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Approved by the Board of Directors on
25 March 2024 and signed on their behalf by:
Neil Ash
Chief Executive Officer
Ben Guyatt
Chief Financial Officer
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General information Forterra plc (Forterra or the Company) and its subsidiaries (together referred to as the Group) are domiciled in the United Kingdom. The address of the registered office of the Company and its subsidiaries is 5 Grange Park Court, Roman Way, Northampton, NN4 5EA. The Company is the parent of Forterra Holdings Limited and Forterra Building Products Limited, which together comprise the Group. The principal activity of the Group is the manufacture and sale of bricks, dense and lightweight blocks, precast concrete, concrete block paving and other complementary building products. Forterra plc was incorporated on 21 January 2016 for the purpose of listing the Group on the London Stock Exchange. Forterra plc acquired the shares of Forterra Building Products Limited on 20 April 2016, which to that date held the Group\u2019s trade and assets, before admission to the main market of the London Stock Exchange. The Consolidated Financial Statements of the Group for the year ended 31 December 2023 were approved for issue by the Board of Directors on 25 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Forterra plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "5 Grange Park Court, Roman Way, Northampton, NN4 5EA", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "The principal activity of the Group is the manufacture and sale of bricks, dense and lightweight blocks, precast concrete, concrete block paving and other complementary building products. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Forterra plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "plc ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "
2. Summary of material accounting policies
(A) Basis of preparation
The accounting policies used in the preparation of the
Consolidated Financial Statements of the Group are set out
below. These accounting policies have been used consistently
in all material respects across the periods presented. The
Consolidated Financial Statements have been prepared in
accordance with UK-adopted international accounting
standards. The Consolidated Financial Statements are
presented in pounds sterling and all values are rounded to
the nearest hundred thousand unless otherwise indicated.
In preparing the Consolidated Financial Statements
management has considered the impact of climate change,
taking into account the relevant disclosures in the Strategic
Report, including those made in accordance with the
recommendations of the Taskforce on Climate-related
Financial Disclosure.
The Group has engaged in a detailed review of expected climate
change impacts on the business and its assets and liabilities to
establish any adjustments required and what reporting is
necessary in its Consolidated Financial Statements for the year
ended 31 December 2023. The explanation below of how this
has been included in the Consolidated Financial Statements
should be read in conjunction with the climate-related risk and
governance section on pages 78 to 85 of the Sustainability
Report within this Annual Report and Accounts. This process
has been completed to ensure material accuracy of the financial
reporting and that disclosure of relevant information complies
with the requirements of IAS 1. The process has involved a
review of reporting segments and each element of the Group\u2019s
commitment to reach net zero by 2050, to identify if any of
these items is expected to be materially impacted in a negative
or positive way by weather, legislative, societal or revenue/
cost changes.
The conclusion of the review was that, while there will undoubtedly be impacts on the Group, the 100% UK focused nature of the operations of the business significantly reduces the risk profile of the Group to impacts from weather-related changes. The changes necessary to achieve net zero will not have a materially adverse impact on the cash flows of the Group and indeed, warmer climates may present some opportunities as disclosed on pages 79 to 85 of the Sustainability Report within this Annual Report and Accounts. Societal and legislative impacts are not considered to have a material impact on any one segment such that we need to break out reporting in a different way to previous years. Judgements are not considered to be significant, although clearly understanding of climate change is developing with time. Management review has concluded that there is no material impact for inclusion within modelling scenarios for viability purposes and given the profitability and short payback period of the cash generating units (CGUs), no issues were identified that would impact the carrying values of such tangible and intangible assets. Given the cash generation and facilities available, no significant issues were identified that would impact viability over the forecast period and as such therefore no further disclosure is required. The preparation of the Consolidated Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement and complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements, are disclosed in note 3. (B) Going concern The Group\u2019s debt facility comprises a committed revolving credit facility (RCF) of \u00a3170m extending to January 2027 with an option for an extension to June 2028 subject to lender consent. At the balance sheet date, the cash balance stood at \u00a316.0m and after allowing for \u00a39.5m of the facility which is currently carved out to be used for the provision of letters of credit, an undrawn balance of \u00a350.5m was available against the Group\u2019s facility, with reported net debt before leases of \u00a393.2m (2022: \u00a35.9m) (net debt is presented inclusive of capitalised arrangement fees). The Group meets its working capital requirements through these cash reserves and facilities and closely manages working capital to ensure sufficient daily liquidity and prepares financial forecasts under various scenarios to ensure sufficient liquidity over the medium-term. The facility is normally subject to covenant restrictions of leverage (net debt / EBITDA) (as measured before leases) of less than three times and interest cover of greater than four times. The Group also benefits from an uncommitted overdraft facility of \u00a310m.
The Group has traded comfortably within these covenants
throughout 2023 and whilst it anticipates remaining within these
covenants during 2024, given the combination of the Group\u2019s
reduced EBITDA and increased net debt, driven by inventory
build, capital outflows and higher interest rates, amended
covenants have been agreed with the Group\u2019s lenders to
provide additional headroom in the short-term. Accordingly, the
Group\u2019s leverage covenant has increased to four times at June
2024 and 3.75 times at December 2024 with interest cover
decreasing to three times at December 2024. In addition,
quarterly covenant testing has been introduced for the period of
the covenant relaxation. As such, for September 2024, leverage
is set at four times and interest cover three times and in March
2025 leverage is set at 3.75 times and interest cover at 3 times.
The covenants return to normal levels from June 2025 with
testing reverting to half yearly.
Management has modelled three financial scenarios for the
period to 30 June 2025, comprising a base case and two
plausible downside scenarios, reflecting both macroeconomic
and industry-specific projections. In addition to this, a reverse
stress test has also been modelled.
Assumptions underpinning these scenarios are outlined as
follows:
\u2022 the base case scenario is aligned to our current demand
expectations with short-term market conditions remaining
challenging and demand in 2024 being broadly consistent
with that seen in 2023;
\u2022 2023 was characterised by a large growth in inventory and
the management actions taken in 2023 will address this such
that in 2024 production will be more closely aligned to sales;
\u2022 capex outflows on the Group\u2019s three strategic investments
will be almost complete during 2024, with capital spend
significantly reduced thereafter until a recovery in market
conditions facilitates a reduction in the Group\u2019s net debt; and
\u2022 the Group\u2019s plausible downside scenarios take into account
the current levels of market demand which are already
approximately 30% below the levels last seen in 2022,
meaning current industry demand is presently in line with
levels last seen in the global financial crisis. As such, it is not
considered plausible that demand could fall further than within
the assumptions within the scenarios laid out below.
Sales volume
Management
Scenario
assumptions
mitigations
Base
Volumes reducing by
None necessary
24-36% in 2024 relative
to 2022,
recovering in
2025 but remaining
20-27% below 2022
Plausible
Volumes reducing by
None necessary
downside
29-40% in 2024 relative
to 2022,
recovering in
2025 but remaining
25-37% below 2022
Plausible
Volumes reducing by
A number of controllable
downside with
29-43% in 2024 relative
management mitigations
management
to 2022,
recovering in
assumed
mitigations
2025 but remaining
24-37% below 2022
Under each of the above scenarios, there is no breach in
covenants throughout 2024 and in the period up to June 2025.
In addition to this, the Group has prepared a reverse stress test
to determine the level of market decline that could potentially
breach covenants, before further mitigating actions are taken.
The reverse stress test indicated, that should volumes fall by
between 36% and 46% (product line dependent) versus those
seen in 2022, the Group would be at risk of breaching its
covenants. This is viewed by the Board to be a highly unlikely
scenario, taking into consideration encouraging recent trading
updates from housebuilding customers which report greater
levels of customer activity in recent months, with a downward
trend in mortgage interest rates throughout 2024 expected to
increase affordability of new homes. Alongside this, the
continuing under-supply of housing in the UK continues to
worsen, and the Board are confident in the Group's ability to
benefit significantly as markets recover and strategic
investments generate returns. Additionally, in the event of the
volumes falling in line with those modelled in the reverse stress
test, the Group would seek to enact further mitigating actions
including additional cost savings, production reductions,
curtailment in the quantum of dividend distribution and the sale
of land and buildings.
Taking the above into consideration, alongside trading
performance for the first two months of 2024 which has seen
subdued levels in line with 2023 volumes, the Directors have a
reasonable expectation that the Group has adequate resources
to continue in operational existence for the going concern period
to 30 June 2025. The Group therefore adopts the going
concern basis in preparing these Consolidated Financial
Statements.
(C) New standards, amendments and interpretations The accounting policies adopted in the preparation of these Consolidated Financial Statements are consistent with those followed in the preparation of the Consolidated Financial Statements for the year ended 31 December 2022, except for the adoption of new standards effective as at 1 January 2023. The following new standards and amendments apply for the first time in 2023, none of which had a material impact on the Consolidated Financial Statements: \u2022 IFRS 17, Insurance Contracts; amendments to IAS 8, Definition of Accounting Estimates; amendments to IAS 1, Presentation of Financial Statements and IFRS 2 Practice Statement; Amendments to IAS 12, Taxation. At the date of approval of these Consolidated Financial Statements there were a number of standards, amendments and interpretations that have been published and are effective for accounting periods beginning on or after 1 January 2024. These have not been applied in these Consolidated Financial Statements and are not expected to have a material impact when adopted. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. (D) Basis of consolidation The Group controls an entity when it is exposed to, or has rights to, variable returns and has the ability to affect those returns through its power over the entity. A subsidiary is an entity over which the Group has control. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intra-Group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. (E) Foreign currency translation The presentational currency of the Group is pounds sterling; the currency of the primary economic environment in which the Group operates. Foreign currency transactions are translated into the presentational currency using the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, or from the translation of monetary assets and liabilities denominated in foreign currencies at period end, are recognised in the Group\u2019s Consolidated Statement of Total Comprehensive Income. (F) Revenue Revenue is measured at the fair value of the consideration received or receivable, and represents amounts for goods supplied, net of rebates, discounts, returns and value added taxes. The Group recognises revenue when performance obligations are met, as follows: \u2022 Bricks and Blocks \u2013 on delivery of goods. \u2022 Bespoke Products \u2013 on delivery of goods, or, for supply and fit contracts, on delivery and installation. Delivery and installation are construed as two separate performance obligations, however the pattern of installation is in a manner that the obligation is satisfied at the same time as the delivery of products, thus there is no time lag between the two performance obligations and hence revenue is recognised on installation. \u2022 Bill and hold arrangements, for both reporting segments \u2013 when the customer obtains control of the goods, which arises when facts and circumstances indicate that control has passed and when all of the following criteria are met: (i) the reason for the arrangement is substantive; (ii) the product has been identified separately as belonging to the customer; (iii) the product is ready for delivery in accordance with the terms of the arrangement; and (iv) the Group does not have the ability to use the product or sell the product to another customer. The Group provides volume-based rebates to certain customers, typically on an annual basis. Revenue is recognised net of rebates paid or accrued. In total \u00a316.3m (2022: \u00a321.9m) has been deducted from revenue in relation to rebates in the year. (G) Segment reporting Operating segments are reported in a manner consistent with the internal reporting to the Executive Committee which has been identified as the chief operating decision maker. (H) Property, plant and equipment Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price of the asset, costs attributable to bringing the asset to working condition for intended use, the initial estimate of any decommissioning obligation and associated changes to those estimates. When components of an item of property, plant and equipment have different useful lives, those components are accounted for as separate assets. Subsequent costs are included in the asset\u2019s carrying value where they meet the recognition criteria. Assets are derecognised on disposal. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount of an asset and are recognised in the Consolidated Statement of Total Comprehensive Income. Where estimated future economic benefit falls below the carrying value of an asset or group of assets, the asset is impaired.
Assets under construction are not depreciated until they are
ready for use. For the other categories of property, plant and
equipment, depreciation is charged to either cost of sales,
distribution or administrative expenses within the Consolidated
Statement of Total Comprehensive Income on a straight-line
basis over the estimated useful life of the asset. The estimated
useful lives of assets are as follows:
\u2022 Buildings: up to 50 years
\u2022 Plant and machinery: 2 to 40 years
Asset residual values are reviewed, and adjusted if appropriate,
at each balance sheet date. The carrying amount of an asset is
written down if it is in excess of it\u2019s recoverable amount.
Repairs and maintenance expenses do not meet the recognition
criteria and are recognised as an expense in the Consolidated
Statement of Total Comprehensive Income.
(I) Intangible assets
(I) Goodwill
Goodwill arises on the acquisition of businesses, trade and
assets where consideration paid exceeds the fair value at the
acquisition date.
For the purpose of impairment testing, goodwill acquired in
a business combination is allocated to each of the cash
generating units (CGUs) that benefit from the synergies of
the combination. Each unit to which the goodwill is allocated
represents the lowest level within the entity at which the
goodwill is monitored for internal purposes.
Goodwill impairment reviews are undertaken annually or more
frequently if events or changes in circumstances indicate a
potential impairment. The carrying value of the CGU containing
the goodwill is compared to the recoverable amount, which is
the higher of fair value less costs to sell and value in use. Any
impairment is recognised immediately as an expense in the
Consolidated Statement of Total Comprehensive Income and
is not subsequently reversed.
(II) Brand
Intangible assets relating to brands are not amortised as all held
by the Group have an indefinite useful life but are tested annually
for impairment or more frequently if events or changes in
circumstances indicate a potential impairment.
(III) Carbon credits
Purchased carbon credits are recorded at cost within intangible
assets. The asset is surrendered at the end of the compliance
period reflecting the consumption of the economic benefit and
is recorded as being utilised. As a result, no amortisation is
booked but an impairment charge may be recognised. Further
details of the Group\u2019s policy in accounting for carbon credits are
disclosed under section (U) of this note.
(IV) Other intangible assets Other intangibles consist of clay rights, acquired merchant relationships and software development costs. These are attributable to both reportable segments. All other intangible assets have finite lives and are carried at cost less accumulated amortisation. Amortisation for all intangible assets, including those internally generated, is charged to administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful lives of the assets. \u2022 Software: up to 7 years \u2022 Clay rights: up to 12 years \u2022 Merchant relationships: up to 8 years (V) Impairment of tangible and intangible assets The Group continues to evaluate tangible and intangible assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Judgements have remained consistent with prior periods. The recoverable amount is defined as the higher of fair value less costs to sell and value in use, which in turn is the present value of the future cash flows expected to be derived from the asset. Management sensitise value in use models to assess the level of sensitivity to each assumption. Within each model, accounting for reasonably possible changes in assumptions such as a 1% increase in discount rate, decrease in long-term growth rates, or a 10% fall in annual EBITDA does not eliminate headroom. (VI) Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 the technical feasibility to complete the development so that the asset will be available for use or sale; \u2022 its intention to complete and its ability and intention to use or sell the asset; \u2022 that the asset will generate future economic benefits; \u2022 the availability of resources to complete the asset; and \u2022 the ability to reliably measure development expenditure. (J) Leases The Group leases various premises, land, fleet vehicles, cars and plant and equipment. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Lease terms are typically made for the following fixed periods: \u2022 Land and property: up to 60 years \u2022 Fleet vehicles, cars and plant and machinery: 2 to 7 years Lease assets are recognised as a right-of-use asset, with a corresponding liability also recognised at the date at which the leased asset is available for use by the Group.
(I) Lease liabilities
Assets and liabilities arising from a lease are initially measured
on a present value basis. Lease liabilities for the Group include
the net present value of fixed lease payments due over the lease
term. The Group remeasures lease liabilities if there is a change
in the cash flows resulting in a change in index or rate used to
determine lease payments.
Lease payments are discounted using the interest rate implicit in
the lease if readily available. If that rate cannot be determined,
the lessee\u2019s incremental borrowing rate is used, being the rate
that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar
economic environment with similar terms and conditions.
Payments made in relation to lease interest charges are
presented within interest paid within cash flows from operating
activities in the Consolidated Statement of Cash Flows. Principal
lease repayments made are recognised within cash flows from
financing activities.
(II) Right-of-use assets
Right-of-use assets for the Group are measured at cost. This
is determined as the initial measurement of the lease liability
and the balance of any lease payments made at or before the
commencement date. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease term and the
estimated useful life of the asset. The useful life of right of use
assets are as follows:
\u2022 Land and buildings: 8 to 14 years
\u2022 Plant, fleet and motor vehicles: 2 to 7 years
(III) Short-term leases and leases of low value assets
The Group applies the short-term lease recognition exemption
to its short-term leases of machinery and equipment (leases
that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It
also applies the lease of low-value assets recognition exemption
to leases that are considered to be low-value. Low-value assets
comprise tools, IT equipment and small items of office
equipment. Payments associated with short-term leases and
leases of low-value assets are recognised on a straight-line
basis as an expense in the Consolidated Statement of Total
Comprehensive Income and presented within cash flows from
operating activities within the Consolidated Statement of
Cash Flows.
(K) Financial instruments
The Group determines the classification of financial assets and
financial liabilities at initial recognition.
The principal financial assets and liabilities of the Group are
as follows:
(I) Trade and other receivables (excluding prepayments) Trade and other receivables are initially stated at fair value and subsequently measured at amortised cost. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. All trade receivables are expected to be settled in one year or less. Trade and other receivables are reported net of an allowance for expected credit losses. Losses are calculated by reviewing lifetime expected credit losses using historic and forward- looking data on credit risk. Expected loss allowances are recorded in a separate provision account with the loss being recognised within administrative expenses in the Consolidated Statement of Total Comprehensive Income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. (II) Trade and other payables (excluding statutory non-financial liabilities) Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method. (III) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short- term deposits. Short-term deposits are those deposits with a maturity of three months or less, held for the purpose of meeting short-term cash commitments, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. (IV) Loans and borrowings Loans and borrowings are initially recognised at fair value, net of attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income and finance expense. (V) Derivative financial instruments (excluding those designated as cash flow hedges) The Group uses derivative financial instruments, in particular forward foreign exchange contracts and options, to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The energy costs of the Group are closely managed to ensure the impact of fluctuating energy costs is minimised. As such, forward contractual commitments are in place for both gas and electricity. Under normal circumstances, the Group takes delivery of all energy purchased under each contract, meeting the requirements under IFRS 9 Financial Instruments of the own use exemption. These are then accounted for as executory contracts through the Consolidated Statement of Total Comprehensive Income in line with consumption. If, due to unforeseen circumstances, the Directors do not at the balance sheet date expect to take delivery of all volumes committed for future periods, thus necessitating excess volumes to be sold back to the market, any open contracts for which this applies are valued at their fair value with any gain or loss recognised in the income statement for the period then ended. (VI) Cash flow hedges When a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Consolidated Statement of Total Comprehensive Income. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The amounts accumulated in Other Comprehensive Income are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. For any other cash flow hedges, the amount accumulated in Other Comprehensive Income is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. (L) Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less any costs expected to be incurred in production and sale. The Group applies an inventory provision for damaged, obsolete, excess and slow-moving inventory. Raw materials are measured at the weighted average cost. This method perpetually applies a cost weighting to obtain an average cost of purchased inventory and inventory on hand in proportion to quantity. Finished goods are measured at standard cost. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. (M) Provisions Provisions are recognised in the Consolidated Balance Sheet when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle that obligation and the amount can be reliably measured. If the effect is material the provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The change in provisions due to passage of time is recognised as a net finance expense. Provisions for rebates are included within accrued liabilities and other payables. Provisions are not made for future operating losses. Provisions for restructuring cots, product liability, legal claims and carbon emissions obligations are all made based on the best estimate of the likely committed cash outflow, using relevant information available at the reporting date. Management engages third- party valuation experts, as appropriate, when material and complex estimates are required. (N) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from the proceeds. (O) Net finance expense Finance expense Finance expense comprises interest payable on borrowings from external and related parties, direct issue costs, interest paid on lease liabilities and unwinding of discount on long-term provisions. Finance expense is recognised in the Consolidated Statement of Total Comprehensive Income as it accrues using the effective interest method. Finance income Finance income comprises interest receivable on funds invested. (P) Current and deferred income tax Income tax for the periods presented comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Total Comprehensive Income, unless it relates to items recognised directly in equity. The current income tax charge is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. (Q) Employee benefits The Group operates a defined contribution pension plan under which the Group pays fixed contributions. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense. (R) Share-based payments The Group operates a number of equity-settled share-based compensation plans. The fair value of the employee services received in exchange for the grant of shares or options is recognised as an expense over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of shares or options granted. At each balance sheet date the Group revises its estimates of the number of shares or options that are expected to vest and recognises the impact of the revision on original estimates, if any, in the Consolidated Statement of Total Comprehensive Income, with a corresponding adjustment to equity. (S) Own shares held by employee benefit trust The Group has established two separate employee benefit trusts for the purposes of satisfying awards under the Group\u2019s share-based incentive schemes. Shares in the Group acquired by the Trusts are deducted from equity until shares are cancelled, reissued or disposed. (T) Accounting for carbon credits The Group\u2019s factories operate under the UK (Emission Trading Scheme) carbon pricing system. Purchased carbon credits are recorded at cost within intangible assets. A liability is recognised based on the level of emissions recorded in the relevant compliance period. Up to the level of allowances held, the liability is measured at the cost of purchase. Where the liability to surrender carbon credits exceeds the carbon allowances held, the provision is recognised for the shortfall measured at the prevailing market price and remeasured at the reporting date. Subsequent movements in the provision are recognised in the Statement of Total Comprehensive Income. Due to the nature of carbon credits purchases being to satisfy obligations incurred through the Group\u2019s operations, the purchase and settlement of carbon credits are included in cash flows from operating activities within the Consolidated Statement of Cash Flows. (U) Alternative performance measures In order to provide the most transparent understanding of the Group\u2019s performance, the Group uses alternative performance measures (APMs) which are not defined or specified under IFRS and may not be comparable with similarly titled measures used by other companies. The Group believes that its APMs provide additional helpful information on how the trading performance of the business is reported and internally assessed by management and the Board.
(I) Profit related APMs
Management and the Board use several profit related APMs in
assessing Group performance and profitability. Those being
adjusted EBITDA, adjusted EBITDA margin, adjusted operating
profit (EBIT), adjusted profit before tax, adjusted earnings per
share and adjusted operating cash flow. These are considered
before the impact of exceptional and adjusting items as outlined
below.
Exceptional items
The Group presents as exceptional items on the face of the
Consolidated Statement of Total Comprehensive Income,
those material items of income and expense, which, because of
the nature and expected infrequency of the events giving rise to
them, merit separate presentation to allow shareholders to
understand better elements of financial performance in
the period.
In the current year, management considers restructuring costs
incurred as a result of market decline to meet this definition.
Exceptional items are further detailed in note 8.
Adjusting items
Adjusting items are disclosed separately in the Annual Report
and Accounts where management believes it is necessary to
show an alternative measure of performance in presenting the
financial results of the Group. The term adjusted is not defined
under IFRS and may not be comparable with similarly titled
measures used by other companies. In the current year,
management has presented the below as adjusting items:
\u2022 the realised loss recognised within the Statement of Total
Comprehensive Income for the sale of excess energy volumes
in 2023, where committed volume exceeded actual
consumption by the Group \u00a3(0.8)m; and
\u2022 the fair value of forward energy contracts held where
committed future volume is expected by management, as at
31 December 2023, to exceed total consumption by the
Group. For these future contracts, the Group can no longer
apply the own use exemption under IFRS 9 and instead
recognise these as derivatives held at fair value on the
balance sheet at 31 December 2023. The fair value gain of
\u00a30.8m, recognised in the Statement of Total Comprehensive
Income, has been presented as an adjusting item for the year
ended 31 December 2023. Further details around future
forward energy contracts classified as derivative financial
instruments can be found in note 22.
For reporting purposes, \u2018adjusted results\u2019 are those presented
before both adjusting and exceptional items. A full reconciliation
through to statutory results is shown as follows.
Although both EBITDA and adjusted EBITDA are APMs, EBITDA
presented as below under the statutory heading is calculated
with reference to statutory results without adjustment.
Group: Revenue, EBITDA, EBITDA margin, operating profit, profit before tax
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Realised loss on
Fair value of
Restructuring and
sale of surplus
energy contract
2023
impairment costs
energy derivatives
Revenue
346.4
\u2013
\u2013
\u2013
346.4
EBITDA
58.1
(14.0)
(0.8)
0.8
44.1
EBITDA margin %
16.8 %
\u2013
\u2013
\u2013
12.7 %
Operating profit (EBIT)
38.1
(14.0)
(0.8)
0.8
24.1
Profit before tax
31.1
(14.0)
(0.8)
0.8
17.1
Adjusted Exceptional items Statutory
\u00a3m \u00a3m \u00a3m
Sale of disused
2022
land
Revenue
455.5
\u2013
455.5
EBITDA
89.2
2.3
91.5
EBITDA margin %
19.6 %
\u2013
20.1 %
Operating profit (EBIT)
72.7
2.3
75.0
Profit before tax
70.6
2.3
72.9
Segmental: Revenue, EBITDA, EBITDA margin
Bricks and Blocks
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Realised loss on
Fair value of
Restructuring and
sale of surplus
energy contract
2023
impairment costs
energy
derivatives
Revenue
277.4
\u2013
\u2013
\u2013
277.4
EBITDA
52.1
(13.7)
(0.8)
0.8
38.4
EBITDA margin %
18.8 %
\u2013
\u2013
\u2013
13.8 %
Restated
Adjusted Exceptional items Statutory
\u00a3m \u00a3m \u00a3m
Sale of disused
2022
land
Revenue
376.1
\u2013
376.1
EBITDA
85.6
2.3
87.9
EBITDA margin %
22.8 %
\u2013
23.4 %
1
1. Restated to report Red Bank results within the Bricks and Blocks segment as a result of internal restructure. Further details on page 40.
Bespoke Products
Adjusted Exceptional items Adjusting items Adjusting Items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Realised loss on
Fair value of
Restructuring and
sale of surplus
energy contract
2023
impairment costs
energy derivatives
Revenue
72.7
\u2013
\u2013
\u2013
72.7
EBITDA
6.0
(0.3)
\u2013
\u2013
5.7
EBITDA margin %
8.3%
\u2013
\u2013
\u2013
7.8%
The Bespoke Products segment did not contain exceptional or adjusting items in 2022.
Reconciliation of adjusted operating cash flow to statutory operating cash flow:
Before
Adjusting exceptional Exceptional
Adjusted items items items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
EBITDA
58.1
\u2013
58.1
(14.0)
44.1
Impairment of property, plant and equipment
\u2013
\u2013
\u2013
5.0
5.0
Purchase and settlement of carbon credits
3.1
\u2013
3.1
\u2013
3.1
Other cash flow items
1
(4.1)
(0.8)
(4.9)
3.9
(1.0)
Changes in working capital:
\u2013 Inventories
(52.8)
\u2013
(52.8)
\u2013
(52.8)
\u2013 Trade and other receivables
13.3
\u2013
13.3
\u2013
13.3
\u2013 Trade and other payables
(22.9)
\u2013
(22.9)
\u2013
(22.9)
Operating cash flow
(5.3)
(0.8)
(6.1)
(5.1)
(11.2)
1. For reconciliation purposes, \u2018Other cash flow items\u2019 is reported as the sum of: loss/(profit) on disposal of property, plant and equipment and leases,
movement on provisions, share-based payments and other cash items as are detailed within note 20.
(II) Other APMs
Net debt before leases: Net debt before leases is presented as
the total of cash and cash equivalents and borrowings, inclusive
of capitalised financing costs and excluding lease liabilities
reported at the balance sheet date. This calculation is included
as a KPI in the Group\u2019s Annual Report and Accounts.
Operating cash conversion: Operating cash conversion is
calculated as operating cash flow before exceptional items,
less capital expenditure (excluding spend on strategic projects),
divided by adjusted operating profit. This calculation is included
as a KPI in the Group\u2019s Annual Report and Accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "(A) Basis of preparation The accounting policies used in the preparation of the Consolidated Financial Statements of the Group are set out below. These accounting policies have been used consistently in all material respects across the periods presented. The Consolidated Financial Statements have been prepared in accordance with UK-adopted international accounting standards. The Consolidated Financial Statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand unless otherwise indicated. In preparing the Consolidated Financial Statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. The Group has engaged in a detailed review of expected climate change impacts on the business and its assets and liabilities to establish any adjustments required and what reporting is necessary in its Consolidated Financial Statements for the year ended 31 December 2023. The explanation below of how this has been included in the Consolidated Financial Statements should be read in conjunction with the climate-related risk and governance section on pages 78 to 85 of the Sustainability Report within this Annual Report and Accounts. This process has been completed to ensure material accuracy of the financial reporting and that disclosure of relevant information complies with the requirements of IAS 1. The process has involved a review of reporting segments and each element of the Group\u2019s commitment to reach net zero by 2050, to identify if any of these items is expected to be materially impacted in a negative or positive way by weather, legislative, societal or revenue/ cost changes. The conclusion of the review was that, while there will undoubtedly be impacts on the Group, the 100% UK focused nature of the operations of the business significantly reduces the risk profile of the Group to impacts from weather-related changes. The changes necessary to achieve net zero will not have a materially adverse impact on the cash flows of the Group and indeed, warmer climates may present some opportunities as disclosed on pages 79 to 85 of the Sustainability Report within this Annual Report and Accounts. Societal and legislative impacts are not considered to have a material impact on any one segment such that we need to break out reporting in a different way to previous years. Judgements are not considered to be significant, although clearly understanding of climate change is developing with time. Management review has concluded that there is no material impact for inclusion within modelling scenarios for viability purposes and given the profitability and short payback period of the cash generating units (CGUs), no issues were identified that would impact the carrying values of such tangible and intangible assets. Given the cash generation and facilities available, no significant issues were identified that would impact viability over the forecast period and as such therefore no further disclosure is required. The preparation of the Consolidated Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement and complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements, are disclosed in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "
The preparation of the Consolidated Financial Statements
in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise
its judgement in the process of applying the Group\u2019s accounting
policies. The areas involving a higher degree of judgement
and complexity, or areas where assumptions and estimates
are significant to the Consolidated Financial Statements, are
disclosed in note 3.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "
(B) Going concern
The Group\u2019s debt facility comprises a committed revolving credit
facility (RCF) of \u00a3170m extending to January 2027 with an
option for an extension to June 2028 subject to lender consent.
At the balance sheet date, the cash balance stood at \u00a316.0m
and after allowing for \u00a39.5m of the facility which is currently
carved out to be used for the provision of letters of credit, an
undrawn balance of \u00a350.5m was available against the Group\u2019s
facility, with reported net debt before leases of \u00a393.2m (2022:
\u00a35.9m) (net debt is presented inclusive of capitalised
arrangement fees).
The Group meets its working capital requirements through these
cash reserves and facilities and closely manages working capital
to ensure sufficient daily liquidity and prepares financial
forecasts under various scenarios to ensure sufficient liquidity
over the medium-term.
The facility is normally subject to covenant restrictions of
leverage (net debt / EBITDA) (as measured before leases) of less
than three times and interest cover of greater than four times.
The Group also benefits from an uncommitted overdraft facility
of \u00a310m.
The Group has traded comfortably within these covenants throughout 2023 and whilst it anticipates remaining within these covenants during 2024, given the combination of the Group\u2019s reduced EBITDA and increased net debt, driven by inventory build, capital outflows and higher interest rates, amended covenants have been agreed with the Group\u2019s lenders to provide additional headroom in the short-term. Accordingly, the Group\u2019s leverage covenant has increased to four times at June 2024 and 3.75 times at December 2024 with interest cover decreasing to three times at December 2024. In addition, quarterly covenant testing has been introduced for the period of the covenant relaxation. As such, for September 2024, leverage is set at four times and interest cover three times and in March 2025 leverage is set at 3.75 times and interest cover at 3 times. The covenants return to normal levels from June 2025 with testing reverting to half yearly. Management has modelled three financial scenarios for the period to 30 June 2025, comprising a base case and two plausible downside scenarios, reflecting both macroeconomic and industry-specific projections. In addition to this, a reverse stress test has also been modelled. Assumptions underpinning these scenarios are outlined as follows: \u2022 the base case scenario is aligned to our current demand expectations with short-term market conditions remaining challenging and demand in 2024 being broadly consistent with that seen in 2023; \u2022 2023 was characterised by a large growth in inventory and the management actions taken in 2023 will address this such that in 2024 production will be more closely aligned to sales; \u2022 capex outflows on the Group\u2019s three strategic investments will be almost complete during 2024, with capital spend significantly reduced thereafter until a recovery in market conditions facilitates a reduction in the Group\u2019s net debt; and \u2022 the Group\u2019s plausible downside scenarios take into account the current levels of market demand which are already approximately 30% below the levels last seen in 2022, meaning current industry demand is presently in line with levels last seen in the global financial crisis. As such, it is not considered plausible that demand could fall further than within the assumptions within the scenarios laid out below.
Sales volume
Management
Scenario
assumptions
mitigations
Base
Volumes reducing by
None necessary
24-36% in 2024 relative
to 2022,
recovering in
2025 but remaining
20-27% below 2022
Plausible
Volumes reducing by
None necessary
downside
29-40% in 2024 relative
to 2022,
recovering in
2025 but remaining
25-37% below 2022
Plausible
Volumes reducing by
A number of controllable
downside with
29-43% in 2024 relative
management mitigations
management
to 2022,
recovering in
assumed
mitigations
2025 but remaining
24-37% below 2022
Under each of the above scenarios, there is no breach in covenants throughout 2024 and in the period up to June 2025. In addition to this, the Group has prepared a reverse stress test to determine the level of market decline that could potentially breach covenants, before further mitigating actions are taken. The reverse stress test indicated, that should volumes fall by between 36% and 46% (product line dependent) versus those seen in 2022, the Group would be at risk of breaching its covenants. This is viewed by the Board to be a highly unlikely scenario, taking into consideration encouraging recent trading updates from housebuilding customers which report greater levels of customer activity in recent months, with a downward trend in mortgage interest rates throughout 2024 expected to increase affordability of new homes. Alongside this, the continuing under-supply of housing in the UK continues to worsen, and the Board are confident in the Group's ability to benefit significantly as markets recover and strategic investments generate returns. Additionally, in the event of the volumes falling in line with those modelled in the reverse stress test, the Group would seek to enact further mitigating actions including additional cost savings, production reductions, curtailment in the quantum of dividend distribution and the sale of land and buildings. Taking the above into consideration, alongside trading performance for the first two months of 2024 which has seen subdued levels in line with 2023 volumes, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the going concern period to 30 June 2025. The Group therefore adopts the going concern basis in preparing these Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
(C) New standards, amendments and interpretations
The accounting policies adopted in the preparation of these
Consolidated Financial Statements are consistent with those
followed in the preparation of the Consolidated Financial
Statements for the year ended 31 December 2022, except for
the adoption of new standards effective as at 1 January 2023.
The following new standards and amendments apply for the first
time in 2023, none of which had a material impact on the
Consolidated Financial Statements:
\u2022 IFRS 17, Insurance Contracts; amendments to IAS 8,
Definition of Accounting Estimates; amendments to IAS 1,
Presentation of Financial Statements and IFRS 2 Practice
Statement; Amendments to IAS 12, Taxation.
At the date of approval of these Consolidated Financial
Statements there were a number of standards, amendments
and interpretations that have been published and are effective
for accounting periods beginning on or after 1 January 2024.
These have not been applied in these Consolidated Financial
Statements and are not expected to have a material impact
when adopted. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet
effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "(C) New standards, amendments and interpretations The accounting policies adopted in the preparation of these Consolidated Financial Statements are consistent with those followed in the preparation of the Consolidated Financial Statements for the year ended 31 December 2022, except for the adoption of new standards effective as at 1 January 2023. The following new standards and amendments apply for the first time in 2023, none of which had a material impact on the Consolidated Financial Statements: \u2022 IFRS 17, Insurance Contracts; amendments to IAS 8, Definition of Accounting Estimates; amendments to IAS 1, Presentation of Financial Statements and IFRS 2 Practice Statement; Amendments to IAS 12, Taxation. At the date of approval of these Consolidated Financial Statements there were a number of standards, amendments and interpretations that have been published and are effective for accounting periods beginning on or after 1 January 2024. These have not been applied in these Consolidated Financial Statements and are not expected to have a material impact when adopted. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
(D) Basis of consolidation
The Group controls an entity when it is exposed to, or has rights
to, variable returns and has the ability to affect those returns
through its power over the entity. A subsidiary is an entity over
which the Group has control. Subsidiaries are consolidated from
the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Intra-Group transactions, balances and unrealised gains and
losses on transactions between Group companies are
eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "(D) Basis of consolidation The Group controls an entity when it is exposed to, or has rights to, variable returns and has the ability to affect those returns through its power over the entity. A subsidiary is an entity over which the Group has control. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intra-Group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "
(E) Foreign currency translation
The presentational currency of the Group is pounds sterling;
the currency of the primary economic environment in which the
Group operates.
Foreign currency transactions are translated into the presentational
currency using the exchange rate prevailing at the date of the
transaction. Foreign exchange gains and losses resulting from
the settlement of such transactions, or from the translation of
monetary assets and liabilities denominated in foreign currencies
at period end, are recognised in the Group\u2019s Consolidated
Statement of Total Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "The presentational currency of the Group is pounds sterling; the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "
(F) Revenue
Revenue is measured at the fair value of the consideration
received or receivable, and represents amounts for goods
supplied, net of rebates, discounts, returns and value added
taxes. The Group recognises revenue when performance
obligations are met, as follows:
\u2022 Bricks and Blocks \u2013 on delivery of goods.
\u2022 Bespoke Products \u2013 on delivery of goods, or, for supply and
fit contracts, on delivery and installation. Delivery and
installation are construed as two separate performance
obligations, however the pattern of installation is in a manner
that the obligation is satisfied at the same time as the delivery
of products, thus there is no time lag between the two
performance obligations and hence revenue is recognised on
installation.
\u2022 Bill and hold arrangements, for both reporting segments \u2013
when the customer obtains control of the goods, which arises
when facts and circumstances indicate that control has
passed and when all of the following criteria are met: (i) the
reason for the arrangement is substantive; (ii) the product has
been identified separately as belonging to the customer; (iii)
the product is ready for delivery in accordance with the terms
of the arrangement; and (iv) the Group does not have the
ability to use the product or sell the product to another
customer.
The Group provides volume-based rebates to certain
customers, typically on an annual basis. Revenue is recognised
net of rebates paid or accrued. In total \u00a316.3m (2022: \u00a321.9m)
has been deducted from revenue in relation to rebates in
the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "The Group provides volume-based rebates to certain customers, typically on an annual basis. Revenue is recognised net of rebates paid or accrued. In total \u00a316.3m (2022: \u00a321.9m) has been deducted from revenue in relation to rebates in the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
(G) Segment reporting
Operating segments are reported in a manner consistent with
the internal reporting to the Executive Committee which has
been identified as the chief operating decision maker.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
(H) Property, plant and equipment
Items of property, plant and equipment are stated at cost less
accumulated depreciation and impairment losses. Cost includes
the original purchase price of the asset, costs attributable to
bringing the asset to working condition for intended use, the
initial estimate of any decommissioning obligation and
associated changes to those estimates. When components of
an item of property, plant and equipment have different useful
lives, those components are accounted for as separate assets.
Subsequent costs are included in the asset\u2019s carrying value
where they meet the recognition criteria.
Assets are derecognised on disposal. Gains and losses on
disposal are determined by comparing the proceeds with
the carrying amount of an asset and are recognised in the
Consolidated Statement of Total Comprehensive Income.
Where estimated future economic benefit falls below the
carrying value of an asset or group of assets, the asset
is impaired.
Assets under construction are not depreciated until they are ready for use. For the other categories of property, plant and equipment, depreciation is charged to either cost of sales, distribution or administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful life of the asset. The estimated useful lives of assets are as follows: \u2022 Buildings: up to 50 years \u2022 Plant and machinery: 2 to 40 years Asset residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying amount of an asset is written down if it is in excess of it\u2019s recoverable amount. Repairs and maintenance expenses do not meet the recognition criteria and are recognised as an expense in the Consolidated Statement of Total Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "Assets under construction are not depreciated until they are ready for use. For the other categories of property, plant and equipment, depreciation is charged to either cost of sales, distribution or administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful life of the asset. The estimated useful lives of assets are as follows: \u2022 Buildings: up to 50 years \u2022 Plant and machinery: 2 to 40 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "Assets under construction are not depreciated until they are ready for use. For the other categories of property, plant and equipment, depreciation is charged to either cost of sales, distribution or administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful life of the asset. The estimated useful lives of assets are as follows: \u2022 Buildings: up to 50 years \u2022 Plant and machinery: 2 to 40 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "(I) Intangible assets (I) Goodwill Goodwill arises on the acquisition of businesses, trade and assets where consideration paid exceeds the fair value at the acquisition date. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) that benefit from the synergies of the combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of fair value less costs to sell and value in use. Any impairment is recognised immediately as an expense in the Consolidated Statement of Total Comprehensive Income and is not subsequently reversed. (II) Brand Intangible assets relating to brands are not amortised as all held by the Group have an indefinite useful life but are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. (III) Carbon credits Purchased carbon credits are recorded at cost within intangible assets. The asset is surrendered at the end of the compliance period reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised. Further details of the Group\u2019s policy in accounting for carbon credits are disclosed under section (U) of this note. (IV) Other intangible assets Other intangibles consist of clay rights, acquired merchant relationships and software development costs. These are attributable to both reportable segments. All other intangible assets have finite lives and are carried at cost less accumulated amortisation. Amortisation for all intangible assets, including those internally generated, is charged to administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful lives of the assets. \u2022 Software: up to 7 years \u2022 Clay rights: up to 12 years \u2022 Merchant relationships: up to 8 years (V) Impairment of tangible and intangible assets The Group continues to evaluate tangible and intangible assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Judgements have remained consistent with prior periods. The recoverable amount is defined as the higher of fair value less costs to sell and value in use, which in turn is the present value of the future cash flows expected to be derived from the asset. Management sensitise value in use models to assess the level of sensitivity to each assumption. Within each model, accounting for reasonably possible changes in assumptions such as a 1% increase in discount rate, decrease in long-term growth rates, or a 10% fall in annual EBITDA does not eliminate headroom. (VI) Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 the technical feasibility to complete the development so that the asset will be available for use or sale; \u2022 its intention to complete and its ability and intention to use or sell the asset; \u2022 that the asset will generate future economic benefits; \u2022 the availability of resources to complete the asset; and \u2022 the ability to reliably measure development expenditure. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "(I) Goodwill Goodwill arises on the acquisition of businesses, trade and assets where consideration paid exceeds the fair value at the acquisition date. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGUs) that benefit from the synergies of the combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of fair value less costs to sell and value in use. Any impairment is recognised immediately as an expense in the Consolidated Statement of Total Comprehensive Income and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "(II) Brand Intangible assets relating to brands are not amortised as all held by the Group have an indefinite useful life but are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. (III) Carbon credits Purchased carbon credits are recorded at cost within intangible assets. The asset is surrendered at the end of the compliance period reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised. Further details of the Group\u2019s policy in accounting for carbon credits are disclosed under section (U) of this note.
(IV) Other intangible assets
Other intangibles consist of clay rights, acquired merchant
relationships and software development costs. These are
attributable to both reportable segments. All other intangible
assets have finite lives and are carried at cost less accumulated
amortisation. Amortisation for all intangible assets, including
those internally generated, is charged to administrative
expenses within the Consolidated Statement of Total
Comprehensive Income on a straight-line basis over the
estimated useful lives of the assets.
\u2022 Software: up to 7 years
\u2022 Clay rights: up to 12 years
\u2022 Merchant relationships: up to 8 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "
(V) Impairment of tangible and intangible assets
The Group continues to evaluate tangible and intangible assets
for indicators of impairment whenever events or changes
in circumstances indicate that the carrying value may not
be recoverable. Judgements have remained consistent with
prior periods.
The recoverable amount is defined as the higher of fair value
less costs to sell and value in use, which in turn is the present
value of the future cash flows expected to be derived from
the asset.
Management sensitise value in use models to assess the level
of sensitivity to each assumption. Within each model, accounting
for reasonably possible changes in assumptions such as a 1%
increase in discount rate, decrease in long-term growth rates,
or a 10% fall in annual EBITDA does not eliminate headroom.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "(V) Impairment of tangible and intangible assets The Group continues to evaluate tangible and intangible assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Judgements have remained consistent with prior periods. The recoverable amount is defined as the higher of fair value less costs to sell and value in use, which in turn is the present value of the future cash flows expected to be derived from the asset. Management sensitise value in use models to assess the level of sensitivity to each assumption. Within each model, accounting for reasonably possible changes in assumptions such as a 1% increase in discount rate, decrease in long-term growth rates, or a 10% fall in annual EBITDA does not eliminate headroom. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "
(VI) Research and development costs
Research costs are expensed as incurred. Development
expenditures on an individual project are recognised as an
intangible asset when the Group can demonstrate:
\u2022 the technical feasibility to complete the development so that
the asset will be available for use or sale;
\u2022 its intention to complete and its ability and intention to use
or sell the asset;
\u2022 that the asset will generate future economic benefits;
\u2022 the availability of resources to complete the asset; and
\u2022 the ability to reliably measure development expenditure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
(J) Leases
The Group leases various premises, land, fleet vehicles, cars and
plant and equipment. Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions.
Lease terms are typically made for the following fixed periods:
\u2022 Land and property: up to 60 years
\u2022 Fleet vehicles, cars and plant and machinery: 2 to 7 years
Lease assets are recognised as a right-of-use asset, with a
corresponding liability also recognised at the date at which the
leased asset is available for use by the Group.
(I) Lease liabilities Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities for the Group include the net present value of fixed lease payments due over the lease term. The Group remeasures lease liabilities if there is a change in the cash flows resulting in a change in index or rate used to determine lease payments. Lease payments are discounted using the interest rate implicit in the lease if readily available. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Payments made in relation to lease interest charges are presented within interest paid within cash flows from operating activities in the Consolidated Statement of Cash Flows. Principal lease repayments made are recognised within cash flows from financing activities. (II) Right-of-use assets Right-of-use assets for the Group are measured at cost. This is determined as the initial measurement of the lease liability and the balance of any lease payments made at or before the commencement date. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. The useful life of right of use assets are as follows: \u2022 Land and buildings: 8 to 14 years \u2022 Plant, fleet and motor vehicles: 2 to 7 years (III) Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low-value. Low-value assets comprise tools, IT equipment and small items of office equipment. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the Consolidated Statement of Total Comprehensive Income and presented within cash flows from operating activities within the Consolidated Statement of Cash Flows. (I) Trade and other receivables (excluding prepayments) Trade and other receivables are initially stated at fair value and subsequently measured at amortised cost. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. All trade receivables are expected to be settled in one year or less. Trade and other receivables are reported net of an allowance for expected credit losses. Losses are calculated by reviewing lifetime expected credit losses using historic and forward- looking data on credit risk. Expected loss allowances are recorded in a separate provision account with the loss being recognised within administrative expenses in the Consolidated Statement of Total Comprehensive Income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. (II) Trade and other payables (excluding statutory non-financial liabilities) Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method. (III) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short- term deposits. Short-term deposits are those deposits with a maturity of three months or less, held for the purpose of meeting short-term cash commitments, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. (IV) Loans and borrowings Loans and borrowings are initially recognised at fair value, net of attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income and finance expense. (V) Derivative financial instruments (excluding those designated as cash flow hedges) The Group uses derivative financial instruments, in particular forward foreign exchange contracts and options, to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The energy costs of the Group are closely managed to ensure the impact of fluctuating energy costs is minimised. As such, forward contractual commitments are in place for both gas and electricity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "(K) Financial instruments The Group determines the classification of financial assets and financial liabilities at initial recognition. The principal financial assets and liabilities of the Group are as follows: Under normal circumstances, the Group takes delivery of all energy purchased under each contract, meeting the requirements under IFRS 9 Financial Instruments of the own use exemption. These are then accounted for as executory contracts through the Consolidated Statement of Total Comprehensive Income in line with consumption. If, due to unforeseen circumstances, the Directors do not at the balance sheet date expect to take delivery of all volumes committed for future periods, thus necessitating excess volumes to be sold back to the market, any open contracts for which this applies are valued at their fair value with any gain or loss recognised in the income statement for the period then ended. (VI) Cash flow hedges When a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Consolidated Statement of Total Comprehensive Income. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The amounts accumulated in Other Comprehensive Income are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. For any other cash flow hedges, the amount accumulated in Other Comprehensive Income is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "
(I) Trade and other receivables (excluding prepayments)
Trade and other receivables are initially stated at fair value and
subsequently measured at amortised cost.
Trade receivables are amounts due from customers for goods
sold in the ordinary course of business. All trade receivables are
expected to be settled in one year or less.
Trade and other receivables are reported net of an allowance for
expected credit losses. Losses are calculated by reviewing
lifetime expected credit losses using historic and forward-
looking data on credit risk. Expected loss allowances are
recorded in a separate provision account with the loss being
recognised within administrative expenses in the Consolidated
Statement of Total Comprehensive Income. On confirmation
that the receivable will not be collectable, the gross carrying
value of the asset is written off against the associated provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "
(II) Trade and other payables (excluding statutory
non-financial liabilities)
Trade and other payables are initially stated at fair value and
subsequently measured at amortised cost using the effective
interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
(III) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short-
term deposits. Short-term deposits are those deposits with a
maturity of three months or less, held for the purpose of meeting
short-term cash commitments, that are readily convertible to
a known amount of cash and subject to an insignificant risk
of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "
(IV) Loans and borrowings
Loans and borrowings are initially recognised at fair value, net of
attributable transaction costs and are subsequently measured at
amortised cost using the effective interest rate method. Gains
and losses arising on the repurchase, settlement or otherwise
cancellation of liabilities are recognised respectively in finance
income and finance expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "
(V) Derivative financial instruments (excluding those
designated as cash flow hedges)
The Group uses derivative financial instruments, in particular
forward foreign exchange contracts and options, to manage
the financial risks arising from the business activities and the
financing of those activities. The Group does not use derivative
financial instruments for speculative purposes. Such derivative
financial instruments are initially recognised at fair value on the
date on which a derivative contract is entered into and are
subsequently remeasured at fair value. Derivatives are carried
as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative.
The energy costs of the Group are closely managed to ensure
the impact of fluctuating energy costs is minimised. As such,
forward contractual commitments are in place for both gas
and electricity.
Under normal circumstances, the Group takes delivery of all
energy purchased under each contract, meeting the requirements
under IFRS 9 Financial Instruments of the own use exemption.
These are then accounted for as executory contracts through
the Consolidated Statement of Total Comprehensive Income
in line with consumption.
If, due to unforeseen circumstances, the Directors do not at
the balance sheet date expect to take delivery of all volumes
committed for future periods, thus necessitating excess volumes
to be sold back to the market, any open contracts for which
this applies are valued at their fair value with any gain or loss
recognised in the income statement for the period then ended.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "(V) Derivative financial instruments (excluding those designated as cash flow hedges) The Group uses derivative financial instruments, in particular forward foreign exchange contracts and options, to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The energy costs of the Group are closely managed to ensure the impact of fluctuating energy costs is minimised. As such, forward contractual commitments are in place for both gas and electricity. Under normal circumstances, the Group takes delivery of all energy purchased under each contract, meeting the requirements under IFRS 9 Financial Instruments of the own use exemption. These are then accounted for as executory contracts through the Consolidated Statement of Total Comprehensive Income in line with consumption. If, due to unforeseen circumstances, the Directors do not at the balance sheet date expect to take delivery of all volumes committed for future periods, thus necessitating excess volumes to be sold back to the market, any open contracts for which this applies are valued at their fair value with any gain or loss recognised in the income statement for the period then ended. (VI) Cash flow hedges When a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Consolidated Statement of Total Comprehensive Income. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The amounts accumulated in Other Comprehensive Income are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. For any other cash flow hedges, the amount accumulated in Other Comprehensive Income is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "
(VI) Cash flow hedges
When a derivative financial instrument is designated as a hedge
of the variability in cash flows of a recognised asset or liability,
the effective portion of the gain or loss on the hedging
instrument is recognised in Other Comprehensive Income in
the cash flow hedge reserve, while any ineffective portion is
recognised immediately in the Consolidated Statement of
Total Comprehensive Income. The cash flow hedge reserve is
adjusted to the lower of the cumulative gain or loss on the
hedging instrument and the cumulative change in fair value of
the hedged item.
The amounts accumulated in Other Comprehensive Income are
accounted for, depending on the nature of the underlying
hedged transaction. If the hedged transaction subsequently
results in the recognition of a non-financial item, the amount
accumulated in equity is removed from the separate component
of equity and included in the initial cost or other carrying amount
of the hedged asset or liability. For any other cash flow hedges,
the amount accumulated in Other Comprehensive Income is
reclassified to profit or loss as a reclassification adjustment in
the same period or periods during which the hedged cash flows
affect profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "
(L) Inventories
Inventories are stated at the lower of cost and net realisable
value. Net realisable value is based on estimated selling price
less any costs expected to be incurred in production and sale.
The Group applies an inventory provision for damaged,
obsolete, excess and slow-moving inventory.
Raw materials are measured at the weighted average cost.
This method perpetually applies a cost weighting to obtain an
average cost of purchased inventory and inventory on hand in
proportion to quantity.
Finished goods are measured at standard cost. Cost comprises
direct materials, direct labour and an appropriate proportion
of variable and fixed overhead expenditure, the latter being
allocated on the basis of normal operating capacity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "(M) Provisions Provisions are recognised in the Consolidated Balance Sheet when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle that obligation and the amount can be reliably measured. If the effect is material the provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The change in provisions due to passage of time is recognised as a net finance expense. Provisions for rebates are included within accrued liabilities and other payables. Provisions are not made for future operating losses. Provisions for restructuring cots, product liability, legal claims and carbon emissions obligations are all made based on the best estimate of the likely committed cash outflow, using relevant information available at the reporting date. Management engages third- party valuation experts, as appropriate, when material and complex estimates are required", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "
(N) Share capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares are shown in
share premium as a deduction from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "
(O) Net finance expense
Finance expense
Finance expense comprises interest payable on borrowings
from external and related parties, direct issue costs, interest
paid on lease liabilities and unwinding of discount on long-term
provisions. Finance expense is recognised in the Consolidated
Statement of Total Comprehensive Income as it accrues using
the effective interest method.
Finance income
Finance income comprises interest receivable on funds invested.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "Finance expense Finance expense comprises interest payable on borrowings from external and related parties, direct issue costs, interest paid on lease liabilities and unwinding of discount on long-term provisions. Finance expense is recognised in the Consolidated Statement of Total Comprehensive Income as it accrues using the effective interest method. Finance income Finance income comprises interest receivable on funds invested.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "Finance expense Finance expense comprises interest payable on borrowings from external and related parties, direct issue costs, interest paid on lease liabilities and unwinding of discount on long-term provisions. Finance expense is recognised in the Consolidated Statement of Total Comprehensive Income as it accrues using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "Finance income Finance income comprises interest receivable on funds invested.", "dimensions": { "concept": "forterra:DescriptionOfAccountingPolicyForFinanceIncome", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "
(P) Current and deferred income tax
Income tax for the periods presented comprises current and
deferred tax. Tax is recognised in the Consolidated Statement
of Total Comprehensive Income, unless it relates to items
recognised directly in equity.
The current income tax charge is the expected tax payable
on the taxable income for the year, using tax rates enacted
or substantively enacted at the balance sheet date, and any
adjustment to tax payable in respect of previous years.
Deferred income tax is recognised on temporary differences
arising between the tax bases of assets and liabilities and their
carrying amounts in the Consolidated Financial Statements.
Deferred income tax assets are recognised only to the extent
that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "(P) Current and deferred income tax Income tax for the periods presented comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Total Comprehensive Income, unless it relates to items recognised directly in equity. The current income tax charge is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "
(Q) Employee benefits
The Group operates a defined contribution pension plan under
which the Group pays fixed contributions. The Group has
no further payment obligations once the contributions have
been paid. The contributions are recognised as an employee
benefit expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "
(R) Share-based payments
The Group operates a number of equity-settled share-based
compensation plans. The fair value of the employee services
received in exchange for the grant of shares or options is
recognised as an expense over the vesting period. The total
amount to be expensed over the vesting period is determined
by reference to the fair value of shares or options granted.
At each balance sheet date the Group revises its estimates
of the number of shares or options that are expected to vest
and recognises the impact of the revision on original estimates,
if any, in the Consolidated Statement of Total Comprehensive
Income, with a corresponding adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "
(S) Own shares held by employee benefit trust
The Group has established two separate employee benefit
trusts for the purposes of satisfying awards under the Group\u2019s
share-based incentive schemes. Shares in the Group acquired
by the Trusts are deducted from equity until shares are
cancelled, reissued or disposed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "
(T) Accounting for carbon credits
The Group\u2019s factories operate under the UK (Emission Trading
Scheme) carbon pricing system. Purchased carbon credits are
recorded at cost within intangible assets. A liability is recognised
based on the level of emissions recorded in the relevant
compliance period. Up to the level of allowances held, the
liability is measured at the cost of purchase. Where the liability
to surrender carbon credits exceeds the carbon allowances
held, the provision is recognised for the shortfall measured at
the prevailing market price and remeasured at the reporting
date. Subsequent movements in the provision are recognised
in the Statement of Total Comprehensive Income.
Due to the nature of carbon credits purchases being to satisfy
obligations incurred through the Group\u2019s operations, the
purchase and settlement of carbon credits are included in cash
flows from operating activities within the Consolidated
Statement of Cash Flows.
", "dimensions": { "concept": "forterra:DescriptionOfAccountingPolicyForAccountingForCarbonCredits", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "
(U) Alternative performance measures
In order to provide the most transparent understanding of the
Group\u2019s performance, the Group uses alternative performance
measures (APMs) which are not defined or specified under IFRS
and may not be comparable with similarly titled measures used
by other companies. The Group believes that its APMs provide
additional helpful information on how the trading performance of
the business is reported and internally assessed by
management and the Board.
(I) Profit related APMs Management and the Board use several profit related APMs in assessing Group performance and profitability. Those being adjusted EBITDA, adjusted EBITDA margin, adjusted operating profit (EBIT), adjusted profit before tax, adjusted earnings per share and adjusted operating cash flow. These are considered before the impact of exceptional and adjusting items as outlined below. Exceptional items The Group presents as exceptional items on the face of the Consolidated Statement of Total Comprehensive Income, those material items of income and expense, which, because of the nature and expected infrequency of the events giving rise to them, merit separate presentation to allow shareholders to understand better elements of financial performance in the period. In the current year, management considers restructuring costs incurred as a result of market decline to meet this definition. Exceptional items are further detailed in note 8. Adjusting items Adjusting items are disclosed separately in the Annual Report and Accounts where management believes it is necessary to show an alternative measure of performance in presenting the financial results of the Group. The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. In the current year, management has presented the below as adjusting items: \u2022 the realised loss recognised within the Statement of Total Comprehensive Income for the sale of excess energy volumes in 2023, where committed volume exceeded actual consumption by the Group \u00a3(0.8)m; and \u2022 the fair value of forward energy contracts held where committed future volume is expected by management, as at 31 December 2023, to exceed total consumption by the Group. For these future contracts, the Group can no longer apply the own use exemption under IFRS 9 and instead recognise these as derivatives held at fair value on the balance sheet at 31 December 2023. The fair value gain of \u00a30.8m, recognised in the Statement of Total Comprehensive Income, has been presented as an adjusting item for the year ended 31 December 2023. Further details around future forward energy contracts classified as derivative financial instruments can be found in note 22. For reporting purposes, \u2018adjusted results\u2019 are those presented before both adjusting and exceptional items. A full reconciliation through to statutory results is shown as follows. Although both EBITDA and adjusted EBITDA are APMs, EBITDA presented as below under the statutory heading is calculated with reference to statutory results without adjustment. Group: Revenue, EBITDA, EBITDA margin, operating profit, profit before tax
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Realised loss on
Fair value of
Restructuring and
sale of surplus
energy contract
2023
impairment costs
energy derivatives
Revenue
346.4
\u2013
\u2013
\u2013
346.4
EBITDA
58.1
(14.0)
(0.8)
0.8
44.1
EBITDA margin %
16.8 %
\u2013
\u2013
\u2013
12.7 %
Operating profit (EBIT)
38.1
(14.0)
(0.8)
0.8
24.1
Profit before tax
31.1
(14.0)
(0.8)
0.8
17.1
Adjusted Exceptional items Statutory
\u00a3m \u00a3m \u00a3m
Sale of disused
2022
land
Revenue
455.5
\u2013
455.5
EBITDA
89.2
2.3
91.5
EBITDA margin %
19.6 %
\u2013
20.1 %
Operating profit (EBIT)
72.7
2.3
75.0
Profit before tax
70.6
2.3
72.9
Segmental: Revenue, EBITDA, EBITDA margin Bricks and Blocks
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Realised loss on
Fair value of
Restructuring and
sale of surplus
energy contract
2023
impairment costs
energy
derivatives
Revenue
277.4
\u2013
\u2013
\u2013
277.4
EBITDA
52.1
(13.7)
(0.8)
0.8
38.4
EBITDA margin %
18.8 %
\u2013
\u2013
\u2013
13.8 %
Restated
Adjusted Exceptional items Statutory
\u00a3m \u00a3m \u00a3m
Sale of disused
2022
land
Revenue
376.1
\u2013
376.1
EBITDA
85.6
2.3
87.9
EBITDA margin %
22.8 %
\u2013
23.4 %
1 1. Restated to report Red Bank results within the Bricks and Blocks segment as a result of internal restructure. Further details on page 40. Bespoke Products
Adjusted Exceptional items Adjusting items Adjusting Items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Realised loss on
Fair value of
Restructuring and
sale of surplus
energy contract
2023
impairment costs
energy derivatives
Revenue
72.7
\u2013
\u2013
\u2013
72.7
EBITDA
6.0
(0.3)
\u2013
\u2013
5.7
EBITDA margin %
8.3%
\u2013
\u2013
\u2013
7.8%
The Bespoke Products segment did not contain exceptional or adjusting items in 2022. Reconciliation of adjusted operating cash flow to statutory operating cash flow:
Before
Adjusting exceptional Exceptional
Adjusted items items items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
EBITDA
58.1
\u2013
58.1
(14.0)
44.1
Impairment of property, plant and equipment
\u2013
\u2013
\u2013
5.0
5.0
Purchase and settlement of carbon credits
3.1
\u2013
3.1
\u2013
3.1
Other cash flow items
1
(4.1)
(0.8)
(4.9)
3.9
(1.0)
Changes in working capital:
\u2013 Inventories
(52.8)
\u2013
(52.8)
\u2013
(52.8)
\u2013 Trade and other receivables
13.3
\u2013
13.3
\u2013
13.3
\u2013 Trade and other payables
(22.9)
\u2013
(22.9)
\u2013
(22.9)
Operating cash flow
(5.3)
(0.8)
(6.1)
(5.1)
(11.2)
1. For reconciliation purposes, \u2018Other cash flow items\u2019 is reported as the sum of: loss/(profit) on disposal of property, plant and equipment and leases, movement on provisions, share-based payments and other cash items as are detailed within note 20. (II) Other APMs Net debt before leases: Net debt before leases is presented as the total of cash and cash equivalents and borrowings, inclusive of capitalised financing costs and excluding lease liabilities reported at the balance sheet date. This calculation is included as a KPI in the Group\u2019s Annual Report and Accounts. Operating cash conversion: Operating cash conversion is calculated as operating cash flow before exceptional items, less capital expenditure (excluding spend on strategic projects), divided by adjusted operating profit. This calculation is included as a KPI in the Group\u2019s Annual Report and Accounts.", "dimensions": { "concept": "forterra:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "
3. Significant accounting estimates and judgements
The preparation of the Consolidated Financial Statements under
IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable
under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates.
(A) Accounting estimates
(I) Provisions
Provisions for restoration and decommissioning obligations are
made based on the best estimate of the likely committed cash
outflow. Management seeks specialist input from third-party
experts to estimate the cost to perform necessary remediation
work at the reporting date. These experts undertake site visits
in years where scoping identifies there is a change in operations
in the year which could suggest a change in these estimates,
or at sites that have not been visited recently. Desktop reviews
are undertaken to inform the estimates for other sites. If the cost
estimates increased by 10% the value of provisions would
change by c.\u00a31.2m (2022: c.\u00a31.2m). The useful lives of
quarrying sites are based on the estimated mineral reserve
remaining and manufacturing facilities linked to the useful life
of site property, plant and equipment. Changes to these useful
lives do not have a significant impact on the provision.
The estimation of inflation and discount rates is also considered
to be judgemental and can have a significant impact on net
present value. Management reference information from the
Bank of England when making such estimates. If the inflation
or discount rate were changed and the spread between them
increased by 1% the value of provisions would increase and
decrease respectively by c.\u00a32.2m (2022: c.\u00a32.5m).
(B) Accounting judgements
(I) Inventory valuation and provisioning
Inventory carrying value is stated after recognising inventory
provisions. The accounting for potential inventory obsolescence
is assessed using past sales data, with manual adjustments for
new products to calculate provisions for slow moving inventory.
This requires a degree of commercial judgement when
determining saleability and price of certain finished goods.
(II) Exceptional and adjusting items
As referenced in note 2, the Group has disclosed certain
exceptional and adjusting items within the Annual Report and
Accounts. In determining whether something is classified as
exceptional or adjusting, management make reference to
nature, size and expected infrequency, with the decision to
include or exclude being a matter of judgement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "4. Segmental reporting Management has determined the operating segments based on the management reports reviewed by the Executive Committee that are used to assess both performance and strategic decisions. Management has identified that the Executive Committee is the chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating segments\u2019. The Executive Committee considers the business to be split into three operating segments: Bricks, Blocks and Bespoke Products. The principal activity of the operating segments are: \u2022 Bricks: Manufacture and sale of bricks to the construction sector; \u2022 Blocks: Manufacture and sale of concrete blocks and permeable block paving to the construction sector; and \u2022 Bespoke Products: Manufacture and sale of bespoke products to the construction sector. Segmental revenue and results The Executive Committee considers that for reporting purposes, the operating segments above can be aggregated into two reporting segments: Bricks and Blocks and Bespoke Products. The aggregation of Bricks and Blocks is due to these operating segments having similar long-term average margins, production processes, suppliers, customers and distribution methods. In 2023 the Red Bank business was reclassified from the Bespoke Products segment to the Brick and Block segment after an internal restructure that combined the Cradley Special Brick and Red Bank operations. The segmental revenue and results, assets and other information that follows have been restated to reflect this change comparatively across periods. The Bespoke Products range includes precast concrete (marketed under the \u2018Bison Precast\u2019 brand), chimney and roofing solutions, each of which are typically made-to-measure or customised to meet the customer\u2019s specific needs. The precast concrete products are complemented by the Group\u2019s full design and nationwide installation services. Costs which are incurred on behalf of both segments are held at the centre and these, together with general administrative expenses, are allocated to the segments for reporting purposes using a split of 80% Bricks and Blocks and 20% Bespoke Products. Management considers that this is an appropriate basis for the allocation. The revenue recognised in the Consolidated Statement of Total Comprehensive Income is all attributable to the principal activity of the manufacture and sale of bricks, both dense and lightweight blocks, precast concrete, concrete paving and other complementary building products. Substantially all revenue recognised in the Consolidated Statement of Total Comprehensive Income arose within the UK.
Segmental revenue and results
Restated
2023
2022
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
277.4
72.7
350.1
376.1
84.2
460.3
Inter-segment eliminations
(3.7)
(4.8)
Revenue
346.4
455.5
EBITDA before exceptional items
52.1
6.0
58.1
85.6
3.6
89.2
Depreciation and amortisation
13, 14, 24
(18.6)
(1.4)
(20.0)
(15.1)
(1.4)
(16.5)
Operating profit before exceptional items
33.5
4.6
38.1
70.5
2.2
72.7
Exceptional items
8
(13.7)
(0.3)
(14.0)
2.3
\u2014
2.3
Operating profit
19.8
4.3
24.1
72.8
2.2
75.0
Finance expense
9
(7.0)
(2.1)
Profit before tax
17.1
72.9
1
1. Restated to report Red Bank results within the Bricks and Blocks segment as a result of internal restructure. Further details on page 40.
Segmental assets
Restated
2023
2022
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
13
16.8
2.4
19.2
21.7
1.9
23.6
Property, plant and equipment
14
240.8
8.9
249.7
224.7
9.0
233.7
Right-of-use assets
24
22.9
1.2
24.1
17.6
0.5
18.1
Inventories
15
92.1
3.7
95.8
37.6
5.4
43.0
Segment assets
372.6
16.2
388.8
301.6
16.8
318.4
Unallocated assets
55.9
79.2
Total assets
444.7
397.6
1
1. Restated to report Red Bank results within the Bricks and Blocks segment as a result of internal restructure. Further details on page 40.
Property, plant and equipment, intangible assets, right-of-use assets and inventories are allocated to segments and considered
when appraising segment performance. Trade and other receivables, income tax assets, cash and cash equivalents and derivative
assets are centrally controlled and unallocated.
Other segment information
Restated
2023
2022
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible asset additions
13
5.3
0.8
6.1
11.4
1.1
12.5
Property, plant and equipment additions
14
32.6
0.9
33.5
40.3
1.1
41.4
Right-of-use asset additions
24
11.2
1.1
12.3
6.6
0.2
6.8
1
1. Restated to report Red Bank results within the Bricks and Blocks segment as a result of internal restructure. Further details on page 40.
Customers representing 10% or greater of revenues
Restated
2023
2022
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer A
40.1
0.2
40.3
50.0
1.5
51.5
Customer B
\u2013
\u2013
\u2013
43.8
1.0
44.8
1
1. Restated to report Red Bank results within the Bricks and Blocks segment as a result of internal restructure. Further details on page 40.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "
Segmental revenue and results
Restated
2023
2022
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
277.4
72.7
350.1
376.1
84.2
460.3
Inter-segment eliminations
(3.7)
(4.8)
Revenue
346.4
455.5
EBITDA before exceptional items
52.1
6.0
58.1
85.6
3.6
89.2
Depreciation and amortisation
13, 14, 24
(18.6)
(1.4)
(20.0)
(15.1)
(1.4)
(16.5)
Operating profit before exceptional items
33.5
4.6
38.1
70.5
2.2
72.7
Exceptional items
8
(13.7)
(0.3)
(14.0)
2.3
\u2014
2.3
Operating profit
19.8
4.3
24.1
72.8
2.2
75.0
Finance expense
9
(7.0)
(2.1)
Profit before tax
17.1
72.9
1 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "Customers representing 10% or greater of revenues
Restated
2023
2022
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer A
40.1
0.2
40.3
50.0
1.5
51.5
Customer B
\u2013
\u2013
\u2013
43.8
1.0
44.8
1 1. Restated to report Red Bank results within the Bricks and Blocks segment as a result of internal restructure. Further details on page 40.", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "
5. Operating profit
Profit from operations is stated after charging
2023 2022
Note \u00a3m \u00a3m
Depreciation and amortisation
13, 14, 24
20.0
16.5
Lease expense
24
3.7
3.6
Impairment of property, plant and equipment
14
5.0
\u2013
Share-based payments
27
0.9
3.4
Depreciation and amortisation in the current year includes depreciation on right-of-use assets recognised through IFRS 16. Lease
expenses relate to short-term leases and leases of low-value assets outside of the scope of IFRS 16, as detailed within note 24.
Auditor\u2019s remuneration
2023 2022
\u00a3m \u00a3m
Audit and non-audit services:
Fees payable for the audit of the Company and Consolidated Financial Statements
0.1
0.1
Fees payable for the audit of the subsidiary Financial Statements
0.4
0.3
0.5
0.4
Non-audit services in the year totalled \u00a30.1m (2022: \u00a30.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "5. Operating profit Profit from operations is stated after charging
2023 2022
Note \u00a3m \u00a3m
Depreciation and amortisation
13, 14, 24
20.0
16.5
Lease expense
24
3.7
3.6
Impairment of property, plant and equipment
14
5.0
\u2013
Share-based payments
27
0.9
3.4
Depreciation and amortisation in the current year includes depreciation on right-of-use assets recognised through IFRS 16. Lease expenses relate to short-term leases and leases of low-value assets outside of the scope of IFRS 16, as detailed within note 24. Auditor\u2019s remuneration
2023 2022
\u00a3m \u00a3m
Audit and non-audit services:
Fees payable for the audit of the Company and Consolidated Financial Statements
0.1
0.1
Fees payable for the audit of the subsidiary Financial Statements
0.4
0.3
0.5
0.4
Non-audit services in the year totalled \u00a30.1m (2022: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "
2023 2022
Note \u00a3m \u00a3m
Depreciation and amortisation
13, 14, 24
20.0
16.5
Lease expense
24
3.7
3.6
Impairment of property, plant and equipment
14
5.0
\u2013
Share-based payments
27
0.9
3.4
Depreciation and amortisation in the current year includes depreciation on right-of-use assets recognised through IFRS 16. Lease expenses relate to short-term leases and leases of low-value assets outside of the scope of IFRS 16, as detailed within note 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "Auditor\u2019s remuneration
2023 2022
\u00a3m \u00a3m
Audit and non-audit services:
Fees payable for the audit of the Company and Consolidated Financial Statements
0.1
0.1
Fees payable for the audit of the subsidiary Financial Statements
0.4
0.3
0.5
0.4
Non-audit services in the year totalled \u00a30.1m (2022: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "
6. Other operating income
2023 2022
Note \u00a3m \u00a3m
(Loss)/profit on sale of property, plant and equipment
(0.2)
0.4
Exceptional profit on sale of disused land
8
\u2013
2.3
Other income
0.7
1.0
0.5
3.7
The other income balance contains amounts relating to rental income, revenue from waste contracts and foreign exchange gains/
losses incurred on operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "6. Other operating income
2023 2022
Note \u00a3m \u00a3m
(Loss)/profit on sale of property, plant and equipment
(0.2)
0.4
Exceptional profit on sale of disused land
8
\u2013
2.3
Other income
0.7
1.0
0.5
3.7
The other income balance contains amounts relating to rental income, revenue from waste contracts and foreign exchange gains/ losses incurred on operating expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "
7. Employee costs
Employment costs for the Group during the year
2023 2022
Note \u00a3m \u00a3m
Wages and salaries
89.4
94.3
Pension costs
7.0
6.9
Social security costs
8.9
9.0
Share-based payments
27
0.9
3.4
106.2
113.6
The total share-based payment charge in the year includes a release of national insurance accruals of \u00a30.3m (2022: charge of \u00a30.4m).
Average number of employees
2023 2022
Number Number
Administration
190
202
Production and distribution
1,597
1,667
1,787
1,869
Pension costs
Throughout the period under review the Group provided pension benefits to employees through defined contribution schemes and
by way of a retirement allowance to some members of senior management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "7. Employee costs Employment costs for the Group during the year
2023 2022
Note \u00a3m \u00a3m
Wages and salaries
89.4
94.3
Pension costs
7.0
6.9
Social security costs
8.9
9.0
Share-based payments
27
0.9
3.4
106.2
113.6
The total share-based payment charge in the year includes a release of national insurance accruals of \u00a30.3m (2022: charge of \u00a30.4m). Average number of employees
2023 2022
Number Number
Administration
190
202
Production and distribution
1,597
1,667
1,787
1,869
Pension costs Throughout the period under review the Group provided pension benefits to employees through defined contribution schemes and by way of a retirement allowance to some members of senior management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "
8. Exceptional items
2023 2022
Note \u00a3m \u00a3m
Sale of disused land
\u2013
2.3
Restructuring costs
(9.0)
\u2013
Impairment of plant and equipment
14
(5.0)
\u2013
(14.0)
2.3
2023 exceptional items
Exceptional items in 2023 relate to costs associated with the restructuring of our operations. Restructuring activities were
undertaken to reduce output in response to the decline in demand for our products. Cash restructuring costs totalled \u00a39.0m,
of which \u00a38.8m related to redundancies and terminations made across the Group. In addition to this, non-cash impairment losses
of \u00a35.0m have been recognised in respect of the carrying value of plant and equipment at the Howley Park and Claughton brick
factories which were mothballed in the year. Further details of these impairments can be read in note 14.
2022 exceptional items
In March 2022 the Group completed the sale of an area of disused land for total proceeds of \u00a32.5m. Taking into account asset net
book values and associated costs of sale, profit on disposal totalled \u00a32.3m.
Presentation of exceptional items
Other
Cost of Distribution Administrative operating
sales costs expenses income Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Restructuring costs
(7.0)
(1.6)
(0.4)
\u2013
(9.0)
Impairment of plant and equipment
14
(5.0)
\u2013
\u2013
\u2013
(5.0)
(12.0)
(1.6)
(0.4)
\u2013
(14.0)
2022
Sale of disused land
\u2013
\u2013
\u2013
2.3
2.3
Tax on exceptional items
The restructuring costs incurred in the year including redundancies, legal costs and onerous leases were tax deductible. The asset
impairment of plant and machinery is not deductible against corporation tax however it reduces the deferred tax liability on qualifying
plant and machinery.
", "dimensions": { "concept": "forterra:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "
9. Finance expense
2023 2022
\u00a3m \u00a3m
Interest payable on loans and borrowings
5.7
1.6
Interest payable on lease liabilities
0.7
0.4
Other finance expense
\u2013
0.1
Amortisation of capitalised financing costs
0.6
\u2013
7.0
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "9. Finance expense
2023 2022
\u00a3m \u00a3m
Interest payable on loans and borrowings
5.7
1.6
Interest payable on lease liabilities
0.7
0.4
Other finance expense
\u2013
0.1
Amortisation of capitalised financing costs
0.6
\u2013
7.0
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "9. Finance expense
2023 2022
\u00a3m \u00a3m
Interest payable on loans and borrowings
5.7
1.6
Interest payable on lease liabilities
0.7
0.4
Other finance expense
\u2013
0.1
Amortisation of capitalised financing costs
0.6
\u2013
7.0
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "9. Finance expense
2023 2022
\u00a3m \u00a3m
Interest payable on loans and borrowings
5.7
1.6
Interest payable on lease liabilities
0.7
0.4
Other finance expense
\u2013
0.1
Amortisation of capitalised financing costs
0.6
\u2013
7.0
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "
10. Taxation
2023 2022
Note \u00a3m \u00a3m
Current tax
UK corporation tax on profit for the year
3.5
12.3
Prior year adjustment on UK corporation tax
(0.7)
0.5
Total current tax
2.8
12.8
Deferred tax
Origination and reversal of temporary differences
25
0.9
1.3
Effect of change in tax rates
25
0.1
0.3
Effect of prior period adjustments
25
0.5
(0.3)
Total deferred tax
1.5
1.3
Income tax expense
4.3
14.1
2023 2022
\u00a3m \u00a3m
Current tax
Profit before taxation
17.1
72.9
Expected tax charge
4.0
13.9
Expenses not deductible for tax purposes
0.4
(0.3)
Effect of prior period adjustments
(0.1)
0.2
Effect of change on deferred tax rate
\u2013
0.3
Income tax expense
4.3
14.1
The expected tax charge is calculated using the statutory tax rate of 23.5% (2022: 19%) for current tax. Deferred tax is calculated at
the rate at which the provision is expected to reverse. The UK main rate of corporation tax increased to 25% on 1 April 2023. There
has been no change in the Finance Bill 2023.
25. Deferred tax
The analysis of deferred tax liabilities is as follows:
2023 2022
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
6.3
5.0
The movement in deferred tax assets/ (liabilities) is as follows:
Share-
Fixed Intangible based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2022
(6.2)
3.2
(1.0)
1.4
(0.1)
(2.7)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(1.9)
\u2013
\u2013
0.6
\u2013
(1.3)
Effect of changes in tax rates
(0.6)
0.2
\u2013
0.1
\u2013
(0.3)
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
At 31 December
2022
(8.4)
3.4
(1.0)
1.1
(0.1)
(5.0)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(0.9)
\u2013
\u2013
(0.1)
0.1
(0.9)
Effect of changes in tax rates
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Effect of prior period adjustments
(0.4)
\u2013
\u2013
(0.1)
\u2013
(0.5)
Tax on items taken directly to equity
\u2013
\u2013
\u2013
0.2
\u2013
0.2
At 31 December
2023
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using
the corporation tax rate applicable to the timing of their reversal.
Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle
the balances net.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "
11. Dividends
2023 2022
\u00a3m \u00a3m
Amounts recognised as distributions to equity holders in the year
Interim dividend of 2.4p per share (2022: 4.6p)
4.9
9.6
Final dividend of 10.1p per share in respect of prior year (2022: 6.7p)
20.8
14.6
25.7
24.2
The Directors are proposing a final dividend for 2023 of 2.0p per share, making a total payment for the year of 4.4p (2022: 14.7p).
This is subject to approval by the shareholders at the AGM and has not been included as a liability in the Consolidated
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "0.024", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-390": { "value": "0.046", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-391": { "value": "0.044", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-388": { "value": "0.147", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-346": { "value": "
12. Earnings per share
The calculation of earnings per Ordinary Share is based on profit or loss after tax and the weighted average number of Ordinary
Shares in issue during the year. Adjusted earnings per share is presented as an alternative performance measure to provide an
additional year-on-year comparison. A reconciliation between adjusted and statutory results is presented within note 2.
For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of
all dilutive potential Ordinary Shares. The Group has four types of dilutive potential Ordinary Shares: those share options granted
to employees under the Sharesave scheme; unvested shares granted under the Deferred Annual Bonus Plan; unvested shares
granted under the Share Incentive Plan; and unvested shares within the Performance Share Plan that have met the relevant
performance conditions at the end of the reporting period. If, for any of the above schemes, the average share price for the year
is greater than the option price, these shares become anti-dilutive and are excluded from the calculation.
Adjusted
Statutory
2023 2022 2023 2022
Note \u00a3m \u00a3m \u00a3m \u00a3m
Operating profit for the year
38.1
72.7
24.1
75.0
Finance expense
9
(7.0)
(2.1)
(7.0)
(2.1)
Profit before taxation
31.1
70.6
17.1
72.9
Income tax expense
10
(7.6)
(13.6)
(4.3)
(14.1)
23.5
57.0
12.8
58.8
Weighted average number of shares (millions)
206.6
216.2
206.6
216.2
Effect of share incentive awards and options (millions)
1.4
3.2
1.4
3.2
Diluted weighted average number of shares (millions)
208.0
219.4
208.0
219.4
Earnings per share
Pence
Pence
Pence
Pence
Basic earnings
11.4
26.4
6.2
27.2
Diluted earnings
11.3
26.0
6.2
26.8
Adjusted earnings per share is presented as an APM and is calculated by excluding both exceptional and adjusting items as
detailed within note 2 to these Consolidated Financial Statements. The associated adjusted tax charge is calculated using the rate
excluding these exceptional and adjusting items of 24.5% (2022: 19.3%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "
13. Intangible assets
Carbon Other
Goodwill Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
2023
405.7
11.1
12.0
24.2
453.0
Additions
\u2013
\u2013
5.2
0.9
6.1
Disposals
\u2013
\u2013
(8.3)
(0.5)
(8.8)
At 31 December
2023
405.7
11.1
8.9
24.6
450.3
Accumulated amortisation and impairment
At 1 January
2023
(405.7)
(4.7)
\u2013
(19.0)
(429.4)
Charge for the year
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposals
\u2013
\u2013
\u2013
0.3
0.3
At 31 December
2023
(405.7)
(4.7)
\u2013
(20.7)
(431.1)
Net book value
At 1 January
2023
\u2013
6.4
12.0
5.2
23.6
At 31 December
2023
\u2013
6.4
8.9
3.9
19.2
Carbon Other
Goodwill Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
2022
405.7
11.1
6.4
22.0
445.2
Additions
\u2013
\u2013
10.3
2.2
12.5
Disposals
\u2013
\u2013
(4.7)
\u2013
(4.7)
At 31 December
2022
405.7
11.1
12.0
24.2
453.0
Accumulated amortisation and impairment
At 1 January
2022
(405.7)
(4.7)
\u2013
(17.1)
(427.5)
Charge for the year
\u2013
\u2013
\u2013
(1.9)
(1.9)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December
2022
(405.7)
(4.7)
\u2013
(19.0)
(429.4)
Net book value
At 1 January
2022
\u2013
6.4
6.4
4.9
17.7
At 31 December
2022
\u2013
6.4
12.0
5.2
23.6
The brand category comprises the acquired Thermalite and Bison Precast brands, components of the Bricks and Blocks and Bespoke Products reportable segments respectively. The other intangibles category consists of purchases of clay rights, merchant relationships, order book, patent and software development costs. These are attributable to both reportable segments. Additions in the period relate to the upgrading of Group IT systems. Carbon credits have been purchased to satisfy compliance obligations of the Group, and whilst there is no obligation to utilise this within the next 12 months; a proportion of the year-end balance is expected to be surrendered within 2024. Due to the nature of carbon credits being part of the Group\u2019s operating activities, the purchased balance is included in cash flows from operating activities within the Consolidated Statement of Cash Flows. Included in software additions is \u00a30.1m (2022: \u00a30.5m) of own work capitalised. Impairment of intangible assets Goodwill and intangible assets with indefinite useful lives The Group no longer holds any carrying value associated with goodwill. Other intangible assets with indefinite useful lives consist of the Thermalite brand which is allocated to the Aircrete blocks CGUs within the Brick and Block reportable segment and the Bison Precast brand which is allocated to the Bespoke Products segment. These are subject to annual impairment tests. The Group estimates recoverable amount using a value in use model by projecting pre-tax cash flows over the estimated useful life. The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA margin, capital expenditure and the discount rate. The forecast revenues and EBITDA in the models are based on management\u2019s past experience and future expectations of performance. Maintenance capex is based on planned levels in the short-term and recent trends in the longer-term. A pre-tax discount rate of 12.9% in 2023 (2022:12.8%) has been derived from a weighted average cost of capital (WACC) calculation and benchmarked against similar organisations operating within the sector and used to discount cash flows. EBITDA growth rates over the next five years vary by CGU between 0.2% and 8.1% and are based on management\u2019s past experience and expectations of future market performance. These compare to growth rates at 31 December 2022 of between (7.1)% and 6.7%. Terminal growth rate of 2.0% for 2023 (2022: 2.0%) is consistent across CGUs and reflect management\u2019s past experience, expectations of future market performance, longer-term industry forecasts and inflationary expectations. The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the above assumptions, is greater than the carrying amount and therefore no impairment has been recognised in 2023 (2022: \u00a3nil). The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or intangible assets. Should the costs associated with carbon emissions increase over time, this would be experienced across the industry and the Group would therefore expect to be able to recover this through it\u2019s pricing strategy where possible. Primary mitigation however, remains the focus on reducing our emissions and delivering on the plan and targets outlined within the Sustainability Report within this Annual Report and Accounts. Whilst recognising the risks associated with the longer-term demand for our products, our commitment to innovation and developing to meet the evolving needs of our customer base, paired with the acknowledged climate related opportunities that the thermal properties of our products offer, leads the Group to the believe that the useful lives of it's brands are not currently impacted by climate related risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "13. Intangible assets
Carbon Other
Goodwill Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
2023
405.7
11.1
12.0
24.2
453.0
Additions
\u2013
\u2013
5.2
0.9
6.1
Disposals
\u2013
\u2013
(8.3)
(0.5)
(8.8)
At 31 December
2023
405.7
11.1
8.9
24.6
450.3
Accumulated amortisation and impairment
At 1 January
2023
(405.7)
(4.7)
\u2013
(19.0)
(429.4)
Charge for the year
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposals
\u2013
\u2013
\u2013
0.3
0.3
At 31 December
2023
(405.7)
(4.7)
\u2013
(20.7)
(431.1)
Net book value
At 1 January
2023
\u2013
6.4
12.0
5.2
23.6
At 31 December
2023
\u2013
6.4
8.9
3.9
19.2
Carbon Other
Goodwill Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
2022
405.7
11.1
6.4
22.0
445.2
Additions
\u2013
\u2013
10.3
2.2
12.5
Disposals
\u2013
\u2013
(4.7)
\u2013
(4.7)
At 31 December
2022
405.7
11.1
12.0
24.2
453.0
Accumulated amortisation and impairment
At 1 January
2022
(405.7)
(4.7)
\u2013
(17.1)
(427.5)
Charge for the year
\u2013
\u2013
\u2013
(1.9)
(1.9)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December
2022
(405.7)
(4.7)
\u2013
(19.0)
(429.4)
Net book value
At 1 January
2022
\u2013
6.4
6.4
4.9
17.7
At 31 December
2022
\u2013
6.4
12.0
5.2
23.6
The brand category comprises the acquired Thermalite and Bison Precast brands, components of the Bricks and Blocks and Bespoke Products reportable segments respectively. The other intangibles category consists of purchases of clay rights, merchant relationships, order book, patent and software development costs. These are attributable to both reportable segments. Additions in the period relate to the upgrading of Group IT systems. Carbon credits have been purchased to satisfy compliance obligations of the Group, and whilst there is no obligation to utilise this within the next 12 months; a proportion of the year-end balance is expected to be surrendered within 2024. Due to the nature of carbon credits being part of the Group\u2019s operating activities, the purchased balance is included in cash flows from operating activities within the Consolidated Statement of Cash Flows. Included in software additions is \u00a30.1m (2022: \u00a30.5m) of own work capitalised. Impairment of intangible assets Goodwill and intangible assets with indefinite useful lives The Group no longer holds any carrying value associated with goodwill. Other intangible assets with indefinite useful lives consist of the Thermalite brand which is allocated to the Aircrete blocks CGUs within the Brick and Block reportable segment and the Bison Precast brand which is allocated to the Bespoke Products segment. These are subject to annual impairment tests. The Group estimates recoverable amount using a value in use model by projecting pre-tax cash flows over the estimated useful life. The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA margin, capital expenditure and the discount rate. The forecast revenues and EBITDA in the models are based on management\u2019s past experience and future expectations of performance. Maintenance capex is based on planned levels in the short-term and recent trends in the longer-term. A pre-tax discount rate of 12.9% in 2023 (2022:12.8%) has been derived from a weighted average cost of capital (WACC) calculation and benchmarked against similar organisations operating within the sector and used to discount cash flows. EBITDA growth rates over the next five years vary by CGU between 0.2% and 8.1% and are based on management\u2019s past experience and expectations of future market performance. These compare to growth rates at 31 December 2022 of between (7.1)% and 6.7%. Terminal growth rate of 2.0% for 2023 (2022: 2.0%) is consistent across CGUs and reflect management\u2019s past experience, expectations of future market performance, longer-term industry forecasts and inflationary expectations. The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the above assumptions, is greater than the carrying amount and therefore no impairment has been recognised in 2023 (2022: \u00a3nil). The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or intangible assets. Should the costs associated with carbon emissions increase over time, this would be experienced across the industry and the Group would therefore expect to be able to recover this through it\u2019s pricing strategy where possible. Primary mitigation however, remains the focus on reducing our emissions and delivering on the plan and targets outlined within the Sustainability Report within this Annual Report and Accounts. Whilst recognising the risks associated with the longer-term demand for our products, our commitment to innovation and developing to meet the evolving needs of our customer base, paired with the acknowledged climate related opportunities that the thermal properties of our products offer, leads the Group to the believe that the useful lives of it's brands are not currently impacted by climate related risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "13. Intangible assets
Carbon Other
Goodwill Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
2023
405.7
11.1
12.0
24.2
453.0
Additions
\u2013
\u2013
5.2
0.9
6.1
Disposals
\u2013
\u2013
(8.3)
(0.5)
(8.8)
At 31 December
2023
405.7
11.1
8.9
24.6
450.3
Accumulated amortisation and impairment
At 1 January
2023
(405.7)
(4.7)
\u2013
(19.0)
(429.4)
Charge for the year
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposals
\u2013
\u2013
\u2013
0.3
0.3
At 31 December
2023
(405.7)
(4.7)
\u2013
(20.7)
(431.1)
Net book value
At 1 January
2023
\u2013
6.4
12.0
5.2
23.6
At 31 December
2023
\u2013
6.4
8.9
3.9
19.2
Carbon Other
Goodwill Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
2022
405.7
11.1
6.4
22.0
445.2
Additions
\u2013
\u2013
10.3
2.2
12.5
Disposals
\u2013
\u2013
(4.7)
\u2013
(4.7)
At 31 December
2022
405.7
11.1
12.0
24.2
453.0
Accumulated amortisation and impairment
At 1 January
2022
(405.7)
(4.7)
\u2013
(17.1)
(427.5)
Charge for the year
\u2013
\u2013
\u2013
(1.9)
(1.9)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December
2022
(405.7)
(4.7)
\u2013
(19.0)
(429.4)
Net book value
At 1 January
2022
\u2013
6.4
6.4
4.9
17.7
At 31 December
2022
\u2013
6.4
12.0
5.2
23.6
The brand category comprises the acquired Thermalite and Bison Precast brands, components of the Bricks and Blocks and Bespoke Products reportable segments respectively. The other intangibles category consists of purchases of clay rights, merchant relationships, order book, patent and software development costs. These are attributable to both reportable segments. Additions in the period relate to the upgrading of Group IT systems. Carbon credits have been purchased to satisfy compliance obligations of the Group, and whilst there is no obligation to utilise this within the next 12 months; a proportion of the year-end balance is expected to be surrendered within 2024. Due to the nature of carbon credits being part of the Group\u2019s operating activities, the purchased balance is included in cash flows from operating activities within the Consolidated Statement of Cash Flows. Included in software additions is \u00a30.1m (2022: \u00a30.5m) of own work capitalised. Impairment of intangible assets Goodwill and intangible assets with indefinite useful lives The Group no longer holds any carrying value associated with goodwill. Other intangible assets with indefinite useful lives consist of the Thermalite brand which is allocated to the Aircrete blocks CGUs within the Brick and Block reportable segment and the Bison Precast brand which is allocated to the Bespoke Products segment. These are subject to annual impairment tests. The Group estimates recoverable amount using a value in use model by projecting pre-tax cash flows over the estimated useful life. The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA margin, capital expenditure and the discount rate. The forecast revenues and EBITDA in the models are based on management\u2019s past experience and future expectations of performance. Maintenance capex is based on planned levels in the short-term and recent trends in the longer-term. A pre-tax discount rate of 12.9% in 2023 (2022:12.8%) has been derived from a weighted average cost of capital (WACC) calculation and benchmarked against similar organisations operating within the sector and used to discount cash flows. EBITDA growth rates over the next five years vary by CGU between 0.2% and 8.1% and are based on management\u2019s past experience and expectations of future market performance. These compare to growth rates at 31 December 2022 of between (7.1)% and 6.7%. Terminal growth rate of 2.0% for 2023 (2022: 2.0%) is consistent across CGUs and reflect management\u2019s past experience, expectations of future market performance, longer-term industry forecasts and inflationary expectations. The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the above assumptions, is greater than the carrying amount and therefore no impairment has been recognised in 2023 (2022: \u00a3nil). The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or intangible assets. Should the costs associated with carbon emissions increase over time, this would be experienced across the industry and the Group would therefore expect to be able to recover this through it\u2019s pricing strategy where possible. Primary mitigation however, remains the focus on reducing our emissions and delivering on the plan and targets outlined within the Sustainability Report within this Annual Report and Accounts. Whilst recognising the risks associated with the longer-term demand for our products, our commitment to innovation and developing to meet the evolving needs of our customer base, paired with the acknowledged climate related opportunities that the thermal properties of our products offer, leads the Group to the believe that the useful lives of it's brands are not currently impacted by climate related risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "
Impairment of intangible assets
Goodwill and intangible assets with indefinite useful lives
The Group no longer holds any carrying value associated with goodwill. Other intangible assets with indefinite useful lives consist
of the Thermalite brand which is allocated to the Aircrete blocks CGUs within the Brick and Block reportable segment and the
Bison Precast brand which is allocated to the Bespoke Products segment. These are subject to annual impairment tests. The
Group estimates recoverable amount using a value in use model by projecting pre-tax cash flows over the estimated useful life.
The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA margin, capital expenditure and the
discount rate. The forecast revenues and EBITDA in the models are based on management\u2019s past experience and future
expectations of performance. Maintenance capex is based on planned levels in the short-term and recent trends in the longer-term.
A pre-tax discount rate of 12.9% in 2023 (2022:12.8%) has been derived from a weighted average cost of capital (WACC)
calculation and benchmarked against similar organisations operating within the sector and used to discount cash flows. EBITDA
growth rates over the next five years vary by CGU between 0.2% and 8.1% and are based on management\u2019s past experience and
expectations of future market performance. These compare to growth rates at 31 December 2022 of between (7.1)% and 6.7%.
Terminal growth rate of 2.0% for 2023 (2022: 2.0%) is consistent across CGUs and reflect management\u2019s past experience,
expectations of future market performance, longer-term industry forecasts and inflationary expectations.
The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the above assumptions,
is greater than the carrying amount and therefore no impairment has been recognised in 2023 (2022: \u00a3nil).
Impairment of tangible assets Any impairment of tangible assets is determined in line with Group accounting policies. In the current year, following restructuring actions taken by the Group and the mothballing of both sites, plant and machinery associated with the Howley Park brick factory CGU and the Claughton brick factory CGU, which both sit within the Bricks and Blocks reportable segment, has been impaired. The plant and machinery at both sites has been fully written down as it is not expected to generate cash flows in the medium-term or have a material and readily realisable market value. In total \u00a30.9m was impaired at Howley Park and \u00a34.1m at Claughton. Following the decision to mothball the factories, the associated land and buildings are not being utilised in generating cash flows and management have estimated, supported by management experts and through undertaking \u2018Red Book\u2019 assessments, fair value less costs to sell for both sites. The fair value less costs to sell are estimated to be above the carrying values held at 31 December 2023 and the Group has therefore not recognised any impairment of land and buildings in the year. At 31 December 2023 the property, plant and equipment of these mothballed factories held carrying values of \u00a34.5m in relation to Howley Park and \u00a30.5m in relation to Claughton. The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "
14. Property, plant and equipment
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January
2023
184.1
277.1
461.2
Additions
7.1
26.4
33.5
Asset reclass
1
(10.7)
10.7
\u2013
Disposals
\u2013
(3.9)
(3.9)
Change in the value of decommissioning assets
(0.4)
\u2013
(0.4)
At 31 December
2023
180.1
310.3
490.4
Accumulated depreciation and impairment
At 1 January
2023
(56.4)
(171.1)
(227.5)
Charge for the year
(2.8)
(9.2)
(12.0)
Asset impairment
\u2013
(5.0)
(5.0)
Disposals
\u2013
3.7
3.7
Change in the value of decommissioning assets
0.1
\u2013
0.1
At 31 December
2023
(59.1)
(181.6)
(240.7)
Net book value
At 1 January
2023
127.7
106.0
233.7
At 31 December
2023
121.0
128.7
249.7
1. Asset reclasses in the period relate to reallocations of assets previously under construction across land and buildings and plant and machinery, following the
commissioning of the New Desford brick factory.
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January
2022
173.3
255.5
428.8
Additions
11.1
30.3
41.4
Disposals
(0.8)
(8.7)
(9.5)
Change in the value of decommissioning assets
0.5
\u2013
0.5
At 31 December
2022
184.1
277.1
461.2
Accumulated depreciation and impairment
At 1 January
2022
(55.0)
(172.4)
(227.4)
Charge for the year
(2.1)
(7.4)
(9.5)
Disposals
0.7
8.7
9.4
At 31 December
2022
(56.4)
(171.1)
(227.5)
Net book value
At 1 January
2022
118.3
83.1
201.4
At 31 December
2022
127.7
106.0
233.7
Land and buildings comprise sites used for administration, distribution, manufacturing and mineral extraction. Each asset is used to
generate operating cash flows and rates of depreciation reflect this use. Quarries and manufacturing facilities are classified under
land and buildings. Quarrying enables manufacturing and is not carried out for any other economic purpose. The two are therefore
not considered to be distinct.
At 31 December 2023, capital commitments not yet incurred totalled \u00a320.6m (2022: \u00a334.3m).
Included within property, plant and equipment are assets under the course of construction of \u00a336.3m (2022: \u00a395.5m), comprising
of \u00a35.5m (2022: \u00a347.3m) for land and buildings and \u00a330.8m (2022: \u00a348.2m) for plant and machinery.
Land and Buildings
Plant and machinery
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Strategic:
New Desford brick factory
0.4
45.0
10.8
40.0
Wilnecote brick factory redevelopment
4.7
1.8
13.9
5.2
Accrington brick slip development
\u2013
\u2013
3.2
\u2013
Maintenance:
Other assets
0.4
0.5
2.9
3.0
5.5
47.3
30.8
48.2
Impairment of tangible assets
Any impairment of tangible assets is determined in line with Group accounting policies. In the current year, following restructuring
actions taken by the Group and the mothballing of both sites, plant and machinery associated with the Howley Park brick factory
CGU and the Claughton brick factory CGU, which both sit within the Bricks and Blocks reportable segment, has been impaired.
The plant and machinery at both sites has been fully written down as it is not expected to generate cash flows in the medium-term
or have a material and readily realisable market value. In total \u00a30.9m was impaired at Howley Park and \u00a34.1m at Claughton.
Following the decision to mothball the factories, the associated land and buildings are not being utilised in generating cash flows
and management have estimated, supported by management experts and through undertaking \u2018Red Book\u2019 assessments, fair value
less costs to sell for both sites. The fair value less costs to sell are estimated to be above the carrying values held at 31 December
2023 and the Group has therefore not recognised any impairment of land and buildings in the year. At 31 December 2023 the
property, plant and equipment of these mothballed factories held carrying values of \u00a34.5m in relation to Howley Park and \u00a30.5m
in relation to Claughton.
The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the
possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with
the recommendations of the Taskforce on Climate-related Financial Disclosure. In doing so, the Group has concluded that there
is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short
payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or
intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "
15. Inventories
2023 2022
\u00a3m \u00a3m
Raw materials
11.2
12.4
Work in progress
2.4
2.0
Finished goods
79.7
25.4
Other inventory
2.5
3.2
95.8
43.0
Costs relating to raw materials and consumables included within cost of sales during the year were \u00a370.3m (2022: \u00a398.4m).
Employment expenses within cost of sales totalled \u00a357.4m (2022: \u00a373.4m).
The balance in other inventory mainly comprises packaging and consumables.
Write-downs of inventories recognised as an expense in the year were \u00a31.4m (2022: \u00a31.8m). Reversals of previous inventory
write-downs in the period were \u00a31.5m (2022: \u00a31.9m). Reversals of inventory write-downs are primarily due to changes in provision
estimates and judgements for obsolete or slow moving inventory. There is no significant difference between the replacement cost
of inventories and their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "
16. Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
25.2
40.2
Other receivables
1.4
0.8
Prepayments
4.4
3.3
31.0
44.3
The ageing profile of trade receivables is:
2023 2022
\u00a3m \u00a3m
Trade receivables not yet due
19.7
29.7
1 to 30 days past due
4.0
8.1
31 to 60 days past due
0.8
1.3
61 to 90 days past due
0.3
0.4
Over 90 days past due
0.4
0.7
25.2
40.2
Included within trade receivables are balances which are past due at the balance sheet date but have not been provided for.
These balances relate to customers who have no recent history of default and whose debts are considered to be recoverable.
Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate
credit limits are in place and enforced. Provisions for impairment are calculated by reviewing lifetime expected credit as further
detailed in note 22. An analysis of the provision movement in the current year is as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
2023
1.0
1.0
Statement of Total Comprehensive Income charge
(0.2)
\u2013
Written off
(0.1)
\u2013
At 31 December
2023
0.7
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "16. Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
25.2
40.2
Other receivables
1.4
0.8
Prepayments
4.4
3.3
31.0
44.3
The ageing profile of trade receivables is:
2023 2022
\u00a3m \u00a3m
Trade receivables not yet due
19.7
29.7
1 to 30 days past due
4.0
8.1
31 to 60 days past due
0.8
1.3
61 to 90 days past due
0.3
0.4
Over 90 days past due
0.4
0.7
25.2
40.2
Included within trade receivables are balances which are past due at the balance sheet date but have not been provided for. These balances relate to customers who have no recent history of default and whose debts are considered to be recoverable. Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate credit limits are in place and enforced. Provisions for impairment are calculated by reviewing lifetime expected credit as further detailed in note 22. An analysis of the provision movement in the current year is as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
2023
1.0
1.0
Statement of Total Comprehensive Income charge
(0.2)
\u2013
Written off
(0.1)
\u2013
At 31 December
2023
0.7
1.0
25. Deferred tax The analysis of deferred tax liabilities is as follows:
2023 2022
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
6.3
5.0
The movement in deferred tax assets/ (liabilities) is as follows:
Share-
Fixed Intangible based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2022
(6.2)
3.2
(1.0)
1.4
(0.1)
(2.7)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(1.9)
\u2013
\u2013
0.6
\u2013
(1.3)
Effect of changes in tax rates
(0.6)
0.2
\u2013
0.1
\u2013
(0.3)
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
At 31 December
2022
(8.4)
3.4
(1.0)
1.1
(0.1)
(5.0)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(0.9)
\u2013
\u2013
(0.1)
0.1
(0.9)
Effect of changes in tax rates
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Effect of prior period adjustments
(0.4)
\u2013
\u2013
(0.1)
\u2013
(0.5)
Tax on items taken directly to equity
\u2013
\u2013
\u2013
0.2
\u2013
0.2
At 31 December
2023
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using the corporation tax rate applicable to the timing of their reversal. Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle the balances net. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "
2023 2022
\u00a3m \u00a3m
Trade receivables
25.2
40.2
Other receivables
1.4
0.8
Prepayments
4.4
3.3
31.0
44.3
The ageing profile of trade receivables is: ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
17. Cash and cash equivalents
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand
16.0
34.3
Cash at bank and in hand is held in Pounds Sterling and Euros. As at 31 December 2023, \u00a31.3m was held in Euros (2022: \u00a31.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand
16.0
34.3
Cash at bank and in hand is held in Pounds Sterling and Euros. As at 31 December 2023, \u00a31.3m was held in Euros (2022: \u00a31.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "
18. Trade and other payables
2023 2022
\u00a3m \u00a3m
Trade payables
37.5
44.0
Payroll tax and other statutory liabilities
4.5
10.2
Accrued liabilities and other payables
24.3
35.4
66.3
89.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "18. Trade and other payables
2023 2022
\u00a3m \u00a3m
Trade payables
37.5
44.0
Payroll tax and other statutory liabilities
4.5
10.2
Accrued liabilities and other payables
24.3
35.4
66.3
89.6
25. Deferred tax The analysis of deferred tax liabilities is as follows:
2023 2022
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
6.3
5.0
The movement in deferred tax assets/ (liabilities) is as follows:
Share-
Fixed Intangible based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2022
(6.2)
3.2
(1.0)
1.4
(0.1)
(2.7)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(1.9)
\u2013
\u2013
0.6
\u2013
(1.3)
Effect of changes in tax rates
(0.6)
0.2
\u2013
0.1
\u2013
(0.3)
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
At 31 December
2022
(8.4)
3.4
(1.0)
1.1
(0.1)
(5.0)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(0.9)
\u2013
\u2013
(0.1)
0.1
(0.9)
Effect of changes in tax rates
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Effect of prior period adjustments
(0.4)
\u2013
\u2013
(0.1)
\u2013
(0.5)
Tax on items taken directly to equity
\u2013
\u2013
\u2013
0.2
\u2013
0.2
At 31 December
2023
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using the corporation tax rate applicable to the timing of their reversal. Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle the balances net. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "
2023 2022
\u00a3m \u00a3m
Trade payables
37.5
44.0
Payroll tax and other statutory liabilities
4.5
10.2
Accrued liabilities and other payables
24.3
35.4
66.3
89.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "
19. Loans and borrowings
2023 2022
\u00a3m \u00a3m
Current loans and borrowings:
Interest
0.4
0.2
Non-current loans and borrowings:
Capitalised financing costs
(1.2)
\u2013
Revolving credit facility
110.0
40.0
109.2
40.2
In the prior period and until January 2023, the Group operated under a \u00a3170m revolving credit facility which was committed until
1 July 2025. The interest rate under this facility was calculated based on SONIA plus a margin with a credit spread adjustment.
In January 2023 the Group completed a refinancing of these existing banking facilities. The facility remains at \u00a3170m until
January
2027 with an extension option, subject to bank approval, extending the facility to June 2028. The interest rate is calculated using
SONIA plus a margin, with the margin grid ranging from 1.65% at a leverage of less than 0.5 times to 3.5% where leverage is
between 3.5 times and 4 times (in line with the covenant relaxations outlined below).
The facility is normally subject to covenant restrictions of net debt/EBITDA (as measured before leases) of less than three times and
interest cover of greater than four times. The Group also benefits from an uncommitted overdraft facility of \u00a310m. The business has
traded comfortably within these covenants throughout 2023 and whilst the Group expects to remain within these covenants during
2024, amended covenants have been agreed with the Group\u2019s lenders to provide additional headroom given the combination of the
Group\u2019s reduced EBITDA, increased net debt driven by inventory build, capital outflows and higher interest rates. Accordingly, the
Group\u2019s leverage covenant has increased to 4 times in June 2024 and 3.75 times in December 2024 with interest cover decreasing
to 3 times in December 2024. In addition, quarterly covenant testing has been introduced for the period of the covenant relaxation.
As such, in September 2024, leverage is set at four times and interest cover three times and in March 2025 leverage is set at 3.75
times and interest cover at three times. The covenants return to normal levels from June 2025 with testing reverting to half yearly.
The existing restriction prohibiting the declaration or payment of dividends should leverage exceed 3 times EBITDA has been
amended to 4 times EBITDA in 2024 before returning to 3 times in 2025.
In addition to the above, the loan facility is sustainability-linked and subject to a margin adjustment of 5 bps if the annual
sustainability targets are met. There has also been a change to the lenders with Santander being replaced by Sabadell and Virgin Money
(Clydesdale Bank plc).
Debt issue costs incurred in relation to the refinancing, being \u00a31.8m in total, were capitalised at the date of refinancing and are
being amortised over the period of the facility.
The facility remains secured by fixed charges over the shares of Forterra Building Products Limited and Forterra Holdings Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "
20. Notes to the Consolidated Statement of Cash Flows
2023 2022
Note \u00a3m \u00a3m
Cash flows from operating activities
Profit before tax
17.1
72.9
Finance expense
9
7.0
2.1
Exceptional items
8
14.0
(2.3)
Operating profit before exceptional items
38.1
72.7
Adjustments for:
Depreciation and amortisation
13, 14, 24
20.0
16.5
Loss/(profit) on disposal of property, plant and equipment and leases
0.2
(0.4)
Movement in provisions
(3.7)
4.1
Purchase of carbon credits
13
(5.2)
(10.3)
Settlement of carbon credits
13
8.3
4.7
Share-based payments
27
0.9
3.4
Other non-cash items
(2.3)
(0.8)
Changes in working capital:
Inventories
(52.8)
(10.2)
Trade and other receivables
13.3
(5.2)
Trade and other payables
(22.9)
14.5
Cash (used in)/generated from operations before exceptional items
(6.1)
89.0
Cash flows relating to operating exceptional items
23
(5.1)
\u2013
Cash (used in)/generated from operations
(11.2)
89.0
21. Net debt
2023 2022
Note \u00a3m \u00a3m
Cash and cash equivalents
17
16.0
34.3
Loans and borrowings
19
(109.2)
(40.2)
Lease liabilities
24
(24.2)
(18.0)
Net debt
(117.4)
(23.9)
Reconciliation of net cash flow to net debt
2023 2022
Note \u00a3m \u00a3m
Cash flow (used in) / generated from operations before exceptional items
(6.1)
89.0
Payments made in respect of exceptional items
(5.1)
\u2013
Cash flow (used in) / generated from operations after exceptional items
(11.2)
89.0
Interest paid
(6.1)
(2.4)
Tax paid
(2.7)
(11.0)
Net cash outflow from investing activities
(33.8)
(41.2)
Dividends paid
11
(25.7)
(24.2)
Purchase of shares by Employee Benefit Trust
(2.1)
(12.2)
Proceeds from sale of shares by Employee Benefit Trust
1.1
0.4
New lease liabilities
24
(12.3)
(6.8)
Payments made to acquire own shares
\u2013
(40.3)
Other financing movement
(0.7)
0.4
Increase in net debt
(93.5)
(48.3)
Net debt at the start of the period
(23.9)
24.4
Net debt at the end of the period
(117.4)
(23.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "
22. Financial instruments
2023 2022
Note \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
17
16.0
34.3
Trade and other receivables (excluding prepayments)
16
26.6
41.0
Derivative financial assets
6.6
0.6
49.2
75.9
2023 2022
Note \u00a3m \u00a3m
Financial liabilities
Trade and other payables (excluding non-financial liabilities)
18
61.8
79.4
Loans and borrowings
19
109.2
40.2
Lease liabilities
24
24.2
18.0
Derivative financial liabilities
5.8
\u2013
201.0
137.6
Cash and cash equivalents, trade and other receivables, trade and other payables and derivative financial instruments as referenced
above are derived directly from operations. Loans and borrowings and lease liabilities are arranged periodically to finance operating
and investing activities.
All financial assets and liabilities are held at amortised cost, with the exception of derivatives which are held at fair value. Capital management The Group manages capital (being loans and borrowings, cash and cash equivalents and equity) to ensure a sufficiently strong capital base to support the Group remaining a going concern, maintain investor and creditor confidence, provide a basis for future development of the business and maximise the return to stakeholders. The Group manages its loans and borrowings to ensure continuity of funding. A key objective is to ensure compliance with the covenants set out in the Group\u2019s bank facility agreements. In managing capital, the Group may purchase its own shares on the open market. These purchases meet the Group\u2019s obligation to employees under the Group\u2019s share-based payment schemes. There has been no change in the objectives, policies or processes with regard to capital management during the years ended 31 December 2022 and 31 December 2023. Financial risk management The Group\u2019s activities expose it to a variety of financial risks including market risk, credit risk and liquidity risk. The Group uses derivative financial instruments to periodically manage risks if it is judged to be prudent. The risk management framework governing the management of these and all other business risks is set by the Board. Foreign exchange risk The functional and presentational currency of the Group is pounds sterling, although some transactions are executed in euros and US dollars. The transactional amounts realised or settled are therefore subject to the effect of movements in these currencies against pounds sterling. Foreign currency exposure is centrally managed by the Group\u2019s Treasury function using forward foreign exchange contracts and currency options. Principal rate of exchange: euro/sterling
2023 2022
\u00a3m \u00a3m
Period end
1.15
1.16
Average
1.15
1.18
Cash flow hedges The Group enters into forward currency contracts which are designated as cash flow hedges. These are entered into to mitigate the Group\u2019s exposure to fluctuations in foreign currency exchange rates in relation to committed spend on property, plant and equipment. The Group has established a 1:1 hedge ratio for these hedging relationships, as the underlying risk of the forward currency contract is identical to the risk for the plant and equipment hedged. The Group has entered into foreign forward contracts over purchases of equipment for the redevelopment of its Wilnecote facility, the payments for which are denominated in euro. At 31 December 2023, a total of \u20ac10.8m remained undrawn under forward contracts. The contracts have staggered maturity dates over the next two months. There has been no change in the expected value or timing of future purchases of plant and equipment such that the Group has recognised any hedge as ineffective in the year. Similarly, the Group has also entered into a foreign forward contracts over purchases of equipment for its Accrington facility, the payments for which are denominated in euro. At 31 December 2023, a total of \u20ac6.7m remained undrawn under these forward contracts. The contracts have staggered maturity dates over the next six months. There has been no change in the expected value or timing of future purchases of plant and equipment such that the Group has recognised any hedge as ineffective in the year. The Group classifies its forward foreign exchange contracts as cash flow hedges and states them at fair value. The fair value of the cash flow hedges in place at 31 December 2023 is a liability of less than \u00a30.1m (2022: asset of \u00a30.6m), which is adjusted against the cash flow hedge reserve. During the year, a loss of \u00a30.7m (2022: income of \u00a30.8m) has been recognised in Other Comprehensive Income.
Interest risk
The Group has secured its borrowings from a group of leading banks under a revolving credit facility. These facilities allow the
Group to meet short, medium and long-term financing requirements at a margin over SONIA. The Group manages interest risk
on an ongoing basis and reviews options available to hedge part of the variable rate risk.
A sensitivity analysis has been performed based on the exposure to interest rates at the balance sheet date. Based on the average
borrowings drawn down in 2023, a 1.0% increase or decrease in interest rates, with all other variables held constant, will increase
or decrease profit before taxation by \u00a30.8m (2022: \u00a30.2m) for the year ended 31 December 2023.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
Credit risk arises on cash balances (including bank deposits and cash and cash equivalents) and credit exposure to customers
through trade and other receivables. A financial asset is in default when the counterparty fails to pay its contractual obligations.
Financial assets are impaired when there is no reasonable expectation of recovery.
To dilute and mitigate the financial credit risk associated with cash balances, the Group deposits cash and cash equivalents with
multiple highly-rated counterparties.
Credit risk associated with trade receivables results from normal commercial operations. Procedures are in place to ensure that
customer creditworthiness is assessed and monitored sufficiently and that appropriate credit limits are in place and enforced.
Trade and other receivables are stated net of management estimated expected credit losses.
With respect to trade and other receivables, an impairment analysis is performed at each reporting date using a provision matrix to
measure expected credit losses. The calculation reflects the probability-weighted outcome, the time value of money and reasonable
and supportable information that is available at the reporting date about past events, current conditions and forecasts of future
economic conditions. Impairments of trade receivables in the period were less than \u00a30.1m (2022: less than \u00a30.1m).
Commodity price risk
Forward purchased energy contracts
The substantial energy requirements of the Group are closely managed to ensure that the impact of fluctuating energy costs can be
removed as far as possible; allowing management to have some certainty over likely energy costs and providing a reasonable basis
to budget. Contracts with energy suppliers are entered into which fix prices, by month, for volumes the Group expects to use.
Under normal circumstances, the Group takes delivery of and consumes all the gas and electricity under each contract, and in
doing so satisfies the requirements under IFRS 9 to follow the own use exemption in accounting for these. As such, the costs
associated with the purchase of gas and electricity are accounted for in the Statement of Total Comprehensive Income at the point
of consumption, and contracts are not held at fair value on the balance sheet.
Due to the decline in market conditions during 2023, and resulting reductions made to production across the Group, there are
open contracts where the purchased volume of gas will exceed budgeted total consumption for the Group. In these instances,
the quantities which have been \u2018over purchased\u2019 will be sold back to the market, crystallising a realised gain or loss at this point.
Any open contracts where this is expected to be the case at 31 December 2023 fail the own use exemption, and in accordance
with IFRS 9, are accounted for as derivative assets and liabilities at the balance sheet date. As at 31 December 2023, the Group
recognised a current liability of \u00a35.8m, a current asset of \u00a31.6m and a non-current asset of \u00a35.0m in relation to these contracts.
These values are calculated with reference to total forward purchased contracts, and reflect not only the portion of such contracts
expected to be sold make to the market, but also the fair value of the remaining quantity, which is expected to be consumed by the
Group in the normal course of business. As such, the fair value of these derivatives have been presented by the Group as adjusting
items. The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used by other companies.
The Group has no plans to intentionally purchase gas or electricity to sell and these current circumstances are solely the direct
result of market conditions.
Liquidity risk
The Group\u2019s borrowing facilities are available to ensure that there is sufficient liquidity to exceed maximum forecast cash flow
requirements in all reasonably possible circumstances. The Group monitors cash flow on a weekly basis to ensure that headroom
exists within current agreed facilities and updates the Executive Committee on liquidity and the sources of cash flow performance
and forecasts.
The maturity profile of contractual undiscounted cash outflows, including expected interest payments, which are payable under
financial liabilities at the balance sheet date is set out below:
Greater
Less than One to Two to Three to Four to than five
one year two years three years four years five years years Total
2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
61.8
\u2013
\u2013
\u2013
\u2013
\u2013
61.8
Loans and borrowings
8.7
57.4
61.9
1.0
\u2013
\u2013
129.0
Lease liabilities
6.6
5.8
5.6
4.9
2.3
1.3
26.5
Derivative liabilities
5.8
\u2013
\u2013
\u2013
\u2013
\u2013
5.8
82.9
63.2
67.5
5.9
2.3
1.3
223.1
Greater
Less than One to Two to Three to Four to than five
one year two years three years four years five years years Total
2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
79.4
\u2013
\u2013
\u2013
\u2013
\u2013
79.4
Loans and borrowings
41.3
1.1
1.1
1.1
1.1
\u2013
45.7
Lease liabilities
5.1
3.9
3.1
2.9
2.5
1.7
19.2
125.8
5.0
4.2
4.0
3.6
1.7
144.3
There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities.
A reconciliation of liabilities arising from financing activities has been detailed below:
At At
1 January Interest 31 December
2023 Cash flow charge New leases 2023
2023
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
19
40.2
62.7
6.3
\u2013
109.2
Lease liabilities
24
18.0
(6.8)
0.7
12.3
24.2
At At
1 January Interest 31 December
2022 Cash flow charge New leases 2022
2022
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
19
0.6
38.0
1.6
\u2013
40.2
Lease liabilities
24
16.5
(5.7)
0.4
6.8
18.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "
2023 2022
Note \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
17
16.0
34.3
Trade and other receivables (excluding prepayments)
16
26.6
41.0
Derivative financial assets
6.6
0.6
49.2
75.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "
2023 2022
Note \u00a3m \u00a3m
Financial liabilities
Trade and other payables (excluding non-financial liabilities)
18
61.8
79.4
Loans and borrowings
19
109.2
40.2
Lease liabilities
24
24.2
18.0
Derivative financial liabilities
5.8
\u2013
201.0
137.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "
Capital management
The Group manages capital (being loans and borrowings, cash and cash equivalents and equity) to ensure a sufficiently strong
capital base to support the Group remaining a going concern, maintain investor and creditor confidence, provide a basis for future
development of the business and maximise the return to stakeholders.
The Group manages its loans and borrowings to ensure continuity of funding. A key objective is to ensure compliance with the
covenants set out in the Group\u2019s bank facility agreements.
In managing capital, the Group may purchase its own shares on the open market. These purchases meet the Group\u2019s obligation
to employees under the Group\u2019s share-based payment schemes.
There has been no change in the objectives, policies or processes with regard to capital management during the years ended
31 December 2022 and 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "Financial risk management The Group\u2019s activities expose it to a variety of financial risks including market risk, credit risk and liquidity risk. The Group uses derivative financial instruments to periodically manage risks if it is judged to be prudent. The risk management framework governing the management of these and all other business risks is set by the Board. Foreign exchange risk The functional and presentational currency of the Group is pounds sterling, although some transactions are executed in euros and US dollars. The transactional amounts realised or settled are therefore subject to the effect of movements in these currencies against pounds sterling. Foreign currency exposure is centrally managed by the Group\u2019s Treasury function using forward foreign exchange contracts and currency options. Principal rate of exchange: euro/sterling
2023 2022
\u00a3m \u00a3m
Period end
1.15
1.16
Average
1.15
1.18
Cash flow hedges The Group enters into forward currency contracts which are designated as cash flow hedges. These are entered into to mitigate the Group\u2019s exposure to fluctuations in foreign currency exchange rates in relation to committed spend on property, plant and equipment. The Group has established a 1:1 hedge ratio for these hedging relationships, as the underlying risk of the forward currency contract is identical to the risk for the plant and equipment hedged. The Group has entered into foreign forward contracts over purchases of equipment for the redevelopment of its Wilnecote facility, the payments for which are denominated in euro. At 31 December 2023, a total of \u20ac10.8m remained undrawn under forward contracts. The contracts have staggered maturity dates over the next two months. There has been no change in the expected value or timing of future purchases of plant and equipment such that the Group has recognised any hedge as ineffective in the year. Similarly, the Group has also entered into a foreign forward contracts over purchases of equipment for its Accrington facility, the payments for which are denominated in euro. At 31 December 2023, a total of \u20ac6.7m remained undrawn under these forward contracts. The contracts have staggered maturity dates over the next six months. There has been no change in the expected value or timing of future purchases of plant and equipment such that the Group has recognised any hedge as ineffective in the year. The Group classifies its forward foreign exchange contracts as cash flow hedges and states them at fair value. The fair value of the cash flow hedges in place at 31 December 2023 is a liability of less than \u00a30.1m (2022: asset of \u00a30.6m), which is adjusted against the cash flow hedge reserve. During the year, a loss of \u00a30.7m (2022: income of \u00a30.8m) has been recognised in Other Comprehensive Income. Interest risk The Group has secured its borrowings from a group of leading banks under a revolving credit facility. These facilities allow the Group to meet short, medium and long-term financing requirements at a margin over SONIA. The Group manages interest risk on an ongoing basis and reviews options available to hedge part of the variable rate risk. A sensitivity analysis has been performed based on the exposure to interest rates at the balance sheet date. Based on the average borrowings drawn down in 2023, a 1.0% increase or decrease in interest rates, with all other variables held constant, will increase or decrease profit before taxation by \u00a30.8m (2022: \u00a30.2m) for the year ended 31 December 2023. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises on cash balances (including bank deposits and cash and cash equivalents) and credit exposure to customers through trade and other receivables. A financial asset is in default when the counterparty fails to pay its contractual obligations. Financial assets are impaired when there is no reasonable expectation of recovery. To dilute and mitigate the financial credit risk associated with cash balances, the Group deposits cash and cash equivalents with multiple highly-rated counterparties. Credit risk associated with trade receivables results from normal commercial operations. Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate credit limits are in place and enforced. Trade and other receivables are stated net of management estimated expected credit losses. With respect to trade and other receivables, an impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Impairments of trade receivables in the period were less than \u00a30.1m (2022: less than \u00a30.1m). Commodity price risk Forward purchased energy contracts The substantial energy requirements of the Group are closely managed to ensure that the impact of fluctuating energy costs can be removed as far as possible; allowing management to have some certainty over likely energy costs and providing a reasonable basis to budget. Contracts with energy suppliers are entered into which fix prices, by month, for volumes the Group expects to use. Under normal circumstances, the Group takes delivery of and consumes all the gas and electricity under each contract, and in doing so satisfies the requirements under IFRS 9 to follow the own use exemption in accounting for these. As such, the costs associated with the purchase of gas and electricity are accounted for in the Statement of Total Comprehensive Income at the point of consumption, and contracts are not held at fair value on the balance sheet. Due to the decline in market conditions during 2023, and resulting reductions made to production across the Group, there are open contracts where the purchased volume of gas will exceed budgeted total consumption for the Group. In these instances, the quantities which have been \u2018over purchased\u2019 will be sold back to the market, crystallising a realised gain or loss at this point. Any open contracts where this is expected to be the case at 31 December 2023 fail the own use exemption, and in accordance with IFRS 9, are accounted for as derivative assets and liabilities at the balance sheet date. As at 31 December 2023, the Group recognised a current liability of \u00a35.8m, a current asset of \u00a31.6m and a non-current asset of \u00a35.0m in relation to these contracts. These values are calculated with reference to total forward purchased contracts, and reflect not only the portion of such contracts expected to be sold make to the market, but also the fair value of the remaining quantity, which is expected to be consumed by the Group in the normal course of business. As such, the fair value of these derivatives have been presented by the Group as adjusting items. The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. The Group has no plans to intentionally purchase gas or electricity to sell and these current circumstances are solely the direct result of market conditions. Liquidity risk The Group\u2019s borrowing facilities are available to ensure that there is sufficient liquidity to exceed maximum forecast cash flow requirements in all reasonably possible circumstances. The Group monitors cash flow on a weekly basis to ensure that headroom exists within current agreed facilities and updates the Executive Committee on liquidity and the sources of cash flow performance and forecasts. The maturity profile of contractual undiscounted cash outflows, including expected interest payments, which are payable under financial liabilities at the balance sheet date is set out below:
Greater
Less than One to Two to Three to Four to than five
one year two years three years four years five years years Total
2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
61.8
\u2013
\u2013
\u2013
\u2013
\u2013
61.8
Loans and borrowings
8.7
57.4
61.9
1.0
\u2013
\u2013
129.0
Lease liabilities
6.6
5.8
5.6
4.9
2.3
1.3
26.5
Derivative liabilities
5.8
\u2013
\u2013
\u2013
\u2013
\u2013
5.8
82.9
63.2
67.5
5.9
2.3
1.3
223.1
Greater
Less than One to Two to Three to Four to than five
one year two years three years four years five years years Total
2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
79.4
\u2013
\u2013
\u2013
\u2013
\u2013
79.4
Loans and borrowings
41.3
1.1
1.1
1.1
1.1
\u2013
45.7
Lease liabilities
5.1
3.9
3.1
2.9
2.5
1.7
19.2
125.8
5.0
4.2
4.0
3.6
1.7
144.3
There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities. A reconciliation of liabilities arising from financing activities has been detailed below:
At At
1 January Interest 31 December
2023 Cash flow charge New leases 2023
2023
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
19
40.2
62.7
6.3
\u2013
109.2
Lease liabilities
24
18.0
(6.8)
0.7
12.3
24.2
At At
1 January Interest 31 December
2022 Cash flow charge New leases 2022
2022
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
19
0.6
38.0
1.6
\u2013
40.2
Lease liabilities
24
16.5
(5.7)
0.4
6.8
18.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "
Foreign exchange risk
The functional and presentational currency of the Group is pounds sterling, although some transactions are executed in euros
and US dollars. The transactional amounts realised or settled are therefore subject to the effect of movements in these currencies
against pounds sterling. Foreign currency exposure is centrally managed by the Group\u2019s Treasury function using forward foreign
exchange contracts and currency options.
Principal rate of exchange: euro/sterling
2023 2022
\u00a3m \u00a3m
Period end
1.15
1.16
Average
1.15
1.18
Cash flow hedges
The Group enters into forward currency contracts which are designated as cash flow hedges. These are entered into to mitigate
the Group\u2019s exposure to fluctuations in foreign currency exchange rates in relation to committed spend on property, plant and
equipment. The Group has established a 1:1 hedge ratio for these hedging relationships, as the underlying risk of the forward
currency contract is identical to the risk for the plant and equipment hedged.
The Group has entered into foreign forward contracts over purchases of equipment for the redevelopment of its Wilnecote facility,
the payments for which are denominated in euro. At 31 December 2023, a total of \u20ac10.8m remained undrawn under forward
contracts. The contracts have staggered maturity dates over the next two months. There has been no change in the expected
value or timing of future purchases of plant and equipment such that the Group has recognised any hedge as ineffective in the year.
Similarly, the Group has also entered into a foreign forward contracts over purchases of equipment for its Accrington facility, the
payments for which are denominated in euro. At 31 December 2023, a total of \u20ac6.7m remained undrawn under these forward
contracts. The contracts have staggered maturity dates over the next six months. There has been no change in the expected value
or timing of future purchases of plant and equipment such that the Group has recognised any hedge as ineffective in the year.
The Group classifies its forward foreign exchange contracts as cash flow hedges and states them at fair value. The fair value
of the cash flow hedges in place at 31 December 2023 is a liability of less than \u00a30.1m (2022: asset of \u00a30.6m), which is adjusted
against the cash flow hedge reserve. During the year, a loss of \u00a30.7m (2022: income of \u00a30.8m) has been recognised in Other
Comprehensive Income.
Interest risk The Group has secured its borrowings from a group of leading banks under a revolving credit facility. These facilities allow the Group to meet short, medium and long-term financing requirements at a margin over SONIA. The Group manages interest risk on an ongoing basis and reviews options available to hedge part of the variable rate risk. A sensitivity analysis has been performed based on the exposure to interest rates at the balance sheet date. Based on the average borrowings drawn down in 2023, a 1.0% increase or decrease in interest rates, with all other variables held constant, will increase or decrease profit before taxation by \u00a30.8m (2022: \u00a30.2m) for the year ended 31 December 2023. Commodity price risk Forward purchased energy contracts The substantial energy requirements of the Group are closely managed to ensure that the impact of fluctuating energy costs can be removed as far as possible; allowing management to have some certainty over likely energy costs and providing a reasonable basis to budget. Contracts with energy suppliers are entered into which fix prices, by month, for volumes the Group expects to use. Under normal circumstances, the Group takes delivery of and consumes all the gas and electricity under each contract, and in doing so satisfies the requirements under IFRS 9 to follow the own use exemption in accounting for these. As such, the costs associated with the purchase of gas and electricity are accounted for in the Statement of Total Comprehensive Income at the point of consumption, and contracts are not held at fair value on the balance sheet. Due to the decline in market conditions during 2023, and resulting reductions made to production across the Group, there are open contracts where the purchased volume of gas will exceed budgeted total consumption for the Group. In these instances, the quantities which have been \u2018over purchased\u2019 will be sold back to the market, crystallising a realised gain or loss at this point. Any open contracts where this is expected to be the case at 31 December 2023 fail the own use exemption, and in accordance with IFRS 9, are accounted for as derivative assets and liabilities at the balance sheet date. As at 31 December 2023, the Group recognised a current liability of \u00a35.8m, a current asset of \u00a31.6m and a non-current asset of \u00a35.0m in relation to these contracts. These values are calculated with reference to total forward purchased contracts, and reflect not only the portion of such contracts expected to be sold make to the market, but also the fair value of the remaining quantity, which is expected to be consumed by the Group in the normal course of business. As such, the fair value of these derivatives have been presented by the Group as adjusting items. The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. The Group has no plans to intentionally purchase gas or electricity to sell and these current circumstances are solely the direct result of market conditions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises on cash balances (including bank deposits and cash and cash equivalents) and credit exposure to customers through trade and other receivables. A financial asset is in default when the counterparty fails to pay its contractual obligations. Financial assets are impaired when there is no reasonable expectation of recovery. To dilute and mitigate the financial credit risk associated with cash balances, the Group deposits cash and cash equivalents with multiple highly-rated counterparties. Credit risk associated with trade receivables results from normal commercial operations. Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate credit limits are in place and enforced. Trade and other receivables are stated net of management estimated expected credit losses. With respect to trade and other receivables, an impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Impairments of trade receivables in the period were less than \u00a30.1m (2022: less than \u00a30.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "Liquidity risk The Group\u2019s borrowing facilities are available to ensure that there is sufficient liquidity to exceed maximum forecast cash flow requirements in all reasonably possible circumstances. The Group monitors cash flow on a weekly basis to ensure that headroom exists within current agreed facilities and updates the Executive Committee on liquidity and the sources of cash flow performance and forecasts. The maturity profile of contractual undiscounted cash outflows, including expected interest payments, which are payable under financial liabilities at the balance sheet date is set out below:
Greater
Less than One to Two to Three to Four to than five
one year two years three years four years five years years Total
2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
61.8
\u2013
\u2013
\u2013
\u2013
\u2013
61.8
Loans and borrowings
8.7
57.4
61.9
1.0
\u2013
\u2013
129.0
Lease liabilities
6.6
5.8
5.6
4.9
2.3
1.3
26.5
Derivative liabilities
5.8
\u2013
\u2013
\u2013
\u2013
\u2013
5.8
82.9
63.2
67.5
5.9
2.3
1.3
223.1
Greater
Less than One to Two to Three to Four to than five
one year two years three years four years five years years Total
2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
79.4
\u2013
\u2013
\u2013
\u2013
\u2013
79.4
Loans and borrowings
41.3
1.1
1.1
1.1
1.1
\u2013
45.7
Lease liabilities
5.1
3.9
3.1
2.9
2.5
1.7
19.2
125.8
5.0
4.2
4.0
3.6
1.7
144.3
There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities. A reconciliation of liabilities arising from financing activities has been detailed below:
At At
1 January Interest 31 December
2023 Cash flow charge New leases 2023
2023
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
19
40.2
62.7
6.3
\u2013
109.2
Lease liabilities
24
18.0
(6.8)
0.7
12.3
24.2
At At
1 January Interest 31 December
2022 Cash flow charge New leases 2022
2022
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
19
0.6
38.0
1.6
\u2013
40.2
Lease liabilities
24
16.5
(5.7)
0.4
6.8
18.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "23. Provisions for other liabilities and charges
Restoration and Other Carbon Restructuring
decommissioning provisions credits costs Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2023
12.0
1.7
10.6
\u2013
24.3
Charged/(credited) to the Consolidated Statement of Total Comprehensive Income:
\u2013 Additional provision
0.8
0.4
7.0
9.0
17.2
\u2013 Release of provision
(1.3)
(0.2)
\u2013
\u2013
(1.5)
\u2013 Utilised amounts
(0.1)
(0.4)
(9.4)
(5.1)
(15.0)
\u2013 Unwind of discount
0.1
\u2013
\u2013
\u2013
0.1
At 31 December
2023
11.5
1.5
8.2
3.9
25.1
Analysed as:
2023 2022
\u00a3m \u00a3m
Current
15.7
14.3
Non-current
9.4
10.0
25.1
24.3
The other provisions balance is made up of provisions for lease dilapidations and product liability provisions. Non-current provisions are discounted at a rate of 3.3% (2022: 2.8%). The unwind of discount in the period is shown as a finance expense. Restructuring costs have been presented as exceptional items as detailed within note 8. Restoration and decommissioning The Group is required to restore quarrying sites to a state agreed with the planning authorities after extraction of raw materials ceases, and to decommission manufacturing facilities that have been constructed. Provisions for restoration and decommissioning obligations are made based on the best estimate of the likely committed cash outflow. Management seeks specialist input from third-party experts to estimate the cost to perform any necessary remediation work at the reporting date. These experts undertake site visits during the year, either where scoping identifies there is a change in operations which could change estimates, or to sites that have not been visited recently. Desktop reviews are undertaken to inform the estimates for remaining sites. The useful lives of quarrying sites are based on the estimated mineral reserve remaining and manufacturing facilities linked to the useful life of site property, plant and equipment. Estimates of appropriate inflation and discount rates can also be judgemental, and can have a significant impact on net present value. Management reference information from the Bank of England when making such estimates. These provisions are discounted by applying a discount rate that reflects the passage of time. Estimates are revised annually and in the case of decommissioning provisions, are adjusted against the asset to which the provision relates, which is then subject to an impairment assessment. Future costs are expected to be incurred over the useful life of the sites, which is a period of up to 51 years. The following table shows the timeline in which undiscounted costs in relation to the restoration and decommissioning provision are expected to become current:
1 to 20 21 to 40 40 years
Current years years plus Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Restoration and decommissioning
2.1
2.2
7.0
0.2
11.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "23. Provisions for other liabilities and charges
Restoration and Other Carbon Restructuring
decommissioning provisions credits costs Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2023
12.0
1.7
10.6
\u2013
24.3
Charged/(credited) to the Consolidated Statement of Total Comprehensive Income:
\u2013 Additional provision
0.8
0.4
7.0
9.0
17.2
\u2013 Release of provision
(1.3)
(0.2)
\u2013
\u2013
(1.5)
\u2013 Utilised amounts
(0.1)
(0.4)
(9.4)
(5.1)
(15.0)
\u2013 Unwind of discount
0.1
\u2013
\u2013
\u2013
0.1
At 31 December
2023
11.5
1.5
8.2
3.9
25.1
Analysed as:
2023 2022
\u00a3m \u00a3m
Current
15.7
14.3
Non-current
9.4
10.0
25.1
24.3
The other provisions balance is made up of provisions for lease dilapidations and product liability provisions. Non-current provisions are discounted at a rate of 3.3% (2022: 2.8%). The unwind of discount in the period is shown as a finance expense. Restructuring costs have been presented as exceptional items as detailed within note 8. Restoration and decommissioning The Group is required to restore quarrying sites to a state agreed with the planning authorities after extraction of raw materials ceases, and to decommission manufacturing facilities that have been constructed. Provisions for restoration and decommissioning obligations are made based on the best estimate of the likely committed cash outflow. Management seeks specialist input from third-party experts to estimate the cost to perform any necessary remediation work at the reporting date. These experts undertake site visits during the year, either where scoping identifies there is a change in operations which could change estimates, or to sites that have not been visited recently. Desktop reviews are undertaken to inform the estimates for remaining sites. The useful lives of quarrying sites are based on the estimated mineral reserve remaining and manufacturing facilities linked to the useful life of site property, plant and equipment. Estimates of appropriate inflation and discount rates can also be judgemental, and can have a significant impact on net present value. Management reference information from the Bank of England when making such estimates. These provisions are discounted by applying a discount rate that reflects the passage of time. Estimates are revised annually and in the case of decommissioning provisions, are adjusted against the asset to which the provision relates, which is then subject to an impairment assessment. Future costs are expected to be incurred over the useful life of the sites, which is a period of up to 51 years. The following table shows the timeline in which undiscounted costs in relation to the restoration and decommissioning provision are expected to become current: 1 to 20 21 to 40 40 years Current years years plus Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Restoration and decommissioning 2.1 2.2 7.0 0.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "
24. Leases
The Group leases various premises, land, fleet vehicles, cars and plant and equipment. Lease terms are negotiated on an individual
basis, and terms and conditions can vary.
In addition, the Group also leases machinery on a short-term basis (less than 12 months) and office equipment of low financial value.
These leases are recognised on a straight-line basis as an expense in the Consolidated Statement of Total Comprehensive Income.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
2.4
14.1
16.5
Additions
\u2013
6.8
6.8
Disposals
(0.1)
\u2013
(0.1)
Depreciation expense
(0.5)
(4.6)
(5.1)
At 1 January
2023
1.8
16.3
18.1
Additions
0.8
11.5
12.3
Disposals
\u2014
(0.3)
(0.3)
Depreciation expense
(0.5)
(5.5)
(6.0)
At 31 December
2023
2.1
22.0
24.1
Set out below are the carrying amounts of lease liabilities and the movements during the period:
2023 2022
\u00a3m \u00a3m
At 1 January
2023
(18.0)
(16.5)
New leases
(12.3)
(6.8)
Interest
(0.7)
(0.4)
Payments
6.6
5.7
Disposal of leases
0.2
\u2014
At 31 December
2023
(24.2)
(18.0)
Payments above of \u00a36.6m (2022: \u00a35.7m) include \u00a35.9m (2022: \u00a35.3m) of capital repayment and \u00a30.7m (2022: \u00a30.4m) of interest paid.
2023 2022
\u00a3m \u00a3m
Current
(5.7)
(4.7)
Non-current
(18.5)
(13.3)
(24.2)
(18.0)
The following are the amounts recognised in the Statement of Total Comprehensive Income:
2023 2022
\u00a3m \u00a3m
Depreciation of right-of-use-assets
6.0
5.1
Interest payable on lease liabilities
0.7
0.4
Expenses relating to short-term leases
3.7
3.6
10.4
9.1
Leases of low financial value for the year ended 31 December 2023 were less than \u00a30.1m (2022: less than \u00a30.1m). During the years
ended 31 December 2023 and 31 December 2022, the Group did not hold any lease contracts with variable payment terms.
The Group has several land and property lease contracts that include termination options, known as \u2018break clauses\u2019. These options
are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business
needs. Management exercises judgement in determining whether these clauses are reasonably certain to be exercised.
At 31 December 2023, the Group has determined it is unlikely any break clause would be exercised, and full lease terms have been
considered within the present value calculations.
At 31 December 2023, lease commitments that were contracted but had not yet commenced totalled \u00a3nil (2022: \u00a31.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "24. Leases The Group leases various premises, land, fleet vehicles, cars and plant and equipment. Lease terms are negotiated on an individual basis, and terms and conditions can vary. In addition, the Group also leases machinery on a short-term basis (less than 12 months) and office equipment of low financial value. These leases are recognised on a straight-line basis as an expense in the Consolidated Statement of Total Comprehensive Income. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
2.4
14.1
16.5
Additions
\u2013
6.8
6.8
Disposals
(0.1)
\u2013
(0.1)
Depreciation expense
(0.5)
(4.6)
(5.1)
At 1 January
2023
1.8
16.3
18.1
Additions
0.8
11.5
12.3
Disposals
\u2014
(0.3)
(0.3)
Depreciation expense
(0.5)
(5.5)
(6.0)
At 31 December
2023
2.1
22.0
24.1
Set out below are the carrying amounts of lease liabilities and the movements during the period:
2023 2022
\u00a3m \u00a3m
At 1 January
2023
(18.0)
(16.5)
New leases
(12.3)
(6.8)
Interest
(0.7)
(0.4)
Payments
6.6
5.7
Disposal of leases
0.2
\u2014
At 31 December
2023
(24.2)
(18.0)
Payments above of \u00a36.6m (2022: \u00a35.7m) include \u00a35.9m (2022: \u00a35.3m) of capital repayment and \u00a30.7m (2022: \u00a30.4m) of interest paid.
2023 2022
\u00a3m \u00a3m
Current
(5.7)
(4.7)
Non-current
(18.5)
(13.3)
(24.2)
(18.0)
The following are the amounts recognised in the Statement of Total Comprehensive Income:
2023 2022
\u00a3m \u00a3m
Depreciation of right-of-use-assets
6.0
5.1
Interest payable on lease liabilities
0.7
0.4
Expenses relating to short-term leases
3.7
3.6
10.4
9.1
Leases of low financial value for the year ended 31 December 2023 were less than \u00a30.1m (2022: less than \u00a30.1m). During the years ended 31 December 2023 and 31 December 2022, the Group did not hold any lease contracts with variable payment terms. The Group has several land and property lease contracts that include termination options, known as \u2018break clauses\u2019. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these clauses are reasonably certain to be exercised. At 31 December 2023, the Group has determined it is unlikely any break clause would be exercised, and full lease terms have been considered within the present value calculations. At 31 December 2023, lease commitments that were contracted but had not yet commenced totalled \u00a3nil (2022: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "25. Deferred tax The analysis of deferred tax liabilities is as follows:
2023 2022
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
6.3
5.0
The movement in deferred tax assets/ (liabilities) is as follows:
Share-
Fixed Intangible based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2022
(6.2)
3.2
(1.0)
1.4
(0.1)
(2.7)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(1.9)
\u2013
\u2013
0.6
\u2013
(1.3)
Effect of changes in tax rates
(0.6)
0.2
\u2013
0.1
\u2013
(0.3)
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(1.0)
\u2013
(1.0)
At 31 December
2022
(8.4)
3.4
(1.0)
1.1
(0.1)
(5.0)
(Charged)/credited to Consolidated Statement
of Total Comprehensive Income
(0.9)
\u2013
\u2013
(0.1)
0.1
(0.9)
Effect of changes in tax rates
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Effect of prior period adjustments
(0.4)
\u2013
\u2013
(0.1)
\u2013
(0.5)
Tax on items taken directly to equity
\u2013
\u2013
\u2013
0.2
\u2013
0.2
At 31 December
2023
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using the corporation tax rate applicable to the timing of their reversal. Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle the balances net. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "
26. Share capital and other reserves
Share capital
Called up issued and fully paid Ordinary Shares.
2023 2023 2022 2022
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid 1p Ordinary Shares
At 1 January
2023
212,803,389
2.1
228,647,196
2.3
Shares cancelled through share buyback
\u2013
\u2013
(15,843,807)
(0.2)
At 31 December
2023
212,803,389
2.1
212,803,389
2.1
In the prior year the Company announced a share buyback programme to purchase its own Ordinary Shares. The aggregate
purchase cost of all Ordinary Shares acquired under this programme was \u00a340.0m (excluding stamp duty and expenses) and all
Ordinary Shares purchased under this programme were immediately cancelled. The share buyback programme completed in
October 2022 and in total resulted in the repurchase and cancellation of 15,843,807 shares, representing 7.7% of the Ordinary
Shares in issue at 31 December 2022 (excluding shares held in the Employee Benefit Trusts). The maximum and minimum prices
paid were 299.0p and 198.6p per share respectively. The average price paid was 254.6p. Share-related expenses in relation to
stamp duty and expenses were \u00a30.3m.
Other reserve
In 2020, the Group raised net proceeds of \u00a353.0m via an equity raise (consisting of \u00a355.0m of gross proceeds less transaction
costs incurred on issue of \u00a32.0m). There was no tax impact on the fees. The placing was undertaken using a cash box structure.
As a result, the Group was able to take relief under section 612 of the Companies Act 2006 from crediting share premium and
instead transfer the net proceeds in excess of the nominal value to retained earnings as an other reserve. The net proceeds of
\u00a353.0m were immediately passed to Forterra Buildings Products Ltd by way of an intercompany loan and as such were not
immediately distributable. The reserves qualify as distributable on settlement of intercompany funding arrangements. In 2022,
a remaining balance of \u00a323.9m (2021: \u00a317.6m) became distributable and was presented within retained earnings, leaving a total
other reserve balance of \u00a3nil, there has been no change since this date.
Reserve for own shares
Own shares represent the cost of Forterra plc shares purchased in the market and held by employee benefit trusts to satisfy
the future exercise of options under the Group\u2019s share option schemes. At 31 December 2023, two trusts were in place and
consolidated within the Consolidated Financial Statements.
The first trust holds 392,825 Ordinary Shares (2022: 450,684), relating to shares granted under two free share awards. The first
of these was granted on 25 May 2016, the second on 10 February 2021. Shares granted under the 2016 award were issued by
the Company. To satisfy the 2021 award, a total of 291,483 shares were purchased by the Company through the Trust. The total
weighted average cost for shares held by the Trust at 31 December 2023 was 165p per share (2022: 165p), which is reflected in
the reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of shares held by the Trust
at 31 December 2023 was \u00a30.7m (2022: \u00a30.8m).
The second trust holds 5,512,425 (2022: 5,853,928) shares at an average cost of 249p per share (2022: 259p), reflected within the
reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of these shares at 31 December
2023 was \u00a39.7m (2022: \u00a310.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "Share capital Called up issued and fully paid Ordinary Shares.
2023 2023 2022 2022
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid 1p Ordinary Shares
At 1 January
2023
212,803,389
2.1
228,647,196
2.3
Shares cancelled through share buyback
\u2013
\u2013
(15,843,807)
(0.2)
At 31 December
2023
212,803,389
2.1
212,803,389
2.1
In the prior year the Company announced a share buyback programme to purchase its own Ordinary Shares. The aggregate purchase cost of all Ordinary Shares acquired under this programme was \u00a340.0m (excluding stamp duty and expenses) and all Ordinary Shares purchased under this programme were immediately cancelled. The share buyback programme completed in October 2022 and in total resulted in the repurchase and cancellation of 15,843,807 shares, representing 7.7% of the Ordinary Shares in issue at 31 December 2022 (excluding shares held in the Employee Benefit Trusts). The maximum and minimum prices paid were 299.0p and 198.6p per share respectively. The average price paid was 254.6p. Share-related expenses in relation to stamp duty and expenses were \u00a30.3m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "Other reserve In 2020, the Group raised net proceeds of \u00a353.0m via an equity raise (consisting of \u00a355.0m of gross proceeds less transaction costs incurred on issue of \u00a32.0m). There was no tax impact on the fees. The placing was undertaken using a cash box structure. As a result, the Group was able to take relief under section 612 of the Companies Act 2006 from crediting share premium and instead transfer the net proceeds in excess of the nominal value to retained earnings as an other reserve. The net proceeds of \u00a353.0m were immediately passed to Forterra Buildings Products Ltd by way of an intercompany loan and as such were not immediately distributable. The reserves qualify as distributable on settlement of intercompany funding arrangements. In 2022, a remaining balance of \u00a323.9m (2021: \u00a317.6m) became distributable and was presented within retained earnings, leaving a total other reserve balance of \u00a3nil, there has been no change since this date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "Reserve for own shares Own shares represent the cost of Forterra plc shares purchased in the market and held by employee benefit trusts to satisfy the future exercise of options under the Group\u2019s share option schemes. At 31 December 2023, two trusts were in place and consolidated within the Consolidated Financial Statements. The first trust holds 392,825 Ordinary Shares (2022: 450,684), relating to shares granted under two free share awards. The first of these was granted on 25 May 2016, the second on 10 February 2021. Shares granted under the 2016 award were issued by the Company. To satisfy the 2021 award, a total of 291,483 shares were purchased by the Company through the Trust. The total weighted average cost for shares held by the Trust at 31 December 2023 was 165p per share (2022: 165p), which is reflected in the reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of shares held by the Trust at 31 December 2023 was \u00a30.7m (2022: \u00a30.8m). The second trust holds 5,512,425 (2022: 5,853,928) shares at an average cost of 249p per share (2022: 259p), reflected within the reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of these shares at 31 December 2023 was \u00a39.7m (2022: \u00a310.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "27. Share-based payments Total cost of share schemes:
2023 2022
\u00a3m \u00a3m
Share Incentive Plan (SIP)
0.3
0.2
Performance Share Plan (PSP)
(0.4)
1.7
Sharesave Plan (SAYE)
0.6
1.4
Deferred Annual Bonus Plan (DABP)
\u2013
0.1
Share-based Incentive
0.4
\u2013
0.9
3.4
The total cost of share schemes in the year includes a credit to national insurance contributions of \u00a30.3m (2022: cost of \u00a30.4m). The total national insurance liability held within the Consolidated Balance Sheet as at 31 December 2023 was \u00a30.1m (2022: \u00a30.4m). Summary of share option and share award arrangements The Group operates a number of share schemes for the benefit of employees, all of which are equity-settled (although the rules of the PSP and DABP allow for cash settlement in exceptional circumstances). Share awards Share Incentive Plan (SIP) On 25 May 2016, 442,068 deferred free shares were awarded to all employees in service at this date. Shares to the value of \u00a3500 were issued which vested in May 2019, three years after the date of grant, subject to a three-year service condition. Further to this, on 10 February 2021, an additional \u00a3500 award was made to all serving employees, subject to the same service condition as in 2016. A total of 314,075 shares were granted under this award. Unexercised shares are held by the Employee Benefit Trust on behalf of the Group\u2019s employees and detailed within note 26. Share options Share-based incentive An award of 207,784 Ordinary Share options was granted to Neil Ash (CEO) on 3 April 2023 as compensation for amounts foregone in respect of long-term incentives in his previous employment. The award was structured as nominal cost options with immediate vesting at an exercise price of \u00a30.01 per Ordinary Share. These options were exercised on 3 April 2023. Due to their immediate vesting, the fair value of these awards was taken as their market value on the date of grant, being 197p per share. Performance Share Plan (PSP) Performance based awards granted to the Executive Directors and designated senior management which vest three years after the date of grant at 1p per share. The total number of shares vesting is dependent upon both service conditions being met and the performance of the Group over the three-year period. The most recent PSP, being that granted in 2023, is structured with 40% of the award subject to an EPS performance condition, 40% of the award subject to a TSR performance condition and 20% of the award subject to sustainability targets. In addition to this, a holding period applies to vested PSP awards for the Executive Directors of Forterra plc, under which they are required to retain the number of vested awards, net of tax, for at least two years from the date of vesting. Deferred Annual Bonus Plan (DABP) A portion of the Executive Directors\u2019 annual bonus award is deferred into shares under a DABP, with a deferral period of three years. These awards are accrued as a bonus in the year to which they relate and are converted into deferred share awards after the year- end. During 2023, \u00a30.3m (2022: \u00a30.4m) has been removed from accruals and recognised directly within equity to reflect grants made under the scheme in relation to 2022 bonuses. At 31 December 2023, no annual bonus is expected to be deferred into shares under the DABP (2022: \u00a30.3m). Sharesave (SAYE) This HM Revenue and Customs approved scheme is available to all employees, with schemes offered annually since 2016. Employees make monthly contributions of up to \u00a3500 per month into a linked savings account where these may be exchanged three years from each grant date for shares at an option price discounted by 20% from the offer date. The aggregate number of share awards outstanding for the Group is shown below:
PSP DABP SAYE
Number of Number of Number of
options options options
At 1 January
2022
2,482,641
35,652
7,204,615
Awards granted
1,025,793
144,402
1,338,245
Awards exercised
(61,245)
(35,652)
(205,673)
Awards lapsed/forfeited
(627,019)
\u2013
(667,841)
At 31 December
2022
2,820,170
144,402
7,669,346
Awards granted
1,416,394
153,528
5,580,402
Awards exercised
(217,639)
(173,673)
(757,937)
Awards lapsed/forfeited
(1,053,183)
\u2013
(2,908,689)
At 31 December 2023
2,965,742
124,257
9,583,122
Options were exercised on a regular basis throughout the year. The average share price during the year was 171p (2022: 244p). Share options either outstanding or not yet exercised at the end of the year have the following vesting dates:
2023 2022
Number of Number of
options options
PSP
24 April 2020
3,874
3,874
17 September 2023
296,592
1,053,124
30 April 2024
615,409
747,439
17 March 2025
776,119
1,015,733
3 April 2026
1,273,748
\u2013
DABP
17 March 2024
59,715
144,402
17 March 2025
64,542
\u2013
SAYE
1 December 2022
810
517,145
1 December 2023
3,281,930
5,106,608
2 December 2024
374,770
748,912
1 December 2025
595,759
1,296,681
1 December 2026
5,329,853
\u2013
12,673,121
10,633,918
The weighted average remaining contractual life of share options outstanding at 31 December 2023 was 2 years (2022: 1.5 years). The average exercise price for share options outstanding ranged from 1p to 238p (2022: 216p).
The fair value per option granted in the year has been calculated using the following assumptions:
2023
2022
PSP SAYE PSP
(Performance (Performance SAYE
and service (Service and service
condition) condition) condition) (Service condition)
Date of grant
3/4/2023
19/10/2023
17/3/2022
4/10/2022
Option pricing model
Monte Carlo
Black-Scholes
Monte Carlo
Black Scholes
Share price on grant date (pence)
199.20
133.60
239.50
247.00
Exercise price (pence)
1.00
132.00
1.00
210.00
Expected volatility (%)
46.7%
34.3%
46.8%
48.5%
Vesting period (years)
3.00
3.15
3.00
3.15
Expected option life to exercise (years)
3.00
3.40
3.00
3.40
Expected dividend yield (%)
\u2013
5.2%
\u2013
2.2%
Risk-free interest rate (%)
3.4%
46.1%
1.4%
4.1%
Fair value per option (pence)
165.10
27.60
195.90
96.00
Fair value per option under the PSP is calculated as the average for the TSR and non-market conditions.
Expected volatility is a measure of expected fluctuations in the share price over the expected life of an option. The measures of
volatility used by the Group in its pricing model has been derived as the median volatility of companies within the comparator index
that have been listed for the commensurate length of time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "
Share options either outstanding or not yet exercised at the end of the year have the following vesting dates:
2023 2022
Number of Number of
options options
PSP
24 April 2020
3,874
3,874
17 September 2023
296,592
1,053,124
30 April 2024
615,409
747,439
17 March 2025
776,119
1,015,733
3 April 2026
1,273,748
\u2013
DABP
17 March 2024
59,715
144,402
17 March 2025
64,542
\u2013
SAYE
1 December 2022
810
517,145
1 December 2023
3,281,930
5,106,608
2 December 2024
374,770
748,912
1 December 2025
595,759
1,296,681
1 December 2026
5,329,853
\u2013
12,673,121
10,633,918
The weighted average remaining contractual life of share options outstanding at 31 December 2023 was 2 years (2022: 1.5 years).
The average exercise price for share options outstanding ranged from 1p to 238p (2022: 216p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "Share options either outstanding or not yet exercised at the end of the year have the following vesting dates:
2023 2022
Number of Number of
options options
PSP
24 April 2020
3,874
3,874
17 September 2023
296,592
1,053,124
30 April 2024
615,409
747,439
17 March 2025
776,119
1,015,733
3 April 2026
1,273,748
\u2013
DABP
17 March 2024
59,715
144,402
17 March 2025
64,542
\u2013
SAYE
1 December 2022
810
517,145
1 December 2023
3,281,930
5,106,608
2 December 2024
374,770
748,912
1 December 2025
595,759
1,296,681
1 December 2026
5,329,853
\u2013
12,673,121
10,633,918
The weighted average remaining contractual life of share options outstanding at 31 December 2023 was 2 years (2022: 1.5 years). The average exercise price for share options outstanding ranged from 1p to 238p (2022: 216p). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "
28. Contingent liabilities
HSBC Bank plc has issued, on behalf of Forterra plc, the following irrevocable letter of credit relating to the Group\u2019s investment
in Accrington brick slip development:
Amount
Beneficiary
\u00a3m
Period
Purpose
Capaccioli Innovating Industries
9.5
28th Feb 2023 to 31 May 2024
Accrington brick slips development
Of the \u00a39.5m carved out of the facility, the balance outstanding on the letter of credit at the year end was approximately \u00a36.5m.
The obligations subject to the letter of credit relate are expected to be discharged through 2024 allowing the element of the facility
required for letters of credit to be reduced if necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "28. Contingent liabilities HSBC Bank plc has issued, on behalf of Forterra plc, the following irrevocable letter of credit relating to the Group\u2019s investment in Accrington brick slip development:
Amount
Beneficiary
\u00a3m
Period
Purpose
Capaccioli Innovating Industries
9.5
28th Feb 2023 to 31 May 2024
Accrington brick slips development
Of the \u00a39.5m carved out of the facility, the balance outstanding on the letter of credit at the year end was approximately \u00a36.5m. The obligations subject to the letter of credit relate are expected to be discharged through 2024 allowing the element of the facility required for letters of credit to be reduced if necessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "29. Related party transactions Transactions with key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Directors of the Company and the Directors of the Group\u2019s subsidiary companies fall within this category.
2023 2022
\u00a3m \u00a3m
Emoluments including taxable benefits
2.8
3.4
Share-based payments
0.4
1.4
Pension and other post-employment benefits
0.2
0.2
3.4
5.0
Information relating to Directors\u2019 emoluments, pension entitlements, share options and long-term incentive plans appear in the Annual Report on Remuneration within pages 128 to 156.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "29. Related party transactions Transactions with key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Directors of the Company and the Directors of the Group\u2019s subsidiary companies fall within this category.
2023 2022
\u00a3m \u00a3m
Emoluments including taxable benefits
2.8
3.4
Share-based payments
0.4
1.4
Pension and other post-employment benefits
0.2
0.2
3.4
5.0
Information relating to Directors\u2019 emoluments, pension entitlements, share options and long-term incentive plans appear in the Annual Report on Remuneration within pages 128 to 156.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "
Transactions with key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities
of the Group. The Directors of the Company and the Directors of the Group\u2019s subsidiary companies fall within this category.
2023 2022
\u00a3m \u00a3m
Emoluments including taxable benefits
2.8
3.4
Share-based payments
0.4
1.4
Pension and other post-employment benefits
0.2
0.2
3.4
5.0
Information relating to Directors\u2019 emoluments, pension entitlements, share options and long-term incentive plans appear in the
Annual Report on Remuneration within pages 128 to 156.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "
30. Post balance sheet events
With the exception of the covenant relaxations outlined within note 19, there are no events which have occurred since the balance
sheet date that would merit separate disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }