
date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency
are not retranslated. Any gain or loss arising from subsequent exchange rate movements is included as an exchange gain or loss
in the Consolidated Income Statement.Revenue recognition
The Group measures revenue for goods sold based on the consideration specified in a contract with a customer, net of discounts,
chargeback allowances and sales-related taxes. Revenue is recognised when control over a product or service is transferred to
a customer, distributor or wholesaler, which is generally when goods have been delivered, as most products are insured by the
Group until delivery. Due to the short-term nature of the receivables from sale of goods, the Group measures them at the
original transaction price without discounting.
Nature of goods and services
Advanced Wound Care, Ostomy Care, and Continence Care products are sold to pharmacies, hospitals and other acute and
post-acute healthcare service professionals directly or through distributors and wholesalers. Products are also sold directly to
end customers (patients) through the Group\u2019s home services entities and a small number of clinical and retail outlets.
Infusion Care primarily serves business-to-business customers, consisting principally of the leading insulin pump manufacturers.
In 2023 and 2022, no single customer generated more than 10% of the Group\u2019s revenue.
Nature, timing of satisfaction of performance obligations
Principally the Group\u2019s contracts with customers contain a single performance obligation, that is the delivery of products to
customers. Revenue is typically recognised when the customer receives the product but is subject to the shipping terms in each
individual contract. Where non-standard shipping arrangements exist, revenue is recognised when control of the goods has
transferred. Allowances for returns, where the contract specifies these terms, are made at the point of sale.
For sales to distributors, revenue is recognised when title is transferred to the distributor and the distributor has assumed
control, the timing of which depends on the contractual terms with each distributor. Chargeback allowances or contractual
deductions relating to end-customer agreements, which may differ from distributor contracts, are made at the point of title
transfer to the distributor. In certain European countries, rebates are provided to governments and are often mandated by
laws or government regulations. These rebates are estimated based on government regulations and unbudgeted spending,
laws and terms of individual rebate agreements, and are recorded as a deduction from revenue at the time the related revenue
is recorded. The estimates are adjusted periodically to reflect actual experience.
When distributors buy products from the Group at a contract price and sell these products to end-customers at a price agreed
with the Group that is lower than the distributors\u2019 list price, a chargeback may arise and a claim may be submitted to the
Group by the distributor. The provision for chargebacks is based on expected sell-through levels by the Group\u2019s distributors to
contracted customers, as well as estimated distributor inventory levels. Retrospective claims are reviewed against estimations
to ensure provisions are regularly updated.
Volume discounts
The Group offers certain prospective volume discounts to customers who achieve a specified volume amount or value of
purchases in any given year. Volume discounts that meet the definition of a material right are recognised as a separate
performance obligation. Material rights are the option to purchase additional products at a discount which would not have been
given had the contract not been entered into and are incremental to the range of discounts typically given for those goods to
that class of customer.
The stand-alone selling price of these volume discounts is based on the discount that the customer would obtain when exercising
the option, adjusted for any discount the customer could receive without exercising the option and the likelihood that the option
will be exercised. The revenue allocated to volume discounts is short-term in nature and recognised proportionally to the pattern
of options exercised by the customer or when the option expires.
Variable consideration
The transaction price for revenue recognised is the amount the Group expects to receive at that date. In certain Group
businesses, the transaction price is estimated based on the levels of rebates, discounts, allowances, product returns and
consideration expected to be received. In estimating the amounts to be recognised, the Group assesses historical performance
and collection patterns. The arrangements in different countries and with individual customers vary, but broadly they are all
dependent upon interactions with the customer, including the submission of claims that can extend to up to 24 months after
the initial point of revenue recognition. This can include factors outside the direct trading relationship with the customer such as
re-imbursement, retrospective rebate or other claims by an insurer, healthcare professionals or governmental agency which are
not the Group\u2019s direct customers and may also be impacted by the timing of when a product is used by a customer. Where there
is variability in relation to the consideration that will ultimately be received from a customer, the Group estimates the amount of
consideration to be recognised as revenue during the period using the expected value method, taking into account the nature
of the customer, the contractual arrangements, and other circumstances where known and relevant.
Revenue is not recognised in full until it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur.
Accruals and allocations against gross accounts receivables balances are recorded at the time of sales for the estimated rebates,
chargebacks, retrospective discounts, other allowances and returns based on contractual obligations, historic experience and
other information available at that point in time. Given the large number of variables involved in calculating these accruals it is
not practicable to provide meaningful sensitivity analysis for the resultant accruals.
The nature of the estimations means that there is considerable variability in the ultimate outcomes when considered on an
individual customer basis. As a result, the Group applies a limit on variable revenue consideration, in order to ensure that
revenue is recognised at a prudent level. The objective of the limit is to ensure that there is a low probability of a significant
reversal of revenue when the uncertainties behind the estimations are resolved for the transactions of individual customers.
The limit is applied by making prudent estimates of the inputs and assumptions used in estimating the variable consideration.
These estimates are driven by historic information, but also take into account the nature of customer and the specific contractual
arrangements we have with them. The limit means that the risk of a material downward adjustment to revenue in future years as
a result of the estimates made in the current year is very low.
Contract costs
Incremental costs in respect of obtaining a contract with a customer principally relate to commissions paid by the Group to its
sales representatives. Such costs are capitalised as an asset to the extent that they directly relate to a specific contract, are used
to generate or enhance resources used in satisfying performance obligations and are expected to be recovered.
The amortisation period for commissions can differ according to the contract term. Renewals of milestones in the contract are
taken into account when determining the amortisation period. For each contract that has sales commissions paid, the Group has
determined an appropriate amortisation period that is consistent with the transfer of control to the customer. These capitalised
costs amounted to $5.5 million (2022: $5.4 million) at 31 December 2023 and the amount of related amortisation expense for the
year ended 31 December 2023 was $4.4 million (2022: $4.3 million). There was no impairment loss in respect of the costs capitalised.The tax expense represents the sum of current and deferred tax.
Current tax
Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of prior years. Taxable profit differs
from profit before income taxes because taxable profit excludes items that are either never taxable or tax deductible or items
that are taxable or tax deductible in a different period.
Deferred tax
Deferred tax is recognised using the balance sheet liability method for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for temporary differences:
\u2013
On the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss;
\u2013
Arising on the initial recognition of goodwill; and
\u2013
On investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to temporary differences when the asset
is realised or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed
at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
Current tax and deferred tax for the year
Current tax and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in which case, the current tax and deferred tax are also
recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from
the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
Tax provisions
The Group is subject to income taxes in numerous tax jurisdictions. Judgement is sometimes required in determining the
worldwide provision for income taxes. There may be transactions for which the ultimate tax determination is uncertain and may
be challenged by the tax authorities. The Group recognises liabilities for anticipated or actual tax audit issues based on estimates
of whether additional taxes will be due. Where an outflow of funds to a tax authority is considered probable and the Group can
make a reliable estimate of the outcome of the issue, management calculates the provision for the best estimate of the liability.
In assessing its uncertain tax provisions, management takes into account the specific facts of each issue, the likelihood of
settlement and the input of professional advice where required. The Group assumes that where a tax authority has a right to
examine amounts reported to it, they will do so and will have full knowledge of all relevant information. Where the ultimate
liability as a result of an issue varies from the amounts provided, such differences could impact the current and deferred tax
assets and liabilities in the period in which the matter is concluded.Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation and impairment losses. Cost includes
expenditures that are directly attributable to the acquisition of an asset including subsequent additions and improvements when
it is probable that future economic benefit associated with the item will flow to the Group and the cost can be reliably measured.
Depreciation is provided on a straight-line basis from the point an asset becomes available for use. Depreciation is calculated to
reduce the asset\u2019s cost to its residual value over the asset\u2019s estimated useful economic life. Assets are depreciated as follows:
\n \n
Asset category
Useful life
Land
not depreciated
Land improvements
15 to 40 years
Leasehold improvements
shorter of useful life or lease tenure
Buildings
15 to 50 years
Machinery, equipment and fixtures
3 to 20 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds, less
any selling expenses, and the carrying amount of the asset. This difference is recognised in the Consolidated Income Statement.
Assets under construction reflects the cost of construction or improvement of items of PP&E that are not yet available for use.
Assets under construction are not depreciated whilst under construction and depreciation commences once the asset is
completed and ready for use. Finance costs incurred in the construction of assets that take more than one year to complete
are capitalised using the Group\u2019s weighted average borrowing cost during the period in which the asset is under construction.
Capitalisation of finance costs ceases when the asset becomes available for use.
Consideration of useful economic lives
The assets\u2019 residual values, depreciation methods and useful economic lives are reviewed annually and adjusted if appropriate.
Impairment of assets
The carrying values of PP&E are reviewed for indicators of impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is estimated,
being the higher of an asset\u2019s fair value less costs to sell and the net present value of its expected pre-tax future cash flows
(value in use).
When an asset\u2019s recoverable amount falls below its carrying value, an impairment is charged to the Consolidated Income Statement.Recognition
Measurement on initial recognition of intangible assets is determined at cost for assets acquired by the Group and at fair value
at the date of acquisition if acquired in business combinations. Following initial recognition of the intangible asset, the asset is
carried at cost less any subsequent accumulated amortisation and accumulated impairment losses.
Purchased computer software and certain costs of information technology are capitalised as intangible assets. Software that is
integral to purchased computer hardware is capitalised as PP&E.
The Group accounts for its software-as-a-service (SaaS) arrangements by applying the guidance in the 2021 IFRIC agenda decision to
determine whether the configuration and customisation expenditure gives rise to an asset, including whether the Group has control
of the software that is being configured or customised or whether the configuration or customisation activities create a resource
controlled by the Group that is separate from the software and can be transferred to another provider.
Where the recognition criteria of IAS 38 Intangible Assets are satisfied, including configuration and customisation costs which
are distinct and within the control of the Group, these are capitalised and carried at cost less any accumulated amortisation
and impairment, and amortised on a straight-line basis over the period which the developed software is expected to be used.
Where these recognition criteria are not met, the Group recognises configuration and customisation costs, along with the
ongoing fees to obtain access to the SaaS provider\u2019s application software, as operating expenses as the services are received.
R&D
R&D expenses are comprised of all activities involving investigative, technical and regulatory processes related to obtaining
appropriate approvals to market our products. It also includes new product development aimed at developing more sustainable
product portfolios for the longer term, as mentioned within the Responsible Business review section (refer to page 48). Costs include
payroll, clinical manufacturing and pre-launch clinical trial costs, manufacturing development and scale-up costs, product
development, regulatory costs including costs incurred to comply with legislative changes, contract services and other external
contractors costs, research licence fees, depreciation and amortisation of laboratory facilities, and laboratory supplies.
Research costs are expensed as incurred. Development costs are capitalised only if the expenditure can be measured reliably, the
product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and
has sufficient resources to complete development and use or sell the asset. Subsequent to initial recognition, development costs
are measured at cost less accumulated amortisation and any accumulated impairment losses. Upgrades and enhancements are
capitalised to the extent they will result in added functionality and probable future economic benefits.
Amortisation
Intangible assets with an indefinite life are not amortised. Amortisation of intangible assets with a finite life is calculated using
the straight-line method based on the following estimated useful lives:
\n \n
Asset category
Useful life
Product-related
3 to 20 years
Capitalised software
3 to 10 years
Customer relationships and non-compete agreements
2 to 20 years
Trade names \u2013 finite
2 to 10 years
Trade names \u2013 indefinite
Indefinite
Development costs
5 years
Assets under construction reflects the cost of development or improvement of intangible assets that are not yet available for use.
Impairment of assets
Intangible assets with finite life are reviewed for indicators of impairment at each reporting period or when events or changes in
circumstances indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is
estimated, being the higher of an asset\u2019s fair value less costs to sell and the net present value of its expected pre-tax future cash
flows (value in use).
When an asset\u2019s recoverable amount falls below its carrying value, an impairment is charged to the Consolidated Income Statement.
Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration of impairment of indefinite-lived intangible assets.Refer to Note 1 \u2013 Basis of preparation for the Group accounting policy in relation to the initial valuation and recognition of
goodwill arising from acquisitions.
Goodwill is not subject to amortisation but is tested for impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration
of impairment of goodwill.
Goodwill is denominated in the functional currency of the acquired entity and revalued to the closing exchange rate at each
reporting period date.For impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from
continuing use that are largely independent of the cash inflows of other assets or CGUs. Additionally, goodwill arising from
a business combination is allocated to a CGU or groups of CGUs that are expected to benefit from the synergies of the
combination. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
The recoverable amounts of the CGUs are determined based on value in use calculations, which reflect the estimated future cash
flows of each CGU discounted by an estimated weighted average cost of capital that represents the rate of return an outside
investor would expect to earn. This discount rate is based on the weighted average cost of capital for comparable public
companies and is adjusted for risks specific to the CGU including differences in risk due to its size, geographic concentration
and trading history.
Future cash flows are determined using the latest available Board-approved forecasts and strategic plans. These forecasts and
strategic plans are based on specific assumptions for each CGU during the five-year planning period with respect to revenue,
results of operations, working capital, capital investments and other general assumptions for the projected period. The forecast
assumptions that derive the future cash flows are based on the historical results of each CGU combined with external market
information and defined strategic initiatives.
If identified, impairment losses are recognised in the Consolidated Income Statement. They are allocated first to reduce the
carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the remaining assets in the
CGU, on a pro-rated basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent
that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortisation, if no impairment loss had been recognised. The Group has not recognised any reversal of previous impairments
in either 2023 or 2022.Investment in financial assets comprise of non-current equity investments which are initially recorded at fair value plus any
directly attributable transaction costs and subsequently recognised at fair value at each balance sheet date.
Unrealised gains and losses are recognised in other comprehensive income.
On disposal of the equity investment, any gains and losses that have been deferred in other comprehensive income are
transferred directly to retained earnings.
Dividends on equity investments are recognised in the income statement when the Group\u2019s right to receive payment is
established, it is probable the economic benefits will flow to the entity and the amount can be measured reliably.Inventories are valued at the lower of cost or net realisable value with the cost determined using an average cost method.
The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and indirect
production overheads. Production overheads comprises indirect material and labour costs, maintenance and depreciation
of the machinery and production buildings used in the manufacturing process, as well as costs of production administration
and management.
Net realisable value is defined as anticipated selling price or anticipated revenue less cost to completion. Estimates of net
realisable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling
expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realisable
values are below inventory costs, a provision corresponding to this difference is recognised.
Provisions are also made for obsolescence of inventories that (i) do not meet the Group\u2019s specifications, (ii) have exceeded their
expiration date, or (iii) are considered slow-moving. The Group evaluates the carrying value of inventories on a regular basis,
taking into account such factors as historical and anticipated future sales compared with quantities on hand, the price the Group
expects to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods
on hand.Credit is extended to customers based on the evaluation of the customer\u2019s financial condition. Creditworthiness of customers
is evaluated on a regular basis. Exposure to credit risk is managed through credit approvals, credit limits and monitoring
procedures. The Group considers a default event to be one where the customer does not have sufficient funds to make their
required payments and/or is in the process of being liquidated.
An allowance is maintained for expected lifetime credit losses that result from the failure or inability of customers to make
required payments. It is not necessary for a credit event to have occurred before credit losses are recognised. Instead, the Group
accounts for expected lifetime credit losses and changes in those expected lifetime credit losses. In determining the allowance,
consideration includes the probability of recoverability based on past experience and general economic factors, incorporating
forward-looking information and adjustments for customers who represent a lower risk of default, which includes public or
private medical insurance customers and customers guaranteed by local government. The amount of expected credit losses,
if any, is required to be updated at each reporting date.
Certain trade and other receivables may be fully reserved when specific collection issues are known to exist, such as pending
bankruptcy. The Group writes off uncollectable receivables at the time it is determined the receivable is no longer collectable.
Trade and other receivables are not collateralised. Where the Group has entered into a receivables factoring arrangement,
these receivables are derecognised at the point of sale in accordance with IFRS 9 if we have substantially transferred all risks
and rewards of ownership and there is no option to return the receivables to the Group.
Refer to Note 2.1 \u2013 Revenue recognition for details on the accounting policy in respect of chargeback allowances.Trade payables are recognised at the value of the invoice received from the supplier and are not interest bearing. The carrying amount of trade and other payables is considered to approximate fair value, due to their short-term maturities.In line with IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets, a provision is recognised when there is a present
legal or constructive obligation as a result of a past event, it is probable that the Group will be required to settle the obligation
and that obligation can be measured reliably. Restructuring provisions are only recognised when a constructive obligation exists,
which requires both a detailed formal plan and a valid expectation being raised in those affected by starting to implement that
plan or announcing the main features. Provisions are measured at the best estimate of the expenditure required to settle the
obligation and are discounted to present value if the effect is material. Provisions are reviewed on a regular basis and adjusted to
reflect management\u2019s best current estimates. Due to the judgemental nature of these items, future settlements may differ from
amounts recognised.
Contingent consideration arising from a business combination is recognised at fair value on acquisition. Contingent
consideration classified as a liability is a financial instrument and within the scope of IFRS 9 \u2013 Financial Instruments and is
subsequently measured at fair value, with the changes in fair value recognised in the Consolidated Income Statement, in
accordance with IFRS 9. This is classified within Level 3 of the fair value hierarchy (Note 23 \u2013 Financial Instruments).
When the timing of a settlement is uncertain or expected to be more than 12 months from the reporting date, amounts are
classified as non-current.Defined contribution pension plans
Payments to defined contribution pension plans are recognised as an expense when employees have rendered service entitling
them to the contributions. Payments made to state-managed retirement benefit plans are treated as payments to defined
contribution pension plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined
contribution pension plan.
Defined benefit pension plans
The Group records an asset or liability related to its defined benefit pension plans as the difference between the fair value of the
plan assets and the present value of the plan liabilities. The obligations of the plans are calculated using the Projected Unit Credit
Method, with actuarial valuations being performed by an independent actuary at the end of each reporting period. The valuation
requires estimates and judgements to be made to calculate the Group\u2019s liabilities, and results in actuarial gains and losses
being recorded.
Actuarial gains and losses, movements in the return on plan assets (excluding interest) and the impact of the asset ceiling
(if applicable) are recognised immediately in the Consolidated Statement of Financial Position with a charge or credit to the
Consolidated Statement of Comprehensive Income. Remeasurements recorded in the Consolidated Statement of Comprehensive
Income are not subsequently reclassified to the Consolidated Income Statement.
Past service cost is recognised in the Consolidated Income Statement in the period of plan amendment, where relevant.
Net interest is calculated by applying a discount rate to the net defined benefit liability or asset.
The assets of the plans are held at fair value, which is equal to market value, and are held in separate trustee-administered funds
or similar structures in the countries concerned. Surplus assets within the plan are only recognised to the extent that they are
recoverable in accordance with IFRIC Interpretation 14, IAS 19
\u2013 The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction
(IFRIC 14).Dividends paid are included in the Group Consolidated Financial Statements at the earlier of payment of the dividends or, in respect of the Company\u2019s final dividend for the year, on approval by shareholders.Equity-settled share-based payment awards are measured at the fair value of the award on the grant date, excluding the
effect of non-market-based vesting conditions. The fair value of the awards at the date of the grant is expensed to general
and administrative expenses in the Consolidated Income Statement over the vesting period on a straight-line basis.
Appropriate adjustments are made to reflect expected and actual forfeitures during the vesting period due to uncertainties
in satisfying service conditions or non-market performance conditions. The corresponding credit is to other reserves in the
Consolidated Statement of Financial Position.Borrowings are recognised at fair value less directly attributable costs on the date that they are entered into and subsequently
measured at amortised cost using the effective interest rate method. Borrowing costs directly attributable to the facility are
capitalised and amortised over the period of the loan.
The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating the interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on
initial recognition.
Borrowings are classified as non-current when the repayment date is more than 12 months from the period-end date or where
they are drawn on a facility with more than 12 months to expiry.
The Group derecognises borrowings when its contractual obligations are discharged, terminated or expired.
Fair value measurement
Borrowings are classified as Level 1 or Level 2 in the fair value hierarchy in accordance with IFRS 13,
Fair Value Measurements
,
based upon the degree to which the fair value movements are observable.Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions. All liquid investments,
including term deposits and money market funds, have original maturities of three months or less, are subject to insignificant
risk of changes in value and are repayable within one business day with no significant loss of interest, resulting in classification
as cash equivalents.
Cash at bank earns interest at rates based on daily bank deposit rates. Term deposits and money market funds earn interest
at the respective short-term deposit rate.
Cash and cash equivalents at 31 December 2023 included $21.1 million (2022: $19.2 million) of cash held in territories where there
are restrictions related to timely repatriation. The amounts meet the definition of cash and cash equivalents but are not deemed
to be readily available for general use by the wider Group.
Consolidated Statement of Cash Flows
Under certain circumstances, the Group utilises bank overdrafts to manage temporary fluctuations in cash positions. The bank
overdrafts are repayable on demand, used as part of the Group\u2019s overall cash management strategy and form part of cash
and cash equivalents for the purpose of the Consolidated Statement of Cash Flows. The Group had no bank overdrafts as at
31 December 2023 or 31 December 2022.
The Group reports cash flows from operating activities using the indirect method in accordance with IAS 7,
Statement of Cash Flows
.
The Group has elected to classify net interest paid (including interest on lease liabilities) as cash flows from operating activities.
Short-term lease payments and payments for leases of low-value assets are included in cash flows from operating activities.
Changes in working capital assets and liabilities as reported in cash flows from operating activities reflect the changes in the
Consolidated Statement of Financial Position between the current and previous financial year end, including adjustments for
amounts relating to acquisitions and disposals (when necessary), as well as currency translation adjustments.
Cash payments for the principal portion of lease liabilities is included within cash flows from financing activities.
Acquisition of property, plant and equipment, and intangible assets reflects additions to the related assets, including adjustments
for changes in capital accruals. Acquisition of intangible assets relates to capitalised software, development and product-related
licences. Refer to Note 9 \u2013 Intangible assets and goodwill for further details.
The adjustment for non-operating expense, net in the Consolidated Statement of Cash Flows excludes the gains and losses
realised on cash-settled derivative financial instruments. Refer to Note 5 \u2013 Non-operating (expense)/ income, net.
Restricted cash
In certain instances, there are requirements to set aside cash to support payment guarantees and obligations, including the
payment of value-added taxes, custom duties on imports, tender programmes and lease arrangements. Such amounts are
classified by the Group as restricted cash, which do not form part of cash and cash equivalents. Cash paid into escrow, arising
from a business combination, is also classified as restricted cash.Derivative financial instruments are initially recognised at fair value on the derivative contract date and are remeasured at
their fair value at subsequent reporting dates. Derivative financial instruments are classified at fair value through profit or
loss (FVTPL) unless they are designated and qualify as an effective cash flow hedge. The fair value of forward foreign exchange
contracts is determined by using the difference between the contract exchange rate and the quoted forward exchange rate from
third parties at the reporting date.
Hedge accounting
The Group has elected to apply the IFRS 9,
Financial Instruments
hedge accounting requirements. Changes in the fair values
of derivatives designated as cash flow hedges are recognised in other comprehensive income to the extent the hedges are
effective. The fair value is the estimated amount that the Group would receive or pay to terminate the forward or swap at the
reporting date, taking into account current market rates, the Group\u2019s current creditworthiness, as well as that of the financial
instrument counterparties.
The cumulative gain or loss is then reclassified to the Consolidated Income Statement in the same period when the relevant
hedged transaction is realised. Any ineffectiveness on hedging instruments is recognised in the Consolidated Income Statement
as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other
comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.
The Group held interest rate swaps of $425.2 million at 31 December 2023, with exposure to SOFR and EURIBOR as a reference
rate and maturing at various points in the next two years. These have been designated as cash flow hedges through other
comprehensive income.
Right to offset
Financial assets and liabilities are offset and the net amount presented in the Consolidated Statement of Financial Position when,
and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.
Fair value measurement
Financial instruments are classified as Level 1, Level 2 or Level 3 in the fair value hierarchy in accordance with IFRS 13,
Fair Value
Measurements
, based upon the degree to which the fair value movements are observable. Level 1 fair value measures are defined
as those with quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 fair value
measurements are defined as those derived from inputs other than quoted prices that are observable for the asset or liability,
either directly (prices from third parties) or indirectly (derived from third-party prices). Level 3 fair value measurements are
defined as those derived from significant unobservable inputs.
The only instrument classified as Level 1 are the senior notes, given the availability of quoted market price (Note 21 \u2013
Borrowings). The Group\u2019s derivative financial instruments, discussed below, are classified as Level 2. The Group\u2019s equity
investment in preference shares (Note 10 \u2013 Investment in financial assets) and contingent consideration arising on business
combinations are classified within Level 3 of the fair value hierarchy.The lease liability is measured at the present value of future lease payments discounted using the rate implicit in the lease.
If this rate is not readily determinable, the Group uses its incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate.
Options such as lease extensions or terminations on lease contracts are considered on a case-by-case basis by regular
management assessment.
Each lease payment is allocated between amounts paid for principal and interest. The interest cost is charged to the Consolidated
Income Statement over the lease term to produce a constant periodic rate of interest on the remaining balance of the liability
for each period. The right-of-use asset is depreciated on a straight-line basis over the lease term.
Payments associated with short-term leases and low-value leases are recognised on a straight-line basis as an expense in the
Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less and low-value leases
comprise of leases with an underlying asset value of less than $5,000. Expenses recognised for these short-term and low-value
leases for the year ended 31 December 2023 were $2.4 million (2022: $3.9 million).Finance expenses, including the transaction costs for borrowings and any discount or premium on issue, are recognised in the
Consolidated Income Statement using the effective interest rate method.
When existing debt is derecognised in the financial statements any transaction costs not amortised are recognised immediately
in the Consolidated Income Statement.
Upon derecognition of financial liabilities, any unamortised financing fees are recognised immediately in the Consolidated
Income Statement.
Interest related to qualifying assets under construction included within PP&E is capitalised (refer to Note 8 \u2013 Property, plant
and equipment).
Refer to Note 24 \u2013 Leases for accounting policy on interest expense on lease liabilities.
Interest arising from interest rate swaps is recorded as either interest income or expense over the term of the agreement. Hedge
accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive
income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when
the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the
cash flow hedge reserve is reclassified immediately to profit or loss.Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Consideration
transferred in respect of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and
liabilities incurred or assumed on the date of the acquisition. Identified assets acquired and liabilities assumed are measured
at their respective acquisition-date fair values.
The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as
goodwill. If the fair value of the identifiable net assets acquired is greater than the fair value of the consideration given, the
excess is recognised immediately in the Consolidated Income Statement as a bargain purchase gain. Acquisition-related costs
are expensed as incurred.
The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements from the date
of acquisition.
The classification of cash payments associated with contingent consideration within the Consolidated Statement of Cash Flows
is dependent on the nature of the arrangement.
Either the settlement of the amount initially recognised upon acquisition is reflected in cash flows from investing activities, with
the element of the payment relating to any subsequent remeasurement included within cash flows from operating activities;
alternatively, cash flows may be considered financing in nature and included within cash flows from financing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22362": { "value": "Basis of accounting and presentation
The consolidated financial information has been prepared on a historical cost basis, except for certain financial instruments where fair
value has been applied. Historical cost is generally based on the value of the consideration given in exchange for goods and services.", "dimensions": { "concept": "ctec:DescriptionOfAccountingPolicyForBasisOfAccountingAndPresentationPolicyTextBlock", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22368": { "value": "Basis of consolidation
The Consolidated Financial Statements include the results of the Company and all of its subsidiary undertakings. Subsidiaries are
entities controlled ultimately by the Company. Control exists when the Company ultimately: (i) has power over the investee; (ii) is
exposed, or has rights, to variable returns from its involvement in the investee; and (iii) has the ability to use its power to affect its
returns. The Company reassesses whether or not it ultimately controls an entity if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
The consolidated financial information of the Company\u2019s subsidiaries is included within the Group\u2019s Consolidated Financial
Statements from the date that control commences until the date that control ceases and is prepared for the same year-end date
using consistent accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22380": { "value": "Going concern
As discussed in the Financial review on pages 26 to 33, the overall financial performance of the business remains strong with a
robust liquidity position.
As at 31 December 2023, the Group held cash and cash equivalents of $97.6 million (31 December 2022: $143.8 million), and
borrowings of $1,226.9 million (31 December 2022: $1,211.9 million). The borrowings as at 31 December 2023 comprised of senior
notes of $500.0 million, term loan of $250.0 million, and drawn multicurrency revolving credit facilities of $490.6 million, net of
unamortised financing fees of $13.7 million. During the year, the term of the $950.0 million multicurrency revolving credit facility
was extended by an additional year and is now committed to November 2028. The term loan and senior notes remain repayable in
2027 and 2029 respectively. $459.4 million of the multicurrency revolving credit facilities remained undrawn as at 31 December 2023,
which together with cash and cash equivalents of $97.6 million, provided the Group with total liquidity of $557.0 million as at that
date (2022: $616.6 million). The principal financial covenants remain unchanged and as at 31 December 2023, the Group was in
compliance with its financial covenants.
In preparing their assessment of going concern, the Directors have considered available cash resources, financial performance
and forecast performance, including strategy delivery, together with the Group\u2019s financial covenant compliance requirements and
principal risks and uncertainties. The Directors have used cash flow forecasts and actual performance in 2023, the Board approved
2024 budget and longer-term strategic plan as foundations. The forecasts reflected the full potential funding requirements in
relation to the remaining estimated contingent consideration payable in relation to the Group\u2019s acquisitions. The Directors have
considered a going concern period to 31 December 2025, which is at least 12 months from the date of approval of the Consolidated
Financial Statements.
In accordance with FRC guidance, management applied severe but plausible downside scenarios linked to the Group\u2019s principal
and emerging risks, including supply chain disruption, cyber security disruption, significant regulatory breaches, financial market
distress and geopolitical events. Scenarios combining certain risks were also considered. Further details of the specific scenarios
are provided in the Viability statement on pages 86 and 87. The Board has reviewed these scenarios as part of the going concern
assessment and has concluded that these scenarios are in line with the Group\u2019s principal and emerging risks and continue to reflect
the potential financial risk of severe but plausible downside events and circumstances during the going concern period. Under each
scenario, the Group is forecast to retain significant liquidity and covenant headroom throughout the going concern period.
The Group has carried out a reverse stress test against the forecast base case to determine the performance levels that would
result in a breach of covenants. For a breach of covenants to occur in the next 12 months, before Board and management
mitigation, the Group would need to experience a sustained revenue reduction of at least 10% across all categories and markets.
This was considered to be implausible given the Group\u2019s strong global market position and diversified portfolio of products and
the mitigations available to the Board and management, which include reducing expansionary capital investment.
Accordingly, at the time of approving these Consolidated Financial Statements, the Directors have a reasonable expectation that the
Group and the Company will have adequate liquid resources to meet their respective liabilities as they become due and will be able
to sustain its business model, strategy and operations and remain solvent for a period of at least 12 months from 5 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22385": { "value": "2023-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22446": { "value": "Foreign currency translation and transactions
Assets and liabilities of subsidiaries whose functional currency is not US dollars are translated into US dollars at the rate of exchange
at the period end. Equity is translated into US dollars at historic rate. Income and expenses are translated into US dollars at
the average rates of exchange prevailing during the year. Foreign currency gains and losses resulting from the translation of
subsidiaries into US dollars are recognised in the Consolidated Statement of Comprehensive Income. Exchange differences arising
from the translation of the net investment in foreign operations are taken to the cumulative translation reserve within equity. They
are recycled and recognised in the Consolidated Income Statement upon disposal of the operation.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting
date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the
date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency
are not retranslated. Any gain or loss arising from subsequent exchange rate movements is included as an exchange gain or loss
in the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22447": { "value": "Foreign currency translation and transactions
Assets and liabilities of subsidiaries whose functional currency is not US dollars are translated into US dollars at the rate of exchange
at the period end. Equity is translated into US dollars at historic rate. Income and expenses are translated into US dollars at
the average rates of exchange prevailing during the year. Foreign currency gains and losses resulting from the translation of
subsidiaries into US dollars are recognised in the Consolidated Statement of Comprehensive Income. Exchange differences arising
from the translation of the net investment in foreign operations are taken to the cumulative translation reserve within equity. They
are recycled and recognised in the Consolidated Income Statement upon disposal of the operation.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting
date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the
date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency
are not retranslated. Any gain or loss arising from subsequent exchange rate movements is included as an exchange gain or loss
in the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22476": { "value": "1.4 Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements, in conformity with United Kingdom adopted international accounting standards and
International Financial Reporting Standards (IFRS), requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported value of assets and liabilities, income and expense. Actual results
may differ from these estimates or judgements of likely outcome. Management regularly reviews, and revises as necessary, the
accounting judgements that significantly impact the amounts recognised in the Consolidated Financial Statements and the sources
of estimation uncertainty that are considered to be key estimates due to their potential to give rise to material adjustments in the
Group\u2019s Consolidated Financial Statements within the next financial year.
In preparing the Consolidated Financial Statements no critical accounting judgements have been identified. Management have
identified one key source of estimation uncertainty in respect of the provision for contingent consideration on acquisitions.
The nature of the uncertainty arises from both the estimation of the undiscounted amounts expected to be paid and the estimation
of the timing of discrete payments.
The underlying drivers of the contingent consideration are determined in accordance with the contractual terms of the purchase
agreements for each relevant acquisition and may vary depending on the amounts or timing of product revenues (including future
revenues, which are inherently uncertain), particularly when it relates to products which are relatively new to market or not yet
launched, the future achievement of regulatory clearance for new products, or other uncertainties deriving from the purchase
agreement, which may be subject to negotiation. The Group estimates provisions for contingent consideration based on
information available at the balance sheet date that includes forecasts that run up to 20 years into the future and expectations
of when future events that trigger payments will happen. Future payment forecasts are discounted to present value in accordance
with the requirements of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
Actual results may differ from estimates or there may be delays to estimated timetables for regulatory clearances which would
lead to a change in estimate of provisions for contingent consideration and may vary materially within the next financial year.
At 31 December 2023 the discounted estimate of provisions for contingent consideration was $138.0 million (see Note 26 \u2013 Acquisitions).
Management has determined that a reasonable possible range of discounted outcomes within the next financial year is $50.0 million to
$156.0 million.
As detailed further in the Group\u2019s Audit and Risk Committee report on pages 110 to 119, the Committee has reviewed, discussed,
and challenged management on its determination that there were no identified critical accounting judgements, and the key source
of estimation uncertainty regarding the calculation of the contingent consideration provision and the Committee has subsequently
agreed with management.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22599": { "value": "2. REVENUE AND SEGMENTAL INFORMATION
2.1 Revenue recognition
The Group sells a broad range of products to a wide range of customers, including healthcare professionals, patients and
manufacturers. This note provides further information about how the Group generates revenue and when it is recognised
in the Consolidated Income Statement.
Accounting policy
Revenue recognition
The Group measures revenue for goods sold based on the consideration specified in a contract with a customer, net of discounts,
chargeback allowances and sales-related taxes. Revenue is recognised when control over a product or service is transferred to
a customer, distributor or wholesaler, which is generally when goods have been delivered, as most products are insured by the
Group until delivery. Due to the short-term nature of the receivables from sale of goods, the Group measures them at the
original transaction price without discounting.
Nature of goods and services
Advanced Wound Care, Ostomy Care, and Continence Care products are sold to pharmacies, hospitals and other acute and
post-acute healthcare service professionals directly or through distributors and wholesalers. Products are also sold directly to
end customers (patients) through the Group\u2019s home services entities and a small number of clinical and retail outlets.
Infusion Care primarily serves business-to-business customers, consisting principally of the leading insulin pump manufacturers.
In 2023 and 2022, no single customer generated more than 10% of the Group\u2019s revenue.
Nature, timing of satisfaction of performance obligations
Principally the Group\u2019s contracts with customers contain a single performance obligation, that is the delivery of products to
customers. Revenue is typically recognised when the customer receives the product but is subject to the shipping terms in each
individual contract. Where non-standard shipping arrangements exist, revenue is recognised when control of the goods has
transferred. Allowances for returns, where the contract specifies these terms, are made at the point of sale.
For sales to distributors, revenue is recognised when title is transferred to the distributor and the distributor has assumed
control, the timing of which depends on the contractual terms with each distributor. Chargeback allowances or contractual
deductions relating to end-customer agreements, which may differ from distributor contracts, are made at the point of title
transfer to the distributor. In certain European countries, rebates are provided to governments and are often mandated by
laws or government regulations. These rebates are estimated based on government regulations and unbudgeted spending,
laws and terms of individual rebate agreements, and are recorded as a deduction from revenue at the time the related revenue
is recorded. The estimates are adjusted periodically to reflect actual experience.
When distributors buy products from the Group at a contract price and sell these products to end-customers at a price agreed
with the Group that is lower than the distributors\u2019 list price, a chargeback may arise and a claim may be submitted to the
Group by the distributor. The provision for chargebacks is based on expected sell-through levels by the Group\u2019s distributors to
contracted customers, as well as estimated distributor inventory levels. Retrospective claims are reviewed against estimations
to ensure provisions are regularly updated.
Volume discounts
The Group offers certain prospective volume discounts to customers who achieve a specified volume amount or value of
purchases in any given year. Volume discounts that meet the definition of a material right are recognised as a separate
performance obligation. Material rights are the option to purchase additional products at a discount which would not have been
given had the contract not been entered into and are incremental to the range of discounts typically given for those goods to
that class of customer.
The stand-alone selling price of these volume discounts is based on the discount that the customer would obtain when exercising
the option, adjusted for any discount the customer could receive without exercising the option and the likelihood that the option
will be exercised. The revenue allocated to volume discounts is short-term in nature and recognised proportionally to the pattern
of options exercised by the customer or when the option expires.
Variable consideration
The transaction price for revenue recognised is the amount the Group expects to receive at that date. In certain Group
businesses, the transaction price is estimated based on the levels of rebates, discounts, allowances, product returns and
consideration expected to be received. In estimating the amounts to be recognised, the Group assesses historical performance
and collection patterns. The arrangements in different countries and with individual customers vary, but broadly they are all
dependent upon interactions with the customer, including the submission of claims that can extend to up to 24 months after
the initial point of revenue recognition. This can include factors outside the direct trading relationship with the customer such as
re-imbursement, retrospective rebate or other claims by an insurer, healthcare professionals or governmental agency which are
not the Group\u2019s direct customers and may also be impacted by the timing of when a product is used by a customer. Where there
is variability in relation to the consideration that will ultimately be received from a customer, the Group estimates the amount of
consideration to be recognised as revenue during the period using the expected value method, taking into account the nature
of the customer, the contractual arrangements, and other circumstances where known and relevant.
Revenue is not recognised in full until it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur.
Accruals and allocations against gross accounts receivables balances are recorded at the time of sales for the estimated rebates,
chargebacks, retrospective discounts, other allowances and returns based on contractual obligations, historic experience and
other information available at that point in time. Given the large number of variables involved in calculating these accruals it is
not practicable to provide meaningful sensitivity analysis for the resultant accruals.
The nature of the estimations means that there is considerable variability in the ultimate outcomes when considered on an
individual customer basis. As a result, the Group applies a limit on variable revenue consideration, in order to ensure that
revenue is recognised at a prudent level. The objective of the limit is to ensure that there is a low probability of a significant
reversal of revenue when the uncertainties behind the estimations are resolved for the transactions of individual customers.
The limit is applied by making prudent estimates of the inputs and assumptions used in estimating the variable consideration.
These estimates are driven by historic information, but also take into account the nature of customer and the specific contractual
arrangements we have with them. The limit means that the risk of a material downward adjustment to revenue in future years as
a result of the estimates made in the current year is very low.
Contract costs
Incremental costs in respect of obtaining a contract with a customer principally relate to commissions paid by the Group to its
sales representatives. Such costs are capitalised as an asset to the extent that they directly relate to a specific contract, are used
to generate or enhance resources used in satisfying performance obligations and are expected to be recovered.
The amortisation period for commissions can differ according to the contract term. Renewals of milestones in the contract are
taken into account when determining the amortisation period. For each contract that has sales commissions paid, the Group has
determined an appropriate amortisation period that is consistent with the transfer of control to the customer. These capitalised
costs amounted to $5.5 million (2022: $5.4 million) at 31 December 2023 and the amount of related amortisation expense for the
year ended 31 December 2023 was $4.4 million (2022: $4.3 million). There was no impairment loss in respect of the costs capitalised.
2.2 Segment information
The Board considers the Group\u2019s business to be a single segment entity engaged in the development, manufacture and sale of
medical products, services and technologies. R&D, manufacturing and central support functions are managed globally for the
Group, supporting all categories of sales. Revenues are managed both on a category and regional basis. This note presents the
performance and activities of the Group as a single segment.
Pages 18 to 25 of the Strategic report provide further detail of category revenue.
During the year ended 31 December 2023, management reassessed its Chief Operating Decision Maker (CODM) and determined
that Convatec\u2019s Executive Leadership Team (CELT) is now the CODM and no longer the Chief Executive Officer. The CODM is
the function that allocates resources and evaluates the Group\u2019s global product portfolios on a revenue basis and evaluates
profitability and associated investment on an enterprise-wide basis due to shared infrastructures and support functions between
the categories. The financial information provided to CELT for decision-making purposes is produced on both a category and
geographic basis. Resources are allocated on a Group-wide basis, with a focus on both category and the key markets but primarily
based on the merits of individual proposals. The change in CODM does not impact the Group\u2019s single segment assessment.
Revenue by category
The Group generates revenue across four major product categories. The following chart sets out the Group\u2019s revenue for the year
ended 31 December by category:
2023
2022
$m
$m
Advanced Wound Care
695.3
620.7
Ostomy Care
608.3
583.0
Continence Care
457.2
425.4
Infusion Care
370.9
341.1
Revenue excluding hospital care exit
2,131.7
1,970.2
Revenue from hospital care exit
1
10.7
102.3
Total
2,142.4
2,072.5
1.
Following the exit of hospital care in 2022, effective from 1 January 2023, Flexi-Seal
TM
, our faecal management system, moved from the Continence & Critical Care category
to the Ostomy Care category. The remaining industrial sales, predominantly continence-related supplies for B2B customers, moved from Infusion Care to Continence Care.
Continence & Critical Care has been renamed to Continence Care. The 2022 comparatives have been re-presented to reflect these changes and to separately disclose revenue
associated with the hospital care exit.
Geographic information
Geographic markets
The following chart sets out the Group\u2019s revenue by geographic market in which third party customers are located:
\n \n
2023
2022
$m
$m
Europe
647.8
688.6
North America
1,186.0
1,090.3
Rest of World (RoW)
1
308.6
293.6
Total
2,142.4
2,072.5
1.
Rest of World (RoW) comprises all countries in Asia Pacific, Latin America (including Mexico and the Caribbean), the Middle East (including Turkey) and Africa.
Geographic regions
The following table sets out the Group\u2019s revenue on the basis of where the legal entity generating the revenue resides, including
countries representing over 10% of Group revenue and the UK, where the Group is domiciled:
\n \n
2023
2022
$m
$m
Geographic regions
US
821.5
749.8
Denmark
375.5
371.7
UK
116.7
131.5
Other
1
828.7
819.5
Total
2,142.4
2,072.5
1.
Other consists primarily of other countries in Europe, Asia-Pacific, Latin America and Canada.
The following table sets out the Group\u2019s long-lived assets by country in which the legal entity resides:
\n \n
2023
2022
$m
$m
Long-lived assets
1
US
1,285.9
1,349.6
UK
866.6
695.7
Denmark
274.4
266.0
Other
355.7
318.0
Total long-lived assets
2,782.6
2,629.3
1.
Long-lived assets consist of property, plant and equipment, right-of-use assets, intangible assets and goodwill.", "dimensions": { "concept": "ctec:DisclosureOfRevenueAndSegmentalInformationTextBlock", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22600": { "value": "2. REVENUE AND SEGMENTAL INFORMATION
2.1 Revenue recognition
The Group sells a broad range of products to a wide range of customers, including healthcare professionals, patients and
manufacturers. This note provides further information about how the Group generates revenue and when it is recognised
in the Consolidated Income Statement.
Accounting policy
Revenue recognition
The Group measures revenue for goods sold based on the consideration specified in a contract with a customer, net of discounts,
chargeback allowances and sales-related taxes. Revenue is recognised when control over a product or service is transferred to
a customer, distributor or wholesaler, which is generally when goods have been delivered, as most products are insured by the
Group until delivery. Due to the short-term nature of the receivables from sale of goods, the Group measures them at the
original transaction price without discounting.
Nature of goods and services
Advanced Wound Care, Ostomy Care, and Continence Care products are sold to pharmacies, hospitals and other acute and
post-acute healthcare service professionals directly or through distributors and wholesalers. Products are also sold directly to
end customers (patients) through the Group\u2019s home services entities and a small number of clinical and retail outlets.
Infusion Care primarily serves business-to-business customers, consisting principally of the leading insulin pump manufacturers.
In 2023 and 2022, no single customer generated more than 10% of the Group\u2019s revenue.
Nature, timing of satisfaction of performance obligations
Principally the Group\u2019s contracts with customers contain a single performance obligation, that is the delivery of products to
customers. Revenue is typically recognised when the customer receives the product but is subject to the shipping terms in each
individual contract. Where non-standard shipping arrangements exist, revenue is recognised when control of the goods has
transferred. Allowances for returns, where the contract specifies these terms, are made at the point of sale.
For sales to distributors, revenue is recognised when title is transferred to the distributor and the distributor has assumed
control, the timing of which depends on the contractual terms with each distributor. Chargeback allowances or contractual
deductions relating to end-customer agreements, which may differ from distributor contracts, are made at the point of title
transfer to the distributor. In certain European countries, rebates are provided to governments and are often mandated by
laws or government regulations. These rebates are estimated based on government regulations and unbudgeted spending,
laws and terms of individual rebate agreements, and are recorded as a deduction from revenue at the time the related revenue
is recorded. The estimates are adjusted periodically to reflect actual experience.
When distributors buy products from the Group at a contract price and sell these products to end-customers at a price agreed
with the Group that is lower than the distributors\u2019 list price, a chargeback may arise and a claim may be submitted to the
Group by the distributor. The provision for chargebacks is based on expected sell-through levels by the Group\u2019s distributors to
contracted customers, as well as estimated distributor inventory levels. Retrospective claims are reviewed against estimations
to ensure provisions are regularly updated.
Volume discounts
The Group offers certain prospective volume discounts to customers who achieve a specified volume amount or value of
purchases in any given year. Volume discounts that meet the definition of a material right are recognised as a separate
performance obligation. Material rights are the option to purchase additional products at a discount which would not have been
given had the contract not been entered into and are incremental to the range of discounts typically given for those goods to
that class of customer.
The stand-alone selling price of these volume discounts is based on the discount that the customer would obtain when exercising
the option, adjusted for any discount the customer could receive without exercising the option and the likelihood that the option
will be exercised. The revenue allocated to volume discounts is short-term in nature and recognised proportionally to the pattern
of options exercised by the customer or when the option expires.
Variable consideration
The transaction price for revenue recognised is the amount the Group expects to receive at that date. In certain Group
businesses, the transaction price is estimated based on the levels of rebates, discounts, allowances, product returns and
consideration expected to be received. In estimating the amounts to be recognised, the Group assesses historical performance
and collection patterns. The arrangements in different countries and with individual customers vary, but broadly they are all
dependent upon interactions with the customer, including the submission of claims that can extend to up to 24 months after
the initial point of revenue recognition. This can include factors outside the direct trading relationship with the customer such as
re-imbursement, retrospective rebate or other claims by an insurer, healthcare professionals or governmental agency which are
not the Group\u2019s direct customers and may also be impacted by the timing of when a product is used by a customer. Where there
is variability in relation to the consideration that will ultimately be received from a customer, the Group estimates the amount of
consideration to be recognised as revenue during the period using the expected value method, taking into account the nature
of the customer, the contractual arrangements, and other circumstances where known and relevant.
Revenue is not recognised in full until it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur.
Accruals and allocations against gross accounts receivables balances are recorded at the time of sales for the estimated rebates,
chargebacks, retrospective discounts, other allowances and returns based on contractual obligations, historic experience and
other information available at that point in time. Given the large number of variables involved in calculating these accruals it is
not practicable to provide meaningful sensitivity analysis for the resultant accruals.
The nature of the estimations means that there is considerable variability in the ultimate outcomes when considered on an
individual customer basis. As a result, the Group applies a limit on variable revenue consideration, in order to ensure that
revenue is recognised at a prudent level. The objective of the limit is to ensure that there is a low probability of a significant
reversal of revenue when the uncertainties behind the estimations are resolved for the transactions of individual customers.
The limit is applied by making prudent estimates of the inputs and assumptions used in estimating the variable consideration.
These estimates are driven by historic information, but also take into account the nature of customer and the specific contractual
arrangements we have with them. The limit means that the risk of a material downward adjustment to revenue in future years as
a result of the estimates made in the current year is very low.
Contract costs
Incremental costs in respect of obtaining a contract with a customer principally relate to commissions paid by the Group to its
sales representatives. Such costs are capitalised as an asset to the extent that they directly relate to a specific contract, are used
to generate or enhance resources used in satisfying performance obligations and are expected to be recovered.
The amortisation period for commissions can differ according to the contract term. Renewals of milestones in the contract are
taken into account when determining the amortisation period. For each contract that has sales commissions paid, the Group has
determined an appropriate amortisation period that is consistent with the transfer of control to the customer. These capitalised
costs amounted to $5.5 million (2022: $5.4 million) at 31 December 2023 and the amount of related amortisation expense for the
year ended 31 December 2023 was $4.4 million (2022: $4.3 million). There was no impairment loss in respect of the costs capitalised.
2.2 Segment information
The Board considers the Group\u2019s business to be a single segment entity engaged in the development, manufacture and sale of
medical products, services and technologies. R&D, manufacturing and central support functions are managed globally for the
Group, supporting all categories of sales. Revenues are managed both on a category and regional basis. This note presents the
performance and activities of the Group as a single segment.
Pages 18 to 25 of the Strategic report provide further detail of category revenue.
During the year ended 31 December 2023, management reassessed its Chief Operating Decision Maker (CODM) and determined
that Convatec\u2019s Executive Leadership Team (CELT) is now the CODM and no longer the Chief Executive Officer. The CODM is
the function that allocates resources and evaluates the Group\u2019s global product portfolios on a revenue basis and evaluates
profitability and associated investment on an enterprise-wide basis due to shared infrastructures and support functions between
the categories. The financial information provided to CELT for decision-making purposes is produced on both a category and
geographic basis. Resources are allocated on a Group-wide basis, with a focus on both category and the key markets but primarily
based on the merits of individual proposals. The change in CODM does not impact the Group\u2019s single segment assessment.
Revenue by category
The Group generates revenue across four major product categories. The following chart sets out the Group\u2019s revenue for the year
ended 31 December by category:
2023
2022
$m
$m
Advanced Wound Care
695.3
620.7
Ostomy Care
608.3
583.0
Continence Care
457.2
425.4
Infusion Care
370.9
341.1
Revenue excluding hospital care exit
2,131.7
1,970.2
Revenue from hospital care exit
1
10.7
102.3
Total
2,142.4
2,072.5
1.
Following the exit of hospital care in 2022, effective from 1 January 2023, Flexi-Seal
TM
, our faecal management system, moved from the Continence & Critical Care category
to the Ostomy Care category. The remaining industrial sales, predominantly continence-related supplies for B2B customers, moved from Infusion Care to Continence Care.
Continence & Critical Care has been renamed to Continence Care. The 2022 comparatives have been re-presented to reflect these changes and to separately disclose revenue
associated with the hospital care exit.
Geographic information
Geographic markets
The following chart sets out the Group\u2019s revenue by geographic market in which third party customers are located:
\n \n
2023
2022
$m
$m
Europe
647.8
688.6
North America
1,186.0
1,090.3
Rest of World (RoW)
1
308.6
293.6
Total
2,142.4
2,072.5
1.
Rest of World (RoW) comprises all countries in Asia Pacific, Latin America (including Mexico and the Caribbean), the Middle East (including Turkey) and Africa.
Geographic regions
The following table sets out the Group\u2019s revenue on the basis of where the legal entity generating the revenue resides, including
countries representing over 10% of Group revenue and the UK, where the Group is domiciled:
\n \n
2023
2022
$m
$m
Geographic regions
US
821.5
749.8
Denmark
375.5
371.7
UK
116.7
131.5
Other
1
828.7
819.5
Total
2,142.4
2,072.5
1.
Other consists primarily of other countries in Europe, Asia-Pacific, Latin America and Canada.
The following table sets out the Group\u2019s long-lived assets by country in which the legal entity resides:
\n \n
2023
2022
$m
$m
Long-lived assets
1
US
1,285.9
1,349.6
UK
866.6
695.7
Denmark
274.4
266.0
Other
355.7
318.0
Total long-lived assets
2,782.6
2,629.3
1.
Long-lived assets consist of property, plant and equipment, right-of-use assets, intangible assets and goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22608": { "value": "Accounting policy
Revenue recognition
The Group measures revenue for goods sold based on the consideration specified in a contract with a customer, net of discounts,
chargeback allowances and sales-related taxes. Revenue is recognised when control over a product or service is transferred to
a customer, distributor or wholesaler, which is generally when goods have been delivered, as most products are insured by the
Group until delivery. Due to the short-term nature of the receivables from sale of goods, the Group measures them at the
original transaction price without discounting.
Nature of goods and services
Advanced Wound Care, Ostomy Care, and Continence Care products are sold to pharmacies, hospitals and other acute and
post-acute healthcare service professionals directly or through distributors and wholesalers. Products are also sold directly to
end customers (patients) through the Group\u2019s home services entities and a small number of clinical and retail outlets.
Infusion Care primarily serves business-to-business customers, consisting principally of the leading insulin pump manufacturers.
In 2023 and 2022, no single customer generated more than 10% of the Group\u2019s revenue.
Nature, timing of satisfaction of performance obligations
Principally the Group\u2019s contracts with customers contain a single performance obligation, that is the delivery of products to
customers. Revenue is typically recognised when the customer receives the product but is subject to the shipping terms in each
individual contract. Where non-standard shipping arrangements exist, revenue is recognised when control of the goods has
transferred. Allowances for returns, where the contract specifies these terms, are made at the point of sale.
For sales to distributors, revenue is recognised when title is transferred to the distributor and the distributor has assumed
control, the timing of which depends on the contractual terms with each distributor. Chargeback allowances or contractual
deductions relating to end-customer agreements, which may differ from distributor contracts, are made at the point of title
transfer to the distributor. In certain European countries, rebates are provided to governments and are often mandated by
laws or government regulations. These rebates are estimated based on government regulations and unbudgeted spending,
laws and terms of individual rebate agreements, and are recorded as a deduction from revenue at the time the related revenue
is recorded. The estimates are adjusted periodically to reflect actual experience.
When distributors buy products from the Group at a contract price and sell these products to end-customers at a price agreed
with the Group that is lower than the distributors\u2019 list price, a chargeback may arise and a claim may be submitted to the
Group by the distributor. The provision for chargebacks is based on expected sell-through levels by the Group\u2019s distributors to
contracted customers, as well as estimated distributor inventory levels. Retrospective claims are reviewed against estimations
to ensure provisions are regularly updated.
Volume discounts
The Group offers certain prospective volume discounts to customers who achieve a specified volume amount or value of
purchases in any given year. Volume discounts that meet the definition of a material right are recognised as a separate
performance obligation. Material rights are the option to purchase additional products at a discount which would not have been
given had the contract not been entered into and are incremental to the range of discounts typically given for those goods to
that class of customer.
The stand-alone selling price of these volume discounts is based on the discount that the customer would obtain when exercising
the option, adjusted for any discount the customer could receive without exercising the option and the likelihood that the option
will be exercised. The revenue allocated to volume discounts is short-term in nature and recognised proportionally to the pattern
of options exercised by the customer or when the option expires.
Variable consideration
The transaction price for revenue recognised is the amount the Group expects to receive at that date. In certain Group
businesses, the transaction price is estimated based on the levels of rebates, discounts, allowances, product returns and
consideration expected to be received. In estimating the amounts to be recognised, the Group assesses historical performance
and collection patterns. The arrangements in different countries and with individual customers vary, but broadly they are all
dependent upon interactions with the customer, including the submission of claims that can extend to up to 24 months after
the initial point of revenue recognition. This can include factors outside the direct trading relationship with the customer such as
re-imbursement, retrospective rebate or other claims by an insurer, healthcare professionals or governmental agency which are
not the Group\u2019s direct customers and may also be impacted by the timing of when a product is used by a customer. Where there
is variability in relation to the consideration that will ultimately be received from a customer, the Group estimates the amount of
consideration to be recognised as revenue during the period using the expected value method, taking into account the nature
of the customer, the contractual arrangements, and other circumstances where known and relevant.
Revenue is not recognised in full until it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur.
Accruals and allocations against gross accounts receivables balances are recorded at the time of sales for the estimated rebates,
chargebacks, retrospective discounts, other allowances and returns based on contractual obligations, historic experience and
other information available at that point in time. Given the large number of variables involved in calculating these accruals it is
not practicable to provide meaningful sensitivity analysis for the resultant accruals.
The nature of the estimations means that there is considerable variability in the ultimate outcomes when considered on an
individual customer basis. As a result, the Group applies a limit on variable revenue consideration, in order to ensure that
revenue is recognised at a prudent level. The objective of the limit is to ensure that there is a low probability of a significant
reversal of revenue when the uncertainties behind the estimations are resolved for the transactions of individual customers.
The limit is applied by making prudent estimates of the inputs and assumptions used in estimating the variable consideration.
These estimates are driven by historic information, but also take into account the nature of customer and the specific contractual
arrangements we have with them. The limit means that the risk of a material downward adjustment to revenue in future years as
a result of the estimates made in the current year is very low.
Contract costs
Incremental costs in respect of obtaining a contract with a customer principally relate to commissions paid by the Group to its
sales representatives. Such costs are capitalised as an asset to the extent that they directly relate to a specific contract, are used
to generate or enhance resources used in satisfying performance obligations and are expected to be recovered.
The amortisation period for commissions can differ according to the contract term. Renewals of milestones in the contract are
taken into account when determining the amortisation period. For each contract that has sales commissions paid, the Group has
determined an appropriate amortisation period that is consistent with the transfer of control to the customer. These capitalised
costs amounted to $5.5 million (2022: $5.4 million) at 31 December 2023 and the amount of related amortisation expense for the
year ended 31 December 2023 was $4.4 million (2022: $4.3 million). There was no impairment loss in respect of the costs capitalised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22612": { "value": "Revenue recognition
The Group measures revenue for goods sold based on the consideration specified in a contract with a customer, net of discounts,
chargeback allowances and sales-related taxes. Revenue is recognised when control over a product or service is transferred to
a customer, distributor or wholesaler, which is generally when goods have been delivered, as most products are insured by the
Group until delivery. Due to the short-term nature of the receivables from sale of goods, the Group measures them at the
original transaction price without discounting.
Nature of goods and services
Advanced Wound Care, Ostomy Care, and Continence Care products are sold to pharmacies, hospitals and other acute and
post-acute healthcare service professionals directly or through distributors and wholesalers. Products are also sold directly to
end customers (patients) through the Group\u2019s home services entities and a small number of clinical and retail outlets.
Infusion Care primarily serves business-to-business customers, consisting principally of the leading insulin pump manufacturers.
In 2023 and 2022, no single customer generated more than 10% of the Group\u2019s revenue.
Nature, timing of satisfaction of performance obligations
Principally the Group\u2019s contracts with customers contain a single performance obligation, that is the delivery of products to
customers. Revenue is typically recognised when the customer receives the product but is subject to the shipping terms in each
individual contract. Where non-standard shipping arrangements exist, revenue is recognised when control of the goods has
transferred. Allowances for returns, where the contract specifies these terms, are made at the point of sale.
For sales to distributors, revenue is recognised when title is transferred to the distributor and the distributor has assumed
control, the timing of which depends on the contractual terms with each distributor. Chargeback allowances or contractual
deductions relating to end-customer agreements, which may differ from distributor contracts, are made at the point of title
transfer to the distributor. In certain European countries, rebates are provided to governments and are often mandated by
laws or government regulations. These rebates are estimated based on government regulations and unbudgeted spending,
laws and terms of individual rebate agreements, and are recorded as a deduction from revenue at the time the related revenue
is recorded. The estimates are adjusted periodically to reflect actual experience.
When distributors buy products from the Group at a contract price and sell these products to end-customers at a price agreed
with the Group that is lower than the distributors\u2019 list price, a chargeback may arise and a claim may be submitted to the
Group by the distributor. The provision for chargebacks is based on expected sell-through levels by the Group\u2019s distributors to
contracted customers, as well as estimated distributor inventory levels. Retrospective claims are reviewed against estimations
to ensure provisions are regularly updated.
Volume discounts
The Group offers certain prospective volume discounts to customers who achieve a specified volume amount or value of
purchases in any given year. Volume discounts that meet the definition of a material right are recognised as a separate
performance obligation. Material rights are the option to purchase additional products at a discount which would not have been
given had the contract not been entered into and are incremental to the range of discounts typically given for those goods to
that class of customer.
The stand-alone selling price of these volume discounts is based on the discount that the customer would obtain when exercising
the option, adjusted for any discount the customer could receive without exercising the option and the likelihood that the option
will be exercised. The revenue allocated to volume discounts is short-term in nature and recognised proportionally to the pattern
of options exercised by the customer or when the option expires.
Variable consideration
The transaction price for revenue recognised is the amount the Group expects to receive at that date. In certain Group
businesses, the transaction price is estimated based on the levels of rebates, discounts, allowances, product returns and
consideration expected to be received. In estimating the amounts to be recognised, the Group assesses historical performance
and collection patterns. The arrangements in different countries and with individual customers vary, but broadly they are all
dependent upon interactions with the customer, including the submission of claims that can extend to up to 24 months after
the initial point of revenue recognition. This can include factors outside the direct trading relationship with the customer such as
re-imbursement, retrospective rebate or other claims by an insurer, healthcare professionals or governmental agency which are
not the Group\u2019s direct customers and may also be impacted by the timing of when a product is used by a customer. Where there
is variability in relation to the consideration that will ultimately be received from a customer, the Group estimates the amount of
consideration to be recognised as revenue during the period using the expected value method, taking into account the nature
of the customer, the contractual arrangements, and other circumstances where known and relevant.
Revenue is not recognised in full until it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur.
Accruals and allocations against gross accounts receivables balances are recorded at the time of sales for the estimated rebates,
chargebacks, retrospective discounts, other allowances and returns based on contractual obligations, historic experience and
other information available at that point in time. Given the large number of variables involved in calculating these accruals it is
not practicable to provide meaningful sensitivity analysis for the resultant accruals.
The nature of the estimations means that there is considerable variability in the ultimate outcomes when considered on an
individual customer basis. As a result, the Group applies a limit on variable revenue consideration, in order to ensure that
revenue is recognised at a prudent level. The objective of the limit is to ensure that there is a low probability of a significant
reversal of revenue when the uncertainties behind the estimations are resolved for the transactions of individual customers.
The limit is applied by making prudent estimates of the inputs and assumptions used in estimating the variable consideration.
These estimates are driven by historic information, but also take into account the nature of customer and the specific contractual
arrangements we have with them. The limit means that the risk of a material downward adjustment to revenue in future years as
a result of the estimates made in the current year is very low.
Contract costs
Incremental costs in respect of obtaining a contract with a customer principally relate to commissions paid by the Group to its
sales representatives. Such costs are capitalised as an asset to the extent that they directly relate to a specific contract, are used
to generate or enhance resources used in satisfying performance obligations and are expected to be recovered.
The amortisation period for commissions can differ according to the contract term. Renewals of milestones in the contract are
taken into account when determining the amortisation period. For each contract that has sales commissions paid, the Group has
determined an appropriate amortisation period that is consistent with the transfer of control to the customer. These capitalised
costs amounted to $5.5 million (2022: $5.4 million) at 31 December 2023 and the amount of related amortisation expense for the
year ended 31 December 2023 was $4.4 million (2022: $4.3 million). There was no impairment loss in respect of the costs capitalised.", "dimensions": { "concept": "ctec:DescriptionOfAccountingPolicyForRevenueAndSegmentalInformationPolicyTextBlock", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22727": { "value": "2.2 Segment information
The Board considers the Group\u2019s business to be a single segment entity engaged in the development, manufacture and sale of
medical products, services and technologies. R&D, manufacturing and central support functions are managed globally for the
Group, supporting all categories of sales. Revenues are managed both on a category and regional basis. This note presents the
performance and activities of the Group as a single segment.
Pages 18 to 25 of the Strategic report provide further detail of category revenue.
During the year ended 31 December 2023, management reassessed its Chief Operating Decision Maker (CODM) and determined
that Convatec\u2019s Executive Leadership Team (CELT) is now the CODM and no longer the Chief Executive Officer. The CODM is
the function that allocates resources and evaluates the Group\u2019s global product portfolios on a revenue basis and evaluates
profitability and associated investment on an enterprise-wide basis due to shared infrastructures and support functions between
the categories. The financial information provided to CELT for decision-making purposes is produced on both a category and
geographic basis. Resources are allocated on a Group-wide basis, with a focus on both category and the key markets but primarily
based on the merits of individual proposals. The change in CODM does not impact the Group\u2019s single segment assessment.
Revenue by category
The Group generates revenue across four major product categories. The following chart sets out the Group\u2019s revenue for the year
ended 31 December by category:
2023
2022
$m
$m
Advanced Wound Care
695.3
620.7
Ostomy Care
608.3
583.0
Continence Care
457.2
425.4
Infusion Care
370.9
341.1
Revenue excluding hospital care exit
2,131.7
1,970.2
Revenue from hospital care exit
1
10.7
102.3
Total
2,142.4
2,072.5
1.
Following the exit of hospital care in 2022, effective from 1 January 2023, Flexi-Seal
TM
, our faecal management system, moved from the Continence & Critical Care category
to the Ostomy Care category. The remaining industrial sales, predominantly continence-related supplies for B2B customers, moved from Infusion Care to Continence Care.
Continence & Critical Care has been renamed to Continence Care. The 2022 comparatives have been re-presented to reflect these changes and to separately disclose revenue
associated with the hospital care exit.
Geographic information
Geographic markets
The following chart sets out the Group\u2019s revenue by geographic market in which third party customers are located:
\n \n
2023
2022
$m
$m
Europe
647.8
688.6
North America
1,186.0
1,090.3
Rest of World (RoW)
1
308.6
293.6
Total
2,142.4
2,072.5
1.
Rest of World (RoW) comprises all countries in Asia Pacific, Latin America (including Mexico and the Caribbean), the Middle East (including Turkey) and Africa.
Geographic regions
The following table sets out the Group\u2019s revenue on the basis of where the legal entity generating the revenue resides, including
countries representing over 10% of Group revenue and the UK, where the Group is domiciled:
\n \n
2023
2022
$m
$m
Geographic regions
US
821.5
749.8
Denmark
375.5
371.7
UK
116.7
131.5
Other
1
828.7
819.5
Total
2,142.4
2,072.5
1.
Other consists primarily of other countries in Europe, Asia-Pacific, Latin America and Canada.
The following table sets out the Group\u2019s long-lived assets by country in which the legal entity resides:
\n \n
2023
2022
$m
$m
Long-lived assets
1
US
1,285.9
1,349.6
UK
866.6
695.7
Denmark
274.4
266.0
Other
355.7
318.0
Total long-lived assets
2,782.6
2,629.3
1.
Long-lived assets consist of property, plant and equipment, right-of-use assets, intangible assets and goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23014": { "value": "3. OPERATING COSTS
The Group incurs operating costs associated with the day-to-day operation of the business. These operating costs are deducted
from revenue to calculate operating profit.
3.1 Operating profit
Operating profit is stated after deducting from revenue:
2023
2022
Notes
$m
$m
Depreciation:
Property, plant and equipment
8
37.5
39.7
Right-of-use assets
24
22.7
22.1
Amortisation of intangible assets
9
154.6
147.4
Impairment/write-off of intangible assets
9
\u2013
6.3
Impairment/write-off of property, plant and equipment
8
2.7
9.2
Impairment of right-of-use assets
24
1.9
\u2013
Loss on terminated leases
24
\u2013
0.1
Amounts in respect of inventories included in cost of sales
794.4
818.3
Write-down of inventories
1
21.8
22.6
Lease expenses
2
24
2.4
3.9
Staff costs:
Wages and salaries
578.4
532.7
Share-based payment expense
19
14.6
16.7
Social security costs
77.3
67.5
Defined contribution plans post-employment costs
23.7
21.2
Defined benefit plans pension costs
15
1.4
1.7
Recruitment and other employment-related fees
5.9
8.7
Total staff costs
701.3
648.5
1.
The write-down of inventories to their realisable value is included in cost of sales.
2.
Lease expenses comprises the costs in respect of low-value leases and short-term leases. Refer to accounting policy in Note 24 \u2013 Leases.
The remuneration of the Executive Directors, which is set out on pages 120 to 142, has been audited and is included within staff
costs and forms part of these Consolidated Financial Statements.
3.2 Employee numbers
1
The average number of the Group\u2019s employees by function
:
5,559
3,241
791
517
2023
10,108
Operations
Sales and
General and
R&D
marketing
administrative
5,751
3,030
873
480
1
10,134
2022
Operations
Sales and
General and
R&D
marketing
administrative
1
The average number of the Group\u2019s employees by location
:
3,600
1,468
5,040
2023
10,108
2
Europe
North
RoW
2
America
4,069
1,356
4,709
1
10,134
2022
2
Europe
North
RoW
2
America
1.
2022 comparatives have been re-presented to more accurately reflect the Group\u2019s employees by function and location.
2.
North America comprises United States and Canada, and Rest of World (RoW) comprises all countries in Asia Pacific, Latin America (including Mexico and the Caribbean),
the Middle East (including Turkey) and Africa.
The total number of employees as at 31 December 2023 was 10,129 (2022: 10,028).
3.3 Auditor\u2019s remuneration
The total remuneration of the Group\u2019s auditor, Deloitte LLP, for services provided to the Group during the year ended 31 December
is analysed below:
\n \n
2023
2022
$m
$m
Fees for audit services
Group
1.6
1.5
Subsidiaries
3.3
3.0
Total fees for audit services
4.9
4.5
Fees for non-audit services
Audit-related assurance services
0.2
0.2
Other assurance services
0.1
0.1
Total auditor remuneration
5.2
4.8
A description of the work performed by the Audit and Risk Committee to safeguard auditor independence when non-audit services
are provided is set out in the Audit and Risk Committee report on pages 110 to 119.
4. OTHER OPERATING EXPENSES
Other operating expenses were as follows:
\n \n
2023
2022
$m
$m
Impairment of intangible assets
\u2013
1.4
Impairment of property, plant and equipment and right-of-use assets
2.5
12.4
2.5
13.8
Other operating expenses in the year consisted of $2.9 million of impairments in respect of property, plant and equipment and
right-of-use assets as a result of the Group\u2019s transformation projects, offset by $0.4 million reversal of property, plant and
equipment that was impaired in 2022 from the hospital care exit. The $13.8 million in the year ended 31 December 2022 related
to the impairments of property, plant and equipment and intangible assets arising from the exit from hospital care and industrial
sales-related activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23019": { "value": "3.1 Operating profit
Operating profit is stated after deducting from revenue:
2023
2022
Notes
$m
$m
Depreciation:
Property, plant and equipment
8
37.5
39.7
Right-of-use assets
24
22.7
22.1
Amortisation of intangible assets
9
154.6
147.4
Impairment/write-off of intangible assets
9
\u2013
6.3
Impairment/write-off of property, plant and equipment
8
2.7
9.2
Impairment of right-of-use assets
24
1.9
\u2013
Loss on terminated leases
24
\u2013
0.1
Amounts in respect of inventories included in cost of sales
794.4
818.3
Write-down of inventories
1
21.8
22.6
Lease expenses
2
24
2.4
3.9
Staff costs:
Wages and salaries
578.4
532.7
Share-based payment expense
19
14.6
16.7
Social security costs
77.3
67.5
Defined contribution plans post-employment costs
23.7
21.2
Defined benefit plans pension costs
15
1.4
1.7
Recruitment and other employment-related fees
5.9
8.7
Total staff costs
701.3
648.5
1.
The write-down of inventories to their realisable value is included in cost of sales.
2.
Lease expenses comprises the costs in respect of low-value leases and short-term leases. Refer to accounting policy in Note 24 \u2013 Leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23216": { "value": "3.2 Employee numbers
1
The average number of the Group\u2019s employees by function
:
5,559
3,241
791
517
2023
10,108
Operations
Sales and
General and
R&D
marketing
administrative
5,751
3,030
873
480
1
10,134
2022
Operations
Sales and
General and
R&D
marketing
administrative
1
The average number of the Group\u2019s employees by location
:
3,600
1,468
5,040
2023
10,108
2
Europe
North
RoW
2
America
4,069
1,356
4,709
1
10,134
2022
2
Europe
North
RoW
2
America
1.
2022 comparatives have been re-presented to more accurately reflect the Group\u2019s employees by function and location.
2.
North America comprises United States and Canada, and Rest of World (RoW) comprises all countries in Asia Pacific, Latin America (including Mexico and the Caribbean),
the Middle East (including Turkey) and Africa.
The total number of employees as at 31 December 2023 was 10,129 (2022: 10,028).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23315": { "value": "3.3 Auditor\u2019s remuneration
The total remuneration of the Group\u2019s auditor, Deloitte LLP, for services provided to the Group during the year ended 31 December
is analysed below:
\n \n
2023
2022
$m
$m
Fees for audit services
Group
1.6
1.5
Subsidiaries
3.3
3.0
Total fees for audit services
4.9
4.5
Fees for non-audit services
Audit-related assurance services
0.2
0.2
Other assurance services
0.1
0.1
Total auditor remuneration
5.2
4.8
A description of the work performed by the Audit and Risk Committee to safeguard auditor independence when non-audit services
are provided is set out in the Audit and Risk Committee report on pages 110 to 119.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23388": { "value": "4. OTHER OPERATING EXPENSES
Other operating expenses were as follows:
\n \n
2023
2022
$m
$m
Impairment of intangible assets
\u2013
1.4
Impairment of property, plant and equipment and right-of-use assets
2.5
12.4
2.5
13.8
Other operating expenses in the year consisted of $2.9 million of impairments in respect of property, plant and equipment and
right-of-use assets as a result of the Group\u2019s transformation projects, offset by $0.4 million reversal of property, plant and
equipment that was impaired in 2022 from the hospital care exit. The $13.8 million in the year ended 31 December 2022 related
to the impairments of property, plant and equipment and intangible assets arising from the exit from hospital care and industrial
sales-related activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23389": { "value": "4. OTHER OPERATING EXPENSES
Other operating expenses were as follows:
\n \n
2023
2022
$m
$m
Impairment of intangible assets
\u2013
1.4
Impairment of property, plant and equipment and right-of-use assets
2.5
12.4
2.5
13.8
Other operating expenses in the year consisted of $2.9 million of impairments in respect of property, plant and equipment and
right-of-use assets as a result of the Group\u2019s transformation projects, offset by $0.4 million reversal of property, plant and
equipment that was impaired in 2022 from the hospital care exit. The $13.8 million in the year ended 31 December 2022 related
to the impairments of property, plant and equipment and intangible assets arising from the exit from hospital care and industrial
sales-related activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23435": { "value": "5. NON-OPERATING INCOME/(EXPENSE), NET
Non-operating income/(expense), net was as follows:
\n \n
2023
2022
Notes
$m
$m
Net foreign exchange gain/(loss)
1
3.7
(13.5)
Realisation of cumulative translation adjustments
\u2013
(12.2)
(Loss)/gain on foreign exchange forward contracts
23
(4.3)
15.8
Gain/(loss) on foreign exchange cash flow hedges
23
0.8
(16.5)
Gain/(loss) on divestiture
2
3.9
(2.0)
Other non-operating income
0.7
0.2
Non-operating income/(expense), net
3
4.8
(28.2)
1.
The foreign exchange gain in 2023 primarily relate to the foreign exchange impact on intercompany transactions, including loans transacted in non-functional currencies.
The Group uses foreign exchange forward contracts to manage these exposures in accordance with the Group\u2019s foreign exchange risk management policy.
2.
As part of the hospital care exit, the UnoMeter\u2122 trademarks were sold during the year, resulting in a gain of $3.9 million (2022: loss of $2.0 million arose from the sale of a
subsidiary as part of the hospital care exit).
3.
Of the total net non-operating expense, $4.8 million (2022: $1.7 million) relates to mark-to-market derivatives, the cash flow impact of which has been shown within the
changes in working capital section of the Consolidated Statement of Cash Flows. ", "dimensions": { "concept": "ctec:DisclosureOfNonOperatingExpenseIncomeNetTextBlock", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23538": { "value": "6. INCOME TAXES
The note below sets out the current and deferred tax charges, which together comprise the total tax expense in the Consolidated
Income Statement. The deferred tax section of the note also provides information on expected future tax charges or benefits and
sets out the deferred tax assets and liabilities held across the Group.
Accounting policy
The tax expense represents the sum of current and deferred tax.
Current tax
Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of prior years. Taxable profit differs
from profit before income taxes because taxable profit excludes items that are either never taxable or tax deductible or items
that are taxable or tax deductible in a different period.
Deferred tax
Deferred tax is recognised using the balance sheet liability method for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for temporary differences:
\u2013
On the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss;
\u2013
Arising on the initial recognition of goodwill; and
\u2013
On investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to temporary differences when the asset
is realised or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed
at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
Current tax and deferred tax for the year
Current tax and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in which case, the current tax and deferred tax are also
recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from
the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
Tax provisions
The Group is subject to income taxes in numerous tax jurisdictions. Judgement is sometimes required in determining the
worldwide provision for income taxes. There may be transactions for which the ultimate tax determination is uncertain and may
be challenged by the tax authorities. The Group recognises liabilities for anticipated or actual tax audit issues based on estimates
of whether additional taxes will be due. Where an outflow of funds to a tax authority is considered probable and the Group can
make a reliable estimate of the outcome of the issue, management calculates the provision for the best estimate of the liability.
In assessing its uncertain tax provisions, management takes into account the specific facts of each issue, the likelihood of
settlement and the input of professional advice where required. The Group assumes that where a tax authority has a right to
examine amounts reported to it, they will do so and will have full knowledge of all relevant information. Where the ultimate
liability as a result of an issue varies from the amounts provided, such differences could impact the current and deferred tax
assets and liabilities in the period in which the matter is concluded.
6.1 Taxation
The Group\u2019s income tax expense is the sum of the total current and deferred tax expense.
\n \n
2023
2022
$m
$m
Current tax
Overseas taxation
46.1
46.8
Adjustment to prior years
(5.5)
(2.0)
Total current tax expense
40.6
44.8
Deferred tax
Origination and reversal of temporary differences
2.0
(3.7)
Change in tax rates
1.6
(3.2)
Adjustment to prior years
(4.5)
1.2
Benefit from previously unrecognised tax losses
(2.6)
(20.1)
Total deferred tax benefit
(3.5)
(25.8)
Income tax expense
37.1
19.0
The adjustment to prior years included a net tax benefit of $15.1 million following the successful resolution of an uncertain tax
position.
In 2022, the deferred tax movement included a benefit of $20.1 million in respect of the recognition of previously unrecognised tax
losses in the US following the acquisition of Triad Life Sciences Inc.
6.2 Reconciliation of effective tax rate
The effective tax rate for the year ended 31 December 2023 was 22.2%, as compared with 23.2% for the year ended 31 December 2022.
Tax reconciliation to UK statutory rate
The table below reconciles the Group\u2019s profit before income taxes at the UK statutory rate to the Group\u2019s total income tax expense:
\n \n
2023
2022
$m
$m
Profit before income taxes
167.4
81.9
Profit before income taxes multiplied by rate of corporation tax in the UK of 23.52%
(2022: 19.0%)
39.4
15.6
Difference between UK and overseas tax rates
1
1.6
3.0
Non-deductible/non-taxable items
7.2
14.4
Change in recognition of deferred tax assets
2.6
1.0
Recognition of previously unrecognised US deferred tax assets
(2.6)
(20.1)
Movement in provision for uncertain tax positions
(17.5)
2.5
Other
2
6.4
2.6
Income tax expense and effective tax rate
37.1
22.2%
19.0
23.2%
1.
This includes changes in tax rates based on substantively enacted legislation across various tax jurisdictions as of 31 December.
2.
Includes tax on unremitted earnings and prior year adjustments.
The Group has worldwide operations and therefore is subject to several factors that may affect future tax charges, principally the
levels and mix of profitability in different tax jurisdictions, transfer pricing regulations, tax rates imposed and tax regime reforms.
The calculation of the Group\u2019s tax expense involves a degree of estimation and judgements in respect of certain items for which the
tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority, specifically in relation
to open tax and transfer pricing matters. Due to the high volume of intercompany transactions, the Group\u2019s evolving business
model and the increasing complexity in interaction between multiple tax laws and regulations, transfer pricing requires judgement
in determining the appropriate allocation of profits between jurisdictions. The Group assessed the impact of ongoing changes to the
Group\u2019s operating model, the supporting documentation for the tax and transfer pricing positions, existing tax authority challenges,
and the likelihood of new challenges by tax authorities.
The Group continues to believe it has made adequate provision for uncertain tax positions on open issues in accordance with
IFRIC 23 Uncertainty over Income Tax Treatments. The ultimate liability for such matters may vary from the amounts provided and is
dependent upon the outcome of discussions with relevant tax authorities or, where applicable, appeal proceedings. The movement
includes resolutions of uncertain tax positions in the year.
The Group is monitoring tax reforms driven by the OECD\u2019s BEPS Pillar One and Pillar Two to reform international taxation rules.
The Group has assessed the potential tax impact based on OECD model rules and draft, and substantively enacted legislation
in jurisdictions in which the Group operates and expects the tax impact to not be material in the foreseeable future. The United
Kingdom enacted Pillar Two rules in the UK Finance (No.2) Act 2023 in 2023. This has no impact on the Group\u2019s results for the year
ended 31 December 2023. The Group has applied the temporary exception as detailed in the IASB announcement \u201cInternational Tax
Reform \u2013 Pillar Two Model Rules\u201d, which amended IAS 12 Income Taxes, and therefore has not recognised nor disclosed information
about deferred tax assets and liabilities related to Pillar Two income taxes.
6.3 Deferred tax
The components of deferred tax assets and liabilities at 31 December are as follows:
2023
2022
$m
$m
Deferred tax assets
21.2
26.6
Deferred tax liabilities
(88.2)
(83.2)
(67.0)
(56.6)
6.4 Movement in deferred tax assets and liabilities
Deferred tax is measured on the basis of the tax rates enacted or substantively enacted at the reporting date. The movements in
the deferred tax assets and liabilities were as follows:
Inventor
y
Tax losses
PP&E
Intangibles
Interest
Other
Total
$m
$m
$m
$m
$m
$m
$m
At 1 January 2022
8.4
89.5
(11.0)
(182.4)
16.5
20.7
(58.3)
Recognised in income statement
(1.4)
(5.5)
5.9
(1.7)
8.5
20.0
25.8
Recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
2.4
\u2013
2.4
Acquisitions
(2.4)
6.3
\u2013
(36.2)
\u2013
\u2013
(32.3)
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
1.1
Foreign exchange
(1.3)
(0.2)
1.6
2.7
1.0
0.9
4.7
At 31 December 2022
3.3
90.1
(3.5)
(217.6)
28.4
42.7
(56.6)
Recognised in income statement
6.4
(13.0)
(1.7)
11.0
7.6
(6.8)
3.5
Recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Acquisitions
\u2013
\u2013
\u2013
(13.1)
\u2013
\u2013
(13.1)
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
(0.1)
0.4
(0.2)
(3.1)
0.5
1.0
(1.5)
At 31 December 2023
9.6
77.5
(5.4)
(222.8)
36.5
37.6
(67.0)
Net deferred tax liabilities provided in relation to intangible assets are predominantly in respect of temporary differences arising
on assets and liabilities acquired as part of business combinations. An amount relating to deductible tax amortisation of intangible
assets of $145.9 million that are not expected to reverse due to anticipated restructuring of the Group\u2019s activities (2022: $342.7 million,
deferred tax assets of $15.4 million) is not recognised.
Net deferred tax assets recognised in relation to tax losses are predominantly in respect of the US. Deferred tax assets on foreign
tax credits of $2.4 million remain unrecognised in the US based on forecasts of suitable future taxable profit and they are due to
expire within 5 years (2022: $3.9 million).
Deferred tax on inventory predominantly relates to a deferred tax asset recognised on intra-Group profits arising on intercompany
inventory that are eliminated in the Consolidated Financial Statements. As intra-Group profits are not eliminated from the individual
entities\u2019 tax returns, a temporary difference arises and will reverse when the inventory is sold externally.
Other net temporary differences include accrued expenses, employee costs and pensions, for which a tax deduction is only available
on a paid basis, research and development expenses, unremitted earnings and share-based payments.
To the extent that dividends remitted from overseas subsidiaries and branches are expected to result in additional taxes,
appropriate amounts have been provided for. Deferred tax is not provided on temporary differences of $381.2 million in the year
to 31 December 2023 (2022: $351.8 million) arising on unremitted earnings as management has the ability to control any future
reversal and does not consider such a reversal in the foreseeable future to be probable.
6.5 Unrecognised tax losses carried forward
Deferred tax assets are only recognised where it is probable that future taxable profits will be available to utilise the tax losses.
The following table shows the unrecognised tax losses carried forward, including anticipated period of expiration:
\n \n
2023
2022
Losses
Losses
Trading and capital losses expiring:
$m
$m
Within 5 years
2.2
10.0
Between 5 to 10 years
0.5
12.7
More than 10 years
\u2013
30.7
Unlimited
961.6
958.0
Total
964.3
1,011.4
The Group has Luxembourg tax losses of $944.5 million (2022: $941.9 million) which are not recognised and will not expire.
The movement in Luxembourg tax losses not recognised is mainly attributable to foreign exchange differences. Other movements
in the year are mainly due to the recognition of previously unrecognised US State tax losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23544": { "value": "Accounting policy
The tax expense represents the sum of current and deferred tax.
Current tax
Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of prior years. Taxable profit differs
from profit before income taxes because taxable profit excludes items that are either never taxable or tax deductible or items
that are taxable or tax deductible in a different period.
Deferred tax
Deferred tax is recognised using the balance sheet liability method for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for temporary differences:
\u2013
On the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss;
\u2013
Arising on the initial recognition of goodwill; and
\u2013
On investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to temporary differences when the asset
is realised or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed
at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
Current tax and deferred tax for the year
Current tax and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in which case, the current tax and deferred tax are also
recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from
the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
Tax provisions
The Group is subject to income taxes in numerous tax jurisdictions. Judgement is sometimes required in determining the
worldwide provision for income taxes. There may be transactions for which the ultimate tax determination is uncertain and may
be challenged by the tax authorities. The Group recognises liabilities for anticipated or actual tax audit issues based on estimates
of whether additional taxes will be due. Where an outflow of funds to a tax authority is considered probable and the Group can
make a reliable estimate of the outcome of the issue, management calculates the provision for the best estimate of the liability.
In assessing its uncertain tax provisions, management takes into account the specific facts of each issue, the likelihood of
settlement and the input of professional advice where required. The Group assumes that where a tax authority has a right to
examine amounts reported to it, they will do so and will have full knowledge of all relevant information. Where the ultimate
liability as a result of an issue varies from the amounts provided, such differences could impact the current and deferred tax
assets and liabilities in the period in which the matter is concluded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23555": { "value": "Deferred tax
Deferred tax is recognised using the balance sheet liability method for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for temporary differences:
\u2013
On the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss;
\u2013
Arising on the initial recognition of goodwill; and
\u2013
On investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to temporary differences when the asset
is realised or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed
at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
Current tax and deferred tax for the year
Current tax and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in which case, the current tax and deferred tax are also
recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from
the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23871": { "value": "6.3 Deferred tax
The components of deferred tax assets and liabilities at 31 December are as follows:
2023
2022
$m
$m
Deferred tax assets
21.2
26.6
Deferred tax liabilities
(88.2)
(83.2)
(67.0)
(56.6)
6.4 Movement in deferred tax assets and liabilities
Deferred tax is measured on the basis of the tax rates enacted or substantively enacted at the reporting date. The movements in
the deferred tax assets and liabilities were as follows:
Inventor
y
Tax losses
PP&E
Intangibles
Interest
Other
Total
$m
$m
$m
$m
$m
$m
$m
At 1 January 2022
8.4
89.5
(11.0)
(182.4)
16.5
20.7
(58.3)
Recognised in income statement
(1.4)
(5.5)
5.9
(1.7)
8.5
20.0
25.8
Recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
2.4
\u2013
2.4
Acquisitions
(2.4)
6.3
\u2013
(36.2)
\u2013
\u2013
(32.3)
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
1.1
Foreign exchange
(1.3)
(0.2)
1.6
2.7
1.0
0.9
4.7
At 31 December 2022
3.3
90.1
(3.5)
(217.6)
28.4
42.7
(56.6)
Recognised in income statement
6.4
(13.0)
(1.7)
11.0
7.6
(6.8)
3.5
Recognised in other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Acquisitions
\u2013
\u2013
\u2013
(13.1)
\u2013
\u2013
(13.1)
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
(0.1)
0.4
(0.2)
(3.1)
0.5
1.0
(1.5)
At 31 December 2023
9.6
77.5
(5.4)
(222.8)
36.5
37.6
(67.0)
Net deferred tax liabilities provided in relation to intangible assets are predominantly in respect of temporary differences arising
on assets and liabilities acquired as part of business combinations. An amount relating to deductible tax amortisation of intangible
assets of $145.9 million that are not expected to reverse due to anticipated restructuring of the Group\u2019s activities (2022: $342.7 million,
deferred tax assets of $15.4 million) is not recognised.
Net deferred tax assets recognised in relation to tax losses are predominantly in respect of the US. Deferred tax assets on foreign
tax credits of $2.4 million remain unrecognised in the US based on forecasts of suitable future taxable profit and they are due to
expire within 5 years (2022: $3.9 million).
Deferred tax on inventory predominantly relates to a deferred tax asset recognised on intra-Group profits arising on intercompany
inventory that are eliminated in the Consolidated Financial Statements. As intra-Group profits are not eliminated from the individual
entities\u2019 tax returns, a temporary difference arises and will reverse when the inventory is sold externally.
Other net temporary differences include accrued expenses, employee costs and pensions, for which a tax deduction is only available
on a paid basis, research and development expenses, unremitted earnings and share-based payments.
To the extent that dividends remitted from overseas subsidiaries and branches are expected to result in additional taxes,
appropriate amounts have been provided for. Deferred tax is not provided on temporary differences of $381.2 million in the year
to 31 December 2023 (2022: $351.8 million) arising on unremitted earnings as management has the ability to control any future
reversal and does not consider such a reversal in the foreseeable future to be probable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24287": { "value": "7. EARNINGS PER SHARE
Basic earnings per share is calculated based on the Group\u2019s net profit for the year attributable to shareholders divided by the
weighted average number of ordinary shares in issue during the year. The weighted average number of shares is net of shares
purchased by the Group and held as own shares.
Diluted earnings per share take into account the dilutive effect of all outstanding share options priced below the market price in
arriving at the number of shares used in its calculation.
\n \n
2023
2022
Net profit attributable to the shareholders of the Group ($m)
130.3
62.9
Basic weighted average ordinary shares in issue (number)
2,038,653,228
2,023,839,657
Dilutive impact of share awards (number)
13,936,032
16,407,811
Diluted weighted average ordinary shares in issue (number)
2,052,589,260
2,040,247,468
Basic earnings per share (cents per share)
6.4\u00a2 per share
3.1\u00a2 per share
Diluted earnings per share (cents per share)
6.3\u00a2 per share
3.1\u00a2 per share
The calculation of diluted earnings per share does not contain any share options that were non-dilutive for the year (2022: 404,241),
because the average market price of the Group\u2019s ordinary shares exceeded the exercise price (2022: the exercise price exceeded the
average market price of the Group\u2019s ordinary shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24364": { "value": "8. PROPERTY, PLANT AND EQUIPMENT
The Group invests in buildings, equipment and manufacturing machinery to operate the business and to generate revenue
and profits. Assets are depreciated over their estimated useful economic life reflecting the reduction in value of the asset due,
in particular, to wear and tear.
Accounting policy
Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation and impairment losses. Cost includes
expenditures that are directly attributable to the acquisition of an asset including subsequent additions and improvements when
it is probable that future economic benefit associated with the item will flow to the Group and the cost can be reliably measured.
Depreciation is provided on a straight-line basis from the point an asset becomes available for use. Depreciation is calculated to
reduce the asset\u2019s cost to its residual value over the asset\u2019s estimated useful economic life. Assets are depreciated as follows:
\n \n
Asset category
Useful life
Land
not depreciated
Land improvements
15 to 40 years
Leasehold improvements
shorter of useful life or lease tenure
Buildings
15 to 50 years
Machinery, equipment and fixtures
3 to 20 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds, less
any selling expenses, and the carrying amount of the asset. This difference is recognised in the Consolidated Income Statement.
Assets under construction reflects the cost of construction or improvement of items of PP&E that are not yet available for use.
Assets under construction are not depreciated whilst under construction and depreciation commences once the asset is
completed and ready for use. Finance costs incurred in the construction of assets that take more than one year to complete
are capitalised using the Group\u2019s weighted average borrowing cost during the period in which the asset is under construction.
Capitalisation of finance costs ceases when the asset becomes available for use.
Consideration of useful economic lives
The assets\u2019 residual values, depreciation methods and useful economic lives are reviewed annually and adjusted if appropriate.
Impairment of assets
The carrying values of PP&E are reviewed for indicators of impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is estimated,
being the higher of an asset\u2019s fair value less costs to sell and the net present value of its expected pre-tax future cash flows
(value in use).
When an asset\u2019s recoverable amount falls below its carrying value, an impairment is charged to the Consolidated Income Statement.
The movement in the carrying value of each major category of PP&E is as follows:
\n \n
Building, building
equipment and
Machinery,
Land & land
leasehold
equipment and
Assets under
improvements
improvements
fixtures
construction
Total
$m
$m
$m
$m
$m
Cost
1 January 2022
15.3
129.9
490.7
98.5
734.4
Additions
\u2013
1.8
8.2
90.0
100.0
Arising from acquisitions
\u2013
0.5
0.3
\u2013
0.8
Disposals
1
\u2013
(4.0)
(17.5)
(1.8)
(23.3)
Transfers
\u2013
13.7
24.7
(38.4)
\u2013
Foreign exchange
(1.1)
(6.7)
(25.2)
(4.6)
(37.6)
31 December 2022
14.2
135.2
481.2
143.7
774.3
Additions
\u2013
2.1
34.5
60.7
97.3
Arising from acquisitions (Note 26)
\u2013
\u2013
1.1
\u2013
1.1
Disposals
1
\u2013
(3.3)
(24.4)
\u2013
(27.7)
Transfers
1.7
31.9
31.4
(65.0)
\u2013
Foreign exchange
0.5
7.9
13.7
5.6
27.7
31 December 2023
16.4
173.8
537.5
145.0
872.7
Accumulated depreciation
1 January 2022
1.0
53.1
313.6
\u2013
367.7
Depreciation
\u2013
6.8
32.9
\u2013
39.7
Arising from acquisitions
\u2013
0.2
0.1
\u2013
0.3
Disposals
1
\u2013
(4.0)
(17.5)
\u2013
(21.5)
Impairment
\u2013
1.9
5.5
\u2013
7.4
Foreign exchange
\u2013
(2.7)
(17.0)
\u2013
(19.7)
31 December 2022
1.0
55.3
317.6
\u2013
373.9
Depreciation
0.1
7.6
29.8
\u2013
37.5
Arising from acquisitions (Note 26)
\u2013
\u2013
0.7
\u2013
0.7
Disposals
1
\u2013
(3.1)
(24.0)
\u2013
(27.1)
Impairment
\u2013
1.2
1.5
\u2013
2.7
Foreign exchange
\u2013
2.5
8.7
\u2013
11.2
31 December 2023
1.1
63.5
334.3
\u2013
398.9
Net carrying amount
31 December 2022
13.2
79.9
163.6
143.7
400.4
31 December 2023
15.3
110.3
203.2
145.0
473.8
1.
Assets with a net book value of $0.6 million were sold during the year, with sale proceeds of $0.6 million. In 2022, assets with a net book value of $1.8 million were written off.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24370": { "value": "Accounting policy
Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation and impairment losses. Cost includes
expenditures that are directly attributable to the acquisition of an asset including subsequent additions and improvements when
it is probable that future economic benefit associated with the item will flow to the Group and the cost can be reliably measured.
Depreciation is provided on a straight-line basis from the point an asset becomes available for use. Depreciation is calculated to
reduce the asset\u2019s cost to its residual value over the asset\u2019s estimated useful economic life. Assets are depreciated as follows:
\n \n
Asset category
Useful life
Land
not depreciated
Land improvements
15 to 40 years
Leasehold improvements
shorter of useful life or lease tenure
Buildings
15 to 50 years
Machinery, equipment and fixtures
3 to 20 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds, less
any selling expenses, and the carrying amount of the asset. This difference is recognised in the Consolidated Income Statement.
Assets under construction reflects the cost of construction or improvement of items of PP&E that are not yet available for use.
Assets under construction are not depreciated whilst under construction and depreciation commences once the asset is
completed and ready for use. Finance costs incurred in the construction of assets that take more than one year to complete
are capitalised using the Group\u2019s weighted average borrowing cost during the period in which the asset is under construction.
Capitalisation of finance costs ceases when the asset becomes available for use.
Consideration of useful economic lives
The assets\u2019 residual values, depreciation methods and useful economic lives are reviewed annually and adjusted if appropriate.
Impairment of assets
The carrying values of PP&E are reviewed for indicators of impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is estimated,
being the higher of an asset\u2019s fair value less costs to sell and the net present value of its expected pre-tax future cash flows
(value in use).
When an asset\u2019s recoverable amount falls below its carrying value, an impairment is charged to the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24373": { "value": "Property, plant and equipment (PP&E) are stated at cost less accumulated depreciation and impairment losses. Cost includes
expenditures that are directly attributable to the acquisition of an asset including subsequent additions and improvements when
it is probable that future economic benefit associated with the item will flow to the Group and the cost can be reliably measured.
Depreciation is provided on a straight-line basis from the point an asset becomes available for use. Depreciation is calculated to
reduce the asset\u2019s cost to its residual value over the asset\u2019s estimated useful economic life. Assets are depreciated as follows:
\n \n
Asset category
Useful life
Land
not depreciated
Land improvements
15 to 40 years
Leasehold improvements
shorter of useful life or lease tenure
Buildings
15 to 50 years
Machinery, equipment and fixtures
3 to 20 years
Amortisation
Intangible assets with an indefinite life are not amortised. Amortisation of intangible assets with a finite life is calculated using
the straight-line method based on the following estimated useful lives:
\n \n
Asset category
Useful life
Product-related
3 to 20 years
Capitalised software
3 to 10 years
Customer relationships and non-compete agreements
2 to 20 years
Trade names \u2013 finite
2 to 10 years
Trade names \u2013 indefinite
Indefinite
Development costs
5 years
Assets under construction reflects the cost of development or improvement of intangible assets that are not yet available for use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24452": { "value": "The movement in the carrying value of each major category of PP&E is as follows: \n \n
Building, building
equipment and
Machinery,
Land & land
leasehold
equipment and
Assets under
improvements
improvements
fixtures
construction
Total
$m
$m
$m
$m
$m
Cost
1 January 2022
15.3
129.9
490.7
98.5
734.4
Additions
\u2013
1.8
8.2
90.0
100.0
Arising from acquisitions
\u2013
0.5
0.3
\u2013
0.8
Disposals
1
\u2013
(4.0)
(17.5)
(1.8)
(23.3)
Transfers
\u2013
13.7
24.7
(38.4)
\u2013
Foreign exchange
(1.1)
(6.7)
(25.2)
(4.6)
(37.6)
31 December 2022
14.2
135.2
481.2
143.7
774.3
Additions
\u2013
2.1
34.5
60.7
97.3
Arising from acquisitions (Note 26)
\u2013
\u2013
1.1
\u2013
1.1
Disposals
1
\u2013
(3.3)
(24.4)
\u2013
(27.7)
Transfers
1.7
31.9
31.4
(65.0)
\u2013
Foreign exchange
0.5
7.9
13.7
5.6
27.7
31 December 2023
16.4
173.8
537.5
145.0
872.7
Accumulated depreciation
1 January 2022
1.0
53.1
313.6
\u2013
367.7
Depreciation
\u2013
6.8
32.9
\u2013
39.7
Arising from acquisitions
\u2013
0.2
0.1
\u2013
0.3
Disposals
1
\u2013
(4.0)
(17.5)
\u2013
(21.5)
Impairment
\u2013
1.9
5.5
\u2013
7.4
Foreign exchange
\u2013
(2.7)
(17.0)
\u2013
(19.7)
31 December 2022
1.0
55.3
317.6
\u2013
373.9
Depreciation
0.1
7.6
29.8
\u2013
37.5
Arising from acquisitions (Note 26)
\u2013
\u2013
0.7
\u2013
0.7
Disposals
1
\u2013
(3.1)
(24.0)
\u2013
(27.1)
Impairment
\u2013
1.2
1.5
\u2013
2.7
Foreign exchange
\u2013
2.5
8.7
\u2013
11.2
31 December 2023
1.1
63.5
334.3
\u2013
398.9
Net carrying amount
31 December 2022
13.2
79.9
163.6
143.7
400.4
31 December 2023
15.3
110.3
203.2
145.0
473.8
The movement in the carrying value of each major category of intangible assets is as follows: \n \n
Customer
relationships
and non-
Capitalised
compete
Development
Assets under
Product-related
software
1
agreements
Trade names
cost
construction
Total
$m
$m
$m
$m
$m
$m
$m
Cost
1 January 2022
2,086.1
122.2
331.0
263.7
11.6
14.8
2,829.4
Additions
10.0
0.6
\u2013
\u2013
\u2013
34.0
44.6
Arising from acquisitions
154.8
\u2013
\u2013
\u2013
\u2013
\u2013
154.8
Write-offs
(50.7)
(1.8)
(0.3)
\u2013
\u2013
(0.6)
(53.4)
Transfers
\u2013
11.8
\u2013
\u2013
\u2013
(11.8)
\u2013
Foreign exchange
(79.7)
(2.4)
(6.3)
(0.9)
(0.6)
(0.9)
(90.8)
31 December 2022
2,120.5
130.4
324.4
262.8
11.0
35.5
2,884.6
Additions
\u2013
2.0
\u2013
\u2013
\u2013
35.6
37.6
Arising from acquisitions
2
112.5
\u2013
4.3
\u2013
\u2013
\u2013
116.8
Write-offs
\u2013
(1.1)
\u2013
\u2013
\u2013
\u2013
(1.1)
Transfers
1.5
39.8
\u2013
\u2013
\u2013
(41.3)
\u2013
Foreign exchange
35.6
2.5
3.0
0.4
0.3
1.0
42.8
31 December 2023
2,270.1
173.6
331.7
263.2
11.3
30.8
3,080.7
Accumulated amortisation
1 January 2022
1,620.8
83.5
203.5
9.7
9.7
\u2013
1,927.2
Amortisation
108.6
12.
0
24.3
1.4
1.1
\u2013
147.4
Write-offs
(50.7)
(1.8)
(0.3)
\u2013
\u2013
\u2013
(52.8)
Impairment
4.3
\u2013
1.4
\u2013
\u2013
\u2013
5.7
Foreign exchange
(61.0)
(0.9)
(5.4)
\u2013
(0.5)
\u2013
(67.8)
31 December 2022
1,622.0
92.8
223.5
11.1
10.3
\u2013
1,959.7
Amortisation
114.5
16.3
22.3
1.1
0.4
\u2013
154.6
Write-offs
\u2013
(1.1)
\u2013
\u2013
\u2013
\u2013
(1.1)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
28.2
0.7
3.0
\u2013
0.3
\u2013
32.2
31 December 2023
1,764.7
108.7
248.8
12.2
11.0
\u2013
2,145.4
Net carrying amount
31 December 2022
498.5
37.6
100.9
251.7
0.7
35.5
924.9
31 December 2023
505.4
64.9
82.9
251.0
0.3
30.8
935.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24915": { "value": "9. INTANGIBLE ASSETS AND GOODWILL
9.1 Intangible assets
The Group\u2019s intangible assets are those that have been recognised at fair value as part of business combinations, investment in
product development and software purchased to support business operations. These are assets that are not physical in nature
but can be sold separately or arise from legal rights.
Accounting policy
Recognition
Measurement on initial recognition of intangible assets is determined at cost for assets acquired by the Group and at fair value
at the date of acquisition if acquired in business combinations. Following initial recognition of the intangible asset, the asset is
carried at cost less any subsequent accumulated amortisation and accumulated impairment losses.
Purchased computer software and certain costs of information technology are capitalised as intangible assets. Software that is
integral to purchased computer hardware is capitalised as PP&E.
The Group accounts for its software-as-a-service (SaaS) arrangements by applying the guidance in the 2021 IFRIC agenda decision to
determine whether the configuration and customisation expenditure gives rise to an asset, including whether the Group has control
of the software that is being configured or customised or whether the configuration or customisation activities create a resource
controlled by the Group that is separate from the software and can be transferred to another provider.
Where the recognition criteria of IAS 38 Intangible Assets are satisfied, including configuration and customisation costs which
are distinct and within the control of the Group, these are capitalised and carried at cost less any accumulated amortisation
and impairment, and amortised on a straight-line basis over the period which the developed software is expected to be used.
Where these recognition criteria are not met, the Group recognises configuration and customisation costs, along with the
ongoing fees to obtain access to the SaaS provider\u2019s application software, as operating expenses as the services are received.
R&D
R&D expenses are comprised of all activities involving investigative, technical and regulatory processes related to obtaining
appropriate approvals to market our products. It also includes new product development aimed at developing more sustainable
product portfolios for the longer term, as mentioned within the Responsible Business review section (refer to page 48). Costs include
payroll, clinical manufacturing and pre-launch clinical trial costs, manufacturing development and scale-up costs, product
development, regulatory costs including costs incurred to comply with legislative changes, contract services and other external
contractors costs, research licence fees, depreciation and amortisation of laboratory facilities, and laboratory supplies.
Research costs are expensed as incurred. Development costs are capitalised only if the expenditure can be measured reliably, the
product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and
has sufficient resources to complete development and use or sell the asset. Subsequent to initial recognition, development costs
are measured at cost less accumulated amortisation and any accumulated impairment losses. Upgrades and enhancements are
capitalised to the extent they will result in added functionality and probable future economic benefits.
Amortisation
Intangible assets with an indefinite life are not amortised. Amortisation of intangible assets with a finite life is calculated using
the straight-line method based on the following estimated useful lives:
\n \n
Asset category
Useful life
Product-related
3 to 20 years
Capitalised software
3 to 10 years
Customer relationships and non-compete agreements
2 to 20 years
Trade names \u2013 finite
2 to 10 years
Trade names \u2013 indefinite
Indefinite
Development costs
5 years
Assets under construction reflects the cost of development or improvement of intangible assets that are not yet available for use.
Impairment of assets
Intangible assets with finite life are reviewed for indicators of impairment at each reporting period or when events or changes in
circumstances indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is
estimated, being the higher of an asset\u2019s fair value less costs to sell and the net present value of its expected pre-tax future cash
flows (value in use).
When an asset\u2019s recoverable amount falls below its carrying value, an impairment is charged to the Consolidated Income Statement.
Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration of impairment of indefinite-lived intangible assets.
The movement in the carrying value of each major category of intangible assets is as follows:
\n \n
Customer
relationships
and non-
Capitalised
compete
Development
Assets under
Product-related
software
1
agreements
Trade names
cost
construction
Total
$m
$m
$m
$m
$m
$m
$m
Cost
1 January 2022
2,086.1
122.2
331.0
263.7
11.6
14.8
2,829.4
Additions
10.0
0.6
\u2013
\u2013
\u2013
34.0
44.6
Arising from acquisitions
154.8
\u2013
\u2013
\u2013
\u2013
\u2013
154.8
Write-offs
(50.7)
(1.8)
(0.3)
\u2013
\u2013
(0.6)
(53.4)
Transfers
\u2013
11.8
\u2013
\u2013
\u2013
(11.8)
\u2013
Foreign exchange
(79.7)
(2.4)
(6.3)
(0.9)
(0.6)
(0.9)
(90.8)
31 December 2022
2,120.5
130.4
324.4
262.8
11.0
35.5
2,884.6
Additions
\u2013
2.0
\u2013
\u2013
\u2013
35.6
37.6
Arising from acquisitions
2
112.5
\u2013
4.3
\u2013
\u2013
\u2013
116.8
Write-offs
\u2013
(1.1)
\u2013
\u2013
\u2013
\u2013
(1.1)
Transfers
1.5
39.8
\u2013
\u2013
\u2013
(41.3)
\u2013
Foreign exchange
35.6
2.5
3.0
0.4
0.3
1.0
42.8
31 December 2023
2,270.1
173.6
331.7
263.2
11.3
30.8
3,080.7
Accumulated amortisation
1 January 2022
1,620.8
83.5
203.5
9.7
9.7
\u2013
1,927.2
Amortisation
108.6
12.
0
24.3
1.4
1.1
\u2013
147.4
Write-offs
(50.7)
(1.8)
(0.3)
\u2013
\u2013
\u2013
(52.8)
Impairment
4.3
\u2013
1.4
\u2013
\u2013
\u2013
5.7
Foreign exchange
(61.0)
(0.9)
(5.4)
\u2013
(0.5)
\u2013
(67.8)
31 December 2022
1,622.0
92.8
223.5
11.1
10.3
\u2013
1,959.7
Amortisation
114.5
16.3
22.3
1.1
0.4
\u2013
154.6
Write-offs
\u2013
(1.1)
\u2013
\u2013
\u2013
\u2013
(1.1)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
28.2
0.7
3.0
\u2013
0.3
\u2013
32.2
31 December 2023
1,764.7
108.7
248.8
12.2
11.0
\u2013
2,145.4
Net carrying amount
31 December 2022
498.5
37.6
100.9
251.7
0.7
35.5
924.9
31 December 2023
505.4
64.9
82.9
251.0
0.3
30.8
935.3
1.
Capitalised software is in respect of purchased and internally generated software.
2.
Acquisitions comprise assets in relation to the Starlight and A Better Choice Medical acquisitions. See Note 26 \u2013 Acquisitions.
Amortisation expenses in respect of finite-lived intangible assets for the year ended 31 December were as follows:
2023
2022
$m
$m
Cost of sales
112.4
113.1
Selling and distribution expenses
3.6
3.2
General and administrative expenses
31.0
29.1
Research and development expenses
7.6
2.0
Total amortisation expense
154.6
147.4
The carrying amount of trade names with indefinite life at 31 December 2023 was $249.4 million (2022: $248.9 million). Each of these
trade names are considered to have an indefinite life, given the strength and durability of the current trade name and the level of
marketing support. The trade names are in relatively similar stable and profitable market sectors, with similar risk profiles, and
their size, diversification and market shares mean that the risk of market-related factors causing a reduction in the lives of the
trade names is considered to be relatively low. The Group is not aware of any material legal, regulatory, contractual, competitive,
economic or other factor which could limit their useful lives.
Individual intangible assets with a carrying amount in excess of 10% of the total intangible asset carrying amount were as follows:
2023
2022
$m
$m
Remaining life
Trade names
Convatec trade name
234.6
234.6
Indefinite
Product-related
InnovaMatrix
TM
134.5
145.6
12.3 years
NextGen Antimicrobial platform
107.0
\u2013
14.3 years
Aquacel
\u00ae
including Hydrofibre\u00ae
1
\u2013
120.2
2.6 years
Stoma care
1
\u2013
113.6
2.6 years
1.
The carrying value of Aquacel
\u00ae
including Hydrofibre
\u00ae
and Stoma care was $91.3 million and $81.9 million respectively at 31 December 2023. These are no longer in excess
of 10% of the total intangible asset carrying amount.
9.2 Goodwill
The Group recognises goodwill resulting from business combinations where there are future economic benefits from assets
which cannot be individually separated and recognised. Goodwill represents the amount paid in excess of the fair value of the
net assets of the acquired business.
Accounting policy
Refer to Note 1 \u2013 Basis of preparation for the Group accounting policy in relation to the initial valuation and recognition of
goodwill arising from acquisitions.
Goodwill is not subject to amortisation but is tested for impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration
of impairment of goodwill.
Goodwill is denominated in the functional currency of the acquired entity and revalued to the closing exchange rate at each
reporting period date.
The changes in the carrying value of goodwill as at 31 December were as follows:
Total
$m
1 January 2022
1,156.3
Arising from acquisitions
129.9
Foreign exchange
(61.6)
31 December 2022
1,224.6
Arising from acquisitions (Note 26)
45.9
Foreign exchange
28.3
31 December 2023
1,298.8
9.3 Cash generating unit (CGU) impairment review
An impairment assessment is required to be performed annually for goodwill and indefinite-lived intangibles or when events or
changes in circumstances indicate the carrying value may be impaired. An impairment is a reduction in the recoverable amount
of an asset compared to the carrying value of the asset. Recoverable amount is the higher of value in use and fair value less costs
to sell.
This note provides details of the annual impairment assessment that has been performed.
Accounting policy
For impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from
continuing use that are largely independent of the cash inflows of other assets or CGUs. Additionally, goodwill arising from
a business combination is allocated to a CGU or groups of CGUs that are expected to benefit from the synergies of the
combination. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
The recoverable amounts of the CGUs are determined based on value in use calculations, which reflect the estimated future cash
flows of each CGU discounted by an estimated weighted average cost of capital that represents the rate of return an outside
investor would expect to earn. This discount rate is based on the weighted average cost of capital for comparable public
companies and is adjusted for risks specific to the CGU including differences in risk due to its size, geographic concentration
and trading history.
Future cash flows are determined using the latest available Board-approved forecasts and strategic plans. These forecasts and
strategic plans are based on specific assumptions for each CGU during the five-year planning period with respect to revenue,
results of operations, working capital, capital investments and other general assumptions for the projected period. The forecast
assumptions that derive the future cash flows are based on the historical results of each CGU combined with external market
information and defined strategic initiatives.
If identified, impairment losses are recognised in the Consolidated Income Statement. They are allocated first to reduce the
carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the remaining assets in the
CGU, on a pro-rated basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent
that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortisation, if no impairment loss had been recognised. The Group has not recognised any reversal of previous impairments
in either 2023 or 2022.
The Group continues to operate under the same operating model as prior year and determined that there has not been any
triggers for a change in CGU groups. Profitability continues to be assessed on a consolidated basis, and management\u2019s focus
is predominantly category revenue and key market focus. The Group\u2019s CGU groups continue to be (i) Advanced Wound Care,
(ii) Ostomy Care, (iii) Continence Care and (iv) Infusion Care. Goodwill is allocated to these CGUs, which represent the lowest
level within the Group at which the goodwill is monitored for internal management purposes.
Goodwill and intangible assets with an indefinite life (trade names) are allocated to the Group\u2019s CGU groups as at 31 December
as follows:
\n \n
Goodwill
Indefinite-lived intangible assets
2023
2022
2023
2022
$m
$m
$m
$m
CGU groups
Advanced Wound Care
523.7
490.0
104.8
104.8
Ostomy Care
1
154.3
116.5
91.2
91.2
Continence Care
1
535.0
535.6
41.2
41.2
Infusion Care
85.8
82.5
12.2
11.7
Total
1,298.8
1,224.6
249.4
248.9
1.
Following the exit of hospital care in 2022, effective from 1 January 2023, Flexi-Seal
TM
, our faecal management system, moved from the Continence Care category to the
Ostomy Care category, resulting in an increase in goodwill allocated to Ostomy Care and corresponding reduction in Continence Care of $34.6 million.
Determining the estimated recoverable amount of a CGU group is judgemental in nature. The key input used in the estimation
of value in use as at 31 December 2023 is the Group\u2019s five-year Board approved strategic plan, with key assumptions including
forecast sales growth rates, terminal value growth rate and discount rates. Forecast sales growth rates are based on past
experience adjusted for macroeconomic activity, sector market growth forecasts, competitor activity and strategic decisions
made in respect of each CGU group.
The terminal value growth rate and discount rates used were as follows:
2023
2022
Discount rate (pre-tax)
1
%
%
CGU groups
Advanced Wound Care
14.5
13.5
Ostomy Care
13.5
12.5
Continence Care
12.0
11.5
Infusion Care
13.5
12.5
Terminal value growth rate
2
2.0
2.0
1.
The discount rate is based on the weighted average cost of capital for comparable public companies and is adjusted for risks specific to the CGU group including differences
in risk due to its size, geographic concentration and trading history.
2.
The estimated terminal value growth rate for the CGU groups is a prudent estimate based on expectations concerning the growth trends of the CGU groups and taking into
account global gross domestic product growth, general long-term inflation and population expectations.
No impairments have been recognised in respect of the Group\u2019s current CGU groups for the years ended 31 December 2023 and 2022.
Taking into consideration the Board-approved 2024 budget and longer-term strategic plan as foundations, sensitivity analysis was
performed considering changes in key assumptions including discount rates and terminal value growth rate and consideration of
risk-based severe but plausible downside scenarios consistent with those identified as part of the viability assessment (refer to
page 87 for full details of scenarios). As part of the assessment, an external benchmarking assessment was also carried out on the
forecast sales growth rates.
Under all severe but plausible scenarios, headroom remained on all CGU groups, demonstrating that the impairment of goodwill
and indefinite-lived intangible assets is not a key source of estimation uncertainty and any possible impairment would not result
in a material adjustment in the next financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24918": { "value": "9.1 Intangible assets
The Group\u2019s intangible assets are those that have been recognised at fair value as part of business combinations, investment in
product development and software purchased to support business operations. These are assets that are not physical in nature
but can be sold separately or arise from legal rights.
Accounting policy
Recognition
Measurement on initial recognition of intangible assets is determined at cost for assets acquired by the Group and at fair value
at the date of acquisition if acquired in business combinations. Following initial recognition of the intangible asset, the asset is
carried at cost less any subsequent accumulated amortisation and accumulated impairment losses.
Purchased computer software and certain costs of information technology are capitalised as intangible assets. Software that is
integral to purchased computer hardware is capitalised as PP&E.
The Group accounts for its software-as-a-service (SaaS) arrangements by applying the guidance in the 2021 IFRIC agenda decision to
determine whether the configuration and customisation expenditure gives rise to an asset, including whether the Group has control
of the software that is being configured or customised or whether the configuration or customisation activities create a resource
controlled by the Group that is separate from the software and can be transferred to another provider.
Where the recognition criteria of IAS 38 Intangible Assets are satisfied, including configuration and customisation costs which
are distinct and within the control of the Group, these are capitalised and carried at cost less any accumulated amortisation
and impairment, and amortised on a straight-line basis over the period which the developed software is expected to be used.
Where these recognition criteria are not met, the Group recognises configuration and customisation costs, along with the
ongoing fees to obtain access to the SaaS provider\u2019s application software, as operating expenses as the services are received.
R&D
R&D expenses are comprised of all activities involving investigative, technical and regulatory processes related to obtaining
appropriate approvals to market our products. It also includes new product development aimed at developing more sustainable
product portfolios for the longer term, as mentioned within the Responsible Business review section (refer to page 48). Costs include
payroll, clinical manufacturing and pre-launch clinical trial costs, manufacturing development and scale-up costs, product
development, regulatory costs including costs incurred to comply with legislative changes, contract services and other external
contractors costs, research licence fees, depreciation and amortisation of laboratory facilities, and laboratory supplies.
Research costs are expensed as incurred. Development costs are capitalised only if the expenditure can be measured reliably, the
product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and
has sufficient resources to complete development and use or sell the asset. Subsequent to initial recognition, development costs
are measured at cost less accumulated amortisation and any accumulated impairment losses. Upgrades and enhancements are
capitalised to the extent they will result in added functionality and probable future economic benefits.
Amortisation
Intangible assets with an indefinite life are not amortised. Amortisation of intangible assets with a finite life is calculated using
the straight-line method based on the following estimated useful lives:
\n \n
Asset category
Useful life
Product-related
3 to 20 years
Capitalised software
3 to 10 years
Customer relationships and non-compete agreements
2 to 20 years
Trade names \u2013 finite
2 to 10 years
Trade names \u2013 indefinite
Indefinite
Development costs
5 years
Assets under construction reflects the cost of development or improvement of intangible assets that are not yet available for use.
Impairment of assets
Intangible assets with finite life are reviewed for indicators of impairment at each reporting period or when events or changes in
circumstances indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is
estimated, being the higher of an asset\u2019s fair value less costs to sell and the net present value of its expected pre-tax future cash
flows (value in use).
When an asset\u2019s recoverable amount falls below its carrying value, an impairment is charged to the Consolidated Income Statement.
Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration of impairment of indefinite-lived intangible assets.
The movement in the carrying value of each major category of intangible assets is as follows:
\n \n
Customer
relationships
and non-
Capitalised
compete
Development
Assets under
Product-related
software
1
agreements
Trade names
cost
construction
Total
$m
$m
$m
$m
$m
$m
$m
Cost
1 January 2022
2,086.1
122.2
331.0
263.7
11.6
14.8
2,829.4
Additions
10.0
0.6
\u2013
\u2013
\u2013
34.0
44.6
Arising from acquisitions
154.8
\u2013
\u2013
\u2013
\u2013
\u2013
154.8
Write-offs
(50.7)
(1.8)
(0.3)
\u2013
\u2013
(0.6)
(53.4)
Transfers
\u2013
11.8
\u2013
\u2013
\u2013
(11.8)
\u2013
Foreign exchange
(79.7)
(2.4)
(6.3)
(0.9)
(0.6)
(0.9)
(90.8)
31 December 2022
2,120.5
130.4
324.4
262.8
11.0
35.5
2,884.6
Additions
\u2013
2.0
\u2013
\u2013
\u2013
35.6
37.6
Arising from acquisitions
2
112.5
\u2013
4.3
\u2013
\u2013
\u2013
116.8
Write-offs
\u2013
(1.1)
\u2013
\u2013
\u2013
\u2013
(1.1)
Transfers
1.5
39.8
\u2013
\u2013
\u2013
(41.3)
\u2013
Foreign exchange
35.6
2.5
3.0
0.4
0.3
1.0
42.8
31 December 2023
2,270.1
173.6
331.7
263.2
11.3
30.8
3,080.7
Accumulated amortisation
1 January 2022
1,620.8
83.5
203.5
9.7
9.7
\u2013
1,927.2
Amortisation
108.6
12.
0
24.3
1.4
1.1
\u2013
147.4
Write-offs
(50.7)
(1.8)
(0.3)
\u2013
\u2013
\u2013
(52.8)
Impairment
4.3
\u2013
1.4
\u2013
\u2013
\u2013
5.7
Foreign exchange
(61.0)
(0.9)
(5.4)
\u2013
(0.5)
\u2013
(67.8)
31 December 2022
1,622.0
92.8
223.5
11.1
10.3
\u2013
1,959.7
Amortisation
114.5
16.3
22.3
1.1
0.4
\u2013
154.6
Write-offs
\u2013
(1.1)
\u2013
\u2013
\u2013
\u2013
(1.1)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
28.2
0.7
3.0
\u2013
0.3
\u2013
32.2
31 December 2023
1,764.7
108.7
248.8
12.2
11.0
\u2013
2,145.4
Net carrying amount
31 December 2022
498.5
37.6
100.9
251.7
0.7
35.5
924.9
31 December 2023
505.4
64.9
82.9
251.0
0.3
30.8
935.3
1.
Capitalised software is in respect of purchased and internally generated software.
2.
Acquisitions comprise assets in relation to the Starlight and A Better Choice Medical acquisitions. See Note 26 \u2013 Acquisitions.
Amortisation expenses in respect of finite-lived intangible assets for the year ended 31 December were as follows:
2023
2022
$m
$m
Cost of sales
112.4
113.1
Selling and distribution expenses
3.6
3.2
General and administrative expenses
31.0
29.1
Research and development expenses
7.6
2.0
Total amortisation expense
154.6
147.4
The carrying amount of trade names with indefinite life at 31 December 2023 was $249.4 million (2022: $248.9 million). Each of these
trade names are considered to have an indefinite life, given the strength and durability of the current trade name and the level of
marketing support. The trade names are in relatively similar stable and profitable market sectors, with similar risk profiles, and
their size, diversification and market shares mean that the risk of market-related factors causing a reduction in the lives of the
trade names is considered to be relatively low. The Group is not aware of any material legal, regulatory, contractual, competitive,
economic or other factor which could limit their useful lives.
Individual intangible assets with a carrying amount in excess of 10% of the total intangible asset carrying amount were as follows:
2023
2022
$m
$m
Remaining life
Trade names
Convatec trade name
234.6
234.6
Indefinite
Product-related
InnovaMatrix
TM
134.5
145.6
12.3 years
NextGen Antimicrobial platform
107.0
\u2013
14.3 years
Aquacel
\u00ae
including Hydrofibre\u00ae
1
\u2013
120.2
2.6 years
Stoma care
1
\u2013
113.6
2.6 years
1.
The carrying value of Aquacel
\u00ae
including Hydrofibre
\u00ae
and Stoma care was $91.3 million and $81.9 million respectively at 31 December 2023. These are no longer in excess
of 10% of the total intangible asset carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24924": { "value": "Accounting policy
Recognition
Measurement on initial recognition of intangible assets is determined at cost for assets acquired by the Group and at fair value
at the date of acquisition if acquired in business combinations. Following initial recognition of the intangible asset, the asset is
carried at cost less any subsequent accumulated amortisation and accumulated impairment losses.
Purchased computer software and certain costs of information technology are capitalised as intangible assets. Software that is
integral to purchased computer hardware is capitalised as PP&E.
The Group accounts for its software-as-a-service (SaaS) arrangements by applying the guidance in the 2021 IFRIC agenda decision to
determine whether the configuration and customisation expenditure gives rise to an asset, including whether the Group has control
of the software that is being configured or customised or whether the configuration or customisation activities create a resource
controlled by the Group that is separate from the software and can be transferred to another provider.
Where the recognition criteria of IAS 38 Intangible Assets are satisfied, including configuration and customisation costs which
are distinct and within the control of the Group, these are capitalised and carried at cost less any accumulated amortisation
and impairment, and amortised on a straight-line basis over the period which the developed software is expected to be used.
Where these recognition criteria are not met, the Group recognises configuration and customisation costs, along with the
ongoing fees to obtain access to the SaaS provider\u2019s application software, as operating expenses as the services are received.
R&D
R&D expenses are comprised of all activities involving investigative, technical and regulatory processes related to obtaining
appropriate approvals to market our products. It also includes new product development aimed at developing more sustainable
product portfolios for the longer term, as mentioned within the Responsible Business review section (refer to page 48). Costs include
payroll, clinical manufacturing and pre-launch clinical trial costs, manufacturing development and scale-up costs, product
development, regulatory costs including costs incurred to comply with legislative changes, contract services and other external
contractors costs, research licence fees, depreciation and amortisation of laboratory facilities, and laboratory supplies.
Research costs are expensed as incurred. Development costs are capitalised only if the expenditure can be measured reliably, the
product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and
has sufficient resources to complete development and use or sell the asset. Subsequent to initial recognition, development costs
are measured at cost less accumulated amortisation and any accumulated impairment losses. Upgrades and enhancements are
capitalised to the extent they will result in added functionality and probable future economic benefits.
Amortisation
Intangible assets with an indefinite life are not amortised. Amortisation of intangible assets with a finite life is calculated using
the straight-line method based on the following estimated useful lives:
\n \n
Asset category
Useful life
Product-related
3 to 20 years
Capitalised software
3 to 10 years
Customer relationships and non-compete agreements
2 to 20 years
Trade names \u2013 finite
2 to 10 years
Trade names \u2013 indefinite
Indefinite
Development costs
5 years
Assets under construction reflects the cost of development or improvement of intangible assets that are not yet available for use.
Impairment of assets
Intangible assets with finite life are reviewed for indicators of impairment at each reporting period or when events or changes in
circumstances indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is
estimated, being the higher of an asset\u2019s fair value less costs to sell and the net present value of its expected pre-tax future cash
flows (value in use).
When an asset\u2019s recoverable amount falls below its carrying value, an impairment is charged to the Consolidated Income Statement.
Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration of impairment of indefinite-lived intangible assets.Accounting policy
Refer to Note 1 \u2013 Basis of preparation for the Group accounting policy in relation to the initial valuation and recognition of
goodwill arising from acquisitions.
Goodwill is not subject to amortisation but is tested for impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration
of impairment of goodwill.
Goodwill is denominated in the functional currency of the acquired entity and revalued to the closing exchange rate at each
reporting period date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24944": { "value": "R&D
R&D expenses are comprised of all activities involving investigative, technical and regulatory processes related to obtaining
appropriate approvals to market our products. It also includes new product development aimed at developing more sustainable
product portfolios for the longer term, as mentioned within the Responsible Business review section (refer to page 48). Costs include
payroll, clinical manufacturing and pre-launch clinical trial costs, manufacturing development and scale-up costs, product
development, regulatory costs including costs incurred to comply with legislative changes, contract services and other external
contractors costs, research licence fees, depreciation and amortisation of laboratory facilities, and laboratory supplies.
Research costs are expensed as incurred. Development costs are capitalised only if the expenditure can be measured reliably, the
product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and
has sufficient resources to complete development and use or sell the asset. Subsequent to initial recognition, development costs
are measured at cost less accumulated amortisation and any accumulated impairment losses. Upgrades and enhancements are
capitalised to the extent they will result in added functionality and probable future economic benefits.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25762": { "value": "9.2 Goodwill
The Group recognises goodwill resulting from business combinations where there are future economic benefits from assets
which cannot be individually separated and recognised. Goodwill represents the amount paid in excess of the fair value of the
net assets of the acquired business.
Accounting policy
Refer to Note 1 \u2013 Basis of preparation for the Group accounting policy in relation to the initial valuation and recognition of
goodwill arising from acquisitions.
Goodwill is not subject to amortisation but is tested for impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration
of impairment of goodwill.
Goodwill is denominated in the functional currency of the acquired entity and revalued to the closing exchange rate at each
reporting period date.
The changes in the carrying value of goodwill as at 31 December were as follows:
Total
$m
1 January 2022
1,156.3
Arising from acquisitions
129.9
Foreign exchange
(61.6)
31 December 2022
1,224.6
Arising from acquisitions (Note 26)
45.9
Foreign exchange
28.3
31 December 2023
1,298.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25769": { "value": "Accounting policy
Refer to Note 1 \u2013 Basis of preparation for the Group accounting policy in relation to the initial valuation and recognition of
goodwill arising from acquisitions.
Goodwill is not subject to amortisation but is tested for impairment annually or when events or changes in circumstances
indicate the carrying value may be impaired. Refer to Note 9.3 \u2013 Cash Generating Unit (CGU) impairment review for consideration
of impairment of goodwill.
Goodwill is denominated in the functional currency of the acquired entity and revalued to the closing exchange rate at each
reporting period date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25852": { "value": "9.3 Cash generating unit (CGU) impairment review
An impairment assessment is required to be performed annually for goodwill and indefinite-lived intangibles or when events or
changes in circumstances indicate the carrying value may be impaired. An impairment is a reduction in the recoverable amount
of an asset compared to the carrying value of the asset. Recoverable amount is the higher of value in use and fair value less costs
to sell.
This note provides details of the annual impairment assessment that has been performed.
Accounting policy
For impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from
continuing use that are largely independent of the cash inflows of other assets or CGUs. Additionally, goodwill arising from
a business combination is allocated to a CGU or groups of CGUs that are expected to benefit from the synergies of the
combination. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
The recoverable amounts of the CGUs are determined based on value in use calculations, which reflect the estimated future cash
flows of each CGU discounted by an estimated weighted average cost of capital that represents the rate of return an outside
investor would expect to earn. This discount rate is based on the weighted average cost of capital for comparable public
companies and is adjusted for risks specific to the CGU including differences in risk due to its size, geographic concentration
and trading history.
Future cash flows are determined using the latest available Board-approved forecasts and strategic plans. These forecasts and
strategic plans are based on specific assumptions for each CGU during the five-year planning period with respect to revenue,
results of operations, working capital, capital investments and other general assumptions for the projected period. The forecast
assumptions that derive the future cash flows are based on the historical results of each CGU combined with external market
information and defined strategic initiatives.
If identified, impairment losses are recognised in the Consolidated Income Statement. They are allocated first to reduce the
carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the remaining assets in the
CGU, on a pro-rated basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent
that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortisation, if no impairment loss had been recognised. The Group has not recognised any reversal of previous impairments
in either 2023 or 2022.
The Group continues to operate under the same operating model as prior year and determined that there has not been any
triggers for a change in CGU groups. Profitability continues to be assessed on a consolidated basis, and management\u2019s focus
is predominantly category revenue and key market focus. The Group\u2019s CGU groups continue to be (i) Advanced Wound Care,
(ii) Ostomy Care, (iii) Continence Care and (iv) Infusion Care. Goodwill is allocated to these CGUs, which represent the lowest
level within the Group at which the goodwill is monitored for internal management purposes.
Goodwill and intangible assets with an indefinite life (trade names) are allocated to the Group\u2019s CGU groups as at 31 December
as follows:
\n \n
Goodwill
Indefinite-lived intangible assets
2023
2022
2023
2022
$m
$m
$m
$m
CGU groups
Advanced Wound Care
523.7
490.0
104.8
104.8
Ostomy Care
1
154.3
116.5
91.2
91.2
Continence Care
1
535.0
535.6
41.2
41.2
Infusion Care
85.8
82.5
12.2
11.7
Total
1,298.8
1,224.6
249.4
248.9
1.
Following the exit of hospital care in 2022, effective from 1 January 2023, Flexi-Seal
TM
, our faecal management system, moved from the Continence Care category to the
Ostomy Care category, resulting in an increase in goodwill allocated to Ostomy Care and corresponding reduction in Continence Care of $34.6 million.
Determining the estimated recoverable amount of a CGU group is judgemental in nature. The key input used in the estimation
of value in use as at 31 December 2023 is the Group\u2019s five-year Board approved strategic plan, with key assumptions including
forecast sales growth rates, terminal value growth rate and discount rates. Forecast sales growth rates are based on past
experience adjusted for macroeconomic activity, sector market growth forecasts, competitor activity and strategic decisions
made in respect of each CGU group.
The terminal value growth rate and discount rates used were as follows:
2023
2022
Discount rate (pre-tax)
1
%
%
CGU groups
Advanced Wound Care
14.5
13.5
Ostomy Care
13.5
12.5
Continence Care
12.0
11.5
Infusion Care
13.5
12.5
Terminal value growth rate
2
2.0
2.0
1.
The discount rate is based on the weighted average cost of capital for comparable public companies and is adjusted for risks specific to the CGU group including differences
in risk due to its size, geographic concentration and trading history.
2.
The estimated terminal value growth rate for the CGU groups is a prudent estimate based on expectations concerning the growth trends of the CGU groups and taking into
account global gross domestic product growth, general long-term inflation and population expectations.
No impairments have been recognised in respect of the Group\u2019s current CGU groups for the years ended 31 December 2023 and 2022.
Taking into consideration the Board-approved 2024 budget and longer-term strategic plan as foundations, sensitivity analysis was
performed considering changes in key assumptions including discount rates and terminal value growth rate and consideration of
risk-based severe but plausible downside scenarios consistent with those identified as part of the viability assessment (refer to
page 87 for full details of scenarios). As part of the assessment, an external benchmarking assessment was also carried out on the
forecast sales growth rates.
Under all severe but plausible scenarios, headroom remained on all CGU groups, demonstrating that the impairment of goodwill
and indefinite-lived intangible assets is not a key source of estimation uncertainty and any possible impairment would not result
in a material adjustment in the next financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25860": { "value": "Accounting policy
For impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from
continuing use that are largely independent of the cash inflows of other assets or CGUs. Additionally, goodwill arising from
a business combination is allocated to a CGU or groups of CGUs that are expected to benefit from the synergies of the
combination. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
The recoverable amounts of the CGUs are determined based on value in use calculations, which reflect the estimated future cash
flows of each CGU discounted by an estimated weighted average cost of capital that represents the rate of return an outside
investor would expect to earn. This discount rate is based on the weighted average cost of capital for comparable public
companies and is adjusted for risks specific to the CGU including differences in risk due to its size, geographic concentration
and trading history.
Future cash flows are determined using the latest available Board-approved forecasts and strategic plans. These forecasts and
strategic plans are based on specific assumptions for each CGU during the five-year planning period with respect to revenue,
results of operations, working capital, capital investments and other general assumptions for the projected period. The forecast
assumptions that derive the future cash flows are based on the historical results of each CGU combined with external market
information and defined strategic initiatives.
If identified, impairment losses are recognised in the Consolidated Income Statement. They are allocated first to reduce the
carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the remaining assets in the
CGU, on a pro-rated basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent
that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortisation, if no impairment loss had been recognised. The Group has not recognised any reversal of previous impairments
in either 2023 or 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26096": { "value": "10. INVESTMENT IN FINANCIAL ASSETS
Accounting policy
Investment in financial assets comprise of non-current equity investments which are initially recorded at fair value plus any
directly attributable transaction costs and subsequently recognised at fair value at each balance sheet date.
Unrealised gains and losses are recognised in other comprehensive income.
On disposal of the equity investment, any gains and losses that have been deferred in other comprehensive income are
transferred directly to retained earnings.
Dividends on equity investments are recognised in the income statement when the Group\u2019s right to receive payment is
established, it is probable the economic benefits will flow to the entity and the amount can be measured reliably.
The investment is in relation to the Group\u2019s investment in BlueWind Medical Limited in 2022 and the Group considers this
investment to be strategic in nature and it is not held for trading.
The Group made an irrevocable election on initial recognition to designate the investment at fair value through other comprehensive
income (FVOCI). It was initially recorded at fair value plus transaction costs and will be remeasured at subsequent reporting dates to fair
value. The fair value of the investment at 31 December 2023 was $22.9 million (31 December 2022: $30.7 million), with the movement
of $7.8 million taken to the Statement of Other Comprehensive Income, within the \u2018Fair value movement on equity investments\u2019 line.
No dividends were recognised during the period.
In line with IFRS 13 Fair Value Measurement, this investment has been classified as Level 3 in the fair value hierarchy as its
measurement is derived from significant unobservable inputs by reference to available information, including the current market
value of similar instruments, recent financing rounds and discounted cash flows of the underlying net assets.
The fair value of the investment has been determined by using an average of three valuation methodologies, those being the precedent
transaction method, the income approach method and the probability-weighted expected return model. The table below summarises
the various methodologies used by the Group to fair value the investment, the inputs and the sensitivities applied.
\n \n
Sensitivity applied to input
Methodology
Inputs
Low range
High range
Precedent transaction method/Price of
Market multiples (decrease of 25% to 35%)
-5% on the
+5% on the
recent investment
market
market
multiples
multiples
The initial transaction involving BlueWind
Medical itself was the most relevant starting
point and then this was calibrated by
considering exogenous and idiosyncratic
factors to apply a discount or uplift as applicable.
Income approach method
Internal cash flow projections
(Discounted cash flow analysis)
+2% on the
-2% on the
Discount rate 25.4%
discount rate
discount rate
Provides an estimation of the value of an asset
-1% to the LTGR
+1% to the LTGR
based on expectations about the cash flows
The final year of projections has been
that an asset would generate over time,
extrapolated using a reasonable long-term
discounted at the appropriate rate of return.
growth rate (LTGR) of 2%.
Probability-weighted expected return model
Discounted at 27.8%
+2% to
-2% to
discount rate
discount rate
Assesses multiple scenarios for the future
proceeds to be received by the holders of the
shares and weighting them according to their
relative probability of occurring. The PWERM is
a market approach based on comparable
companies\u2019 market multiples.
Fair value measurement
$19.9m
$25.9m
The impact of applying these sensitivities across the three methodologies would result in a fair value measurement range of
$19.9 million to $25.9 million, with a mid-point range of $22.9 million, which is in line with the fair value recognised at year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26341": { "value": "11. INVENTORIES
Inventories are the materials used in manufacturing, products manufactured or purchased to be sold by the Group in the
ordinary course of business. Inventories include finished goods, goods which are in the process of being manufactured (work in
progress) and raw and packaging materials awaiting use in production.
Accounting policy
Inventories are valued at the lower of cost or net realisable value with the cost determined using an average cost method.
The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and indirect
production overheads. Production overheads comprises indirect material and labour costs, maintenance and depreciation
of the machinery and production buildings used in the manufacturing process, as well as costs of production administration
and management.
Net realisable value is defined as anticipated selling price or anticipated revenue less cost to completion. Estimates of net
realisable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling
expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realisable
values are below inventory costs, a provision corresponding to this difference is recognised.
Provisions are also made for obsolescence of inventories that (i) do not meet the Group\u2019s specifications, (ii) have exceeded their
expiration date, or (iii) are considered slow-moving. The Group evaluates the carrying value of inventories on a regular basis,
taking into account such factors as historical and anticipated future sales compared with quantities on hand, the price the Group
expects to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods
on hand.
The components of inventories at 31 December were as follows:
\n \n
2023
2022
$m
$m
Raw and packaging materials
102.3
79.6
Work in progress
42.5
41.6
Finished goods
251.3
215.7
Inventories
396.1
336.9
Inventories are stated net of provision for obsolescence of $17.0 million (2022: $25.5 million). Adjustments to write down inventory
to its net realisable value are provided in Note 3.1 \u2013 Operating profit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26347": { "value": "Accounting policy
Inventories are valued at the lower of cost or net realisable value with the cost determined using an average cost method.
The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and indirect
production overheads. Production overheads comprises indirect material and labour costs, maintenance and depreciation
of the machinery and production buildings used in the manufacturing process, as well as costs of production administration
and management.
Net realisable value is defined as anticipated selling price or anticipated revenue less cost to completion. Estimates of net
realisable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling
expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realisable
values are below inventory costs, a provision corresponding to this difference is recognised.
Provisions are also made for obsolescence of inventories that (i) do not meet the Group\u2019s specifications, (ii) have exceeded their
expiration date, or (iii) are considered slow-moving. The Group evaluates the carrying value of inventories on a regular basis,
taking into account such factors as historical and anticipated future sales compared with quantities on hand, the price the Group
expects to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods
on hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26413": { "value": "12. TRADE AND OTHER RECEIVABLES
Trade receivables consist of amounts billed and currently due from customers. Gross trade receivables are presented before
allowances for expected credit losses, sales discounts and chargeback allowances. Credit risk with respect to trade receivables
is generally diversified due to the large dispersion and type of customers across many different geographies.
Other receivables include amounts due from third parties not related to revenue and prepaid expenses.
Accounting policy
Credit is extended to customers based on the evaluation of the customer\u2019s financial condition. Creditworthiness of customers
is evaluated on a regular basis. Exposure to credit risk is managed through credit approvals, credit limits and monitoring
procedures. The Group considers a default event to be one where the customer does not have sufficient funds to make their
required payments and/or is in the process of being liquidated.
An allowance is maintained for expected lifetime credit losses that result from the failure or inability of customers to make
required payments. It is not necessary for a credit event to have occurred before credit losses are recognised. Instead, the Group
accounts for expected lifetime credit losses and changes in those expected lifetime credit losses. In determining the allowance,
consideration includes the probability of recoverability based on past experience and general economic factors, incorporating
forward-looking information and adjustments for customers who represent a lower risk of default, which includes public or
private medical insurance customers and customers guaranteed by local government. The amount of expected credit losses,
if any, is required to be updated at each reporting date.
Certain trade and other receivables may be fully reserved when specific collection issues are known to exist, such as pending
bankruptcy. The Group writes off uncollectable receivables at the time it is determined the receivable is no longer collectable.
Trade and other receivables are not collateralised. Where the Group has entered into a receivables factoring arrangement,
these receivables are derecognised at the point of sale in accordance with IFRS 9 if we have substantially transferred all risks
and rewards of ownership and there is no option to return the receivables to the Group.
Refer to Note 2.1 \u2013 Revenue recognition for details on the accounting policy in respect of chargeback allowances.
Trade and other receivables at 31 December were as follows:
\n \n
2023
2022
$m
$m
Included within current assets:
Trade receivables
337.8
344.7
Less: allowances for expected credit losses
(27.1)
(22.0)
Less: sales discounts and chargebacks
(40.9)
(37.6)
Other receivables
1
39.0
29.5
Prepayments
24.9
24.7
Trade and other receivables
2
333.7
339.3
1.
The most significant component of other receivables comprises receivables for taxes other than corporate income tax of $13.5 million (2022: $9.2 million).
2.
The comparative has been re-presented to disclose the current tax receivable of $24.7 million separately on the face of the Consolidated Statement of Financial Position,
as outlined in Note 1 to the Consolidated Financial Statements.
The aged analysis of trade receivables at 31 December was as follows:
\n \n
2023
2022
$m
$m
Current
244.2
255.0
Past due 1 to 30 days
27.7
33.6
Past due 31 to 90 days
19.2
22.5
Past due 91 to 180 days
15.1
7.9
Past due by more than 180 days
31.6
25.7
337.8
344.7
The unimpaired amounts at 31 December that are past due were aged as follows:
\n \n
2023
2022
$m
$m
Past due 1 to 30 days
27.2
32.1
Past due 31 to 90 days
18.5
20.6
Past due 91 to 180 days
12.7
4.7
Past due by more than 180 days
8.1
10.3
66.5
67.7
The Group believes that the unimpaired amounts that are past due are still collectible in full, based on historic payment behaviour
and extensive analysis of customer credit risk.
Movements in the allowance for expected credit losses for the years ended 31 December were as follows:
\n \n
2023
2022
$m
$m
At 1 January
(22.0)
(14.6)
Charges
(14.3)
(6.6)
Utilisation of provision
9.4
1.1
Foreign exchange
(0.2)
(1.9)
At 31 December
(27.1)
(22.0)
Other non-current receivables
Other non-current receivables of $11.7 million (2022: $8.6 million) are principally in respect of deposits held with lessors, prepaid
expenses and other receivables.
Receivables financing
During the year, the Group entered into a Limited Recourse Financing Arrangement with a financial institution for certain customers
who have longer than normal terms. It has been assessed that the Group has substantially transferred all the risks and rewards of
ownership to the financial institution and accordingly, these receivables have been derecognised at the point of sale in accordance
with IFRS 9.
As at 31 December 2023, the Group had sold $44.8 million of receivables to the financial institution, of which $27.4 million remained
unpaid by the customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26420": { "value": "Accounting policy
Credit is extended to customers based on the evaluation of the customer\u2019s financial condition. Creditworthiness of customers
is evaluated on a regular basis. Exposure to credit risk is managed through credit approvals, credit limits and monitoring
procedures. The Group considers a default event to be one where the customer does not have sufficient funds to make their
required payments and/or is in the process of being liquidated.
An allowance is maintained for expected lifetime credit losses that result from the failure or inability of customers to make
required payments. It is not necessary for a credit event to have occurred before credit losses are recognised. Instead, the Group
accounts for expected lifetime credit losses and changes in those expected lifetime credit losses. In determining the allowance,
consideration includes the probability of recoverability based on past experience and general economic factors, incorporating
forward-looking information and adjustments for customers who represent a lower risk of default, which includes public or
private medical insurance customers and customers guaranteed by local government. The amount of expected credit losses,
if any, is required to be updated at each reporting date.
Certain trade and other receivables may be fully reserved when specific collection issues are known to exist, such as pending
bankruptcy. The Group writes off uncollectable receivables at the time it is determined the receivable is no longer collectable.
Trade and other receivables are not collateralised. Where the Group has entered into a receivables factoring arrangement,
these receivables are derecognised at the point of sale in accordance with IFRS 9 if we have substantially transferred all risks
and rewards of ownership and there is no option to return the receivables to the Group.
Refer to Note 2.1 \u2013 Revenue recognition for details on the accounting policy in respect of chargeback allowances.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26466": { "value": "Trade and other receivables at 31 December were as follows: \n \n
2023
2022
$m
$m
Included within current assets:
Trade receivables
337.8
344.7
Less: allowances for expected credit losses
(27.1)
(22.0)
Less: sales discounts and chargebacks
(40.9)
(37.6)
Other receivables
1
39.0
29.5
Prepayments
24.9
24.7
Trade and other receivables
2
333.7
339.3
1.
The most significant component of other receivables comprises receivables for taxes other than corporate income tax of $13.5 million (2022: $9.2 million).
2.
The comparative has been re-presented to disclose the current tax receivable of $24.7 million separately on the face of the Consolidated Statement of Financial Position,
as outlined in Note 1 to the Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26642": { "value": "Movements in the allowance for expected credit losses for the years ended 31 December were as follows: \n \n
2023
2022
$m
$m
At 1 January
(22.0)
(14.6)
Charges
(14.3)
(6.6)
Utilisation of provision
9.4
1.1
Foreign exchange
(0.2)
(1.9)
At 31 December
(27.1)
(22.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26716": { "value": "13. TRADE AND OTHER PAYABLES
Trade payables consist of amounts owed to third-party suppliers and represent a contractual obligation to deliver cash in
the future.
Other payables include taxes and social security, accruals and liabilities for other employee-related benefits.
Accounting policy
Trade payables are recognised at the value of the invoice received from the supplier and are not interest bearing. The carrying
amount of trade and other payables is considered to approximate fair value, due to their short-term maturities.
The components of trade and other payables at 31 December were as follows:
\n \n
2023
2022
$m
$m
Included within current liabilities:
Trade payables
136.9
112.2
Taxes and social security
32.2
26.0
Other employee-related liabilities
108.2
92.3
Accruals and other payables
1
111.4
116.1
Trade and other payables
388.7
346.6
1.
Included within accruals and other payables are customer rebates of $19.8 million (2022: $16.9 million) and amounts held in escrow of $12.3 million (2022: $18.3 million).
\n \n
2023
2022
$m
$m
Included within non-current liabilities:
Defined benefit obligations (Note 15)
12.1
11.0
Other employee-related liabilities
5.1
7.7
Accruals and other payables
15.3
14.0
Other non-current liabilities
32.5
32.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26722": { "value": "Accounting policy
Trade payables are recognised at the value of the invoice received from the supplier and are not interest bearing. The carrying
amount of trade and other payables is considered to approximate fair value, due to their short-term maturities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26833": { "value": "14. PROVISIONS
A provision is an obligation recognised when there is uncertainty over the timing or amount that will be paid. Provisions
recognised by the Group are primarily in respect of restructuring, decommissioning, dilapidations, legal liabilities and contingent
consideration. The contingent consideration provisions recognised by the Group is in respect of acquisitions and includes
amounts contingent on future events such as development milestones and sales performance.
Accounting policy
In line with IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets, a provision is recognised when there is a present
legal or constructive obligation as a result of a past event, it is probable that the Group will be required to settle the obligation
and that obligation can be measured reliably. Restructuring provisions are only recognised when a constructive obligation exists,
which requires both a detailed formal plan and a valid expectation being raised in those affected by starting to implement that
plan or announcing the main features. Provisions are measured at the best estimate of the expenditure required to settle the
obligation and are discounted to present value if the effect is material. Provisions are reviewed on a regular basis and adjusted to
reflect management\u2019s best current estimates. Due to the judgemental nature of these items, future settlements may differ from
amounts recognised.
Contingent consideration arising from a business combination is recognised at fair value on acquisition. Contingent
consideration classified as a liability is a financial instrument and within the scope of IFRS 9 \u2013 Financial Instruments and is
subsequently measured at fair value, with the changes in fair value recognised in the Consolidated Income Statement, in
accordance with IFRS 9. This is classified within Level 3 of the fair value hierarchy (Note 23 \u2013 Financial Instruments).
When the timing of a settlement is uncertain or expected to be more than 12 months from the reporting date, amounts are
classified as non-current.
The movements in provisions are as follows:
\n \n
Contingent
Dilapidations
Restructuring
Legal
consideration
Total
$m
$m
$m
$m
$m
1 January 2023
2.8
10.3
0.2
140.0
153.3
Contingent consideration from acquisitions
\u2013
\u2013
\u2013
66.7
66.7
Charged to income statement
1.0
13.9
0.4
\u2013
15.3
Fair value movement of contingent consideration
\u2013
\u2013
\u2013
24.6
24.6
Released to income statement
\u2013
(2.2)
\u2013
\u2013
(2.2)
Utilised
(1.3)
(8.3)
\u2013
(94.7)
(104.3)
Foreign exchange
(0.1)
0.3
\u2013
1.4
1.6
31 December 2023
2.4
14.0
0.6
138.0
155.0
Current
83.7
Non-current
71.3
The expected payment profile of the discounted provisions at 31 December was as follows:
\n \n
2023
2022
$m
$m
Within 1 year
83.7
100.2
2 to 5 years
58.8
53.1
More than 5 years
12.5
\u2013
Total
155.0
153.3
Dilapidation provisions
Dilapidation provisions are in respect of contractual obligations, on the expiry of a lease, to return leased properties in the condition
which is specified in the individual leases.
Restructuring provisions
Restructuring provisions are in respect of the Group\u2019s strategic transformation activities. All restructuring provisions are supported
by detailed plans and a valid expectation has been raised in those affected as required by the Group\u2019s accounting policy.
Legal provision
The legal provision of $0.6 million is in respect of ongoing cases. Legal issues are often subject to uncertainties over the timing
and the final amounts of any settlement.
Contingent consideration
As at 31 December 2023, the discounted fair value of the contingent consideration payable in respect of the Group\u2019s acquisitions
was $138.0 million. During the year, contingent consideration of $66.7 million was recognised in respect of the Starlight acquisition
and payments of $94.7 million were made in respect of the Triad Life Sciences acquisition ($73.0 million recognised within cash flows
from investing activities and $21.7 million recognised within cash flows from operating activities in the Consolidated Statement of
Cash Flows). The net charge to the income statement in respect of changes in the fair value of the contingent consideration (based
on the best estimates of the amounts payable as at 31 December 2023) was $24.6 million. In addition, there was a foreign exchange
movement of $1.4 million from the re-translation of non-USD denominated balances.
Refer to Note 26 \u2013 Acquisitions for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26840": { "value": "Accounting policy
In line with IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets, a provision is recognised when there is a present
legal or constructive obligation as a result of a past event, it is probable that the Group will be required to settle the obligation
and that obligation can be measured reliably. Restructuring provisions are only recognised when a constructive obligation exists,
which requires both a detailed formal plan and a valid expectation being raised in those affected by starting to implement that
plan or announcing the main features. Provisions are measured at the best estimate of the expenditure required to settle the
obligation and are discounted to present value if the effect is material. Provisions are reviewed on a regular basis and adjusted to
reflect management\u2019s best current estimates. Due to the judgemental nature of these items, future settlements may differ from
amounts recognised.
Contingent consideration arising from a business combination is recognised at fair value on acquisition. Contingent
consideration classified as a liability is a financial instrument and within the scope of IFRS 9 \u2013 Financial Instruments and is
subsequently measured at fair value, with the changes in fair value recognised in the Consolidated Income Statement, in
accordance with IFRS 9. This is classified within Level 3 of the fair value hierarchy (Note 23 \u2013 Financial Instruments).
When the timing of a settlement is uncertain or expected to be more than 12 months from the reporting date, amounts are
classified as non-current.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27081": { "value": "Dilapidation provisions
Dilapidation provisions are in respect of contractual obligations, on the expiry of a lease, to return leased properties in the condition
which is specified in the individual leases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27115": { "value": "15. POST-EMPLOYMENT BENEFITS
The Group has over 10,000 employees globally and operates a number of defined benefit and defined contribution pension plans
for its employees. Each individual plan is subject to the applicable laws and regulations of the country in which the plan operates.
Defined contribution arrangements are where the Group pays fixed payments as they fall due into a separate fund on behalf of
employees participating in the plan and has no further legal or constructive obligations. The cost of Group contributions to
defined contribution arrangements during the year is provided in Note 3 \u2013 Operating costs.
A defined benefit plan is a pension or other post-employment benefit plan under which the Group has an obligation to provide
agreed benefits to current and former employees. The Group bears the risk that its obligation may increase or that the value
of the assets in the pension fund may decline. The benefit payable in the future by the Group is discounted to the present value
and the fair value of plan assets is deducted to measure the defined benefit pension position.
The Group has defined benefit plans in a number of European countries. The most significant plans are: Switzerland, a state
mandated plan that remains open to all Swiss employees; and Germany, with one unfunded plan, that remains open to German
employees but closed to new entrants, and a funded plan put in place from April 2019. The value of the funded plan in Germany
is negligible to the Group. The Group\u2019s other defined benefit plans are located in Austria, France and Italy (referred to as \u201cOther\u201d
in the tables below).
For plans in Switzerland, Germany and Austria, asset funds for each country are being accumulated to meet the accruing
liabilities. The assets of each of these funds are either held under trusts or managed by insurance companies and are entirely
separate from the Group\u2019s assets.
Accounting policy
Defined contribution pension plans
Payments to defined contribution pension plans are recognised as an expense when employees have rendered service entitling
them to the contributions. Payments made to state-managed retirement benefit plans are treated as payments to defined
contribution pension plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined
contribution pension plan.
Defined benefit pension plans
The Group records an asset or liability related to its defined benefit pension plans as the difference between the fair value of the
plan assets and the present value of the plan liabilities. The obligations of the plans are calculated using the Projected Unit Credit
Method, with actuarial valuations being performed by an independent actuary at the end of each reporting period. The valuation
requires estimates and judgements to be made to calculate the Group\u2019s liabilities, and results in actuarial gains and losses
being recorded.
Actuarial gains and losses, movements in the return on plan assets (excluding interest) and the impact of the asset ceiling
(if applicable) are recognised immediately in the Consolidated Statement of Financial Position with a charge or credit to the
Consolidated Statement of Comprehensive Income. Remeasurements recorded in the Consolidated Statement of Comprehensive
Income are not subsequently reclassified to the Consolidated Income Statement.
Past service cost is recognised in the Consolidated Income Statement in the period of plan amendment, where relevant.
Net interest is calculated by applying a discount rate to the net defined benefit liability or asset.
The assets of the plans are held at fair value, which is equal to market value, and are held in separate trustee-administered funds
or similar structures in the countries concerned. Surplus assets within the plan are only recognised to the extent that they are
recoverable in accordance with IFRIC Interpretation 14, IAS 19
\u2013 The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction
(IFRIC 14).
Risks
The defined benefit plans typically expose the Group to risks. The most significant risks impacting the Group as a result of these
plans are as follows:
\n \n
Investment risk
The present value of the defined benefit plan liability is calculated using a discount rate determined by
reference to high-quality corporate bond yields; if the return on plan assets is below this rate, it will create
a plan deficit. Currently the Group\u2019s plans invest primarily in debt instruments.
Interest risk
A decrease in the interest rate will increase the plan liability, but this will be partially offset by an increase
in the return on the plan\u2019s fixed rate debt instruments.
Longevity risk
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan\u2019s liability.
Salary risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan\u2019s liability.
Amounts recorded in the Consolidated Financial Statements
Consolidated Income Statement
The aggregate expense for all post-employment defined benefit plans recognised in the Consolidated Income Statement for the
year ended 31 December was as follows:
\n \n
2023
2022
$m
$m
Defined benefit plans:
Current service cost
1.1
1.7
Past service (income)
(0.1)
(0.2)
Interest income on plan assets
(0.2)
(0.2)
Interest expense on defined benefit obligations
0.6
0.4
Total expense (Note 3)
1.4
1.7
Consolidated Statement of Comprehensive Income
Aggregate actuarial gains and losses for all defined benefit plans recognised in the Consolidated Statement of Comprehensive
Income for the year ended 31 December were as follows:
\n \n
2023
2022
$m
$m
Remeasurement effect recognised in other comprehensive income:
Actuarial gain on liabilities due to experience
0.1
1.3
Actuarial gain arising from changes in financial assumptions
0.1
8.9
Actuarial loss on plan assets
(0.2)
(1.7)
Remeasurement gain recognised in other comprehensive income
\u2013
8.5
Deferred tax on remeasurement loss recognised in other comprehensive income
(0.2)
(0.1)
Total amount recognised in other comprehensive income
(0.2)
8.4
Consolidated Statement of Financial Position
The amount recognised for each defined benefit arrangement in the Consolidated Statement of Financial Position at 31 December
was as follows:
\n \n
German
y
Switzerland
Other
Total
2023
2022
2023
2022
2023
2022
2023
2022
$m
$m
$m
$m
$m
$m
$m
$m
Fair value of schemes\u2019 assets
\u2013
\u2013
11.8
10.4
0.8
0.7
12.6
11.1
Present value of funded
schemes\u2019 liabilities
\u2013
\u2013
(13.8)
(12.3)
(0.7)
(0.7)
(14.5)
(13.0)
Deficit in the funded schemes
\u2013
\u2013
(2.0)
(1.9)
0.1
\u2013
(1.9)
(1.9)
Present value of unfunded
schemes\u2019 liabilities
(8.4)
(7.4)
\u2013
\u2013
(1.8)
(1.7)
(10.2)
(9.1)
Net pension liability
(8.4)
(7.4)
(2.0)
(1.9)
(1.7)
(1.7)
(12.1)
(11.0)
Recognised within Consolidated Statement of Financial Position:
Defined benefit obligations (Note 13)
(12.1)
(11.0)
The weighted average duration of the Group\u2019s defined benefit obligations at the end of the year is 16.5 years (2022: 17.0 years).
Fair value of assets and present value of the liabilities of the plan
The amount included in the Consolidated Statement of Financial Position arising from its obligations in respect of its defined benefit
plans was as follows:
Assets
Liabilities
Total
$m
$m
$m
At 1 January 2022
14.1
(33.8)
(19.7)
Current service cost
\u2013
(1.7)
(1.7)
Past service income
\u2013
0.2
0.2
Interest income/(expense)
0.2
(0.4)
(0.2)
Remeasurement (loss)/gain
(1.7)
6.5
4.8
Contributions by employer
0.6
\u2013
0.6
Contributions by members
0.5
(0.5)
\u2013
Benefits paid
(2.4)
2.7
0.3
Experience gain
\u2013
3.9
3.9
Foreign exchange
(0.2)
1.0
0.8
At 31 December 2022
11.1
(22.1)
(11.0)
Current service cost
\u2013
(1.2)
(1.2)
Past service income
\u2013
0.1
0.1
Interest income/(expense)
0.2
(0.6)
(0.4)
Remeasurement gain/(loss)
(0.2)
0.1
(0.1)
Contributions by employer
0.7
\u2013
0.7
Contributions by members
0.6
(0.6)
\u2013
Benefits paid
(0.9)
1.0
0.1
Experience gain
\u2013
0.1
0.1
Foreign exchange
1.1
(1.5)
(0.4)
At 31 December 2023
12.6
(24.7)
(12.1)
Plan assets
The fair value of defined benefit plan assets at 31 December, which has been determined in accordance with IFRS 13
, Fair Value
Measurements
, is analysed below. All assets have a quoted market price and are categorised as a Level 1 measurement in the fair
value hierarchy.
German
y
Switzerland
Other
Total
2023
2022
2023
2022
2023
2022
2023
2022
$m
$m
$m
$m
$m
$m
$m
$m
Equity instruments
\u2013
\u2013
3.9
3.4
\u2013
\u2013
3.9
3.4
Debt instruments
\u2013
\u2013
4.6
4.1
\u2013
\u2013
4.6
4.1
Property
\u2013
\u2013
1.8
1.6
\u2013
\u2013
1.8
1.6
Qualifying insurance policies
\u2013
\u2013
\u2013
\u2013
0.8
0.7
0.8
0.7
Other
\u2013
\u2013
1.5
1.3
\u2013
\u2013
1.5
1.3
Plan assets
\u2013
\u2013
11.8
10.4
0.8
0.7
12.6
11.1
Actuarial assumptions
The Group makes certain key assumptions in order to value the plan obligations, and the approach to how these are set was
as follows:
Approach taken
Discount rate
Calculated by reference to the yields on high-quality corporate bonds which match expected
cash flows in each territory in which a defined benefit plan is present.
Inflation
Calculated using the difference on yields between fixed and index-linked government bonds.
Future salary increases
Based on historical expectations and known future increases, including expected inflation rates.
Mortality
Based on mortality tables derived from assessments performed by national governments
and based upon recommendations by plan actuaries.
The principal actuarial assumptions for each defined benefit arrangement used at 31 December were as follows:
\n \n
German
y
Switzerland
Other
2023
2022
2023
2022
2023
2022
Discount rate
3.57%
3.56%
2.00%
1.90%
3.15% to 4.61%
3.47% to 4.05%
Rate of price inflation
N/A
N/A
1.00%
1.00%
2.00% to 2.20%
2.20% to 3.00%
Future salary increases
3.00%
3.00%
1.75%
1.75%
0.00% to 3.00%
0.00% to 3.00%
Discount rates have remained consistent year-on-year.
The current mortality assumptions underlying the values of the obligations in the defined benefit plans were as follows:
\n \n
German
y
Switzerland
Other
2023
2022
2023
2022
2023
2022
Life expectancy at age 65
Male
18.8 years
18.6 years
23.0 years
22.8 years
24.0 years
23.9 years
Female
22.2 years
22.0 years
23.7 years
24.6 years
28.0 years
27.9 years
Life expectancy at age 65 in 20 years\u2019 time
Male
21.5 years
21.4 years
25.2 years
25.1 years
24.9 years
24.9 years
Female
24.4 years
24.3 years
25.7 years
26.6 years
28.9 years
28.9 years
Sensitivity analysis
The effect of movements in the key actuarial assumptions in respect of the Germany and Switzerland plans at 31 December 2023
would be an (increase)/decrease to the defined benefit asset/liabilities as follows:
\n \n
German
y
Switzerland
Increase 0.5%
Decrease 0.5%
Increase 0.5%
Decrease 0.5%
Discount rate
0.7
(0.8)
1.0
(1.1)
Inflation
N/A
N/A
(0.4)
0.4
Future salary increases
N/A
N/A
(0.3)
0.2
1 year increase
1 year decrease
1 year increase
1 year decrease
Life expectancy
(0.2)
0.2
(0.2)
0.2
Future funding
Payments expected to be made by the Group to its defined benefit pension plans in the year ended 31 December 2024 are
as follows:
\n \n
German
y
Switzerland
Other
Total
$m
$m
$m
$m
Expected payments
0.1
0.5
\u2013
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27135": { "value": "Accounting policy
Defined contribution pension plans
Payments to defined contribution pension plans are recognised as an expense when employees have rendered service entitling
them to the contributions. Payments made to state-managed retirement benefit plans are treated as payments to defined
contribution pension plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined
contribution pension plan.
Defined benefit pension plans
The Group records an asset or liability related to its defined benefit pension plans as the difference between the fair value of the
plan assets and the present value of the plan liabilities. The obligations of the plans are calculated using the Projected Unit Credit
Method, with actuarial valuations being performed by an independent actuary at the end of each reporting period. The valuation
requires estimates and judgements to be made to calculate the Group\u2019s liabilities, and results in actuarial gains and losses
being recorded.
Actuarial gains and losses, movements in the return on plan assets (excluding interest) and the impact of the asset ceiling
(if applicable) are recognised immediately in the Consolidated Statement of Financial Position with a charge or credit to the
Consolidated Statement of Comprehensive Income. Remeasurements recorded in the Consolidated Statement of Comprehensive
Income are not subsequently reclassified to the Consolidated Income Statement.
Past service cost is recognised in the Consolidated Income Statement in the period of plan amendment, where relevant.
Net interest is calculated by applying a discount rate to the net defined benefit liability or asset.
The assets of the plans are held at fair value, which is equal to market value, and are held in separate trustee-administered funds
or similar structures in the countries concerned. Surplus assets within the plan are only recognised to the extent that they are
recoverable in accordance with IFRIC Interpretation 14, IAS 19
\u2013 The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction
(IFRIC 14).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28311": { "value": "16. CAPITAL STRUCTURE AND NET DEBT
The capital structure of the Group at 31 December was as follows:
\n \n
2023
2022
$m
$m
Borrowings (Note 21)
1,226.9
1,211.9
Less: Cash and cash equivalents (Note 22)
(97.6)
(143.8)
Net debt (excluding lease liabilities)
1,129.3
1,068.1
Equity
1,692.7
1,609.7
Total capital
2,822.0
2,677.8
The Group\u2019s capital structure is managed to provide ongoing returns to shareholders and service debt obligations whilst
maintaining maximum operational flexibility.", "dimensions": { "concept": "ctec:DisclosureOfCapitalStructureAndNetDebtTextBlock", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28366": { "value": "17. SHARE CAPITAL AND RESERVES
Share capital
Called up share capital is the total number of shares in issue at their par value. The rights attaching to the ordinary shares are
uniform in all respects. They form a single class for all purposes, including with respect to voting and for all dividends and other
distributions thereafter declared, made or paid on the ordinary share capital of the Group. Incremental costs directly attributable
to the issue of new ordinary shares are shown in equity as a deduction from the proceeds, net of tax.
Repurchased shares are classified as own shares and are disclosed in the own shares reserve.
Share premium
The share premium represents amounts received in excess of the nominal value of the ordinary shares.
Own shares
Own shares are ordinary shares in the Group purchased and held by an Employee Benefit Trust to satisfy obligations under the
Group\u2019s employee share ownership programmes.
When any Group company purchases the Company\u2019s equity share capital (own shares), the consideration paid, including any
directly attributable incremental costs (net of tax), is deducted from equity until the shares are cancelled, reissued or disposed
of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs
and the related tax effects, is recognised in equity and the resulting surplus or deficit on the transaction is presented within share
premium.
Merger reserve
In 2016, the Consolidated Financial Statements were prepared under merger accounting principles. Under these principles,
no acquirer was required to be identified and all entities were included at their pre-combination carrying amounts.
This accounting treatment led to differences on consolidation between issued share capital and the book value of the
underlying net assets. This difference is included within equity as a merger reserve.
Cumulative translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial
statements of foreign subsidiaries.
Other reserves
Other reserves comprises of the cumulative changes in the effective portion of cash flow hedges, remeasurement of defined
benefit plans and the share-based payment reserve.
Share capital
Shares were allotted during the year in respect of the Group\u2019s scrip dividend offering. The movements in ordinary shares of
10 pence each were as follows:
\n \n
Ordinary shares
Share capital Share premium
Issued and fully paid or credited as fully paid
number
$m
$m
1 January 2022
2,014,572,935
247.0
142.3
Issue of new shares for Employee Benefit Trust
20,000,000
2.6
\u2013
Issue of new shares for Scrip Scheme \u2013 2021 final dividend
7,192,010
0.9
18.0
Issue of new shares for Scrip Scheme \u2013 2022 interim dividend
2,107,103
0.2
5.4
29,299,113
3.7
23.4
31 December 2022
2,043,872,048
250.7
165.7
Issue of new shares for Scrip Scheme \u2013 2022 final dividend
1,717,549
0.2
4.5
Issue of new shares for Scrip Scheme \u2013 2023 interim dividend
4,199,962
0.6
10.8
5,917,511
0.8
15.3
31 December 2023
2,049,789,559
251.5
181.0
At 31 December 2023, 3,986,597 shares (2022: 10,975,451 shares) were held in the Employee Benefit Trust. The market value of own
shares at 31 December 2023 was $12.3 million (2022: $30.8 million).
Other reserves include the share-based payment reserve of $171.1 million (2022: $155.0 million) and remeasurement of defined
benefit obligations of $4.6 million (2022: $4.8 million), the effective portion of cash flow hedges of $4.4 million (2022: $4.9 million),
and remeasurement of equity investments of $7.8 million (2022: nil). A reconciliation of movements in all reserves is provided in
the Consolidated Statement of Changes in Equity.
Distributable reserves
Retained and realised distributable reserves equate to the retained surplus of Convatec Group Plc as set out in the Company
Financial Statements on page 197. At 31 December 2023, the retained surplus of the Company was $1,539.4 million (2022:
$1,562.9 million). The capacity of the Company to make dividend payments is primarily determined by the availability of these
retained and realised distributable reserves and the Group\u2019s cash resources including available borrowing facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28369": { "value": "Share capital
Called up share capital is the total number of shares in issue at their par value. The rights attaching to the ordinary shares are
uniform in all respects. They form a single class for all purposes, including with respect to voting and for all dividends and other
distributions thereafter declared, made or paid on the ordinary share capital of the Group. Incremental costs directly attributable
to the issue of new ordinary shares are shown in equity as a deduction from the proceeds, net of tax.
Repurchased shares are classified as own shares and are disclosed in the own shares reserve.Share capital
Shares were allotted during the year in respect of the Group\u2019s scrip dividend offering. The movements in ordinary shares of
10 pence each were as follows:
\n \n
Ordinary shares
Share capital Share premium
Issued and fully paid or credited as fully paid
number
$m
$m
1 January 2022
2,014,572,935
247.0
142.3
Issue of new shares for Employee Benefit Trust
20,000,000
2.6
\u2013
Issue of new shares for Scrip Scheme \u2013 2021 final dividend
7,192,010
0.9
18.0
Issue of new shares for Scrip Scheme \u2013 2022 interim dividend
2,107,103
0.2
5.4
29,299,113
3.7
23.4
31 December 2022
2,043,872,048
250.7
165.7
Issue of new shares for Scrip Scheme \u2013 2022 final dividend
1,717,549
0.2
4.5
Issue of new shares for Scrip Scheme \u2013 2023 interim dividend
4,199,962
0.6
10.8
5,917,511
0.8
15.3
31 December 2023
2,049,789,559
251.5
181.0
At 31 December 2023, 3,986,597 shares (2022: 10,975,451 shares) were held in the Employee Benefit Trust. The market value of own
shares at 31 December 2023 was $12.3 million (2022: $30.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28380": { "value": "Own shares
Own shares are ordinary shares in the Group purchased and held by an Employee Benefit Trust to satisfy obligations under the
Group\u2019s employee share ownership programmes.
When any Group company purchases the Company\u2019s equity share capital (own shares), the consideration paid, including any
directly attributable incremental costs (net of tax), is deducted from equity until the shares are cancelled, reissued or disposed
of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs
and the related tax effects, is recognised in equity and the resulting surplus or deficit on the transaction is presented within share
premium. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28391": { "value": "Merger reserve
In 2016, the Consolidated Financial Statements were prepared under merger accounting principles. Under these principles,
no acquirer was required to be identified and all entities were included at their pre-combination carrying amounts.
This accounting treatment led to differences on consolidation between issued share capital and the book value of the
underlying net assets. This difference is included within equity as a merger reserve.
Cumulative translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial
statements of foreign subsidiaries.
Other reserves
Other reserves comprises of the cumulative changes in the effective portion of cash flow hedges, remeasurement of defined
benefit plans and the share-based payment reserve.Other reserves include the share-based payment reserve of $171.1 million (2022: $155.0 million) and remeasurement of defined
benefit obligations of $4.6 million (2022: $4.8 million), the effective portion of cash flow hedges of $4.4 million (2022: $4.9 million),
and remeasurement of equity investments of $7.8 million (2022: nil). A reconciliation of movements in all reserves is provided in
the Consolidated Statement of Changes in Equity.
Distributable reserves
Retained and realised distributable reserves equate to the retained surplus of Convatec Group Plc as set out in the Company
Financial Statements on page 197. At 31 December 2023, the retained surplus of the Company was $1,539.4 million (2022:
$1,562.9 million). The capacity of the Company to make dividend payments is primarily determined by the availability of these
retained and realised distributable reserves and the Group\u2019s cash resources including available borrowing facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28552": { "value": "18. DIVIDENDS
The Group ensures that adequate realised distributable reserves are available in the Company in order to meet proposed
shareholder dividends, and the purchase of shares for employee share scheme incentives. The Company principally derives
distributable reserves from dividends received from subsidiary companies.
In determining the level of dividend for the year, the Board considers the following factors and risks that may influence the
proposed dividend:
\u2013
Availability of realised distributable reserves;
\u2013
Available cash resources and commitments;
\u2013
Strategic opportunities and investments, in line with the Group\u2019s strategic plan; and
\u2013
Principal risks of the Group (as disclosed on pages 80 to 84).
The Board paid the 2022 final dividend in May 2023 and the 2023 interim dividend in September 2023. The Board has taken into
consideration balancing the return to shareholders and the additional investment in transformation in the period. The decision
to increase the dividend for 2023 reflects the Board\u2019s confidence in the future performance of the Group and the underlying
financial strength, distributable reserves position and cash generation of the Group when assessing cash flow forecasts for the
next two years from the date of the dividend payment. Further details of the Group\u2019s considerations and rationale for its policy
in respect of the dividend distribution are given in the Directors\u2019 report on page 143.
Accounting policy
Dividends paid are included in the Group Consolidated Financial Statements at the earlier of payment of the dividends or,
in respect of the Company\u2019s final dividend for the year, on approval by shareholders.
Dividends paid and proposed were as follows:
Settled in
Settled via
Pence
Cents
Total
cash
scrip
No of scrip
per share
per share
$m
$m
$m
shares issued
Final dividend 2021
3.161
4.154
77.8
58.9
18.9
7,192,010
Interim dividend 2022
1.410
1.717
34.8
29.2
5.6
2,107,103
Paid in 2022
4.571
5.871
112.6
88.1
24.5
9,299,113
Final dividend 2022
3.657
4.330
92.4
87.7
4.7
1,717,549
Interim dividend 2023
1.380
1.769
34.4
23.0
11.4
4,199,962
Paid in 2023
5.037
6.099
126.8
110.7
16.1
5,917,511
Final dividend 2023 proposed
3.517
4.460
91.4
The Company previously operated a scrip dividend scheme, allowing shareholders to elect to receive their dividend in the form of
new fully paid ordinary shares. During 2023, the Board took the decision to terminate the scrip dividend option.
The final dividend proposed for 2023, to be distributed on 23 May 2024 to shareholders on the register at the close of business on 26
April 2024, is based upon the issued and fully paid share capital as at 31 December 2023 and is subject to shareholder approval
at the Annual General Meeting on 16 May 2024. The dividend will be declared in US dollars and will be paid in Sterling at the chosen
exchange rate of $1.268/\u00a31.00 determined on 5 March 2024.
The interim and final dividends for 2023 give a total dividend for the year of 6.229 cents per share (2022: 6.047 cents per share).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28574": { "value": "Accounting policy
Dividends paid are included in the Group Consolidated Financial Statements at the earlier of payment of the dividends or,
in respect of the Company\u2019s final dividend for the year, on approval by shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28756": { "value": "19. SHARE-BASED PAYMENTS
The Group operates a number of plans used to award shares to Executive Directors and other senior employees as part of their
remuneration package. A charge is recognised over the vesting period in the Consolidated Income Statement to record the cost
of these, based on the fair value of the award at the grant date.
The Group\u2019s share-based payment schemes in place are as follows:
Long Term Incentive Plan (LTIP)
Provides Performance Share Plan (PSP) awards subject to Group performance and market conditions and Restricted Stock Units
(RSU) subject only to remaining employed up to the vesting date. Details on share-based payments in relation to Executive
Directors is set out on page 127.
Deferred Bonus Plan (DBP)
Provides for the grant of share awards to defer a portion of the participant\u2019s bonus as determined by the Remuneration
Committee. The awards vest subject only to remaining employed up to the vesting date.
Share Plan/Matching Share Plan (SP/MSP)
Provides for the grant of discretionary share awards. Awards granted in 2023 will vest to employees still employed on the
vesting date.
Employee Plans
The Group also operates Employee Plans which provide eligible employees the opportunity to save up to \u00a3500 per month
(or local currency equivalent) with an option to acquire shares using these savings at a 15% discount to the market price at date
of grant. The Employee Plans are available to employees under the following schemes:
\u2013
Save-As-You-Earn (SAYE
) \u2013 Available to all employees in the UK employed by participating Group companies.
\u2013
Employee Stock Purchase Plan (ESPP) \u2013
Available to all employees in the US.
\u2013
International Share Save Plan
\u2013 Available to all employees in the rest of the world.
Accounting policy
Equity-settled share-based payment awards are measured at the fair value of the award on the grant date, excluding the
effect of non-market-based vesting conditions. The fair value of the awards at the date of the grant is expensed to general
and administrative expenses in the Consolidated Income Statement over the vesting period on a straight-line basis.
Appropriate adjustments are made to reflect expected and actual forfeitures during the vesting period due to uncertainties
in satisfying service conditions or non-market performance conditions. The corresponding credit is to other reserves in the
Consolidated Statement of Financial Position.
Share-based payment expenses recognised in the Consolidated Income Statement as follows:
\n \n
2023
2022
$m
$m
LTIP
7.3
10.8
SP/MSP
5.5
3.0
DBP
1.0
1.6
Employee Plans
0.8
1.3
14.6
16.7
During the year to 31 December 2023, $14.5 million (2022: $16.6 million) of share-based payment was equity-settled and $0.1 million
(2022: $0.1 million) was cash-settled. All amounts that were equity-settled were recognised in Other reserves, with the amounts that
were cash-settled recognised through Other liabilities.
Awards outstanding
The movements in the number of share and share option awards and the weighted average exercise price of share options are
detailed below:
\n \n
2023
2022
Weighted
Weighted
Number of
average
Number of
average
shares/
exercise price
shares/
exercise price
options
of options
options
of options
000\u2019s
\u00a3 per share
000\u2019s
\u00a3 per share
Outstanding at 1 January
30,800
0.33
33,707
0.43
Granted
10,987
0.22
14,225
0.32
Forfeited
(4,081)
0.47
(7,728)
0.48
Exercised
(6,267)
0.25
(9,404)
0.54
Outstanding at 31 December
31,439
0.29
30,800
0.33
Exercisable at 31 December
840
1.51
993
1.33
Weighted average fair value of awards granted (\u00a3 per share)
\u2013
1.53
\u2013
1.18
The average share price during 2023 was \u00a32.21 (2022: \u00a32.11). The share price of the Company at 31 December 2023 was \u00a32.44.
The range of exercise prices and the weighted average remaining contractual life of options outstanding at 31 December were as follows:
\n \n
2023
2022
Number of
Number of
shares/options
shares/options
Range of prices
000\u2019s
000\u2019s
Nil
26,414
24,990
1.21
73
788
1.74
2,002
2,511
1.76
1,821
1,108
1.84
18
18
2.08
1,111
1,385
31,439
30,800
Weighted average remaining contractual life of options outstanding
1.9 years
2.2 years
Valuation assumptions
All share awards granted are valued directly by reference to the share price at date of grant except:
\u2013
PSP shares awarded under the LTIP and MSP plans are subject to both market based measures and non-market based measures.
Values under the market-based element are based on relative Total Shareholder Return (TSR) performance conditions and are
valued using a Monte Carlo simulation.
\u2013
Options granted under the Employee Plans are valued using the Black-Scholes model.
The principal assumptions used in these valuations were:
2023
2022
SAYE &
SAYE &
International
International
LTIP
Share Save Plan
ESPP
LTIP
Share Save Plan
ESPP
Share price at date of grant
\u00a32.21
\u00a32.07
\u00a32.07
\u00a31.79
\u00a32.13
\u00a31.99
Exercise price
nil
\u00a31.76
\u00a31.76
nil
\u00a31.74
\u00a31.74
Expected life
3 years
3.6 years
2.0 years
3.0 years
3.6 years
2.0 years
Expected volatility
1
25.1%
25.1%
25.1%
28.7%
28.7%
28.7%
Risk free rate
3.3%
3.3%
3.3%
1.3%
1.3%
1.3%
Dividend yield
2.3%
2.3%
2.3%
2.5%
2.5%
2.5%
Fair value
\u00a31.09 & \u00a31.41
\u00a30.38
\u00a30.34
\u00a31.03
\u00a30.36
\u00a30.33
1.
The expected volatility was determined by calculating the observed historical volatility of share prices of peer group companies (including the Company) over the expected
life of the share award.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28786": { "value": "Accounting policy
Equity-settled share-based payment awards are measured at the fair value of the award on the grant date, excluding the
effect of non-market-based vesting conditions. The fair value of the awards at the date of the grant is expensed to general
and administrative expenses in the Consolidated Income Statement over the vesting period on a straight-line basis.
Appropriate adjustments are made to reflect expected and actual forfeitures during the vesting period due to uncertainties
in satisfying service conditions or non-market performance conditions. The corresponding credit is to other reserves in the
Consolidated Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29274": { "value": "20. FINANCIAL RISK MANAGEMENT
The Group\u2019s treasury policy seeks to minimise the Group\u2019s principal financial risks. No trading or speculative transactions in
financial instruments are undertaken. This note presents information about the Group\u2019s exposure to financial risks and the
Group\u2019s objectives, policies and processes for measuring and managing risks.
Financial risk management objectives
Based on the global operations of the Group, management consider the key financial risks to be liquidity, foreign exchange, interest
rate and counterparty credit. The management of counterparty credit risk is discussed in Note 12 \u2013 Trade and other receivables.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group
manages and minimises liquidity risk by using global cash management solutions and actively monitoring both actual and projected
cash outflows to ensure that it will have sufficient liquidity to meet its liabilities when due and have headroom to provide against
unforeseen obligations. As at 31 December 2023, the Group held cash and cash equivalents of $97.6 million (2022: $143.8 million),
of which 57.5% (2022: 74.5%) was held centrally.
Medium and long-term borrowing requirements are met through committed bank facilities and capital market funding as detailed in
Note 21 \u2013 Borrowings. Short-term borrowing requirements, if necessary, may be met from drawings under the multicurrency facility.
Longer term, the Group has assessed its liquidity forecast as part of the viability assessment and its ability to continue trading as
a going concern. For further detail on the Group\u2019s assessment of liquidity risk, refer to the Viability statement on pages 86 to 87.
Foreign exchange risk
As a result of the global nature of operations, the Group is exposed to market risk arising from changes in foreign currency
exchange rates.
Where possible, the Group manages foreign exchange risk by matching same currency revenues and expenses. It will also
denominate debt in certain currencies and use foreign exchange forward contracts and swap contracts to further minimise
transactional foreign exchange risk, with certain currency contracts designated as cash flow hedges; refer to Note 23 \u2013 Financial
instruments for details. As a result, the impacts of the fluctuations in the market values of assets and liabilities and the settlement
of foreign currency transactions are reduced.
The following table summarises the exchange rates used for the translation of currencies into US dollars that have the most
significant impact on the Group results:
\n \n
Average rate/
Currency
Closing rate
2023
2022
USD/EUR
Average
1.08
1.05
Closing
1.10
1.07
USD/GBP
Average
1.24
1.24
Closing
1.27
1.20
USD/DKK
Average
0.15
0.14
Closing
0.15
0.14
During 2023, revenue was mostly USD denominated (55%). Other significant currencies were EUR (19%) and GBP (5%). The balance
comprises a basket of other currencies which, on an individual basis, were each less than 2% of revenue.
Sensitivity analysis on foreign exchange risk
The sensitivity analysis below assumes a 10% strengthening of the US dollar against the principal currencies to highlight the
sensitivity of profit before income taxes and total equity to translation foreign exchange risk as at 31 December, with all other
variables held constant.
\n \n
2023
2022
Currenc
y
Sensitivity
$m
$m
I
ncrease/(decrease) in profit before income taxes
USD/GBP
+10%
4.4
4.0
USD/EUR
+10%
(10.3)
(12.8)
USD/DKK
+10%
(11.2)
(10.4)
Decrease/(increase) in total equity
USD/GBP
+10%
(88.0)
(81.6)
USD/EUR
+10%
(2.5)
(8.1)
USD/DKK
+10%
(27.0)
(24.3)
Interest rate risk
The Group\u2019s principal exposure to interest rate risk is in relation to interest expense on borrowings made under the Group\u2019s credit
facilities which attract interest at floating rates plus a fixed margin as well as any cash or investments that result in interest income
at floating rates. Floating rate instruments expose the Group to interest rate cash flow and expense risk. The Group manages this
exposure on a net basis within Board approved policy parameters, including the use of interest rate swaps designated as cash flow
hedges to maintain an appropriate mix between fixed and floating rate borrowings.
As at 31 December 2023, the Group\u2019s borrowings are denominated in USD and Euros. The Group\u2019s credit facilities expose the Group
to SOFR and IBOR. The Group\u2019s interest rate swaps of $425.0 million, are referenced to the SOFR and IBOR benchmark (see Note 23
\u2013 Financial Instruments).
IBOR Reform
Non-derivative financial liabilities
The Group\u2019s facilities are based on a floating rate and reflect IBOR reform. Whilst one of the Group\u2019s facilities is multicurrency,
most borrowings are expected to be denominated in USD and EUR with the reference rates of SOFR and EURIBOR respectively.
Derivatives
As of 31 December 2023, the Group held interest rate swaps for the purpose of risk management that are designated in cash flow
hedge relationships. The floating legs of these swaps are linked to both SOFR and EURIBOR. The Group\u2019s derivatives are governed
by contracts based on the master agreement of the International Swaps and Derivatives Association (ISDA).
All interest rate swaps at 31 December 2023 have a floating rate linked to SOFR and EURIBOR, aligned with the Group\u2019s facilities.
See Note 23 \u2013 Financial Instruments.
Hedge accounting
Swaps with floating legs linked to SOFR and EURIBOR have also been designated as cash flow hedges and will provide interest rate
risk management beyond January 2024.
Sensitivity analysis on interest rate risk
Based on the composition and the terms of the Group\u2019s borrowings as at 31 December 2023, and including the 0% interest rate
floor and after the effect of the interest rate swaps and cash, if interest rates were to increase or decrease by 100 basis points, the
interest expense on borrowings would increase by $3.1 million (2022: $4.0 million) or decrease by $3.1 million (2022: $4.0 million)
assuming that all other variables remain constant and excluding any effect of tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29283": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group
manages and minimises liquidity risk by using global cash management solutions and actively monitoring both actual and projected
cash outflows to ensure that it will have sufficient liquidity to meet its liabilities when due and have headroom to provide against
unforeseen obligations. As at 31 December 2023, the Group held cash and cash equivalents of $97.6 million (2022: $143.8 million),
of which 57.5% (2022: 74.5%) was held centrally.
Medium and long-term borrowing requirements are met through committed bank facilities and capital market funding as detailed in
Note 21 \u2013 Borrowings. Short-term borrowing requirements, if necessary, may be met from drawings under the multicurrency facility.
Longer term, the Group has assessed its liquidity forecast as part of the viability assessment and its ability to continue trading as
a going concern. For further detail on the Group\u2019s assessment of liquidity risk, refer to the Viability statement on pages 86 to 87.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29296": { "value": "Foreign exchange risk
As a result of the global nature of operations, the Group is exposed to market risk arising from changes in foreign currency
exchange rates.
Where possible, the Group manages foreign exchange risk by matching same currency revenues and expenses. It will also
denominate debt in certain currencies and use foreign exchange forward contracts and swap contracts to further minimise
transactional foreign exchange risk, with certain currency contracts designated as cash flow hedges; refer to Note 23 \u2013 Financial
instruments for details. As a result, the impacts of the fluctuations in the market values of assets and liabilities and the settlement
of foreign currency transactions are reduced.
The following table summarises the exchange rates used for the translation of currencies into US dollars that have the most
significant impact on the Group results:
\n \n
Average rate/
Currency
Closing rate
2023
2022
USD/EUR
Average
1.08
1.05
Closing
1.10
1.07
USD/GBP
Average
1.24
1.24
Closing
1.27
1.20
USD/DKK
Average
0.15
0.14
Closing
0.15
0.14
During 2023, revenue was mostly USD denominated (55%). Other significant currencies were EUR (19%) and GBP (5%). The balance
comprises a basket of other currencies which, on an individual basis, were each less than 2% of revenue.
Sensitivity analysis on foreign exchange risk
The sensitivity analysis below assumes a 10% strengthening of the US dollar against the principal currencies to highlight the
sensitivity of profit before income taxes and total equity to translation foreign exchange risk as at 31 December, with all other
variables held constant.
\n \n
2023
2022
Currenc
y
Sensitivity
$m
$m
I
ncrease/(decrease) in profit before income taxes
USD/GBP
+10%
4.4
4.0
USD/EUR
+10%
(10.3)
(12.8)
USD/DKK
+10%
(11.2)
(10.4)
Decrease/(increase) in total equity
USD/GBP
+10%
(88.0)
(81.6)
USD/EUR
+10%
(2.5)
(8.1)
USD/DKK
+10%
(27.0)
(24.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29531": { "value": "21. BORROWINGS
The Group\u2019s sources of borrowing for funding and liquidity purposes derive from senior notes and credit facilities including
a committed revolving credit facility.
Accounting policy
Borrowings are recognised at fair value less directly attributable costs on the date that they are entered into and subsequently
measured at amortised cost using the effective interest rate method. Borrowing costs directly attributable to the facility are
capitalised and amortised over the period of the loan.
The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating the interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on
initial recognition.
Borrowings are classified as non-current when the repayment date is more than 12 months from the period-end date or where
they are drawn on a facility with more than 12 months to expiry.
The Group derecognises borrowings when its contractual obligations are discharged, terminated or expired.
Fair value measurement
Borrowings are classified as Level 1 or Level 2 in the fair value hierarchy in accordance with IFRS 13,
Fair Value Measurements
,
based upon the degree to which the fair value movements are observable.
The Group\u2019s borrowings as at 31 December were as follows:
\n \n
2023
2022
Year of
Face value
Face value
Currenc
y
maturit
y
$m
$m
Revolving Credit Facility
1
USD/Euro
2028
490.6
477.2
Term Loan
USD
2027
250.0
250.0
Senior Notes
USD
2029
500.0
500.0
Interest-bearing borrowings
1,240.6
1,227.2
Financing fees
2
(13.7)
(15.3)
Total carrying value of borrowings
1,226.9
1,211.9
Current portion of borrowings
\u2013
\u2013
Non-current portion of borrowings
1,226.9
1,211.9
1.
Included within the Revolving Credit Facility was \u20ac100.0 million ($110.4 million) and \u00a38.0 million ($8.2 million) at 31 December 2023 (2022: \u20ac145.0 million ($155.2 million)),
representing 22.5% of RCF debt denominated in Euros, 2.1% of RCF debt denominated in GBP and 75.4% denominated in US dollars.
2.
Financing fees of $13.7 million (2022: $15.3 million) related to the remaining unamortised fees incurred on the credit facilities of $7.8 million (2022: $8.4 million) and on the
senior notes of $5.9 million (2022: $6.9 million).
Credit facilities
The credit facilities held by the Group are committed and available for the refinancing of certain existing financial indebtedness and
general corporate purposes. The Group\u2019s bank credit facility of $1.2 billion, which was refinanced in November 2022, comprises of
a $250.0 million term loan and a $950.0 million multicurrency revolving credit facility. As at 31 December 2023, the term loan was
fully drawn and $490.6 million of the revolving credit facility was drawn, with $459.4 million undrawn. During the year, the Group
extended the term of its multicurrency revolving credit facility by an additional year and this is now committed to November 2028
(originally committed for a five-year term to November 2027). Transaction costs directly attributable to the extension have been
capitalised and are amortised over the term of the facility using the effective interest rate method. The term loan remains
committed for a five-year term to November 2027.
Senior notes
Unsecured senior notes of $500.0 million are subject to an interest cover financial covenant as defined in the indentures which is
a minimum of 2.0 times, with testing required annually at 31 December on the last 12 calendar months\u2019 financial performance.
Financial covenants
The principal financial covenants are based on a permitted net debt to covenant-adjusted EBITDA
1
ratio and interest cover test
as defined in the credit facilities agreement. Testing is required on a semi-annual basis, at June and December, based on the last
12 months\u2019 financial performance. At 31 December 2023, the permitted net debt to covenant-adjusted EBITDA
1
ratio was
a maximum of 3.50 times and the interest cover a minimum of 3.50 times, terms as defined by the credit facilities agreement.
In accordance with the credit facilities agreement, the net debt to covenant-adjusted EBITDA
1
ratio can increase to a maximum
4.00 times for permitted acquisitions or investments.
The Group was in compliance with all financial and non-financial covenants at 31 December 2023, with significant available
headroom on the financial covenants (in excess of $603.3 million debt headroom on net debt to covenant-adjusted EBITDA
1
).
Excluding the impact of interest rate swaps, the weighted average interest rate on borrowings for the year ended 31 December 2023
was 5.7% (2022: 3.4%). The increase in the weighted average interest rate was due to rising underlying reference base rates on debt
with floating rates.
Borrowings measured at fair value
The senior notes are listed and their fair value at 31 December 2023 of $450.1 million (2022: $430.8 million) has been obtained
from quoted market data and therefore categorised as a Level 1 measurement in the fair value hierarchy under IFRS 13,
Fair Value
Measurements
. For the Group\u2019s other borrowings, the fair value is based on discounted cash flows using a current borrowing rate
and is categorised as a Level 2 measurement. At 31 December 2023, the estimated fair value of the Group\u2019s other borrowings was
$774.9 million (2022: $762.4 million).
Maturity of financial liabilities
The contractual undiscounted future cash flows, including contractual interest payments, related to the Group\u2019s financial liabilities
were as follows:
\n \n
Contractual cash flows
Within 1 year or
1 to 2
2 to 3
3 to 4
4 to 5
More than
Carrying
on demand
years
years
years
years
5 years
Total
amount
$m
$m
$m
$m
$m
$m
$m
$m
At 31 December 2023
Borrowings
58.6
49.8
47.7
298.0
532.8
519.4
1,506.3
1,226.9
Lease liabilities (Note 24)
25.6
19.5
14.6
10.1
8.2
18.5
96.5
85.5
Trade and other payables (Note 13)
388.7
\u2013
\u2013
\u2013
\u2013
\u2013
388.7
388.7
Derivative financial instruments (Note 23)
Derivative financial instruments payable
1,486.9
6.8
\u2013
\u2013
\u2013
\u2013
1,493.7
17.6
Derivative financial instruments receivable
1,483.1
5.4
\u2013
\u2013
\u2013
\u2013
1,488.5
13.6
At 31 December 2022
Borrowings
57.5
55.2
50.8
50.2
777.8
538.8
1,530.3
1,211.9
Lease liabilities (Note 24)
22.7
17.8
13.1
9.8
7.9
94.2
165.5
88.3
Trade and other payables (Note 13)
346.6
\u2013
\u2013
\u2013
\u2013
\u2013
346.6
346.6
Derivative financial instruments (Note 23)
Derivative financial instruments payable
1,919.8
6.3
1.2
\u2013
\u2013
\u2013
1,927.3
32.5
Derivative financial instruments receivable
1,912.5
6.9
1.0
\u2013
\u2013
\u2013
1,920.4
26.6
Refer to Note 14 \u2013 Provisions for the expected payment profile in respect of the Group\u2019s provisions and contingent consideration.
Reconciliation of movement in borrowings
\n \n
2023
2022
$m
$m
Borrowings at 1 January
1,211.9
1,344.6
Repayment of borrowings
\u2013
(842.5)
Proceeds of new borrowings, net of financing fees
9.4
714.2
Foreign exchange
2.8
(11.0)
Non-cash movements
2
2.8
6.6
Borrowings at 31 December
1,226.9
1,211.9
1.
Covenant-adjusted EBITDA is calculated based on terms as defined in the credit facilities agreement. This is different to adjusted EBITDA, which is an alternative performance
measure (APM) as disclosed on pages 34 to 37.
2.
Non-cash movements were in respect of the amortisation of deferred financing fees associated with the borrowings. 2022 included a $2.7 million write-off of the unamortised
remaining deferred financing fees following early termination of the Group\u2019s previous credit facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29532": { "value": "21. BORROWINGS
The Group\u2019s sources of borrowing for funding and liquidity purposes derive from senior notes and credit facilities including
a committed revolving credit facility.
Accounting policy
Borrowings are recognised at fair value less directly attributable costs on the date that they are entered into and subsequently
measured at amortised cost using the effective interest rate method. Borrowing costs directly attributable to the facility are
capitalised and amortised over the period of the loan.
The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating the interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on
initial recognition.
Borrowings are classified as non-current when the repayment date is more than 12 months from the period-end date or where
they are drawn on a facility with more than 12 months to expiry.
The Group derecognises borrowings when its contractual obligations are discharged, terminated or expired.
Fair value measurement
Borrowings are classified as Level 1 or Level 2 in the fair value hierarchy in accordance with IFRS 13,
Fair Value Measurements
,
based upon the degree to which the fair value movements are observable.
The Group\u2019s borrowings as at 31 December were as follows:
\n \n
2023
2022
Year of
Face value
Face value
Currenc
y
maturit
y
$m
$m
Revolving Credit Facility
1
USD/Euro
2028
490.6
477.2
Term Loan
USD
2027
250.0
250.0
Senior Notes
USD
2029
500.0
500.0
Interest-bearing borrowings
1,240.6
1,227.2
Financing fees
2
(13.7)
(15.3)
Total carrying value of borrowings
1,226.9
1,211.9
Current portion of borrowings
\u2013
\u2013
Non-current portion of borrowings
1,226.9
1,211.9
1.
Included within the Revolving Credit Facility was \u20ac100.0 million ($110.4 million) and \u00a38.0 million ($8.2 million) at 31 December 2023 (2022: \u20ac145.0 million ($155.2 million)),
representing 22.5% of RCF debt denominated in Euros, 2.1% of RCF debt denominated in GBP and 75.4% denominated in US dollars.
2.
Financing fees of $13.7 million (2022: $15.3 million) related to the remaining unamortised fees incurred on the credit facilities of $7.8 million (2022: $8.4 million) and on the
senior notes of $5.9 million (2022: $6.9 million).
Credit facilities
The credit facilities held by the Group are committed and available for the refinancing of certain existing financial indebtedness and
general corporate purposes. The Group\u2019s bank credit facility of $1.2 billion, which was refinanced in November 2022, comprises of
a $250.0 million term loan and a $950.0 million multicurrency revolving credit facility. As at 31 December 2023, the term loan was
fully drawn and $490.6 million of the revolving credit facility was drawn, with $459.4 million undrawn. During the year, the Group
extended the term of its multicurrency revolving credit facility by an additional year and this is now committed to November 2028
(originally committed for a five-year term to November 2027). Transaction costs directly attributable to the extension have been
capitalised and are amortised over the term of the facility using the effective interest rate method. The term loan remains
committed for a five-year term to November 2027.
Senior notes
Unsecured senior notes of $500.0 million are subject to an interest cover financial covenant as defined in the indentures which is
a minimum of 2.0 times, with testing required annually at 31 December on the last 12 calendar months\u2019 financial performance.
Financial covenants
The principal financial covenants are based on a permitted net debt to covenant-adjusted EBITDA
1
ratio and interest cover test
as defined in the credit facilities agreement. Testing is required on a semi-annual basis, at June and December, based on the last
12 months\u2019 financial performance. At 31 December 2023, the permitted net debt to covenant-adjusted EBITDA
1
ratio was
a maximum of 3.50 times and the interest cover a minimum of 3.50 times, terms as defined by the credit facilities agreement.
In accordance with the credit facilities agreement, the net debt to covenant-adjusted EBITDA
1
ratio can increase to a maximum
4.00 times for permitted acquisitions or investments.
The Group was in compliance with all financial and non-financial covenants at 31 December 2023, with significant available
headroom on the financial covenants (in excess of $603.3 million debt headroom on net debt to covenant-adjusted EBITDA
1
).
Excluding the impact of interest rate swaps, the weighted average interest rate on borrowings for the year ended 31 December 2023
was 5.7% (2022: 3.4%). The increase in the weighted average interest rate was due to rising underlying reference base rates on debt
with floating rates.
Borrowings measured at fair value
The senior notes are listed and their fair value at 31 December 2023 of $450.1 million (2022: $430.8 million) has been obtained
from quoted market data and therefore categorised as a Level 1 measurement in the fair value hierarchy under IFRS 13,
Fair Value
Measurements
. For the Group\u2019s other borrowings, the fair value is based on discounted cash flows using a current borrowing rate
and is categorised as a Level 2 measurement. At 31 December 2023, the estimated fair value of the Group\u2019s other borrowings was
$774.9 million (2022: $762.4 million).
Maturity of financial liabilities
The contractual undiscounted future cash flows, including contractual interest payments, related to the Group\u2019s financial liabilities
were as follows:
\n \n
Contractual cash flows
Within 1 year or
1 to 2
2 to 3
3 to 4
4 to 5
More than
Carrying
on demand
years
years
years
years
5 years
Total
amount
$m
$m
$m
$m
$m
$m
$m
$m
At 31 December 2023
Borrowings
58.6
49.8
47.7
298.0
532.8
519.4
1,506.3
1,226.9
Lease liabilities (Note 24)
25.6
19.5
14.6
10.1
8.2
18.5
96.5
85.5
Trade and other payables (Note 13)
388.7
\u2013
\u2013
\u2013
\u2013
\u2013
388.7
388.7
Derivative financial instruments (Note 23)
Derivative financial instruments payable
1,486.9
6.8
\u2013
\u2013
\u2013
\u2013
1,493.7
17.6
Derivative financial instruments receivable
1,483.1
5.4
\u2013
\u2013
\u2013
\u2013
1,488.5
13.6
At 31 December 2022
Borrowings
57.5
55.2
50.8
50.2
777.8
538.8
1,530.3
1,211.9
Lease liabilities (Note 24)
22.7
17.8
13.1
9.8
7.9
94.2
165.5
88.3
Trade and other payables (Note 13)
346.6
\u2013
\u2013
\u2013
\u2013
\u2013
346.6
346.6
Derivative financial instruments (Note 23)
Derivative financial instruments payable
1,919.8
6.3
1.2
\u2013
\u2013
\u2013
1,927.3
32.5
Derivative financial instruments receivable
1,912.5
6.9
1.0
\u2013
\u2013
\u2013
1,920.4
26.6
Refer to Note 14 \u2013 Provisions for the expected payment profile in respect of the Group\u2019s provisions and contingent consideration.
Reconciliation of movement in borrowings
\n \n
2023
2022
$m
$m
Borrowings at 1 January
1,211.9
1,344.6
Repayment of borrowings
\u2013
(842.5)
Proceeds of new borrowings, net of financing fees
9.4
714.2
Foreign exchange
2.8
(11.0)
Non-cash movements
2
2.8
6.6
Borrowings at 31 December
1,226.9
1,211.9
1.
Covenant-adjusted EBITDA is calculated based on terms as defined in the credit facilities agreement. This is different to adjusted EBITDA, which is an alternative performance
measure (APM) as disclosed on pages 34 to 37.
2.
Non-cash movements were in respect of the amortisation of deferred financing fees associated with the borrowings. 2022 included a $2.7 million write-off of the unamortised
remaining deferred financing fees following early termination of the Group\u2019s previous credit facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29540": { "value": "Borrowings are recognised at fair value less directly attributable costs on the date that they are entered into and subsequently
measured at amortised cost using the effective interest rate method. Borrowing costs directly attributable to the facility are
capitalised and amortised over the period of the loan.
The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating the interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on
initial recognition.
Borrowings are classified as non-current when the repayment date is more than 12 months from the period-end date or where
they are drawn on a facility with more than 12 months to expiry.
The Group derecognises borrowings when its contractual obligations are discharged, terminated or expired.
Fair value measurement
Borrowings are classified as Level 1 or Level 2 in the fair value hierarchy in accordance with IFRS 13,
Fair Value Measurements
,
based upon the degree to which the fair value movements are observable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30114": { "value": "22. CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash held at bank is used for the Group\u2019s day-to-day operations. The Group utilises bank deposits or money market funds which
have a maturity of three months or less as liquid investments that enable short-term liquidity requirements to be met.
Accounting policy
Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions. All liquid investments,
including term deposits and money market funds, have original maturities of three months or less, are subject to insignificant
risk of changes in value and are repayable within one business day with no significant loss of interest, resulting in classification
as cash equivalents.
Cash at bank earns interest at rates based on daily bank deposit rates. Term deposits and money market funds earn interest
at the respective short-term deposit rate.
Cash and cash equivalents at 31 December 2023 included $21.1 million (2022: $19.2 million) of cash held in territories where there
are restrictions related to timely repatriation. The amounts meet the definition of cash and cash equivalents but are not deemed
to be readily available for general use by the wider Group.
Consolidated Statement of Cash Flows
Under certain circumstances, the Group utilises bank overdrafts to manage temporary fluctuations in cash positions. The bank
overdrafts are repayable on demand, used as part of the Group\u2019s overall cash management strategy and form part of cash
and cash equivalents for the purpose of the Consolidated Statement of Cash Flows. The Group had no bank overdrafts as at
31 December 2023 or 31 December 2022.
The Group reports cash flows from operating activities using the indirect method in accordance with IAS 7,
Statement of Cash Flows
.
The Group has elected to classify net interest paid (including interest on lease liabilities) as cash flows from operating activities.
Short-term lease payments and payments for leases of low-value assets are included in cash flows from operating activities.
Changes in working capital assets and liabilities as reported in cash flows from operating activities reflect the changes in the
Consolidated Statement of Financial Position between the current and previous financial year end, including adjustments for
amounts relating to acquisitions and disposals (when necessary), as well as currency translation adjustments.
Cash payments for the principal portion of lease liabilities is included within cash flows from financing activities.
Acquisition of property, plant and equipment, and intangible assets reflects additions to the related assets, including adjustments
for changes in capital accruals. Acquisition of intangible assets relates to capitalised software, development and product-related
licences. Refer to Note 9 \u2013 Intangible assets and goodwill for further details.
The adjustment for non-operating expense, net in the Consolidated Statement of Cash Flows excludes the gains and losses
realised on cash-settled derivative financial instruments. Refer to Note 5 \u2013 Non-operating (expense)/ income, net.
Restricted cash
In certain instances, there are requirements to set aside cash to support payment guarantees and obligations, including the
payment of value-added taxes, custom duties on imports, tender programmes and lease arrangements. Such amounts are
classified by the Group as restricted cash, which do not form part of cash and cash equivalents. Cash paid into escrow, arising
from a business combination, is also classified as restricted cash.
\n \n
2023
2022
$m
$m
Cash at bank and in hand
57.7
42.6
Money market funds and bank deposits
39.9
101.2
Cash and cash equivalents
97.6
143.8
2023
2022
$m
$m
Restricted cash \u2013 current
12.5
18.2
Restricted cash \u2013 non-current
5.3
7.3
Total restricted cash
17.8
25.5
Current restricted cash of $12.5 million (2022: $18.2 million) relates to cash held in escrow in respect of the Group\u2019s acquisitions.
Included in non-current restricted cash of $5.3 million (2022: $7.3 million) is $1.6 million (2022: $4.0 million) relating to cash
held in escrow in respect of the Group\u2019s acquisitions. The remaining balance of $3.7 million (2022: $3.3 million) relates to amounts
held in respect of guarantees and the Group\u2019s Share Save scheme for employees. None of these amounts are accessible
on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30115": { "value": "22. CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash held at bank is used for the Group\u2019s day-to-day operations. The Group utilises bank deposits or money market funds which
have a maturity of three months or less as liquid investments that enable short-term liquidity requirements to be met.
Accounting policy
Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions. All liquid investments,
including term deposits and money market funds, have original maturities of three months or less, are subject to insignificant
risk of changes in value and are repayable within one business day with no significant loss of interest, resulting in classification
as cash equivalents.
Cash at bank earns interest at rates based on daily bank deposit rates. Term deposits and money market funds earn interest
at the respective short-term deposit rate.
Cash and cash equivalents at 31 December 2023 included $21.1 million (2022: $19.2 million) of cash held in territories where there
are restrictions related to timely repatriation. The amounts meet the definition of cash and cash equivalents but are not deemed
to be readily available for general use by the wider Group.
Consolidated Statement of Cash Flows
Under certain circumstances, the Group utilises bank overdrafts to manage temporary fluctuations in cash positions. The bank
overdrafts are repayable on demand, used as part of the Group\u2019s overall cash management strategy and form part of cash
and cash equivalents for the purpose of the Consolidated Statement of Cash Flows. The Group had no bank overdrafts as at
31 December 2023 or 31 December 2022.
The Group reports cash flows from operating activities using the indirect method in accordance with IAS 7,
Statement of Cash Flows
.
The Group has elected to classify net interest paid (including interest on lease liabilities) as cash flows from operating activities.
Short-term lease payments and payments for leases of low-value assets are included in cash flows from operating activities.
Changes in working capital assets and liabilities as reported in cash flows from operating activities reflect the changes in the
Consolidated Statement of Financial Position between the current and previous financial year end, including adjustments for
amounts relating to acquisitions and disposals (when necessary), as well as currency translation adjustments.
Cash payments for the principal portion of lease liabilities is included within cash flows from financing activities.
Acquisition of property, plant and equipment, and intangible assets reflects additions to the related assets, including adjustments
for changes in capital accruals. Acquisition of intangible assets relates to capitalised software, development and product-related
licences. Refer to Note 9 \u2013 Intangible assets and goodwill for further details.
The adjustment for non-operating expense, net in the Consolidated Statement of Cash Flows excludes the gains and losses
realised on cash-settled derivative financial instruments. Refer to Note 5 \u2013 Non-operating (expense)/ income, net.
Restricted cash
In certain instances, there are requirements to set aside cash to support payment guarantees and obligations, including the
payment of value-added taxes, custom duties on imports, tender programmes and lease arrangements. Such amounts are
classified by the Group as restricted cash, which do not form part of cash and cash equivalents. Cash paid into escrow, arising
from a business combination, is also classified as restricted cash.
\n \n
2023
2022
$m
$m
Cash at bank and in hand
57.7
42.6
Money market funds and bank deposits
39.9
101.2
Cash and cash equivalents
97.6
143.8
2023
2022
$m
$m
Restricted cash \u2013 current
12.5
18.2
Restricted cash \u2013 non-current
5.3
7.3
Total restricted cash
17.8
25.5
Current restricted cash of $12.5 million (2022: $18.2 million) relates to cash held in escrow in respect of the Group\u2019s acquisitions.
Included in non-current restricted cash of $5.3 million (2022: $7.3 million) is $1.6 million (2022: $4.0 million) relating to cash
held in escrow in respect of the Group\u2019s acquisitions. The remaining balance of $3.7 million (2022: $3.3 million) relates to amounts
held in respect of guarantees and the Group\u2019s Share Save scheme for employees. None of these amounts are accessible
on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30121": { "value": "Accounting policy
Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions. All liquid investments,
including term deposits and money market funds, have original maturities of three months or less, are subject to insignificant
risk of changes in value and are repayable within one business day with no significant loss of interest, resulting in classification
as cash equivalents.
Cash at bank earns interest at rates based on daily bank deposit rates. Term deposits and money market funds earn interest
at the respective short-term deposit rate.
Cash and cash equivalents at 31 December 2023 included $21.1 million (2022: $19.2 million) of cash held in territories where there
are restrictions related to timely repatriation. The amounts meet the definition of cash and cash equivalents but are not deemed
to be readily available for general use by the wider Group.
Consolidated Statement of Cash Flows
Under certain circumstances, the Group utilises bank overdrafts to manage temporary fluctuations in cash positions. The bank
overdrafts are repayable on demand, used as part of the Group\u2019s overall cash management strategy and form part of cash
and cash equivalents for the purpose of the Consolidated Statement of Cash Flows. The Group had no bank overdrafts as at
31 December 2023 or 31 December 2022.
The Group reports cash flows from operating activities using the indirect method in accordance with IAS 7,
Statement of Cash Flows
.
The Group has elected to classify net interest paid (including interest on lease liabilities) as cash flows from operating activities.
Short-term lease payments and payments for leases of low-value assets are included in cash flows from operating activities.
Changes in working capital assets and liabilities as reported in cash flows from operating activities reflect the changes in the
Consolidated Statement of Financial Position between the current and previous financial year end, including adjustments for
amounts relating to acquisitions and disposals (when necessary), as well as currency translation adjustments.
Cash payments for the principal portion of lease liabilities is included within cash flows from financing activities.
Acquisition of property, plant and equipment, and intangible assets reflects additions to the related assets, including adjustments
for changes in capital accruals. Acquisition of intangible assets relates to capitalised software, development and product-related
licences. Refer to Note 9 \u2013 Intangible assets and goodwill for further details.
The adjustment for non-operating expense, net in the Consolidated Statement of Cash Flows excludes the gains and losses
realised on cash-settled derivative financial instruments. Refer to Note 5 \u2013 Non-operating (expense)/ income, net.
Restricted cash
In certain instances, there are requirements to set aside cash to support payment guarantees and obligations, including the
payment of value-added taxes, custom duties on imports, tender programmes and lease arrangements. Such amounts are
classified by the Group as restricted cash, which do not form part of cash and cash equivalents. Cash paid into escrow, arising
from a business combination, is also classified as restricted cash.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30135": { "value": "Consolidated Statement of Cash Flows
Under certain circumstances, the Group utilises bank overdrafts to manage temporary fluctuations in cash positions. The bank
overdrafts are repayable on demand, used as part of the Group\u2019s overall cash management strategy and form part of cash
and cash equivalents for the purpose of the Consolidated Statement of Cash Flows. The Group had no bank overdrafts as at
31 December 2023 or 31 December 2022.
The Group reports cash flows from operating activities using the indirect method in accordance with IAS 7,
Statement of Cash Flows
.
The Group has elected to classify net interest paid (including interest on lease liabilities) as cash flows from operating activities.
Short-term lease payments and payments for leases of low-value assets are included in cash flows from operating activities.
Changes in working capital assets and liabilities as reported in cash flows from operating activities reflect the changes in the
Consolidated Statement of Financial Position between the current and previous financial year end, including adjustments for
amounts relating to acquisitions and disposals (when necessary), as well as currency translation adjustments.
Cash payments for the principal portion of lease liabilities is included within cash flows from financing activities.
Acquisition of property, plant and equipment, and intangible assets reflects additions to the related assets, including adjustments
for changes in capital accruals. Acquisition of intangible assets relates to capitalised software, development and product-related
licences. Refer to Note 9 \u2013 Intangible assets and goodwill for further details.
The adjustment for non-operating expense, net in the Consolidated Statement of Cash Flows excludes the gains and losses
realised on cash-settled derivative financial instruments. Refer to Note 5 \u2013 Non-operating (expense)/ income, net.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30157": { "value": "Restricted cash
In certain instances, there are requirements to set aside cash to support payment guarantees and obligations, including the
payment of value-added taxes, custom duties on imports, tender programmes and lease arrangements. Such amounts are
classified by the Group as restricted cash, which do not form part of cash and cash equivalents. Cash paid into escrow, arising
from a business combination, is also classified as restricted cash.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30255": { "value": "23. FINANCIAL INSTRUMENTS
A derivative financial instrument is a contract that derives its value from the performance of an underlying variable, such as
foreign exchange rates or interest rates. The Group uses derivative financial instruments to manage foreign exchange and
interest rate risk arising from its operations and financing. Derivative financial instruments used by the Group are foreign
exchange forwards and interest rate swaps.
The Group utilises interest rate swap agreements, designated as cash flow hedges, to manage its exposure to variability in
expected future cash outflows attributable to the changes in interest rates on the Group\u2019s committed borrowing facilities.
Accounting policy
Derivative financial instruments are initially recognised at fair value on the derivative contract date and are remeasured at
their fair value at subsequent reporting dates. Derivative financial instruments are classified at fair value through profit or
loss (FVTPL) unless they are designated and qualify as an effective cash flow hedge. The fair value of forward foreign exchange
contracts is determined by using the difference between the contract exchange rate and the quoted forward exchange rate from
third parties at the reporting date.
Hedge accounting
The Group has elected to apply the IFRS 9,
Financial Instruments
hedge accounting requirements. Changes in the fair values
of derivatives designated as cash flow hedges are recognised in other comprehensive income to the extent the hedges are
effective. The fair value is the estimated amount that the Group would receive or pay to terminate the forward or swap at the
reporting date, taking into account current market rates, the Group\u2019s current creditworthiness, as well as that of the financial
instrument counterparties.
The cumulative gain or loss is then reclassified to the Consolidated Income Statement in the same period when the relevant
hedged transaction is realised. Any ineffectiveness on hedging instruments is recognised in the Consolidated Income Statement
as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other
comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.
The Group held interest rate swaps of $425.2 million at 31 December 2023, with exposure to SOFR and EURIBOR as a reference
rate and maturing at various points in the next two years. These have been designated as cash flow hedges through other
comprehensive income.
Right to offset
Financial assets and liabilities are offset and the net amount presented in the Consolidated Statement of Financial Position when,
and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.
Fair value measurement
Financial instruments are classified as Level 1, Level 2 or Level 3 in the fair value hierarchy in accordance with IFRS 13,
Fair Value
Measurements
, based upon the degree to which the fair value movements are observable. Level 1 fair value measures are defined
as those with quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 fair value
measurements are defined as those derived from inputs other than quoted prices that are observable for the asset or liability,
either directly (prices from third parties) or indirectly (derived from third-party prices). Level 3 fair value measurements are
defined as those derived from significant unobservable inputs.
The only instrument classified as Level 1 are the senior notes, given the availability of quoted market price (Note 21 \u2013
Borrowings). The Group\u2019s derivative financial instruments, discussed below, are classified as Level 2. The Group\u2019s equity
investment in preference shares (Note 10 \u2013 Investment in financial assets) and contingent consideration arising on business
combinations are classified within Level 3 of the fair value hierarchy.
The Group holds interest rate swap agreements to fix a proportion of variable interest on US dollar and EURO denominated debt, in
accordance with the Group\u2019s risk management policy. The interest rate swaps are designated as hedging instruments in a cash flow
hedging relationship.
In accordance with Group policy, the Group uses forward foreign exchange contracts, designated as cash flow hedges, to hedge
certain forecast third-party foreign currency transactions. When a commitment is entered into a layered approach is taken when
hedging the currency exposure, ensuring that no more than 100% of the transaction exposure is covered. The currencies hedged
by forward foreign exchange contracts are US dollars, Swiss francs, Pound sterling, Danish krone and Japanese yen.
The Group further utilises foreign exchange contracts and swaps classified as FVTPL to manage short-term foreign exchange exposure.
Cash flow hedges
The fair values are based on market values of equivalent instruments at 31 December. The following table presents the Group\u2019s
outstanding interest rate swaps, which were designated as cash flow hedges at 31 December:
2023
2022
Fair value
1
Fair value
1
Notional
assets/
Notional
assets/
amount
(liabilities)
amount
(liabilities)
Currenc
y
Effective date
Maturity date
$m
$m
$m
$m
3 Month LIBOR Float to Fixed Interest
Rate Swap
USD
24 Jan 2020
24 Jan 2023
\u2013
\u2013
275.0
2.0
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jan 2024
90.0
0.4
90.0
0.2
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jul 2024
40.0
0.1
40.0
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jan 2025
50.0
0.2
50.0
(0.3)
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
3 Aug 2024
50.0
\u2013
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
3 Feb 2025
50.0
\u2013
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
4 Aug 2025
50.0
\u2013
\u2013
\u2013
6 Month term EURIBOR Float to Fixed
Interest Rate Swap
EUR 29 Sep 2023 29 Sep 2024
55.2
(0.2)
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD 29 Sep 2023 29 Sep 2025
40.0
(0.5)
\u2013
\u2013
1.
The fair values of the interest rate swaps were disclosed in non-current derivative financial liabilities, current derivative financial liabilities and current derivative assets in the
Consolidated Statement of Financial Position. There was no ineffectiveness recognised in the Consolidated Income Statement.
Foreign exchange forward contracts
The following table presents the Group\u2019s outstanding foreign exchange forward contracts valued at FVTPL and foreign currency
forward contracts designated as cash flow hedges, disclosed in current derivative financial assets and liabilities, at 31 December:
2023
2022
Fair value
Fair value
Notional
assets/
Notional
assets/
amount
(liabilities)
amount
(liabilities)
Term
$m
$m
$m
$m
Foreign exchange contracts
\u2264
3 months
453.0
8.0
996.6
21.3
Foreign currency forward exchange contracts
designated as cash flow hedges
\u2264
12 months
195.9
4.4
72.7
3.1
Derivative financial assets
648.9
12.4
1,069.3
24.4
Foreign exchange contracts
\u2264
3 months
760.7
(15.2)
703.7
(30.2)
Foreign currency forward exchange contracts
designated as cash flow hedges
\u2264
12 months
53.3
(1.3)
132.8
(2.3)
Derivative financial liabilities
814.0
(16.5)
836.5
(32.5)
During the year ended 31 December 2023, the Group realised a net loss of $4.3 million (2022: $15.8 million gain) on foreign exchange
forward contracts designated as FVTPL in Note 5 \u2013 Non-operating income/(expense), net in the Consolidated Income Statement.
Impact of hedging on other comprehensive income
The following table presents the impact of hedging on other comprehensive income:
2023
2022
$m
$m
Recognised in other comprehensive income:
Effective portion of changes in fair value of cash flow hedges:
Interest rate swaps
(1.3)
3.3
Foreign currency forward exchange contracts designated as cash flow hedges
2.0
(11.0)
Changes in fair value of cash flow hedges reclassified to the Consolidated Income Statement
(0.8)
16.5
Cost of hedging
(0.5)
(1.1)
Total
(0.6)
7.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30256": { "value": "23. FINANCIAL INSTRUMENTS
A derivative financial instrument is a contract that derives its value from the performance of an underlying variable, such as
foreign exchange rates or interest rates. The Group uses derivative financial instruments to manage foreign exchange and
interest rate risk arising from its operations and financing. Derivative financial instruments used by the Group are foreign
exchange forwards and interest rate swaps.
The Group utilises interest rate swap agreements, designated as cash flow hedges, to manage its exposure to variability in
expected future cash outflows attributable to the changes in interest rates on the Group\u2019s committed borrowing facilities.
Accounting policy
Derivative financial instruments are initially recognised at fair value on the derivative contract date and are remeasured at
their fair value at subsequent reporting dates. Derivative financial instruments are classified at fair value through profit or
loss (FVTPL) unless they are designated and qualify as an effective cash flow hedge. The fair value of forward foreign exchange
contracts is determined by using the difference between the contract exchange rate and the quoted forward exchange rate from
third parties at the reporting date.
Hedge accounting
The Group has elected to apply the IFRS 9,
Financial Instruments
hedge accounting requirements. Changes in the fair values
of derivatives designated as cash flow hedges are recognised in other comprehensive income to the extent the hedges are
effective. The fair value is the estimated amount that the Group would receive or pay to terminate the forward or swap at the
reporting date, taking into account current market rates, the Group\u2019s current creditworthiness, as well as that of the financial
instrument counterparties.
The cumulative gain or loss is then reclassified to the Consolidated Income Statement in the same period when the relevant
hedged transaction is realised. Any ineffectiveness on hedging instruments is recognised in the Consolidated Income Statement
as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other
comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.
The Group held interest rate swaps of $425.2 million at 31 December 2023, with exposure to SOFR and EURIBOR as a reference
rate and maturing at various points in the next two years. These have been designated as cash flow hedges through other
comprehensive income.
Right to offset
Financial assets and liabilities are offset and the net amount presented in the Consolidated Statement of Financial Position when,
and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.
Fair value measurement
Financial instruments are classified as Level 1, Level 2 or Level 3 in the fair value hierarchy in accordance with IFRS 13,
Fair Value
Measurements
, based upon the degree to which the fair value movements are observable. Level 1 fair value measures are defined
as those with quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 fair value
measurements are defined as those derived from inputs other than quoted prices that are observable for the asset or liability,
either directly (prices from third parties) or indirectly (derived from third-party prices). Level 3 fair value measurements are
defined as those derived from significant unobservable inputs.
The only instrument classified as Level 1 are the senior notes, given the availability of quoted market price (Note 21 \u2013
Borrowings). The Group\u2019s derivative financial instruments, discussed below, are classified as Level 2. The Group\u2019s equity
investment in preference shares (Note 10 \u2013 Investment in financial assets) and contingent consideration arising on business
combinations are classified within Level 3 of the fair value hierarchy.
The Group holds interest rate swap agreements to fix a proportion of variable interest on US dollar and EURO denominated debt, in
accordance with the Group\u2019s risk management policy. The interest rate swaps are designated as hedging instruments in a cash flow
hedging relationship.
In accordance with Group policy, the Group uses forward foreign exchange contracts, designated as cash flow hedges, to hedge
certain forecast third-party foreign currency transactions. When a commitment is entered into a layered approach is taken when
hedging the currency exposure, ensuring that no more than 100% of the transaction exposure is covered. The currencies hedged
by forward foreign exchange contracts are US dollars, Swiss francs, Pound sterling, Danish krone and Japanese yen.
The Group further utilises foreign exchange contracts and swaps classified as FVTPL to manage short-term foreign exchange exposure.
Cash flow hedges
The fair values are based on market values of equivalent instruments at 31 December. The following table presents the Group\u2019s
outstanding interest rate swaps, which were designated as cash flow hedges at 31 December:
2023
2022
Fair value
1
Fair value
1
Notional
assets/
Notional
assets/
amount
(liabilities)
amount
(liabilities)
Currenc
y
Effective date
Maturity date
$m
$m
$m
$m
3 Month LIBOR Float to Fixed Interest
Rate Swap
USD
24 Jan 2020
24 Jan 2023
\u2013
\u2013
275.0
2.0
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jan 2024
90.0
0.4
90.0
0.2
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jul 2024
40.0
0.1
40.0
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jan 2025
50.0
0.2
50.0
(0.3)
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
3 Aug 2024
50.0
\u2013
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
3 Feb 2025
50.0
\u2013
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
4 Aug 2025
50.0
\u2013
\u2013
\u2013
6 Month term EURIBOR Float to Fixed
Interest Rate Swap
EUR 29 Sep 2023 29 Sep 2024
55.2
(0.2)
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD 29 Sep 2023 29 Sep 2025
40.0
(0.5)
\u2013
\u2013
1.
The fair values of the interest rate swaps were disclosed in non-current derivative financial liabilities, current derivative financial liabilities and current derivative assets in the
Consolidated Statement of Financial Position. There was no ineffectiveness recognised in the Consolidated Income Statement.
Foreign exchange forward contracts
The following table presents the Group\u2019s outstanding foreign exchange forward contracts valued at FVTPL and foreign currency
forward contracts designated as cash flow hedges, disclosed in current derivative financial assets and liabilities, at 31 December:
2023
2022
Fair value
Fair value
Notional
assets/
Notional
assets/
amount
(liabilities)
amount
(liabilities)
Term
$m
$m
$m
$m
Foreign exchange contracts
\u2264
3 months
453.0
8.0
996.6
21.3
Foreign currency forward exchange contracts
designated as cash flow hedges
\u2264
12 months
195.9
4.4
72.7
3.1
Derivative financial assets
648.9
12.4
1,069.3
24.4
Foreign exchange contracts
\u2264
3 months
760.7
(15.2)
703.7
(30.2)
Foreign currency forward exchange contracts
designated as cash flow hedges
\u2264
12 months
53.3
(1.3)
132.8
(2.3)
Derivative financial liabilities
814.0
(16.5)
836.5
(32.5)
During the year ended 31 December 2023, the Group realised a net loss of $4.3 million (2022: $15.8 million gain) on foreign exchange
forward contracts designated as FVTPL in Note 5 \u2013 Non-operating income/(expense), net in the Consolidated Income Statement.
Impact of hedging on other comprehensive income
The following table presents the impact of hedging on other comprehensive income:
2023
2022
$m
$m
Recognised in other comprehensive income:
Effective portion of changes in fair value of cash flow hedges:
Interest rate swaps
(1.3)
3.3
Foreign currency forward exchange contracts designated as cash flow hedges
2.0
(11.0)
Changes in fair value of cash flow hedges reclassified to the Consolidated Income Statement
(0.8)
16.5
Cost of hedging
(0.5)
(1.1)
Total
(0.6)
7.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30257": { "value": "23. FINANCIAL INSTRUMENTS
A derivative financial instrument is a contract that derives its value from the performance of an underlying variable, such as
foreign exchange rates or interest rates. The Group uses derivative financial instruments to manage foreign exchange and
interest rate risk arising from its operations and financing. Derivative financial instruments used by the Group are foreign
exchange forwards and interest rate swaps.
The Group utilises interest rate swap agreements, designated as cash flow hedges, to manage its exposure to variability in
expected future cash outflows attributable to the changes in interest rates on the Group\u2019s committed borrowing facilities.
Accounting policy
Derivative financial instruments are initially recognised at fair value on the derivative contract date and are remeasured at
their fair value at subsequent reporting dates. Derivative financial instruments are classified at fair value through profit or
loss (FVTPL) unless they are designated and qualify as an effective cash flow hedge. The fair value of forward foreign exchange
contracts is determined by using the difference between the contract exchange rate and the quoted forward exchange rate from
third parties at the reporting date.
Hedge accounting
The Group has elected to apply the IFRS 9,
Financial Instruments
hedge accounting requirements. Changes in the fair values
of derivatives designated as cash flow hedges are recognised in other comprehensive income to the extent the hedges are
effective. The fair value is the estimated amount that the Group would receive or pay to terminate the forward or swap at the
reporting date, taking into account current market rates, the Group\u2019s current creditworthiness, as well as that of the financial
instrument counterparties.
The cumulative gain or loss is then reclassified to the Consolidated Income Statement in the same period when the relevant
hedged transaction is realised. Any ineffectiveness on hedging instruments is recognised in the Consolidated Income Statement
as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other
comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.
The Group held interest rate swaps of $425.2 million at 31 December 2023, with exposure to SOFR and EURIBOR as a reference
rate and maturing at various points in the next two years. These have been designated as cash flow hedges through other
comprehensive income.
Right to offset
Financial assets and liabilities are offset and the net amount presented in the Consolidated Statement of Financial Position when,
and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.
Fair value measurement
Financial instruments are classified as Level 1, Level 2 or Level 3 in the fair value hierarchy in accordance with IFRS 13,
Fair Value
Measurements
, based upon the degree to which the fair value movements are observable. Level 1 fair value measures are defined
as those with quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 fair value
measurements are defined as those derived from inputs other than quoted prices that are observable for the asset or liability,
either directly (prices from third parties) or indirectly (derived from third-party prices). Level 3 fair value measurements are
defined as those derived from significant unobservable inputs.
The only instrument classified as Level 1 are the senior notes, given the availability of quoted market price (Note 21 \u2013
Borrowings). The Group\u2019s derivative financial instruments, discussed below, are classified as Level 2. The Group\u2019s equity
investment in preference shares (Note 10 \u2013 Investment in financial assets) and contingent consideration arising on business
combinations are classified within Level 3 of the fair value hierarchy.
The Group holds interest rate swap agreements to fix a proportion of variable interest on US dollar and EURO denominated debt, in
accordance with the Group\u2019s risk management policy. The interest rate swaps are designated as hedging instruments in a cash flow
hedging relationship.
In accordance with Group policy, the Group uses forward foreign exchange contracts, designated as cash flow hedges, to hedge
certain forecast third-party foreign currency transactions. When a commitment is entered into a layered approach is taken when
hedging the currency exposure, ensuring that no more than 100% of the transaction exposure is covered. The currencies hedged
by forward foreign exchange contracts are US dollars, Swiss francs, Pound sterling, Danish krone and Japanese yen.
The Group further utilises foreign exchange contracts and swaps classified as FVTPL to manage short-term foreign exchange exposure.
Cash flow hedges
The fair values are based on market values of equivalent instruments at 31 December. The following table presents the Group\u2019s
outstanding interest rate swaps, which were designated as cash flow hedges at 31 December:
2023
2022
Fair value
1
Fair value
1
Notional
assets/
Notional
assets/
amount
(liabilities)
amount
(liabilities)
Currenc
y
Effective date
Maturity date
$m
$m
$m
$m
3 Month LIBOR Float to Fixed Interest
Rate Swap
USD
24 Jan 2020
24 Jan 2023
\u2013
\u2013
275.0
2.0
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jan 2024
90.0
0.4
90.0
0.2
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jul 2024
40.0
0.1
40.0
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
23 Jan 2023
23 Jan 2025
50.0
0.2
50.0
(0.3)
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
3 Aug 2024
50.0
\u2013
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
3 Feb 2025
50.0
\u2013
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD
3 Aug 2023
4 Aug 2025
50.0
\u2013
\u2013
\u2013
6 Month term EURIBOR Float to Fixed
Interest Rate Swap
EUR 29 Sep 2023 29 Sep 2024
55.2
(0.2)
\u2013
\u2013
6 Month term SOFR Float to Fixed
Interest Rate Swap
USD 29 Sep 2023 29 Sep 2025
40.0
(0.5)
\u2013
\u2013
1.
The fair values of the interest rate swaps were disclosed in non-current derivative financial liabilities, current derivative financial liabilities and current derivative assets in the
Consolidated Statement of Financial Position. There was no ineffectiveness recognised in the Consolidated Income Statement.
Foreign exchange forward contracts
The following table presents the Group\u2019s outstanding foreign exchange forward contracts valued at FVTPL and foreign currency
forward contracts designated as cash flow hedges, disclosed in current derivative financial assets and liabilities, at 31 December:
2023
2022
Fair value
Fair value
Notional
assets/
Notional
assets/
amount
(liabilities)
amount
(liabilities)
Term
$m
$m
$m
$m
Foreign exchange contracts
\u2264
3 months
453.0
8.0
996.6
21.3
Foreign currency forward exchange contracts
designated as cash flow hedges
\u2264
12 months
195.9
4.4
72.7
3.1
Derivative financial assets
648.9
12.4
1,069.3
24.4
Foreign exchange contracts
\u2264
3 months
760.7
(15.2)
703.7
(30.2)
Foreign currency forward exchange contracts
designated as cash flow hedges
\u2264
12 months
53.3
(1.3)
132.8
(2.3)
Derivative financial liabilities
814.0
(16.5)
836.5
(32.5)
During the year ended 31 December 2023, the Group realised a net loss of $4.3 million (2022: $15.8 million gain) on foreign exchange
forward contracts designated as FVTPL in Note 5 \u2013 Non-operating income/(expense), net in the Consolidated Income Statement.
Impact of hedging on other comprehensive income
The following table presents the impact of hedging on other comprehensive income:
2023
2022
$m
$m
Recognised in other comprehensive income:
Effective portion of changes in fair value of cash flow hedges:
Interest rate swaps
(1.3)
3.3
Foreign currency forward exchange contracts designated as cash flow hedges
2.0
(11.0)
Changes in fair value of cash flow hedges reclassified to the Consolidated Income Statement
(0.8)
16.5
Cost of hedging
(0.5)
(1.1)
Total
(0.6)
7.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30268": { "value": "Accounting policy
Derivative financial instruments are initially recognised at fair value on the derivative contract date and are remeasured at
their fair value at subsequent reporting dates. Derivative financial instruments are classified at fair value through profit or
loss (FVTPL) unless they are designated and qualify as an effective cash flow hedge. The fair value of forward foreign exchange
contracts is determined by using the difference between the contract exchange rate and the quoted forward exchange rate from
third parties at the reporting date.
Hedge accounting
The Group has elected to apply the IFRS 9,
Financial Instruments
hedge accounting requirements. Changes in the fair values
of derivatives designated as cash flow hedges are recognised in other comprehensive income to the extent the hedges are
effective. The fair value is the estimated amount that the Group would receive or pay to terminate the forward or swap at the
reporting date, taking into account current market rates, the Group\u2019s current creditworthiness, as well as that of the financial
instrument counterparties.
The cumulative gain or loss is then reclassified to the Consolidated Income Statement in the same period when the relevant
hedged transaction is realised. Any ineffectiveness on hedging instruments is recognised in the Consolidated Income Statement
as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other
comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.
The Group held interest rate swaps of $425.2 million at 31 December 2023, with exposure to SOFR and EURIBOR as a reference
rate and maturing at various points in the next two years. These have been designated as cash flow hedges through other
comprehensive income.
Right to offset
Financial assets and liabilities are offset and the net amount presented in the Consolidated Statement of Financial Position when,
and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.
Fair value measurement
Financial instruments are classified as Level 1, Level 2 or Level 3 in the fair value hierarchy in accordance with IFRS 13,
Fair Value
Measurements
, based upon the degree to which the fair value movements are observable. Level 1 fair value measures are defined
as those with quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 fair value
measurements are defined as those derived from inputs other than quoted prices that are observable for the asset or liability,
either directly (prices from third parties) or indirectly (derived from third-party prices). Level 3 fair value measurements are
defined as those derived from significant unobservable inputs.
The only instrument classified as Level 1 are the senior notes, given the availability of quoted market price (Note 21 \u2013
Borrowings). The Group\u2019s derivative financial instruments, discussed below, are classified as Level 2. The Group\u2019s equity
investment in preference shares (Note 10 \u2013 Investment in financial assets) and contingent consideration arising on business
combinations are classified within Level 3 of the fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30272": { "value": "Derivative financial instruments are initially recognised at fair value on the derivative contract date and are remeasured at
their fair value at subsequent reporting dates. Derivative financial instruments are classified at fair value through profit or
loss (FVTPL) unless they are designated and qualify as an effective cash flow hedge. The fair value of forward foreign exchange
contracts is determined by using the difference between the contract exchange rate and the quoted forward exchange rate from
third parties at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30273": { "value": "Derivative financial instruments are initially recognised at fair value on the derivative contract date and are remeasured at
their fair value at subsequent reporting dates. Derivative financial instruments are classified at fair value through profit or
loss (FVTPL) unless they are designated and qualify as an effective cash flow hedge. The fair value of forward foreign exchange
contracts is determined by using the difference between the contract exchange rate and the quoted forward exchange rate from
third parties at the reporting date.
Hedge accounting
The Group has elected to apply the IFRS 9,
Financial Instruments
hedge accounting requirements. Changes in the fair values
of derivatives designated as cash flow hedges are recognised in other comprehensive income to the extent the hedges are
effective. The fair value is the estimated amount that the Group would receive or pay to terminate the forward or swap at the
reporting date, taking into account current market rates, the Group\u2019s current creditworthiness, as well as that of the financial
instrument counterparties.
The cumulative gain or loss is then reclassified to the Consolidated Income Statement in the same period when the relevant
hedged transaction is realised. Any ineffectiveness on hedging instruments is recognised in the Consolidated Income Statement
as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other
comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.
The Group held interest rate swaps of $425.2 million at 31 December 2023, with exposure to SOFR and EURIBOR as a reference
rate and maturing at various points in the next two years. These have been designated as cash flow hedges through other
comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30283": { "value": "Hedge accounting
The Group has elected to apply the IFRS 9,
Financial Instruments
hedge accounting requirements. Changes in the fair values
of derivatives designated as cash flow hedges are recognised in other comprehensive income to the extent the hedges are
effective. The fair value is the estimated amount that the Group would receive or pay to terminate the forward or swap at the
reporting date, taking into account current market rates, the Group\u2019s current creditworthiness, as well as that of the financial
instrument counterparties.
The cumulative gain or loss is then reclassified to the Consolidated Income Statement in the same period when the relevant
hedged transaction is realised. Any ineffectiveness on hedging instruments is recognised in the Consolidated Income Statement
as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other
comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to
profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.
The Group held interest rate swaps of $425.2 million at 31 December 2023, with exposure to SOFR and EURIBOR as a reference
rate and maturing at various points in the next two years. These have been designated as cash flow hedges through other
comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30305": { "value": "Right to offset
Financial assets and liabilities are offset and the net amount presented in the Consolidated Statement of Financial Position when,
and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30312": { "value": "Fair value measurement
Financial instruments are classified as Level 1, Level 2 or Level 3 in the fair value hierarchy in accordance with IFRS 13,
Fair Value
Measurements
, based upon the degree to which the fair value movements are observable. Level 1 fair value measures are defined
as those with quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 fair value
measurements are defined as those derived from inputs other than quoted prices that are observable for the asset or liability,
either directly (prices from third parties) or indirectly (derived from third-party prices). Level 3 fair value measurements are
defined as those derived from significant unobservable inputs.
The only instrument classified as Level 1 are the senior notes, given the availability of quoted market price (Note 21 \u2013
Borrowings). The Group\u2019s derivative financial instruments, discussed below, are classified as Level 2. The Group\u2019s equity
investment in preference shares (Note 10 \u2013 Investment in financial assets) and contingent consideration arising on business
combinations are classified within Level 3 of the fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30901": { "value": "24. LEASES
The Group principally leases real estate and vehicles. Leases are recognised as a right-of-use asset with a corresponding liability
recorded at the date at which the leased asset is available for use by the Group.
Accounting policy
The lease liability is measured at the present value of future lease payments discounted using the rate implicit in the lease.
If this rate is not readily determinable, the Group uses its incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate.
Options such as lease extensions or terminations on lease contracts are considered on a case-by-case basis by regular
management assessment.
Each lease payment is allocated between amounts paid for principal and interest. The interest cost is charged to the Consolidated
Income Statement over the lease term to produce a constant periodic rate of interest on the remaining balance of the liability
for each period. The right-of-use asset is depreciated on a straight-line basis over the lease term.
Payments associated with short-term leases and low-value leases are recognised on a straight-line basis as an expense in the
Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less and low-value leases
comprise of leases with an underlying asset value of less than $5,000. Expenses recognised for these short-term and low-value
leases for the year ended 31 December 2023 were $2.4 million (2022: $3.9 million).
The movements in right-of-use assets were as follows:
\n \n
Real estate and
other
Vehicles
Total
$m
$m
$m
As at 1 January 2022
70.3
13.3
83.6
Lease additions
12.3
8.4
20.7
Arising from acquisitions
2.2
\u2013
2.2
Leases terminated
(1.4)
0.1
(1.3)
Depreciation of right-of-use assets
(14.7)
(7.4)
(22.1)
Foreign exchange
(3.1)
(0.6)
(3.7)
As at 31 December 2022
65.6
13.8
79.4
Lease additions
14.2
10.9
25.1
Arising from acquisitions (Note 26)
1.6
\u2013
1.6
Leases terminated
(7.4)
(0.9)
(8.3)
Depreciation of right-of-use assets
(14.7)
(8.0)
(22.7)
Impairment of right-of-use assets
(1.9)
\u2013
(1.9)
Foreign exchange
0.9
0.6
1.5
As at 31 December 2023
58.3
16.4
74.7
Movements in lease liabilities were as follows:
\n \n
2023
2022
$m
$m
Lease liabilities as at 1 January
88.3
90.5
Lease additions
25.1
21.0
Arising from acquisitions (Note 26)
1.6
2.9
Payment of lease liabilities
(22.7)
(20.7)
Leases terminated
(8.3)
(1.2)
Interest expense on lease liabilities (Note 25)
3.5
3.3
Interest paid on lease liabilities
(3.5)
(3.3)
Foreign exchange
1.5
(4.2)
Lease liabilities as at 31 December
85.5
88.3
Total cash outflow of lease liabilities including interest for the year ended 31 December 2023 was $26.2 million (2022: $ 24.0 million).
Interest paid during the year was $3.5 million (2022: $3.3 million).
Lease liabilities by category at 31 December were as follows:
\n \n
2023
2022
Real estate
Real estate
and other
Vehicles
Total
and other
Vehicles
Total
$m
$m
$m
$m
$m
$m
Current
13.9
6.8
20.7
13.8
6.5
20.3
Non-current
55.3
9.5
64.8
60.6
7.4
68.0
Total
69.2
16.3
85.5
74.4
13.9
88.3
The maturity of lease liabilities at 31 December was as follows:
2023
2022
Real estate
Real estate
and other
Vehicles
Total
and other
Vehicles
Total
$m
$m
$m
$m
$m
$m
Within 1 year
13.9
6.8
20.7
13.8
6.5
20.3
1 to 2 years
14.0
5.0
19.0
12.3
4.2
16.5
2 to 3 years
9.7
3.2
12.9
9.5
2.3
11.8
3 to 4 years
7.6
1.1
8.7
8.1
0.7
8.8
4 to 5 years
7.0
0.1
7.1
7.2
0.1
7.3
More than 5 years
17.0
0.1
17.1
23.5
0.1
23.6
Total
69.2
16.3
85.5
74.4
13.9
88.3
The undiscounted contractual cash flows in relation to the maturity of leases liabilities have been disclosed in Note 21 \u2013 Borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30906": { "value": "Accounting policy
The lease liability is measured at the present value of future lease payments discounted using the rate implicit in the lease.
If this rate is not readily determinable, the Group uses its incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate.
Options such as lease extensions or terminations on lease contracts are considered on a case-by-case basis by regular
management assessment.
Each lease payment is allocated between amounts paid for principal and interest. The interest cost is charged to the Consolidated
Income Statement over the lease term to produce a constant periodic rate of interest on the remaining balance of the liability
for each period. The right-of-use asset is depreciated on a straight-line basis over the lease term.
Payments associated with short-term leases and low-value leases are recognised on a straight-line basis as an expense in the
Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less and low-value leases
comprise of leases with an underlying asset value of less than $5,000. Expenses recognised for these short-term and low-value
leases for the year ended 31 December 2023 were $2.4 million (2022: $3.9 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31422": { "value": "25. FINANCE INCOME AND EXPENSE
Finance expenses arise from interest on the Group\u2019s borrowings and lease liabilities. Finance income arises from interest earned
on investment of surplus cash.
Accounting policy
Finance expenses, including the transaction costs for borrowings and any discount or premium on issue, are recognised in the
Consolidated Income Statement using the effective interest rate method.
When existing debt is derecognised in the financial statements any transaction costs not amortised are recognised immediately
in the Consolidated Income Statement.
Upon derecognition of financial liabilities, any unamortised financing fees are recognised immediately in the Consolidated
Income Statement.
Interest related to qualifying assets under construction included within PP&E is capitalised (refer to Note 8 \u2013 Property, plant
and equipment).
Refer to Note 24 \u2013 Leases for accounting policy on interest expense on lease liabilities.
Interest arising from interest rate swaps is recorded as either interest income or expense over the term of the agreement. Hedge
accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive
income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when
the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the
cash flow hedge reserve is reclassified immediately to profit or loss.
Finance costs, net for the year ended 31 December were as follows:
2023
2022
$m
$m
Finance income
Interest income on cash and cash equivalents
5.2
5.5
Total finance income
5.2
5.5
Finance expense
Interest expense on borrowings
(75.2)
(46.4)
Other financing-related fees
1
(7.2)
(8.2)
Interest expense on interest rate derivatives
\u2013
(1.4)
Interest expense on lease liabilities
(3.5)
(3.3)
Capitalised interest
2
5.4
2.0
Other finance costs
(0.2)
(0.3)
Total finance expense
(80.7)
(57.6)
Finance costs, net
(75.5)
(52.1)
1.
Other financing-related fees include the amortisation of deferred financing fees associated with the multicurrency revolving credit facilities, term loan facilities and senior notes.
2.
Capitalised interest was calculated using the Group\u2019s weighted average interest rate over the year of 5.7% (2022: 3.4%), and will be treated as tax deductible.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31423": { "value": "25. FINANCE INCOME AND EXPENSE
Finance expenses arise from interest on the Group\u2019s borrowings and lease liabilities. Finance income arises from interest earned
on investment of surplus cash.
Accounting policy
Finance expenses, including the transaction costs for borrowings and any discount or premium on issue, are recognised in the
Consolidated Income Statement using the effective interest rate method.
When existing debt is derecognised in the financial statements any transaction costs not amortised are recognised immediately
in the Consolidated Income Statement.
Upon derecognition of financial liabilities, any unamortised financing fees are recognised immediately in the Consolidated
Income Statement.
Interest related to qualifying assets under construction included within PP&E is capitalised (refer to Note 8 \u2013 Property, plant
and equipment).
Refer to Note 24 \u2013 Leases for accounting policy on interest expense on lease liabilities.
Interest arising from interest rate swaps is recorded as either interest income or expense over the term of the agreement. Hedge
accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive
income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when
the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the
cash flow hedge reserve is reclassified immediately to profit or loss.
Finance costs, net for the year ended 31 December were as follows:
2023
2022
$m
$m
Finance income
Interest income on cash and cash equivalents
5.2
5.5
Total finance income
5.2
5.5
Finance expense
Interest expense on borrowings
(75.2)
(46.4)
Other financing-related fees
1
(7.2)
(8.2)
Interest expense on interest rate derivatives
\u2013
(1.4)
Interest expense on lease liabilities
(3.5)
(3.3)
Capitalised interest
2
5.4
2.0
Other finance costs
(0.2)
(0.3)
Total finance expense
(80.7)
(57.6)
Finance costs, net
(75.5)
(52.1)
1.
Other financing-related fees include the amortisation of deferred financing fees associated with the multicurrency revolving credit facilities, term loan facilities and senior notes.
2.
Capitalised interest was calculated using the Group\u2019s weighted average interest rate over the year of 5.7% (2022: 3.4%), and will be treated as tax deductible.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31424": { "value": "25. FINANCE INCOME AND EXPENSE
Finance expenses arise from interest on the Group\u2019s borrowings and lease liabilities. Finance income arises from interest earned
on investment of surplus cash.
Accounting policy
Finance expenses, including the transaction costs for borrowings and any discount or premium on issue, are recognised in the
Consolidated Income Statement using the effective interest rate method.
When existing debt is derecognised in the financial statements any transaction costs not amortised are recognised immediately
in the Consolidated Income Statement.
Upon derecognition of financial liabilities, any unamortised financing fees are recognised immediately in the Consolidated
Income Statement.
Interest related to qualifying assets under construction included within PP&E is capitalised (refer to Note 8 \u2013 Property, plant
and equipment).
Refer to Note 24 \u2013 Leases for accounting policy on interest expense on lease liabilities.
Interest arising from interest rate swaps is recorded as either interest income or expense over the term of the agreement. Hedge
accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive
income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when
the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the
cash flow hedge reserve is reclassified immediately to profit or loss.
Finance costs, net for the year ended 31 December were as follows:
2023
2022
$m
$m
Finance income
Interest income on cash and cash equivalents
5.2
5.5
Total finance income
5.2
5.5
Finance expense
Interest expense on borrowings
(75.2)
(46.4)
Other financing-related fees
1
(7.2)
(8.2)
Interest expense on interest rate derivatives
\u2013
(1.4)
Interest expense on lease liabilities
(3.5)
(3.3)
Capitalised interest
2
5.4
2.0
Other finance costs
(0.2)
(0.3)
Total finance expense
(80.7)
(57.6)
Finance costs, net
(75.5)
(52.1)
1.
Other financing-related fees include the amortisation of deferred financing fees associated with the multicurrency revolving credit facilities, term loan facilities and senior notes.
2.
Capitalised interest was calculated using the Group\u2019s weighted average interest rate over the year of 5.7% (2022: 3.4%), and will be treated as tax deductible.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31431": { "value": "Accounting policy
Finance expenses, including the transaction costs for borrowings and any discount or premium on issue, are recognised in the
Consolidated Income Statement using the effective interest rate method.
When existing debt is derecognised in the financial statements any transaction costs not amortised are recognised immediately
in the Consolidated Income Statement.
Upon derecognition of financial liabilities, any unamortised financing fees are recognised immediately in the Consolidated
Income Statement.
Interest related to qualifying assets under construction included within PP&E is capitalised (refer to Note 8 \u2013 Property, plant
and equipment).
Refer to Note 24 \u2013 Leases for accounting policy on interest expense on lease liabilities.
Interest arising from interest rate swaps is recorded as either interest income or expense over the term of the agreement. Hedge
accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive
income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when
the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the
cash flow hedge reserve is reclassified immediately to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31432": { "value": "Accounting policy
Finance expenses, including the transaction costs for borrowings and any discount or premium on issue, are recognised in the
Consolidated Income Statement using the effective interest rate method.
When existing debt is derecognised in the financial statements any transaction costs not amortised are recognised immediately
in the Consolidated Income Statement.
Upon derecognition of financial liabilities, any unamortised financing fees are recognised immediately in the Consolidated
Income Statement.
Interest related to qualifying assets under construction included within PP&E is capitalised (refer to Note 8 \u2013 Property, plant
and equipment).
Refer to Note 24 \u2013 Leases for accounting policy on interest expense on lease liabilities.
Interest arising from interest rate swaps is recorded as either interest income or expense over the term of the agreement. Hedge
accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive
income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when
the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the
cash flow hedge reserve is reclassified immediately to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31573": { "value": "26. ACQUISITIONS
During the year to 31 December 2023, the Group completed the acquisitions of:
\u2013
Starlight Science Limited (Starlight), a pre-commercial UK-based company.
\u2013
A Better Choice Medical Supply LLC (ABCMS), a US-based intermittent catheter provider.
\u2013
All American Medical Supply Corp (AAMS), a New York home supplier of urinary catheters and compression stockings.
This note provides details of the transactions and the acquisition accounting that has been recorded to reflect the fair value of assets
acquired and liabilities assumed as well as the intangible assets and goodwill recognised upon acquisition. This note also provides
details of any fair value changes identified post-acquisition in respect of previous acquisitions that the Group has completed.
Accounting policy
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Consideration
transferred in respect of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and
liabilities incurred or assumed on the date of the acquisition. Identified assets acquired and liabilities assumed are measured
at their respective acquisition-date fair values.
The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as
goodwill. If the fair value of the identifiable net assets acquired is greater than the fair value of the consideration given, the
excess is recognised immediately in the Consolidated Income Statement as a bargain purchase gain. Acquisition-related costs
are expensed as incurred.
The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements from the date
of acquisition.
The classification of cash payments associated with contingent consideration within the Consolidated Statement of Cash Flows
is dependent on the nature of the arrangement.
Either the settlement of the amount initially recognised upon acquisition is reflected in cash flows from investing activities, with
the element of the payment relating to any subsequent remeasurement included within cash flows from operating activities;
alternatively, cash flows may be considered financing in nature and included within cash flows from financing activities.
Starlight Science Limited (Starlight)
On 18 April 2023, the Group completed its acquisition of 100% of the share capital of Starlight Science Limited (Starlight), a UK-based
company owned by 30 Technology Limited. The acquisition of Starlight included the anti-infective nitric oxide technology platform
and new product pipeline, which complements the Group\u2019s Advanced Wound Care portfolio and strengthens the Group\u2019s ability to
provide best-in-class solutions for patients.
In addition to the initial consideration of $56.7 million (\u00a345.3 million), the sellers may earn contingent consideration up to a
maximum of $163.9 million (\u00a3131.0 million), in the form of (i) milestone payment of $58.8 million (\u00a347.0 million) due upon regulatory
clearances in the US and Europe; and (ii) earnout payments based on sales of products over the lifetime of the acquired patents,
with the maximum earnout capped at $105.1 million (\u00a384.0 million).
The provisional discounted fair value of the contingent consideration at the date of acquisition was $66.7 million, discounted
at 19.1%. Following completion of acquisition accounting, any changes in the fair value of the contingent consideration will be
recorded in the Consolidated Income Statement in accordance with the Group\u2019s accounting policies.
A Better Choice Medical Supply LLC (ABCMS)
On 5 July 2023, the Group completed its acquisition of 100% of the share capital of A Better Choice Medical Supply LLC (ABCMS),
a US-based intermittent catheter provider, to further strengthen the Group\u2019s Home Service Group. The company was founded in
2008 and is based out of White Lake, Michigan. The consideration for the acquisition was $26.6 million which included $3.0 million
of deferred consideration paid into escrow. There is no earn out associated with this acquisition.
All American Medical Supply Corp (AAMS)
On 4 October 2023, the Group completed its acquisition of 100% of the share capital of All American Medical Supply Corp (AAMS), New
York-focused home supplier of urinary catheters and compression stockings, to further strengthen the Group\u2019s Home Service Group.
The company was founded in 2009 and is based out of Long Island, New York. The consideration for the acquisition was $1.5 million
which included $0.3 million of deferred consideration paid into escrow. There is no earn out associated with this acquisition.
Assets acquired and liabilities assumed
Each of the transactions meet the definition of a business combination and have been accounted for under the acquisition method
of accounting. The following table summarises the provisional fair values of the assets acquired and liabilities assumed as at the
acquisition dates:
Starlight
ABCMS
All American
Total
Provisiona
l
Provisiona
l
Provisiona
l
Provisiona
l
$m
$m
$m
$m
Non-current assets
Property, plant & equipment
0.4
\u2013
\u2013
0.4
Right-of-use assets
1.3
0.3
\u2013
1.6
Intangible assets
112.5
4.3
\u2013
116.8
Current assets
\u2013
Trade and other receivables
0.1
0.6
0.1
0.8
Cash and cash equivalents
\u2013
0.2
\u2013
0.2
Total assets acquired
114.3
5.4
0.1
119.8
Current liabilities
Trade and other payables
(0.1)
(0.2)
\u2013
(0.3)
Lease liabilities
(0.2)
\u2013
\u2013
(0.2)
Non-current liabilities
\u2013
Lease liabilities
(1.1)
(0.3)
\u2013
(1.4)
Deferred tax liabilities
(12.5)
\u2013
\u2013
(12.5)
Total liabilities assumed
(13.9)
(0.5)
\u2013
(14.4)
Net assets acquired
100.4
4.9
0.1
105.4
Goodwill
23.0
21.5
1.4
45.9
Total
123.4
26.4
1.5
151.3
Initial cash consideration
56.7
23.5
1.2
81.4
Deferred purchase consideration paid into escrow
1
\u2013
3.0
0.3
3.3
Working capital adjustment
2
\u2013
(0.1)
\u2013
(0.1)
Contingent consideration
66.7
\u2013
\u2013
66.7
Total consideration
123.4
26.4
1.5
151.3
Analysis of cash outflow in the Consolidated Statement of Cash Flows
Starlight
ABCMS
All American
Total
Provisiona
l
Provisiona
l
Provisiona
l
Provisiona
l
$m
$m
$m
$m
Initial cash consideration
56.7
23.5
1.2
81.4
Deferred purchase consideration paid into escrow
1
\u2013
3.0
0.3
3.3
Working capital adjustment
2
\u2013
(0.1)
\u2013
(0.1)
Cash and cash equivalents acquired
\u2013
(0.2)
\u2013
(0.2)
Net cash outflow from acquisitions, net of cash acquired
56.7
26.2
1.5
84.4
1.
$3.0 million for the acquisition of ABCMS and $0.3 million for the acquisition of All American was paid on closing into escrow as security and indemnity by the sellers for their
obligations under the Merger Agreements. The escrow amounts are expected to be released within 2 years of the respective acquisition dates, subject to terms specified in
the Merger Agreements.
2.
This is the Group\u2019s calculation of the working capital adjustment and forms part of the initial consideration. The final amount was determined in accordance with the terms
of the Merger Agreement and was finalised and paid by the reporting date.
The fair values of the assets acquired and liabilities assumed are provisional at 31 December 2023. The Group will finalise these
amounts as it obtains the information necessary to complete the measurement process. Any changes resulting from facts and
circumstances that existed as of the acquisition dates may result in retrospective adjustments to the provisional amounts
recognised at the acquisition date. The Group will finalise these amounts no later than one year from the acquisition dates.
The provisional fair value of trade and other receivables amounted to $0.8 million, with a gross contractual amount of $0.9 million.
At the acquisition date, the Group\u2019s best estimate of the contractual cash flows expected not be collected amounted to $0.1 million.
The goodwill recorded, which is not deductible for tax purposes, represents the cost savings, operating synergies and future growth
opportunities expected to result from combining the operations of the acquisitions with those of the Group.
The Starlight acquisition is included in the Advanced Wound Care CGU group, whilst ABCMS and AAMS are included in the
Continence Care CGU group.
Acquisition-related costs
The Group incurred $6.2 million of acquisition-related costs directly related to the acquisitions completed or aborted in the year
ended 31 December 2023, primarily in respect of legal and advisers\u2019 fees. The acquisition-related costs have been recognised in
general and administrative expenses in the Consolidated Income Statement.
Revenue and profit
As Starlight is in a pre-commercial state, there is no revenue to date. The loss for the period from the acquisition date to
31 December 2023 was $2.5 million, before recognising acquisition-related intangible asset amortisation charges of $6.0 million.
If the acquisition had been completed at 1 January 2023, reported Group revenue would have remained unchanged and the Group
profit for the period would have been $0.6 million lower for the year ended 31 December 2023, before recognising acquisition-
related intangible asset amortisation additional charges of $6.0 million.
The revenue of ABCMS for the period from the acquisition date to 31 December 2023 was $3.5 million and net profit for the period
was $1.6 million, before recognising acquisition-related intangible asset amortisation charges of $0.7 million. If the acquisition had
been completed on 1 January 2023, reported Group revenue would have been $4.3 million higher and Group profit for the year
would have been $0.8 million higher, before recognising acquisition-related intangible asset amortisation charges of $0.7 million.
The revenue of AAMS for the period from the acquisition date to 31 December 2023 was $0.9 million and net profit for the period
was $0.4 million. No intangible assets were identified during the purchase price allocation therefore there is no acquisition-related
intangible asset amortisation charge. If the acquisition had been completed at 1 January 2023, reported Group revenue would have
been $0.7 million higher and net profit would have remained unchanged.
Fair value of contingent consideration at reporting date
Contingent consideration arising on business combinations is classified as a recurring fair value measurement within Level 3 of
the fair value hierarchy, in line with IFRS 13,
Fair Value Measurements
. Key unobservable inputs in respect of the Group\u2019s acquisitions
include actual results, management forecasts and an appropriate discount rate.
As at 31 December 2023, the discounted fair value of the contingent consideration payable in respect of the Group\u2019s acquisitions
was $138.0 million (2022: $140.0 million).
Management has determined that the potential range of undiscounted outcomes at 31 December 2023 is between $52.4 million
and $265.4 million, from a maximum undiscounted amount of $354.2 million.
The table below shows an indicative basis of the sensitivity to the income statement and balance sheet at 31 December 2023.
\n \n
Sales forecast
Discount rate
5%
10%
-5%
-10%
1%
2%
-1%
-2%
Increase/(decrease) in financial liability and loss/(gain)
in income statement
8.3
16.9
(8.3)
(16.5)
(2.3)
(4.4)
2.4
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31588": { "value": "Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Consideration
transferred in respect of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and
liabilities incurred or assumed on the date of the acquisition. Identified assets acquired and liabilities assumed are measured
at their respective acquisition-date fair values.
The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as
goodwill. If the fair value of the identifiable net assets acquired is greater than the fair value of the consideration given, the
excess is recognised immediately in the Consolidated Income Statement as a bargain purchase gain. Acquisition-related costs
are expensed as incurred.
The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements from the date
of acquisition.
The classification of cash payments associated with contingent consideration within the Consolidated Statement of Cash Flows
is dependent on the nature of the arrangement.
Either the settlement of the amount initially recognised upon acquisition is reflected in cash flows from investing activities, with
the element of the payment relating to any subsequent remeasurement included within cash flows from operating activities;
alternatively, cash flows may be considered financing in nature and included within cash flows from financing activities.", "dimensions": { "concept": "ctec:DescriptionOfAccountingPolicyForAcquisitionsPolicyTextBlock", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32152": { "value": "27. COMMITMENTS AND CONTINGENCIES
Commitments represent the Group\u2019s future capital expenditure which is not recognised as a liability in the Consolidated Financial
Statements but represents a non-cancellable commitment.
A contingent liability is a possible liability that is not sufficiently certain to qualify for recognition as a provision because the
amount cannot be measured reliably or because settlement is not considered probable.
Capital commitments
At 31 December 2023, the Group had non-cancellable commitments for the purchase of property, plant and equipment, capitalised
software and development of $22.3 million (2022: $39.3 million).
Contingent liabilities
Other than as disclosed elsewhere in these financial statements, there were no contingent liabilities recognised as at 31 December
2023 and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32159": { "value": "Capital commitments
At 31 December 2023, the Group had non-cancellable commitments for the purchase of property, plant and equipment, capitalised
software and development of $22.3 million (2022: $39.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32165": { "value": "Contingent liabilities
Other than as disclosed elsewhere in these financial statements, there were no contingent liabilities recognised as at 31 December
2023 and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32184": { "value": "28. RELATED PARTY TRANSACTIONS
The Directors have not identified any related parties to the Group, other than the key management personnel. The Group considers
key management personnel as defined in IAS 24, Related Party Disclosures to be the members of CELT as set out on pages 98 to 99 and
the Non-Executive Directors as set out on pages 96 to 97.
Key management personnel compensation
Key management personnel compensation for the year ended 31 December was as follows:
\n \n
2023
2022
$m
$m
Short-term employee benefits
15.5
16.4
Share-based payment expense
7.1
9.2
Post-employment benefits
0.5
0.8
Termination benefits
\u2013
0.4
Total
23.1
26.8
Further details of short-term employee benefits, share-based payment expense and post-employment benefits for the Executive
Directors are shown on page 125. Details of the Non-Executive Directors\u2019 fees, included in the table above, are provided on page 128.
The Group has not been a party to any other material transaction, or proposed transactions, in which any member of the key
management personnel had or was to have a direct or indirect material interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32190": { "value": "Key management personnel compensation
Key management personnel compensation for the year ended 31 December was as follows:
\n \n
2023
2022
$m
$m
Short-term employee benefits
15.5
16.4
Share-based payment expense
7.1
9.2
Post-employment benefits
0.5
0.8
Termination benefits
\u2013
0.4
Total
23.1
26.8
Further details of short-term employee benefits, share-based payment expense and post-employment benefits for the Executive
Directors are shown on page 125. Details of the Non-Executive Directors\u2019 fees, included in the table above, are provided on page 128.
The Group has not been a party to any other material transaction, or proposed transactions, in which any member of the key
management personnel had or was to have a direct or indirect material interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32248": { "value": "29. SUBSEQUENT EVENTS
The Group has evaluated subsequent events through to 5 March 2024, the date the Consolidated Financial Statements were
approved by the Board of Directors.
On 5 March 2024, the Board proposed the final dividend in respect of 2023 subject to shareholder approval at the Annual General
Meeting on 16 May 2024, to be distributed on 23 May 2024. See Note 18 \u2013 Dividends to the Consolidated Financial Statements for
further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LS272L4FIDOH92", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }