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their behalf by:
\n
Patrick Andr\u00e9
Mark Collis
\n
Chief Executive
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00428": { "value": "-1400000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00429": { "value": "63500000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00430": { "value": "63400000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00431": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00432": { "value": "63400000.0", "decimals": -5, "dimensions": { "concept": "vsvs:ShareBuyback", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00558": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00559": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00560": { "value": "61100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00561": { "value": "61100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00562": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00563": { "value": "63600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00595": { "value": "-1300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00596": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00597": { "value": "-135500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00598": { "value": "-135400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00599": { "value": "-2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_Label_00600": { "value": "-137900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00578": { "value": "26400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00573": { "value": "-1503700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00574": { "value": "2645700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00577": { "value": "1168400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00575": { "value": "75200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00576": { "value": "1243600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ORZ521W585SY02", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "1.
General Information
Vesuvius plc (\u2018Vesuvius\u2019 or \u2018the Company\u2019) is a public company limited by shares. It is incorporated and domiciled in England and
Wales, United Kingdom, and listed on the London Stock Exchange. The nature of the operations and principal activities of the
Company and its subsidiary and joint venture companies (\u2018the Group\u2019) is set out in the Strategic Report on pages 1 to 73.
The address of its registered o\ufb03ce is 165 Fleet Street, London EC4A 2AE.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Vesuvius plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "Vesuvius plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Vesuvius plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "165 Fleet Street, London EC4A 2AE.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "2.
Basis of Preparation
2.1
Basis of accounting
The Group \ufb01nancial statements have been prepared in accordance with UK-adopted international accounting standards (IFRS)
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The \ufb01nancial
statements have been prepared under the historical cost convention, with the exception of fair value measurement applied to
de\ufb01ned bene\ufb01t pension plans, investments, share based payments and derivative \ufb01nancial instruments.
2.2
Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities controlled directly and
indirectly by the Company (its \u2018subsidiaries\u2019). Control exists when the Company has the power to direct the relevant activities of an
entity that signi\ufb01cantly a\ufb00ect the entity\u2019s return so as to have rights to the variable return from its activities. In assessing whether
control exists, potential voting rights that are currently exercisable are taken into account. The results of subsidiaries acquired
or disposed of during the year are included in the Group Income Statement from the e\ufb00ective date of acquisition or up to the
e\ufb00ective date of disposal, as appropriate.
The principal accounting policies applied in the preparation of these Group \ufb01nancial statements are set out in the Notes. These
policies have been consistently applied to all of the years presented, unless otherwise stated. Where necessary, adjustments are
made to the \ufb01nancial statements of subsidiaries to bring their accounting policies into line with those detailed herein to ensure that
the Group \ufb01nancial statements are prepared on a consistent basis. All intra-Group transactions, balances, income and expenses
are eliminated on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are identi\ufb01ed separately from the Group\u2019s interest therein.
Non-controlling interests consist of the amount of those interests at the date of the original business combination together with
the non-controlling interests\u2019 share of pro\ufb01t or loss, each component of other comprehensive income, less dividends paid since
the date of the combination. Total comprehensive income is attributed to the non-controlling interests, even if this results in the
non-controlling interests having a de\ufb01cit balance.
2.3
Going concern
The Group\u2019s available liquidity stood at \u00a3389m at year-end 2024, down from \u00a3488m at year-end 2023. The Directors have
prepared cash \ufb02ow forecasts for the Group for the period to 30 June 2026. These forecasts re\ufb02ect an assessment of current
and future end-market conditions, which are expected to be challenging in 2025 (as set out in the \u2018outlook\u2019 statement in the
Chief Executive\u2019s Strategic Review in this document), and their impact on the Group\u2019s future trading performance.
The Directors have also considered a severe but plausible downside scenario, based on an assumed volume decline and loss of
pro\ufb01tability over the period. This downside scenario assumes:
\u2013
A decline in business activity level in 2025 and 2026 by 3% compared to 2024 performance
\u2013
A decline in pro\ufb01tability (Return on Sales) of 2.1% compared to 2024 performance
\u2013
Working capital as a percentage of sales deteriorating by 1.0% compared to 2024
On a full-year basis relative to 2024, this implies a c.23% decline in Trading Pro\ufb01t.
The Group has two covenants; net debt/EBITDA (under 3.25x) and an interest cover requirement of at least 4.0x. In this downside
scenario, the forecasts show that the Group\u2019s maximum net debt/EBITDA (pre-IFRS 16 in-line with the covenant calculation)
does not exceed 1.9x, compared to a leverage covenant of 3.25x, and the minimum interest cover reached is 17x compared to
a covenant minimum of 4.0x.
The forecasts show that the Group will be able to operate within its current committed debt facilities and show continued
compliance with the Group\u2019s \ufb01nancial covenants. On the basis of the exercise described above and the Group\u2019s available
committed debt facilities, the Directors consider that the Group and the Company have adequate resources to continue in
operational existence for a period of at least 12 months from the date of signing of these \ufb01nancial statements and that there is no
material uncertainty in respect of going concern. On 21 February 2025 the Group obtained a new committed syndicated bank
facility of \u00a3475m reaching maturity in August 2029, replacing the previous one in place (see Note 25.2.d) with the same covenants.
This is considered to be a non-adjusting event after balance sheet date. Accordingly, they continue to adopt a going concern basis
in preparing the \ufb01nancial statements of the Group and the Company.
2.4
Presentational currency
The \ufb01nancial statements are presented in millions of pounds sterling, which is the presentational currency of the Group and the
Company and rounded to one decimal place. Foreign operations are included in accordance with the policies set out in Note 25.1.
2.5
Disclosure of separately reported items
Columnar presentation
The Group has adopted a columnar presentation for its Group Income Statement, to separately identify headline performance
results, as the Directors consider that this gives a useful view of the core results of the ongoing business. As part of this presentation
format, the Group has adopted a policy of disclosing separately on the face of its Group Income Statement, within the column
entitled \u2018Separately reported items\u2019, the e\ufb00ect of any components of \ufb01nancial performance for which the Directors consider
separate disclosure would assist users both in a useful understanding of the \ufb01nancial performance achieved for a given year
and in making projections of future results.
Separately reported items
Both materiality and the nature of the components of income and expense are considered in deciding upon such presentation.
Such items may include, inter alia, the \ufb01nancial e\ufb00ect of exceptional items which occur infrequently, such as major restructuring
activity, cost reduction programme expenses, and items reported separately for consistency, such as amortisation charges
relating to acquired intangible assets, pro\ufb01ts or losses arising on the disposal of continuing or discontinued operations and the
taxation impact of the aforementioned items reported separately.
The amortisation charge in respect of intangible assets recognised on business combinations is excluded from the trading results
of the Group since they are non-cash charges and are not considered re\ufb02ective of the core trading performance of the Group.
As headline results include the bene\ufb01ts of major acquisitions but exclude this amortisation charge, they should not be regarded
as a complete picture of the Group\u2019s \ufb01nancial performance, which is presented in its total results.
In its adoption of this policy, the Group and the Company apply an even-handed approach to both gains and losses and aim to
be both consistent and clear in their accounting and disclosure of such items. The exclusion of other separately reported items may
result in headline earnings being materially higher or lower than total earnings.
2.6
Consideration of climate change
As well as considering the implications of climate change on the Group\u2019s operations and activities, the Directors have considered
the impact on the \ufb01nancial statements in accordance with the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations. In preparing the \ufb01nancial statements, we have considered the impact of climate change, particularly in the
context of the disclosures included in the Sustainability Report this year.
Further detail on our sustainability and climate change-based management incentives is included in the Board oversight section
of our Sustainability Report.
Climate change is not considered to have a material impact on the Group\u2019s \ufb01nancial reporting judgements and estimates, nor is it
expected to have a detrimental impact on the viability of the Group in the medium term.
Speci\ufb01cally, we note that we have considered the impact of climate change on the carrying value and the estimation of useful lives
of property, plant and equipment (see Note 14) and goodwill and intangibles (see Note 15). The impact of climate change on
impairment of goodwill is disclosed in Note 16.2.
2.7
Changes in accounting policies
There have been no changes in accounting policies during the year, except for the change in presentation resulting from
amendments to IAS 1 described in Note 2.8.
2.8
New and revised IFRS
Certain new accounting amendments and interpretations have been published that are not mandatory for 31 December 2024
reporting periods and have not been early adopted by the Group. The Group\u2019s assessment of the impact of these amendments
and interpretations is that they are not expected to have a signi\ufb01cant impact on the Group\u2019s \ufb01nancial position, performance,
cash \ufb02ows and disclosures.
Developments in the Group tax position
The Group is within the scope of the OECD Pillar Two model rules, and it applies the IAS 12 exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group will incur top-up taxes due to
Pillar Two legislation that became e\ufb00ective 1 January 2024 in the UK. Under the legislation, the Group is liable to pay top-up tax
for the di\ufb00erences between its GloBE e\ufb00ective tax rate in each jurisdiction and the 15% minimum rate.
The Group has estimated that the e\ufb00ective tax rates exceed 15% in all jurisdiction in which it operates, except for United Arab
Emirates where we have two subsidiaries. However, the amount is immaterial at less than \u00a30.1m and has been included within
income tax in the Income Statement. There are no signi\ufb01cant impacts on the Group\u2019s \ufb01nancial position, performance, cash \ufb02ows
and earnings per share.
Amendments to IAS 7 and IFRS 7 \u2013 Supplier \ufb01nance arrangements
The amendments seek to enhance the transparency of supplier \ufb01nance arrangements and their e\ufb00ects on a company\u2019s
liabilities, cash \ufb02ows and exposure to liquidity risk. The application by the Group does not have a material impact on the
recognition of supplier \ufb01nance arrangements and the Group disclosures are amended according to the amended requirements.
The amendment does not require comparative information for any reporting periods presented before the beginning of the
current annual reporting. The Group\u2019s assessment of the impact of this amendment is that it has no signi\ufb01cant impact on the
Group\u2019s \ufb01nancial position, performance, cash \ufb02ows and earnings per share. Disclosure on supplier \ufb01nance arrangements is
included in Note 29.3.
Amendments to IAS 1 \u2013 Presentation of Financial Statements, and Non-current Liabilities with Covenants
The amendments clarify how conditions with which an entity must comply within twelve months after the reporting period
a\ufb00ect the classi\ufb01cation of a liability. The Group has reclassi\ufb01ed amounts due under its committed syndicated bank facility as
non-current as it had the right to roll over the obligations for at least 12 months after the reporting date and was compliant with
all relevant covenant requirements at the reporting date. Comparatives for the year ended 31 December 2023 in these \ufb01nancial
statements have been restated on the same basis. There are no impacts on the \ufb01nancial statements other than the reclassi\ufb01cation
to non-current liabilities. The amount reclassi\ufb01ed as non-current liabilities in the comparative period was \u00a351.6m.
\n \n
2023
2023
Restated
Published
\u00a3m
\u00a3m
Interest-bearing borrowings \u2013 current
24.2
75.8
Interest-bearing borrowings \u2013 non-current
378.0
326.4
Total interest-bearing borrowings
402.2
402.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "2.1
Basis of accounting
The Group \ufb01nancial statements have been prepared in accordance with UK-adopted international accounting standards (IFRS)
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The \ufb01nancial
statements have been prepared under the historical cost convention, with the exception of fair value measurement applied to
de\ufb01ned bene\ufb01t pension plans, investments, share based payments and derivative \ufb01nancial instruments.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "2.2
Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities controlled directly and
indirectly by the Company (its \u2018subsidiaries\u2019). Control exists when the Company has the power to direct the relevant activities of an
entity that signi\ufb01cantly a\ufb00ect the entity\u2019s return so as to have rights to the variable return from its activities. In assessing whether
control exists, potential voting rights that are currently exercisable are taken into account. The results of subsidiaries acquired
or disposed of during the year are included in the Group Income Statement from the e\ufb00ective date of acquisition or up to the
e\ufb00ective date of disposal, as appropriate.
The principal accounting policies applied in the preparation of these Group \ufb01nancial statements are set out in the Notes. These
policies have been consistently applied to all of the years presented, unless otherwise stated. Where necessary, adjustments are
made to the \ufb01nancial statements of subsidiaries to bring their accounting policies into line with those detailed herein to ensure that
the Group \ufb01nancial statements are prepared on a consistent basis. All intra-Group transactions, balances, income and expenses
are eliminated on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are identi\ufb01ed separately from the Group\u2019s interest therein.
Non-controlling interests consist of the amount of those interests at the date of the original business combination together with
the non-controlling interests\u2019 share of pro\ufb01t or loss, each component of other comprehensive income, less dividends paid since
the date of the combination. Total comprehensive income is attributed to the non-controlling interests, even if this results in the
non-controlling interests having a de\ufb01cit balance.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "2.3
Going concern
The Group\u2019s available liquidity stood at \u00a3389m at year-end 2024, down from \u00a3488m at year-end 2023. The Directors have
prepared cash \ufb02ow forecasts for the Group for the period to 30 June 2026. These forecasts re\ufb02ect an assessment of current
and future end-market conditions, which are expected to be challenging in 2025 (as set out in the \u2018outlook\u2019 statement in the
Chief Executive\u2019s Strategic Review in this document), and their impact on the Group\u2019s future trading performance.
The Directors have also considered a severe but plausible downside scenario, based on an assumed volume decline and loss of
pro\ufb01tability over the period. This downside scenario assumes:
\u2013
A decline in business activity level in 2025 and 2026 by 3% compared to 2024 performance
\u2013
A decline in pro\ufb01tability (Return on Sales) of 2.1% compared to 2024 performance
\u2013
Working capital as a percentage of sales deteriorating by 1.0% compared to 2024
On a full-year basis relative to 2024, this implies a c.23% decline in Trading Pro\ufb01t.
The Group has two covenants; net debt/EBITDA (under 3.25x) and an interest cover requirement of at least 4.0x. In this downside
scenario, the forecasts show that the Group\u2019s maximum net debt/EBITDA (pre-IFRS 16 in-line with the covenant calculation)
does not exceed 1.9x, compared to a leverage covenant of 3.25x, and the minimum interest cover reached is 17x compared to
a covenant minimum of 4.0x.
The forecasts show that the Group will be able to operate within its current committed debt facilities and show continued
compliance with the Group\u2019s \ufb01nancial covenants. On the basis of the exercise described above and the Group\u2019s available
committed debt facilities, the Directors consider that the Group and the Company have adequate resources to continue in
operational existence for a period of at least 12 months from the date of signing of these \ufb01nancial statements and that there is no
material uncertainty in respect of going concern. On 21 February 2025 the Group obtained a new committed syndicated bank
facility of \u00a3475m reaching maturity in August 2029, replacing the previous one in place (see Note 25.2.d) with the same covenants.
This is considered to be a non-adjusting event after balance sheet date. Accordingly, they continue to adopt a going concern basis
in preparing the \ufb01nancial statements of the Group and the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "2.7
Changes in accounting policies
There have been no changes in accounting policies during the year, except for the change in presentation resulting from
amendments to IAS 1 described in Note 2.8.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "3.
Critical Accounting Judgements and Estimates
Determining the carrying amount of some assets and liabilities and amounts recognised as reported pro\ufb01t requires judgement
and/or estimation of the e\ufb00ect of uncertain future events. The major sources of judgement and estimation uncertainty that have
a signi\ufb01cant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities and amounts recognised
as reported pro\ufb01t are noted below. As part of the evaluation of critical accounting judgements and key sources of estimation
uncertainty, the Group has considered the implications of climate change on its operations and activities. All other accounting
policies are included within the respective Notes to the Financial Statements.
3.1
Separately reported items (judgement)
In accordance with IAS 1, the Group has adopted a policy of disclosing separately on the face of its Group Income Statement,
within the column entitled \u2018Separately reported items\u2019, the e\ufb00ect of any components of \ufb01nancial performance for which the
Directors consider separate disclosure would assist both in a useful understanding of the \ufb01nancial performance achieved for
a given year and in making projections of future results. The judgement considers both materiality and the nature of the
components of income and expense in deciding upon such presentation. Such items may include, inter alia, the \ufb01nancial e\ufb00ect of
exceptional items which occur infrequently, such as major restructuring activity, and items reported separately for consistency,
such as amortisation charges relating to acquired intangible assets, pro\ufb01ts or losses arising on the disposal of continuing or
discontinued operations and the taxation impact of the aforementioned exceptional items and other items reported separately.
3.2
Deferred tax asset recognition (judgement and estimate)
The level of deferred tax recognised is dependent on subjective judgements as to the interpretation of complex international
tax regulations together with the ability of the Group to utilise tax attributes within the time limits imposed by the relevant tax
legislation. The value of deferred tax assets and liabilities is an area involving inherent uncertainty and estimation and balances
are therefore subject to risk of change as a result of underlying assumptions and judgements. In recognising deferred tax
assets, the Group considers the future pro\ufb01tability based upon approved budgets and business plans, and the Group models
proportionate increases and decreases in relation to future income to determine future deferred tax recoverability. It is impractical
to disclose the extent of the possible e\ufb00ects of pro\ufb01tability assumptions on the Group\u2019s deferred tax assets. It is reasonably
possible that to the extent that actual outcomes di\ufb00er from management\u2019s estimates, material income tax charges or credits,
and changes in current and deferred tax assets or liabilities, may arise within the next \ufb01nancial years and in future periods.
3.3
Reportable segments for continuing operations (judgement)
The Steel Flow Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments are aggregated into the
Steel reportable segment. In determining that aggregation is appropriate, judgement is applied which takes into account the
economic characteristics of these operating segments, which include a similar nature of products, customers, production
processes and margins.
The Group\u2019s operating segments are determined taking into consideration how the Group\u2019s components are reported to the
Group\u2019s Chief Executive, who makes the key operating decisions and is responsible for allocating resources and assessing
performance of the component. Taking into account the Group\u2019s management and internal reporting structure, the operating
segments are Steel Flow Control, Steel Advanced Refractories, Steel Sensors & Probes, and the Foundry Division. The principal
activities of each of these segments are described in the Strategic Report.
3.4
Employeebene\ufb01ts(estimate)
The Group\u2019s \ufb01nancial statements include the costs and obligations associated with the provision of pension and other post-
retirement bene\ufb01ts to current and former employees. It is the Directors\u2019 responsibility to set the assumptions used in determining
the key elements of the costs of meeting such future obligations. These assumptions are set after consultation with the Group\u2019s
actuaries and include those used to determine regular service costs and the \ufb01nancing elements related to the plans\u2019 assets and
liabilities. Whilst the Directors believe that the assumptions used are appropriate, a change in the assumptions could a\ufb00ect the
Group\u2019s pro\ufb01t and \ufb01nancial position. The pension obligations are most sensitive to a change in the discount rate and mortality
assumptions and therefore could materially change in the next \ufb01nancial year if the discount rate changes signi\ufb01cantly. Sensitivity
disclosures are included in Note 27.3.
3.5
Impairment testing of goodwill (estimate)
Determining whether goodwill is impaired requires an estimation of the recoverable amount, which is the higher of value in use
and fair value less cost to sell, of the cash-generating units to which these assets have been allocated. The value in use calculation
requires estimation of future cash \ufb02ows expected to arise for the cash-generating unit, the selection of suitable discount rates and
the estimation of long-term growth rates. As determining such assumptions is inherently uncertain and subject to future factors,
there is the potential these may di\ufb00er in subsequent periods and therefore materially change the conclusions reached. In light of
this, consideration is made each year as to whether sensitivity disclosures are required for reasonably possible changes to
assumptions. Sensitivity disclosures are included in Note 16.2.
3.6
Provisions (judgement and estimate)
Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering
taxation and environmental matters. Some of the Group\u2019s subsidiaries are parties to legacy matter and other lawsuits, certain
of which are insured claims, which have arisen in the ordinary course of the operations of the company involved. Some of these
provisions relate to businesses that are closed or have been disposed of. Provisions are made for the expected amounts payable
in respect of known or probable costs resulting both from these third-party lawsuits or other regulatory requirements. To the
extent insurance is in place, an asset is recognised in other receivables in respect of associated insurance reimbursements.
As the resolution of many of the potential obligations for which provision is made is subject to legal or other regulatory process,
it requires estimation of the timing, quantum and amount of associated out\ufb02ows, which are subject to some uncertainty. The
Directors use their judgement, using historical evidence, current information and expert experience, to determine whether to
recognise a provision, and make appropriate estimates of provisions in the \ufb01nancial statements for amounts relating to such
matters. Assessment of claim costs is considered to be a critical estimate. Associated assets for insurance recoverable are
recognised, which involves assessing the likelihood of insurance being paid, which is a critical judgement. The Directors have
considered the available cover and the historical evidence to determine whether this is virtually certain. Estimating the amount
of provisions and insurance receivable is subject to estimation uncertainty. See Note 30 for further information.
3.7
Supplier \ufb01nance arrangements (judgement)
Vesuvius has supply chain \ufb01nance programmes in place. Management has assessed these arrangements and determined that
outstanding balances under the supplier \ufb01nancing arrangements are to be classi\ufb01ed as trade payables. Additionally, related
cash \ufb02ows are presented within operating cash \ufb02ows, as the \ufb01nancing agreements are established between the supplier and the
funding providers. The judgement considers materiality, the nature and purpose of the arrangements, as well as their terms and
conditions in determining the appropriate classi\ufb01cation and presentation in the \ufb01nancial statements. Disclosure on supplier
\ufb01nance arrangements is included in Note 29.3.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "3.3
Reportable segments for continuing operations (judgement)
The Steel Flow Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments are aggregated into the
Steel reportable segment. In determining that aggregation is appropriate, judgement is applied which takes into account the
economic characteristics of these operating segments, which include a similar nature of products, customers, production
processes and margins.
The Group\u2019s operating segments are determined taking into consideration how the Group\u2019s components are reported to the
Group\u2019s Chief Executive, who makes the key operating decisions and is responsible for allocating resources and assessing
performance of the component. Taking into account the Group\u2019s management and internal reporting structure, the operating
segments are Steel Flow Control, Steel Advanced Refractories, Steel Sensors & Probes, and the Foundry Division. The principal
activities of each of these segments are described in the Strategic Report.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "3.4
Employeebene\ufb01ts(estimate)
The Group\u2019s \ufb01nancial statements include the costs and obligations associated with the provision of pension and other post-
retirement bene\ufb01ts to current and former employees. It is the Directors\u2019 responsibility to set the assumptions used in determining
the key elements of the costs of meeting such future obligations. These assumptions are set after consultation with the Group\u2019s
actuaries and include those used to determine regular service costs and the \ufb01nancing elements related to the plans\u2019 assets and
liabilities. Whilst the Directors believe that the assumptions used are appropriate, a change in the assumptions could a\ufb00ect the
Group\u2019s pro\ufb01t and \ufb01nancial position. The pension obligations are most sensitive to a change in the discount rate and mortality
assumptions and therefore could materially change in the next \ufb01nancial year if the discount rate changes signi\ufb01cantly. Sensitivity
disclosures are included in Note 27.3.
3.5
Impairment testing of goodwill (estimate)
Determining whether goodwill is impaired requires an estimation of the recoverable amount, which is the higher of value in use
and fair value less cost to sell, of the cash-generating units to which these assets have been allocated. The value in use calculation
requires estimation of future cash \ufb02ows expected to arise for the cash-generating unit, the selection of suitable discount rates and
the estimation of long-term growth rates. As determining such assumptions is inherently uncertain and subject to future factors,
there is the potential these may di\ufb00er in subsequent periods and therefore materially change the conclusions reached. In light of
this, consideration is made each year as to whether sensitivity disclosures are required for reasonably possible changes to
assumptions. Sensitivity disclosures are included in Note 16.2.
3.6
Provisions (judgement and estimate)
Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering
taxation and environmental matters. Some of the Group\u2019s subsidiaries are parties to legacy matter and other lawsuits, certain
of which are insured claims, which have arisen in the ordinary course of the operations of the company involved. Some of these
provisions relate to businesses that are closed or have been disposed of. Provisions are made for the expected amounts payable
in respect of known or probable costs resulting both from these third-party lawsuits or other regulatory requirements. To the
extent insurance is in place, an asset is recognised in other receivables in respect of associated insurance reimbursements.
As the resolution of many of the potential obligations for which provision is made is subject to legal or other regulatory process,
it requires estimation of the timing, quantum and amount of associated out\ufb02ows, which are subject to some uncertainty. The
Directors use their judgement, using historical evidence, current information and expert experience, to determine whether to
recognise a provision, and make appropriate estimates of provisions in the \ufb01nancial statements for amounts relating to such
matters. Assessment of claim costs is considered to be a critical estimate. Associated assets for insurance recoverable are
recognised, which involves assessing the likelihood of insurance being paid, which is a critical judgement. The Directors have
considered the available cover and the historical evidence to determine whether this is virtually certain. Estimating the amount
of provisions and insurance receivable is subject to estimation uncertainty. See Note 30 for further information.
3.7
Supplier \ufb01nance arrangements (judgement)
Vesuvius has supply chain \ufb01nance programmes in place. Management has assessed these arrangements and determined that
outstanding balances under the supplier \ufb01nancing arrangements are to be classi\ufb01ed as trade payables. Additionally, related
cash \ufb02ows are presented within operating cash \ufb02ows, as the \ufb01nancing agreements are established between the supplier and the
funding providers. The judgement considers materiality, the nature and purpose of the arrangements, as well as their terms and
conditions in determining the appropriate classi\ufb01cation and presentation in the \ufb01nancial statements. Disclosure on supplier
\ufb01nance arrangements is included in Note 29.3.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "4.
Segment Information
The segment information contained in this Note refers to several alternative performance measures, de\ufb01nitions of which can
be found in Note 35. The Group has considered climate change in making segmental and revenue disclosures. Opportunities
and risks for the reported segments are further explained in the Sustainability section.
4.1
Business segments
Operating segments for continuing operations
The Group\u2019s operating segments are determined taking into consideration how the Group\u2019s components are reported to the
Group\u2019s Chief Executive, who makes the key operating decisions and is responsible for allocating resources and assessing
performance of the component. Taking into account the Group\u2019s management and internal reporting structure, the operating
segments are Steel Flow Control, Steel Advanced Refractories, Steel Sensors & Probes, and the Foundry Division. The principal
activities of each of these segments are described in the Strategic Report.
The Steel Flow Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments are aggregated into the
Steel reportable segment. In determining that aggregation is appropriate, judgement is applied which takes into account the
economic characteristics of these operating segments which include a similar nature of products, customers, production
processes and margins.
Segment revenue represents revenue from external customers (inter-segment revenue is not material). Trading pro\ufb01t includes
items directly attributable to a segment as well as those items that can be allocated on a reasonable basis.
4.2
Accounting policy \u2013 revenue recognition
The Group derives all of its revenue from contracts with customers. The Group enters into contracts to provide one or multiple
products to customers in the steel, foundry and other industries globally.
Revenue recognition at a point in time
Where the Group provides consumable products only, one performance obligation is present. The performance obligation is
to deliver consumables to the customer and is satis\ufb01ed upon delivery of these items. Similarly, where a contract is for the supply
of standard equipment, there is one performance obligation and revenue is primarily recognised at a point in time, being upon
delivery of these items. The form of a contract is typically a purchase order from a customer.
Revenue recognition at a point in time
The Group also enters into some contracts with customers in the steel industry under which it primarily provides consumable items,
but also equipment and/or technical assistance (\u2018service contracts\u2019) to facilitate these customers\u2019 steel production processes.
The customer bene\ufb01ts from the combined output of these contracts, being the use of Vesuvius consumables, equipment and
technicians to support the customer\u2019s production of steel. The individual elements of these contracts are not distinct because
Vesuvius is compensated by the e\ufb03cient use of refractory material, optimised through a combination of the consumable itself
and its application by experienced technicians. The performance obligations are therefore bundled into a single performance
obligation and revenue is recognised at a point in time, on con\ufb01rmation of steel production volume by customers.
Approximately 85% (2023: 86%) of the aforementioned revenue relates to the sale of consumables and equipment only.
Approximately 15% (2023: 14%) of revenue relates to contracts that contain multiple performance obligations, which are
bundled into a single performance obligation and revenue is recognised at a point in time based on the steel production volume
of Vesuvius customers.
Revenue recognition over time
The Group enters into bespoke equipment design and build (and installation in some cases) contracts with customers.
Performance obligations are usually de\ufb01ned by milestones agreed with the customers in the contract. The customer usually does
not have a right to a refund as work progresses towards achieving the milestones in the contract. Revenue is recognised over time
by measuring the progress of completion or achievement of a milestone for each performance obligation identi\ufb01ed within the
contract, usually with reference to cost inputs incurred against overall estimated costs for the contract. This does not typically
entail estimation or judgements as the contracts are usually not material in isolation and do not span more than 12 months.
This approach to revenue recognition is considered to re\ufb02ect faithfully the value and timing of goods or services transferred and
the rights of Vesuvius to revenue.
Determining and allocating the transaction price to performance obligations
For revenue recognised at a point in time, the transaction price is determined and allocated with reference to the individual prices
of consumables or equipment speci\ufb01ed in the contract or customer purchase order. If a stand-alone selling price is not available,
the Group will estimate the selling price with reference to the price that would be charged for the goods or services if they were
sold separately. This estimate is not considered complex.
For service contracts the bundled performance obligation is deemed to be the provision of consumables and, in some cases,
labour to facilitate production of customer steel. The transaction price is determined and allocated with reference to either an
agreed price list for each of the consumables input or, for some contracts, the transaction price is determined and allocated as
an amount per unit of customer steel output.
For revenue recognised over time, the transaction price is determined with reference to the prices set out in the contract. For
bespoke equipment builds, the transaction price is allocated to performance obligations (milestones) within the contract and the
payment schedules agreed with the customer that align to these milestones. For installations, the transaction price is allocated
with reference to the progress of completion. Where payment schedules include customer advance payments (i.e. not aligned
with a milestone/performance obligation), the amounts received are included within contract liabilities until the performance
obligation to which they relate is satis\ufb01ed.
Contracts are to be settled in cash. They do not typically contain any variable consideration, discounts, refunds, rebates,
warranties or signi\ufb01cant \ufb01nancing components.
Duration and costs of obtaining contracts
The duration of the Group\u2019s contracts with customers is typically less than one year and accordingly the Group has taken the
practical expedient within IFRS 15 to not disclose the transaction price allocated to unsatis\ufb01ed (whole or partially) performance
obligations as at the end of the reporting period. Service contracts may span over more than one year as they remain in e\ufb00ect up
to a speci\ufb01ed level of customer production of steel. However, the choice to purchase from Vesuvius under the contract remains
with the customer and therefore there is no commitment for the customer/Vesuvius to purchase/produce up to the speci\ufb01ed level.
Costs of obtaining contracts are not considered signi\ufb01cant and these are expensed as incurred.
Customer credit risk and payment terms
The Group assesses customer credit risk and recognises revenue when such risk is considered low and the consideration cash \ufb02ows
due are reasonably expected to \ufb02ow to the Group. Typically, the Group will not transact with customers where credit risk concerns
are identi\ufb01ed and therefore there is no material unrecognised revenue as a result of credit risk. For trade receivables and contract
assets in respect of revenue recognised, an expected credit loss allowance is determined.
Customer payment terms are set out in revenue contracts and do not exceed one year. Customer payments typically follow the
satisfaction of performance obligations at which point revenue is recognised and invoiced. Accordingly, trade receivables and
contract assets are expected to derive cash in\ufb02ows for the Group within less than 12 months.
Contract assets and contract liabilities
A contract asset is recorded when revenue is recognised but an invoice has not been raised to the customer. Contract assets are
short-term and typically are invoiced in the following month.
Customer advance payments are included in contract liabilities. These are typically not material and relate to over time revenue
projects as set out further above.
Uncertainties
There are no uncertainties involving economic factors, estimation or judgements (other than as disclosed above) in respect of
revenue recognition. Credit risk relating to the collection of cash in\ufb02ows from revenue recognised is addressed through an
allowance for expected credit losses, as set out in the trade and other receivables accounting policy.
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
\n \n
2024
2023
\u00a3m
\u00a3m
Receivables, which are included in \u2018Trade and other receivables\u2019
341.7
356.9
Contract assets, which are included in \u2018Trade and other receivables\u2019
1.2
1.6
Contract liabilities, which are included in \u2018Trade and other payables\u2019
1.6
2.3
Contract liabilities of \u00a31.6m (2023: \u00a32.3m) include advances received from customers that precede the satisfaction of
performance obligations by the Group. \u00a32.3m (2023: \u00a32.5m) of the contract liabilities recognised in the prior year was recognised
as revenue in 2024.
4.3
Segmental analysis
\n
The reportable segment results from continuing operations for 2024 and 2023 are presented below.
\n\n \n
2024
Flow
Advanced
Sensors
Control
Refractories
& Probes
Total Steel
Foundry
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment revenue
769.0
535.6
39.2
1,343.8
476.3
1,820.1
\u2013 at a point in time
1,339.9
476.3
1,816.2
\u2013 over time
3.9
\u2013
3.9
Segment adjusted EBITDA
197.2
53.0
250.2
Segment depreciation and amortisation
(44.2)
(18.0)
(62.2)
Segment trading pro\ufb01t
153.0
35.0
188.0
Return on sales margin
11.4%
7.4%
10.3%
Cost reduction programme expenses
6
(5.8)
(8.8)
(14.6)
Provision for future water treatment at
disused mine
6
(9.7)
Amortisation of acquired intangible assets
(10.0)
Operating pro\ufb01t
153.7
Net \ufb01nance costs
8
(16.2)
Share of post-tax pro\ufb01t of joint ventures
17.2
1.1
Pro\ufb01t before tax
138.6
Capital expenditure additions
92.2
23.9
116.1
Inventory
19
241.7
53.7
295.4
Trade debtors
18
259.7
82.0
341.7
Trade payables
29
(180.1)
(61.6)
(241.7)
\n\n \n
2023
Flow
Advanced
Sensors
Control
Refractories
& Probes
Total Steel
Foundry
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment revenue
793.0
567.9
39.1
1,400.0
529.8
1,929.8
\u2013 at a point in time
1,396.6
529.8
1,926.4
\u2013 over time
3.4
\u2013
3.4
Segment adjusted EBITDA
187.9
70.3
258.2
Segment depreciation and amortisation
(40.3)
(17.5)
(57.8)
Segment trading pro\ufb01t
147.6
52.8
200.4
Return on sales margin
10.5%
10.0%
10.4%
Amortisation of acquired intangible assets
(10.3)
Operating pro\ufb01t
190.1
Net \ufb01nance costs
8
(11.6)
Share of post-tax pro\ufb01t of joint ventures
17.2
0.9
Pro\ufb01t before tax
179.4
Capital expenditure additions
93.2
32.1
125.3
Inventory
19
239.5
51.5
291.0
Trade debtors
18
267.6
89.3
356.9
Trade payables
29
(177.7)
(58.7)
(236.4)
\n
The Chief Operating Decision Maker does not review non-current assets and non-current liabilities at a segmental level so these
\n
disclosures are not included.
4.4
Geographical analysis
\n \n
External revenue
Non-current assets
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EMEA
603.1
669.6
510.7
515.8
Asia
583.5
565.6
244.9
233.0
North America
487.8
528.7
410.7
404.1
South America
145.7
165.9
45.1
52.1
1,820.1
1,929.8
1,211.4
1,205.0
External revenue disclosed in the table above is based upon the geographical location from which the products and services are
invoiced. Non-current assets exclude employee bene\ufb01ts net surpluses, deferred tax assets and \ufb01nancial instruments. Information
relating to the Group\u2019s products and services is given in the Strategic Report. The Group is not dependent on any single customer
for its revenue and no single customer, for either of the years presented in the table above, accounts for more than 10% of the
Group\u2019s total external revenue. \u00a350.7m (2023: \u00a366.5m) of revenue was generated from the UK, and total non-current assets in the
UK amounted to \u00a394.0m (2023: \u00a3101.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "4.2
Accounting policy \u2013 revenue recognition
The Group derives all of its revenue from contracts with customers. The Group enters into contracts to provide one or multiple
products to customers in the steel, foundry and other industries globally.
Revenue recognition at a point in time
Where the Group provides consumable products only, one performance obligation is present. The performance obligation is
to deliver consumables to the customer and is satis\ufb01ed upon delivery of these items. Similarly, where a contract is for the supply
of standard equipment, there is one performance obligation and revenue is primarily recognised at a point in time, being upon
delivery of these items. The form of a contract is typically a purchase order from a customer.
Revenue recognition at a point in time
The Group also enters into some contracts with customers in the steel industry under which it primarily provides consumable items,
but also equipment and/or technical assistance (\u2018service contracts\u2019) to facilitate these customers\u2019 steel production processes.
The customer bene\ufb01ts from the combined output of these contracts, being the use of Vesuvius consumables, equipment and
technicians to support the customer\u2019s production of steel. The individual elements of these contracts are not distinct because
Vesuvius is compensated by the e\ufb03cient use of refractory material, optimised through a combination of the consumable itself
and its application by experienced technicians. The performance obligations are therefore bundled into a single performance
obligation and revenue is recognised at a point in time, on con\ufb01rmation of steel production volume by customers.
Approximately 85% (2023: 86%) of the aforementioned revenue relates to the sale of consumables and equipment only.
Approximately 15% (2023: 14%) of revenue relates to contracts that contain multiple performance obligations, which are
bundled into a single performance obligation and revenue is recognised at a point in time based on the steel production volume
of Vesuvius customers.
Revenue recognition over time
The Group enters into bespoke equipment design and build (and installation in some cases) contracts with customers.
Performance obligations are usually de\ufb01ned by milestones agreed with the customers in the contract. The customer usually does
not have a right to a refund as work progresses towards achieving the milestones in the contract. Revenue is recognised over time
by measuring the progress of completion or achievement of a milestone for each performance obligation identi\ufb01ed within the
contract, usually with reference to cost inputs incurred against overall estimated costs for the contract. This does not typically
entail estimation or judgements as the contracts are usually not material in isolation and do not span more than 12 months.
This approach to revenue recognition is considered to re\ufb02ect faithfully the value and timing of goods or services transferred and
the rights of Vesuvius to revenue.
Determining and allocating the transaction price to performance obligations
For revenue recognised at a point in time, the transaction price is determined and allocated with reference to the individual prices
of consumables or equipment speci\ufb01ed in the contract or customer purchase order. If a stand-alone selling price is not available,
the Group will estimate the selling price with reference to the price that would be charged for the goods or services if they were
sold separately. This estimate is not considered complex.
For service contracts the bundled performance obligation is deemed to be the provision of consumables and, in some cases,
labour to facilitate production of customer steel. The transaction price is determined and allocated with reference to either an
agreed price list for each of the consumables input or, for some contracts, the transaction price is determined and allocated as
an amount per unit of customer steel output.
For revenue recognised over time, the transaction price is determined with reference to the prices set out in the contract. For
bespoke equipment builds, the transaction price is allocated to performance obligations (milestones) within the contract and the
payment schedules agreed with the customer that align to these milestones. For installations, the transaction price is allocated
with reference to the progress of completion. Where payment schedules include customer advance payments (i.e. not aligned
with a milestone/performance obligation), the amounts received are included within contract liabilities until the performance
obligation to which they relate is satis\ufb01ed.
Contracts are to be settled in cash. They do not typically contain any variable consideration, discounts, refunds, rebates,
warranties or signi\ufb01cant \ufb01nancing components.
Duration and costs of obtaining contracts
The duration of the Group\u2019s contracts with customers is typically less than one year and accordingly the Group has taken the
practical expedient within IFRS 15 to not disclose the transaction price allocated to unsatis\ufb01ed (whole or partially) performance
obligations as at the end of the reporting period. Service contracts may span over more than one year as they remain in e\ufb00ect up
to a speci\ufb01ed level of customer production of steel. However, the choice to purchase from Vesuvius under the contract remains
with the customer and therefore there is no commitment for the customer/Vesuvius to purchase/produce up to the speci\ufb01ed level.
Costs of obtaining contracts are not considered signi\ufb01cant and these are expensed as incurred.
Customer credit risk and payment terms
The Group assesses customer credit risk and recognises revenue when such risk is considered low and the consideration cash \ufb02ows
due are reasonably expected to \ufb02ow to the Group. Typically, the Group will not transact with customers where credit risk concerns
are identi\ufb01ed and therefore there is no material unrecognised revenue as a result of credit risk. For trade receivables and contract
assets in respect of revenue recognised, an expected credit loss allowance is determined.
Customer payment terms are set out in revenue contracts and do not exceed one year. Customer payments typically follow the
satisfaction of performance obligations at which point revenue is recognised and invoiced. Accordingly, trade receivables and
contract assets are expected to derive cash in\ufb02ows for the Group within less than 12 months.
Contract assets and contract liabilities
A contract asset is recorded when revenue is recognised but an invoice has not been raised to the customer. Contract assets are
short-term and typically are invoiced in the following month.
Customer advance payments are included in contract liabilities. These are typically not material and relate to over time revenue
projects as set out further above.
Uncertainties
There are no uncertainties involving economic factors, estimation or judgements (other than as disclosed above) in respect of
revenue recognition. Credit risk relating to the collection of cash in\ufb02ows from revenue recognised is addressed through an
allowance for expected credit losses, as set out in the trade and other receivables accounting policy.
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
\n \n
2024
2023
\u00a3m
\u00a3m
Receivables, which are included in \u2018Trade and other receivables\u2019
341.7
356.9
Contract assets, which are included in \u2018Trade and other receivables\u2019
1.2
1.6
Contract liabilities, which are included in \u2018Trade and other payables\u2019
1.6
2.3
Contract liabilities of \u00a31.6m (2023: \u00a32.3m) include advances received from customers that precede the satisfaction of
performance obligations by the Group. \u00a32.3m (2023: \u00a32.5m) of the contract liabilities recognised in the prior year was recognised
as revenue in 2024. 9.1
Accounting policy
Tax expense represents the sum of current tax and deferred tax. Current and deferred tax are recognised in pro\ufb01t or loss except
to the extent that they relate to items charged or credited in the Group Statement of Comprehensive Income or Group Statement
of Changes in Equity, in which case the associated tax is also recognised in those statements.
Current tax
Current tax is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from pro\ufb01t before tax as reported in the Group Income
Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been
enacted, or substantively enacted, by the balance sheet date.
A provision is recognised when the Group considers it has a present tax obligation as the result of a past event and it is probable
that the Group will be required to settle that obligation. Provisions established for such uncertain tax positions are made using
a best estimate of the tax expected to be paid, based on a qualitative and quantitative assessment of all relevant information.
Such a provision is typically required where the underlying tax issue is subject to interpretation and remains to be agreed,
and therefore is uncertain as to outcome. Principally, the uncertain tax positions for which a provision is made relate to the
interpretation of tax legislation and guidance regarding transfer pricing arrangements that have been entered into in the normal
course of business. In accordance with IAS 12, tax provisions are included as income tax payable on the face of the Group Balance
Sheet, and movements in tax provisions are included within income tax charges or credits in the Group Income Statement.
In assessing any appropriate provision requirements for uncertain tax items, the Group considers progress made in discussions
with the tax authorities, expert advice on the likely outcome and any recent developments in case law. Due to the uncertainty
associated with such tax items, it is possible that at a future date, on conclusion of the open matters, the \ufb01nal outcome may
vary materially. Any such variations will a\ufb00ect the \ufb01nancial results in the year in which such a determination is made.
Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.12.1
Accounting policy
Cash and short-term deposits in the Group balance sheet consist of cash at bank and in hand, and short-term deposits with
original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the
Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Group Statement
of Cash Flows.
Certain of the Group\u2019s cash and overdrafts are subject to cash pooling arrangements, some of which involve the o\ufb00setting of
credit and debit balances.
\n \n
2024
2023
\u00a3m
\u00a3m
Cash at bank and in hand
186.4
164.2
Bank overdrafts
(7.8)
(3.4)
Cash and cash equivalents in the Group Statement of Cash Flows
178.6
160.8
Cash is held both centrally and in operating territories. There is no restricted cash. For certain territories including Argentina,
Egypt, and Russia cash is more readily used locally than for broader Group purposes. 14.1
Accounting policy
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises
a right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments
that are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready
for use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they
are incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the
cost less the estimated residual value of the asset over its estimated useful life as follows:
\n \n
Asset category
Estimated useful life
Freehold property
between 10 and 50 years
Leasehold property
the term of the lease
Right-of-use assets
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and information technology equipment
between 1 and 5 years
\u2013 other
between 3 and 15 years
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate.
As described in Note 16.1, an asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount
is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales
proceeds with carrying amount and are recognised in the Group Income Statement.15.1
Accounting policy
(a) Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase gain is recognised immediately in pro\ufb01t or loss. Goodwill is subsequently measured at cost less
accumulated impairment losses, with impairment testing carried out annually, or more frequently when there is an indication
that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal of a business,
the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.
(b) Other intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets would
form part of Administration, selling and distribution costs if classi\ufb01ed within headline performance on the Income Statement.
(c) Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the expenditure can be
measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts are probable and the
Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset. Otherwise, it is recognised in
the Group Income Statement as an expense in the year in which it is incurred. Capitalised development expenditure, where there is
any, is stated at cost less accumulated amortisation and impairment losses.
In determining whether development expenditure is capitalised as an intangible asset, management considers whether the
strict intangible asset recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred.
In making this determination, management recognises that a signi\ufb01cant amount of the development expenditure undertaken
by the Group is focused on dealing with local customer technical support issues and incremental developments to existing
products as opposed to new or substantially improved products, and that at the time the feasibility of the project is determined,
a signi\ufb01cant proportion of the development expenditure for that project has already been incurred. In 2024 and 2023, no projects
met the criteria for IAS 38 capitalisation.
(d) Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than ten years.16.1
Accounting policy
The Directors regularly review the performance of the business and the external business environment to determine whether there
is any indication that the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. If such indication exists, the
higher of the value in use and the fair value less costs to sell o\ufb00 the asset is estimated and compared with the carrying value in
order to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an
individual asset, the Directors estimate the recoverable amount of the CGU to which the asset belongs. In addition, goodwill is
tested for impairment on an annual basis. Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs
expected to bene\ufb01t from the synergies of the combination and the Directors carry out annual impairment testing of the carrying
value of each CGU, to assess the need for any impairment of the carrying value of the associated goodwill and other intangible
and tangible assets.
For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to
sell and (ii) its value in use. If the recoverable amount of a CGU is less than its carrying amount, the resulting impairment loss is
allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro
rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
a subsequent period. An impairment loss recognised in a prior year for an asset other than goodwill may be reversed where there
has been a sustained change in the estimates used to measure the asset\u2019s recoverable amount since the impairment loss was
recognised.18.1
Accounting policy
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method, less impairment losses. Details on impairment of \ufb01nancial assets are disclosed in Note 25.19.1
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure incurred in purchasing or
manufacturing inventories together with all other costs directly incurred in bringing the inventory to its present location and
condition and, where appropriate, attributable production overheads based on normal activity levels.
The standard cost method is used for measurement of the cost of inventories in some locations. Standard costs are regularly
reviewed and, if necessary, revised in light of current conditions. Other locations measure the cost of inventories using actual costs.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in
marketing, selling and distribution. The amount of any write-down of inventories to net realisable value is recognised as an
expense in the year in which the write-down occurs.
The Group di\ufb00erentiates between work in progress (inventory that will be used in manufacturing processes and is not normally
sold to third parties) and semi-\ufb01nished goods (inventory that is considered as partially complete in end-to-end manufacturing
processes and can be sold to a third party in its current state or used for further manufacturing).21.1
Accounting policy
Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.25.1
Accounting policy
(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.
(b) Foreign currencies
The individual \ufb01nancial statements of each Group entity are prepared in their functional currency, which is the currency of the
primary economic environment in which that entity operates. For the purpose of the Group Financial Statements, the results
and \ufb01nancial position of each entity are translated into pounds sterling, which is the presentational currency of the Group.
Reporting foreign currency transactions in functional currency
Transactions in currencies other than the entity\u2019s functional currency are initially recorded at the rates of exchange prevailing
at the end of the preceding month or on the date of the transaction itself. At each subsequent balance sheet date:
(i)
Foreign currency monetary items are retranslated at the rates prevailing at the balance sheet date. Exchange di\ufb00erences
arising on the settlement or retranslation of monetary items are recognised either in the Group Income Statement or the
Group Statement of Comprehensive Income
(ii)
Non-monetary items measured at historical cost in a foreign currency are not retranslated.
Translation from functional currency to presentational currency
When the functional currency of a Group entity is di\ufb00erent from the Group\u2019s presentational currency, its results and \ufb01nancial
position are translated into the presentational currency as follows:
(i)
Assets and liabilities are translated using exchange rates prevailing at the balance sheet date
(ii)
Income and expense items are translated at average exchange rates for the year, except where the use of such average rates
does not approximate the exchange rate at the date of a speci\ufb01c transaction, in which case the transaction rate is used
(iii)
All resulting exchange di\ufb00erences are recognised in other comprehensive income and presented in the translation reserve
in equity. They are reclassi\ufb01ed to pro\ufb01t or loss in the period in which the foreign operation is disposed of or liquidated.
Net investment in foreign operations
Exchange di\ufb00erences arising on a monetary item that forms part of a reporting entity\u2019s net investment in a foreign operation
are initially recognised in other comprehensive income and presented in the translation reserve in equity and reclassi\ufb01ed to
pro\ufb01t or loss on disposal of the net investment.
(c) Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
(d)Cash \ufb02ow hedges
Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income to the
extent that the hedges are e\ufb00ective. Any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or
loss. If a forecast transaction is no longer expected to occur, the amounts previously recognised in other comprehensive income
would be transferred to net \ufb01nance costs in the pro\ufb01t or loss.
(e) Net investment hedges
The Group designates certain of its borrowings and derivatives as net investment hedges of its foreign operations. As with cash
\ufb02ow hedges, the e\ufb00ective portion of the gain or loss on hedging instruments is recognised in other comprehensive income whilst
any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or loss. In the event a foreign operation
is disposed of or liquidated, amounts recognised in other comprehensive income are reclassi\ufb01ed from equity to pro\ufb01t or loss.26.1
Accounting policy
Lease liabilities are recognised at the present value of the remaining lease payments, discounted using the interest rate implicit in
the lease if that rate can be readily determined. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate
is used, calculated as the local government bond rate plus an interest rate spread. In cases where there was an option to terminate
or extend a lease, the duration of the lease assumed for this purpose re\ufb02ected the Group\u2019s existing intentions regarding such
options. Lease liabilities include the net present value of the following lease payments:
\u2013
Fixed payments (including in-substance \ufb01xed payments), less any lease incentives receivable
\u2013
Variable lease payments that are based on an index or a rate
\u2013
Amounts expected to be payable by the lessee under residual value guarantees
\u2013
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2013
Payments of penalties for terminating the lease, if the lease term re\ufb02ects the lessee exercising that option
Cash \ufb02ows from leases are presented within \u2018Repayment of borrowings\u2019 in the Group Statement of Cash Flows.
Leases of low-value assets and short-term leases (shorter than 12 months) are classi\ufb01ed as operating leases and neither the asset
nor the corresponding liability to the lessor is recognised in the Group Balance Sheet. Rentals payable under operating leases are
charged to the Group Income Statement on a straight-line basis over the term of the lease. Bene\ufb01ts received and receivable as an
incentive to enter an operating lease are also spread on a straight-line basis over the lease term.27.1
Accounting policy
The net liability or net surplus recognised in the Group Balance Sheet for the Group\u2019s de\ufb01ned bene\ufb01t plans is the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date, less the fair value of the plan assets. The de\ufb01ned bene\ufb01t obligation is
calculated by independent actuaries using the projected unit credit method and by discounting the estimated future cash \ufb02ows
using interest rates on high-quality corporate bonds that have durations approximating the terms of the related pension liability.
Any asset recognised in respect of a surplus arising from this calculation is limited to the asset ceiling, where this is the present value
of any economic bene\ufb01ts available in the form of refunds or reductions in future contributions in respect of the plans. The Group
has an unconditional right to a refund of the UK surplus, as de\ufb01ned under IFRIC 14, and considers that the possibility that a surplus
could be reduced or extinguished by discretionary actions by the Trustee does not a\ufb00ect the existence of the asset at the end of the
reporting period. The Group therefore recognises a pension asset with respect to the scheme valued on an IAS 19 basis. No liability
is recognised with respect to further funding contributions.
The expense for the Group\u2019s de\ufb01ned bene\ufb01t plans is recognised in the Group Income Statement as shown in Note 27.8. Actuarial
gains and losses arising on the assets and liabilities of the plans are reported within the Group Statement of Comprehensive
Income; and gains and losses arising on settlements and curtailments are recognised in the Group Income Statement in the
same line as the item that gave rise to the settlement or curtailment or, if material, separately reported as a component of
operating pro\ufb01t.28.1
Accounting policy
The Group operates an equity-settled share-based payment arrangement for its employees. Equity-settled share-based
payments are measured at fair value at the date of grant. For grants with market-based conditions attached to them, such as total
shareholder return, fair value is measured using a form of stochastic option pricing model. For grants with non-market-based
conditions, such as growth in return on invested capital (ROIC), environmental, social and governance criteria (ESG) and headline
earnings per share (EPS), fair value is measured using the Black-Scholes option pricing model. The fair value is expensed on
a straight-line basis over the vesting period with a corresponding increase in equity. The cumulative expense recognised is
adjusted for the best estimate of the shares that will eventually vest.29.1
Accounting policy
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method.30.1
Accounting policy
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be
required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the
obligation at the balance sheet date. Where the e\ufb00ect of the time value of money is material, provisions are discounted using a
pre-tax discount rate that re\ufb02ects both the current market assessment of the time value of money and the speci\ufb01c risks associated
with the obligation. Where discounting is used, the increase in the provision due to the passage of time is recognised as a \ufb01nance cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "4.2
Accounting policy \u2013 revenue recognition
The Group derives all of its revenue from contracts with customers. The Group enters into contracts to provide one or multiple
products to customers in the steel, foundry and other industries globally.
Revenue recognition at a point in time
Where the Group provides consumable products only, one performance obligation is present. The performance obligation is
to deliver consumables to the customer and is satis\ufb01ed upon delivery of these items. Similarly, where a contract is for the supply
of standard equipment, there is one performance obligation and revenue is primarily recognised at a point in time, being upon
delivery of these items. The form of a contract is typically a purchase order from a customer.
Revenue recognition at a point in time
The Group also enters into some contracts with customers in the steel industry under which it primarily provides consumable items,
but also equipment and/or technical assistance (\u2018service contracts\u2019) to facilitate these customers\u2019 steel production processes.
The customer bene\ufb01ts from the combined output of these contracts, being the use of Vesuvius consumables, equipment and
technicians to support the customer\u2019s production of steel. The individual elements of these contracts are not distinct because
Vesuvius is compensated by the e\ufb03cient use of refractory material, optimised through a combination of the consumable itself
and its application by experienced technicians. The performance obligations are therefore bundled into a single performance
obligation and revenue is recognised at a point in time, on con\ufb01rmation of steel production volume by customers.
Approximately 85% (2023: 86%) of the aforementioned revenue relates to the sale of consumables and equipment only.
Approximately 15% (2023: 14%) of revenue relates to contracts that contain multiple performance obligations, which are
bundled into a single performance obligation and revenue is recognised at a point in time based on the steel production volume
of Vesuvius customers.
Revenue recognition over time
The Group enters into bespoke equipment design and build (and installation in some cases) contracts with customers.
Performance obligations are usually de\ufb01ned by milestones agreed with the customers in the contract. The customer usually does
not have a right to a refund as work progresses towards achieving the milestones in the contract. Revenue is recognised over time
by measuring the progress of completion or achievement of a milestone for each performance obligation identi\ufb01ed within the
contract, usually with reference to cost inputs incurred against overall estimated costs for the contract. This does not typically
entail estimation or judgements as the contracts are usually not material in isolation and do not span more than 12 months.
This approach to revenue recognition is considered to re\ufb02ect faithfully the value and timing of goods or services transferred and
the rights of Vesuvius to revenue.
Determining and allocating the transaction price to performance obligations
For revenue recognised at a point in time, the transaction price is determined and allocated with reference to the individual prices
of consumables or equipment speci\ufb01ed in the contract or customer purchase order. If a stand-alone selling price is not available,
the Group will estimate the selling price with reference to the price that would be charged for the goods or services if they were
sold separately. This estimate is not considered complex.
For service contracts the bundled performance obligation is deemed to be the provision of consumables and, in some cases,
labour to facilitate production of customer steel. The transaction price is determined and allocated with reference to either an
agreed price list for each of the consumables input or, for some contracts, the transaction price is determined and allocated as
an amount per unit of customer steel output.
For revenue recognised over time, the transaction price is determined with reference to the prices set out in the contract. For
bespoke equipment builds, the transaction price is allocated to performance obligations (milestones) within the contract and the
payment schedules agreed with the customer that align to these milestones. For installations, the transaction price is allocated
with reference to the progress of completion. Where payment schedules include customer advance payments (i.e. not aligned
with a milestone/performance obligation), the amounts received are included within contract liabilities until the performance
obligation to which they relate is satis\ufb01ed.
Contracts are to be settled in cash. They do not typically contain any variable consideration, discounts, refunds, rebates,
warranties or signi\ufb01cant \ufb01nancing components.
Duration and costs of obtaining contracts
The duration of the Group\u2019s contracts with customers is typically less than one year and accordingly the Group has taken the
practical expedient within IFRS 15 to not disclose the transaction price allocated to unsatis\ufb01ed (whole or partially) performance
obligations as at the end of the reporting period. Service contracts may span over more than one year as they remain in e\ufb00ect up
to a speci\ufb01ed level of customer production of steel. However, the choice to purchase from Vesuvius under the contract remains
with the customer and therefore there is no commitment for the customer/Vesuvius to purchase/produce up to the speci\ufb01ed level.
Costs of obtaining contracts are not considered signi\ufb01cant and these are expensed as incurred.
Customer credit risk and payment terms
The Group assesses customer credit risk and recognises revenue when such risk is considered low and the consideration cash \ufb02ows
due are reasonably expected to \ufb02ow to the Group. Typically, the Group will not transact with customers where credit risk concerns
are identi\ufb01ed and therefore there is no material unrecognised revenue as a result of credit risk. For trade receivables and contract
assets in respect of revenue recognised, an expected credit loss allowance is determined.
Customer payment terms are set out in revenue contracts and do not exceed one year. Customer payments typically follow the
satisfaction of performance obligations at which point revenue is recognised and invoiced. Accordingly, trade receivables and
contract assets are expected to derive cash in\ufb02ows for the Group within less than 12 months.
Contract assets and contract liabilities
A contract asset is recorded when revenue is recognised but an invoice has not been raised to the customer. Contract assets are
short-term and typically are invoiced in the following month.
Customer advance payments are included in contract liabilities. These are typically not material and relate to over time revenue
projects as set out further above.
Uncertainties
There are no uncertainties involving economic factors, estimation or judgements (other than as disclosed above) in respect of
revenue recognition. Credit risk relating to the collection of cash in\ufb02ows from revenue recognised is addressed through an
allowance for expected credit losses, as set out in the trade and other receivables accounting policy.
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
\n \n
2024
2023
\u00a3m
\u00a3m
Receivables, which are included in \u2018Trade and other receivables\u2019
341.7
356.9
Contract assets, which are included in \u2018Trade and other receivables\u2019
1.2
1.6
Contract liabilities, which are included in \u2018Trade and other payables\u2019
1.6
2.3
Contract liabilities of \u00a31.6m (2023: \u00a32.3m) include advances received from customers that precede the satisfaction of
performance obligations by the Group. \u00a32.3m (2023: \u00a32.5m) of the contract liabilities recognised in the prior year was recognised
as revenue in 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Contract assets and contract liabilities
A contract asset is recorded when revenue is recognised but an invoice has not been raised to the customer. Contract assets are
short-term and typically are invoiced in the following month.
Customer advance payments are included in contract liabilities. These are typically not material and relate to over time revenue
projects as set out further above.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "5.1
Operating pro\ufb01t is stated after charging/(crediting)
\n \n
2024
2023
Notes(s)
\u00a3m
\u00a3m
Cost of materials recognised as an expense
19
807.9
853.5
Research and development
36.9
37.4
Employee expenses
7
474.3
475.1
Depreciation
14
60.9
57.4
Amortisation
15
11.3
10.7
Operating lease charges
26
3.0
3.0
Expected credit loss allowances credit
25.2
(2.9)
(2.6)
Other expenses
275.0
305.1
Other expenses mainly include sales and distribution costs, energy costs, repairs and maintenance costs, travel costs, external
consulting and information technology costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "5.2
Amounts payable to PricewaterhouseCoopers LLP and their associates
\n \n
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit
of the Parent Company and Consolidated Financial Statements
1.0
1.0
Fees payable to the Company\u2019s auditors and their associates for other services:
Audit of the Company\u2019s subsidiaries
1.1
1.1
Audit-related assurance services
0.2
0.2
Total auditors\u2019 remuneration
2.3
2.3
Total auditors\u2019 remuneration of \u00a32.3m in 2024 all related to continuing operations, of which \u00a32.1m related to audit fees and \u00a30.2m
to non-audit fees, in respect of the Group\u2019s half-year \ufb01nancial statements, quarterly reviews and tax form audits in India and
Mexico (2023: \u00a32.3m, including \u00a32.1m of audit fees and \u00a30.2m of non-audit fees, the latter in respect of the Group\u2019s half-year
review fee and quarterly reviews and tax form audits in India, as required by regulation). In 2024, a total of \u00a30.1m (2023: \u00a30.2m)
of audit overruns were incurred in respect of the 2023 year-end audit and not included in the total auditors\u2019 remuneration of \u00a32.3m
for 2023 (2022: \u00a32.3m). It is the Group\u2019s policy not to use the Group\u2019s auditors for non-audit services other than for audit-related
services that are required to be performed by auditors.
5.3
Amounts payable to Mazars LLP
Mazars LLP acts as external auditors of the non-material entities and three material entities within the Group. Total remuneration
for the audit of these entities was \u00a31.1m (2023: \u00a31.0m). This amount is not included in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "6.
Separately Reported Items
Cost reduction programme expenses
In November 2023, the Group initiated an e\ufb03ciency programme with the aim of realising recurring cash cost savings of \u00a330m
per annum by 2026. The programme covers all of the Group\u2019s activities worldwide and focuses on operational improvement,
lean initiatives, automation and digitalisation as well as further optimisation of the manufacturing footprint.
Cost reduction programme expenses are excluded from underlying performance, allowing for a clear measure of the Group\u2019s
operating performance. They are shown as a separately reported item outside of Trading Pro\ufb01t and shown on the face of the
Income Statement below Trading Pro\ufb01t.
During 2024, cost reduction programme expenses reported as separately reported items were \u00a314.6m (2023: \u00a3nil). The charges
re\ufb02ect redundancy costs \u00a310.8m (2023: \u00a3nil), plant closure costs \u00a32.2m (2023: \u00a3nil), and non-cash asset impairments \u00a31.6m
(2023: \u00a3nil). The net tax credit attributable to these cost reduction programme expenses was \u00a32.6m (2023: \u00a3nil).
Provision for future water treatment at disused mine
In 1999, the Group acquired Premier Refractories which owned a disused clay mine in the United States. In 2018, wastewater
containing pollutants was discovered and in 2022 a water treatment facility was installed. Re\ufb02ecting the future expected
operating costs of 10 years, a provision was established for \u00a36.0m during the year ended 2020. In 2024, the forecast annual
operating cost is \u00a30.8m and the remaining period for which water treatment will be required was reassessed to be 20 years,
resulting in an increase in the provision and a charge to the Income Statement for \u00a39.7m (2023: \u00a3nil). The charge has been reported
as a separately reported item. The net tax credit attributable to these costs in respect of disused mine was \u00a32.3m (2023: \u00a3nil).", "dimensions": { "concept": "vsvs:DisclosureOfSeparateReportedItemsForCostReductionProgrammeExpensesAndVacantSiteRemediationCostsTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "7.
Employees
7.1
Employee expenses
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Wages and salaries
390.8
392.2
Social security costs
60.5
58.3
Share-based payments
28
6.2
7.3
Pension costs \u2013 de\ufb01ned contribution pension plans
27
11.8
12.1
\u2013 de\ufb01ned bene\ufb01t pension plans
27
4.8
4.7
Other post-retirement bene\ufb01ts
27
0.2
0.5
Total employee expenses
474.3
475.1
7.2
Monthly average number of employees
\n \n
2024
2023
no.
no.
Steel
9,061
9,057
Foundry
2,214
2,455
Total monthly average number of employees
11,275
11,512
As at 31 December 2024, the Group had 11,133 employees (2023: 11,376).
7.3
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each
of the categories speci\ufb01ed in IAS 24 Related Party Disclosures. Details of the Directors\u2019 remuneration are disclosed in the Directors\u2019
Remuneration Report on pages 103 to 129.
\n \n
2024
2023
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
2.0
2.5
Post-employment bene\ufb01ts
0.2
0.2
Share-based payments
1.5
1.5
Total remuneration of key management personnel
3.7
4.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "8.
Net Finance Costs
\n \n
2024
2023
\u00a3m
\u00a3m
Interest payable on borrowings
Loans and overdrafts
19.3
20.1
Interest on lease liabilities
3.0
2.4
Amortisation of capitalised arrangement fees
1.0
1.0
Total interest payable on borrowings
23.3
23.5
Interest on net retirement bene\ufb01t obligations
1.6
2.3
Adjustment to discounts on provisions and other liabilities
2.2
2.4
Adjustment to discounts on receivables
(1.2)
(1.3)
Financial income
(9.7)
(15.3)
Total net \ufb01nance costs
16.2
11.6
Within the table above, total \ufb01nance costs are \u00a327.1m (2023: \u00a328.2m) and total \ufb01nance income is \u00a310.9m (2023: \u00a316.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "8.
Net Finance Costs
\n \n
2024
2023
\u00a3m
\u00a3m
Interest payable on borrowings
Loans and overdrafts
19.3
20.1
Interest on lease liabilities
3.0
2.4
Amortisation of capitalised arrangement fees
1.0
1.0
Total interest payable on borrowings
23.3
23.5
Interest on net retirement bene\ufb01t obligations
1.6
2.3
Adjustment to discounts on provisions and other liabilities
2.2
2.4
Adjustment to discounts on receivables
(1.2)
(1.3)
Financial income
(9.7)
(15.3)
Total net \ufb01nance costs
16.2
11.6
Within the table above, total \ufb01nance costs are \u00a327.1m (2023: \u00a328.2m) and total \ufb01nance income is \u00a310.9m (2023: \u00a316.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "8.
Net Finance Costs
\n \n
2024
2023
\u00a3m
\u00a3m
Interest payable on borrowings
Loans and overdrafts
19.3
20.1
Interest on lease liabilities
3.0
2.4
Amortisation of capitalised arrangement fees
1.0
1.0
Total interest payable on borrowings
23.3
23.5
Interest on net retirement bene\ufb01t obligations
1.6
2.3
Adjustment to discounts on provisions and other liabilities
2.2
2.4
Adjustment to discounts on receivables
(1.2)
(1.3)
Financial income
(9.7)
(15.3)
Total net \ufb01nance costs
16.2
11.6
Within the table above, total \ufb01nance costs are \u00a327.1m (2023: \u00a328.2m) and total \ufb01nance income is \u00a310.9m (2023: \u00a316.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "9.
Income Tax Charge
9.1
Accounting policy
Tax expense represents the sum of current tax and deferred tax. Current and deferred tax are recognised in pro\ufb01t or loss except
to the extent that they relate to items charged or credited in the Group Statement of Comprehensive Income or Group Statement
of Changes in Equity, in which case the associated tax is also recognised in those statements.
Current tax
Current tax is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from pro\ufb01t before tax as reported in the Group Income
Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been
enacted, or substantively enacted, by the balance sheet date.
A provision is recognised when the Group considers it has a present tax obligation as the result of a past event and it is probable
that the Group will be required to settle that obligation. Provisions established for such uncertain tax positions are made using
a best estimate of the tax expected to be paid, based on a qualitative and quantitative assessment of all relevant information.
Such a provision is typically required where the underlying tax issue is subject to interpretation and remains to be agreed,
and therefore is uncertain as to outcome. Principally, the uncertain tax positions for which a provision is made relate to the
interpretation of tax legislation and guidance regarding transfer pricing arrangements that have been entered into in the normal
course of business. In accordance with IAS 12, tax provisions are included as income tax payable on the face of the Group Balance
Sheet, and movements in tax provisions are included within income tax charges or credits in the Group Income Statement.
In assessing any appropriate provision requirements for uncertain tax items, the Group considers progress made in discussions
with the tax authorities, expert advice on the likely outcome and any recent developments in case law. Due to the uncertainty
associated with such tax items, it is possible that at a future date, on conclusion of the open matters, the \ufb01nal outcome may
vary materially. Any such variations will a\ufb00ect the \ufb01nancial results in the year in which such a determination is made.
Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
9.2
Income tax charge
\n\n \n
2024
2023
\u00a3m
\u00a3m
Current tax
UK taxation
\u2013
\u2013
Overseas taxation
42.1
38.9
Adjustments in respect of prior years
(0.6)
6.7
Total current tax, continuing operations
41.5
45.6
Deferred tax
Origination and reversal of temporary taxable di\ufb00erences
0.1
6.2
Adjustments in respect of prior years
(3.3)
(3.0)
Total deferred tax, continuing operations
(3.2)
3.2
Total income tax charge
38.3
48.8
Total income tax charge attributable to:
Continuing operations
\u2013 headline performance
47.2
51.9
\u2013 separately reported
(8.9)
(3.1)
Total income tax charge
38.3
48.8
\n
Included in the Group\u2019s total income tax charge are charges and credits meeting the criteria set out in Note 2.5 to be treated as
\n
separately reported items, as analysed in the following table:
\n\n \n
2024
2023
Separately reported items
\u00a3m
\u00a3m
Current tax deductions with respect to restructuring and strategic programmes
(2.6)
\u2013
Amortisation and utilisation of acquired intangibles
(2.6)
(2.7)
Recognition of deferred tax asset on acquired intangibles
\u2013
(0.4)
Utilisation of operating losses
(1.3)
\u2013
Other temporary di\ufb00erences
(2.4)
\u2013
Total tax credit separately reported
(8.9)
(3.1)
\n
The net tax debit re\ufb02ected in the Group Statement of Comprehensive Income in the year amounted to a \u00a30.8m charge
\n
(2023: \u00a32.0m charge) in both years primarily for net actuarial gains and losses on the employee bene\ufb01ts plans.
\n
9.3
Reconciliation of income tax charge to pro\ufb01t before tax
\n\n \n
2024
2023
\u00a3m
\u00a3m
Pro\ufb01t before tax
138.6
179.4
Tax at the UK corporation tax rate of 25.0% (2023: 23.5%)
34.6
42.1
Overseas tax rate di\ufb00erences
1.2
0.6
Withholding taxes
5.5
6.4
(Income)/expenses not (taxable)/deductible for tax purposes
1.1
(4.6)
(Utilisation)/Creation of deferred tax assets not recognised in the period
(0.2)
0.6
Tax rate changes
\u2013
\u2013
Adjustments in respect of prior years
(3.9)
3.7
Total income tax charge
38.3
48.8
9.4
Deferred tax
\n \n
Other
Other
operating
Pension
Intangible
temporary
Interest
losses
costs
assets
di\ufb00erences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2023
41.3
46.4
6.7
(22.6)
26.9
98.7
Exchange adjustments
(1.8)
0.6
(0.2)
0.8
(1.8)
(2.4)
Other net charge to Group Statement of
Comprehensive Income
\u2013
\u2013
(2.0)
\u2013
\u2013
(2.0)
Other net (charge)/credit to Group Income Statement
(5.7)
(4.3)
(1.5)
3.7
4.6
(3.2)
As at 31 December 2023
33.8
42.7
3.0
(18.1)
29.7
91.1
Exchange adjustments
0.2
(0.5)
(0.2)
0.1
0.5
0.1
Other net charge to Group Statement of
Comprehensive Income
\u2013
\u2013
(0.8)
\u2013
\u2013
(0.8)
Other net (charge)/credit to Group Income Statement
(5.7)
1.0
(1.9)
1.0
8.8
3.2
As at 31 December 2024
28.3
43.2
0.1
(17.0)
39.0
93.6
\n \n
2024
2023
\u00a3m
\u00a3m
Recognised in the Group Balance Sheet as:
Non-current deferred tax assets
109.9
114.6
Non-current deferred tax liabilities
(16.3)
(23.5)
Net total deferred tax assets
93.6
91.1
The Group has modelled proportionate increases and decreases in relation to the expected taxable income based on the
approved budget and the results do not have a material impact on the deferred tax asset balance. The Group remains con\ufb01dent
of the recovery of these assets.
Tax loss carry-forwards and other temporary di\ufb00erences with a tax value of \u00a35.6m (2023: \u00a322.0m) were recognised by
jurisdictions reporting a loss. Based on approved business plans of these subsidiaries, the Directors consider it probable that
the tax loss carry-forwards and temporary di\ufb00erences can be o\ufb00set against future taxable pro\ufb01ts of these subsidiaries.
The total deferred tax assets not recognised as at 31 December 2024 were \u00a3167.0m (2023: \u00a3161.8m), as analysed below.
In accordance with the accounting policy in Note 9.1, these items have not been recognised as deferred tax assets on the basis
that their future economic bene\ufb01t is not probable. In total, there was an increase of \u00a35.2m (2023: \u00a313.3m decrease) in net
unrecognised deferred tax assets during the year, primarily driven by a prior year true-up to UK deferred tax assets.
Included in these deferred tax assets and liabilities are net amounts expected to be utilised in 2025 of \u00a34.3m (2023: \u00a36.2m estimate
of 2024).
\n \n
2024
2023
\u00a3m
\u00a3m
Operating losses (further described below)
92.6
91.6
Unrelieved US interest (may be carried forward inde\ufb01nitely)
\u2013
0.7
Capital losses available to o\ufb00set future UK capital gains (may be carried forward inde\ufb01nitely)
45.5
45.5
UK ACT credits (may be carried forward inde\ufb01nitely)
19.3
19.3
Other temporary di\ufb00erences
9.6
4.7
Total deferred tax assets not recognised
167.0
161.8
The Group has signi\ufb01cant net operating losses with a tax value of \u00a3135.9m (2023: \u00a3134.3m), only \u00a343.3m (2023: \u00a342.7m) of which
meet the criteria set out in Note 9.1 to be recognised on the Group Balance Sheet.
\n \n
Operating
Operating
Operating
Operating
losses
losses not
losses
losses not
recognised
recognised
Total
recognised
recognised
Total
2024
2024
2024
2023
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK (may be carried forward inde\ufb01nitely)
35.8
74.2
110.0
34.4
72.1
106.5
US (due to expire 2025\u20132031)
1.5
\u2013
1.5
1.4
\u2013
1.4
ROW (may be carried forward inde\ufb01nitely)
6.0
18.4
24.4
6.9
19.5
26.4
43.3
92.6
135.9
42.7
91.6
134.3
The \u00a324.4m (2023: \u00a326.4m) operating losses available to set against future income in the rest of the world arise in a number of
countries, re\ufb02ecting the spread of the Group\u2019s operations.
A liability of \u00a3nil (2023: \u00a30.7m) has been recognised in respect of withholding taxes that will be due on a repatriation of funds from
the Group\u2019s Chinese subsidiaries.
Deferred tax is not recognised in respect of the value of the Group\u2019s unremitted earnings in subsidiaries and interests in joint
ventures where we are able to control the timing of the reversal of the temporary di\ufb00erences and it is probable that such
di\ufb00erences will not reverse in the foreseeable future. The main tax that would apply to unremitted earnings is dividend WHT
that would be deducted by the payer of these dividends.
The estimate for dividend withholding tax on unremitted earnings which has not been recorded in the accounts is \u00a320.7m
(2023: \u00a316.5m).
9.5
Income tax payable and recoverable
\n \n
2024
2023
\u00a3m
\u00a3m
Liabilities for income tax payable
(2.6)
(3.5)
Provisions for uncertain tax positions
(4.0)
(6.3)
(6.6)
(9.8)
Plus: Income tax recoverable within one year
12.9
11.5
Net asset/(liability)
6.3
1.7
Provisions for uncertain tax positions are calculated in accordance with the policy outlined in Note 9.1, and are treated as income
tax payable in accordance with IAS 12.
These provisions cover litigated tax matters as well as provisions for other risks where the Group believes it is more likely than not
that there would be a successful challenge by a tax authority to positions it has taken in its tax \ufb01lings. By its nature, litigation can
result in sharp \ufb02uctuations in cash \ufb02ow, both in and out, relating to taxes. Currently, management does not expect any material
adjustments to these provisions in 2025.
During the year the provisions for uncertain tax positions have reduced to \u00a34.0m (2023: \u00a36.3m). The decrease of \u00a32.3m
(2023: \u00a30.5m) can be explained by the expiration of the statute of limitations on certain exposures and the conclusion of an
audit in Europe.
9.6
Key factors impacting the sustainability of the headline e\ufb00ective tax rate are as follows:
Material changes in the geographic mix of pro\ufb01ts
The Group\u2019s headline e\ufb00ective tax rate is sensitive to changes in the geographic mix of pro\ufb01ts and level of pro\ufb01ts and re\ufb02ects
a combination of higher rates in certain jurisdictions such as Brazil, Germany, India, Mexico and the US and a lower headline
e\ufb00ective tax rate in jurisdictions like China and Poland.
Changes in tax rates, tax reform and its interpretation
Changes in tax rates and laws in the jurisdictions in which the Group operates could have a material e\ufb00ect on the Group\u2019s headline
e\ufb00ective tax rate.
Availability of tax advantaged rates
Vesuvius in China quali\ufb01es for a tax advantaged rate of 15% (rather than the headline rate of 25%) on part of its pro\ufb01ts due to the
high-technology nature of its business.
Resolution of tax judgements
At any one time, the Group can be subject to a number of challenges by tax authorities in the jurisdictions in which it operates.
The outcome of these challenges is inherently uncertain, potentially resulting in a di\ufb00erent tax charge from the amounts
initially provided.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "9.1
Accounting policy
Tax expense represents the sum of current tax and deferred tax. Current and deferred tax are recognised in pro\ufb01t or loss except
to the extent that they relate to items charged or credited in the Group Statement of Comprehensive Income or Group Statement
of Changes in Equity, in which case the associated tax is also recognised in those statements.
Current tax
Current tax is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from pro\ufb01t before tax as reported in the Group Income
Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been
enacted, or substantively enacted, by the balance sheet date.
A provision is recognised when the Group considers it has a present tax obligation as the result of a past event and it is probable
that the Group will be required to settle that obligation. Provisions established for such uncertain tax positions are made using
a best estimate of the tax expected to be paid, based on a qualitative and quantitative assessment of all relevant information.
Such a provision is typically required where the underlying tax issue is subject to interpretation and remains to be agreed,
and therefore is uncertain as to outcome. Principally, the uncertain tax positions for which a provision is made relate to the
interpretation of tax legislation and guidance regarding transfer pricing arrangements that have been entered into in the normal
course of business. In accordance with IAS 12, tax provisions are included as income tax payable on the face of the Group Balance
Sheet, and movements in tax provisions are included within income tax charges or credits in the Group Income Statement.
In assessing any appropriate provision requirements for uncertain tax items, the Group considers progress made in discussions
with the tax authorities, expert advice on the likely outcome and any recent developments in case law. Due to the uncertainty
associated with such tax items, it is possible that at a future date, on conclusion of the open matters, the \ufb01nal outcome may
vary materially. Any such variations will a\ufb00ect the \ufb01nancial results in the year in which such a determination is made.
Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Deferred tax
Deferred tax is recognised on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and
the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences
can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date.
Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and interests in joint
ventures, except where the Group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary
di\ufb00erence will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.9.4
Deferred tax
\n \n
Other
Other
operating
Pension
Intangible
temporary
Interest
losses
costs
assets
di\ufb00erences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2023
41.3
46.4
6.7
(22.6)
26.9
98.7
Exchange adjustments
(1.8)
0.6
(0.2)
0.8
(1.8)
(2.4)
Other net charge to Group Statement of
Comprehensive Income
\u2013
\u2013
(2.0)
\u2013
\u2013
(2.0)
Other net (charge)/credit to Group Income Statement
(5.7)
(4.3)
(1.5)
3.7
4.6
(3.2)
As at 31 December 2023
33.8
42.7
3.0
(18.1)
29.7
91.1
Exchange adjustments
0.2
(0.5)
(0.2)
0.1
0.5
0.1
Other net charge to Group Statement of
Comprehensive Income
\u2013
\u2013
(0.8)
\u2013
\u2013
(0.8)
Other net (charge)/credit to Group Income Statement
(5.7)
1.0
(1.9)
1.0
8.8
3.2
As at 31 December 2024
28.3
43.2
0.1
(17.0)
39.0
93.6
\n \n
2024
2023
\u00a3m
\u00a3m
Recognised in the Group Balance Sheet as:
Non-current deferred tax assets
109.9
114.6
Non-current deferred tax liabilities
(16.3)
(23.5)
Net total deferred tax assets
93.6
91.1
The Group has modelled proportionate increases and decreases in relation to the expected taxable income based on the
approved budget and the results do not have a material impact on the deferred tax asset balance. The Group remains con\ufb01dent
of the recovery of these assets.
Tax loss carry-forwards and other temporary di\ufb00erences with a tax value of \u00a35.6m (2023: \u00a322.0m) were recognised by
jurisdictions reporting a loss. Based on approved business plans of these subsidiaries, the Directors consider it probable that
the tax loss carry-forwards and temporary di\ufb00erences can be o\ufb00set against future taxable pro\ufb01ts of these subsidiaries.
The total deferred tax assets not recognised as at 31 December 2024 were \u00a3167.0m (2023: \u00a3161.8m), as analysed below.
In accordance with the accounting policy in Note 9.1, these items have not been recognised as deferred tax assets on the basis
that their future economic bene\ufb01t is not probable. In total, there was an increase of \u00a35.2m (2023: \u00a313.3m decrease) in net
unrecognised deferred tax assets during the year, primarily driven by a prior year true-up to UK deferred tax assets.
Included in these deferred tax assets and liabilities are net amounts expected to be utilised in 2025 of \u00a34.3m (2023: \u00a36.2m estimate
of 2024).
\n \n
2024
2023
\u00a3m
\u00a3m
Operating losses (further described below)
92.6
91.6
Unrelieved US interest (may be carried forward inde\ufb01nitely)
\u2013
0.7
Capital losses available to o\ufb00set future UK capital gains (may be carried forward inde\ufb01nitely)
45.5
45.5
UK ACT credits (may be carried forward inde\ufb01nitely)
19.3
19.3
Other temporary di\ufb00erences
9.6
4.7
Total deferred tax assets not recognised
167.0
161.8
The Group has signi\ufb01cant net operating losses with a tax value of \u00a3135.9m (2023: \u00a3134.3m), only \u00a343.3m (2023: \u00a342.7m) of which
meet the criteria set out in Note 9.1 to be recognised on the Group Balance Sheet.
\n \n
Operating
Operating
Operating
Operating
losses
losses not
losses
losses not
recognised
recognised
Total
recognised
recognised
Total
2024
2024
2024
2023
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK (may be carried forward inde\ufb01nitely)
35.8
74.2
110.0
34.4
72.1
106.5
US (due to expire 2025\u20132031)
1.5
\u2013
1.5
1.4
\u2013
1.4
ROW (may be carried forward inde\ufb01nitely)
6.0
18.4
24.4
6.9
19.5
26.4
43.3
92.6
135.9
42.7
91.6
134.3
The \u00a324.4m (2023: \u00a326.4m) operating losses available to set against future income in the rest of the world arise in a number of
countries, re\ufb02ecting the spread of the Group\u2019s operations.
A liability of \u00a3nil (2023: \u00a30.7m) has been recognised in respect of withholding taxes that will be due on a repatriation of funds from
the Group\u2019s Chinese subsidiaries.
Deferred tax is not recognised in respect of the value of the Group\u2019s unremitted earnings in subsidiaries and interests in joint
ventures where we are able to control the timing of the reversal of the temporary di\ufb00erences and it is probable that such
di\ufb00erences will not reverse in the foreseeable future. The main tax that would apply to unremitted earnings is dividend WHT
that would be deducted by the payer of these dividends.
The estimate for dividend withholding tax on unremitted earnings which has not been recorded in the accounts is \u00a320.7m
(2023: \u00a316.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "9.5
Income tax payable and recoverable
\n \n
2024
2023
\u00a3m
\u00a3m
Liabilities for income tax payable
(2.6)
(3.5)
Provisions for uncertain tax positions
(4.0)
(6.3)
(6.6)
(9.8)
Plus: Income tax recoverable within one year
12.9
11.5
Net asset/(liability)
6.3
1.7
Provisions for uncertain tax positions are calculated in accordance with the policy outlined in Note 9.1, and are treated as income
tax payable in accordance with IAS 12.
These provisions cover litigated tax matters as well as provisions for other risks where the Group believes it is more likely than not
that there would be a successful challenge by a tax authority to positions it has taken in its tax \ufb01lings. By its nature, litigation can
result in sharp \ufb02uctuations in cash \ufb02ow, both in and out, relating to taxes. Currently, management does not expect any material
adjustments to these provisions in 2025.
During the year the provisions for uncertain tax positions have reduced to \u00a34.0m (2023: \u00a36.3m). The decrease of \u00a32.3m
(2023: \u00a30.5m) can be explained by the expiration of the statute of limitations on certain exposures and the conclusion of an
audit in Europe.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "10.
Earnings per Share (EPS)
10.1
Earnings for EPS
Basic and diluted EPS from continuing operations are based upon the pro\ufb01t attributable to owners of the Parent, as reported
in the Group Income Statement. The table below reconciles these di\ufb00erent pro\ufb01t measures.
\n \n
2024
2023
\u00a3m
\u00a3m
Pro\ufb01t attributable to owners of the Parent
87.2
118.5
Adjustments for separately reported items:
Cost reduction programme expenses
14.6
\u2013
Provision for future water treatment at disused mine
9.7
\u2013
Amortisation of acquired intangible assets
10.0
10.3
Income tax credit
(8.9)
(3.1)
Headline pro\ufb01t attributable to owners of the Parent
112.6
125.7
10.2
Weighted average number of shares
\n \n
2024
2023
millions
millions
For calculating basic and headline EPS
260.0
269.1
Adjustment for potentially dilutive ordinary shares
3.7
3.0
For calculating diluted and diluted headline EPS
263.7
272.1
For the purposes of calculating diluted and diluted headline EPS, the weighted average number of ordinary shares is adjusted to
include the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary
shares expected to vest, relating to the Company\u2019s share-based payment plans. Potential ordinary shares are only treated as
dilutive when their conversion to ordinary shares would decrease EPS or increase loss per share.
10.3
Per share amounts
\n \n
2024
2023
pence
pence
Earnings per share
\u2013 reported basic
33.5
44.0
\u2013 reported diluted
33.1
43.6
\u2013 headline basic
1
43.3
46.7
\u2013 headline diluted
1
42.7
46.2
1.
For de\ufb01nitions of headline earnings per share, refer to Note 35.8.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "11.
Cash Generated from Operations
\n \n
2024
2023
Notes
\u00a3m
\u00a3m
Operating pro\ufb01t
153.7
190.1
Adjustments for:
Amortisation of acquired intangible assets
15
10.0
10.3
Cost reduction programme expenses
6
14.6
\u2013
Provision for future water treatment at disused mine
6
9.7
\u2013
Trading pro\ufb01t
188.0
200.4
Gain on disposal of non-current assets
(2.2)
(2.5)
Depreciation and amortisation
14
62.2
57.8
De\ufb01ned bene\ufb01t retirement plans net charge
27
5.0
5.2
Net (increase)/decrease in inventories
(14.3)
9.9
Net decrease in trade receivables
1.9
2.6
Net increase in trade payables
11.8
8.3
Net increase in other working capital
(16.6)
(0.5)
Out\ufb02ow related to restructuring charges
(1.0)
(0.8)
De\ufb01ned bene\ufb01t retirement plans cash out\ufb02ows
27
(9.4)
(7.4)
Cost reduction programme cash out\ufb02ows
6
(7.9)
\u2013
Water treatment at disused mine cash out\ufb02ows
(0.8)
(1.0)
Cash generated from operations
216.7
272.0
", "dimensions": { "concept": "vsvs:DisclosureOfCashGenerationFromOperationsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "12.
Cash and Cash Equivalents
12.1
Accounting policy
Cash and short-term deposits in the Group balance sheet consist of cash at bank and in hand, and short-term deposits with
original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the
Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Group Statement
of Cash Flows.
Certain of the Group\u2019s cash and overdrafts are subject to cash pooling arrangements, some of which involve the o\ufb00setting of
credit and debit balances.
\n \n
2024
2023
\u00a3m
\u00a3m
Cash at bank and in hand
186.4
164.2
Bank overdrafts
(7.8)
(3.4)
Cash and cash equivalents in the Group Statement of Cash Flows
178.6
160.8
Cash is held both centrally and in operating territories. There is no restricted cash. For certain territories including Argentina,
Egypt, and Russia cash is more readily used locally than for broader Group purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "12.1
Accounting policy
Cash and short-term deposits in the Group balance sheet consist of cash at bank and in hand, and short-term deposits with
original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the
Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Group Statement
of Cash Flows.
Certain of the Group\u2019s cash and overdrafts are subject to cash pooling arrangements, some of which involve the o\ufb00setting of
credit and debit balances.
\n \n
2024
2023
\u00a3m
\u00a3m
Cash at bank and in hand
186.4
164.2
Bank overdrafts
(7.8)
(3.4)
Cash and cash equivalents in the Group Statement of Cash Flows
178.6
160.8
Cash is held both centrally and in operating territories. There is no restricted cash. For certain territories including Argentina,
Egypt, and Russia cash is more readily used locally than for broader Group purposes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "12.1
Accounting policy
Cash and short-term deposits in the Group balance sheet consist of cash at bank and in hand, and short-term deposits with
original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the
Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Group Statement
of Cash Flows.
Certain of the Group\u2019s cash and overdrafts are subject to cash pooling arrangements, some of which involve the o\ufb00setting of
credit and debit balances.
\n \n
2024
2023
\u00a3m
\u00a3m
Cash at bank and in hand
186.4
164.2
Bank overdrafts
(7.8)
(3.4)
Cash and cash equivalents in the Group Statement of Cash Flows
178.6
160.8
Cash is held both centrally and in operating territories. There is no restricted cash. For certain territories including Argentina,
Egypt, and Russia cash is more readily used locally than for broader Group purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "13.
Reconciliation of Movement in Net Debt
\n \n
Balance
Balance
as at
Foreign
Fair value
as at
1 January
exchange
gains/
Non-cash
Cash
31 December
2024
adjustments
(losses)
movements
*
\ufb02ow
**
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
Cash at bank and in hand
164.2
(5.1)
\u2013
\u2013
27.3
186.4
Bank overdrafts
(3.4)
0.1
\u2013
\u2013
(4.5)
(7.8)
160.8
(5.0)
\u2013
\u2013
22.8
178.6
Borrowings, excluding bank overdrafts
(400.6)
9.2
\u2013
(18.2)
(103.6)
(513.2)
Capitalised arrangement fees
1.8
\u2013
\u2013
(1.0)
\u2013
0.8
Derivative \ufb01nancial instruments
0.5
\u2013
4.1
\u2013
\u2013
4.6
Net debt
(237.5)
4.2
4.1
(19.2)
(80.8)
(329.2)
\n \n
Balance
Balance
as at
Foreign
as at
1 January
exchange
Fair value
Non-cash
Cash
31 December
2023
adjustments
losses
movements
*
\ufb02ow
**
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
Cash at bank and in hand
184.2
(21.1)
\u2013
\u2013
1.1
164.2
Bank overdrafts
(4.4)
0.1
\u2013
\u2013
0.9
(3.4)
179.8
(21.0)
\u2013
\u2013
2.0
160.8
Borrowings, excluding bank overdrafts
(440.2)
11.9
\u2013
(33.6)
61.3
(400.6)
Capitalised arrangement fees
2.7
\u2013
\u2013
(0.9)
\u2013
1.8
Derivative \ufb01nancial instruments
2.7
\u2013
(2.2)
\u2013
\u2013
0.5
Net debt
(255.0)
(9.1)
(2.2)
(34.5)
63.3
(237.5)
*
\u00a315.2m (2023: \u00a331.2m) of new leases were entered into during the year.
** Borrowings, excluding bank overdrafts include proceeds from borrowings, repayment of borrowings and payment of lease liabilities.
Net debt is a measure of the Group\u2019s net indebtedness to banks and other external \ufb01nancial institutions and comprises the total
of cash and short-term deposits, current and non-current interest-bearing borrowings, derivative \ufb01nancial instruments and
lease liabilities.
The Group routinely rolls over the principal of borrowings drawn under the committed syndicated bank facility. The procedure
may be repeated, depending on liquidity requirements of the Group, until the maturity date of the credit facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "14.
Property, Plant and Equipment
14.1
Accounting policy
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises
a right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments
that are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready
for use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they
are incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the
cost less the estimated residual value of the asset over its estimated useful life as follows:
\n \n
Asset category
Estimated useful life
Freehold property
between 10 and 50 years
Leasehold property
the term of the lease
Right-of-use assets
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and information technology equipment
between 1 and 5 years
\u2013 other
between 3 and 15 years
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate.
As described in Note 16.1, an asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount
is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales
proceeds with carrying amount and are recognised in the Group Income Statement.
14.2
Movement in net book value
\n \n
Right-of-use
Right-of-use
assets \u2013 land
assets \u2013 plant
Freehold
Leasehold
& buildings
& equipment
Plant and
Construction
property
property
(Note 26.2)
(Note 26.2)
equipment
in progress
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 31 December 2022 and 1 January 2023
269.1
0.7
45.2
35.4
643.3
75.8
1,069.5
Exchange adjustments
(8.3)
\u2013
(3.3)
(1.7)
(22.6)
(0.8)
(36.7)
Capital expenditure additions
15.8
\u2013
15.3
16.0
45.6
24.6
117.3
Acquisitions through business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
(3.9)
(0.6)
(3.6)
(6.2)
(18.8)
(0.2)
(33.3)
Reclassi\ufb01cations
6.1
\u2013
\u2013
\u2013
10.1
(16.2)
\u2013
As at 31 December 2023 and 1 January 2024
278.8
0.1
53.6
43.5
657.6
83.2
1,116.8
Exchange adjustments
(8.9)
\u2013
(1.6)
(1.6)
(20.8)
(4.0)
(36.9)
Capital expenditure additions
7.5
0.7
4.0
11.2
25.4
54.6
103.4
Disposals
(2.9)
\u2013
(1.6)
(5.4)
(16.6)
(0.5)
(27.0)
Reclassi\ufb01cations
8.5
\u2013
\u2013
\u2013
33.7
(42.2)
\u2013
As at 31 December 2024
283.0
0.8
54.4
47.7
679.3
91.1
1,156.3
Accumulated depreciation and impairment losses
As at 31 December 2022 and 1 January 2023
137.5
0.7
15.6
20.9
477.2
\u2013
651.9
Exchange adjustments
(3.3)
\u2013
(1.5)
(1.0)
(17.1)
\u2013
(22.9)
Depreciation charge
7.6
\u2013
5.8
8.4
35.6
\u2013
57.4
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
(2.9)
(0.6)
(3.4)
(5.3)
(18.2)
\u2013
(30.4)
Reclassi\ufb01cations
1.7
\u2013
\u2013
\u2013
(1.7)
\u2013
\u2013
As at 31 December 2023 and 1 January 2024
140.6
0.1
16.5
23.0
475.8
\u2013
656.0
Exchange adjustments
(4.3)
\u2013
(0.6)
(1.0)
(13.5)
\u2013
(19.4)
Depreciation charge
10.4
\u2013
6.1
9.5
34.9
\u2013
60.9
Impairment
\u2013
\u2013
0.8
\u2013
0.8
\u2013
1.6
Disposals
(2.7)
\u2013
(2.2)
(4.7)
(15.8)
\u2013
(25.4)
Reclassi\ufb01cations
(0.2)
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
As at 31 December 2024
143.8
0.1
20.6
26.8
482.4
\u2013
673.7
Net book value as at 31 December 2024
139.2
0.7
33.8
20.9
196.9
91.1
482.6
Net book value as at 31 December 2023
138.2
\u2013
37.1
20.5
181.8
83.2
460.8
Net book value as at 31 December 2022
131.6
\u2013
29.6
14.5
166.1
75.8
417.6
Capital expenditure on customer-installation assets was \u00a311.0m (2023: \u00a38.4m).
Capital commitments as at 31 December 2024 were \u00a326.7m (31 December 2023: \u00a325.9m).
The impact of climate change has been considered in the review of carrying values to consider whether there are indications of
material impairment arising from the potential physical risks arising from climate change. We have not impaired any assets this
year as a result of this exercise. We have also considered the impact of climate change on the estimation of useful lives and no
material impacts were noted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "14.1
Accounting policy
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises
a right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments
that are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready
for use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they
are incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the
cost less the estimated residual value of the asset over its estimated useful life as follows:
\n \n
Asset category
Estimated useful life
Freehold property
between 10 and 50 years
Leasehold property
the term of the lease
Right-of-use assets
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and information technology equipment
between 1 and 5 years
\u2013 other
between 3 and 15 years
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate.
As described in Note 16.1, an asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount
is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales
proceeds with carrying amount and are recognised in the Group Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "14.1
Accounting policy
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises
a right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments
that are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready
for use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they
are incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the
cost less the estimated residual value of the asset over its estimated useful life as follows:
\n \n
Asset category
Estimated useful life
Freehold property
between 10 and 50 years
Leasehold property
the term of the lease
Right-of-use assets
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and information technology equipment
between 1 and 5 years
\u2013 other
between 3 and 15 years
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate.
As described in Note 16.1, an asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount
is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales
proceeds with carrying amount and are recognised in the Group Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "14.1
Accounting policy
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises
a right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments
that are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready
for use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they
are incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the
cost less the estimated residual value of the asset over its estimated useful life as follows:
\n \n
Asset category
Estimated useful life
Freehold property
between 10 and 50 years
Leasehold property
the term of the lease
Right-of-use assets
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and information technology equipment
between 1 and 5 years
\u2013 other
between 3 and 15 years
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate.
As described in Note 16.1, an asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount
is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales
proceeds with carrying amount and are recognised in the Group Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "14.1
Accounting policy
Freehold land and construction in progress are carried at cost less accumulated impairment losses. The Group recognises
a right-of-use asset at the lease commencement date. The asset is initially measured as the present value of the lease payments
that are not paid at the commencement date, discounted using the interest rate implicit in the lease, and depreciated using the
straight-line method over the lease term. Other items of property, plant and equipment are carried at cost less accumulated
depreciation and accumulated impairment losses. Costs are capitalised only when it is probable that they will result in future
economic bene\ufb01ts \ufb02owing to the Group and when they can be measured reliably. Costs are capitalised to construction in progress
where an asset is being developed. This is then transferred to the relevant asset class and depreciated when the asset is ready
for use. All other repairs and maintenance expenditures are charged to the Group Income Statement in the period in which they
are incurred.
Freehold land is not depreciated as it has an in\ufb01nite life. Depreciation on other items of property, plant and equipment begins
when the asset is available for use and is charged to the Group Income Statement on a straight-line basis so as to write o\ufb00 the
cost less the estimated residual value of the asset over its estimated useful life as follows:
\n \n
Asset category
Estimated useful life
Freehold property
between 10 and 50 years
Leasehold property
the term of the lease
Right-of-use assets
shorter of the asset\u2019s useful life and lease term
Plant and equipment
\u2013 motor vehicles and information technology equipment
between 1 and 5 years
\u2013 other
between 3 and 15 years
The depreciation method used, residual values and estimated useful lives are reviewed annually and changed, if appropriate.
As described in Note 16.1, an asset\u2019s carrying amount is immediately written down to its recoverable amount if its carrying amount
is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales
proceeds with carrying amount and are recognised in the Group Income Statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "15.
Intangible Assets
Intangible assets comprise goodwill, other intangible assets that have been acquired through business combinations, and
software costs.
15.1
Accounting policy
(a) Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase gain is recognised immediately in pro\ufb01t or loss. Goodwill is subsequently measured at cost less
accumulated impairment losses, with impairment testing carried out annually, or more frequently when there is an indication
that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal of a business,
the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.
(b) Other intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets would
form part of Administration, selling and distribution costs if classi\ufb01ed within headline performance on the Income Statement.
(c) Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the expenditure can be
measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts are probable and the
Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset. Otherwise, it is recognised in
the Group Income Statement as an expense in the year in which it is incurred. Capitalised development expenditure, where there is
any, is stated at cost less accumulated amortisation and impairment losses.
In determining whether development expenditure is capitalised as an intangible asset, management considers whether the
strict intangible asset recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred.
In making this determination, management recognises that a signi\ufb01cant amount of the development expenditure undertaken
by the Group is focused on dealing with local customer technical support issues and incremental developments to existing
products as opposed to new or substantially improved products, and that at the time the feasibility of the project is determined,
a signi\ufb01cant proportion of the development expenditure for that project has already been incurred. In 2024 and 2023, no projects
met the criteria for IAS 38 capitalisation.
(d) Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than ten years.
15.2
Movement in net book value
\n \n
Other
Other
acquired
acquired
intangible
2024
intangible
2023
Goodwill
assets
Software
total
Goodwill
assets
Software
total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 1 January
630.9
287.3
18.8
937.0
657.9
292.9
10.8
961.6
Exchange adjustments
(14.7)
(5.7)
(1.1)
(21.5)
(27.0)
(5.6)
0.2
(32.4)
Capital expenditure additions
\u2013
\u2013
12.7
12.7
\u2013
\u2013
8.0
8.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 December
616.2
281.6
30.4
928.2
630.9
287.3
18.8
937.0
Accumulated amortisation
and impairment losses
As at 1 January
\u2013
228.0
3.0
231.0
\u2013
221.1
3.0
224.1
Exchange adjustments
\u2013
(4.9)
(0.1)
(5.0)
\u2013
(3.4)
(0.2)
(3.6)
Amortisation charge
for the year
\u2013
10.0
1.3
11.3
\u2013
10.3
0.4
10.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 December
\u2013
233.1
4.2
237.3
\u2013
228.0
3.0
231.0
Net book value as at
31 December
616.2
48.5
26.2
690.9
630.9
59.3
15.8
706.0
Of the \u00a330.4m (2023: \u00a318.8m) software cost as at 31 December 2024, \u00a312.5m (2023: \u00a314.2m) was in the course of construction.
Amortisation charge of \u00a310.0m (2023: \u00a310.3m) in respect of other acquired intangible assets includes \u00a35.1m (2023: \u00a35.3m)
recognised in respect of Foseco customer relationships, \u00a33.6m (2023: \u00a33.6m) in respect of the Foseco trade name and \u00a31.3m
(2023: \u00a31.4m) in respect of North American Advanced Refractories intangible assets.
The impact of climate change has been considered in the review of carrying values to consider whether there are indications of
material impairment arising from risks of climate change. We have not impaired any intangible assets this year as a result of this
exercise. We have also considered the impact of climate change on the estimation of useful lives and no material impacts were
noted.
15.3
Analysis of goodwill by cash-generating unit (CGU)
Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to bene\ufb01t from the synergies of
the combination. For the purposes of impairment testing, the Directors consider that the Group has four CGUs: Steel Advanced
Refractories, Steel Flow Control, Steel Sensors & Probes, and the Foundry Division. These CGUs represent the lowest level within
the Group at which goodwill is monitored (Note 16.2).
\n \n
2024
2023
\u00a3m
\u00a3m
Steel Flow Control
268.0
275.1
Steel Advanced Refractories
143.8
146.1
Foundry
204.4
209.7
Total goodwill
616.2
630.9
15.4
Analysis of other acquired intangible assets
Other acquired intangible assets are amortised on a straight-line basis over their estimated useful lives. The assets acquired and
their remaining useful lives are shown below.
\n \n
Net book
Net book
Remaining
value as at
value as at
useful life
31 Dec 2024
31 Dec 2023
years
\u00a3m
\u00a3m
Steel Flow Control, Steel Advanced Refractories & Foundry
\u2013 Foseco customer relationships (useful life: 20 years)
3.3
16.3
22.5
\u2013 Foseco trade name (useful life: 20 years)
3.3
11.7
15.4
Steel Advanced Refractories
\u2013 URI customer relationships (useful life: 20 years)
17.0
5.7
5.9
\u2013 URI know-how (useful life: 20 years)
17.0
4.6
4.7
\u2013 CCPI customer relationships (useful life: 20 years)
14.2
10.2
10.8
Total
48.5
59.3
15.5
Analysis of software
Software comprises Enterprise Resource Planning tools in use and being developed. The software is installed on Vesuvius\u2019 servers
and the Group has complete ownership of the assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "15.1
Accounting policy
(a) Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase gain is recognised immediately in pro\ufb01t or loss. Goodwill is subsequently measured at cost less
accumulated impairment losses, with impairment testing carried out annually, or more frequently when there is an indication
that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal of a business,
the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.
(b) Other intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets would
form part of Administration, selling and distribution costs if classi\ufb01ed within headline performance on the Income Statement.
(c) Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the expenditure can be
measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts are probable and the
Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset. Otherwise, it is recognised in
the Group Income Statement as an expense in the year in which it is incurred. Capitalised development expenditure, where there is
any, is stated at cost less accumulated amortisation and impairment losses.
In determining whether development expenditure is capitalised as an intangible asset, management considers whether the
strict intangible asset recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred.
In making this determination, management recognises that a signi\ufb01cant amount of the development expenditure undertaken
by the Group is focused on dealing with local customer technical support issues and incremental developments to existing
products as opposed to new or substantially improved products, and that at the time the feasibility of the project is determined,
a signi\ufb01cant proportion of the development expenditure for that project has already been incurred. In 2024 and 2023, no projects
met the criteria for IAS 38 capitalisation.
(d) Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than ten years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "15.1
Accounting policy
(a) Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase gain is recognised immediately in pro\ufb01t or loss. Goodwill is subsequently measured at cost less
accumulated impairment losses, with impairment testing carried out annually, or more frequently when there is an indication
that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal of a business,
the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.
(b) Other intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets would
form part of Administration, selling and distribution costs if classi\ufb01ed within headline performance on the Income Statement.
(c) Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the expenditure can be
measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts are probable and the
Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset. Otherwise, it is recognised in
the Group Income Statement as an expense in the year in which it is incurred. Capitalised development expenditure, where there is
any, is stated at cost less accumulated amortisation and impairment losses.
In determining whether development expenditure is capitalised as an intangible asset, management considers whether the
strict intangible asset recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred.
In making this determination, management recognises that a signi\ufb01cant amount of the development expenditure undertaken
by the Group is focused on dealing with local customer technical support issues and incremental developments to existing
products as opposed to new or substantially improved products, and that at the time the feasibility of the project is determined,
a signi\ufb01cant proportion of the development expenditure for that project has already been incurred. In 2024 and 2023, no projects
met the criteria for IAS 38 capitalisation.
(d) Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than ten years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "15.1
Accounting policy
(a) Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase gain is recognised immediately in pro\ufb01t or loss. Goodwill is subsequently measured at cost less
accumulated impairment losses, with impairment testing carried out annually, or more frequently when there is an indication
that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal of a business,
the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal.
(b) Other intangible assets
Intangible assets other than goodwill are recognised on business combinations if they are separable, or if they arise from
contractual or other legal rights, and their value can be measured reliably. They are initially measured at cost, which is equal to
the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated
impairment losses. Other intangible assets are subject to impairment testing when there is an indication that an impairment loss
may have been incurred and are amortised over their estimated useful lives. Amortisation of acquired intangible assets would
form part of Administration, selling and distribution costs if classi\ufb01ed within headline performance on the Income Statement.
(c) Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the expenditure can be
measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts are probable and the
Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset. Otherwise, it is recognised in
the Group Income Statement as an expense in the year in which it is incurred. Capitalised development expenditure, where there is
any, is stated at cost less accumulated amortisation and impairment losses.
In determining whether development expenditure is capitalised as an intangible asset, management considers whether the
strict intangible asset recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred.
In making this determination, management recognises that a signi\ufb01cant amount of the development expenditure undertaken
by the Group is focused on dealing with local customer technical support issues and incremental developments to existing
products as opposed to new or substantially improved products, and that at the time the feasibility of the project is determined,
a signi\ufb01cant proportion of the development expenditure for that project has already been incurred. In 2024 and 2023, no projects
met the criteria for IAS 38 capitalisation.
(d) Software
The costs of ERP system implementations, including the purchase cost of the software and the time costs of employees directly
involved in the implementation work, is capitalised and amortised over a period of no more than ten years.
15.2
Movement in net book value
\n \n
Other
Other
acquired
acquired
intangible
2024
intangible
2023
Goodwill
assets
Software
total
Goodwill
assets
Software
total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 1 January
630.9
287.3
18.8
937.0
657.9
292.9
10.8
961.6
Exchange adjustments
(14.7)
(5.7)
(1.1)
(21.5)
(27.0)
(5.6)
0.2
(32.4)
Capital expenditure additions
\u2013
\u2013
12.7
12.7
\u2013
\u2013
8.0
8.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 December
616.2
281.6
30.4
928.2
630.9
287.3
18.8
937.0
Accumulated amortisation
and impairment losses
As at 1 January
\u2013
228.0
3.0
231.0
\u2013
221.1
3.0
224.1
Exchange adjustments
\u2013
(4.9)
(0.1)
(5.0)
\u2013
(3.4)
(0.2)
(3.6)
Amortisation charge
for the year
\u2013
10.0
1.3
11.3
\u2013
10.3
0.4
10.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 December
\u2013
233.1
4.2
237.3
\u2013
228.0
3.0
231.0
Net book value as at
31 December
616.2
48.5
26.2
690.9
630.9
59.3
15.8
706.0
Of the \u00a330.4m (2023: \u00a318.8m) software cost as at 31 December 2024, \u00a312.5m (2023: \u00a314.2m) was in the course of construction.
Amortisation charge of \u00a310.0m (2023: \u00a310.3m) in respect of other acquired intangible assets includes \u00a35.1m (2023: \u00a35.3m)
recognised in respect of Foseco customer relationships, \u00a33.6m (2023: \u00a33.6m) in respect of the Foseco trade name and \u00a31.3m
(2023: \u00a31.4m) in respect of North American Advanced Refractories intangible assets.
The impact of climate change has been considered in the review of carrying values to consider whether there are indications of
material impairment arising from risks of climate change. We have not impaired any intangible assets this year as a result of this
exercise. We have also considered the impact of climate change on the estimation of useful lives and no material impacts were
noted.
15.3
Analysis of goodwill by cash-generating unit (CGU)
Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to bene\ufb01t from the synergies of
the combination. For the purposes of impairment testing, the Directors consider that the Group has four CGUs: Steel Advanced
Refractories, Steel Flow Control, Steel Sensors & Probes, and the Foundry Division. These CGUs represent the lowest level within
the Group at which goodwill is monitored (Note 16.2).
\n \n
2024
2023
\u00a3m
\u00a3m
Steel Flow Control
268.0
275.1
Steel Advanced Refractories
143.8
146.1
Foundry
204.4
209.7
Total goodwill
616.2
630.9
16.1
Accounting policy
The Directors regularly review the performance of the business and the external business environment to determine whether there
is any indication that the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. If such indication exists, the
higher of the value in use and the fair value less costs to sell o\ufb00 the asset is estimated and compared with the carrying value in
order to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an
individual asset, the Directors estimate the recoverable amount of the CGU to which the asset belongs. In addition, goodwill is
tested for impairment on an annual basis. Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs
expected to bene\ufb01t from the synergies of the combination and the Directors carry out annual impairment testing of the carrying
value of each CGU, to assess the need for any impairment of the carrying value of the associated goodwill and other intangible
and tangible assets.
For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to
sell and (ii) its value in use. If the recoverable amount of a CGU is less than its carrying amount, the resulting impairment loss is
allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro
rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
a subsequent period. An impairment loss recognised in a prior year for an asset other than goodwill may be reversed where there
has been a sustained change in the estimates used to measure the asset\u2019s recoverable amount since the impairment loss was
recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "(a) Goodwill
Goodwill arising in a business combination is initially recognised as an asset at cost, measured as the excess of the aggregate of
the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the
net of the acquisition-date fair value amounts of the identi\ufb01able assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase gain is recognised immediately in pro\ufb01t or loss. Goodwill is subsequently measured at cost less
accumulated impairment losses, with impairment testing carried out annually, or more frequently when there is an indication
that the cash-generating unit (CGU) to which the goodwill has been allocated may be impaired. On disposal of a business,
the attributable amount of goodwill is included in the calculation of the pro\ufb01t or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "(c) Research and development costs
The Group\u2019s research activity involves long-range, \u2018blue sky\u2019 investigation, the \ufb01ndings from which may be used in the future to
develop new or substantially improved products. Expenditure on research activities is recognised in the Group Income Statement
as an expense in the year in which it is incurred.
Development is the application of research \ufb01ndings for the production of new or substantially improved products, processes
and services before the start of commercial production. Development expenditure is capitalised only if the expenditure can be
measured reliably, the product or process is technically and commercially feasible, future economic bene\ufb01ts are probable and the
Group intends to and has su\ufb03cient resources to complete development and to use or sell the asset. Otherwise, it is recognised in
the Group Income Statement as an expense in the year in which it is incurred. Capitalised development expenditure, where there is
any, is stated at cost less accumulated amortisation and impairment losses.
In determining whether development expenditure is capitalised as an intangible asset, management considers whether the
strict intangible asset recognition criteria set out in IAS 38 Intangible Assets have been met at the time the expenditure is incurred.
In making this determination, management recognises that a signi\ufb01cant amount of the development expenditure undertaken
by the Group is focused on dealing with local customer technical support issues and incremental developments to existing
products as opposed to new or substantially improved products, and that at the time the feasibility of the project is determined,
a signi\ufb01cant proportion of the development expenditure for that project has already been incurred. In 2024 and 2023, no projects
met the criteria for IAS 38 capitalisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "15.2
Movement in net book value
\n \n
Other
Other
acquired
acquired
intangible
2024
intangible
2023
Goodwill
assets
Software
total
Goodwill
assets
Software
total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 1 January
630.9
287.3
18.8
937.0
657.9
292.9
10.8
961.6
Exchange adjustments
(14.7)
(5.7)
(1.1)
(21.5)
(27.0)
(5.6)
0.2
(32.4)
Capital expenditure additions
\u2013
\u2013
12.7
12.7
\u2013
\u2013
8.0
8.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 December
616.2
281.6
30.4
928.2
630.9
287.3
18.8
937.0
Accumulated amortisation
and impairment losses
As at 1 January
\u2013
228.0
3.0
231.0
\u2013
221.1
3.0
224.1
Exchange adjustments
\u2013
(4.9)
(0.1)
(5.0)
\u2013
(3.4)
(0.2)
(3.6)
Amortisation charge
for the year
\u2013
10.0
1.3
11.3
\u2013
10.3
0.4
10.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 December
\u2013
233.1
4.2
237.3
\u2013
228.0
3.0
231.0
Net book value as at
31 December
616.2
48.5
26.2
690.9
630.9
59.3
15.8
706.0
Of the \u00a330.4m (2023: \u00a318.8m) software cost as at 31 December 2024, \u00a312.5m (2023: \u00a314.2m) was in the course of construction.
Amortisation charge of \u00a310.0m (2023: \u00a310.3m) in respect of other acquired intangible assets includes \u00a35.1m (2023: \u00a35.3m)
recognised in respect of Foseco customer relationships, \u00a33.6m (2023: \u00a33.6m) in respect of the Foseco trade name and \u00a31.3m
(2023: \u00a31.4m) in respect of North American Advanced Refractories intangible assets.
The impact of climate change has been considered in the review of carrying values to consider whether there are indications of
material impairment arising from risks of climate change. We have not impaired any intangible assets this year as a result of this
exercise. We have also considered the impact of climate change on the estimation of useful lives and no material impacts were
noted.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "15.3
Analysis of goodwill by cash-generating unit (CGU)
Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs expected to bene\ufb01t from the synergies of
the combination. For the purposes of impairment testing, the Directors consider that the Group has four CGUs: Steel Advanced
Refractories, Steel Flow Control, Steel Sensors & Probes, and the Foundry Division. These CGUs represent the lowest level within
the Group at which goodwill is monitored (Note 16.2).
\n \n
2024
2023
\u00a3m
\u00a3m
Steel Flow Control
268.0
275.1
Steel Advanced Refractories
143.8
146.1
Foundry
204.4
209.7
Total goodwill
616.2
630.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "16.
Impairment of Tangible and Intangible Assets
16.1
Accounting policy
The Directors regularly review the performance of the business and the external business environment to determine whether there
is any indication that the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. If such indication exists, the
higher of the value in use and the fair value less costs to sell o\ufb00 the asset is estimated and compared with the carrying value in
order to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an
individual asset, the Directors estimate the recoverable amount of the CGU to which the asset belongs. In addition, goodwill is
tested for impairment on an annual basis. Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs
expected to bene\ufb01t from the synergies of the combination and the Directors carry out annual impairment testing of the carrying
value of each CGU, to assess the need for any impairment of the carrying value of the associated goodwill and other intangible
and tangible assets.
For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to
sell and (ii) its value in use. If the recoverable amount of a CGU is less than its carrying amount, the resulting impairment loss is
allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro
rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
a subsequent period. An impairment loss recognised in a prior year for an asset other than goodwill may be reversed where there
has been a sustained change in the estimates used to measure the asset\u2019s recoverable amount since the impairment loss was
recognised.
16.2
Key assumptions and methodology
The key assumptions in determining value in use are projected cash \ufb02ows, growth rates and discount rates. These are disclosed
as critical accounting estimates in Note 3.5.
Projected cash \ufb02ows for the next four years have been based on the latest Board-approved budgets and strategic plans. They
re\ufb02ect management\u2019s expectations of revenue, EBITDA growth, capital expenditure, working capital and adjusted operating
cash \ufb02ows, based on past experience and future expectations of business performance, and take into account the cyclicality
of the business in which the CGU operates. Cash \ufb02ows beyond the period of the strategic plans have been extrapolated using
a perpetuity growth rate of 2.5% (2023: 2.5%). The growth rate has been calculated using GDP growth forecasts published by the
International Monetary Fund for the Group\u2019s end-markets. These GDP growth forecasts have been weighted to re\ufb02ect the Group\u2019s
weighted average sales in each end-market during 2024.
The cash \ufb02ows have been discounted to their current value using pre-tax discount rates, that re\ufb02ect current market assessments of
the time value of money and the risks speci\ufb01c to the cash-generating unit. The assumptions used in the calculation of the discount
rates for each CGU have been benchmarked to externally available data. These are industry-speci\ufb01c beta coe\ufb03cients, risk-free
rates and equity risk premiums.
The pre-tax discount rates used for the Steel Flow Control and Steel Advanced Refractories was 12.5% (2023: 12.3%\u201312.6%)
and for the Foundry CGU was 13.8% (2023: 13.6%). There is no goodwill or intangible assets in the Steel Sensors & Probes CGU.
The Group carried out its annual goodwill impairment test as at 31 October 2024 (2023: 31 October 2023) using the discount rates
above and applying them to the latest Board-approved cash \ufb02ows to calculate a value in use (\u2018VIU\u2019) . The Group also considered
a valuation from its market capitalisation and other market data to determine a Fair Value Less Costs to Disposal (\u2018FVLCD\u2019).
The recoverable amount (higher of VIU and FVLCD) of each CGU signi\ufb01cantly exceeded its carrying value, therefore no
impairment charges have been recognised. The recoverable amount of each CGU was also checked against its carrying
value as at 31 December 2024 and no impairment triggers were identi\ufb01ed.
The Directors have considered the impact of climate change on expected future cash \ufb02ows, including the modelling of impact of
climate change scenarios set out in the Sustainability section in the Strategic Report and expected capital expenditure required
to achieve the Group\u2019s net zero targets and other assumptions used for goodwill impairment testing. This did not result in an
impairment scenario for goodwill.
Sensitivity of impairment reviews
Steel Flow Control (FC), Steel Advanced Refractories (AR) and the Foundry Division are the key CGUs. There is no goodwill or
intangible assets in the Steel Sensors & Probes CGU. The recoverable amount of all CGUs exceeded their carrying value on the
basis of the assumptions set out above and any reasonably possible changes thereof, except for AR and Foundry, where a
reasonably possible change could lead to an impairment. A sensitivity analysis was carried out using reasonably possible changes
to the key assumptions as set out in the table below. The following decreases to the recoverable amount of the Group\u2019s goodwill
and intangible assets were observed:
\n \n
Decrease in
Key assumption
Relevant CGU
Sensitivity
recoverable value, \u00a3m
Annual free cash \ufb02ow
AR
Decrease the annual free cash \ufb02ows by 20%
(103.8)
Pre-tax discount rate
AR
Increase by 1.5%
(69.3)
Combination of both key assumptions above
AR
Combination of both sensitivities above
(159.2)
Annual free cash \ufb02ow
Foundry
Decrease the annual free cash \ufb02ows by 20%
(122.6)
Pre-tax discount rate
Foundry
Increase by 1.5%
(73.0)
Combination of both key assumptions above
Foundry
Combination of both sensitivities above
(181.0)
A 20% decrease in annual free cash \ufb02ows or a 1.5% increase in pre-tax discount rate would not result in an impairment of any
of the CGUs. A combination of both sensitivities above would result in impairment of the AR CGU of \u00a348.3m.
A 1.5% increase in pre-tax discount rate and a 9.0% decrease in annual free cash \ufb02ows would result in the AR CGU having
a recoverable amount equal to its carrying value.
A 1.5% increase in pre-tax discount rate and a 23.0% decrease in annual free cash \ufb02ows would result in the Foundry CGU
having a recoverable amount equal to its carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "16.1
Accounting policy
The Directors regularly review the performance of the business and the external business environment to determine whether there
is any indication that the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. If such indication exists, the
higher of the value in use and the fair value less costs to sell o\ufb00 the asset is estimated and compared with the carrying value in
order to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an
individual asset, the Directors estimate the recoverable amount of the CGU to which the asset belongs. In addition, goodwill is
tested for impairment on an annual basis. Goodwill acquired in a business combination is allocated to each of the Group\u2019s CGUs
expected to bene\ufb01t from the synergies of the combination and the Directors carry out annual impairment testing of the carrying
value of each CGU, to assess the need for any impairment of the carrying value of the associated goodwill and other intangible
and tangible assets.
For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to
sell and (ii) its value in use. If the recoverable amount of a CGU is less than its carrying amount, the resulting impairment loss is
allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro
rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
a subsequent period. An impairment loss recognised in a prior year for an asset other than goodwill may be reversed where there
has been a sustained change in the estimates used to measure the asset\u2019s recoverable amount since the impairment loss was
recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "17.
Investments in Subsidiaries, Joint Ventures and Associates
17.1
Investment in subsidiaries
A subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and can a\ufb00ect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
The subsidiaries of Vesuvius plc and the countries in which they are incorporated are set out below. With the exception of
Vesuvius Holdings Limited, whose ordinary share capital was directly held by Vesuvius plc, the ordinary capital of the companies
listed below was wholly owned by a Vesuvius plc subsidiary as at 31 December 2024. Details of the joint ventures and associates
are disclosed in Note 17.2.
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Advent Process
333 Prince Charles Drive,
Canada
Engineering Inc.
Welland, Ontario,
(Ontario)
L3B 5P4, Canada
BMI Refractory
600 N 2nd Street, Suite 401,
US
Services Inc.
Harrisburg, PA 17101-1071,
(Pennsylvania)
United States
Brazil 1 Limited
165 Fleet Street, London,
England
EC4A 2AE, England
CCPI Inc.
Suite 201, 910 Foulk Road,
US
Wilmington, New Castle,
(Delaware)
DE 19803, United States
Cookson
Km 7 1/2, Autopista San Isidro,
Dominican
Dominicana,
Edi\ufb01cio Modelo A, Zona Franca
Republic
SRL
San Isidro, Santo Domingo
Oeste, Dominican Republic
Flo-Con
CT Corporation, 1209 Orange
US
Holding, Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
DE 19801, United States
Foseco (FS)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco (Jersey)
44 Esplanade, St Helier,
Jersey
Limited
JE4 9WG, Jersey
Foseco (UK)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Canada
181 Bay Street, Suite 1800,
Canada
Limited
Toronto, Ontario, M5J 2T9, Canada
(Ontario)
Foseco Espanola
5, Barrio Elizalde, Izurza,
Spain
S.A.
Bizkaia, 48213, Spain
Foseco Foundry
Room 819, Shekou Zhaoshang
China
(China)
Building, Nanshan District,
Co. Limited
Shenzhen, Guangdong,
518067, China
Foseco
5, Barrio Elizalde,
Spain
Fundici\u00f3n Holding
Izurza, Bizkaia,
(Espanola), S.L.
48213, Spain
Foseco Holding
165 Fleet Street, London,
England
(Europe) Limited
EC4A 2AE, England
Foseco Holding
12 Bosworth Street,
South Africa
(South Africa)
Alrode, Alberton, 1449,
(Pty) Limited
South Africa
Foseco
Rivium Boulevard 301,
Netherlands
Holding BV
Capelle aan den Ijssel, Rotterdam
2909LK, Netherlands
Foseco Holding
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Holding
165 Fleet Street, London,
England
International
EC4A 2AE, England
Limited
Foseco Industrial e
Km 15, Rodovia Raposo
Brazil
Comercial Ltda
Tavares, Butanta Cep,
S\u00e3o Paulo, 05577-100, Brazil
Foseco
170/69, 22nd Floor Ocean
Thailand
International
Tower 1, Ratchadapisek Road,
Holding
Klongtoey, Bangkok,
(Thailand) Limited
10110, Thailand
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Foseco
165 Fleet Street, London,
England
International
EC4A 2AE, England
Limited
Foseco Japan
9th Floor, Orix Kobe Sannomiya
Japan
Limited
Building, 6-1-10, Goko dori, Chuo-
ku, Kobe Hyogo, 651-0087, Japan
Foseco Korea
74 Jeongju-ro, Bucheon-si,
Republic of
Limited
Gyeonggi-do, 14523, South Korea
Korea
Foseco
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco
CT Corporation, 1209 Orange
US
Metallurgical Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
DE 19801, United States
Foseco
Binnenhavenstraat 20, 7553 GJ
Netherlands
Nederland BV
Hengelo (OV), Netherlands
Foseco Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Portugal
Rua Manuel Pinto de Azevedo,
Portugal
Produtos Para
No 626 4100-320 Porto,
Fundi\u00e7\u00e2o Lda
Portugal
Foseco S.A.S.
Le Newton C, 7 Mail Barth\u00e9l\u00e9my
France
Thimonnier, 77185 Lognes, France
Foseco Steel
1 Midland Way, Central Park,
England
(UK) Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Foseco
165 Fleet Street, London,
England
Technology
EC4A 2AE, England
Limited
J.H. France
CT Corporation, 1209 Orange
US
Refractories
Street, The Corporation Trust
(Delaware)
Company
Company, Wilmington,
DE 19801, United States
John G. Stein &
1 Midland Way, Central Park,
England
Company Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Mainsail
Victoria Place, 5th Floor,
Bermuda
Insurance Company
31 Victoria Street, Pembroke,
Limited
Hamilton, HM 10, Bermuda
New Foseco
1 Midland Way, Central Park,
England
(UK) Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Process Metrix,
6622 Owens Drive, Pleasanton,
US (California)
LLC
CA 94588, United States
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Indonesia
Industri, Pulogadung, Jakarta,
13930, Indonesia
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Trading Indonesia
Industri, Pulogadung, Jakarta,
13930, Indonesia
Realisations 789,
CT Corporation, 1209 Orange
US (Delaware)
LLC
Street, The Corporation Trust
Company, Wilmington,
DE 19801, United States
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
S G Blair &
1 Midland Way, Central Park,
England
Company Limited
Barlborough Links, Derbyshire,
S43 4XA, England
SIDERMES Inc.
175 mont\u00e9e Calixa-Lavall\u00e9e,
Canada
Vesuvius Sensors
Verch\u00eares, Qu\u00e9bec J0L2R0,
(Ontario)
and Probes
Canada
SIR
Siegener Strasse 152,
Germany
Feuerfestprodukte
Kreuztal, D-57223,
GmbH
Germany
SOLED S.A.S.
Centre d\u2019Activit\u00e9s Economiques
France
Vesuvius Sensors
Zone Industrielle de Franchepr\u00e9
and Probes France
54240 Joeuf, France
Vesuvius
170/69, 22nd Floor Ocean Tower 1,
Thailand
(Thailand)
Ratchadapisek Road, Klongtoey,
Co., Limited
Bangkok, 10110, Thailand
Vesuvius
Street Urquiza, 919, Floor 2, Rosario,
Argentina
(V.E.A.R.) S.A.
Provincia de Santa F\u00e9, Argentina
Vesuvius Advanced
Xiaotaizi Village, Ningyuan
China
Ceramics (Anshan)
Town, Qianshan District, Anshan,
Co., Limited
Liaoning Province, 114011, China
Vesuvius
221 Xing Ming Street,
China
Advanced
China-Singapore Suzhou Ind Park,
Ceramics (China)
Suzhou, Jiangsu Province,
Co., Limited
215021, China
Vesuvius
1209 Orange Street, Wilmington,
US
America, Inc.
DE 19801, United States
(Delaware)
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
(Holding) Pty
Port Kembla, NSW, 2505,
Limited
Australia
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
Pty Limited
Port Kembla, NSW, 2505, Australia
Vesuvius
Zandvoordestraat 366, Oostende,
Belgium
Belgium N.V.
B-8400, Belgium
Vesuvius
181 Bay Street, Suite 1800,
Canada
Canada Inc
Toronto, Ontario, M5J 2T9, Canada
(Ontario)
Vesuvius Ceramics
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius China
86/F International Commerce
Hong Kong
Holdings
Centre, 1 Austin Road West,
Co. Limited
Kowloon, Hong Kong
Vesuvius
165 Fleet Street, London,
England
China Limited
EC4A 2AE, England
Vesuvius Colombia
Calle 90 No. 13 A 31, Piso 6,
Colombia
S.A.S.
Bogota City, 110911, Colombia
Vesuvius
Via Nassa 17, Lugano,
Switzerland
Corporation S.A.
CH 6900, Switzerland
Vesuvius
ul. Jasnog\u00f3rska 11,
Poland
CSD Sp z.o.o.
Krak\u00f3w, 31-358, Poland
Vesuvius
Warehouse No: 1J-09/3,
United Arab
Emirates FZE
P O Box 49261,
Emirates
Hamriyah Free Zone, Sharjah,
United Arab Emirates
Vesuvius
Gelsenkirchener Strasse 10,
Germany
Europe GmbH
Borken, D-46325, Germany
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Europe S.A.
7011, Belgium
Vesuvius
41, Boulevard Marcel Sembat,
France
Europe S.A.S.
69200, Venissieux, France
Vesuvius Financial
165 Fleet Street, London,
England
1 Limited
EC4A 2AE, England
Vesuvius
Pajam\u00e4entie 8D7,
Finland
Finland OY
00360 Helsinki, Finland
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius Foundry
12 Wei Wen Road,
China
Products (Suzhou)
China-Singapore Suzhou Ind Park,
Co. Limited
Suzhou, Jiangsu Province,
215122, China
Vesuvius Foundry
2 Changchun Road,
China
Technologies
Economic Development Area,
(Jiangsu) Co.
Changshu, Jiangsu,
Limited
215537, China
Vesuvius
Rue Paul Deudon 68, Boite Postale 19,
France
France S.A.
Feignies 59750, France
Vesuvius
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius
165 Fleet Street, London,
England
Group Limited
EC4A 2AE, England
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Group S.A.
7011, Belgium
Vesuvius Holding
Gelsenkirchener Strasse 10,
Germany
Deutschland
Borken, D-46325,
GmbH
Germany
Vesuvius Holding
68 Rue Paul Deudon, Boite Postale 19,
France
France S.A.S.
Feignies 59750, France
Vesuvius Holding
Via Mantova 10,
Italy
Italia \u2013 Societ\u00e0 a
20835 Muggio
Responsabilit\u00e0
MB, Italy
Limitata
Vesuvius
165 Fleet Street, London
England
Holdings Limited
EC4A 2AE, England
Vesuvius Ib\u00e9rica
Capit\u00e1n Haya, 56 \u2013 1\u00baH,
Spain
Refractarios S.A.
28020 Madrid, Spain
Vesuvius
CT Corporation, 1209 Orange Street,
US
International
The Corporation Trust Company,
(Delaware)
Corporation
Wilmington, DE 19801, United States
Vesuvius
165 Fleet Street,
England
Investments
London, EC4A 2AE,
Limited
England
Vesuvius Istanbul
Gebze OSB2 Mh. 1700.,
Turkey
Refrakter Sanayi
Sok No:1704/1, Cayirova,
ve Ticaret AS
Kocaeli, 41420, Turkey
Vesuvius IT and
10th Floor, Unit No. 2, Fountainhead-
India
Shared Services
Tower 3, B Wing, Phoenix Market City,
Private Limited
Viman nagar, Pune, Pune- 411014,
Maharashtra, India
Vesuvius Italia
Via Mantova 10,
Italy
S.p.A.
20835 Muggio MB, Italy
Vesuvius
9th Floor, Orix Kobe Sannomiya
Japan
Japan Inc.
Building 6-1-10, Goko dori,
Chou-ku, Kobe Hyogo, 651-0087,
Japan
Vesuvius K.S.R.
1 Midland Way, Central Park,
England
Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Vesuvius Life Plan
165 Fleet Street, London,
England
Trustee Limited
EC4A 2AE, England
Vesuvius LLC
502, 5th \ufb02oor, 1 Myasicsheva str.,
Russia
Zhukovsky, Moscow region,
140180, Russian Federation
Vesuvius
Unit 30-01, Level 30 Tower A,
Malaysia
Malaysia
Vertical Business Suite Avenue 3,
Sdn Bhd
Bangsar South, No 8 Jalan Kerinchi,
Kuala Lumpur Wilayah Persekutuan,
59200, Malaysia
Vesuvius
165 Fleet Street, London,
England
Management
EC4A 2AE, England
Services Limited
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius Mexico
Av. Ruiz Cortinez, Num. 140, Colonia
Mexico
S.A. de C.V.
Jardines de San Rafael, Guadalupe,
Nuevo Le\u00f3n, CP 67119, Mexico
Vesuvius
56, St 15, Apt 103, Maadi,
Egypt
Mid-East Limited
Cairo, 11728, Egypt
Vesuvius Moravia,
Konska c.p. 740, Trinec,
Czech
s.r.o.
739 61, Czech Republic
Republic
Vesuvius Mulheim
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius NC, LLC
Corporation Trust Center,
US
1209 Orange Street, Wilmington,
(Delaware)
New Castle County, DE 19801,
United States
Vesuvius New
Level 5 Deloitte Centre,
New
Zealand Limited
1 Queen Street, Auckland,
Zealand
1010, New Zealand
Vesuvius Overseas
165 Fleet Street, London,
England
Investments
EC4A 2AE, England
Limited
Vesuvius Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Penn
Corporation Trust Center,
US
Corporation
1209 Orange Street, Wilmington,
(Delaware)
DE 19801, United States
Vesuvius Pension
165 Fleet Street, London,
England
Plans Trustees
EC4A 2AE, England
Limited
Vesuvius Peru
Calle Dean Valdivia 148, piso 11 \u2013
Peru
S.A.C.
o\ufb01cina 1134, Edi\ufb01cio Platinum Plaza \u2013
San Isidro, Lima, Peru
Vesuvius Poland
Ul Tyniecka 12, Skawina,
Poland
Sp z.o.o.
32-050, Poland
Vesuvius Process
41, Boulevard Marcel Sembat,
France
Metrix S.A.S.
69200, Venissieux, France
Vesuvius Ras Al
Street No. F14, RAK Investment
United
Khaimah FZ-LLC
Authority Free Zone, Al Hamra,
Arab
Ras Al Khaimah, PO Box 86408,
Emirates
United Arab Emirates
Vesuvius
Street San Martin 870,
Chile
Refractarios de
Room 308, Tower B,
Chile S.A.
Concepcion, Chile
Vesuvius
Galati, Marea Unire avenue 107,
Romania
Refractories S.r.l.
Galati county, 800329, Romania
Vesuvius
Room No. 9, 3rd Floor, 7 Ganesh
India
Refractory India
Chandra Avenue, Kolkata,
Private Limited
WB 700013, India
Vesuvius
Avenida Brasil 49550, Distrito Industrial
Brazil
Refrat\u00e1rios
de Palmares, Campo Grande, Rio de
Ltda
Janeiro, 23065-480, Brazil
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
4, Forradsgatan, Amal, S-662 34,
Sweden
Scandinavia AB
Sweden
Vesuvius Sensors
10 Via Mantova, Muggio,
Italy
& Probes Europe
Monza e Brianza,
S.p.A.
20835, Italy
Vesuvius Services
Calle Dean Valdivia 148, piso 11 \u2013
Peru
Peru S.A.C.
o\ufb01cina 1134, Edi\ufb01cio Platinum Plaza \u2013
San Isidro, Lima, Peru
Vesuvius Solar
1/F Building 3, No 12 Weiwen Road,
China
Crucible (Suzhou)
China-Singapore Suzhou Ind Park,
Co. Ltd
Suzhou, Jiangsu Province, 215122,
China
Vesuvius South
Pebble Lane, Private Bag X2,
South
Africa (Pty) Limited
Olifantsfontein, Gauteng
Africa
Province, 1665, South Africa
Vesuvius
ul. Jasnog\u00f3rska 11, Krak\u00f3w,
Poland
Sp z.o.o.
31-358, Poland
Vesuvius SSC
ul. Jasnog\u00f3rska 11, Krak\u00f3w,
Poland
Sp z.o.o.
31-358, Poland
Vesuvius UK
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Ukraine
27, Udarnykiv Street, City of
Ukraine
LLC
Dnipropetrovsk, 49000, Ukraine
Vesuvius USA
CT Corporation, 208 South LaSalle
US (Illinois)
Corporation
Street, Chicago, Cook County,
IL 60604, United States
Vesuvius VA
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Vietnam
7th Floor, Peakview Tower Building,
Vietnam
Limited
No.36 Hoang Cau Street, O Cho Dua
Ward, Don Da District, Hanoi City,
Vietnam
Vesuvius Zyarock
1/F, building 3, No. 12, Weiwen
China
Ceramics (Suzhou)
Road China-Singapore Suzhou
Co., Limited
Ind Park, Suzhou, Jiangsu Province,
215122, China
Vesuvius-Premier
165 Fleet Street, London,
England
Refractories
EC4A 2AE, England
(Holdings)
Limited
Vesuvius-SERT
41, Boulevard Marcel Sembat,
France
S.A.S.
69200, Venissieux, France
Wilkes-Lucas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Yingkou Bayuquan
Cui Tun Village, Hai Dong O\ufb03ce,
China
Refractories Co.,
Bayuquan District, Liaoning Province,
Limited
YingKou, 115007, China
Yingkou YingWei
50 Wanghai New District, Bayuquan
China
Magnesium Co.,
District, Yinkou City, Liaoning Province,
Ltd
115007, China
The following subsidiary companies have branches registered in the named countries: Foseco (Jersey) Limited in England,
Foseco Holding BV in England, Vesuvius LLC in Kazakhstan and Vesuvius UK Limited in Taiwan and Republic of Korea.
17.2
Investment in joint ventures and associates
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over
which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy
decisions of an entity, but is not control or joint control over those policies.
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
11.3
13.0
Share of post-tax pro\ufb01t of joint ventures and associates
1.1
0.9
Dividends received from joint ventures and associates
(0.7)
(1.0)
Disposals
(0.5)
\u2013
Foreign exchange
(0.2)
(1.6)
As at 31 December
11.0
11.3
The investment in joint ventures and associates includes \u00a311.0m (2023: \u00a310.8m) in respect of joint ventures and \u00a3nil (2023: \u00a30.5m)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2023: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.6m (2023: \u00a30.9m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
44.8
46.0
Depreciation
(1.2)
(0.7)
Trading pro\ufb01t
2.9
2.3
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.9
2.3
Income tax expense
(0.7)
(0.6)
Pro\ufb01t after tax
2.2
1.7
Non-current assets
7.5
6.8
Current assets
21.7
22.0
Non-current liabilities
\u2013
\u2013
Current liabilities
(7.2)
(7.1)
Net assets
22.0
21.7
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
39.4
40.6
Depreciation
(1.1)
(0.7)
Trading pro\ufb01t
2.4
2.0
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.4
2.0
Income tax expense
(0.6)
(0.5)
Pro\ufb01t after tax
1.8
1.5
Non-current assets
6.8
6.5
Current assets
1
14.4
14.3
Non-current liabilities
(0.1)
\u2013
Current liabilities
(5.9)
(5.9)
Net assets
15.2
14.9
1.
Included in current assets are cash and cash equivalents of \u00a32.5m (2023: \u00a31.8m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
Limited
Associates
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Sapotech Oy
Paavo Havaksen tie 5 D, 90570 Oulu, Finland
Finland
\u2013
14.9
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
The Group\u2019s holding in Sapotech Oy was disposed of on 5 March 2024.
17.3
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the
Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet,
distinguished from Parent Company shareholders\u2019 equity.
The total pro\ufb01t attributable to non-controlling interests for the year ended 31 December 2024 is \u00a313.1m (2023: \u00a312.1m) of which
\u00a311.1m relates to Vesuvius India Limited (2023: \u00a39.3m). The pro\ufb01t attributable to non-controlling interests in respect of the Group\u2019s
other subsidiaries is not considered to be material.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
Shares
% ownership
% ownership
Vesuvius India Limited
P-104 Taratala Road, Kolkata,
India
Ordinary
55.57
55.57
700 088, India
Foseco India Limited
922/923, Gat, Sanaswadi, Taluka,
India
Equity
74.98
74.98
Shirur, Pune, 412208, India
Foseco Golden Gate
6 Kung Yeh 2nd Road, Ping Tung
Taiwan
Ordinary
51
51
Company Limited
Dist, Ping Tung, 90049, Taiwan
Foseco (Thailand) Limited
170/69, 22nd Floor Ocean Tower 1,
Thailand
Group A
100
100
Ratchadapisek Road, Klongtoey,
Group B
49
49
Bangkok, 10110, Thailand
Vesuvius Ceska
Prumyslov\u00e1 726, Konsk\u00e1, Trinec,
Czech
Ordinary
60
60
Republika, a.s.
739 61, Czech Republic
Republic
As with Vesuvius plc, all of the above companies have a 31 December year-end. The summarised \ufb01nancial information for
Vesuvius India Limited is presented below:
\n \n
2024
2023
\u00a3m
\u00a3m
Summarised balance sheet
Current assets
111.2
106.6
Current liabilities
(35.0)
(32.0)
Current net assets
76.2
74.6
Non-current assets
62.2
42.3
Non-current liabilities
(4.1)
(3.9)
Non-current net assets
58.1
38.4
Net assets
134.3
113.0
Accumulated non-controlling interests
(60.0)
(50.5)
Summarised statement of comprehensive income
Revenue
169.1
155.0
Pro\ufb01t after tax
25.0
21.0
Pro\ufb01t allocated to non-controlling interests
11.1
9.3
Dividends paid to non-controlling interests
(1.1)
(0.7)
Summarised cash \ufb02ows
Cash \ufb02ows from operating activities
27.1
10.9
Cash \ufb02ows from investing activities
(22.6)
(20.8)
Cash \ufb02ows from \ufb01nancing activities
(2.9)
(0.1)
Net increase/(decrease) in cash and cash equivalents
1.6
(10.0)
", "dimensions": { "concept": "vsvs:DisclosureOfInvestmentsInSubsidiariesJointVenturesAndAssociatesExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "17.1
Investment in subsidiaries
A subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and can a\ufb00ect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
The subsidiaries of Vesuvius plc and the countries in which they are incorporated are set out below. With the exception of
Vesuvius Holdings Limited, whose ordinary share capital was directly held by Vesuvius plc, the ordinary capital of the companies
listed below was wholly owned by a Vesuvius plc subsidiary as at 31 December 2024. Details of the joint ventures and associates
are disclosed in Note 17.2.
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Advent Process
333 Prince Charles Drive,
Canada
Engineering Inc.
Welland, Ontario,
(Ontario)
L3B 5P4, Canada
BMI Refractory
600 N 2nd Street, Suite 401,
US
Services Inc.
Harrisburg, PA 17101-1071,
(Pennsylvania)
United States
Brazil 1 Limited
165 Fleet Street, London,
England
EC4A 2AE, England
CCPI Inc.
Suite 201, 910 Foulk Road,
US
Wilmington, New Castle,
(Delaware)
DE 19803, United States
Cookson
Km 7 1/2, Autopista San Isidro,
Dominican
Dominicana,
Edi\ufb01cio Modelo A, Zona Franca
Republic
SRL
San Isidro, Santo Domingo
Oeste, Dominican Republic
Flo-Con
CT Corporation, 1209 Orange
US
Holding, Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
DE 19801, United States
Foseco (FS)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco (Jersey)
44 Esplanade, St Helier,
Jersey
Limited
JE4 9WG, Jersey
Foseco (UK)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Canada
181 Bay Street, Suite 1800,
Canada
Limited
Toronto, Ontario, M5J 2T9, Canada
(Ontario)
Foseco Espanola
5, Barrio Elizalde, Izurza,
Spain
S.A.
Bizkaia, 48213, Spain
Foseco Foundry
Room 819, Shekou Zhaoshang
China
(China)
Building, Nanshan District,
Co. Limited
Shenzhen, Guangdong,
518067, China
Foseco
5, Barrio Elizalde,
Spain
Fundici\u00f3n Holding
Izurza, Bizkaia,
(Espanola), S.L.
48213, Spain
Foseco Holding
165 Fleet Street, London,
England
(Europe) Limited
EC4A 2AE, England
Foseco Holding
12 Bosworth Street,
South Africa
(South Africa)
Alrode, Alberton, 1449,
(Pty) Limited
South Africa
Foseco
Rivium Boulevard 301,
Netherlands
Holding BV
Capelle aan den Ijssel, Rotterdam
2909LK, Netherlands
Foseco Holding
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Holding
165 Fleet Street, London,
England
International
EC4A 2AE, England
Limited
Foseco Industrial e
Km 15, Rodovia Raposo
Brazil
Comercial Ltda
Tavares, Butanta Cep,
S\u00e3o Paulo, 05577-100, Brazil
Foseco
170/69, 22nd Floor Ocean
Thailand
International
Tower 1, Ratchadapisek Road,
Holding
Klongtoey, Bangkok,
(Thailand) Limited
10110, Thailand
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Foseco
165 Fleet Street, London,
England
International
EC4A 2AE, England
Limited
Foseco Japan
9th Floor, Orix Kobe Sannomiya
Japan
Limited
Building, 6-1-10, Goko dori, Chuo-
ku, Kobe Hyogo, 651-0087, Japan
Foseco Korea
74 Jeongju-ro, Bucheon-si,
Republic of
Limited
Gyeonggi-do, 14523, South Korea
Korea
Foseco
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco
CT Corporation, 1209 Orange
US
Metallurgical Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
DE 19801, United States
Foseco
Binnenhavenstraat 20, 7553 GJ
Netherlands
Nederland BV
Hengelo (OV), Netherlands
Foseco Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Portugal
Rua Manuel Pinto de Azevedo,
Portugal
Produtos Para
No 626 4100-320 Porto,
Fundi\u00e7\u00e2o Lda
Portugal
Foseco S.A.S.
Le Newton C, 7 Mail Barth\u00e9l\u00e9my
France
Thimonnier, 77185 Lognes, France
Foseco Steel
1 Midland Way, Central Park,
England
(UK) Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Foseco
165 Fleet Street, London,
England
Technology
EC4A 2AE, England
Limited
J.H. France
CT Corporation, 1209 Orange
US
Refractories
Street, The Corporation Trust
(Delaware)
Company
Company, Wilmington,
DE 19801, United States
John G. Stein &
1 Midland Way, Central Park,
England
Company Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Mainsail
Victoria Place, 5th Floor,
Bermuda
Insurance Company
31 Victoria Street, Pembroke,
Limited
Hamilton, HM 10, Bermuda
New Foseco
1 Midland Way, Central Park,
England
(UK) Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Process Metrix,
6622 Owens Drive, Pleasanton,
US (California)
LLC
CA 94588, United States
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Indonesia
Industri, Pulogadung, Jakarta,
13930, Indonesia
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Trading Indonesia
Industri, Pulogadung, Jakarta,
13930, Indonesia
Realisations 789,
CT Corporation, 1209 Orange
US (Delaware)
LLC
Street, The Corporation Trust
Company, Wilmington,
DE 19801, United States
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
S G Blair &
1 Midland Way, Central Park,
England
Company Limited
Barlborough Links, Derbyshire,
S43 4XA, England
SIDERMES Inc.
175 mont\u00e9e Calixa-Lavall\u00e9e,
Canada
Vesuvius Sensors
Verch\u00eares, Qu\u00e9bec J0L2R0,
(Ontario)
and Probes
Canada
SIR
Siegener Strasse 152,
Germany
Feuerfestprodukte
Kreuztal, D-57223,
GmbH
Germany
SOLED S.A.S.
Centre d\u2019Activit\u00e9s Economiques
France
Vesuvius Sensors
Zone Industrielle de Franchepr\u00e9
and Probes France
54240 Joeuf, France
Vesuvius
170/69, 22nd Floor Ocean Tower 1,
Thailand
(Thailand)
Ratchadapisek Road, Klongtoey,
Co., Limited
Bangkok, 10110, Thailand
Vesuvius
Street Urquiza, 919, Floor 2, Rosario,
Argentina
(V.E.A.R.) S.A.
Provincia de Santa F\u00e9, Argentina
Vesuvius Advanced
Xiaotaizi Village, Ningyuan
China
Ceramics (Anshan)
Town, Qianshan District, Anshan,
Co., Limited
Liaoning Province, 114011, China
Vesuvius
221 Xing Ming Street,
China
Advanced
China-Singapore Suzhou Ind Park,
Ceramics (China)
Suzhou, Jiangsu Province,
Co., Limited
215021, China
Vesuvius
1209 Orange Street, Wilmington,
US
America, Inc.
DE 19801, United States
(Delaware)
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
(Holding) Pty
Port Kembla, NSW, 2505,
Limited
Australia
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
Pty Limited
Port Kembla, NSW, 2505, Australia
Vesuvius
Zandvoordestraat 366, Oostende,
Belgium
Belgium N.V.
B-8400, Belgium
Vesuvius
181 Bay Street, Suite 1800,
Canada
Canada Inc
Toronto, Ontario, M5J 2T9, Canada
(Ontario)
Vesuvius Ceramics
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius China
86/F International Commerce
Hong Kong
Holdings
Centre, 1 Austin Road West,
Co. Limited
Kowloon, Hong Kong
Vesuvius
165 Fleet Street, London,
England
China Limited
EC4A 2AE, England
Vesuvius Colombia
Calle 90 No. 13 A 31, Piso 6,
Colombia
S.A.S.
Bogota City, 110911, Colombia
Vesuvius
Via Nassa 17, Lugano,
Switzerland
Corporation S.A.
CH 6900, Switzerland
Vesuvius
ul. Jasnog\u00f3rska 11,
Poland
CSD Sp z.o.o.
Krak\u00f3w, 31-358, Poland
Vesuvius
Warehouse No: 1J-09/3,
United Arab
Emirates FZE
P O Box 49261,
Emirates
Hamriyah Free Zone, Sharjah,
United Arab Emirates
Vesuvius
Gelsenkirchener Strasse 10,
Germany
Europe GmbH
Borken, D-46325, Germany
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Europe S.A.
7011, Belgium
Vesuvius
41, Boulevard Marcel Sembat,
France
Europe S.A.S.
69200, Venissieux, France
Vesuvius Financial
165 Fleet Street, London,
England
1 Limited
EC4A 2AE, England
Vesuvius
Pajam\u00e4entie 8D7,
Finland
Finland OY
00360 Helsinki, Finland
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius Foundry
12 Wei Wen Road,
China
Products (Suzhou)
China-Singapore Suzhou Ind Park,
Co. Limited
Suzhou, Jiangsu Province,
215122, China
Vesuvius Foundry
2 Changchun Road,
China
Technologies
Economic Development Area,
(Jiangsu) Co.
Changshu, Jiangsu,
Limited
215537, China
Vesuvius
Rue Paul Deudon 68, Boite Postale 19,
France
France S.A.
Feignies 59750, France
Vesuvius
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius
165 Fleet Street, London,
England
Group Limited
EC4A 2AE, England
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Group S.A.
7011, Belgium
Vesuvius Holding
Gelsenkirchener Strasse 10,
Germany
Deutschland
Borken, D-46325,
GmbH
Germany
Vesuvius Holding
68 Rue Paul Deudon, Boite Postale 19,
France
France S.A.S.
Feignies 59750, France
Vesuvius Holding
Via Mantova 10,
Italy
Italia \u2013 Societ\u00e0 a
20835 Muggio
Responsabilit\u00e0
MB, Italy
Limitata
Vesuvius
165 Fleet Street, London
England
Holdings Limited
EC4A 2AE, England
Vesuvius Ib\u00e9rica
Capit\u00e1n Haya, 56 \u2013 1\u00baH,
Spain
Refractarios S.A.
28020 Madrid, Spain
Vesuvius
CT Corporation, 1209 Orange Street,
US
International
The Corporation Trust Company,
(Delaware)
Corporation
Wilmington, DE 19801, United States
Vesuvius
165 Fleet Street,
England
Investments
London, EC4A 2AE,
Limited
England
Vesuvius Istanbul
Gebze OSB2 Mh. 1700.,
Turkey
Refrakter Sanayi
Sok No:1704/1, Cayirova,
ve Ticaret AS
Kocaeli, 41420, Turkey
Vesuvius IT and
10th Floor, Unit No. 2, Fountainhead-
India
Shared Services
Tower 3, B Wing, Phoenix Market City,
Private Limited
Viman nagar, Pune, Pune- 411014,
Maharashtra, India
Vesuvius Italia
Via Mantova 10,
Italy
S.p.A.
20835 Muggio MB, Italy
Vesuvius
9th Floor, Orix Kobe Sannomiya
Japan
Japan Inc.
Building 6-1-10, Goko dori,
Chou-ku, Kobe Hyogo, 651-0087,
Japan
Vesuvius K.S.R.
1 Midland Way, Central Park,
England
Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Vesuvius Life Plan
165 Fleet Street, London,
England
Trustee Limited
EC4A 2AE, England
Vesuvius LLC
502, 5th \ufb02oor, 1 Myasicsheva str.,
Russia
Zhukovsky, Moscow region,
140180, Russian Federation
Vesuvius
Unit 30-01, Level 30 Tower A,
Malaysia
Malaysia
Vertical Business Suite Avenue 3,
Sdn Bhd
Bangsar South, No 8 Jalan Kerinchi,
Kuala Lumpur Wilayah Persekutuan,
59200, Malaysia
Vesuvius
165 Fleet Street, London,
England
Management
EC4A 2AE, England
Services Limited
\n\n\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius Mexico
Av. Ruiz Cortinez, Num. 140, Colonia
Mexico
S.A. de C.V.
Jardines de San Rafael, Guadalupe,
Nuevo Le\u00f3n, CP 67119, Mexico
Vesuvius
56, St 15, Apt 103, Maadi,
Egypt
Mid-East Limited
Cairo, 11728, Egypt
Vesuvius Moravia,
Konska c.p. 740, Trinec,
Czech
s.r.o.
739 61, Czech Republic
Republic
Vesuvius Mulheim
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius NC, LLC
Corporation Trust Center,
US
1209 Orange Street, Wilmington,
(Delaware)
New Castle County, DE 19801,
United States
Vesuvius New
Level 5 Deloitte Centre,
New
Zealand Limited
1 Queen Street, Auckland,
Zealand
1010, New Zealand
Vesuvius Overseas
165 Fleet Street, London,
England
Investments
EC4A 2AE, England
Limited
Vesuvius Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Penn
Corporation Trust Center,
US
Corporation
1209 Orange Street, Wilmington,
(Delaware)
DE 19801, United States
Vesuvius Pension
165 Fleet Street, London,
England
Plans Trustees
EC4A 2AE, England
Limited
Vesuvius Peru
Calle Dean Valdivia 148, piso 11 \u2013
Peru
S.A.C.
o\ufb01cina 1134, Edi\ufb01cio Platinum Plaza \u2013
San Isidro, Lima, Peru
Vesuvius Poland
Ul Tyniecka 12, Skawina,
Poland
Sp z.o.o.
32-050, Poland
Vesuvius Process
41, Boulevard Marcel Sembat,
France
Metrix S.A.S.
69200, Venissieux, France
Vesuvius Ras Al
Street No. F14, RAK Investment
United
Khaimah FZ-LLC
Authority Free Zone, Al Hamra,
Arab
Ras Al Khaimah, PO Box 86408,
Emirates
United Arab Emirates
Vesuvius
Street San Martin 870,
Chile
Refractarios de
Room 308, Tower B,
Chile S.A.
Concepcion, Chile
Vesuvius
Galati, Marea Unire avenue 107,
Romania
Refractories S.r.l.
Galati county, 800329, Romania
Vesuvius
Room No. 9, 3rd Floor, 7 Ganesh
India
Refractory India
Chandra Avenue, Kolkata,
Private Limited
WB 700013, India
Vesuvius
Avenida Brasil 49550, Distrito Industrial
Brazil
Refrat\u00e1rios
de Palmares, Campo Grande, Rio de
Ltda
Janeiro, 23065-480, Brazil
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
4, Forradsgatan, Amal, S-662 34,
Sweden
Scandinavia AB
Sweden
Vesuvius Sensors
10 Via Mantova, Muggio,
Italy
& Probes Europe
Monza e Brianza,
S.p.A.
20835, Italy
Vesuvius Services
Calle Dean Valdivia 148, piso 11 \u2013
Peru
Peru S.A.C.
o\ufb01cina 1134, Edi\ufb01cio Platinum Plaza \u2013
San Isidro, Lima, Peru
Vesuvius Solar
1/F Building 3, No 12 Weiwen Road,
China
Crucible (Suzhou)
China-Singapore Suzhou Ind Park,
Co. Ltd
Suzhou, Jiangsu Province, 215122,
China
Vesuvius South
Pebble Lane, Private Bag X2,
South
Africa (Pty) Limited
Olifantsfontein, Gauteng
Africa
Province, 1665, South Africa
Vesuvius
ul. Jasnog\u00f3rska 11, Krak\u00f3w,
Poland
Sp z.o.o.
31-358, Poland
Vesuvius SSC
ul. Jasnog\u00f3rska 11, Krak\u00f3w,
Poland
Sp z.o.o.
31-358, Poland
Vesuvius UK
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Ukraine
27, Udarnykiv Street, City of
Ukraine
LLC
Dnipropetrovsk, 49000, Ukraine
Vesuvius USA
CT Corporation, 208 South LaSalle
US (Illinois)
Corporation
Street, Chicago, Cook County,
IL 60604, United States
Vesuvius VA
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Vietnam
7th Floor, Peakview Tower Building,
Vietnam
Limited
No.36 Hoang Cau Street, O Cho Dua
Ward, Don Da District, Hanoi City,
Vietnam
Vesuvius Zyarock
1/F, building 3, No. 12, Weiwen
China
Ceramics (Suzhou)
Road China-Singapore Suzhou
Co., Limited
Ind Park, Suzhou, Jiangsu Province,
215122, China
Vesuvius-Premier
165 Fleet Street, London,
England
Refractories
EC4A 2AE, England
(Holdings)
Limited
Vesuvius-SERT
41, Boulevard Marcel Sembat,
France
S.A.S.
69200, Venissieux, France
Wilkes-Lucas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Yingkou Bayuquan
Cui Tun Village, Hai Dong O\ufb03ce,
China
Refractories Co.,
Bayuquan District, Liaoning Province,
Limited
YingKou, 115007, China
Yingkou YingWei
50 Wanghai New District, Bayuquan
China
Magnesium Co.,
District, Yinkou City, Liaoning Province,
Ltd
115007, China
The following subsidiary companies have branches registered in the named countries: Foseco (Jersey) Limited in England,
Foseco Holding BV in England, Vesuvius LLC in Kazakhstan and Vesuvius UK Limited in Taiwan and Republic of Korea.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "17.1
Investment in subsidiaries
A subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and can a\ufb00ect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
The subsidiaries of Vesuvius plc and the countries in which they are incorporated are set out below. With the exception of
Vesuvius Holdings Limited, whose ordinary share capital was directly held by Vesuvius plc, the ordinary capital of the companies
listed below was wholly owned by a Vesuvius plc subsidiary as at 31 December 2024. Details of the joint ventures and associates
are disclosed in Note 17.2.
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Advent Process
333 Prince Charles Drive,
Canada
Engineering Inc.
Welland, Ontario,
(Ontario)
L3B 5P4, Canada
BMI Refractory
600 N 2nd Street, Suite 401,
US
Services Inc.
Harrisburg, PA 17101-1071,
(Pennsylvania)
United States
Brazil 1 Limited
165 Fleet Street, London,
England
EC4A 2AE, England
CCPI Inc.
Suite 201, 910 Foulk Road,
US
Wilmington, New Castle,
(Delaware)
DE 19803, United States
Cookson
Km 7 1/2, Autopista San Isidro,
Dominican
Dominicana,
Edi\ufb01cio Modelo A, Zona Franca
Republic
SRL
San Isidro, Santo Domingo
Oeste, Dominican Republic
Flo-Con
CT Corporation, 1209 Orange
US
Holding, Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
DE 19801, United States
Foseco (FS)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco (Jersey)
44 Esplanade, St Helier,
Jersey
Limited
JE4 9WG, Jersey
Foseco (UK)
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Canada
181 Bay Street, Suite 1800,
Canada
Limited
Toronto, Ontario, M5J 2T9, Canada
(Ontario)
Foseco Espanola
5, Barrio Elizalde, Izurza,
Spain
S.A.
Bizkaia, 48213, Spain
Foseco Foundry
Room 819, Shekou Zhaoshang
China
(China)
Building, Nanshan District,
Co. Limited
Shenzhen, Guangdong,
518067, China
Foseco
5, Barrio Elizalde,
Spain
Fundici\u00f3n Holding
Izurza, Bizkaia,
(Espanola), S.L.
48213, Spain
Foseco Holding
165 Fleet Street, London,
England
(Europe) Limited
EC4A 2AE, England
Foseco Holding
12 Bosworth Street,
South Africa
(South Africa)
Alrode, Alberton, 1449,
(Pty) Limited
South Africa
Foseco
Rivium Boulevard 301,
Netherlands
Holding BV
Capelle aan den Ijssel, Rotterdam
2909LK, Netherlands
Foseco Holding
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Holding
165 Fleet Street, London,
England
International
EC4A 2AE, England
Limited
Foseco Industrial e
Km 15, Rodovia Raposo
Brazil
Comercial Ltda
Tavares, Butanta Cep,
S\u00e3o Paulo, 05577-100, Brazil
Foseco
170/69, 22nd Floor Ocean
Thailand
International
Tower 1, Ratchadapisek Road,
Holding
Klongtoey, Bangkok,
(Thailand) Limited
10110, Thailand
\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Foseco
165 Fleet Street, London,
England
International
EC4A 2AE, England
Limited
Foseco Japan
9th Floor, Orix Kobe Sannomiya
Japan
Limited
Building, 6-1-10, Goko dori, Chuo-
ku, Kobe Hyogo, 651-0087, Japan
Foseco Korea
74 Jeongju-ro, Bucheon-si,
Republic of
Limited
Gyeonggi-do, 14523, South Korea
Korea
Foseco
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco
CT Corporation, 1209 Orange
US
Metallurgical Inc.
Street, The Corporation Trust
(Delaware)
Company, Wilmington,
DE 19801, United States
Foseco
Binnenhavenstraat 20, 7553 GJ
Netherlands
Nederland BV
Hengelo (OV), Netherlands
Foseco Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Foseco Portugal
Rua Manuel Pinto de Azevedo,
Portugal
Produtos Para
No 626 4100-320 Porto,
Fundi\u00e7\u00e2o Lda
Portugal
Foseco S.A.S.
Le Newton C, 7 Mail Barth\u00e9l\u00e9my
France
Thimonnier, 77185 Lognes, France
Foseco Steel
1 Midland Way, Central Park,
England
(UK) Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Foseco
165 Fleet Street, London,
England
Technology
EC4A 2AE, England
Limited
J.H. France
CT Corporation, 1209 Orange
US
Refractories
Street, The Corporation Trust
(Delaware)
Company
Company, Wilmington,
DE 19801, United States
John G. Stein &
1 Midland Way, Central Park,
England
Company Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Mainsail
Victoria Place, 5th Floor,
Bermuda
Insurance Company
31 Victoria Street, Pembroke,
Limited
Hamilton, HM 10, Bermuda
New Foseco
1 Midland Way, Central Park,
England
(UK) Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Process Metrix,
6622 Owens Drive, Pleasanton,
US (California)
LLC
CA 94588, United States
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Indonesia
Industri, Pulogadung, Jakarta,
13930, Indonesia
PT Foseco
Jl Rawa Gelam 2/5, Kawasan
Indonesia
Trading Indonesia
Industri, Pulogadung, Jakarta,
13930, Indonesia
Realisations 789,
CT Corporation, 1209 Orange
US (Delaware)
LLC
Street, The Corporation Trust
Company, Wilmington,
DE 19801, United States
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
S G Blair &
1 Midland Way, Central Park,
England
Company Limited
Barlborough Links, Derbyshire,
S43 4XA, England
SIDERMES Inc.
175 mont\u00e9e Calixa-Lavall\u00e9e,
Canada
Vesuvius Sensors
Verch\u00eares, Qu\u00e9bec J0L2R0,
(Ontario)
and Probes
Canada
SIR
Siegener Strasse 152,
Germany
Feuerfestprodukte
Kreuztal, D-57223,
GmbH
Germany
SOLED S.A.S.
Centre d\u2019Activit\u00e9s Economiques
France
Vesuvius Sensors
Zone Industrielle de Franchepr\u00e9
and Probes France
54240 Joeuf, France
Vesuvius
170/69, 22nd Floor Ocean Tower 1,
Thailand
(Thailand)
Ratchadapisek Road, Klongtoey,
Co., Limited
Bangkok, 10110, Thailand
Vesuvius
Street Urquiza, 919, Floor 2, Rosario,
Argentina
(V.E.A.R.) S.A.
Provincia de Santa F\u00e9, Argentina
Vesuvius Advanced
Xiaotaizi Village, Ningyuan
China
Ceramics (Anshan)
Town, Qianshan District, Anshan,
Co., Limited
Liaoning Province, 114011, China
Vesuvius
221 Xing Ming Street,
China
Advanced
China-Singapore Suzhou Ind Park,
Ceramics (China)
Suzhou, Jiangsu Province,
Co., Limited
215021, China
Vesuvius
1209 Orange Street, Wilmington,
US
America, Inc.
DE 19801, United States
(Delaware)
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
(Holding) Pty
Port Kembla, NSW, 2505,
Limited
Australia
Vesuvius Australia
40\u201346 Gloucester Boulevarde,
Australia
Pty Limited
Port Kembla, NSW, 2505, Australia
Vesuvius
Zandvoordestraat 366, Oostende,
Belgium
Belgium N.V.
B-8400, Belgium
Vesuvius
181 Bay Street, Suite 1800,
Canada
Canada Inc
Toronto, Ontario, M5J 2T9, Canada
(Ontario)
Vesuvius Ceramics
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius China
86/F International Commerce
Hong Kong
Holdings
Centre, 1 Austin Road West,
Co. Limited
Kowloon, Hong Kong
Vesuvius
165 Fleet Street, London,
England
China Limited
EC4A 2AE, England
Vesuvius Colombia
Calle 90 No. 13 A 31, Piso 6,
Colombia
S.A.S.
Bogota City, 110911, Colombia
Vesuvius
Via Nassa 17, Lugano,
Switzerland
Corporation S.A.
CH 6900, Switzerland
Vesuvius
ul. Jasnog\u00f3rska 11,
Poland
CSD Sp z.o.o.
Krak\u00f3w, 31-358, Poland
Vesuvius
Warehouse No: 1J-09/3,
United Arab
Emirates FZE
P O Box 49261,
Emirates
Hamriyah Free Zone, Sharjah,
United Arab Emirates
Vesuvius
Gelsenkirchener Strasse 10,
Germany
Europe GmbH
Borken, D-46325, Germany
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Europe S.A.
7011, Belgium
Vesuvius
41, Boulevard Marcel Sembat,
France
Europe S.A.S.
69200, Venissieux, France
Vesuvius Financial
165 Fleet Street, London,
England
1 Limited
EC4A 2AE, England
Vesuvius
Pajam\u00e4entie 8D7,
Finland
Finland OY
00360 Helsinki, Finland
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius Foundry
12 Wei Wen Road,
China
Products (Suzhou)
China-Singapore Suzhou Ind Park,
Co. Limited
Suzhou, Jiangsu Province,
215122, China
Vesuvius Foundry
2 Changchun Road,
China
Technologies
Economic Development Area,
(Jiangsu) Co.
Changshu, Jiangsu,
Limited
215537, China
Vesuvius
Rue Paul Deudon 68, Boite Postale 19,
France
France S.A.
Feignies 59750, France
Vesuvius
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius
165 Fleet Street, London,
England
Group Limited
EC4A 2AE, England
Vesuvius
17 Rue de Douvrain, Ghlin,
Belgium
Group S.A.
7011, Belgium
Vesuvius Holding
Gelsenkirchener Strasse 10,
Germany
Deutschland
Borken, D-46325,
GmbH
Germany
Vesuvius Holding
68 Rue Paul Deudon, Boite Postale 19,
France
France S.A.S.
Feignies 59750, France
Vesuvius Holding
Via Mantova 10,
Italy
Italia \u2013 Societ\u00e0 a
20835 Muggio
Responsabilit\u00e0
MB, Italy
Limitata
Vesuvius
165 Fleet Street, London
England
Holdings Limited
EC4A 2AE, England
Vesuvius Ib\u00e9rica
Capit\u00e1n Haya, 56 \u2013 1\u00baH,
Spain
Refractarios S.A.
28020 Madrid, Spain
Vesuvius
CT Corporation, 1209 Orange Street,
US
International
The Corporation Trust Company,
(Delaware)
Corporation
Wilmington, DE 19801, United States
Vesuvius
165 Fleet Street,
England
Investments
London, EC4A 2AE,
Limited
England
Vesuvius Istanbul
Gebze OSB2 Mh. 1700.,
Turkey
Refrakter Sanayi
Sok No:1704/1, Cayirova,
ve Ticaret AS
Kocaeli, 41420, Turkey
Vesuvius IT and
10th Floor, Unit No. 2, Fountainhead-
India
Shared Services
Tower 3, B Wing, Phoenix Market City,
Private Limited
Viman nagar, Pune, Pune- 411014,
Maharashtra, India
Vesuvius Italia
Via Mantova 10,
Italy
S.p.A.
20835 Muggio MB, Italy
Vesuvius
9th Floor, Orix Kobe Sannomiya
Japan
Japan Inc.
Building 6-1-10, Goko dori,
Chou-ku, Kobe Hyogo, 651-0087,
Japan
Vesuvius K.S.R.
1 Midland Way, Central Park,
England
Limited
Barlborough Links, Derbyshire,
S43 4XA, England
Vesuvius Life Plan
165 Fleet Street, London,
England
Trustee Limited
EC4A 2AE, England
Vesuvius LLC
502, 5th \ufb02oor, 1 Myasicsheva str.,
Russia
Zhukovsky, Moscow region,
140180, Russian Federation
Vesuvius
Unit 30-01, Level 30 Tower A,
Malaysia
Malaysia
Vertical Business Suite Avenue 3,
Sdn Bhd
Bangsar South, No 8 Jalan Kerinchi,
Kuala Lumpur Wilayah Persekutuan,
59200, Malaysia
Vesuvius
165 Fleet Street, London,
England
Management
EC4A 2AE, England
Services Limited
\n\n\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius Mexico
Av. Ruiz Cortinez, Num. 140, Colonia
Mexico
S.A. de C.V.
Jardines de San Rafael, Guadalupe,
Nuevo Le\u00f3n, CP 67119, Mexico
Vesuvius
56, St 15, Apt 103, Maadi,
Egypt
Mid-East Limited
Cairo, 11728, Egypt
Vesuvius Moravia,
Konska c.p. 740, Trinec,
Czech
s.r.o.
739 61, Czech Republic
Republic
Vesuvius Mulheim
Gelsenkirchener Strasse 10,
Germany
GmbH
Borken, D-46325, Germany
Vesuvius NC, LLC
Corporation Trust Center,
US
1209 Orange Street, Wilmington,
(Delaware)
New Castle County, DE 19801,
United States
Vesuvius New
Level 5 Deloitte Centre,
New
Zealand Limited
1 Queen Street, Auckland,
Zealand
1010, New Zealand
Vesuvius Overseas
165 Fleet Street, London,
England
Investments
EC4A 2AE, England
Limited
Vesuvius Overseas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Penn
Corporation Trust Center,
US
Corporation
1209 Orange Street, Wilmington,
(Delaware)
DE 19801, United States
Vesuvius Pension
165 Fleet Street, London,
England
Plans Trustees
EC4A 2AE, England
Limited
Vesuvius Peru
Calle Dean Valdivia 148, piso 11 \u2013
Peru
S.A.C.
o\ufb01cina 1134, Edi\ufb01cio Platinum Plaza \u2013
San Isidro, Lima, Peru
Vesuvius Poland
Ul Tyniecka 12, Skawina,
Poland
Sp z.o.o.
32-050, Poland
Vesuvius Process
41, Boulevard Marcel Sembat,
France
Metrix S.A.S.
69200, Venissieux, France
Vesuvius Ras Al
Street No. F14, RAK Investment
United
Khaimah FZ-LLC
Authority Free Zone, Al Hamra,
Arab
Ras Al Khaimah, PO Box 86408,
Emirates
United Arab Emirates
Vesuvius
Street San Martin 870,
Chile
Refractarios de
Room 308, Tower B,
Chile S.A.
Concepcion, Chile
Vesuvius
Galati, Marea Unire avenue 107,
Romania
Refractories S.r.l.
Galati county, 800329, Romania
Vesuvius
Room No. 9, 3rd Floor, 7 Ganesh
India
Refractory India
Chandra Avenue, Kolkata,
Private Limited
WB 700013, India
Vesuvius
Avenida Brasil 49550, Distrito Industrial
Brazil
Refrat\u00e1rios
de Palmares, Campo Grande, Rio de
Ltda
Janeiro, 23065-480, Brazil
\n\n \n
Company
legal name
Registered o\ufb03ce address
Jurisdiction
Vesuvius
4, Forradsgatan, Amal, S-662 34,
Sweden
Scandinavia AB
Sweden
Vesuvius Sensors
10 Via Mantova, Muggio,
Italy
& Probes Europe
Monza e Brianza,
S.p.A.
20835, Italy
Vesuvius Services
Calle Dean Valdivia 148, piso 11 \u2013
Peru
Peru S.A.C.
o\ufb01cina 1134, Edi\ufb01cio Platinum Plaza \u2013
San Isidro, Lima, Peru
Vesuvius Solar
1/F Building 3, No 12 Weiwen Road,
China
Crucible (Suzhou)
China-Singapore Suzhou Ind Park,
Co. Ltd
Suzhou, Jiangsu Province, 215122,
China
Vesuvius South
Pebble Lane, Private Bag X2,
South
Africa (Pty) Limited
Olifantsfontein, Gauteng
Africa
Province, 1665, South Africa
Vesuvius
ul. Jasnog\u00f3rska 11, Krak\u00f3w,
Poland
Sp z.o.o.
31-358, Poland
Vesuvius SSC
ul. Jasnog\u00f3rska 11, Krak\u00f3w,
Poland
Sp z.o.o.
31-358, Poland
Vesuvius UK
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Ukraine
27, Udarnykiv Street, City of
Ukraine
LLC
Dnipropetrovsk, 49000, Ukraine
Vesuvius USA
CT Corporation, 208 South LaSalle
US (Illinois)
Corporation
Street, Chicago, Cook County,
IL 60604, United States
Vesuvius VA
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Vesuvius Vietnam
7th Floor, Peakview Tower Building,
Vietnam
Limited
No.36 Hoang Cau Street, O Cho Dua
Ward, Don Da District, Hanoi City,
Vietnam
Vesuvius Zyarock
1/F, building 3, No. 12, Weiwen
China
Ceramics (Suzhou)
Road China-Singapore Suzhou
Co., Limited
Ind Park, Suzhou, Jiangsu Province,
215122, China
Vesuvius-Premier
165 Fleet Street, London,
England
Refractories
EC4A 2AE, England
(Holdings)
Limited
Vesuvius-SERT
41, Boulevard Marcel Sembat,
France
S.A.S.
69200, Venissieux, France
Wilkes-Lucas
165 Fleet Street, London,
England
Limited
EC4A 2AE, England
Yingkou Bayuquan
Cui Tun Village, Hai Dong O\ufb03ce,
China
Refractories Co.,
Bayuquan District, Liaoning Province,
Limited
YingKou, 115007, China
Yingkou YingWei
50 Wanghai New District, Bayuquan
China
Magnesium Co.,
District, Yinkou City, Liaoning Province,
Ltd
115007, China
The following subsidiary companies have branches registered in the named countries: Foseco (Jersey) Limited in England,
Foseco Holding BV in England, Vesuvius LLC in Kazakhstan and Vesuvius UK Limited in Taiwan and Republic of Korea.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "17.2
Investment in joint ventures and associates
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over
which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy
decisions of an entity, but is not control or joint control over those policies.
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
11.3
13.0
Share of post-tax pro\ufb01t of joint ventures and associates
1.1
0.9
Dividends received from joint ventures and associates
(0.7)
(1.0)
Disposals
(0.5)
\u2013
Foreign exchange
(0.2)
(1.6)
As at 31 December
11.0
11.3
The investment in joint ventures and associates includes \u00a311.0m (2023: \u00a310.8m) in respect of joint ventures and \u00a3nil (2023: \u00a30.5m)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2023: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.6m (2023: \u00a30.9m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
44.8
46.0
Depreciation
(1.2)
(0.7)
Trading pro\ufb01t
2.9
2.3
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.9
2.3
Income tax expense
(0.7)
(0.6)
Pro\ufb01t after tax
2.2
1.7
Non-current assets
7.5
6.8
Current assets
21.7
22.0
Non-current liabilities
\u2013
\u2013
Current liabilities
(7.2)
(7.1)
Net assets
22.0
21.7
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
39.4
40.6
Depreciation
(1.1)
(0.7)
Trading pro\ufb01t
2.4
2.0
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.4
2.0
Income tax expense
(0.6)
(0.5)
Pro\ufb01t after tax
1.8
1.5
Non-current assets
6.8
6.5
Current assets
1
14.4
14.3
Non-current liabilities
(0.1)
\u2013
Current liabilities
(5.9)
(5.9)
Net assets
15.2
14.9
1.
Included in current assets are cash and cash equivalents of \u00a32.5m (2023: \u00a31.8m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
Limited
Associates
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Sapotech Oy
Paavo Havaksen tie 5 D, 90570 Oulu, Finland
Finland
\u2013
14.9
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
The Group\u2019s holding in Sapotech Oy was disposed of on 5 March 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "17.2
Investment in joint ventures and associates
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over
which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy
decisions of an entity, but is not control or joint control over those policies.
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
11.3
13.0
Share of post-tax pro\ufb01t of joint ventures and associates
1.1
0.9
Dividends received from joint ventures and associates
(0.7)
(1.0)
Disposals
(0.5)
\u2013
Foreign exchange
(0.2)
(1.6)
As at 31 December
11.0
11.3
The investment in joint ventures and associates includes \u00a311.0m (2023: \u00a310.8m) in respect of joint ventures and \u00a3nil (2023: \u00a30.5m)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2023: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.6m (2023: \u00a30.9m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
44.8
46.0
Depreciation
(1.2)
(0.7)
Trading pro\ufb01t
2.9
2.3
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.9
2.3
Income tax expense
(0.7)
(0.6)
Pro\ufb01t after tax
2.2
1.7
Non-current assets
7.5
6.8
Current assets
21.7
22.0
Non-current liabilities
\u2013
\u2013
Current liabilities
(7.2)
(7.1)
Net assets
22.0
21.7
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
39.4
40.6
Depreciation
(1.1)
(0.7)
Trading pro\ufb01t
2.4
2.0
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.4
2.0
Income tax expense
(0.6)
(0.5)
Pro\ufb01t after tax
1.8
1.5
Non-current assets
6.8
6.5
Current assets
1
14.4
14.3
Non-current liabilities
(0.1)
\u2013
Current liabilities
(5.9)
(5.9)
Net assets
15.2
14.9
1.
Included in current assets are cash and cash equivalents of \u00a32.5m (2023: \u00a31.8m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
Limited
Associates
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Sapotech Oy
Paavo Havaksen tie 5 D, 90570 Oulu, Finland
Finland
\u2013
14.9
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
The Group\u2019s holding in Sapotech Oy was disposed of on 5 March 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "17.2
Investment in joint ventures and associates
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over
which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy
decisions of an entity, but is not control or joint control over those policies.
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
11.3
13.0
Share of post-tax pro\ufb01t of joint ventures and associates
1.1
0.9
Dividends received from joint ventures and associates
(0.7)
(1.0)
Disposals
(0.5)
\u2013
Foreign exchange
(0.2)
(1.6)
As at 31 December
11.0
11.3
The investment in joint ventures and associates includes \u00a311.0m (2023: \u00a310.8m) in respect of joint ventures and \u00a3nil (2023: \u00a30.5m)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2023: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.6m (2023: \u00a30.9m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
44.8
46.0
Depreciation
(1.2)
(0.7)
Trading pro\ufb01t
2.9
2.3
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.9
2.3
Income tax expense
(0.7)
(0.6)
Pro\ufb01t after tax
2.2
1.7
Non-current assets
7.5
6.8
Current assets
21.7
22.0
Non-current liabilities
\u2013
\u2013
Current liabilities
(7.2)
(7.1)
Net assets
22.0
21.7
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
39.4
40.6
Depreciation
(1.1)
(0.7)
Trading pro\ufb01t
2.4
2.0
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.4
2.0
Income tax expense
(0.6)
(0.5)
Pro\ufb01t after tax
1.8
1.5
Non-current assets
6.8
6.5
Current assets
1
14.4
14.3
Non-current liabilities
(0.1)
\u2013
Current liabilities
(5.9)
(5.9)
Net assets
15.2
14.9
1.
Included in current assets are cash and cash equivalents of \u00a32.5m (2023: \u00a31.8m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
Limited
Associates
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Sapotech Oy
Paavo Havaksen tie 5 D, 90570 Oulu, Finland
Finland
\u2013
14.9
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
The Group\u2019s holding in Sapotech Oy was disposed of on 5 March 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "17.2
Investment in joint ventures and associates
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over
which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy
decisions of an entity, but is not control or joint control over those policies.
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
11.3
13.0
Share of post-tax pro\ufb01t of joint ventures and associates
1.1
0.9
Dividends received from joint ventures and associates
(0.7)
(1.0)
Disposals
(0.5)
\u2013
Foreign exchange
(0.2)
(1.6)
As at 31 December
11.0
11.3
The investment in joint ventures and associates includes \u00a311.0m (2023: \u00a310.8m) in respect of joint ventures and \u00a3nil (2023: \u00a30.5m)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2023: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.6m (2023: \u00a30.9m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
44.8
46.0
Depreciation
(1.2)
(0.7)
Trading pro\ufb01t
2.9
2.3
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.9
2.3
Income tax expense
(0.7)
(0.6)
Pro\ufb01t after tax
2.2
1.7
Non-current assets
7.5
6.8
Current assets
21.7
22.0
Non-current liabilities
\u2013
\u2013
Current liabilities
(7.2)
(7.1)
Net assets
22.0
21.7
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
39.4
40.6
Depreciation
(1.1)
(0.7)
Trading pro\ufb01t
2.4
2.0
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.4
2.0
Income tax expense
(0.6)
(0.5)
Pro\ufb01t after tax
1.8
1.5
Non-current assets
6.8
6.5
Current assets
1
14.4
14.3
Non-current liabilities
(0.1)
\u2013
Current liabilities
(5.9)
(5.9)
Net assets
15.2
14.9
1.
Included in current assets are cash and cash equivalents of \u00a32.5m (2023: \u00a31.8m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
Limited
Associates
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Sapotech Oy
Paavo Havaksen tie 5 D, 90570 Oulu, Finland
Finland
\u2013
14.9
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
The Group\u2019s holding in Sapotech Oy was disposed of on 5 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "17.2
Investment in joint ventures and associates
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over
which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy
decisions of an entity, but is not control or joint control over those policies.
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
11.3
13.0
Share of post-tax pro\ufb01t of joint ventures and associates
1.1
0.9
Dividends received from joint ventures and associates
(0.7)
(1.0)
Disposals
(0.5)
\u2013
Foreign exchange
(0.2)
(1.6)
As at 31 December
11.0
11.3
The investment in joint ventures and associates includes \u00a311.0m (2023: \u00a310.8m) in respect of joint ventures and \u00a3nil (2023: \u00a30.5m)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2023: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.6m (2023: \u00a30.9m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
44.8
46.0
Depreciation
(1.2)
(0.7)
Trading pro\ufb01t
2.9
2.3
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.9
2.3
Income tax expense
(0.7)
(0.6)
Pro\ufb01t after tax
2.2
1.7
Non-current assets
7.5
6.8
Current assets
21.7
22.0
Non-current liabilities
\u2013
\u2013
Current liabilities
(7.2)
(7.1)
Net assets
22.0
21.7
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
39.4
40.6
Depreciation
(1.1)
(0.7)
Trading pro\ufb01t
2.4
2.0
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.4
2.0
Income tax expense
(0.6)
(0.5)
Pro\ufb01t after tax
1.8
1.5
Non-current assets
6.8
6.5
Current assets
1
14.4
14.3
Non-current liabilities
(0.1)
\u2013
Current liabilities
(5.9)
(5.9)
Net assets
15.2
14.9
1.
Included in current assets are cash and cash equivalents of \u00a32.5m (2023: \u00a31.8m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
Limited
Associates
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Sapotech Oy
Paavo Havaksen tie 5 D, 90570 Oulu, Finland
Finland
\u2013
14.9
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
The Group\u2019s holding in Sapotech Oy was disposed of on 5 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "17.2
Investment in joint ventures and associates
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of the arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over
which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy
decisions of an entity, but is not control or joint control over those policies.
The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method from the date signi\ufb01cant
in\ufb02uence/joint control is deemed to arise until the date on which signi\ufb01cant in\ufb02uence/joint control ceases to exist or when the
interest becomes classi\ufb01ed as an asset held for sale. The Group Income Statement re\ufb02ects the Group\u2019s share of pro\ufb01t after tax
of the related associates and joint ventures. Investments in associates and joint ventures are carried in the Group Balance Sheet
at cost adjusted in respect of post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
11.3
13.0
Share of post-tax pro\ufb01t of joint ventures and associates
1.1
0.9
Dividends received from joint ventures and associates
(0.7)
(1.0)
Disposals
(0.5)
\u2013
Foreign exchange
(0.2)
(1.6)
As at 31 December
11.0
11.3
The investment in joint ventures and associates includes \u00a311.0m (2023: \u00a310.8m) in respect of joint ventures and \u00a3nil (2023: \u00a30.5m)
in respect of associates. Dividends received from joint ventures consists of \u00a30.1m (2023: \u00a30.1m) from Wuhan Wugang-Vesuvius
Advanced CCR Co., Limited and \u00a30.6m (2023: \u00a30.9m) from Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited.
Joint ventures
Set out below is the summarised \ufb01nancial information in respect of joint ventures.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
44.8
46.0
Depreciation
(1.2)
(0.7)
Trading pro\ufb01t
2.9
2.3
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.9
2.3
Income tax expense
(0.7)
(0.6)
Pro\ufb01t after tax
2.2
1.7
Non-current assets
7.5
6.8
Current assets
21.7
22.0
Non-current liabilities
\u2013
\u2013
Current liabilities
(7.2)
(7.1)
Net assets
22.0
21.7
Set out below is the summarised \ufb01nancial information for Wuhan Wugang-Vesuvius Advanced Ceramics Co., Limited, a joint
venture that has transactions and balances which are material to the Group.
\n \n
2024
2023
\u00a3m
\u00a3m
Revenue
39.4
40.6
Depreciation
(1.1)
(0.7)
Trading pro\ufb01t
2.4
2.0
Net \ufb01nance costs
\u2013
\u2013
Pro\ufb01t before tax
2.4
2.0
Income tax expense
(0.6)
(0.5)
Pro\ufb01t after tax
1.8
1.5
Non-current assets
6.8
6.5
Current assets
1
14.4
14.3
Non-current liabilities
(0.1)
\u2013
Current liabilities
(5.9)
(5.9)
Net assets
15.2
14.9
1.
Included in current assets are cash and cash equivalents of \u00a32.5m (2023: \u00a31.8m).
The purpose of the Chinese joint venture companies is to research, develop, manufacture and sell refractory products. The role of
Vesuvius is to provide technical personnel, training and access to the Group\u2019s international sales network.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced CCR Co., Limited
Hubei Province, 430082, China
Wuhan Wugang-Vesuvius
Gongnong Village Qingshan District, Wuhan,
China
50
50
Advanced Ceramics Co.,
Hubei Province, 430082, China
Limited
Associates
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
% ownership
% ownership
Sapotech Oy
Paavo Havaksen tie 5 D, 90570 Oulu, Finland
Finland
\u2013
14.9
Newshelf 480
144 Oxford Road, Rosebank, Melrose,
South Africa
45
45
Proprietary Limited
Johannesburg, 2196, South Africa
The Group\u2019s holding in Sapotech Oy was disposed of on 5 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "17.3
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the
Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet,
distinguished from Parent Company shareholders\u2019 equity.
The total pro\ufb01t attributable to non-controlling interests for the year ended 31 December 2024 is \u00a313.1m (2023: \u00a312.1m) of which
\u00a311.1m relates to Vesuvius India Limited (2023: \u00a39.3m). The pro\ufb01t attributable to non-controlling interests in respect of the Group\u2019s
other subsidiaries is not considered to be material.
\n \n
2024
2023
Name of entity
Registered address
Jurisdiction
Shares
% ownership
% ownership
Vesuvius India Limited
P-104 Taratala Road, Kolkata,
India
Ordinary
55.57
55.57
700 088, India
Foseco India Limited
922/923, Gat, Sanaswadi, Taluka,
India
Equity
74.98
74.98
Shirur, Pune, 412208, India
Foseco Golden Gate
6 Kung Yeh 2nd Road, Ping Tung
Taiwan
Ordinary
51
51
Company Limited
Dist, Ping Tung, 90049, Taiwan
Foseco (Thailand) Limited
170/69, 22nd Floor Ocean Tower 1,
Thailand
Group A
100
100
Ratchadapisek Road, Klongtoey,
Group B
49
49
Bangkok, 10110, Thailand
Vesuvius Ceska
Prumyslov\u00e1 726, Konsk\u00e1, Trinec,
Czech
Ordinary
60
60
Republika, a.s.
739 61, Czech Republic
Republic
As with Vesuvius plc, all of the above companies have a 31 December year-end. The summarised \ufb01nancial information for
Vesuvius India Limited is presented below:
\n \n
2024
2023
\u00a3m
\u00a3m
Summarised balance sheet
Current assets
111.2
106.6
Current liabilities
(35.0)
(32.0)
Current net assets
76.2
74.6
Non-current assets
62.2
42.3
Non-current liabilities
(4.1)
(3.9)
Non-current net assets
58.1
38.4
Net assets
134.3
113.0
Accumulated non-controlling interests
(60.0)
(50.5)
Summarised statement of comprehensive income
Revenue
169.1
155.0
Pro\ufb01t after tax
25.0
21.0
Pro\ufb01t allocated to non-controlling interests
11.1
9.3
Dividends paid to non-controlling interests
(1.1)
(0.7)
Summarised cash \ufb02ows
Cash \ufb02ows from operating activities
27.1
10.9
Cash \ufb02ows from investing activities
(22.6)
(20.8)
Cash \ufb02ows from \ufb01nancing activities
(2.9)
(0.1)
Net increase/(decrease) in cash and cash equivalents
1.6
(10.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "18.
Trade and Other Receivables
18.1
Accounting policy
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method, less impairment losses. Details on impairment of \ufb01nancial assets are disclosed in Note 25.
18.2
Analysis of trade and other receivables (current)
\n \n
2024
2023
ECL
ECL
ECL
ECL
Gross
provision
Net
provision
Gross
provision
Net
provision
\u00a3m
\u00a3m
\u00a3m
coverage
1
\u00a3m
\u00a3m
\u00a3m
coverage
1
Trade receivables
\u2013 current
287.2
(0.3)
286.9
0.1%
308.9
(0.7)
308.2
0.2%
\u2013 1 to 30 days past due
35.6
(0.2)
35.4
0.6%
34.7
(0.3)
34.4
0.9%
\u2013 31 to 60 days past due
9.9
(0.2)
9.7
2.0%
10.1
(0.7)
9.4
6.9%
\u2013 61 to 90 days past due
3.3
(0.2)
3.1
6.1%
2.5
(0.3)
2.2
12.0%
\u2013 over 90 days past due
27.8
(21.2)
6.6
76.3%
27.3
(24.6)
2.7
90.1%
Trade receivables
363.8
(22.1)
341.7
383.5
(26.6)
356.9
Other receivables
66.6
78.4
Prepayments
30.6
25.2
Total trade and other receivables
438.9
460.5
1.
ECL (Note 25.2 (c) (ii)) provision coverage is expected credit loss provision divided by gross trade receivables.
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other receivables balances and the amount at
which they are reported in the Group Balance Sheet.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
Included within Other receivables are banker\u2019s drafts of \u00a324.9m (2023: \u00a337.6m). The majority of these notes relate to customers in
China and have typical maturities of six months from the issuing date. The full amount of revenue is recognised from the customer
when performance obligations are satis\ufb01ed in accordance with IFRS 15. Other receivables also include VAT receivables of
\u00a331.0m (2023: \u00a328.0m) and insurance reimbursements (see Note 30.2) of \u00a31.9m (2023: \u00a32.2m).
18.3
Other receivables (non-current)
Non-current other receivables of \u00a326.7m (2023: \u00a326.8m) include insurance reimbursements (see Note 30.2) of \u00a321.1m
(2023: \u00a321.4m) and prepaid taxes of \u00a31.9m (2023: \u00a31.7m).
The Group applies the expected credit loss model under IFRS 9 to these other receivables. The expected credit loss for other
receivables is immaterial.
The maximum exposure to credit risk at the end of the reporting period is the net carrying amount of these other receivables.
18.4
Impairment of trade and other receivables
Details relating to the impairment of trade receivables are disclosed in Note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "18.1
Accounting policy
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method, less impairment losses. Details on impairment of \ufb01nancial assets are disclosed in Note 25.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "18.2
Analysis of trade and other receivables (current)
\n \n
2024
2023
ECL
ECL
ECL
ECL
Gross
provision
Net
provision
Gross
provision
Net
provision
\u00a3m
\u00a3m
\u00a3m
coverage
1
\u00a3m
\u00a3m
\u00a3m
coverage
1
Trade receivables
\u2013 current
287.2
(0.3)
286.9
0.1%
308.9
(0.7)
308.2
0.2%
\u2013 1 to 30 days past due
35.6
(0.2)
35.4
0.6%
34.7
(0.3)
34.4
0.9%
\u2013 31 to 60 days past due
9.9
(0.2)
9.7
2.0%
10.1
(0.7)
9.4
6.9%
\u2013 61 to 90 days past due
3.3
(0.2)
3.1
6.1%
2.5
(0.3)
2.2
12.0%
\u2013 over 90 days past due
27.8
(21.2)
6.6
76.3%
27.3
(24.6)
2.7
90.1%
Trade receivables
363.8
(22.1)
341.7
383.5
(26.6)
356.9
Other receivables
66.6
78.4
Prepayments
30.6
25.2
Total trade and other receivables
438.9
460.5
1.
ECL (Note 25.2 (c) (ii)) provision coverage is expected credit loss provision divided by gross trade receivables.
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other receivables balances and the amount at
which they are reported in the Group Balance Sheet.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
Included within Other receivables are banker\u2019s drafts of \u00a324.9m (2023: \u00a337.6m). The majority of these notes relate to customers in
China and have typical maturities of six months from the issuing date. The full amount of revenue is recognised from the customer
when performance obligations are satis\ufb01ed in accordance with IFRS 15. Other receivables also include VAT receivables of
\u00a331.0m (2023: \u00a328.0m) and insurance reimbursements (see Note 30.2) of \u00a31.9m (2023: \u00a32.2m).
18.3
Other receivables (non-current)
Non-current other receivables of \u00a326.7m (2023: \u00a326.8m) include insurance reimbursements (see Note 30.2) of \u00a321.1m
(2023: \u00a321.4m) and prepaid taxes of \u00a31.9m (2023: \u00a31.7m).
The Group applies the expected credit loss model under IFRS 9 to these other receivables. The expected credit loss for other
receivables is immaterial.
The maximum exposure to credit risk at the end of the reporting period is the net carrying amount of these other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "19.
Inventories
19.1
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure incurred in purchasing or
manufacturing inventories together with all other costs directly incurred in bringing the inventory to its present location and
condition and, where appropriate, attributable production overheads based on normal activity levels.
The standard cost method is used for measurement of the cost of inventories in some locations. Standard costs are regularly
reviewed and, if necessary, revised in light of current conditions. Other locations measure the cost of inventories using actual costs.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in
marketing, selling and distribution. The amount of any write-down of inventories to net realisable value is recognised as an
expense in the year in which the write-down occurs.
The Group di\ufb00erentiates between work in progress (inventory that will be used in manufacturing processes and is not normally
sold to third parties) and semi-\ufb01nished goods (inventory that is considered as partially complete in end-to-end manufacturing
processes and can be sold to a third party in its current state or used for further manufacturing).
19.2
Analysis of inventories
\n \n
2024
2023
\u00a3m
\u00a3m
Raw materials
93.4
96.9
Work in progress
23.5
20.6
Semi-\ufb01nished goods
23.3
24.4
Finished goods
155.2
149.1
Total inventories
295.4
291.0
The cost of materials recognised as an expense and included in manufacturing costs of continuing operations in the Group Income
Statement during the year was \u00a3807.9m (2023: \u00a3853.5m).
The net inventories of \u00a3295.4m (2023: \u00a3291.0m) include a provision for obsolete stock of \u00a316.7m (2023: \u00a319.7m). There were
inventory write-downs of \u00a31.3m (2023: write-downs of \u00a33.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "19.1
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure incurred in purchasing or
manufacturing inventories together with all other costs directly incurred in bringing the inventory to its present location and
condition and, where appropriate, attributable production overheads based on normal activity levels.
The standard cost method is used for measurement of the cost of inventories in some locations. Standard costs are regularly
reviewed and, if necessary, revised in light of current conditions. Other locations measure the cost of inventories using actual costs.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in
marketing, selling and distribution. The amount of any write-down of inventories to net realisable value is recognised as an
expense in the year in which the write-down occurs.
The Group di\ufb00erentiates between work in progress (inventory that will be used in manufacturing processes and is not normally
sold to third parties) and semi-\ufb01nished goods (inventory that is considered as partially complete in end-to-end manufacturing
processes and can be sold to a third party in its current state or used for further manufacturing).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "20.
Acquisitions and Divestments
The Group did not acquire any material interests in any companies during the year ended 31 December 2024. There was no
contingent consideration paid during the year ended 31 December 2024.
On 15 November 2024 the Group signed an agreement to acquire a 61.65% stake in PiroMET AS, a Turkish business for \u20ac26.2m.
Following the agreement reached in November 2024, on 28 February 2025 we completed the acquisition of a 61.65% shareholding
in PiroMET, a Turkish refractory company, for \u20ac26.2m. The acquisition will strengthen our Advanced Refractory business in the
fast-growing region of EEMEA and will also allow us to leverage PiroMET\u2019s expertise in robotics and gunning worldwide.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "21.
Issued Share Capital
21.1
Accounting policy
Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.
Where shares are redeemed or purchased as part of a share buyback programme, a sum equal to the amount by which the
Company\u2019s share capital is diminished on cancellation of the shares is transferred to the capital redemption reserve.
21.2
Analysis of issued share capital
\n \n
2024
2023
Nominal
Nominal
Number
value
Number
value
Allotted, issued and fully paid ordinary shares of 10p each
m
\u00a3m
m
\u00a3m
As at 1 January
277.9
27.7
278.5
27.8
Share buyback
(13.4)
(1.3)
(0.6)
(0.1)
As at 31 December
264.5
26.4
277.9
27.7
Further information relating to the Company\u2019s share capital is given in Note 9 to the Company\u2019s Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "21.1
Accounting policy
Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "22.
Retained Earnings
\n \n
Other
Reserve
Share
retained
Total
for own
option
earnings
retained
shares
reserve
restated
*
earnings
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2022 and 1 January 2023
(40.2)
8.0
2,656.0
2,623.8
Pro\ufb01t for the year
\u2013
\u2013
118.5
118.5
Remeasurement of de\ufb01ned bene\ufb01t liabilities/assets
\u2013
\u2013
8.4
8.4
Recognition of share-based payments
\u2013
7.3
\u2013
7.3
Release of share option reserve on exercised
and lapsed options
3.2
(3.2)
\u2013
\u2013
Income tax on items recognised in other
comprehensive income
\u2013
\u2013
(2.0)
(2.0)
Purchase of ESOP shares
(1.1)
\u2013
\u2013
(1.1)
Share buyback
\u2013
\u2013
(3.0)
(3.0)
Dividends paid
24
\u2013
\u2013
(60.7)
(60.7)
As at 31 December 2023 and 1 January 2024
(38.1)
12.1
2,717.2
2,691.2
Pro\ufb01t for the year
\u2013
\u2013
87.2
87.2
Remeasurement of de\ufb01ned bene\ufb01t liabilities/assets
\u2013
\u2013
3.6
3.6
Recognition of share-based payments
\u2013
6.2
\u2013
6.2
Release of share option reserve on exercised
and lapsed options
6.7
(6.7)
\u2013
\u2013
Income tax on items recognised in other
comprehensive income
\u2013
\u2013
(0.8)
(0.8)
Purchase of ESOP shares
(17.1)
\u2013
\u2013
(17.1)
Share buyback
\u2013
\u2013
(63.5)
(63.5)
Dividends paid
24
\u2013
\u2013
(61.1)
(61.1)
As at 31 December 2024
(48.5)
11.6
2,682.6
2,645.7
*
Comparative \ufb01gures for other retained earnings have been restated to correctly present the amount relating to share buyback. There has been no
change to the Total retained earnings.", "dimensions": { "concept": "vsvs:DisclosureOfRetainedEarningsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "23.
Other Reserves
\n \n
Capital
Cash \ufb02ow
Other
redemption
hedge
Translation
Total other
reserves
reserve
reserve
reserve
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2022 and 1 January 2023
(1,499.3)
\u2013
(0.3)
108.2
(1,391.4)
Exchange di\ufb00erences on translation of the net assets
of foreign operations
\u2013
\u2013
\u2013
(80.8)
(80.8)
Exchange di\ufb00erences on translation of net investment hedges
\u2013
\u2013
\u2013
7.9
7.9
Net change in costs of hedging
\u2013
\u2013
0.4
\u2013
0.4
Change in the fair value of the hedging instrument
\u2013
\u2013
(4.2)
\u2013
(4.2)
Amounts reclassi\ufb01ed from Net \ufb01nance costs
\u2013
\u2013
3.5
\u2013
3.5
As at 31 December 2023 and 1 January 2024
(1,499.3)
\u2013
(0.6)
35.3
(1,464.6)
Exchange di\ufb00erences on translation of the net assets
of foreign operations
\u2013
\u2013
\u2013
(47.8)
(47.8)
Exchange di\ufb00erences on translation of net investment hedges
\u2013
\u2013
\u2013
7.1
7.1
Net change in costs of hedging
\u2013
\u2013
(0.1)
\u2013
(0.1)
Change in the fair value of the hedging instrument
\u2013
\u2013
1.5
\u2013
1.5
Amounts reclassi\ufb01ed from Net \ufb01nance costs
\u2013
\u2013
(1.2)
\u2013
(1.2)
Share buyback
\u2013
1.4
\u2013
\u2013
1.4
As at 31 December 2024
(1,499.3)
1.4
(0.4)
(5.4)
(1,503.7)
Within other reserves as at 31 December 2024 is \u00a31,499.0m (2023: \u00a31,499.0m) arising from the demerger of Cookson Group plc,
being the excess of the Vesuvius plc share capital of \u00a31,777.9m over the total share capital and share premium of Cookson Group
plc as at 14 December 2012 of \u00a3278.9m.
The translation reserve in the table above comprises foreign exchange di\ufb00erences attributable to the owners of the Parent.
These exchange di\ufb00erences arise from the translation of the \ufb01nancial statements of foreign operations and from the translation
of \ufb01nancial instruments that hedge the Group\u2019s net investment in foreign operations. In addition to foreign exchange di\ufb00erences
attributable to the owners of the Parent, the Group Statement of Comprehensive Income includes foreign exchange di\ufb00erences
attributable to non-controlling interests.
Of the closing balance in the translation reserve, an \u00a311.9m debit (2023: \u00a38.5m debit) relates to net investment hedging
arrangements put in place on or after 1 January 2018 but discontinued as at the date of the Balance Sheet. The full closing
balance in the cash \ufb02ow hedge reserve relates to continuing hedges.
The cash \ufb02ow hedge reserve balance includes the cost of hedging of \u00a30.6m debit (2023: \u00a30.4m debit).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "24.
Dividends paid to Equity Shareholders
\n \n
2024
2023
\u00a3m
\u00a3m
Amounts recognised as dividends and paid to equity shareholders during the year
Final dividend for the year ended 31 December 2022 of 15.75p per ordinary share
\u2013
42.4
Interim dividend for the year ended 31 December 2023 of 6.80p per ordinary share
\u2013
18.3
Final dividend for the year ended 31 December 2023 of 16.20p per ordinary share
42.7
\u2013
Interim dividend for the year ended 31 December 2024 of 7.10p per ordinary share
18.4
\u2013
61.1
60.7
In addition to the above dividends, since year-end the Directors have recommended the payment of a \ufb01nal dividend of 16.40 pence
(2023: 16.20 pence) per ordinary share (TDIM: VSVS and ISIN: GB00B82YXW83).
This is subject to approval by shareholders at the Company\u2019s Annual General Meeting on 16 May 2025. If approved by
shareholders, the aggregate amount of the proposed dividend expected to be paid on 6 June 2025 out of retained earnings
at 31 December 2024, but not recognised as a liability at year-end, to holders of ordinary shares on the register on 25 April 2025
is \u00a340.0m (31 May 2024: \u00a342.7m).
The ordinary shares will be quoted ex-dividend on 24 April 2025. Any shareholder wishing to participate in the Vesuvius Dividend
Reinvestment Plan needs to have submitted their election to do so by 15 May 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "25.
Financial Risk Management
25.1
Accounting policy
(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.
(b) Foreign currencies
The individual \ufb01nancial statements of each Group entity are prepared in their functional currency, which is the currency of the
primary economic environment in which that entity operates. For the purpose of the Group Financial Statements, the results
and \ufb01nancial position of each entity are translated into pounds sterling, which is the presentational currency of the Group.
Reporting foreign currency transactions in functional currency
Transactions in currencies other than the entity\u2019s functional currency are initially recorded at the rates of exchange prevailing
at the end of the preceding month or on the date of the transaction itself. At each subsequent balance sheet date:
(i)
Foreign currency monetary items are retranslated at the rates prevailing at the balance sheet date. Exchange di\ufb00erences
arising on the settlement or retranslation of monetary items are recognised either in the Group Income Statement or the
Group Statement of Comprehensive Income
(ii)
Non-monetary items measured at historical cost in a foreign currency are not retranslated.
Translation from functional currency to presentational currency
When the functional currency of a Group entity is di\ufb00erent from the Group\u2019s presentational currency, its results and \ufb01nancial
position are translated into the presentational currency as follows:
(i)
Assets and liabilities are translated using exchange rates prevailing at the balance sheet date
(ii)
Income and expense items are translated at average exchange rates for the year, except where the use of such average rates
does not approximate the exchange rate at the date of a speci\ufb01c transaction, in which case the transaction rate is used
(iii)
All resulting exchange di\ufb00erences are recognised in other comprehensive income and presented in the translation reserve
in equity. They are reclassi\ufb01ed to pro\ufb01t or loss in the period in which the foreign operation is disposed of or liquidated.
Net investment in foreign operations
Exchange di\ufb00erences arising on a monetary item that forms part of a reporting entity\u2019s net investment in a foreign operation
are initially recognised in other comprehensive income and presented in the translation reserve in equity and reclassi\ufb01ed to
pro\ufb01t or loss on disposal of the net investment.
(c) Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
(d)Cash \ufb02ow hedges
Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income to the
extent that the hedges are e\ufb00ective. Any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or
loss. If a forecast transaction is no longer expected to occur, the amounts previously recognised in other comprehensive income
would be transferred to net \ufb01nance costs in the pro\ufb01t or loss.
(e) Net investment hedges
The Group designates certain of its borrowings and derivatives as net investment hedges of its foreign operations. As with cash
\ufb02ow hedges, the e\ufb00ective portion of the gain or loss on hedging instruments is recognised in other comprehensive income whilst
any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or loss. In the event a foreign operation
is disposed of or liquidated, amounts recognised in other comprehensive income are reclassi\ufb01ed from equity to pro\ufb01t or loss.
25.2
Financial risk factors
The Group\u2019s Treasury department, acting in accordance with policies approved by the Board, is principally responsible for
managing the \ufb01nancial risks faced by the Group. The Group\u2019s activities expose it to a variety of \ufb01nancial risks, the most signi\ufb01cant
of which are market risk and liquidity risk.
Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\n \n
2024
2023
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
0.2
\u2013
0.3
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.1)
\u2013
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
4.6
\u2013
0.6
\u2013
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this is to convert the $86m Private
Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private Placement
Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be revalued
through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other comprehensive
income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro exposure is
designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current asset or liability
as it is expected to be settled more than 12 months after the end of the reporting period.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2024. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2025.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a34.6m (2023: \u00a30.6m), of which \u00a34.6m are gross assets and \u00a3nil are
gross liabilities (2023: gross assets \u00a30.8m and gross liabilities \u00a30.2m).
(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n \n
2024
2023
Euro
US dollar
Other
Euro
US dollar
Other
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
*
40.3
31.3
2.6
66.7
55.5
3.3
Cash at bank
15.9
8.3
1.9
6.5
12.1
2.6
Trade payables
*
(33.6)
(40.4)
(7.9)
(35.6)
(38.1)
(11.1)
Private Placement Notes
(163.9)
(92.7)
\u2013
(171.7)
(91.1)
\u2013
Bank loans and overdrafts
(83.5)
(92.7)
\u2013
(42.7)
\u2013
\u2013
Lease liabilities
(0.2)
\u2013
(1.5)
(1.3)
\u2013
(1.8)
Cross-currency interest rate swaps
(63.4)
68.7
\u2013
(66.4)
67.6
\u2013
Foreign currency forward contracts
\u2013 Buy foreign currency
1.3
1.2
\u2013
0.5
2.4
0.1
\u2013 Sell foreign currency
(23.2)
(16.0)
\u2013
(26.5)
(27.6)
\u2013
(310.3)
(132.3)
(4.9)
(270.5)
(19.2)
(6.9)
*
Comparative period \ufb01gures were restated to exclude items not classi\ufb01ed as \ufb01nancial assets or \ufb01nancial liabilities.
The Group has \u00a3nil (2023: \u00a3(1.3)m) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.4)m arose on the
revaluation of derivatives (2023: \u00a3(0.3)m).
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
\n
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(281.7)
(22.4)
1.5
(302.6)
Other
7.4
4.1
(6.8)
4.7
As at 31 December 2023
(274.3)
(18.3)
(5.3)
(297.9)
\n
As at 31 December 2024, \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) of borrowings were designated as hedges of
\n
net investments in \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) worth of foreign operations. In addition, the \u20ac76.6m
\n
(2023: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac76.6m (2023: \u20ac76.6m) worth of
\n
foreign operations.
\n
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
\n
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
\n
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac76.6m CCIRS liability.
\n
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a gain of \u00a37.1m
\n
(2023: a gain of \u00a37.9m).
\n
The $86.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $86.0m USPP Notes issued in 2020. As all principal and
\n
interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is highly e\ufb00ective. It is noted
\n
that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the USPP Notes or the CCIRS.
\n
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments,
\n
to ensure that an economic relationship exists between the hedged item and hedging instrument.
\n
Interest rate risk
\n
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\n
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
\n
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
\n
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
\n
trading environment, market conditions and other economic factors.
\n
As at 31 December 2024, the Group had $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total) of US Private Placement (USPP)
\n
Notes outstanding (2023: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3290.8m in total)), which carry a \ufb01xed rate of interest, representing
\n
60% (2023: 82%) of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is
\n
detailed in the tables below.
\n\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
21.5
49.5
US dollar
91.1
0.1
91.2
Euro
171.7
43.4
215.1
Capitalised arrangement fees
(0.7)
(1.1)
(1.8)
As at 31 December 2023
290.1
63.9
354.0
Information in respect of the currency risk management of $86.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.2(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3284.6m (2023: \u00a3290.8m) have a weighted average interest
rate of 3.1% (2023: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.5 years (2023: 4.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a31.9m (2023: \u00a30.6m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a31.9m (2023: \u00a30.6m).
(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The expected loss rates are based on the payment pro\ufb01les of sales over
a period of 60 months before 31 December 2023 and the corresponding historical credit losses experienced within this period.
The historical loss rates are adjusted to re\ufb02ect current and forward-looking information on macroeconomic factors a\ufb00ecting
the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current state of the economy (such as market
interest rates or growth rates) and particular industry issues in the countries in which it sells its goods and services to be the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 120 days past due. Where loans or receivables
have been written o\ufb00, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables as at 31 December 2024 and as at 31 December 2023 reconciles
to the opening loss allowances as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
26.6
32.8
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(2.9)
(2.6)
Receivables written o\ufb00 during the year as uncollectable
(1.1)
(2.6)
Exchange adjustments
(0.5)
(1.0)
As at 31 December
22.1
26.6
The debit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk
of the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount
equal to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition,
the Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on
other receivables is not material.
(d) Liquidity risk
Liquidity risk is the risk that the Group might have di\ufb03culties in meeting its \ufb01nancial obligations. The Group manages this by
ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash equivalents to meet its operational
cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its \ufb01nancial covenants. The level of
operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at least annually as part of the Group\u2019s
three-year planning process. Where this process indicates a need for additional \ufb01nance, this is addressed on a timely basis by
means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
As at 31 December 2024, the Group had committed borrowing facilities of \u00a3669.6m (2023: \u00a3685.8m), of which \u00a3202.5m
(2023: \u00a3333.4m) were undrawn. 100% of these undrawn facilities was due to expire in 2026. On 21 February 2025, the Group
signed a new committed syndicated bank facility for an amount of \u00a3475.0m and with maturity date of August 2029. The previous
committed syndicated bank facility signed in 2021 for an amount of \u00a3385.0m was cancelled with e\ufb00ect from the same date.
The Group\u2019s borrowing requirements are therefore met by the USPP and a committed syndicated bank facility of \u00a3475.0m
(2023: \u00a3385.0m). This is considered to be a non-adjusting event after balance sheet date.
USPP Notes issued as at 31 December 2024 amounted to \u00a3284.6m ($116.0m, \u20ac198.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.5 years. \u20ac15.0m and $60.0m are repayable in 2025, \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m
in 2029 and \u20ac33.0m and \u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the
tables below. The cash \ufb02ows shown are undiscounted.
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
241.7
\u2013
\u2013
\u2013
241.7
241.7
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
332.8
200.6
194.5
75.5
803.4
762.0
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
236.4
\u2013
\u2013
\u2013
236.4
236.4
Loans and overdrafts
22.3
68.0
196.9
103.9
391.1
355.8
Lease liabilities
13.5
12.2
17.0
19.4
62.1
48.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(1.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
272.3
80.2
213.9
123.3
689.7
638.7
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a30.8m as at 31 December 2024 (31 December 2023: \u00a31.8m), of which \u00a30.4m (2023: \u00a30.6m) related to the
USPP and \u00a30.4m (2023: \u00a31.2m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a315.0m (2023: 13.5m). The carrying amount of lease
liabilities falling due after more than one year was \u00a331.2m (2023: \u00a334.7m).
Presented within interest-bearing borrowings of \u00a3520.2m (2023: \u00a3402.2m) are loans and overdrafts of \u00a3474.8m (2023: \u00a3355.8m),
\ufb01nance lease liabilities of \u00a346.2m (2023: \u00a348.2m) and capitalised arrangement fees of \u00a3(0.8)m (2023: \u00a3(1.8)m).
25.3
Capital management
The Company considers its capital to be equal to the sum of its total equity, disclosed on the Group Balance Sheet, and net debt
(Note 13). It monitors its capital using a number of KPIs, including free cash \ufb02ow, average working capital to sales ratios, net debt
to EBITDA ratios and ROIC (Note 35). The Group\u2019s objectives when managing its capital are:
\u2013
To ensure that the Group and all of its businesses are able to operate as going concerns and ensure that the Group operates
within the \ufb01nancial covenants contained within its debt facilities
\u2013
To have available the necessary \ufb01nancial resources to allow the Group to invest in areas that may deliver acceptable future
returns to investors
\u2013
To maintain su\ufb03cient \ufb01nancial resources to mitigate against risks and unforeseen events
\u2013
To maximise shareholder value through maintaining an appropriate balance between the Group\u2019s equity and net debt
The Group\u2019s committed debt facilities are subject to two covenants \u2013 net debt/EBITDA (under 3.25x) and an interest cover ratio
(at least 4.0x). The Group operated within the requirements of its debt covenants throughout the year and has su\ufb03cient liquidity
headroom within its committed debt facilities. Details of the Group\u2019s covenant compliance and committed debt facilities can be
found in the Strategic Report on page 32 and in the going concern disclosure Note 2.3.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "25.1
Accounting policy
(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "25.1
Accounting policy
(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "25.1
Accounting policy
(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.
(b) Foreign currencies
The individual \ufb01nancial statements of each Group entity are prepared in their functional currency, which is the currency of the
primary economic environment in which that entity operates. For the purpose of the Group Financial Statements, the results
and \ufb01nancial position of each entity are translated into pounds sterling, which is the presentational currency of the Group.
Reporting foreign currency transactions in functional currency
Transactions in currencies other than the entity\u2019s functional currency are initially recorded at the rates of exchange prevailing
at the end of the preceding month or on the date of the transaction itself. At each subsequent balance sheet date:
(i)
Foreign currency monetary items are retranslated at the rates prevailing at the balance sheet date. Exchange di\ufb00erences
arising on the settlement or retranslation of monetary items are recognised either in the Group Income Statement or the
Group Statement of Comprehensive Income
(ii)
Non-monetary items measured at historical cost in a foreign currency are not retranslated.
Translation from functional currency to presentational currency
When the functional currency of a Group entity is di\ufb00erent from the Group\u2019s presentational currency, its results and \ufb01nancial
position are translated into the presentational currency as follows:
(i)
Assets and liabilities are translated using exchange rates prevailing at the balance sheet date
(ii)
Income and expense items are translated at average exchange rates for the year, except where the use of such average rates
does not approximate the exchange rate at the date of a speci\ufb01c transaction, in which case the transaction rate is used
(iii)
All resulting exchange di\ufb00erences are recognised in other comprehensive income and presented in the translation reserve
in equity. They are reclassi\ufb01ed to pro\ufb01t or loss in the period in which the foreign operation is disposed of or liquidated.
Net investment in foreign operations
Exchange di\ufb00erences arising on a monetary item that forms part of a reporting entity\u2019s net investment in a foreign operation
are initially recognised in other comprehensive income and presented in the translation reserve in equity and reclassi\ufb01ed to
pro\ufb01t or loss on disposal of the net investment.
(c) Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
(d)Cash \ufb02ow hedges
Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income to the
extent that the hedges are e\ufb00ective. Any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or
loss. If a forecast transaction is no longer expected to occur, the amounts previously recognised in other comprehensive income
would be transferred to net \ufb01nance costs in the pro\ufb01t or loss.
(e) Net investment hedges
The Group designates certain of its borrowings and derivatives as net investment hedges of its foreign operations. As with cash
\ufb02ow hedges, the e\ufb00ective portion of the gain or loss on hedging instruments is recognised in other comprehensive income whilst
any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or loss. In the event a foreign operation
is disposed of or liquidated, amounts recognised in other comprehensive income are reclassi\ufb01ed from equity to pro\ufb01t or loss.", "dimensions": { "concept": "vsvs:DescriptionOfAccountingPolicyForFinancialRiskManagementExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method. Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\n \n
2024
2023
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
0.2
\u2013
0.3
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.1)
\u2013
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
4.6
\u2013
0.6
\u2013
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this is to convert the $86m Private
Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private Placement
Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be revalued
through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other comprehensive
income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro exposure is
designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current asset or liability
as it is expected to be settled more than 12 months after the end of the reporting period.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2024. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2025.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a34.6m (2023: \u00a30.6m), of which \u00a34.6m are gross assets and \u00a3nil are
gross liabilities (2023: gross assets \u00a30.8m and gross liabilities \u00a30.2m).
(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n \n
2024
2023
Euro
US dollar
Other
Euro
US dollar
Other
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
*
40.3
31.3
2.6
66.7
55.5
3.3
Cash at bank
15.9
8.3
1.9
6.5
12.1
2.6
Trade payables
*
(33.6)
(40.4)
(7.9)
(35.6)
(38.1)
(11.1)
Private Placement Notes
(163.9)
(92.7)
\u2013
(171.7)
(91.1)
\u2013
Bank loans and overdrafts
(83.5)
(92.7)
\u2013
(42.7)
\u2013
\u2013
Lease liabilities
(0.2)
\u2013
(1.5)
(1.3)
\u2013
(1.8)
Cross-currency interest rate swaps
(63.4)
68.7
\u2013
(66.4)
67.6
\u2013
Foreign currency forward contracts
\u2013 Buy foreign currency
1.3
1.2
\u2013
0.5
2.4
0.1
\u2013 Sell foreign currency
(23.2)
(16.0)
\u2013
(26.5)
(27.6)
\u2013
(310.3)
(132.3)
(4.9)
(270.5)
(19.2)
(6.9)
*
Comparative period \ufb01gures were restated to exclude items not classi\ufb01ed as \ufb01nancial assets or \ufb01nancial liabilities.
The Group has \u00a3nil (2023: \u00a3(1.3)m) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.4)m arose on the
revaluation of derivatives (2023: \u00a3(0.3)m).
\n\n\n\n
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
\n
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(281.7)
(22.4)
1.5
(302.6)
Other
7.4
4.1
(6.8)
4.7
As at 31 December 2023
(274.3)
(18.3)
(5.3)
(297.9)
\n
As at 31 December 2024, \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) of borrowings were designated as hedges of
\n
net investments in \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) worth of foreign operations. In addition, the \u20ac76.6m
\n
(2023: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac76.6m (2023: \u20ac76.6m) worth of
\n
foreign operations.
\n
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
\n
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
\n
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac76.6m CCIRS liability.
\n
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a gain of \u00a37.1m
\n
(2023: a gain of \u00a37.9m).
\n
The $86.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $86.0m USPP Notes issued in 2020. As all principal and
\n
interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is highly e\ufb00ective. It is noted
\n
that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the USPP Notes or the CCIRS.
\n
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments,
\n
to ensure that an economic relationship exists between the hedged item and hedging instrument.
\n
Interest rate risk
\n
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\n
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
\n
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
\n
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
\n
trading environment, market conditions and other economic factors.
\n
As at 31 December 2024, the Group had $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total) of US Private Placement (USPP)
\n
Notes outstanding (2023: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3290.8m in total)), which carry a \ufb01xed rate of interest, representing
\n
60% (2023: 82%) of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is
\n
detailed in the tables below.
\n\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
21.5
49.5
US dollar
91.1
0.1
91.2
Euro
171.7
43.4
215.1
Capitalised arrangement fees
(0.7)
(1.1)
(1.8)
As at 31 December 2023
290.1
63.9
354.0
Information in respect of the currency risk management of $86.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.2(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3284.6m (2023: \u00a3290.8m) have a weighted average interest
rate of 3.1% (2023: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.5 years (2023: 4.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a31.9m (2023: \u00a30.6m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a31.9m (2023: \u00a30.6m).
(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The expected loss rates are based on the payment pro\ufb01les of sales over
a period of 60 months before 31 December 2023 and the corresponding historical credit losses experienced within this period.
The historical loss rates are adjusted to re\ufb02ect current and forward-looking information on macroeconomic factors a\ufb00ecting
the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current state of the economy (such as market
interest rates or growth rates) and particular industry issues in the countries in which it sells its goods and services to be the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 120 days past due. Where loans or receivables
have been written o\ufb00, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables as at 31 December 2024 and as at 31 December 2023 reconciles
to the opening loss allowances as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
26.6
32.8
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(2.9)
(2.6)
Receivables written o\ufb00 during the year as uncollectable
(1.1)
(2.6)
Exchange adjustments
(0.5)
(1.0)
As at 31 December
22.1
26.6
The debit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk
of the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount
equal to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition,
the Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on
other receivables is not material.
(d) Liquidity risk
Liquidity risk is the risk that the Group might have di\ufb03culties in meeting its \ufb01nancial obligations. The Group manages this by
ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash equivalents to meet its operational
cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its \ufb01nancial covenants. The level of
operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at least annually as part of the Group\u2019s
three-year planning process. Where this process indicates a need for additional \ufb01nance, this is addressed on a timely basis by
means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
As at 31 December 2024, the Group had committed borrowing facilities of \u00a3669.6m (2023: \u00a3685.8m), of which \u00a3202.5m
(2023: \u00a3333.4m) were undrawn. 100% of these undrawn facilities was due to expire in 2026. On 21 February 2025, the Group
signed a new committed syndicated bank facility for an amount of \u00a3475.0m and with maturity date of August 2029. The previous
committed syndicated bank facility signed in 2021 for an amount of \u00a3385.0m was cancelled with e\ufb00ect from the same date.
The Group\u2019s borrowing requirements are therefore met by the USPP and a committed syndicated bank facility of \u00a3475.0m
(2023: \u00a3385.0m). This is considered to be a non-adjusting event after balance sheet date.
USPP Notes issued as at 31 December 2024 amounted to \u00a3284.6m ($116.0m, \u20ac198.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.5 years. \u20ac15.0m and $60.0m are repayable in 2025, \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m
in 2029 and \u20ac33.0m and \u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the
tables below. The cash \ufb02ows shown are undiscounted.
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
241.7
\u2013
\u2013
\u2013
241.7
241.7
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
332.8
200.6
194.5
75.5
803.4
762.0
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
236.4
\u2013
\u2013
\u2013
236.4
236.4
Loans and overdrafts
22.3
68.0
196.9
103.9
391.1
355.8
Lease liabilities
13.5
12.2
17.0
19.4
62.1
48.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(1.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
272.3
80.2
213.9
123.3
689.7
638.7
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a30.8m as at 31 December 2024 (31 December 2023: \u00a31.8m), of which \u00a30.4m (2023: \u00a30.6m) related to the
USPP and \u00a30.4m (2023: \u00a31.2m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a315.0m (2023: 13.5m). The carrying amount of lease
liabilities falling due after more than one year was \u00a331.2m (2023: \u00a334.7m).
Presented within interest-bearing borrowings of \u00a3520.2m (2023: \u00a3402.2m) are loans and overdrafts of \u00a3474.8m (2023: \u00a3355.8m),
\ufb01nance lease liabilities of \u00a346.2m (2023: \u00a348.2m) and capitalised arrangement fees of \u00a3(0.8)m (2023: \u00a3(1.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method. Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\n \n
2024
2023
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
0.2
\u2013
0.3
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.1)
\u2013
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
4.6
\u2013
0.6
\u2013
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this is to convert the $86m Private
Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private Placement
Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be revalued
through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other comprehensive
income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro exposure is
designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current asset or liability
as it is expected to be settled more than 12 months after the end of the reporting period.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2024. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2025.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a34.6m (2023: \u00a30.6m), of which \u00a34.6m are gross assets and \u00a3nil are
gross liabilities (2023: gross assets \u00a30.8m and gross liabilities \u00a30.2m).
(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n \n
2024
2023
Euro
US dollar
Other
Euro
US dollar
Other
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
*
40.3
31.3
2.6
66.7
55.5
3.3
Cash at bank
15.9
8.3
1.9
6.5
12.1
2.6
Trade payables
*
(33.6)
(40.4)
(7.9)
(35.6)
(38.1)
(11.1)
Private Placement Notes
(163.9)
(92.7)
\u2013
(171.7)
(91.1)
\u2013
Bank loans and overdrafts
(83.5)
(92.7)
\u2013
(42.7)
\u2013
\u2013
Lease liabilities
(0.2)
\u2013
(1.5)
(1.3)
\u2013
(1.8)
Cross-currency interest rate swaps
(63.4)
68.7
\u2013
(66.4)
67.6
\u2013
Foreign currency forward contracts
\u2013 Buy foreign currency
1.3
1.2
\u2013
0.5
2.4
0.1
\u2013 Sell foreign currency
(23.2)
(16.0)
\u2013
(26.5)
(27.6)
\u2013
(310.3)
(132.3)
(4.9)
(270.5)
(19.2)
(6.9)
*
Comparative period \ufb01gures were restated to exclude items not classi\ufb01ed as \ufb01nancial assets or \ufb01nancial liabilities.
The Group has \u00a3nil (2023: \u00a3(1.3)m) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.4)m arose on the
revaluation of derivatives (2023: \u00a3(0.3)m).
\n\n\n\n
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
\n
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(281.7)
(22.4)
1.5
(302.6)
Other
7.4
4.1
(6.8)
4.7
As at 31 December 2023
(274.3)
(18.3)
(5.3)
(297.9)
\n
As at 31 December 2024, \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) of borrowings were designated as hedges of
\n
net investments in \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) worth of foreign operations. In addition, the \u20ac76.6m
\n
(2023: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac76.6m (2023: \u20ac76.6m) worth of
\n
foreign operations.
\n
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
\n
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
\n
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac76.6m CCIRS liability.
\n
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a gain of \u00a37.1m
\n
(2023: a gain of \u00a37.9m).
\n
The $86.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $86.0m USPP Notes issued in 2020. As all principal and
\n
interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is highly e\ufb00ective. It is noted
\n
that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the USPP Notes or the CCIRS.
\n
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments,
\n
to ensure that an economic relationship exists between the hedged item and hedging instrument.
\n
Interest rate risk
\n
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\n
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
\n
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
\n
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
\n
trading environment, market conditions and other economic factors.
\n
As at 31 December 2024, the Group had $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total) of US Private Placement (USPP)
\n
Notes outstanding (2023: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3290.8m in total)), which carry a \ufb01xed rate of interest, representing
\n
60% (2023: 82%) of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is
\n
detailed in the tables below.
\n\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
21.5
49.5
US dollar
91.1
0.1
91.2
Euro
171.7
43.4
215.1
Capitalised arrangement fees
(0.7)
(1.1)
(1.8)
As at 31 December 2023
290.1
63.9
354.0
Information in respect of the currency risk management of $86.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.2(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3284.6m (2023: \u00a3290.8m) have a weighted average interest
rate of 3.1% (2023: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.5 years (2023: 4.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a31.9m (2023: \u00a30.6m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a31.9m (2023: \u00a30.6m).
(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The expected loss rates are based on the payment pro\ufb01les of sales over
a period of 60 months before 31 December 2023 and the corresponding historical credit losses experienced within this period.
The historical loss rates are adjusted to re\ufb02ect current and forward-looking information on macroeconomic factors a\ufb00ecting
the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current state of the economy (such as market
interest rates or growth rates) and particular industry issues in the countries in which it sells its goods and services to be the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 120 days past due. Where loans or receivables
have been written o\ufb00, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables as at 31 December 2024 and as at 31 December 2023 reconciles
to the opening loss allowances as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
26.6
32.8
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(2.9)
(2.6)
Receivables written o\ufb00 during the year as uncollectable
(1.1)
(2.6)
Exchange adjustments
(0.5)
(1.0)
As at 31 December
22.1
26.6
The debit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk
of the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount
equal to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition,
the Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on
other receivables is not material.
(d) Liquidity risk
Liquidity risk is the risk that the Group might have di\ufb03culties in meeting its \ufb01nancial obligations. The Group manages this by
ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash equivalents to meet its operational
cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its \ufb01nancial covenants. The level of
operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at least annually as part of the Group\u2019s
three-year planning process. Where this process indicates a need for additional \ufb01nance, this is addressed on a timely basis by
means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
As at 31 December 2024, the Group had committed borrowing facilities of \u00a3669.6m (2023: \u00a3685.8m), of which \u00a3202.5m
(2023: \u00a3333.4m) were undrawn. 100% of these undrawn facilities was due to expire in 2026. On 21 February 2025, the Group
signed a new committed syndicated bank facility for an amount of \u00a3475.0m and with maturity date of August 2029. The previous
committed syndicated bank facility signed in 2021 for an amount of \u00a3385.0m was cancelled with e\ufb00ect from the same date.
The Group\u2019s borrowing requirements are therefore met by the USPP and a committed syndicated bank facility of \u00a3475.0m
(2023: \u00a3385.0m). This is considered to be a non-adjusting event after balance sheet date.
USPP Notes issued as at 31 December 2024 amounted to \u00a3284.6m ($116.0m, \u20ac198.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.5 years. \u20ac15.0m and $60.0m are repayable in 2025, \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m
in 2029 and \u20ac33.0m and \u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the
tables below. The cash \ufb02ows shown are undiscounted.
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
241.7
\u2013
\u2013
\u2013
241.7
241.7
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
332.8
200.6
194.5
75.5
803.4
762.0
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
236.4
\u2013
\u2013
\u2013
236.4
236.4
Loans and overdrafts
22.3
68.0
196.9
103.9
391.1
355.8
Lease liabilities
13.5
12.2
17.0
19.4
62.1
48.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(1.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
272.3
80.2
213.9
123.3
689.7
638.7
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a30.8m as at 31 December 2024 (31 December 2023: \u00a31.8m), of which \u00a30.4m (2023: \u00a30.6m) related to the
USPP and \u00a30.4m (2023: \u00a31.2m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a315.0m (2023: 13.5m). The carrying amount of lease
liabilities falling due after more than one year was \u00a331.2m (2023: \u00a334.7m).
Presented within interest-bearing borrowings of \u00a3520.2m (2023: \u00a3402.2m) are loans and overdrafts of \u00a3474.8m (2023: \u00a3355.8m),
\ufb01nance lease liabilities of \u00a346.2m (2023: \u00a348.2m) and capitalised arrangement fees of \u00a3(0.8)m (2023: \u00a3(1.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "(a) Valuation of \ufb01nancial assets and liabilities
The Group\u2019s \ufb01nancial assets and liabilities are measured as appropriate either at amortised cost or at fair value through other
comprehensive income or at fair value through pro\ufb01t and loss.
IFRS 13 Fair Value Measurement requires classi\ufb01cation of \ufb01nancial instruments within a hierarchy that prioritises the inputs
to fair value measurement. The three levels of the fair value hierarchy are:
Level 1 \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 \u2013 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly
Level 3 \u2013 Inputs that are not based on observable market data
Trade receivables and other receivables are amounts due for goods sold or services performed in the ordinary course of business.
Trade receivables are recognised initially at their fair value, which is the amount of consideration that is unconditional. The Group
holds the trade receivables and other receivables with the objective of collecting the contractual cash \ufb02ows (held to collect) and
therefore measures them at amortised cost.
Derivatives which do not meet the hedge accounting criteria are classi\ufb01ed as fair value through pro\ufb01t and loss (held for trading).
The cross-currency interest rate swaps (see Note 25.2) which meet the hedging criteria are measured at fair value through other
comprehensive income.
Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition,
they are measured at amortised cost, using the e\ufb00ective interest method. Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\n \n
2024
2023
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
0.2
\u2013
0.3
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.1)
\u2013
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
4.6
\u2013
0.6
\u2013
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this is to convert the $86m Private
Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private Placement
Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be revalued
through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other comprehensive
income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro exposure is
designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current asset or liability
as it is expected to be settled more than 12 months after the end of the reporting period.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2024. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2025.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a34.6m (2023: \u00a30.6m), of which \u00a34.6m are gross assets and \u00a3nil are
gross liabilities (2023: gross assets \u00a30.8m and gross liabilities \u00a30.2m).
(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n \n
2024
2023
Euro
US dollar
Other
Euro
US dollar
Other
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
*
40.3
31.3
2.6
66.7
55.5
3.3
Cash at bank
15.9
8.3
1.9
6.5
12.1
2.6
Trade payables
*
(33.6)
(40.4)
(7.9)
(35.6)
(38.1)
(11.1)
Private Placement Notes
(163.9)
(92.7)
\u2013
(171.7)
(91.1)
\u2013
Bank loans and overdrafts
(83.5)
(92.7)
\u2013
(42.7)
\u2013
\u2013
Lease liabilities
(0.2)
\u2013
(1.5)
(1.3)
\u2013
(1.8)
Cross-currency interest rate swaps
(63.4)
68.7
\u2013
(66.4)
67.6
\u2013
Foreign currency forward contracts
\u2013 Buy foreign currency
1.3
1.2
\u2013
0.5
2.4
0.1
\u2013 Sell foreign currency
(23.2)
(16.0)
\u2013
(26.5)
(27.6)
\u2013
(310.3)
(132.3)
(4.9)
(270.5)
(19.2)
(6.9)
*
Comparative period \ufb01gures were restated to exclude items not classi\ufb01ed as \ufb01nancial assets or \ufb01nancial liabilities.
The Group has \u00a3nil (2023: \u00a3(1.3)m) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.4)m arose on the
revaluation of derivatives (2023: \u00a3(0.3)m).
\n\n\n\n
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
\n
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(281.7)
(22.4)
1.5
(302.6)
Other
7.4
4.1
(6.8)
4.7
As at 31 December 2023
(274.3)
(18.3)
(5.3)
(297.9)
\n
As at 31 December 2024, \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) of borrowings were designated as hedges of
\n
net investments in \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) worth of foreign operations. In addition, the \u20ac76.6m
\n
(2023: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac76.6m (2023: \u20ac76.6m) worth of
\n
foreign operations.
\n
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
\n
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
\n
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac76.6m CCIRS liability.
\n
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a gain of \u00a37.1m
\n
(2023: a gain of \u00a37.9m).
\n
The $86.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $86.0m USPP Notes issued in 2020. As all principal and
\n
interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is highly e\ufb00ective. It is noted
\n
that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the USPP Notes or the CCIRS.
\n
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments,
\n
to ensure that an economic relationship exists between the hedged item and hedging instrument.
\n
Interest rate risk
\n
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\n
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
\n
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
\n
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
\n
trading environment, market conditions and other economic factors.
\n
As at 31 December 2024, the Group had $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total) of US Private Placement (USPP)
\n
Notes outstanding (2023: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3290.8m in total)), which carry a \ufb01xed rate of interest, representing
\n
60% (2023: 82%) of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is
\n
detailed in the tables below.
\n\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
21.5
49.5
US dollar
91.1
0.1
91.2
Euro
171.7
43.4
215.1
Capitalised arrangement fees
(0.7)
(1.1)
(1.8)
As at 31 December 2023
290.1
63.9
354.0
Information in respect of the currency risk management of $86.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.2(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3284.6m (2023: \u00a3290.8m) have a weighted average interest
rate of 3.1% (2023: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.5 years (2023: 4.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a31.9m (2023: \u00a30.6m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a31.9m (2023: \u00a30.6m).
(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The expected loss rates are based on the payment pro\ufb01les of sales over
a period of 60 months before 31 December 2023 and the corresponding historical credit losses experienced within this period.
The historical loss rates are adjusted to re\ufb02ect current and forward-looking information on macroeconomic factors a\ufb00ecting
the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current state of the economy (such as market
interest rates or growth rates) and particular industry issues in the countries in which it sells its goods and services to be the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 120 days past due. Where loans or receivables
have been written o\ufb00, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables as at 31 December 2024 and as at 31 December 2023 reconciles
to the opening loss allowances as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
26.6
32.8
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(2.9)
(2.6)
Receivables written o\ufb00 during the year as uncollectable
(1.1)
(2.6)
Exchange adjustments
(0.5)
(1.0)
As at 31 December
22.1
26.6
The debit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk
of the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount
equal to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition,
the Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on
other receivables is not material.
(d) Liquidity risk
Liquidity risk is the risk that the Group might have di\ufb03culties in meeting its \ufb01nancial obligations. The Group manages this by
ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash equivalents to meet its operational
cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its \ufb01nancial covenants. The level of
operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at least annually as part of the Group\u2019s
three-year planning process. Where this process indicates a need for additional \ufb01nance, this is addressed on a timely basis by
means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
As at 31 December 2024, the Group had committed borrowing facilities of \u00a3669.6m (2023: \u00a3685.8m), of which \u00a3202.5m
(2023: \u00a3333.4m) were undrawn. 100% of these undrawn facilities was due to expire in 2026. On 21 February 2025, the Group
signed a new committed syndicated bank facility for an amount of \u00a3475.0m and with maturity date of August 2029. The previous
committed syndicated bank facility signed in 2021 for an amount of \u00a3385.0m was cancelled with e\ufb00ect from the same date.
The Group\u2019s borrowing requirements are therefore met by the USPP and a committed syndicated bank facility of \u00a3475.0m
(2023: \u00a3385.0m). This is considered to be a non-adjusting event after balance sheet date.
USPP Notes issued as at 31 December 2024 amounted to \u00a3284.6m ($116.0m, \u20ac198.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.5 years. \u20ac15.0m and $60.0m are repayable in 2025, \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m
in 2029 and \u20ac33.0m and \u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the
tables below. The cash \ufb02ows shown are undiscounted.
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
241.7
\u2013
\u2013
\u2013
241.7
241.7
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
332.8
200.6
194.5
75.5
803.4
762.0
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
236.4
\u2013
\u2013
\u2013
236.4
236.4
Loans and overdrafts
22.3
68.0
196.9
103.9
391.1
355.8
Lease liabilities
13.5
12.2
17.0
19.4
62.1
48.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(1.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
272.3
80.2
213.9
123.3
689.7
638.7
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a30.8m as at 31 December 2024 (31 December 2023: \u00a31.8m), of which \u00a30.4m (2023: \u00a30.6m) related to the
USPP and \u00a30.4m (2023: \u00a31.2m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a315.0m (2023: 13.5m). The carrying amount of lease
liabilities falling due after more than one year was \u00a331.2m (2023: \u00a334.7m).
Presented within interest-bearing borrowings of \u00a3520.2m (2023: \u00a3402.2m) are loans and overdrafts of \u00a3474.8m (2023: \u00a3355.8m),
\ufb01nance lease liabilities of \u00a346.2m (2023: \u00a348.2m) and capitalised arrangement fees of \u00a3(0.8)m (2023: \u00a3(1.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "Loans and borrowings are initially recognised at fair value net of directly attributable transaction costs. After initial recognition, they are measured at amortised cost, using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "(b) Foreign currencies
The individual \ufb01nancial statements of each Group entity are prepared in their functional currency, which is the currency of the
primary economic environment in which that entity operates. For the purpose of the Group Financial Statements, the results
and \ufb01nancial position of each entity are translated into pounds sterling, which is the presentational currency of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "Reporting foreign currency transactions in functional currency
Transactions in currencies other than the entity\u2019s functional currency are initially recorded at the rates of exchange prevailing
at the end of the preceding month or on the date of the transaction itself. At each subsequent balance sheet date:
(i)
Foreign currency monetary items are retranslated at the rates prevailing at the balance sheet date. Exchange di\ufb00erences
arising on the settlement or retranslation of monetary items are recognised either in the Group Income Statement or the
Group Statement of Comprehensive Income
(ii)
Non-monetary items measured at historical cost in a foreign currency are not retranslated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "(c) Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "(c) Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "(c) Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments (\u2018derivatives\u2019) to manage the \ufb01nancial risks associated with some of its underlying
activities and the \ufb01nancing of those activities. Derivatives are measured at fair value using market prices at the balance sheet
date. Any derivatives which form part of a hedge accounting relationship are designated as such on the date on which they
are executed. Any derivatives which do not form part of a designated hedge accounting relationship are classi\ufb01ed as \u2018held for
trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. They are presented as current assets
or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "(e) Net investment hedges
The Group designates certain of its borrowings and derivatives as net investment hedges of its foreign operations. As with cash
\ufb02ow hedges, the e\ufb00ective portion of the gain or loss on hedging instruments is recognised in other comprehensive income whilst
any ine\ufb00ective portion would immediately be recognised in net \ufb01nance costs in the pro\ufb01t or loss. In the event a foreign operation
is disposed of or liquidated, amounts recognised in other comprehensive income are reclassi\ufb01ed from equity to pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Analysis of \ufb01nancial instruments
The following table summarises Vesuvius\u2019 \ufb01nancial instruments measured at fair value and shows the level within the fair value
hierarchy in which the \ufb01nancial instruments have been classi\ufb01ed.
\n \n
2024
2023
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments (Level 2)
0.2
\u2013
0.3
\u2013
Derivatives not designated for hedge accounting purposes (Level 2)
0.1
(0.1)
\u2013
(0.1)
Derivatives designated for hedge accounting purposes (Level 2)
4.6
\u2013
0.6
\u2013
(a) Derivative \ufb01nancial instruments
The Group uses derivatives in the form of forward foreign currency contracts to manage the e\ufb00ects of its exposure to foreign
exchange risk on trade receivables, trade payables and cash. Derivatives are only used for economic hedging purposes and not
as speculative investments.
In 2020, the Group executed a US$86m cross-currency interest rate swap (CCIRS). The e\ufb00ect of this is to convert the $86m Private
Placement Notes issued in 2020 into \u20ac76.6m. US dollar cash \ufb02ows under the CCIRS exactly mirror those of the Private Placement
Notes and the maturity date of the CCIRS matches the repayment date of the Notes. The CCIRS would by default be revalued
through the Income Statement; however, as it is in a designated hedging relationship, it is revalued through other comprehensive
income. The US dollar exposure is designated as a cash \ufb02ow hedge of the Private Placement Notes and the euro exposure is
designated as a net investment hedge of the Group\u2019s foreign operations. The CCIRS is presented as a non-current asset or liability
as it is expected to be settled more than 12 months after the end of the reporting period.
With the exception of the CCIRS, the fair value of derivatives outstanding at the year-end has been booked through the Income
Statement in 2024. All of the fair values shown in the table above are classi\ufb01ed under IFRS 13 as Level 2 measurements which have
been calculated using quoted prices from active markets, where similar contracts are traded and the quotes re\ufb02ect actual
transactions in similar instruments. All the derivative assets and liabilities not designated for hedge accounting purposes reported
above will mature in 2025.
Derivative \ufb01nancial instruments are subject to International Swaps and Derivatives Association (ISDA) agreements. Derivatives
designated for hedge accounting purposes are presented net \u00a34.6m (2023: \u00a30.6m), of which \u00a34.6m are gross assets and \u00a3nil are
gross liabilities (2023: gross assets \u00a30.8m and gross liabilities \u00a30.2m).
(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n \n
2024
2023
Euro
US dollar
Other
Euro
US dollar
Other
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
*
40.3
31.3
2.6
66.7
55.5
3.3
Cash at bank
15.9
8.3
1.9
6.5
12.1
2.6
Trade payables
*
(33.6)
(40.4)
(7.9)
(35.6)
(38.1)
(11.1)
Private Placement Notes
(163.9)
(92.7)
\u2013
(171.7)
(91.1)
\u2013
Bank loans and overdrafts
(83.5)
(92.7)
\u2013
(42.7)
\u2013
\u2013
Lease liabilities
(0.2)
\u2013
(1.5)
(1.3)
\u2013
(1.8)
Cross-currency interest rate swaps
(63.4)
68.7
\u2013
(66.4)
67.6
\u2013
Foreign currency forward contracts
\u2013 Buy foreign currency
1.3
1.2
\u2013
0.5
2.4
0.1
\u2013 Sell foreign currency
(23.2)
(16.0)
\u2013
(26.5)
(27.6)
\u2013
(310.3)
(132.3)
(4.9)
(270.5)
(19.2)
(6.9)
*
Comparative period \ufb01gures were restated to exclude items not classi\ufb01ed as \ufb01nancial assets or \ufb01nancial liabilities.
The Group has \u00a3nil (2023: \u00a3(1.3)m) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.4)m arose on the
revaluation of derivatives (2023: \u00a3(0.3)m).
\n\n\n\n
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
\n
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(281.7)
(22.4)
1.5
(302.6)
Other
7.4
4.1
(6.8)
4.7
As at 31 December 2023
(274.3)
(18.3)
(5.3)
(297.9)
\n
As at 31 December 2024, \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) of borrowings were designated as hedges of
\n
net investments in \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) worth of foreign operations. In addition, the \u20ac76.6m
\n
(2023: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac76.6m (2023: \u20ac76.6m) worth of
\n
foreign operations.
\n
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
\n
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
\n
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac76.6m CCIRS liability.
\n
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a gain of \u00a37.1m
\n
(2023: a gain of \u00a37.9m).
\n
The $86.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $86.0m USPP Notes issued in 2020. As all principal and
\n
interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is highly e\ufb00ective. It is noted
\n
that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the USPP Notes or the CCIRS.
\n
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments,
\n
to ensure that an economic relationship exists between the hedged item and hedging instrument.
\n
Interest rate risk
\n
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\n
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
\n
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
\n
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
\n
trading environment, market conditions and other economic factors.
\n
As at 31 December 2024, the Group had $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total) of US Private Placement (USPP)
\n
Notes outstanding (2023: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3290.8m in total)), which carry a \ufb01xed rate of interest, representing
\n
60% (2023: 82%) of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is
\n
detailed in the tables below.
\n\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
21.5
49.5
US dollar
91.1
0.1
91.2
Euro
171.7
43.4
215.1
Capitalised arrangement fees
(0.7)
(1.1)
(1.8)
As at 31 December 2023
290.1
63.9
354.0
Information in respect of the currency risk management of $86.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.2(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3284.6m (2023: \u00a3290.8m) have a weighted average interest
rate of 3.1% (2023: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.5 years (2023: 4.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a31.9m (2023: \u00a30.6m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a31.9m (2023: \u00a30.6m).
(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The expected loss rates are based on the payment pro\ufb01les of sales over
a period of 60 months before 31 December 2023 and the corresponding historical credit losses experienced within this period.
The historical loss rates are adjusted to re\ufb02ect current and forward-looking information on macroeconomic factors a\ufb00ecting
the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current state of the economy (such as market
interest rates or growth rates) and particular industry issues in the countries in which it sells its goods and services to be the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 120 days past due. Where loans or receivables
have been written o\ufb00, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables as at 31 December 2024 and as at 31 December 2023 reconciles
to the opening loss allowances as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
26.6
32.8
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(2.9)
(2.6)
Receivables written o\ufb00 during the year as uncollectable
(1.1)
(2.6)
Exchange adjustments
(0.5)
(1.0)
As at 31 December
22.1
26.6
The debit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk
of the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount
equal to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition,
the Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on
other receivables is not material.
(d) Liquidity risk
Liquidity risk is the risk that the Group might have di\ufb03culties in meeting its \ufb01nancial obligations. The Group manages this by
ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash equivalents to meet its operational
cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its \ufb01nancial covenants. The level of
operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at least annually as part of the Group\u2019s
three-year planning process. Where this process indicates a need for additional \ufb01nance, this is addressed on a timely basis by
means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
As at 31 December 2024, the Group had committed borrowing facilities of \u00a3669.6m (2023: \u00a3685.8m), of which \u00a3202.5m
(2023: \u00a3333.4m) were undrawn. 100% of these undrawn facilities was due to expire in 2026. On 21 February 2025, the Group
signed a new committed syndicated bank facility for an amount of \u00a3475.0m and with maturity date of August 2029. The previous
committed syndicated bank facility signed in 2021 for an amount of \u00a3385.0m was cancelled with e\ufb00ect from the same date.
The Group\u2019s borrowing requirements are therefore met by the USPP and a committed syndicated bank facility of \u00a3475.0m
(2023: \u00a3385.0m). This is considered to be a non-adjusting event after balance sheet date.
USPP Notes issued as at 31 December 2024 amounted to \u00a3284.6m ($116.0m, \u20ac198.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.5 years. \u20ac15.0m and $60.0m are repayable in 2025, \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m
in 2029 and \u20ac33.0m and \u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the
tables below. The cash \ufb02ows shown are undiscounted.
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
241.7
\u2013
\u2013
\u2013
241.7
241.7
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
332.8
200.6
194.5
75.5
803.4
762.0
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
236.4
\u2013
\u2013
\u2013
236.4
236.4
Loans and overdrafts
22.3
68.0
196.9
103.9
391.1
355.8
Lease liabilities
13.5
12.2
17.0
19.4
62.1
48.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(1.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
272.3
80.2
213.9
123.3
689.7
638.7
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a30.8m as at 31 December 2024 (31 December 2023: \u00a31.8m), of which \u00a30.4m (2023: \u00a30.6m) related to the
USPP and \u00a30.4m (2023: \u00a31.2m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a315.0m (2023: 13.5m). The carrying amount of lease
liabilities falling due after more than one year was \u00a331.2m (2023: \u00a334.7m).
Presented within interest-bearing borrowings of \u00a3520.2m (2023: \u00a3402.2m) are loans and overdrafts of \u00a3474.8m (2023: \u00a3355.8m),
\ufb01nance lease liabilities of \u00a346.2m (2023: \u00a348.2m) and capitalised arrangement fees of \u00a3(0.8)m (2023: \u00a3(1.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "(b) Market risk
Market risk is the risk that either the fair values or the cash \ufb02ows of the Group\u2019s \ufb01nancial instruments may \ufb02uctuate because
of changes in market prices. The Group is principally exposed to market risk through \ufb02uctuations in exchange rates and
interest rates.
Currency risk
The Group Income Statement is exposed to currency risk on monetary items that are denominated in currencies other than the
functional currency of the companies in which they are held. The currency pro\ufb01le of these \ufb01nancial assets and \ufb01nancial liabilities
is shown in the table below.
\n \n
2024
2023
Euro
US dollar
Other
Euro
US dollar
Other
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
*
40.3
31.3
2.6
66.7
55.5
3.3
Cash at bank
15.9
8.3
1.9
6.5
12.1
2.6
Trade payables
*
(33.6)
(40.4)
(7.9)
(35.6)
(38.1)
(11.1)
Private Placement Notes
(163.9)
(92.7)
\u2013
(171.7)
(91.1)
\u2013
Bank loans and overdrafts
(83.5)
(92.7)
\u2013
(42.7)
\u2013
\u2013
Lease liabilities
(0.2)
\u2013
(1.5)
(1.3)
\u2013
(1.8)
Cross-currency interest rate swaps
(63.4)
68.7
\u2013
(66.4)
67.6
\u2013
Foreign currency forward contracts
\u2013 Buy foreign currency
1.3
1.2
\u2013
0.5
2.4
0.1
\u2013 Sell foreign currency
(23.2)
(16.0)
\u2013
(26.5)
(27.6)
\u2013
(310.3)
(132.3)
(4.9)
(270.5)
(19.2)
(6.9)
*
Comparative period \ufb01gures were restated to exclude items not classi\ufb01ed as \ufb01nancial assets or \ufb01nancial liabilities.
The Group has \u00a3nil (2023: \u00a3(1.3)m) of exchange di\ufb00erences recognised in the Income Statement of which \u00a3(0.4)m arose on the
revaluation of derivatives (2023: \u00a3(0.3)m).
\n\n\n\n
The tables below show the net unhedged monetary assets and liabilities of Group companies that are not denominated in their
\n
functional currency and which could give rise to exchange gains and losses in the Group Income Statement.
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(315.5)
(115.6)
1.0
(430.1)
Other
4.9
(16.0)
(5.7)
(16.8)
As at 31 December 2024
(310.6)
(131.6)
(4.7)
(446.9)
\n\n \n
Net unhedged monetary (liabilities)/assets
Euro
US dollar
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Functional currency
Sterling
(281.7)
(22.4)
1.5
(302.6)
Other
7.4
4.1
(6.8)
4.7
As at 31 December 2023
(274.3)
(18.3)
(5.3)
(297.9)
\n
As at 31 December 2024, \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) of borrowings were designated as hedges of
\n
net investments in \u20ac298.0m and $146.0m (2023: \u20ac246.0m and $30.0m) worth of foreign operations. In addition, the \u20ac76.6m
\n
(2023: \u20ac76.6m) CCIRS liability has been designated as a net investment hedge of a further \u20ac76.6m (2023: \u20ac76.6m) worth of
\n
foreign operations.
\n
As the value of the borrowings and the CCIRS liability exactly matches the designated hedged portion of the net investments, the
\n
relevant hedge ratio is 1:1. The net investment hedges are therefore highly e\ufb00ective. It is noted that hedge ine\ufb00ectiveness would
\n
arise in the event there were insu\ufb03cient euro-denominated foreign operations to be matched against the \u20ac76.6m CCIRS liability.
\n
The total retranslation impact of the borrowings and CCIRS designated as net investment hedges was a gain of \u00a37.1m
\n
(2023: a gain of \u00a37.9m).
\n
The $86.0m CCIRS asset has been designated as a cash \ufb02ow hedge of the $86.0m USPP Notes issued in 2020. As all principal and
\n
interest cash \ufb02ows under the CCIRS exactly mirror those under the USPP Notes, the cash \ufb02ow hedge is highly e\ufb00ective. It is noted
\n
that hedge ine\ufb00ectiveness would arise in the event of a change in the contractual terms of either the USPP Notes or the CCIRS.
\n
Hedge e\ufb00ectiveness is determined at inception of the hedge relationship and through periodic e\ufb00ectiveness assessments,
\n
to ensure that an economic relationship exists between the hedged item and hedging instrument.
\n
Interest rate risk
\n
The Group\u2019s interest rate risk principally arises in relation to its borrowings. Where borrowings are held at \ufb02oating rates of interest,
\n
\ufb02uctuations in interest rates expose the Group to variability in the cash \ufb02ows associated with its interest payments, and where
\n
borrowings are held at \ufb01xed rates of interest, \ufb02uctuations in interest rates expose the Group to changes in the fair value of its
\n
borrowings. The Group\u2019s policy is to maintain an appropriate mix of \ufb01xed and \ufb02oating rate borrowings based on the Vesuvius
\n
trading environment, market conditions and other economic factors.
\n
As at 31 December 2024, the Group had $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3284.6m in total) of US Private Placement (USPP)
\n
Notes outstanding (2023: $116.0m, \u20ac198.0m and \u00a328.0m (\u00a3290.8m in total)), which carry a \ufb01xed rate of interest, representing
\n
60% (2023: 82%) of the Group\u2019s total borrowings outstanding at that date. The interest rate pro\ufb01le of the Group\u2019s borrowings is
\n
detailed in the tables below.
\n\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
11.7
39.7
US dollar
92.7
92.8
185.5
Euro
163.9
82.8
246.7
Other
\u2013
2.9
2.9
Capitalised arrangement fees
(0.4)
(0.4)
(0.8)
As at 31 December 2024
284.2
189.8
474.0
\n \n
Financial liabilities (net borrowings)
Fixed
Floating
rate
rate
Total
\u00a3m
\u00a3m
\u00a3m
Sterling
28.0
21.5
49.5
US dollar
91.1
0.1
91.2
Euro
171.7
43.4
215.1
Capitalised arrangement fees
(0.7)
(1.1)
(1.8)
As at 31 December 2023
290.1
63.9
354.0
Information in respect of the currency risk management of $86.0m of US dollar-denominated \ufb01xed rate \ufb01nancial liabilities is
provided above in Note 25.2(a).
The \ufb02oating rate \ufb01nancial liabilities shown in the tables above bear interest at a market convention reference rate appropriate to
each currency plus a margin. The \ufb01xed rate gross \ufb01nancial liabilities of \u00a3284.6m (2023: \u00a3290.8m) have a weighted average interest
rate of 3.1% (2023: 3.1%) and a weighted average period for which the rate is \ufb01xed of 3.5 years (2023: 4.5 years).
The \ufb01nancial assets attract \ufb02oating rate interest.
Based upon the interest rate pro\ufb01le of the Group\u2019s \ufb01nancial liabilities shown in the tables above, a 1% increase in market interest
rates would increase the \ufb01nance costs charged in the Group Income Statement and the interest paid in the Group Statement of
Cash Flows by \u00a31.9m (2023: \u00a30.6m), and a 1% reduction in market interest rates would decrease the \ufb01nance costs charged in the
Group Income Statement and the interest paid in the Group Statement of Cash Flows by \u00a31.9m (2023: \u00a30.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "(c) Credit risk
Credit risk arises from cash and cash equivalents, derivative \ufb01nancial assets and deposits with banks and \ufb01nancial institutions,
as well as credit exposures to customers, including outstanding receivables and other receivables.
(i) Risk management
For banks and \ufb01nancial institutions, apart from certain limited circumstances, Group policy is that only independently rated
entities with a minimum rating of \u2018A-\u2019 are accepted as counterparties. In addition, the Group\u2019s operating companies have policies
and procedures in place to assess the creditworthiness of the customers with whom they do business.
(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The expected loss rates are based on the payment pro\ufb01les of sales over
a period of 60 months before 31 December 2023 and the corresponding historical credit losses experienced within this period.
The historical loss rates are adjusted to re\ufb02ect current and forward-looking information on macroeconomic factors a\ufb00ecting
the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current state of the economy (such as market
interest rates or growth rates) and particular industry issues in the countries in which it sells its goods and services to be the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 120 days past due. Where loans or receivables
have been written o\ufb00, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables as at 31 December 2024 and as at 31 December 2023 reconciles
to the opening loss allowances as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
26.6
32.8
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(2.9)
(2.6)
Receivables written o\ufb00 during the year as uncollectable
(1.1)
(2.6)
Exchange adjustments
(0.5)
(1.0)
As at 31 December
22.1
26.6
The debit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk
of the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount
equal to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition,
the Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on
other receivables is not material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "(ii) Impairment of \ufb01nancial assets
The Group subjects trade receivables from sales of inventory and from the provision of services to the expected credit loss model.
Whilst cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed impairment loss
was immaterial.
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss
allowance for all trade receivables and contract assets. The expected loss rates are based on the payment pro\ufb01les of sales over
a period of 60 months before 31 December 2023 and the corresponding historical credit losses experienced within this period.
The historical loss rates are adjusted to re\ufb02ect current and forward-looking information on macroeconomic factors a\ufb00ecting
the ability of the customers to settle the receivables. The Group has identi\ufb01ed the current state of the economy (such as market
interest rates or growth rates) and particular industry issues in the countries in which it sells its goods and services to be the most
relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Regardless of the analysis above, a signi\ufb01cant increase in credit risk is presumed if a debtor is more than 30 days past due in
making a contractual payment. Where objective evidence exists that a trade receivable balance may be impaired, provision is
made for the di\ufb00erence between its carrying amount and the present value of the estimated cash that will be recovered.
Evidence of impairment may include such factors as a change in credit risk pro\ufb01le of the customer, the customer being in default
on a contract, or the customer entering bankruptcy or \ufb01nancial reorganisation proceedings. All signi\ufb01cant balances are reviewed
individually for evidence of impairment.
Trade receivables and contract assets are written o\ufb00 when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 120 days past due. Where loans or receivables
have been written o\ufb00, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Where recoveries are made, these are recognised within the Income Statement.
The closing expected credit loss allowance for trade receivables as at 31 December 2024 and as at 31 December 2023 reconciles
to the opening loss allowances as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
As at 1 January
26.6
32.8
Decrease in expected credit loss allowance recognised in the Income Statement during the year
(2.9)
(2.6)
Receivables written o\ufb00 during the year as uncollectable
(1.1)
(2.6)
Exchange adjustments
(0.5)
(1.0)
As at 31 December
22.1
26.6
The debit for the year shown in the table above is recorded within administration, selling and distribution costs in the Group
Income Statement.
Historical experience has shown that the Group\u2019s trade receivable provisions are maintained at levels that are su\ufb03cient to absorb
actual bad debt write-o\ufb00s, without being excessive. The Group considers the credit quality of \ufb01nancial assets that are neither past
due nor impaired as good.
The Group also applies the expected credit loss model under IFRS 9 to other receivables. If, at the reporting date, the credit risk
of the receivables has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance at an amount
equal to 12-month expected credit losses. If the credit risk on that receivable has increased signi\ufb01cantly since initial recognition,
the Group measures the loss allowance at an amount equal to the lifetime expected credit losses. The expected credit loss on
other receivables is not material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "(d) Liquidity risk
Liquidity risk is the risk that the Group might have di\ufb03culties in meeting its \ufb01nancial obligations. The Group manages this by
ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash equivalents to meet its operational
cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its \ufb01nancial covenants. The level of
operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at least annually as part of the Group\u2019s
three-year planning process. Where this process indicates a need for additional \ufb01nance, this is addressed on a timely basis by
means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
As at 31 December 2024, the Group had committed borrowing facilities of \u00a3669.6m (2023: \u00a3685.8m), of which \u00a3202.5m
(2023: \u00a3333.4m) were undrawn. 100% of these undrawn facilities was due to expire in 2026. On 21 February 2025, the Group
signed a new committed syndicated bank facility for an amount of \u00a3475.0m and with maturity date of August 2029. The previous
committed syndicated bank facility signed in 2021 for an amount of \u00a3385.0m was cancelled with e\ufb00ect from the same date.
The Group\u2019s borrowing requirements are therefore met by the USPP and a committed syndicated bank facility of \u00a3475.0m
(2023: \u00a3385.0m). This is considered to be a non-adjusting event after balance sheet date.
USPP Notes issued as at 31 December 2024 amounted to \u00a3284.6m ($116.0m, \u20ac198.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.5 years. \u20ac15.0m and $60.0m are repayable in 2025, \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m
in 2029 and \u20ac33.0m and \u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the
tables below. The cash \ufb02ows shown are undiscounted.
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
241.7
\u2013
\u2013
\u2013
241.7
241.7
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
332.8
200.6
194.5
75.5
803.4
762.0
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
236.4
\u2013
\u2013
\u2013
236.4
236.4
Loans and overdrafts
22.3
68.0
196.9
103.9
391.1
355.8
Lease liabilities
13.5
12.2
17.0
19.4
62.1
48.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(1.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
272.3
80.2
213.9
123.3
689.7
638.7
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a30.8m as at 31 December 2024 (31 December 2023: \u00a31.8m), of which \u00a30.4m (2023: \u00a30.6m) related to the
USPP and \u00a30.4m (2023: \u00a31.2m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a315.0m (2023: 13.5m). The carrying amount of lease
liabilities falling due after more than one year was \u00a331.2m (2023: \u00a334.7m).
Presented within interest-bearing borrowings of \u00a3520.2m (2023: \u00a3402.2m) are loans and overdrafts of \u00a3474.8m (2023: \u00a3355.8m),
\ufb01nance lease liabilities of \u00a346.2m (2023: \u00a348.2m) and capitalised arrangement fees of \u00a3(0.8)m (2023: \u00a3(1.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "(d) Liquidity risk
Liquidity risk is the risk that the Group might have di\ufb03culties in meeting its \ufb01nancial obligations. The Group manages this by
ensuring it maintains su\ufb03cient levels of committed borrowing facilities and cash, and cash equivalents to meet its operational
cash \ufb02ow requirements and maturing \ufb01nancial liabilities, whilst at all times operating within its \ufb01nancial covenants. The level of
operational headroom provided by the Group\u2019s committed borrowing facilities is reviewed at least annually as part of the Group\u2019s
three-year planning process. Where this process indicates a need for additional \ufb01nance, this is addressed on a timely basis by
means of either additional committed bank facilities or raising \ufb01nance in the capital markets.
As at 31 December 2024, the Group had committed borrowing facilities of \u00a3669.6m (2023: \u00a3685.8m), of which \u00a3202.5m
(2023: \u00a3333.4m) were undrawn. 100% of these undrawn facilities was due to expire in 2026. On 21 February 2025, the Group
signed a new committed syndicated bank facility for an amount of \u00a3475.0m and with maturity date of August 2029. The previous
committed syndicated bank facility signed in 2021 for an amount of \u00a3385.0m was cancelled with e\ufb00ect from the same date.
The Group\u2019s borrowing requirements are therefore met by the USPP and a committed syndicated bank facility of \u00a3475.0m
(2023: \u00a3385.0m). This is considered to be a non-adjusting event after balance sheet date.
USPP Notes issued as at 31 December 2024 amounted to \u00a3284.6m ($116.0m, \u20ac198.0m and \u00a328.0m) and had a weighted average
period to maturity of 3.5 years. \u20ac15.0m and $60.0m are repayable in 2025, \u20ac100.0m and $26.0m in 2027, $30.0m in 2028, \u20ac50.0m
in 2029 and \u20ac33.0m and \u00a328.0m in 2031. The maturity analysis of the Group\u2019s gross borrowings (including interest) is shown in the
tables below. The cash \ufb02ows shown are undiscounted.
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
241.7
\u2013
\u2013
\u2013
241.7
241.7
Loans and overdrafts
76.0
188.7
178.8
57.3
500.8
474.8
Lease liabilities
15.0
11.9
15.7
18.2
60.8
46.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
332.8
200.6
194.5
75.5
803.4
762.0
\n \n
Between
Between
Total
Within
1 and 2
2 and 5
Over
contractual
Carrying
1 year
years
years
5 years
cash \ufb02ows
amount
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
236.4
\u2013
\u2013
\u2013
236.4
236.4
Loans and overdrafts
22.3
68.0
196.9
103.9
391.1
355.8
Lease liabilities
13.5
12.2
17.0
19.4
62.1
48.2
Capitalised arrangement fees
\u2013
\u2013
\u2013
\u2013
\u2013
(1.8)
Derivative liability
0.1
\u2013
\u2013
\u2013
0.1
0.1
Total \ufb01nancial liabilities
272.3
80.2
213.9
123.3
689.7
638.7
Capitalised arrangement fees shown in the tables above, which have been recognised as a reduction in borrowings in the Financial
Statements, amounted to \u00a30.8m as at 31 December 2024 (31 December 2023: \u00a31.8m), of which \u00a30.4m (2023: \u00a30.6m) related to the
USPP and \u00a30.4m (2023: \u00a31.2m) related to the Group\u2019s syndicated bank facility.
The carrying amount of lease liabilities falling due within one year was \u00a315.0m (2023: 13.5m). The carrying amount of lease
liabilities falling due after more than one year was \u00a331.2m (2023: \u00a334.7m).
Presented within interest-bearing borrowings of \u00a3520.2m (2023: \u00a3402.2m) are loans and overdrafts of \u00a3474.8m (2023: \u00a3355.8m),
\ufb01nance lease liabilities of \u00a346.2m (2023: \u00a348.2m) and capitalised arrangement fees of \u00a3(0.8)m (2023: \u00a3(1.8)m).", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "26.
Leases
26.1
Accounting policy
Lease liabilities are recognised at the present value of the remaining lease payments, discounted using the interest rate implicit in
the lease if that rate can be readily determined. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate
is used, calculated as the local government bond rate plus an interest rate spread. In cases where there was an option to terminate
or extend a lease, the duration of the lease assumed for this purpose re\ufb02ected the Group\u2019s existing intentions regarding such
options. Lease liabilities include the net present value of the following lease payments:
\u2013
Fixed payments (including in-substance \ufb01xed payments), less any lease incentives receivable
\u2013
Variable lease payments that are based on an index or a rate
\u2013
Amounts expected to be payable by the lessee under residual value guarantees
\u2013
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2013
Payments of penalties for terminating the lease, if the lease term re\ufb02ects the lessee exercising that option
Cash \ufb02ows from leases are presented within \u2018Repayment of borrowings\u2019 in the Group Statement of Cash Flows.
Leases of low-value assets and short-term leases (shorter than 12 months) are classi\ufb01ed as operating leases and neither the asset
nor the corresponding liability to the lessor is recognised in the Group Balance Sheet. Rentals payable under operating leases are
charged to the Group Income Statement on a straight-line basis over the term of the lease. Bene\ufb01ts received and receivable as an
incentive to enter an operating lease are also spread on a straight-line basis over the lease term.
26.2
Lease liabilities
The lease liabilities at 31 December 2024 were \u00a346.2m (2023: \u00a348.2m). The cash payments for leases during the year were \u00a318.2m
(2023: \u00a324.2m). The maturity analysis of the lease liabilities is disclosed in Note 25.2 (d).
The net book value of the Group\u2019s right-of-use assets under lease contracts at 31 December 2024 was \u00a354.7m (2023: \u00a357.6m)
which comprises property \u00a333.8m (2023: \u00a337.1m) and plant and equipment \u00a320.9m (2023: \u00a320.5m) (Note 14).
The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
26.3
Operating lease commitments
The future aggregate minimum lease payments under non-cancellable operating leases are payable as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Not later than one year
0.4
0.6
Later than one year and not later than \ufb01ve years
0.1
\u2013
Later than \ufb01ve years
\u2013
\u2013
Total operating lease commitments
0.5
0.6
The cost incurred by the Group in the year in respect of assets held under operating leases, all of which was charged within trading
pro\ufb01t, amounted to \u00a33.0m (2023: \u00a33.0m), of which \u00a32.4m (2023: \u00a32.3m) related to short-length leases and \u00a30.6m (2023: \u00a30.7m)
related to leases of low-value items.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "26.1
Accounting policy
Lease liabilities are recognised at the present value of the remaining lease payments, discounted using the interest rate implicit in
the lease if that rate can be readily determined. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate
is used, calculated as the local government bond rate plus an interest rate spread. In cases where there was an option to terminate
or extend a lease, the duration of the lease assumed for this purpose re\ufb02ected the Group\u2019s existing intentions regarding such
options. Lease liabilities include the net present value of the following lease payments:
\u2013
Fixed payments (including in-substance \ufb01xed payments), less any lease incentives receivable
\u2013
Variable lease payments that are based on an index or a rate
\u2013
Amounts expected to be payable by the lessee under residual value guarantees
\u2013
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2013
Payments of penalties for terminating the lease, if the lease term re\ufb02ects the lessee exercising that option
Cash \ufb02ows from leases are presented within \u2018Repayment of borrowings\u2019 in the Group Statement of Cash Flows.
Leases of low-value assets and short-term leases (shorter than 12 months) are classi\ufb01ed as operating leases and neither the asset
nor the corresponding liability to the lessor is recognised in the Group Balance Sheet. Rentals payable under operating leases are
charged to the Group Income Statement on a straight-line basis over the term of the lease. Bene\ufb01ts received and receivable as an
incentive to enter an operating lease are also spread on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "27.
Employee Bene\ufb01ts
27.1
Accounting policy
The net liability or net surplus recognised in the Group Balance Sheet for the Group\u2019s de\ufb01ned bene\ufb01t plans is the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date, less the fair value of the plan assets. The de\ufb01ned bene\ufb01t obligation is
calculated by independent actuaries using the projected unit credit method and by discounting the estimated future cash \ufb02ows
using interest rates on high-quality corporate bonds that have durations approximating the terms of the related pension liability.
Any asset recognised in respect of a surplus arising from this calculation is limited to the asset ceiling, where this is the present value
of any economic bene\ufb01ts available in the form of refunds or reductions in future contributions in respect of the plans. The Group
has an unconditional right to a refund of the UK surplus, as de\ufb01ned under IFRIC 14, and considers that the possibility that a surplus
could be reduced or extinguished by discretionary actions by the Trustee does not a\ufb00ect the existence of the asset at the end of the
reporting period. The Group therefore recognises a pension asset with respect to the scheme valued on an IAS 19 basis. No liability
is recognised with respect to further funding contributions.
The expense for the Group\u2019s de\ufb01ned bene\ufb01t plans is recognised in the Group Income Statement as shown in Note 27.8. Actuarial
gains and losses arising on the assets and liabilities of the plans are reported within the Group Statement of Comprehensive
Income; and gains and losses arising on settlements and curtailments are recognised in the Group Income Statement in the
same line as the item that gave rise to the settlement or curtailment or, if material, separately reported as a component of
operating pro\ufb01t.
27.2
Group post-retirement plans
The Group operates a number of pension plans around the world, both de\ufb01ned bene\ufb01t and de\ufb01ned contribution, and accounts
for them in accordance with IAS 19. There are also some jubilee arrangements (other long-term bene\ufb01ts plans) which, while
they do not need to be included in the detailed disclosures under IAS 19, have been included in the analysis below.
The Group\u2019s principal de\ufb01ned bene\ufb01t pension plans are in the UK and the US, the bene\ufb01ts of which are based upon the \ufb01nal
pensionable salaries of plan members. The assets of these plans are held separately from the Group in trustee-administered
funds. The Trustees are required to act in the best interests of the plans\u2019 bene\ufb01ciaries. The Group also has de\ufb01ned bene\ufb01t pension
plans in other territories but, except for those in Germany, these are not individually material in relation to the Group.
(a) De\ufb01ned bene\ufb01t pension plans \u2013 UK
The Group\u2019s main de\ufb01ned bene\ufb01t pension plan in the UK (\u2018the UK Plan\u2019) is closed to new members and to future bene\ufb01t accrual.
The existing plan was established under a trust deed and is subject to the Pensions Act 2004 and guidance issued by the UK
Pensions Regulator.
In November 2021, the Trustee of the Vesuvius Pension Plan signed a pension insurance buy-in agreement with Pension Insurance
Corporation plc (PIC). This buy-in secured an insurance asset from PIC that matches the remaining pension liabilities of the UK
Plan, with the result that the Company no longer bears any investment, longevity, interest rate or in\ufb02ation risks in respect of the
UK Plan. All bene\ufb01ts in the UK Plan (with the exception of a small amount of bene\ufb01ts expected to arise in future as a result of
guaranteed minimum pensions (GMP) equalisation) are now insured with PIC.
There is a \u2018long-term scheme-speci\ufb01c funding standard\u2019 in Part 3 of the Pensions Act 2004. In terms of Part 3, the UK Plan is subject
to a requirement (\u2018the statutory funding objective\u2019) that it must have su\ufb03cient and appropriate assets to cover its technical
provisions. Such technical provisions are determined as part of the triennial valuation. Under the rules of the UK Plan, the Trustee,
after consultation with the Company, has the power to set the funding contributions taking into account the results of the triennial
valuation and the Pension Act 2004 legislation. Following the buy-in referred to above, no further contributions are expected
to be paid to the UK Plan by the Company, and the cost of GMP equalisation will be met out of the surplus UK Plan assets.
(b) De\ufb01ned bene\ufb01t pension plans \u2013 US
The Group has several de\ufb01ned bene\ufb01t pension plans in the US, providing retirement bene\ufb01ts based on \ufb01nal salary or a \ufb01xed
bene\ufb01t. The Group\u2019s principal US de\ufb01ned bene\ufb01t pension plans are closed to new members and to future bene\ufb01t accrual for
existing members. Actuarial valuations of the US de\ufb01ned bene\ufb01t pension plans are carried out every year and the last full
valuation was carried out as at 31 December 2024. At that date, the market value of the plan assets was $50.0m, representing
a funding level of 88.4% of funded accrued plan bene\ufb01ts at that date (using the projected unit method of valuation) of $56.6m.
Funding levels for the Group\u2019s US de\ufb01ned bene\ufb01t pension plans are based upon annual valuations carried out by independent
quali\ufb01ed actuaries and are governed by US Government regulations.
The Group\u2019s US quali\ufb01ed de\ufb01ned bene\ufb01t pension plan is subject to the minimum contribution requirements of the Internal Revenue
Code Sections 412 and 430. Contributions are determined by trustees, in consultation with the Company, based on the annual
valuations which are submitted to the Internal Revenue Service. During the \ufb01scal year beginning 1 January 2024, total minimum
required contributions were $3.2m. Under these funding laws and based on the plan de\ufb01cit, the required minimum annual
contribution for the 2025 \ufb01scal year is expected to be $2.1m and the required annual contributions for the period 2026\u20132027
are expected to be in the $1.2m to $1.4m range. Contributions of $3.2m (2023: $nil) were made during 2024.
(c) De\ufb01ned bene\ufb01t pension plans \u2013 Germany
\n
The Group has several de\ufb01ned bene\ufb01t pension arrangements in Germany which are unfunded, as is common practice in that
\n
country. The main plan was closed to new entrants on 31 December 2016 and replaced by a de\ufb01ned contribution plan for new
\n
joiners. The German de\ufb01ned bene\ufb01t plan contains mainly direct pension promises based on works council agreements as well
\n
as on some individual pension promises. The legal framework is the German Company Pensions Act (\u2018Betriebsrentengesetz\u2019).
\n
The plan is unfunded (book reserved) and the Company pays all bene\ufb01t payments when they fall due.
\n
(d) De\ufb01ned bene\ufb01t pension plans \u2013 rest of the world and other post-retirement bene\ufb01ts
\n
The Group has several de\ufb01ned bene\ufb01t pension arrangements across the rest of the world (ROW), the largest of which are in
\n
Belgium. The net liability of the ROW plans at 31 December 2024 was \u00a38.7m (2023: \u00a38.3m). The Group also has liabilities relating
\n
to medical insurance arrangements and termination plans which provide for bene\ufb01ts to be paid to employees on retirement.
\n
The net liability of these other post-retirement bene\ufb01ts as at 31 December 2024 was \u00a39.3m (2023: \u00a39.9m).
\n
(e) De\ufb01ned contribution pension plans
\n
The total expense for the Group\u2019s de\ufb01ned contribution plans in the Group Income Statement amounted to \u00a311.8m (2023: \u00a312.1m)
\n
and represents the contributions payable for the year by the Group to the plans.
\n
(f) Multi-employer plans
\n
Due to collective agreements, Vesuvius in the US participates, together with other enterprises, in union-run multi-employer
\n
pension plans for temporary workers hired on sites. These are accounted for as de\ufb01ned contribution plans.
\n
27.3
Post-retirement liability valuation
\n
The main assumptions used in calculating the costs and obligations of the Group\u2019s de\ufb01ned bene\ufb01t pension plans, as detailed
\n
below, are set by the Directors after consultation with independent professionally quali\ufb01ed actuaries and include those used
\n
to determine regular service costs and the \ufb01nancing elements related to the plans\u2019 assets and liabilities. It is the Directors\u2019
\n
responsibility to set the assumptions used in determining the key elements of the costs of meeting such future obligations.
\n
Whilst the Directors believe that the assumptions used are appropriate, a change in the assumptions used could a\ufb00ect the
\n
Group\u2019s pro\ufb01t and \ufb01nancial position.
\n
(a) Mortality assumptions
\n
The mortality assumptions used in the actuarial valuations of the Group\u2019s UK, US and German de\ufb01ned bene\ufb01t pension liabilities
\n
are summarised in the table below and have been selected to re\ufb02ect the characteristics and experience of the membership of
\n
those plans.
\n
For the UK Plan, the assumptions used have been derived from the Self-Administered Pension Schemes (\u2018SAPS S3\u2019) All table, with
\n
future longevity improvements in line with the \u2018core\u2019 mortality improvement tables published in 2023 by the Continuous Mortality
\n
Investigation (CMI), with a long-term rate of improvement of 1.25% per year. For the Group\u2019s US plans, the assumptions used have
\n
been based on the Pri-2012 mortality tables and MP-2021 projection scale. The Group\u2019s major plans in Germany have been valued
\n
using the modi\ufb01ed Heubeck Richttafeln 2018G mortality tables. In respect of the life expectancy tables below, current pensioners
\n
are assumed to be 65 years old, while future pensioners are assumed to be 45 years old.
\n\n \n
2024
2023
UK
US
Germany
UK
US
Germany
Life expectancy of pension plan members
years
years
years
years
years
years
Age to which current pensioners are expected to live:
\u2013 Men
86.8
85.7
85.9
86.8
85.6
85.8
\u2013 Women
88.6
87.7
89.3
88.6
87.6
89.2
Age to which future pensioners are expected to live:
\u2013 Men
87.0
87.2
88.6
87.0
87.1
88.5
\u2013 Women
90.1
89.1
91.5
90.0
89.0
91.4
(b) Other main actuarial valuation assumptions
\n\n \n
2024
2023
UK
US
Germany
UK
US
Germany
% p.a.
% p.a.
% p.a.
% p.a.
% p.a.
% p.a.
Discount rate
5.50
5.35
3.40
4.55
4.70
3.30
Price in\ufb02ation \u2013 using RPI for UK
3.10
2.50
2.00
3.05
2.50
2.25
\u2013 using CPI for UK
2.60
n/a
n/a
2.45
n/a
n/a
Rate of increase in pensionable salaries
n/a
n/a
2.75
n/a
n/a
3.00
Rate of increase to pensions in payment
2.90
n/a
2.00
2.85
n/a
2.25
\n
The discount rate used to determine the liabilities of the UK Plan for IAS 19 accounting purposes is required to be determined by
\n
reference to market yields on high-quality corporate bonds. The UK discount rate in the above table is based on analysis using the
\n
expected future cash \ufb02ows of the Vesuvius Pension Plan and the AON AA yield curve; the US discount rate is based on the FTSE
\n
pension discount curve; and the Germany discount rate is based on AA corporate bond yields included in the iBoxx Euro AA
\n
corporate bond indices.
\n
The assumptions for UK price in\ufb02ation are set by reference to the di\ufb00erence between yields on longer-term conventional
\n
government bonds and index-linked bonds, except for CPI, for which no appropriate bonds exist, which is assumed to be 0.5 points
\n
lower (2023: 0.6 points lower) than RPI-based in\ufb02ation.
\n
(c) Sensitivity analysis of the impact of changes in signi\ufb01cant IAS 19 actuarial assumptions
\n
The US pensions are not in\ufb02ation linked. The rate of increase in pensionable salaries and of pensions in payment is therefore not
\n
signi\ufb01cant to the valuation of the Group\u2019s overall pension liabilities.
\n
The sensitivity of the de\ufb01ned bene\ufb01t obligation to changes in the weighted principal assumptions is:
\n\n \n
Assumption
Change in assumption
UK
1
US
Germany
Discount rate
Increase/decrease by 0.1%
\u2013 impact on plan liabilities
Decrease/increase by
Decrease/increase
Decrease/increase
\u00a33.1m (2023: \u00a33.7m)
by \u00a30.4m (2023: \u00a30.5m)
by \u00a30.6m (2023: \u00a30.6m)
\u2013 impact on plan assets
Decrease/increase by
n/a
n/a
\u00a33.1m (2023: \u00a33.7m)
Price in\ufb02ation
Increase/decrease by 0.1%
\u2013 impact on plan liabilities
Increase/decrease by
n/a
Increase/decrease
\u00a32.2m (2023: \u00a32.6m)
by \u00a30.2m (2023: \u00a30.2m)
\u2013 impact on plan assets
Increase/decrease by
n/a
n/a
\u00a32.2m (2023: \u00a32.6m)
Mortality
Increase by one year
\u2013 impact on plan liabilities
Increase by \u00a312.0m
Increase by \u00a31.9m
Increase by \u00a31.2m
(2023: \u00a315.1m)
(2023: \u00a32.0m)
(2023: \u00a31.3m)
\u2013 impact on plan assets
Increase by \u00a312.0m
n/a
n/a
(2023: \u00a315.1m)
\n
1.
The UK Plan Trustee has entered into a pension insurance buy-in agreement with the Pension Insurance Corporation (PIC). This buy-in secured an
\n
insurance asset from PIC that matches the remaining pension liabilities of the UK Plan, with the result that the Company no longer bears any investment,
\n
longevity, interest rate or in\ufb02ation risks in respect of the UK Plan.
27.4
De\ufb01ned bene\ufb01t obligation
\n
The average duration of the obligations to which the liabilities of the Group\u2019s principal pension plans relate is 11 years for the UK,
\n
15 years for Germany and 9 years for the US.
\n\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
UK
US
Germany
ROW
Total
plans
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value as at 1 January 2024
328.4
56.4
41.3
43.1
469.2
9.9
479.1
Exchange di\ufb00erences
\u2013
1.0
(1.9)
(2.0)
(2.9)
(0.7)
(3.6)
Current service cost
\u2013
\u2013
0.4
3.2
3.6
0.6
4.2
Past service gain
\u2013
\u2013
\u2013
(0.1)
(0.1)
(0.4)
(0.5)
Settlement gain
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Interest cost
14.5
2.5
1.3
1.7
20.0
0.5
20.5
Losses arising over the year that are
recognised in P&L
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
0.2
Remeasurement of liabilities:
\u2013 demographic changes
(1.4)
\u2013
\u2013
0.1
(1.3)
(0.1)
(1.4)
\u2013 \ufb01nancial assumptions
(28.8)
(2.8)
(0.9)
0.5
(32.0)
0.1
(31.9)
\u2013 experience losses/(gains)
(1.1)
(0.7)
(0.3)
0.3
(1.8)
(0.1)
(1.9)
Bene\ufb01ts paid
(22.1)
(4.3)
(1.8)
(3.0)
(31.2)
(0.5)
(31.7)
Present value as at 31 December 2024
289.5
52.1
38.1
43.8
423.5
9.3
432.8
\n\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
UK
US
Germany
ROW
Total
plans
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value as at 1 January 2023
325.2
59.9
38.4
43.3
466.8
9.4
476.2
Exchange di\ufb00erences
\u2013
(3.0)
(0.8)
(1.5)
(5.3)
0.3
(5.0)
Current service cost
\u2013
\u2013
0.6
3.0
3.6
0.5
4.1
Interest cost
15.1
2.7
1.2
1.7
20.7
0.6
21.3
Gains arising over the year that are
recognised in P&L
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of liabilities:
\u2013 demographic changes
(5.5)
\u2013
\u2013
0.1
(5.4)
\u2013
(5.4)
\u2013 \ufb01nancial assumptions
5.9
0.9
3.0
(0.4)
9.4
(0.1)
9.3
\u2013 experience losses/(gains)
8.8
0.4
0.5
0.5
10.2
(0.1)
10.1
Bene\ufb01ts paid
(21.1)
(4.5)
(1.6)
(3.6)
(30.8)
(0.7)
(31.5)
Present value as at 31 December 2023
328.4
56.4
41.3
43.1
469.2
9.9
479.1
\n
27.5
Fair value of plan assets
\n\n \n
2024
2023
UK
US
ROW
Total
UK
US
ROW
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January
359.8
38.2
34.8
432.8
348.6
37.4
34.1
420.1
Exchange di\ufb00erences
\u2013
0.8
(1.9)
(1.1)
\u2013
(2.0)
(1.5)
(3.5)
Interest income
15.9
1.7
1.3
18.9
16.1
1.7
1.2
19.0
Return on plan assets
(32.7)
0.9
0.2
(31.6)
16.6
5.2
0.6
22.4
Contributions from employer
\u2013
2.5
3.4
5.9
\u2013
\u2013
3.8
3.8
Administration expenses paid
(0.7)
(0.6)
\u2013
(1.3)
(0.6)
(0.5)
\u2013
(1.1)
Bene\ufb01ts paid
(22.0)
(3.5)
(2.7)
(28.2)
(20.9)
(3.6)
(3.4)
(27.9)
As at 31 December
320.3
40.0
35.1
395.4
359.8
38.2
34.8
432.8
\n
The Group\u2019s pension plans in Germany are unfunded, as is common practice in that country, and accordingly there are no assets
\n
associated with these plans.
27.6
Remeasurement of de\ufb01ned bene\ufb01t liabilities/assets
\n\n \n
2024
2023
total
total
\u00a3m
\u00a3m
Remeasurement of liabilities/assets:
\u2013 demographic changes
1.4
5.4
\u2013 \ufb01nancial assumptions
31.9
(9.3)
\u2013 experience gains/(losses)
1.9
(10.1)
Return on plan assets
(31.6)
22.4
Total movement
3.6
8.4
\n
The remeasurement of de\ufb01ned bene\ufb01t liabilities and assets is recognised in the Group Statement of Comprehensive Income.
\n
27.7
Balance sheet recognition
\n
The amount recognised in the Group Balance Sheet in respect of the Group\u2019s de\ufb01ned bene\ufb01t pension plans and other post-
\n
retirement and long-term bene\ufb01t plans is analysed in the following tables, which all relate to continuing operations. All equity
\n
securities and bonds have quoted prices in active markets.
\n\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
2024
UK
US
Germany
ROW
Total
plans
total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
19.3
4.2
\u2013
2.6
26.1
\u2013
26.1
Bonds
\u2013
33.6
\u2013
2.4
36.0
\u2013
36.0
Annuity insurance contracts
282.5
\u2013
\u2013
28.4
310.9
\u2013
310.9
Other assets
18.5
2.2
\u2013
1.7
22.4
\u2013
22.4
Fair value of plan assets
320.3
40.0
\u2013
35.1
395.4
\u2013
395.4
Present value of funded obligations
(288.5)
(45.3)
\u2013
(40.3)
(374.1)
\u2013
(374.1)
31.8
(5.3)
\u2013
(5.2)
21.3
\u2013
21.3
Present value of unfunded obligations
(1.0)
(6.8)
(38.1)
(3.5)
(49.4)
(9.3)
(58.7)
Total net surpluses/(liabilities)
30.8
(12.1)
(38.1)
(8.7)
(28.1)
(9.3)
(37.4)
Recognised in the Group Balance Sheet as:
Net surpluses
31.8
\u2013
\u2013
2.3
34.1
\u2013
34.1
Net liabilities
(1.0)
(12.1)
(38.1)
(11.0)
(62.2)
(9.3)
(71.5)
Total net surpluses/(liabilities)
30.8
(12.1)
(38.1)
(8.7)
(28.1)
(9.3)
(37.4)
\n\n \n
Other post-
De\ufb01ned bene\ufb01t pension plans
retirement &
long-term
bene\ufb01t
2023
UK
US
Germany
ROW
Total
plans
total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
18.5
3.9
\u2013
2.8
25.2
\u2013
25.2
Bonds
\u2013
32.8
\u2013
2.2
35.0
\u2013
35.0
Annuity insurance contracts
321.3
\u2013
\u2013
27.8
349.1
\u2013
349.1
Other assets
20.0
1.5
\u2013
2.0
23.5
\u2013
23.5
Fair value of plan assets
359.8
38.2
\u2013
34.8
432.8
\u2013
432.8
Present value of funded obligations
(327.3)
(49.1)
\u2013
(39.9)
(416.3)
\u2013
(416.3)
32.5
(10.9)
\u2013
(5.1)
16.5
\u2013
16.5
Present value of unfunded obligations
(1.1)
(7.3)
(41.3)
(3.2)
(52.9)
(9.9)
(62.8)
Total net surpluses/(liabilities)
31.4
(18.2)
(41.3)
(8.3)
(36.4)
(9.9)
(46.3)
Recognised in the Group Balance Sheet as:
Net surpluses
32.5
\u2013
\u2013
2.1
34.6
\u2013
34.6
Net liabilities
(1.1)
(18.2)
(41.3)
(10.4)
(71.0)
(9.9)
(80.9)
Total net surpluses/(liabilities)
31.4
(18.2)
(41.3)
(8.3)
(36.4)
(9.9)
(46.3)
(a) UK Plan asset allocation
\n
As at 31 December 2024, of the UK Plan\u2019s total assets, 88.2% (2023: 89.3%) were represented by the annuity insurance contracts
\n
covering the UK Plan\u2019s pension liabilities; 6.0% (2023: 5.1%) were allocated to equities and 5.8% (2023: 5.6%) to cash.
\n
The UK Plan Trustee has entered into a pension insurance buy-in agreement with the Pension Insurance Corporation (PIC),
\n
whereby the UK Plan Trustee has paid insurance premiums to PIC to insure all of the UK Plan\u2019s liabilities. Under this arrangement,
\n
the value of the PIC insurance contract matches the value of the liabilities for current bene\ufb01ts because the in\ufb02ation, interest rate,
\n
investment and longevity risks for Vesuvius in respect of these liabilities are eliminated. The buy-in agreement ensures that the
\n
UK pension plan obligations in respect of all its members and their approved dependants are insured.
\n
As at 31 December 2024, the IAS 19 valuation of the PIC insurance contract value associated with the bought-in liabilities was
\n
\u00a3282.5m (2023: \u00a3321.3m). The policy and the associated valuation are updated annually to re\ufb02ect retirements and mortality.
\n
(b) US Plan asset allocation
\n
All of the assets in the main US Plan have a quoted market price in an active market. The Plan mitigates exposure to interest rates
\n
by employing a liability matching investment strategy. All non-derivative assets are invested in liability matching bonds with
\n
a similar average duration to the liabilities of the Plan. Since 2018, the investment allocation has been de-risked from an allocation
\n
of 72% liability matching and 28% return seeking assets, to an allocation of 100% liability matching. The Plan retains equity risk
\n
through use of equity derivative contracts, which provide equity market exposure with some level of equity downside protection.
\n
(c) De\ufb01ned bene\ufb01t contributions in 2025
\n
In 2025, the Group is expected to make direct bene\ufb01t payments and contributions into its de\ufb01ned bene\ufb01t pension and other
\n
post-retirement and long-term bene\ufb01ts plans of around \u00a39.2m. Speci\ufb01c payments and contributions of approximately \u00a32.6m,
\n
\u00a31.9m and \u00a32.2m are anticipated for the US Plans, German Plans and Belgian Plans respectively.
\n
27.8
Income statement recognition
\n
The expense recognised in the Group Income Statement in respect of the Group\u2019s de\ufb01ned bene\ufb01t retirement plans and other
\n
post-retirement and long-term bene\ufb01t plans is shown below:
\n\n \n
2024
2023
Other post-
Other post-
De\ufb01ned
retirement &
De\ufb01ned
retirement &
bene\ufb01t
long-term
bene\ufb01t
long-term
pension
bene\ufb01t
pension
bene\ufb01t
plans
plans
Total
plans
plans
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current service cost
3.6
0.6
4.2
3.6
0.5
4.1
Past service gain
(0.1)
(0.4)
(0.5)
\u2013
\u2013
\u2013
Settlement gain
\u2013
(0.2)
(0.2)
\u2013
\u2013
\u2013
Losses arising over the year that are recognised in P&L
\u2013
0.2
0.2
\u2013
\u2013
\u2013
Administration expenses
1.3
\u2013
1.3
1.1
\u2013
1.1
Net interest cost
1.1
0.5
1.6
1.7
0.6
2.3
Total net charge
5.9
0.7
6.6
6.4
1.1
7.5
\n
The total net charge of \u00a36.6m (2023: \u00a37.5m), recognised in the Group Income Statement in respect of the Group\u2019s de\ufb01ned bene\ufb01t
\n
pension plans and other post-retirement and long-term bene\ufb01ts plans, is analysed in the following table:
\n\n \n
2024
2023
\u00a3m
\u00a3m
In arriving at trading pro\ufb01t
\u2013 within other manufacturing costs
1.1
1.3
\u2013 within administration, selling and distribution costs
3.9
3.9
In arriving at pro\ufb01t before tax
\u2013 within net \ufb01nance costs
1.6
2.3
Total net charge
6.6
7.5
\n
Virgin Media vs NTL Pension Trustee case
\n
In June 2023, the High Court judged in the Virgin Media vs NTL Pension Trustee case that certain amendments made to the NTL
\n
Pension Plan were invalid because the scheme\u2019s actuary had not provided the necessary con\ufb01rmations (Section 37 Certi\ufb01cates).
\n
This decision was upheld in July 2024. It could have wider ranging implications a\ufb00ecting other schemes that were contracted-out
\n
on a salary-related basis and made amendments between April 1997 and April 2016.
\n
The Trustee has taken legal advice on the impact of the Virgin Media case on the Plan and intends to keep the position under
\n
review, taking into account any further legal developments during 2025.
GMP equalisation
A UK High Court ruling was made on 26 October 2018 in respect of the gender equalisation of guaranteed minimum pensions
(GMPs) for occupational pension schemes. The impact of GMP equalisation as at 31 December 2018 was estimated to be \u00a34.5m.
A second UK High Court GMP equalisation ruling was issued on 20 November 2020. This second ruling considered the treatment
of historical transfers out, i.e. those members who had transferred out before 26 October 2018. The 2020 ruling covers both
individual and bulk transfers out. It does not revisit any of the issues addressed in the 2018 ruling. The impact of GMP equalisation
for the second ruling was estimated to be \u00a30.8m as at 31 December 2020.
The increase in pension liabilities resulting from these judgements have been treated for IAS 19 purposes as plan amendments
and resulted in an increase in the pension de\ufb01cit in the balance sheet and a corresponding past service cost in the Income
Statement. These amendments have previously been treated as separately reported items so that there has been no impact
on headline performance. We are working with the Trustee of our UK pension plan and our actuarial and legal advisers to
understand the extent to which these judgements crystallise additional liabilities for the UK pension plan.
27.9
Risks to which the de\ufb01ned bene\ufb01t pension plans expose the Group
The principal risks faced by these plans comprise: (i) the risk that the value of the plan assets is not su\ufb03cient to meet all plan
liabilities as they fall due; (ii) the risk that plan bene\ufb01ciaries live longer than envisaged, causing liabilities to exceed the available
plan assets; and (iii) the risk that the market-based factors used to value plan liabilities and assets change materially adversely
to increase plan liabilities over the value of available plan assets. Further details are given below.
Following the UK Plan pension insurance buy-in agreement, the in\ufb02ation, interest rate, investment and longevity risks for
Vesuvius in respect of the UK Plan are virtually eliminated. The following risks relate to the other plans operated by the Group:
Counterparty risk
This is mitigated by using a diversi\ufb01ed range of counterparties of high standing and ensuring positions are collateralised
as required.
Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform against this
yield, this will create a de\ufb01cit. To reduce this risk, the pension plans are largely invested in government and corporate bonds.
Changes in bond yields
A decrease in corporate bond yields will increase the scheme liabilities, although this will be partially o\ufb00set by an increase in the
value of the schemes\u2019 bond holdings.
In\ufb02ation risk
Most of the plans\u2019 bene\ufb01t obligations outside the US are linked to in\ufb02ation, and higher in\ufb02ation will lead to higher liabilities.
Life expectancy
The majority of the plans\u2019 obligations are to provide bene\ufb01ts for the life of the member and in some cases their spouse on death
of the member, so increases in life expectancy will result in an increase in the liabilities.
In August 2016, the pensions for the majority of current pensioners in the US main plan were bought out with an insurance
company, removing all responsibility and risk related to these pensions from the Group. In recent years, a number of further
exercises have been carried out to buy out US bene\ufb01ts.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "27.1
Accounting policy
The net liability or net surplus recognised in the Group Balance Sheet for the Group\u2019s de\ufb01ned bene\ufb01t plans is the present value of
the de\ufb01ned bene\ufb01t obligation at the balance sheet date, less the fair value of the plan assets. The de\ufb01ned bene\ufb01t obligation is
calculated by independent actuaries using the projected unit credit method and by discounting the estimated future cash \ufb02ows
using interest rates on high-quality corporate bonds that have durations approximating the terms of the related pension liability.
Any asset recognised in respect of a surplus arising from this calculation is limited to the asset ceiling, where this is the present value
of any economic bene\ufb01ts available in the form of refunds or reductions in future contributions in respect of the plans. The Group
has an unconditional right to a refund of the UK surplus, as de\ufb01ned under IFRIC 14, and considers that the possibility that a surplus
could be reduced or extinguished by discretionary actions by the Trustee does not a\ufb00ect the existence of the asset at the end of the
reporting period. The Group therefore recognises a pension asset with respect to the scheme valued on an IAS 19 basis. No liability
is recognised with respect to further funding contributions.
The expense for the Group\u2019s de\ufb01ned bene\ufb01t plans is recognised in the Group Income Statement as shown in Note 27.8. Actuarial
gains and losses arising on the assets and liabilities of the plans are reported within the Group Statement of Comprehensive
Income; and gains and losses arising on settlements and curtailments are recognised in the Group Income Statement in the
same line as the item that gave rise to the settlement or curtailment or, if material, separately reported as a component of
operating pro\ufb01t.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "28.
Share-based Payments
28.1
Accounting policy
The Group operates an equity-settled share-based payment arrangement for its employees. Equity-settled share-based
payments are measured at fair value at the date of grant. For grants with market-based conditions attached to them, such as total
shareholder return, fair value is measured using a form of stochastic option pricing model. For grants with non-market-based
conditions, such as growth in return on invested capital (ROIC), environmental, social and governance criteria (ESG) and headline
earnings per share (EPS), fair value is measured using the Black-Scholes option pricing model. The fair value is expensed on
a straight-line basis over the vesting period with a corresponding increase in equity. The cumulative expense recognised is
adjusted for the best estimate of the shares that will eventually vest.
28.2
Income statement recognition
The total expense recognised in the Group Income Statement is shown below:
\n \n
2024
2023
\u00a3m
\u00a3m
Long-Term Incentive Plan
1.8
2.2
Other plans
4.4
5.1
Total expense
6.2
7.3
The Group operates a number of di\ufb00erent share-based payment plans, the most signi\ufb01cant of which is the Long-Term Incentive
Plan (LTIP), details of which can be found in the Directors\u2019 Remuneration Report.
28.3
Details of outstanding options
\n \n
Number of outstanding awards
As at
Forfeited/
As at
1 Jan 2024
Granted
Exercised
lapsed
Expired
31 Dec 2024
LTIP
2,181,881
935,066
(259,607)
(371,889)
nil
2,485,451
Weighted average exercise price
nil
nil
nil
nil
nil
nil
Other plans
2,566,949
1,300,623 (1,182,573)
(217,901)
nil
2,467,098
Weighted average exercise price
nil
nil
nil
nil
nil
nil
For the awards exercised during 2024, the market value at the date of exercise ranged from 365.5 pence to 491.5 pence per share.
\n \n
Number of outstanding awards
As at
Forfeited/
As at
1 Jan 2023
Granted
Exercised
lapsed
Expired
31 Dec 2023
LTIP
2,145,335
1,097,274
(283,402)
(777,326)
nil
2,181,881
Weighted average exercise price
nil
nil
nil
nil
nil
nil
Other plans
1,722,689
1,486,666
(439,041)
(203,365)
nil
2,566,949
Weighted average exercise price
nil
nil
nil
nil
nil
nil
For the options exercised during 2023, the market value at the date of exercise ranged from 392.4 pence to 432.8 pence per share.
Details of market performance conditions are included in the Directors\u2019 Remuneration Report.
\n \n
2024
2023
Weighted
Weighted
average
average
Awards
outstanding
Awards
outstanding
exercisable
contractual
Range of
exercisable
contractual
Range of
as at
life of
exercise
as at
life of
exercise
31 Dec 2024
awards
prices
31 Dec 2023
awards
prices
no.
years
pence
no.
years
pence
LTIP
\u2013
8.4
\u2013
8.4
Weighted average exercise price
\u2013
n/a
\u2013
n/a
Other plans
\u2013
0.6
\u2013
0.6
Weighted average exercise price
\u2013
n/a
\u2013
n/a
28.4
Options granted during the year
\n \n
2024
LTIP ROIC/
LTIP TSR
ESG element
element
Other plans
Fair value of options granted
492p
290p
492p
Share price on date of grant
492p
492p
492p
Expected volatility
n/a
29.2%
n/a
Risk-free interest rate
n/a
4.1%
n/a
Exercise price (per share)
nil
nil
nil
Expected term (years)
3
3
2
Expected dividend yield
nil
nil
nil
\n \n
2023
LTIP ROIC/
LTIP TSR
ESG element
element
Other plans
Fair value of options granted
386p
238p
386p
Share price on date of grant
386p
386p
386p
Expected volatility
n/a
34.6%
n/a
Risk-free interest rate
n/a
3.3%
n/a
Exercise price (per share)
nil
nil
nil
Expected term (years)
3
3
2
Expected dividend yield
nil
nil
nil
For the LTIP awards issued in 2021, vesting of 50% of shares awarded was based on the Group\u2019s three-year total shareholder
return (TSR) performance relative to that of the constituent companies of the FTSE 250 (excluding investment trusts) and vesting
of the remaining 50% of shares awarded is based on headline EPS growth.
For the LTIP awards issued in 2022, 2023 and 2024, vesting of 40% of shares awarded is based on the Group\u2019s three-year total
shareholder return (TSR) performance relative to that of the constituent companies of the FTSE 250 (excluding investment trusts)
and vesting of the remaining 60% of shares awarded is based on ROIC and ESG targets.
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the 2.8 years
(2023: 2.8 years) prior to the grant date for the April 2024 grant. The risk-free rate of return was assumed to be the yield to
maturity on a UK \ufb01xed gilt with the term to maturity equal to the expected life of the option. At the discretion of the Remuneration
Committee, award holders receive the value of dividends that would have been paid on their vested shares in the period between
grant and vesting. Accordingly, there is no discount to the valuation for dividends foregone during the vesting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "28.1
Accounting policy
The Group operates an equity-settled share-based payment arrangement for its employees. Equity-settled share-based
payments are measured at fair value at the date of grant. For grants with market-based conditions attached to them, such as total
shareholder return, fair value is measured using a form of stochastic option pricing model. For grants with non-market-based
conditions, such as growth in return on invested capital (ROIC), environmental, social and governance criteria (ESG) and headline
earnings per share (EPS), fair value is measured using the Black-Scholes option pricing model. The fair value is expensed on
a straight-line basis over the vesting period with a corresponding increase in equity. The cumulative expense recognised is
adjusted for the best estimate of the shares that will eventually vest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "29.
Trade and Other Payables
29.1
Accounting policy
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method.
29.2
Analysis of trade and other payables
\n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Accruals and other payables
6.9
9.1
Total non-current other payables
6.9
9.1
Current
Trade payables
241.7
236.4
Other taxes and social security
36.7
36.5
Accruals and other payables
85.0
104.9
Total current trade and other payables
363.4
377.8
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other payables balances and the amount at
which they are reported in the Group Balance Sheet.
29.3
Supplier \ufb01nance arrangements
The Group has supply chain \ufb01nance programmes in place. The programmes act as an alternative source of \ufb01nancing for the
suppliers who have the option to trade their invoices with funding providers in order to receive cash earlier than the invoice due
dates. The payment terms o\ufb00ered to suppliers who are party to the supply chain \ufb01nance programmes are within standard
supplier payment terms and agreed directly with the supplier. The carrying amount of the liabilities for which suppliers have
already received payment from \ufb01nance providers was \u00a323.2m.
Balances outstanding under the supplier \ufb01nancing arrangements are classi\ufb01ed as trade payables, and cash \ufb02ows are included
in operating cash \ufb02ows, since the \ufb01nancing arrangements are agreed between the supplier, the funding providers and the
third-party platform providers. The Group does not provide additional credit enhancement nor obtain any working capital
bene\ufb01t from the arrangements. The Group is not charged any interest cost or fee in respect of the agreements.
Included in trade payables are amounts of \u00a331.2m (2023: \u00a331.9m) drawn by suppliers who are party to the supply chain
\ufb01nance programmes.
The analysis below details the range of payment due dates of trade payables which are part of supplier \ufb01nancing arrangements
and of comparable trade payables which are not part of supplier \ufb01nancing arrangements in the same region.
Trade payables which are part of supplier \ufb01nancing arrangements
\n \n
2024
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
30 days
Between 31
Between 61
More than
and less
and 60 days
and 90 days
91 days
Total
Region
Brazil
1.9
\u2013
\u2013
\u2013
1.9
China
6.6
\u2013
\u2013
\u2013
6.6
Europe
8.4
\u2013
\u2013
\u2013
8.4
India
3.1
\u2013
\u2013
\u2013
3.1
North America
11.2
\u2013
\u2013
\u2013
11.2
Total trade payables which are part of supplier
\ufb01nancing arrangements
31.2
\u2013
\u2013
\u2013
31.2
Comparable trade payables which are not part of supplier \ufb01nancing arrangements
\n \n
2024
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
30 days
Between 31
Between 61
More than
and less
and 60 days
and 90 days
91 days
Total
Region
Brazil
5.2
3.1
1.3
0.4
10.0
China
24.3
2.1
1.2
0.5
28.1
Europe
32.0
1.4
0.2
\u2013
33.6
India
18.6
2.9
2.2
2.2
25.9
North America
16.3
4.0
1.5
0.5
22.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "29.1
Accounting policy
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "29.2
Analysis of trade and other payables
\n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Accruals and other payables
6.9
9.1
Total non-current other payables
6.9
9.1
Current
Trade payables
241.7
236.4
Other taxes and social security
36.7
36.5
Accruals and other payables
85.0
104.9
Total current trade and other payables
363.4
377.8
There is no signi\ufb01cant di\ufb00erence between the fair value of the Group\u2019s trade and other payables balances and the amount at
which they are reported in the Group Balance Sheet.
29.3
Supplier \ufb01nance arrangements
The Group has supply chain \ufb01nance programmes in place. The programmes act as an alternative source of \ufb01nancing for the
suppliers who have the option to trade their invoices with funding providers in order to receive cash earlier than the invoice due
dates. The payment terms o\ufb00ered to suppliers who are party to the supply chain \ufb01nance programmes are within standard
supplier payment terms and agreed directly with the supplier. The carrying amount of the liabilities for which suppliers have
already received payment from \ufb01nance providers was \u00a323.2m.
Balances outstanding under the supplier \ufb01nancing arrangements are classi\ufb01ed as trade payables, and cash \ufb02ows are included
in operating cash \ufb02ows, since the \ufb01nancing arrangements are agreed between the supplier, the funding providers and the
third-party platform providers. The Group does not provide additional credit enhancement nor obtain any working capital
bene\ufb01t from the arrangements. The Group is not charged any interest cost or fee in respect of the agreements.
Included in trade payables are amounts of \u00a331.2m (2023: \u00a331.9m) drawn by suppliers who are party to the supply chain
\ufb01nance programmes.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "30. Provisions
30.1
Accounting policy
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be
required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the
obligation at the balance sheet date. Where the e\ufb00ect of the time value of money is material, provisions are discounted using a
pre-tax discount rate that re\ufb02ects both the current market assessment of the time value of money and the speci\ufb01c risks associated
with the obligation. Where discounting is used, the increase in the provision due to the passage of time is recognised as a \ufb01nance cost.
30.2
Analysis of provisions
\n \n
Disposal,
closure and
environmental
costs
Other
Total
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2022 and 1 January 2023
57.7
9.0
66.7
Exchange adjustments
(2.6)
(0.2)
(2.8)
Charge to Group Income Statement \u2013 trading pro\ufb01t
1.5
7.0
8.5
Charge to Group Income Statement \u2013 separately reported items
\u2013
\u2013
\u2013
Adjustment to discount
2.3
\u2013
2.3
Cash spend
(7.0)
(9.1)
(16.1)
As at 31 December 2023 and 1 January 2024
51.9
6.7
58.6
Exchange adjustments
1.2
(0.2)
1.0
(Release)/charge to Group Income Statement \u2013 trading pro\ufb01t
(0.6)
7.5
6.9
Charge to Group Income Statement \u2013 separately reported items
9.7
2.6
12.3
Adjustment to discount
2.2
\u2013
2.2
Cash spend
(5.4)
(10.5)
(15.9)
As at 31 December 2024
59.0
6.1
65.1
Of the total provision balance as at 31 December 2024 of \u00a365.1m (2023: \u00a358.6m), \u00a354.8m (2023: \u00a347.6m) is recognised in the
Group Balance Sheet within non-current liabilities and \u00a310.3m (2023: \u00a311.0m) within current liabilities.
Disposal, closure and environmental charges
The provision for disposal, closure and environmental costs includes the Directors\u2019 current best estimate of the amounts to be
payable in respect of known or probable costs resulting from third-party claims, including legacy matter lawsuits.
There remains inherent uncertainty associated with estimating the future costs of legacy matter lawsuits. In assessing the
probable costs and realisation certainty of these provisions, or related assets, management has made reasonable assumptions,
including projections of the number of future claims, the approximate average cost of those claims (including legal costs and
infrequent larger value claims) and the length of time taken to resolve such claims. The provision re\ufb02ects the Directors\u2019 best
estimate of the future liability and the value of the corresponding asset. By nature, these assumptions are uncertain and therefore
changes to the assumptions used could signi\ufb01cantly alter the Directors\u2019 assessment of the value, volume of claims, timing or
certainty of the costs or related amounts. Sensitivity analyses have been conducted using variations to the key assumptions listed
above and indicatively show that a 25% increase in the average cost of claims would impact the gross provision by approximately
\u00a36.2m and the corresponding asset for insurance cover by approximately \u00a34.9m.
Changes in discount rates may have a signi\ufb01cant impact on gross provisions and related assets for insurance cover.
Assumptions are determined with reference to historical information and trends experienced to date, combined with specialist
views on future outlook. As assumptions can vary individually or in combination, over the longer term there can be no guarantee
that the assumptions used to estimate the provision will result in an accurate prediction of the actual costs that may be incurred.
As the resolution of many of the obligations for which provision is made is subject to legal or other regulatory process, the timing of
the associated cash out\ufb02ows is also subject to some uncertainty. However, the majority of the amounts provided are expected to
be utilised over the next ten years. The provision, underlying estimates of costs and associated insurance estimates are regularly
assessed, to re\ufb02ect any changed circumstances with regard to individual matters. Any movements impacting the Income
Statement are included within headline performance.
As set out above, where insurance cover exists for any of these known or probable costs, a related asset is recognised in the
Group Balance Sheet only when its value can be reliably measured and reimbursement is considered to be virtually certain
by management. As at 31 December 2024, \u00a323.0m (2023: \u00a323.6m) was recorded in other receivables in respect of associated
insurance reimbursements, of which \u00a321.1m (2023: \u00a321.4m) is non-current. A debit of \u00a30.4m was recorded during 2024
(2023: debit \u00a30.7m) to re\ufb02ect the decrease (2023: decrease) in assets for insurance cover which is included in the \u2018Administration,
selling and distribution costs\u2019 line in the Income Statement. This is o\ufb00set by a credit of \u00a30.4m in 2024 (2023: \u00a30.7m) to re\ufb02ect
a decrease in provisions for related claims in the same line of the Income Statement.
In addition, this provision covers the estimate of costs to be payable both in the ful\ufb01lment of obligations incurred in connection with
former Group businesses, resulting from either disposal or closure, together with those related to the demolition and clean-up of
closed sites.
In 1999, the Group acquired Premier Refractories which owned a disused clay mine in the United States. In 2018, wastewater
containing pollutants was discovered and in 2022 a water treatment facility was installed. Re\ufb02ecting the future expected
operating costs of 10 years, a provision was established for \u00a36.0m during the year ended 2020. In 2024, the forecast annual
operating cost was \u00a30.8m and the remaining period for which water treatment will be required was reassessed to be 20 years,
resulting in an increase in the provision and a charge to the Income Statement of \u00a39.7m (2023: \u00a3nil). The charge is reported as
a separately reported item. The Directors use their judgement to determine both the annual expected operating cost and the
period over which the operating cost will continue to be incurred. Sensitivity analyses show that if the remaining period for which
water treatment is needed is extended by a further 10 years, the provision would increase by \u00a36.0m.
Other
Other provisions comprise amounts payable in respect of known or probable costs resulting both from legal or other regulatory
requirements, workers\u2019 compensation and medical claims, and from third-party claims. As the settlement of many of the
obligations for which provision is made is subject to reasonable assumptions, legal or other regulatory process, the timing of the
associated out\ufb02ows is subject to some uncertainty, but the majority of amounts provided are expected to be utilised over the next
two years and the underlying estimates of costs are regularly updated to re\ufb02ect changed circumstances with regard to individual
matters. During 2024, the Group recognised net charges of \u00a37.3m (2023: \u00a37.3m) in the Group Income Statement to provide for
various medical bene\ufb01ts and other claims.
Other provisions includes amounts payable in respect of probable costs relating to the Group\u2019s cost reduction programme.
During 2024, provisions of \u00a32.6m (2023: \u00a3nil) were established for these.
The Group has considered the impact of climate change on provisions including decommissioning or environmental rehabilitation
and there have been no material changes needed to amounts already provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00570": { "value": "30.1
Accounting policy
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be
required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the
obligation at the balance sheet date. Where the e\ufb00ect of the time value of money is material, provisions are discounted using a
pre-tax discount rate that re\ufb02ects both the current market assessment of the time value of money and the speci\ufb01c risks associated
with the obligation. Where discounting is used, the increase in the provision due to the passage of time is recognised as a \ufb01nance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "31.
O\ufb00-Balance Sheet Arrangements
In compliance with current reporting requirements, certain arrangements entered into by the Group in its normal course of
business are not reported in the Group Balance Sheet. Of such arrangements, the largest amounts are future lease payments
in relation to assets used by the Group under non-cancellable operating leases (Note 26).34.
Events after the Balance Sheet date
On 21 February 2025 the Group signed a new committed syndicated bank facility for an amount of \u00a3475m and a maturity date of
August 2029. The previous committed syndicated bank facility signed in 2021 for an amount of \u00a3385m was cancelled with e\ufb00ect
from the same date. This is considered to be a non-adjusting event.
Following the agreement reached in November 2024, on 28 February 2025 we completed the acquisition of a 61.65% shareholding
in PiroMET, a Turkish refractory company, for \u20ac26.2m. The acquisition will strengthen our Advanced Refractory business in the
fast-growing region of EEMEA and will also allow us to leverage PiroMET\u2019s expertise in robotics and gunning worldwide. ", "dimensions": { "concept": "vsvs:DisclosureOfOffBalanceSheetArrangementsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "32.
Contingent Liabilities
Details of guarantees given by the Company, on behalf of the Group, are given in Note 11 to the Company Financial Statements.
Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering
taxation and environmental matters.
Certain of Vesuvius\u2019 subsidiaries are subject to legacy matter lawsuits, predominantly in the US, relating to a small number of
products containing asbestos manufactured prior to the acquisition of those subsidiaries by Vesuvius. These suits usually also
name many other product manufacturers. To date, Vesuvius is not aware of there being any liability verdicts against any of these
subsidiaries. Each year, a number of these lawsuits are withdrawn, dismissed or settled.
As the settlement of many of the obligations for which reserve is made is subject to legal or other regulatory process, the timing
and amount of the associated out\ufb02ows is subject to some uncertainty (see Note 30 for further information). The amount paid,
including costs in relation to this litigation, has not had a material e\ufb00ect on Vesuvius\u2019 \ufb01nancial position or results of operations in
the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "33.
Related Parties
All transactions with related parties are conducted on an arm\u2019s-length basis and in accordance with normal business terms.
Transactions between related parties that are Group subsidiaries are eliminated on consolidation.
The related parties identi\ufb01ed by the Directors include joint ventures, associates and key management personnel. To enable users
of our \ufb01nancial statements to form a view on the e\ufb00ects of related party relationships on the Group, we disclose the related party
relationship irrespective of whether there have been transactions between the related parties.
33.1
Transactions with joint ventures and associates
All transactions with joint ventures and associates are in the normal course of business. Transactions between the Group and
its joint ventures and associates are disclosed below:
\n \n
2024
2023
\u00a3m
\u00a3m
Sales to joint ventures
4.2
4.3
Purchases from joint ventures
27.1
30.1
Dividends received
0.7
1.0
Trade payables owed to joint ventures
8.1
10.3
Trade receivables due from joint ventures
1.0
1.0
Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 90 days after the delivery
of goods or services. There are no loans to and from joint ventures.
33.2
Transactions with key management personnel
The Group Executive Committee members, as outlined on page 78, are included in determining who quali\ufb01es as key management
personnel of the Group.
There have been no transactions with key management personnel of the Group or members of their close families, other than
payments in respect of executive remuneration and the reimbursement of business expenses. Directors\u2019 remuneration is disclosed
in Note 7 to the Group Financial Statements and in the Directors\u2019 Remuneration Report.
33.3
Transactions with other related parties
There are no controlling shareholders of the Group as de\ufb01ned by IFRS.
The Company announced the commencement of a share buyback programme of up to \u00a350 million on 4 December 2023 which
completed on 22 August 2024. The commencement of a further share buyback programme of up to \u00a350 million was announced
by the Company on 19 November 2024.
Disclosure of the transactions during the year are disclosed in Note 9.2 of the Company Financial Statements. There have been
no other material transactions with the shareholders of the Group.
Pension contributions to Group schemes are disclosed in Note 27 to the Group Financial Statements.
Other than the parties disclosed above, the Group has no other material related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "33.2
Transactions with key management personnel
The Group Executive Committee members, as outlined on page 78, are included in determining who quali\ufb01es as key management
personnel of the Group.
There have been no transactions with key management personnel of the Group or members of their close families, other than
payments in respect of executive remuneration and the reimbursement of business expenses. Directors\u2019 remuneration is disclosed
in Note 7 to the Group Financial Statements and in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ORZ521W585SY02", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "35.
Alternative Performance Measures
The Company uses a number of alternative performance measures (APMs) in addition to those reported in accordance with IFRS.
The Directors believe that these APMs, listed below, are important when assessing the underlying \ufb01nancial and operating
performance of the Group and its divisions, providing management with key insights and metrics in support of the ongoing
management of the Group\u2019s performance and cash \ufb02ow. A number of these align with Key Performance Indicators (KPIs) and
other key metrics used in the business and therefore are considered useful to also disclose to the users of the \ufb01nancial statements.
The following APMs do not have a standard de\ufb01nition prescribed by IFRS and therefore may not be directly comparable with
similar measures presented by other companies.
35.1
Headline performance
Headline performance, reported separately on the face of the Group Income Statement, is from continuing operations and before
items reported separately on the face of the Group Income Statement.
35.2
Underlying revenue, underlying trading pro\ufb01t and underlying return on sales
Underlying revenue, underlying trading pro\ufb01t and underlying return on sales are the headline equivalents of these measures after
adjustments to exclude the e\ufb00ects of changes in exchange rates, business acquisitions and disposals. Reconciliations of underlying
revenue and underlying trading pro\ufb01t can be found in the Financial review. Underlying revenue growth is one of the Group\u2019s KPIs
and provides an important measure of organic growth of Group businesses between reporting periods by eliminating the impact
of exchange rates, acquisitions and disposals.
35.3
Return on sales (ROS)
ROS is calculated as trading pro\ufb01t divided by revenue. It is one of the Group\u2019s KPIs and is used to assess the trading performance of
Group businesses. ROS is disclosed in Note 4.3.
35.4
Trading pro\ufb01t/adjusted EBITA
Trading pro\ufb01t/adjusted EBITA is de\ufb01ned as operating pro\ufb01t before separately reported items. It is used to assess the trading
performance of Group businesses.
35.5
Headline pro\ufb01t before tax
Headline pro\ufb01t before tax, reported separately on the face of the Group Income Statement, is calculated as the net total of trading
pro\ufb01t, plus the Group\u2019s share of post-tax pro\ufb01t of joint ventures and total net \ufb01nance costs associated with headline performance.
It is used to assess the \ufb01nancial performance of the Group as a whole.
35.6
Headline e\ufb00ective tax rate (ETR)
The Group\u2019s headline ETR is calculated on the income tax costs associated with headline performance, divided by headline pro\ufb01t
before tax and before the Group\u2019s share of post-tax pro\ufb01t of joint ventures and associates.
35.7
Headline earnings
Headline earnings is pro\ufb01t after tax before separately reported items attributable to owners of the Parent.
35.8
Headline earnings per share
Headline earnings per share is calculated by dividing headline pro\ufb01t before tax less associated income tax costs, attributable to
owners of the Parent by the weighted average number of ordinary shares in issue during the year. It is one of the Group\u2019s KPIs and
is used to assess the earnings performance of the Group as a whole. It is also used as one of the targets against which the annual
bonuses of certain employees are measured. Headline earnings per share is disclosed in Note 10.
35.9
Adjusted operating cash \ufb02ow
Adjusted operating cash \ufb02ow is cash generated from operations before restructuring and vacant site remediation costs but after
deducting capital expenditure net of asset disposals. It is used in calculating the Group\u2019s cash conversion.
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Cash generated from operations
11
216.7
272.0
Add: Out\ufb02ows relating to restructuring charges
1.0
0.8
Add: Out\ufb02ows relating to cost reduction programme expenses
7.9
\u2013
Add: Out\ufb02ows relating to water treatment at disused mine
0.8
1.0
Less: Purchases of property, plant & equipment
(88.1)
(84.6)
Less: Purchases of intangible assets
(12.7)
(8.0)
Add: Proceeds from the sale of property, plant and equipment
4.3
5.4
Add: Proceeds from the sale of associates
0.4
\u2013
Adjusted operating cash \ufb02ow
130.3
186.6
Trading pro\ufb01t
188.0
200.4
Cash conversion
69%
93%
35.10 Cash conversion
Cash conversion is calculated as adjusted operating cash \ufb02ow from continuing operations divided by trading pro\ufb01t. It is useful for
measuring the rate at which cash is generated from trading pro\ufb01t. It is also used as one of the targets against which the annual
bonuses of certain employees are measured. The calculation of cash conversion is detailed in Note 35.9 above.
35.11 Free cash \ufb02ow
Free cash \ufb02ow is de\ufb01ned as net cash \ufb02ow from operating activities after net outlays for the purchase and sale of property, plant
and equipment, dividends from joint ventures and dividends paid to non-controlling shareholders. It is one of the Group\u2019s KPIs and
is used to assess the underlying cash generation of the Group and is one of the measures used in monitoring the Group\u2019s capital.
A reconciliation of free cash \ufb02ow is included underneath the Group Statement of Cash Flows.
35.12
Average trade working capital to sales ratio
The average trade working capital to sales ratio is calculated as the percentage of average trade working capital balances to
the total revenue for the previous 12 months, at constant currency. Average trade working capital (comprising inventories, trade
receivables and trade payables) is calculated as the average of the 13 previous month-end balances. It is one of the Group\u2019s KPIs
and is useful for measuring the level of working capital used in the business and is one of the measures used in monitoring the
Group\u2019s capital. It is also used as one of the targets against which the annual bonuses of certain employees are measured.
\n \n
2024
2023
\u00a3m
\u00a3m
Average trade working capital
416.5
451.8
Total revenue
1,820.1
1,929.8
Average trade working capital to sales ratio
22.9%
23.4%
35.13 Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA)
Adjusted EBITDA is calculated as the total of trading pro\ufb01t before depreciation and amortisation of non-acquired intangible
assets. It is used in the calculation of the Group\u2019s interest cover and net debt to adjusted EBITDA ratios. A reconciliation of adjusted
EBITDA is included in Note 4.3.
35.14 Net interest payable on borrowings
Net interest payable on borrowings is calculated as total interest payable on borrowings less \ufb01nance income, excluding interest on
net retirement bene\ufb01t obligations, adjustments to discounts and any item separately reported. It is used in the calculation of the
Group\u2019s interest cover ratio.
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Total interest payable on borrowings
8
23.3
23.5
Finance income
8
(9.7)
(15.3)
Net interest payable on borrowings
13.6
8.2
35.15 Interest cover
Interest cover is the ratio of adjusted EBITDA for the last 12 months to net interest payable on borrowings for the last 12 months.
It is one of the Group\u2019s KPIs and is used to assess the \ufb01nancial position of the Group and its ability to fund future growth.
2024
2023
Note
\u00a3m
\u00a3m
Adjusted EBITDA
4
250.2
258.2
Net interest payable on borrowings
13.6
8.2
Interest cover
18.4x
31.5x
35.16 Net debt
Net debt comprises the net total of current and non-current interest-bearing borrowings (including IFRS 16 lease liabilities),
cash and short-term deposits and derivative \ufb01nancial instruments. Net debt is a measure of the Group\u2019s net indebtedness to
banks and other external \ufb01nancial institutions. A reconciliation of the movement in net debt is included in Note 13.
35.17 Net debt to adjusted EBITDA
Net debt to adjusted EBITDA is the ratio of net debt at the year-end to adjusted EBITDA for that year. It is one of the Group\u2019s KPIs
and is used to assess the \ufb01nancial position of the Group and its ability to fund future growth and is one of the measures used in
monitoring the Group\u2019s capital.
2024
2023
Note
\u00a3m
\u00a3m
Net debt
13
329.2
237.5
Adjusted EBITDA
4
250.2
258.2
Net debt to adjusted EBITDA
1.3x
0.9x
35.18 Return on invested capital (ROIC)
The Group has adopted ROIC as its key measure of return from the Group\u2019s invested capital. It is also used as one of the targets
against which the annual bonuses of certain employees are measured. ROIC is calculated as trading pro\ufb01t less amortisation of
acquired intangibles plus share of post-tax pro\ufb01t of joint ventures and associates for the previous 12 months after tax, divided by
the average (being the average of the opening and closing balance sheet) invested capital (de\ufb01ned as: total assets excluding cash
plus non-interest-bearing liabilities), at the average foreign exchange rate for the year.
2024
2023
\u00a3m
\u00a3m
Average invested capital
1,556.2
1,558.5
Trading pro\ufb01t (Note 35.4)
188.0
200.4
Amortisation of acquired intangible assets
(10.0)
(10.3)
Share of post-tax pro\ufb01t from joint ventures and associates
1.1
0.9
Tax on trading pro\ufb01t and amortisation of acquired intangible assets
(48.9)
(52.3)
130.2
138.7
ROIC
8.4%
8.9%
35.19 Constant currency
Figures presented at constant currency represent 2023 amounts retranslated at average 2024 exchange rates.
35.20 Liquidity
Liquidity is the Group\u2019s cash and short-term deposits plus undrawn committed debt facilities less cash used as collateral on loans
and any gross up of cash in notional cash pools.
2024
2023
\u00a3m
\u00a3m
Cash
186.4
164.2
Undrawn committed debt facilities
202.5
333.4
Cash used as collateral on loans
\u2013
(10.0)
Gross up of cash in notional pools
0.1
\u2013
Liquidity
389.0
487.6
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Group\u2019s interest cover ratio.
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Total interest payable on borrowings
8
23.3
23.5
Finance income
8
(9.7)
(15.3)
Net interest payable on borrowings
13.6
8.2
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Group\u2019s interest cover ratio.
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Total interest payable on borrowings
8
23.3
23.5
Finance income
8
(9.7)
(15.3)
Net interest payable on borrowings
13.6
8.2
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net retirement bene\ufb01t obligations, adjustments to discounts and any item separately reported. It is used in the calculation of the
Group\u2019s interest cover ratio.
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Total interest payable on borrowings
8
23.3
23.5
Finance income
8
(9.7)
(15.3)
Net interest payable on borrowings
13.6
8.2
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