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 |
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 |
2024 | 2023 | |
$m | $m | |
Advanced Wound Care | 742.7 | 695.3 |
Ostomy Care | 634.0 | 608.3 |
Continence Care | 501.4 | 457.2 |
Infusion Care | 410.9 | 370.9 |
Revenue excluding hospital care exit | 2,289.0 | 2,131.7 |
Revenue from hospital care exit | 0.2 | 10.7 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Europe | 661.1 | 647.8 |
North America | 1,295.6 | 1,186.0 |
Rest of World (RoW) 1 | 332.5 | 308.6 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Geographic regions | ||
US | 896.0 | 821.5 |
Denmark | 400.2 | 375.5 |
UK | 128.7 | 116.7 |
Other 2 | 864.3 | 828.7 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Long-lived assets 3 | ||
US | 1,189.8 | 1,285.9 |
UK | 838.4 | 866.6 |
Denmark | 280.5 | 274.4 |
Other | 357.5 | 355.7 |
Total long-lived assets | 2,666.2 | 2,782.6 |
2024 | 2023 | |
$m | $m | |
Advanced Wound Care | 742.7 | 695.3 |
Ostomy Care | 634.0 | 608.3 |
Continence Care | 501.4 | 457.2 |
Infusion Care | 410.9 | 370.9 |
Revenue excluding hospital care exit | 2,289.0 | 2,131.7 |
Revenue from hospital care exit | 0.2 | 10.7 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Europe | 661.1 | 647.8 |
North America | 1,295.6 | 1,186.0 |
Rest of World (RoW) 1 | 332.5 | 308.6 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Geographic regions | ||
US | 896.0 | 821.5 |
Denmark | 400.2 | 375.5 |
UK | 128.7 | 116.7 |
Other 2 | 864.3 | 828.7 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Long-lived assets 3 | ||
US | 1,189.8 | 1,285.9 |
UK | 838.4 | 866.6 |
Denmark | 280.5 | 274.4 |
Other | 357.5 | 355.7 |
Total long-lived assets | 2,666.2 | 2,782.6 |
2024 | 2023 | |
$m | $m | |
Advanced Wound Care | 742.7 | 695.3 |
Ostomy Care | 634.0 | 608.3 |
Continence Care | 501.4 | 457.2 |
Infusion Care | 410.9 | 370.9 |
Revenue excluding hospital care exit | 2,289.0 | 2,131.7 |
Revenue from hospital care exit | 0.2 | 10.7 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Europe | 661.1 | 647.8 |
North America | 1,295.6 | 1,186.0 |
Rest of World (RoW) 1 | 332.5 | 308.6 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Geographic regions | ||
US | 896.0 | 821.5 |
Denmark | 400.2 | 375.5 |
UK | 128.7 | 116.7 |
Other 2 | 864.3 | 828.7 |
Total | 2,289.2 | 2,142.4 |
2024 | 2023 | |
$m | $m | |
Long-lived assets 3 | ||
US | 1,189.8 | 1,285.9 |
UK | 838.4 | 866.6 |
Denmark | 280.5 | 274.4 |
Other | 357.5 | 355.7 |
Total long-lived assets | 2,666.2 | 2,782.6 |
2024 | 2023 | ||
Notes | $m | $m | |
Depreciation: | |||
Property, plant and equipment | 8 | 40.6 | 37.5 |
Right-o f -use assets | 24 | 23.2 | 22.7 |
Amortisation of intangible assets | 9 | 157.0 | 154.6 |
Impairment of intangible assets | 9 | 0.9 | \u2013 |
Impairment of property, plant and equipment | 8 | 6.5 | 2.7 |
Impairment of right-o f -use assets | 24 | 0.3 | 1.9 |
Amounts in respect of inventories included in cost of sales | 856.1 | 794.4 | |
Write-down of inventories | 15.6 | 21.8 | |
Lease expenses 1 | 24 | 1.5 | 2.4 |
Staff costs: | |||
Wages and salaries | 618.0 | 578.4 | |
Share-based payment expense | 19 | 19.8 | 14.6 |
Social security costs | 94.9 | 77.3 | |
Defined contribution plans post-employment costs | 27.7 | 23.7 | |
Defined benefit plans pension costs | 15 | 1.2 | 1.4 |
Recruitment and other employment-related fees | 5.6 | 5.9 | |
Total staff costs | 767.2 | 701.3 |
2024 | 2023 | |
$m | $m | |
Fees for audit services | ||
The audit of the Company and Group financial statements | 1.8 | 1.6 |
The audit of the accounts of the Company\u2019s subsidiaries 1 | 3.1 | 3.3 |
Total fees for audit services | 4.9 | 4.9 |
Fees for non-audit services | ||
Audit-related assurance services | 0.2 | 0.2 |
Other non-audit services | 0.1 | 0.1 |
Total fees for non-audit services | 0.3 | 0.3 |
Total auditor remuneration | 5.2 | 5.2 |
2024 | 2023 | |
$m | $m | |
Impairment of intangible assets | 0.7 | \u2013 |
Impairment of property, plant and equipment and right-o f -use assets | 6.1 | 2.5 |
Other operating expenses | 6.8 | 2.5 |
2024 | 2023 | ||
Notes | $m | $m | |
Depreciation: | |||
Property, plant and equipment | 8 | 40.6 | 37.5 |
Right-o f -use assets | 24 | 23.2 | 22.7 |
Amortisation of intangible assets | 9 | 157.0 | 154.6 |
Impairment of intangible assets | 9 | 0.9 | \u2013 |
Impairment of property, plant and equipment | 8 | 6.5 | 2.7 |
Impairment of right-o f -use assets | 24 | 0.3 | 1.9 |
Amounts in respect of inventories included in cost of sales | 856.1 | 794.4 | |
Write-down of inventories | 15.6 | 21.8 | |
Lease expenses 1 | 24 | 1.5 | 2.4 |
Staff costs: | |||
Wages and salaries | 618.0 | 578.4 | |
Share-based payment expense | 19 | 19.8 | 14.6 |
Social security costs | 94.9 | 77.3 | |
Defined contribution plans post-employment costs | 27.7 | 23.7 | |
Defined benefit plans pension costs | 15 | 1.2 | 1.4 |
Recruitment and other employment-related fees | 5.6 | 5.9 | |
Total staff costs | 767.2 | 701.3 |
2024 | 2023 | |
$m | $m | |
Fees for audit services | ||
The audit of the Company and Group financial statements | 1.8 | 1.6 |
The audit of the accounts of the Company\u2019s subsidiaries 1 | 3.1 | 3.3 |
Total fees for audit services | 4.9 | 4.9 |
Fees for non-audit services | ||
Audit-related assurance services | 0.2 | 0.2 |
Other non-audit services | 0.1 | 0.1 |
Total fees for non-audit services | 0.3 | 0.3 |
Total auditor remuneration | 5.2 | 5.2 |
2024 | 2023 | |
$m | $m | |
Impairment of intangible assets | 0.7 | \u2013 |
Impairment of property, plant and equipment and right-o f -use assets | 6.1 | 2.5 |
Other operating expenses | 6.8 | 2.5 |
2024 | 2023 | |
$m | $m | |
Impairment of intangible assets | 0.7 | \u2013 |
Impairment of property, plant and equipment and right-o f -use assets | 6.1 | 2.5 |
Other operating expenses | 6.8 | 2.5 |
2024 | 2023 | ||
Notes | $m | $m | |
Net foreign exchange (loss)/gain 2 | (18.1) | 3.7 | |
Gain/(loss) on foreign exchange forward contracts | 23 | 25.8 | (4.3) |
(Loss)/gain on foreign exchange cash flow hedges | 23 | (4.3) | 0.8 |
Gain on divestiture | \u2013 | 3.9 | |
Other non-operating income | 0.3 | 0.7 | |
Non-operating income, net 3 | 3.7 | 4.8 |
2024 | 2023 | |
$m | $m | |
Current tax | ||
UK corporation tax | 2.1 | \u2013 |
Overseas taxation | 66.0 | 46.1 |
Adjustment to prior years | (4.2) | (5.5) |
Total current tax expense | 63.9 | 40.6 |
Deferred tax | ||
Origination and reversal of temporary differences | (4.6) | 2.0 |
Change in tax rates | 3.6 | 1.6 |
Adjustment to prior years | (7.2) | (4.5) |
Benefit from previously unrecognised tax losses | (0.3) | (2.6) |
Total deferred tax benefit | (8.5) | (3.5) |
Income tax expense | 55.4 | 37.1 |
2024 | 2023 | |||
$m | $m | |||
Profit before income taxes | 245.9 | 167.4 | ||
Profit before income taxes multiplied by rate of corporation tax in the UK of 25.0% | ||||
(2023: 23.52%) | 61.5 | 39.4 | ||
Difference between UK and overseas tax rates 1 | (0.3) | 1.6 | ||
Non-deductible/non-taxable items | 5.2 | 7.2 | ||
Change in recognition of deferred tax assets | \u2013 | 2.6 | ||
Recognition of previously unrecognised US deferred tax assets | \u2013 | (2.6) | ||
Movement in provision for uncertain tax positions | 3.7 | (17.5) | ||
Other 2 | (14.7) | 6.4 | ||
Income tax expense and effective tax rate | 55.4 | 22.5% | 37.1 | 22.2% |
2024 | 2023 | |
$m | $m | |
Deferred tax assets | 22.7 | 21.2 |
Deferred tax liabilities | (82.7) | (88.2) |
(60.0) | (67.0) |
Inventor y | Tax losses | PP&E | Intangibles | Interest | Other | Total | |
$m | $m | $m | $m | $m | $m | $m | |
At 1 January 2023 | 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) |
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) |
Recognised in income statement | 3.6 | (34.4) | 0.6 | 31.1 | 1.4 | 6.2 | 8.5 |
Recognised in other | |||||||
comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
Acquisitions | \u2013 | \u2013 | \u2013 | (0.3) | \u2013 | \u2013 | (0.3) |
Foreign exchange | \u2013 | (0.6) | 0.8 | 1.2 | (0.8) | (0.2) | 0.4 |
At 31 December 2024 | 13.2 | 42.5 | (4.0) | (190.8) | 37.1 | 42.0 | (60.0) |
2024 | 2023 | |
Losses | Losses | |
Trading and capital losses expiring: | $m | $m |
Within five years | 1.3 | 2.2 |
Between five to ten years | \u2013 | 0.5 |
Unlimited | 925.4 | 961.6 |
Total | 926.7 | 964.3 |
2024 | 2023 | |
$m | $m | |
Deferred tax assets | 22.7 | 21.2 |
Deferred tax liabilities | (82.7) | (88.2) |
(60.0) | (67.0) |
Inventor y | Tax losses | PP&E | Intangibles | Interest | Other | Total | |
$m | $m | $m | $m | $m | $m | $m | |
At 1 January 2023 | 3.3 | 90.1 | (3.5) | (217.6) | 28.4 | 42.7 | (56.6) |
Recognised in income statement | 6.4 | (13.0) | (1.7) | 11.0 | 7.6 | (6.8) | 3.5 |
Recognised in other | |||||||
comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 0.7 | 0.7 |
Acquisitions | \u2013 | \u2013 | \u2013 | (13.1) | \u2013 | \u2013 | (13.1) |
Foreign exchange | (0.1) | 0.4 | (0.2) | (3.1) | 0.5 | 1.0 | (1.5) |
At 31 December 2023 | 9.6 | 77.5 | (5.4) | (222.8) | 36.5 | 37.6 | (67.0) |
Recognised in income statement | 3.6 | (34.4) | 0.6 | 31.1 | 1.4 | 6.2 | 8.5 |
Recognised in other | |||||||
comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
Acquisitions | \u2013 | \u2013 | \u2013 | (0.3) | \u2013 | \u2013 | (0.3) |
Foreign exchange | \u2013 | (0.6) | 0.8 | 1.2 | (0.8) | (0.2) | 0.4 |
At 31 December 2024 | 13.2 | 42.5 | (4.0) | (190.8) | 37.1 | 42.0 | (60.0) |
2024 | 2023 | |
Net profit attributable to the shareholders of the Group ($m) | 190.5 | 130.3 |
Basic weighted average ordinary shares in issue (number) | 2,047,643,498 | 2,038,653,228 |
Dilutive impact of share awards (number) | 9,153,919 | 13,936,032 |
Diluted weighted average ordinary shares in issue (number) | 2,056,797,417 | 2,052,589,260 |
Basic earnings per share (cents per share) | 9.3\u00a2 per share | 6.4\u00a2 per share |
Diluted earnings per share (cents per share) | 9.3\u00a2 per share | 6.3\u00a2 per share |
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 |
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 2023 | 14.2 | 135.2 | 481.2 | 143.7 | 774.3 |
Additions | \u2013 | 2.1 | 34.5 | 60.7 | 97.3 |
Arising from acquisitions | \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 |
Additions | \u2013 | 2.3 | 2.7 | 97.3 | 102.3 |
Disposals 1 | (1.1) | (5.4) | (9.6) | (0.2) | (16.3) |
Transfers | \u2013 | 17.5 | 48.5 | (66.0) | \u2013 |
Foreign exchange | (0.4) | (10.7) | (21.5) | (7.2) | (39.8) |
31 December 2024 | 14.9 | 177.5 | 557.6 | 168.9 | 918.9 |
Accumulated depreciation | |||||
1 January 2023 | 1.0 | 55.3 | 317.6 | \u2013 | 373.9 |
Depreciation | 0.1 | 7.6 | 29.8 | \u2013 | 37.5 |
Arising from acquisitions | \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 |
Depreciation | 0.1 | 8.9 | 31.6 | \u2013 | 40.6 |
Disposals 1 | \u2013 | (4.0) | (9.6) | \u2013 | (13.6) |
Impairment | \u2013 | 1.6 | 4.9 | \u2013 | 6.5 |
Foreign exchange | \u2013 | (3.1) | (13.0) | \u2013 | (16.1) |
31 December 2024 | 1.2 | 66.9 | 348.2 | \u2013 | 416.3 |
Net carrying amount | |||||
31 December 2023 | 15.3 | 110.3 | 203.2 | 145.0 | 473.8 |
31 December 2024 | 13.7 | 110.6 | 209.4 | 168.9 | 502.6 |
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 |
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 |
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 |
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 2023 | 14.2 | 135.2 | 481.2 | 143.7 | 774.3 |
Additions | \u2013 | 2.1 | 34.5 | 60.7 | 97.3 |
Arising from acquisitions | \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 |
Additions | \u2013 | 2.3 | 2.7 | 97.3 | 102.3 |
Disposals 1 | (1.1) | (5.4) | (9.6) | (0.2) | (16.3) |
Transfers | \u2013 | 17.5 | 48.5 | (66.0) | \u2013 |
Foreign exchange | (0.4) | (10.7) | (21.5) | (7.2) | (39.8) |
31 December 2024 | 14.9 | 177.5 | 557.6 | 168.9 | 918.9 |
Accumulated depreciation | |||||
1 January 2023 | 1.0 | 55.3 | 317.6 | \u2013 | 373.9 |
Depreciation | 0.1 | 7.6 | 29.8 | \u2013 | 37.5 |
Arising from acquisitions | \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 |
Depreciation | 0.1 | 8.9 | 31.6 | \u2013 | 40.6 |
Disposals 1 | \u2013 | (4.0) | (9.6) | \u2013 | (13.6) |
Impairment | \u2013 | 1.6 | 4.9 | \u2013 | 6.5 |
Foreign exchange | \u2013 | (3.1) | (13.0) | \u2013 | (16.1) |
31 December 2024 | 1.2 | 66.9 | 348.2 | \u2013 | 416.3 |
Net carrying amount | |||||
31 December 2023 | 15.3 | 110.3 | 203.2 | 145.0 | 473.8 |
31 December 2024 | 13.7 | 110.6 | 209.4 | 168.9 | 502.6 |
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 2023 | 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 | 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 |
Additions | 1.0 | 3.6 | \u2013 | \u2013 | \u2013 | 26.8 | 31.4 |
Arising from acquisitions 2 | \u2013 | \u2013 | 1.0 | 0.3 | \u2013 | \u2013 | 1.3 |
Write-offs | (12.8) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (12.8) |
Transfers | 11.3 | 24.7 | \u2013 | \u2013 | \u2013 | (36.0) | \u2013 |
Foreign exchange | (13.3) | (1.2) | (5.8) | (1.0) | (0.7) | (0.6) | (22.6) |
31 December 2024 | 2,256.3 | 200.7 | 326.9 | 262.5 | 10.6 | 21.0 | 3,078.0 |
Accumulated amortisation | |||||||
1 January 2023 | 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) |
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 |
Amortisation | 117.3 | 20.1 | 18.9 | 0.4 | 0.3 | \u2013 | 157.0 |
Write-offs | (12.8) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (12.8) |
Impairment | \u2013 | 0.2 | 0.7 | \u2013 | \u2013 | \u2013 | 0.9 |
Foreign exchange | (11.4) | (0.4) | (5.9) | \u2013 | (0.7) | \u2013 | (18.4) |
31 December 2024 | 1,857.8 | 128.6 | 262.5 | 12.6 | 10.6 | \u2013 | 2,272.1 |
Net carrying amount | |||||||
31 December 2023 | 505.4 | 64.9 | 82.9 | 251.0 | 0.3 | 30.8 | 935.3 |
31 December 2024 | 398.5 | 72.1 | 64.4 | 249.9 | \u2013 | 21.0 | 805.9 |
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 |
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 2023 | 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 | 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 |
Additions | 1.0 | 3.6 | \u2013 | \u2013 | \u2013 | 26.8 | 31.4 |
Arising from acquisitions 2 | \u2013 | \u2013 | 1.0 | 0.3 | \u2013 | \u2013 | 1.3 |
Write-offs | (12.8) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (12.8) |
Transfers | 11.3 | 24.7 | \u2013 | \u2013 | \u2013 | (36.0) | \u2013 |
Foreign exchange | (13.3) | (1.2) | (5.8) | (1.0) | (0.7) | (0.6) | (22.6) |
31 December 2024 | 2,256.3 | 200.7 | 326.9 | 262.5 | 10.6 | 21.0 | 3,078.0 |
Accumulated amortisation | |||||||
1 January 2023 | 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) |
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 |
Amortisation | 117.3 | 20.1 | 18.9 | 0.4 | 0.3 | \u2013 | 157.0 |
Write-offs | (12.8) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (12.8) |
Impairment | \u2013 | 0.2 | 0.7 | \u2013 | \u2013 | \u2013 | 0.9 |
Foreign exchange | (11.4) | (0.4) | (5.9) | \u2013 | (0.7) | \u2013 | (18.4) |
31 December 2024 | 1,857.8 | 128.6 | 262.5 | 12.6 | 10.6 | \u2013 | 2,272.1 |
Net carrying amount | |||||||
31 December 2023 | 505.4 | 64.9 | 82.9 | 251.0 | 0.3 | 30.8 | 935.3 |
31 December 2024 | 398.5 | 72.1 | 64.4 | 249.9 | \u2013 | 21.0 | 805.9 |
2024 | 2023 | |
$m | $m | |
Cost of sales | 111.4 | 112.4 |
Selling and distribution expenses | 5.0 | 3.6 |
General and administrative expenses | 32.4 | 31.0 |
Research and development expenses | 8.2 | 7.6 |
Total amortisation expense | 157.0 | 154.6 |
2024 | 2023 | ||
$m | $m | Remaining life | |
Trade names | |||
Convatec trade name | 234.6 | 234.6 | Indefinite |
Product-related | |||
InnovaMatrix TM | 123.5 | 134.5 | 11.3 years |
NextGen Antimicrobial platform | 98.7 | 107.0 | 13.3 years |
Total | |
$m | |
1 January 2023 | 1,224.6 |
Arising from acquisitions | 45.9 |
Foreign exchange | 28.3 |
31 December 2023 | 1,298.8 |
Arising from acquisitions (Note 26) | 11.5 |
Foreign exchange | (20.1) |
31 December 2024 | 1,290.2 |
Goodwill | Indefinite-lived intangible assets | |||
2024 | 2023 | 2024 | 2023 | |
$m | $m | $m | $m | |
CGU groups | ||||
Advanced Wound Care | 518.3 | 523.7 | 104.8 | 104.8 |
Ostomy Care | 152.7 | 154.3 | 91.2 | 91.2 |
Continence Care | 540.8 | 535.0 | 41.2 | 41.2 |
Infusion Care | 78.4 | 85.8 | 11.2 | 12.2 |
Total | 1,290.2 | 1,298.8 | 248.4 | 249.4 |
2024 | 2023 | |
Discount rate (pre-tax) 1 | % | % |
CGU groups | ||
Advanced Wound Care | 10.6 | 14.5 |
Ostomy Care | 10.6 | 13.5 |
Continence Care | 10.0 | 12.0 |
Infusion Care | 10.2 | 13.5 |
Terminal value growth rate 2 | 2.0 | 2.0 |
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 |
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 2023 | 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 | 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 |
Additions | 1.0 | 3.6 | \u2013 | \u2013 | \u2013 | 26.8 | 31.4 |
Arising from acquisitions 2 | \u2013 | \u2013 | 1.0 | 0.3 | \u2013 | \u2013 | 1.3 |
Write-offs | (12.8) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (12.8) |
Transfers | 11.3 | 24.7 | \u2013 | \u2013 | \u2013 | (36.0) | \u2013 |
Foreign exchange | (13.3) | (1.2) | (5.8) | (1.0) | (0.7) | (0.6) | (22.6) |
31 December 2024 | 2,256.3 | 200.7 | 326.9 | 262.5 | 10.6 | 21.0 | 3,078.0 |
Accumulated amortisation | |||||||
1 January 2023 | 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) |
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 |
Amortisation | 117.3 | 20.1 | 18.9 | 0.4 | 0.3 | \u2013 | 157.0 |
Write-offs | (12.8) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (12.8) |
Impairment | \u2013 | 0.2 | 0.7 | \u2013 | \u2013 | \u2013 | 0.9 |
Foreign exchange | (11.4) | (0.4) | (5.9) | \u2013 | (0.7) | \u2013 | (18.4) |
31 December 2024 | 1,857.8 | 128.6 | 262.5 | 12.6 | 10.6 | \u2013 | 2,272.1 |
Net carrying amount | |||||||
31 December 2023 | 505.4 | 64.9 | 82.9 | 251.0 | 0.3 | 30.8 | 935.3 |
31 December 2024 | 398.5 | 72.1 | 64.4 | 249.9 | \u2013 | 21.0 | 805.9 |
2024 | 2023 | |
$m | $m | |
Cost of sales | 111.4 | 112.4 |
Selling and distribution expenses | 5.0 | 3.6 |
General and administrative expenses | 32.4 | 31.0 |
Research and development expenses | 8.2 | 7.6 |
Total amortisation expense | 157.0 | 154.6 |
2024 | 2023 | ||
$m | $m | Remaining life | |
Trade names | |||
Convatec trade name | 234.6 | 234.6 | Indefinite |
Product-related | |||
InnovaMatrix TM | 123.5 | 134.5 | 11.3 years |
NextGen Antimicrobial platform | 98.7 | 107.0 | 13.3 years |
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 |
Total | |
$m | |
1 January 2023 | 1,224.6 |
Arising from acquisitions | 45.9 |
Foreign exchange | 28.3 |
31 December 2023 | 1,298.8 |
Arising from acquisitions (Note 26) | 11.5 |
Foreign exchange | (20.1) |
31 December 2024 | 1,290.2 |
Goodwill | Indefinite-lived intangible assets | |||
2024 | 2023 | 2024 | 2023 | |
$m | $m | $m | $m | |
CGU groups | ||||
Advanced Wound Care | 518.3 | 523.7 | 104.8 | 104.8 |
Ostomy Care | 152.7 | 154.3 | 91.2 | 91.2 |
Continence Care | 540.8 | 535.0 | 41.2 | 41.2 |
Infusion Care | 78.4 | 85.8 | 11.2 | 12.2 |
Total | 1,290.2 | 1,298.8 | 248.4 | 249.4 |
2024 | 2023 | |
Discount rate (pre-tax) 1 | % | % |
CGU groups | ||
Advanced Wound Care | 10.6 | 14.5 |
Ostomy Care | 10.6 | 13.5 |
Continence Care | 10.0 | 12.0 |
Infusion Care | 10.2 | 13.5 |
Terminal value growth rate 2 | 2.0 | 2.0 |
Sensitivity applied to input | |||
Methodology | Inputs | Low range | High range |
Precedent transaction method/Price of | Change in market multiples | Decrease of 5% | Increase of 5% |
recent investment | (decrease of 45% to 55%) | to 60% | to 40% |
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 | +2.5% on | -2.5% on |
(discounted cash flow analysis) | the alpha | the alpha | |
Discounted at weighted average cost of | |||
Provides an estimation of the value of an asset | capital (WACC) appropriate for the risk of | ||
based on expectations about the cash flows | achieving the projected cash flows of 28.6% | ||
that an asset would generate over time, | |||
discounted at the appropriate rate of return. | The final year of projections has been | ||
extrapolated using a reasonable long term | |||
growth rate (LTGR) of 2%. | |||
Probability-weighted expected return model | Discounted at cost of equity of 31.5% | +2% to | -2% to |
(\u201cPWERM\u201d) | 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 | $13.4m | $20.1m |
2024 | 2023 | |
$m | $m | |
Raw and packaging materials | 93.6 | 102.3 |
Work in progress | 32.2 | 42.5 |
Finished goods | 223.8 | 251.3 |
Inventories | 349.6 | 396.1 |
2024 | 2023 | |
$m | $m | |
Included within current assets: | ||
Trade receivables | 310.9 | 337.8 |
Less: allowances for expected credit losses | (15.6) | (27.1) |
Less: sales discounts and chargebacks | (28.3) | (40.9) |
Other receivables 1 | 34.0 | 39.0 |
Prepayments | 34.0 | 24.9 |
Trade and other receivables | 335.0 | 333.7 |
2024 | 2023 | |
$m | $m | |
Current | 247.5 | 244.2 |
Past due 1 to 30 days | 18.5 | 27.7 |
Past due 31 to 90 days | 21.5 | 19.2 |
Past due 91 to 180 days | 7.4 | 15.1 |
Past due by more than 180 days | 16.0 | 31.6 |
310.9 | 337.8 |
2024 | 2023 | |
$m | $m | |
Past due 1 to 30 days | 18.2 | 27.2 |
Past due 31 to 90 days | 21.1 | 18.5 |
Past due 91 to 180 days | 6.3 | 12.7 |
Past due by more than 180 days | 2.2 | 8.1 |
47.8 | 66.5 |
2024 | 2023 | |
$m | $m | |
At 1 January | (27.1) | (22.0) |
Charged to the income statement | (9.7) | (14.3) |
Released to the income statement | 8.8 | \u2013 |
Utilisation of provision | 11.6 | 9.4 |
Foreign exchange | 0.8 | (0.2) |
At 31 December | (15.6) | (27.1) |
2024 | 2023 | |
$m | $m | |
Included within current assets: | ||
Trade receivables | 310.9 | 337.8 |
Less: allowances for expected credit losses | (15.6) | (27.1) |
Less: sales discounts and chargebacks | (28.3) | (40.9) |
Other receivables 1 | 34.0 | 39.0 |
Prepayments | 34.0 | 24.9 |
Trade and other receivables | 335.0 | 333.7 |
2024 | 2023 | |
$m | $m | |
At 1 January | (27.1) | (22.0) |
Charged to the income statement | (9.7) | (14.3) |
Released to the income statement | 8.8 | \u2013 |
Utilisation of provision | 11.6 | 9.4 |
Foreign exchange | 0.8 | (0.2) |
At 31 December | (15.6) | (27.1) |
2024 | 2023 | |
$m | $m | |
Included within current liabilities: | ||
Trade payables | 124.9 | 136.9 |
Taxes and social security | 31.8 | 32.2 |
Other employee-related liabilities | 114.3 | 108.2 |
Accruals and other payables 1 | 111.7 | 111.4 |
Trade and other payables | 382.7 | 388.7 |
2024 | 2023 | |
$m | $m | |
Included within non-current liabilities: | ||
Defined benefit obligations (Note 15) | 11.5 | 12.1 |
Other employee-related liabilities | 4.2 | 5.1 |
Accruals and other payables | 15.0 | 15.3 |
Other non-current liabilities | 30.7 | 32.5 |
Dilapidations | Restructuring | Legal | Total | |
$m | $m | $m | $m | |
1 January 2024 | 2.4 | 14.0 | 0.6 | 17.0 |
Charged to income statement | 0.7 | 6.7 | 0.3 | 7.7 |
Released to income statement | \u2013 | (2.9) | (0.1) | (3.0) |
Utilised | \u2013 | (13.1) | (0.3) | (13.4) |
Foreign exchange | \u2013 | (0.4) | (0.1) | (0.5) |
31 December 2024 | 3.1 | 4.3 | 0.4 | 7.8 |
Current | \u2013 | 4.3 | \u2013 | 4.3 |
Non-current | 3.1 | \u2013 | 0.4 | 3.5 |
2024 | 2023 | |
$m | $m | |
Within 1 year | 4.3 | 14.0 |
2 to 5 years | 3.5 | 3.0 |
Total | 7.8 | 17.0 |
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. | |
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. |
2024 | 2023 | |
$m | $m | |
Defined benefit plans: | ||
Current service cost | 1.0 | 1.1 |
Past service (income) | (0.1) | (0.1) |
Interest (income) on plan assets | \u2013 | (0.2) |
Interest expense on defined benefit obligations | 0.3 | 0.6 |
Total expense (Note 3) | 1.2 | 1.4 |
2024 | 2023 | |
$m | $m | |
Remeasurement effect recognised in other comprehensive income: | ||
Actuarial gain on liabilities due to experience | 0.1 | 0.1 |
Actuarial (loss)/gain arising from changes in financial assumptions | (0.5) | 0.1 |
Actuarial gain/(loss) on plan assets | 0.1 | (0.2) |
Remeasurement (loss)/gain recognised in other comprehensive income | (0.3) | \u2013 |
Deferred tax on remeasurement loss recognised in other comprehensive income | \u2013 | (0.2) |
Total amount recognised in other comprehensive income | (0.3) | (0.2) |
German y 1 | Switzerland | Other | Total | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
$m | $m | $m | $m | $m | $m | $m | $m | |
Fair value of schemes\u2019 assets | 0.7 | \u2013 | 12.9 | 11.8 | 0.7 | 0.8 | 14.3 | 12.6 |
Present value of funded | ||||||||
schemes\u2019 liabilities | (8.6) | \u2013 | (14.7) | (13.8) | (0.8) | (0.7) | (24.1) | (14.5) |
Deficit in the funded schemes | (7.9) | \u2013 | (1.8) | (2.0) | (0.1) | 0.1 | (9.8) | (1.9) |
Present value of unfunded | ||||||||
schemes\u2019 liabilities | \u2013 | (8.4) | \u2013 | \u2013 | (1.7) | (1.8) | (1.7) | (10.2) |
Net pension liability | (7.9) | (8.4) | (1.8) | (2.0) | (1.8) | (1.7) | (11.5) | (12.1) |
Recognised within Consolidated Statement of Financial Position: | ||||||||
Defined benefit obligations (Note 13) | (11.5) | (12.1) |
Assets | Liabilities | Total | |
$m | $m | $m | |
At 1 January 2023 | 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 (loss)/gain | (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) |
Current service cost | \u2013 | (1.0) | (1.0) |
Past service income | \u2013 | 0.1 | 0.1 |
Interest income/(expense) | \u2013 | (0.3) | (0.3) |
Remeasurement gain/(loss) | 0.7 | (0.5) | 0.2 |
Contributions by employer | 1.3 | \u2013 | 1.3 |
Contributions by members | 0.4 | (0.4) | \u2013 |
Benefits paid | (3.3) | 3.3 | \u2013 |
Experience gain | \u2013 | 0.1 | 0.1 |
Transfer from multi-employer scheme | 3.5 | (4.1) | (0.6) |
Foreign exchange | (0.9) | 1.7 | 0.8 |
At 31 December 2024 | 14.3 | (25.8) | (11.5) |
German y | Switzerland | Other | Total | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
$m | $m | $m | $m | $m | $m | $m | $m | |
Equity instruments | 0.7 | \u2013 | 4.3 | 3.9 | \u2013 | \u2013 | 5.0 | 3.9 |
Debt instruments | \u2013 | \u2013 | 4.5 | 4.6 | \u2013 | \u2013 | 4.5 | 4.6 |
Property | \u2013 | \u2013 | 2.6 | 1.8 | \u2013 | \u2013 | 2.6 | 1.8 |
Qualifying insurance policies | \u2013 | \u2013 | \u2013 | \u2013 | 0.7 | 0.8 | 0.7 | 0.8 |
Other | \u2013 | \u2013 | 1.5 | 1.5 | \u2013 | \u2013 | 1.5 | 1.5 |
Plan assets | 0.7 | \u2013 | 12.9 | 11.8 | 0.7 | 0.8 | 14.3 | 12.6 |
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. |
German y | Switzerland | Other | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Discount rate | 3.32% | 3.57% | 1.10% | 2.00% | 3.18% to 3.61% | 3.15% to 4.61% |
Rate of price inflation | N/A | N/A | 1.00% | 1.00% | 2.00% to 2.20% | 2.00% to 2.20% |
Future salary increases | 2.50% | 3.00% | 1.75% | 1.75% | 0% to 2.50% | 0.00% to 3.00% |
German y | Switzerland | Other | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Life expectancy at age 65 | ||||||
Male | 18.9 years | 18.8 years | 22.8 years | 23.0 years | 18.8 years | 24.0 years |
Female | 22.3 years | 22.2 years | 24.5 years | 23.7 years | 24.0 years | 28.0 years |
Life expectancy at age 65 in 20 years\u2019 time | ||||||
Male | 21.6 years | 21.5 years | 24.8 years | 25.2 years | 18.8 years | 24.9 years |
Female | 24.5 years | 24.4 years | 26.4 years | 25.7 years | 24.0 years | 28.9 years |
German y | Switzerland | |||
Increase 0.5% | Decrease 0.5% | Increase 0.5% | Decrease 0.5% | |
Discount rate | 0.7 | (0.8) | 1.4 | (1.5) |
Inflation | N/A | N/A | (0.5) | 0.5 |
Future salary increases | N/A | N/A | (0.2) | 0.2 |
1 year increase | 1 year decrease | 1 year increase | 1 year decrease | |
Life expectancy | (0.2) | 0.2 | (0.3) | 0.3 |
German y | Switzerland | Other | Total | |
$m | $m | $m | $m | |
Expected payments | 0.2 | 0.5 | \u2013 | 0.7 |
2024 | 2023 | |
$m | $m | |
Borrowings (Note 21) | 1,122.8 | 1,226.9 |
Less: Cash and cash equivalents (Note 22) | (64.7) | (97.6) |
Net debt (excluding lease liabilities) | 1,058.1 | 1,129.3 |
Equity | 1,688.9 | 1,692.7 |
Total capital | 2,747.0 | 2,822.0 |
Ordinary shares | Share capital Share premium | ||
Issued and fully paid or credited as fully paid | number | $m | $m |
1 January 2023 | 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 |
31 December 2024 | 2,049,789,559 | 251.5 | 181.0 |
Ordinary shares | Share capital Share premium | ||
Issued and fully paid or credited as fully paid | number | $m | $m |
1 January 2023 | 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 |
31 December 2024 | 2,049,789,559 | 251.5 | 181.0 |
Settled in | Settled via | |||||
Pence | Cents | Total | cash | scrip | No of scrip | |
per share | per share | $m | $m | $m | shares issued | |
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 | 3.517 | 4.460 | 91.5 | 91.5 | \u2013 | \u2013 |
Interim dividend 2024 | 1.422 | 1.822 | 38.7 | 38.7 | \u2013 | \u2013 |
Paid in 2024 | 4.939 | 6.282 | 130.2 | 130.2 | \u2013 | \u2013 |
Final dividend 2024 proposed | 3.639 | 4.594 | 94.2 |
2024 | 2023 | |
$m | $m | |
LTIP | 11.9 | 7.3 |
SP/MSP | 6.0 | 5.5 |
DBP | 1.2 | 1.0 |
Employee Plans | 0.7 | 0.8 |
19.8 | 14.6 |
2024 | 2023 | |||
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 | 31,439 | 0.29 | 30,800 | 0.33 |
Granted | 10,667 | 0.27 | 10,987 | 0.22 |
Forfeited | (5,207) | 0.25 | (4,081) | 0.47 |
Exercised | (6,009) | 0.24 | (6,267) | 0.25 |
Outstanding at 31 December | 30,890 | 0.28 | 31,439 | 0.29 |
Exercisable at 31 December | 670 | 1.74 | 840 | 1.51 |
Weighted average fair value of awards granted (\u00a3 per share) | \u2013 | 1.97 | \u2013 | 1.53 |
2024 | 2023 | |
Number of | Number of | |
shares/options | shares/options | |
Range of prices | 000\u2019s | 000\u2019s |
Nil | 26,240 | 26,414 |
1.21 | \u2013 | 73 |
1.74 | 1,546 | 2,002 |
1.76 | 1,101 | 1,821 |
1.84 | \u2013 | 18 |
1.96 | 1,444 | \u2013 |
2.08 | 559 | 1,111 |
30,890 | 31,439 | |
Weighted average remaining contractual life of options outstanding | 1.9 years | 1.9 years |
| 2024 | 2023 | |||||
SAYE & | SAYE & | |||||
International | International | |||||
LTIP | Share Save Plan | ESPP | LTIP | Share Save Plan | ESPP | |
Share price at date of grant | \u00a32.81 | \u00a32.31 | \u00a32.31 | \u00a32.21 | \u00a32.07 | \u00a32.07 |
Exercise price | nil | \u00a31.96 | \u00a31.96 | nil | \u00a31.76 | \u00a31.76 |
Expected life | 3 years | 3.6 years | 2.0 years | 3 years | 3.6 years | 2.0 years |
Expected volatility 1 | 28.1% | 28.1% | 28.1% | 25.1% | 25.1% | 25.1% |
Risk free rate | 4.3% | 4.3% | 4.5% | 3.3% | 3.3% | 3.3% |
Dividend yield | n/a | 1.9% | 1.9% | 2.3% | 2.3% | 2.3% |
Fair value | \u00a32.02 & \u00a32.19 | \u00a30.48 | \u00a30.43 | \u00a31.09 & \u00a31.41 | \u00a30.38 | \u00a30.34 |
Average rate/ | |||
Currenc y | Closing rate | 2024 | 2023 |
USD/EUR | Average | 1.08 | 1.08 |
Closing | 1.04 | 1.10 | |
USD/GBP | Average | 1.28 | 1.24 |
Closing | 1.25 | 1.27 | |
USD/DKK | Average | 0.15 | 0.15 |
Closing | 0.14 | 0.15 |
2024 | 2023 | ||
Currenc y | Sensitivity | $m | $m |
I ncrease/(decrease) in profit before income taxes | |||
USD/GBP | +10% | 3.8 | 4.4 |
USD/EUR | +10% | (7.9) | (10.3) |
USD/DKK | +10% | (11.6) | (11.2) |
Decrease/(increase) in total equity | |||
USD/GBP | +10% | (84.7) | (88.0) |
USD/EUR | +10% | 3.3 | (2.5) |
USD/DKK | +10% | (31.4) | (27.0) |
Average rate/ | |||
Currenc y | Closing rate | 2024 | 2023 |
USD/EUR | Average | 1.08 | 1.08 |
Closing | 1.04 | 1.10 | |
USD/GBP | Average | 1.28 | 1.24 |
Closing | 1.25 | 1.27 | |
USD/DKK | Average | 0.15 | 0.15 |
Closing | 0.14 | 0.15 |
2024 | 2023 | ||
Currenc y | Sensitivity | $m | $m |
I ncrease/(decrease) in profit before income taxes | |||
USD/GBP | +10% | 3.8 | 4.4 |
USD/EUR | +10% | (7.9) | (10.3) |
USD/DKK | +10% | (11.6) | (11.2) |
Decrease/(increase) in total equity | |||
USD/GBP | +10% | (84.7) | (88.0) |
USD/EUR | +10% | 3.3 | (2.5) |
USD/DKK | +10% | (31.4) | (27.0) |
2024 | 2023 | |||
Year of | Face value | Face value | ||
Currenc y | maturit y | $m | $m | |
Revolving Credit Facility 1 | USD/Euro | 2028 | 383.5 | 490.6 |
Term Loan | USD | 2027 | 250.0 | 250.0 |
Senior Notes | USD | 2029 | 500.0 | 500.0 |
Interest-bearing borrowings | 1,133.5 | 1,240.6 | ||
Financing fees 2 | (10.7) | (13.7) | ||
Total carrying value of borrowings | 1,122.8 | 1,226.9 | ||
Current portion of borrowings | \u2013 | \u2013 | ||
Non-current portion of borrowings | 1,122.8 | 1,226.9 |
| 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 2024 | ||||||||
Borrowings | 54.1 | 53.3 | 303.6 | 417.4 | 519.4 | \u2013 | 1,347.8 | 1,122.8 |
Lease liabilities (Note 24) | 25.9 | 20.2 | 15.0 | 11.3 | 8.3 | 16.0 | 96.7 | 78.8 |
Trade and other payables1 (Note 13) | 350.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 350.9 | 350.9 |
Derivative financial instruments (Note 23) | ||||||||
Derivative financial instruments payable | 1,539.3 | 1.7 | \u2013 | \u2013 | \u2013 | \u2013 | 1,541.0 | 18.4 |
Derivative financial instruments receivable | 1,538.2 | 1.5 | \u2013 | \u2013 | \u2013 | \u2013 | 1,539.7 | 18.4 |
2024 | 2023 | |
$m | $m | |
Borrowings at 1 January | 1,226.9 | 1,211.9 |
Repayment of borrowings | (98.0) | \u2013 |
Proceeds of new borrowings, net of financing fees | \u2013 | 9.4 |
Foreign exchange | (9.1) | 2.8 |
Non-cash movements 2 | 3.0 | 2.8 |
Borrowings at 31 December | 1,122.8 | 1,226.9 |
2024 | 2023 | |||
Year of | Face value | Face value | ||
Currenc y | maturit y | $m | $m | |
Revolving Credit Facility 1 | USD/Euro | 2028 | 383.5 | 490.6 |
Term Loan | USD | 2027 | 250.0 | 250.0 |
Senior Notes | USD | 2029 | 500.0 | 500.0 |
Interest-bearing borrowings | 1,133.5 | 1,240.6 | ||
Financing fees 2 | (10.7) | (13.7) | ||
Total carrying value of borrowings | 1,122.8 | 1,226.9 | ||
Current portion of borrowings | \u2013 | \u2013 | ||
Non-current portion of borrowings | 1,122.8 | 1,226.9 |
| 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 2024 | ||||||||
Borrowings | 54.1 | 53.3 | 303.6 | 417.4 | 519.4 | \u2013 | 1,347.8 | 1,122.8 |
Lease liabilities (Note 24) | 25.9 | 20.2 | 15.0 | 11.3 | 8.3 | 16.0 | 96.7 | 78.8 |
Trade and other payables1 (Note 13) | 350.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 350.9 | 350.9 |
Derivative financial instruments (Note 23) | ||||||||
Derivative financial instruments payable | 1,539.3 | 1.7 | \u2013 | \u2013 | \u2013 | \u2013 | 1,541.0 | 18.4 |
Derivative financial instruments receivable | 1,538.2 | 1.5 | \u2013 | \u2013 | \u2013 | \u2013 | 1,539.7 | 18.4 |
2024 | 2023 | |
$m | $m | |
Borrowings at 1 January | 1,226.9 | 1,211.9 |
Repayment of borrowings | (98.0) | \u2013 |
Proceeds of new borrowings, net of financing fees | \u2013 | 9.4 |
Foreign exchange | (9.1) | 2.8 |
Non-cash movements 2 | 3.0 | 2.8 |
Borrowings at 31 December | 1,122.8 | 1,226.9 |
2024 | 2023 | |
$m | $m | |
Cash at bank and in hand | 56.8 | 57.7 |
Money market funds | 7.9 | 39.9 |
Cash and cash equivalents | 64.7 | 97.6 |
2024 | 2023 | |
$m | $m | |
Restricted cash \u2013 current | 8.8 | 12.5 |
Restricted cash \u2013 non-current | 3.4 | 5.3 |
Total restricted cash | 12.2 | 17.8 |
2024 | 2023 | |
$m | $m | |
Cash at bank and in hand | 56.8 | 57.7 |
Money market funds | 7.9 | 39.9 |
Cash and cash equivalents | 64.7 | 97.6 |
2024 | 2023 | |
$m | $m | |
Restricted cash \u2013 current | 8.8 | 12.5 |
Restricted cash \u2013 non-current | 3.4 | 5.3 |
Total restricted cash | 12.2 | 17.8 |
2024 | 2023 | ||||||
Fair value 1 | Fair value 1 | ||||||
Notional | assets/ | Notional | assets/ | ||||
amount | (liabilities) | amount | (liabilities) | ||||
Currenc y | Effective date | Maturity date | $m | $m | $m | $m | |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jan 2024 | \u2013 | \u2013 | 90.0 | 0.4 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jul 2024 | \u2013 | \u2013 | 40.0 | 0.1 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jan 2025 | 50.0 | 0.1 | 50.0 | 0.2 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 3 Aug 2024 | \u2013 | \u2013 | 50.0 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 3 Feb 2025 | 50.0 | 0.1 | 50.0 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 4 Aug 2025 | 50.0 | \u2013 | 50.0 | \u2013 |
6 Month term EURIBOR Float to Fixed | |||||||
Interest Rate Swap | EUR | 29 Sep 2023 | 29 Sep 2024 | \u2013 | \u2013 | 55.2 | (0.2) |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 29 Sep 2023 | 29 Sep 2025 | 40.0 | (0.3) | 40.0 | (0.5) |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2024 | 23 Jan 2026 | 25.0 | 0.1 | \u2013 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2024 | 23 Jan 2026 | 25.0 | 0.1 | \u2013 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 28 May 2024 | 28 May 2026 | 25.0 | (0.3) | \u2013 | \u2013 |
2024 | 2023 | ||||
Fair value | Fair value | ||||
Notional | assets/ | Notional | assets/ | ||
amount | (liabilities) | amount | (liabilities) | ||
Term | $m | $m | $m | $m | |
Foreign exchange contracts | \u2264 3 months | 783.5 | 16.8 | 453.0 | 8.0 |
Foreign currency forward exchange contracts designated as | |||||
cash flow hedges | \u2264 12 months | 36.2 | 1.2 | 195.9 | 4.4 |
Derivative financial assets | 819.7 | 18.0 | 648.9 | 12.4 | |
Foreign exchange contracts | \u2264 3 months | 514.5 | (8.4) | 760.7 | (15.2) |
Foreign currency forward exchange contracts designated as | |||||
cash flow hedges | \u2264 12 months | 193.5 | (9.4) | 53.3 | (1.3) |
Derivative financial liabilities | 708.0 | (17.8) | 814.0 | (16.5) |
2024 | 2023 | |
$m | $m | |
Recognised in other comprehensive income: | ||
Effective portion of changes in fair value of cash flow hedges: | ||
Interest rate swaps | 0.5 | (1.3) |
Foreign currency forward exchange contracts designated as cash flow hedges | (11.6) | 2.0 |
Changes in fair value of cash flow hedges reclassified to the Consolidated Income Statement | 2.1 | (0.8) |
Cost of hedging | 0.6 | (0.5) |
Total | (8.4) | (0.6) |
Gross financial | Net financial assets/ | Related amounts | |||
Gross financial assets/ | (liabilities)/ | (liabilities) per balance | not set off in the | Net | |
(liabilities) | assets set off | sheet | balance sheet | amount | |
$m | $m | $m | $m | $m | |
As at 31 December 2024 | |||||
Financial assets | |||||
Trade and other receivables | 363.3 | (28.3) | 335.0 | \u2013 | 335.0 |
Derivative financial assets | 18.4 | \u2013 | 18.4 | (10.1) | 8.3 |
Financial liabilities | |||||
Trade and other payables 1 | (379.2) | 28.3 | (350.9) | \u2013 | (350.9) |
Derivative financial liabilities | (18.4) | \u2013 | (18.4) | 10.1 | (8.3) |
Gross financial | Net financial assets/ | Related amounts not | |||
Gross financial assets/ | (liabilities)/ | (liabilities) per balance | set off in the balance | ||
(liabilities) | assets set off | sheet | sheet | Net amount | |
$m | $m | $m | $m | $m | |
As at 31 December 2023 | |||||
Financial assets | |||||
Trade and other receivables | 374.6 | (40.9) | 333.7 | \u2013 | 333.7 |
Derivative financial ass ets | 13.6 | \u2013 | 13.6 | (11.3) | 2.3 |
Financial liabilities | |||||
Trade and other payables | (429.6) | 40.9 | (388.7) | \u2013 | (388.7) |
Derivative financial liabilities | (17.6) | \u2013 | (17.6) | 11.3 | (6.3) |
2024 | 2023 | ||||||
Fair value 1 | Fair value 1 | ||||||
Notional | assets/ | Notional | assets/ | ||||
amount | (liabilities) | amount | (liabilities) | ||||
Currenc y | Effective date | Maturity date | $m | $m | $m | $m | |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jan 2024 | \u2013 | \u2013 | 90.0 | 0.4 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jul 2024 | \u2013 | \u2013 | 40.0 | 0.1 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jan 2025 | 50.0 | 0.1 | 50.0 | 0.2 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 3 Aug 2024 | \u2013 | \u2013 | 50.0 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 3 Feb 2025 | 50.0 | 0.1 | 50.0 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 4 Aug 2025 | 50.0 | \u2013 | 50.0 | \u2013 |
6 Month term EURIBOR Float to Fixed | |||||||
Interest Rate Swap | EUR | 29 Sep 2023 | 29 Sep 2024 | \u2013 | \u2013 | 55.2 | (0.2) |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 29 Sep 2023 | 29 Sep 2025 | 40.0 | (0.3) | 40.0 | (0.5) |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2024 | 23 Jan 2026 | 25.0 | 0.1 | \u2013 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2024 | 23 Jan 2026 | 25.0 | 0.1 | \u2013 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 28 May 2024 | 28 May 2026 | 25.0 | (0.3) | \u2013 | \u2013 |
2024 | 2023 | ||||
Fair value | Fair value | ||||
Notional | assets/ | Notional | assets/ | ||
amount | (liabilities) | amount | (liabilities) | ||
Term | $m | $m | $m | $m | |
Foreign exchange contracts | \u2264 3 months | 783.5 | 16.8 | 453.0 | 8.0 |
Foreign currency forward exchange contracts designated as | |||||
cash flow hedges | \u2264 12 months | 36.2 | 1.2 | 195.9 | 4.4 |
Derivative financial assets | 819.7 | 18.0 | 648.9 | 12.4 | |
Foreign exchange contracts | \u2264 3 months | 514.5 | (8.4) | 760.7 | (15.2) |
Foreign currency forward exchange contracts designated as | |||||
cash flow hedges | \u2264 12 months | 193.5 | (9.4) | 53.3 | (1.3) |
Derivative financial liabilities | 708.0 | (17.8) | 814.0 | (16.5) |
2024 | 2023 | |
$m | $m | |
Recognised in other comprehensive income: | ||
Effective portion of changes in fair value of cash flow hedges: | ||
Interest rate swaps | 0.5 | (1.3) |
Foreign currency forward exchange contracts designated as cash flow hedges | (11.6) | 2.0 |
Changes in fair value of cash flow hedges reclassified to the Consolidated Income Statement | 2.1 | (0.8) |
Cost of hedging | 0.6 | (0.5) |
Total | (8.4) | (0.6) |
Gross financial | Net financial assets/ | Related amounts | |||
Gross financial assets/ | (liabilities)/ | (liabilities) per balance | not set off in the | Net | |
(liabilities) | assets set off | sheet | balance sheet | amount | |
$m | $m | $m | $m | $m | |
As at 31 December 2024 | |||||
Financial assets | |||||
Trade and other receivables | 363.3 | (28.3) | 335.0 | \u2013 | 335.0 |
Derivative financial assets | 18.4 | \u2013 | 18.4 | (10.1) | 8.3 |
Financial liabilities | |||||
Trade and other payables 1 | (379.2) | 28.3 | (350.9) | \u2013 | (350.9) |
Derivative financial liabilities | (18.4) | \u2013 | (18.4) | 10.1 | (8.3) |
Gross financial | Net financial assets/ | Related amounts not | |||
Gross financial assets/ | (liabilities)/ | (liabilities) per balance | set off in the balance | ||
(liabilities) | assets set off | sheet | sheet | Net amount | |
$m | $m | $m | $m | $m | |
As at 31 December 2023 | |||||
Financial assets | |||||
Trade and other receivables | 374.6 | (40.9) | 333.7 | \u2013 | 333.7 |
Derivative financial ass ets | 13.6 | \u2013 | 13.6 | (11.3) | 2.3 |
Financial liabilities | |||||
Trade and other payables | (429.6) | 40.9 | (388.7) | \u2013 | (388.7) |
Derivative financial liabilities | (17.6) | \u2013 | (17.6) | 11.3 | (6.3) |
2024 | 2023 | ||||||
Fair value 1 | Fair value 1 | ||||||
Notional | assets/ | Notional | assets/ | ||||
amount | (liabilities) | amount | (liabilities) | ||||
Currenc y | Effective date | Maturity date | $m | $m | $m | $m | |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jan 2024 | \u2013 | \u2013 | 90.0 | 0.4 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jul 2024 | \u2013 | \u2013 | 40.0 | 0.1 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2023 | 23 Jan 2025 | 50.0 | 0.1 | 50.0 | 0.2 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 3 Aug 2024 | \u2013 | \u2013 | 50.0 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 3 Feb 2025 | 50.0 | 0.1 | 50.0 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 3 Aug 2023 | 4 Aug 2025 | 50.0 | \u2013 | 50.0 | \u2013 |
6 Month term EURIBOR Float to Fixed | |||||||
Interest Rate Swap | EUR | 29 Sep 2023 | 29 Sep 2024 | \u2013 | \u2013 | 55.2 | (0.2) |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 29 Sep 2023 | 29 Sep 2025 | 40.0 | (0.3) | 40.0 | (0.5) |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2024 | 23 Jan 2026 | 25.0 | 0.1 | \u2013 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 23 Jan 2024 | 23 Jan 2026 | 25.0 | 0.1 | \u2013 | \u2013 |
6 Month term SOFR Float to Fixed | |||||||
Interest Rate Swap | USD | 28 May 2024 | 28 May 2026 | 25.0 | (0.3) | \u2013 | \u2013 |
2024 | 2023 | ||||
Fair value | Fair value | ||||
Notional | assets/ | Notional | assets/ | ||
amount | (liabilities) | amount | (liabilities) | ||
Term | $m | $m | $m | $m | |
Foreign exchange contracts | \u2264 3 months | 783.5 | 16.8 | 453.0 | 8.0 |
Foreign currency forward exchange contracts designated as | |||||
cash flow hedges | \u2264 12 months | 36.2 | 1.2 | 195.9 | 4.4 |
Derivative financial assets | 819.7 | 18.0 | 648.9 | 12.4 | |
Foreign exchange contracts | \u2264 3 months | 514.5 | (8.4) | 760.7 | (15.2) |
Foreign currency forward exchange contracts designated as | |||||
cash flow hedges | \u2264 12 months | 193.5 | (9.4) | 53.3 | (1.3) |
Derivative financial liabilities | 708.0 | (17.8) | 814.0 | (16.5) |
2024 | 2023 | |
$m | $m | |
Recognised in other comprehensive income: | ||
Effective portion of changes in fair value of cash flow hedges: | ||
Interest rate swaps | 0.5 | (1.3) |
Foreign currency forward exchange contracts designated as cash flow hedges | (11.6) | 2.0 |
Changes in fair value of cash flow hedges reclassified to the Consolidated Income Statement | 2.1 | (0.8) |
Cost of hedging | 0.6 | (0.5) |
Total | (8.4) | (0.6) |
Gross financial | Net financial assets/ | Related amounts | |||
Gross financial assets/ | (liabilities)/ | (liabilities) per balance | not set off in the | Net | |
(liabilities) | assets set off | sheet | balance sheet | amount | |
$m | $m | $m | $m | $m | |
As at 31 December 2024 | |||||
Financial assets | |||||
Trade and other receivables | 363.3 | (28.3) | 335.0 | \u2013 | 335.0 |
Derivative financial assets | 18.4 | \u2013 | 18.4 | (10.1) | 8.3 |
Financial liabilities | |||||
Trade and other payables 1 | (379.2) | 28.3 | (350.9) | \u2013 | (350.9) |
Derivative financial liabilities | (18.4) | \u2013 | (18.4) | 10.1 | (8.3) |
Gross financial | Net financial assets/ | Related amounts not | |||
Gross financial assets/ | (liabilities)/ | (liabilities) per balance | set off in the balance | ||
(liabilities) | assets set off | sheet | sheet | Net amount | |
$m | $m | $m | $m | $m | |
As at 31 December 2023 | |||||
Financial assets | |||||
Trade and other receivables | 374.6 | (40.9) | 333.7 | \u2013 | 333.7 |
Derivative financial ass ets | 13.6 | \u2013 | 13.6 | (11.3) | 2.3 |
Financial liabilities | |||||
Trade and other payables | (429.6) | 40.9 | (388.7) | \u2013 | (388.7) |
Derivative financial liabilities | (17.6) | \u2013 | (17.6) | 11.3 | (6.3) |
Real estate and | |||
other | Vehicles | Total | |
$m | $m | $m | |
As at 1 January 2023 | 65.6 | 13.8 | 79.4 |
Lease additions | 14.2 | 10.9 | 25.1 |
Arising from acquisitions | 1.6 | \u2013 | 1.6 |
Leases terminated | (7.4) | (0.9) | (8.3) |
Depreciation of right-o f -use assets | (14.7) | (8.0) | (22.7) |
Impairment of right-o f -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 |
Lease additions | 9.8 | 12.4 | 22.2 |
Arising from acquisitions (Note 26) | 0.4 | 0.5 | 0.9 |
Leases terminated | (0.7) | (1.0) | (1.7) |
Depreciation of right-o f -use assets | (14.8) | (8.4) | (23.2) |
Impairment of right-o f -use assets | (0.3) | \u2013 | (0.3) |
Sublease of right-o f -use assets | (2.1) | \u2013 | (2.1) |
Foreign exchange | (1.9) | (1.1) | (3.0) |
As at 31 December 2024 | 48.7 | 18.8 | 67.5 |
2024 | 2023 | |
$m | $m | |
Lease liabilities as at 1 January | 85.5 | 88.3 |
Lease additions | 22.2 | 25.1 |
Arising from acquisitions (Note 26) | 0.9 | 1.6 |
Payment of lease liabilities | (24.7) | (22.7) |
Leases terminated | (1.7) | (8.3) |
Interest expense on lease liabilities (Note 25) | 3.6 | 3.5 |
Interest paid on lease liabilities | (3.6) | (3.5) |
Foreign exchange | (3.4) | 1.5 |
Lease liabilities as at 31 December | 78.8 | 85.5 |
| 2024 | 2023 | |||||
Real estate | Real estate | |||||
and other | Vehicles | Total | and other | Vehicles | Total | |
$m | $m | $m | $m | $m | $m | |
Current | 14.6 | 7.4 | 22.0 | 13.9 | 6.8 | 20.7 |
Non-current | 45.4 | 11.4 | 56.8 | 55.3 | 9.5 | 64.8 |
Total | 60.0 | 18.8 | 78.8 | 69.2 | 16.3 | 85.5 |
| 2024 | 2023 | |||||
Real estate | Real estate | |||||
and other | Vehicles | Total | and other | Vehicles | Total | |
$m | $m | $m | $m | $m | $m | |
Within 1 year | 14.6 | 7.4 | 22.0 | 13.9 | 6.8 | 20.7 |
1 to 2 years | 11.0 | 6.1 | 17.1 | 14.0 | 5.0 | 19.0 |
2 to 3 years | 8.9 | 3.7 | 12.6 | 9.7 | 3.2 | 12.9 |
3 to 4 years | 8.0 | 1.5 | 9.5 | 7.6 | 1.1 | 8.7 |
4 to 5 years | 6.7 | 0.1 | 6.8 | 7.0 | 0.1 | 7.1 |
More than 5 years | 10.8 | \u2013 | 10.8 | 17.0 | 0.1 | 17.1 |
Total | 60.0 | 18.8 | 78.8 | 69.2 | 16.3 | 85.5 |
2024 | 2023 | |
$m | $m | |
Finance income | ||
Interest income on cash and cash equivalents | 4.8 | 5.2 |
Total finance income | 4.8 | 5.2 |
Finance expense | ||
Interest expense on borrowings | (76.1) | (75.2) |
Other financing-related fees 1 | (8.9) | (7.2) |
Interest expense on interest rate derivatives | (0.2) | \u2013 |
Interest expense on lease liabilities | (3.6) | (3.5) |
Capitalised interest 2 | 6.4 | 5.4 |
Other finance costs | (0.5) | (0.2) |
Total finance expense | (82.9) | (80.7) |
Finance costs, net | (78.1) | (75.5) |
2024 | 2023 | |
$m | $m | |
Finance income | ||
Interest income on cash and cash equivalents | 4.8 | 5.2 |
Total finance income | 4.8 | 5.2 |
Finance expense | ||
Interest expense on borrowings | (76.1) | (75.2) |
Other financing-related fees 1 | (8.9) | (7.2) |
Interest expense on interest rate derivatives | (0.2) | \u2013 |
Interest expense on lease liabilities | (3.6) | (3.5) |
Capitalised interest 2 | 6.4 | 5.4 |
Other finance costs | (0.5) | (0.2) |
Total finance expense | (82.9) | (80.7) |
Finance costs, net | (78.1) | (75.5) |
2024 | 2023 | |
$m | $m | |
Finance income | ||
Interest income on cash and cash equivalents | 4.8 | 5.2 |
Total finance income | 4.8 | 5.2 |
Finance expense | ||
Interest expense on borrowings | (76.1) | (75.2) |
Other financing-related fees 1 | (8.9) | (7.2) |
Interest expense on interest rate derivatives | (0.2) | \u2013 |
Interest expense on lease liabilities | (3.6) | (3.5) |
Capitalised interest 2 | 6.4 | 5.4 |
Other finance costs | (0.5) | (0.2) |
Total finance expense | (82.9) | (80.7) |
Finance costs, net | (78.1) | (75.5) |
Livramedom | |
Provisiona l | |
$m | |
Non-current assets | |
Right-o f -use assets | 1.0 |
Intangible assets | 1.3 |
Other non-current receivables | 0.1 |
Current assets | |
Inventories | 0.9 |
Trade and other receivables | 1.5 |
Cash and cash equivalents | 0.9 |
Total assets acquired | 5.7 |
Current liabilities | |
Trade and other payables | (3.0) |
Lease liabilities | (0.3) |
Deferred tax liabilities | (0.2) |
Non-current liabilities | |
Lease liabilities | (0.7) |
Deferred tax liabilities | (0.2) |
Total liabilities assumed | (4.4) |
Net assets acquired | 1.3 |
Goodwill (Note 9.2) | 11.5 |
Total | 12.8 |
Initial cash consideration | 14.5 |
Working capital adjustment 1 | (1.5) |
Gross indebtedness adjustment 1 | (0.2) |
Total consideration | 12.8 |
Livramedom | |
Provisiona l | |
$m | |
Initial cash consideration | 14.5 |
Cash and cash equivalents acquired | (0.9) |
Net cash outflow from acquisitions, net of cash acquired | 13.6 |
2024 | 2023 | |
$m | $m | |
1 January | 138.0 | 140.0 |
Contingent consideration from acquisitions | \u2013 | 66.7 |
Fair value movement of contingent consideration | 4.6 | 24.6 |
Utilised | (70.9) | (94.7) |
Foreign exchange | (1.4) | 1.4 |
31 December | 70.3 | 138.0 |
Current | 53.3 | 69.7 |
Non-current | 17.0 | 68.3 |
2024 | 2023 | |
$m | $m | |
Within 1 year | 53.3 | 69.7 |
2 to 5 years | 0.4 | 55.8 |
More than 5 years | 16.6 | 12.5 |
Total | 70.3 | 138.0 |
Sales forecast | Discount rate | |||||||
5% | 10% | -5% | -10% | 1% | 2% | -1% | -2% | |
Increase/(decrease) in financial liability and loss/(gain) | ||||||||
in income statement | 0.5 | 1.0 | (0.5) | (1.1) | (1.8) | (3.3) | 2.0 | 4.0 |
2024 | 2023 | |
$m | $m | |
Short-term employee benefits | 18.6 | 15.5 |
Share-based payment expense | 9.2 | 7.1 |
Post-employment benefits | 0.6 | 0.5 |
Termination benefits | 0.3 | \u2013 |
Total | 28.7 | 23.1 |
2024 | 2023 | |
$m | $m | |
Short-term employee benefits | 18.6 | 15.5 |
Share-based payment expense | 9.2 | 7.1 |
Post-employment benefits | 0.6 | 0.5 |
Termination benefits | 0.3 | \u2013 |
Total | 28.7 | 23.1 |