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"value": "1. Basis of preparation Burberry Group plc and its subsidiaries (the Group) is a global luxury goods manufacturer, retailer and wholesaler. The Group also licenses third parties to manufacture and distribute products using the \u2018Burberry\u2019 trademarks. All of the companies which comprise the Group are controlled by Burberry Group plc (the Company) directly or indirectly. The consolidated financial statements of the Group have been prepared in accordance with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards (IFRS). These consolidated financial statements have been prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial liabilities at fair value through profit or loss. The consolidated financial statements are presented in \u00a3m. Financial ratios are calculated using unrounded numbers. The Group Income Statement for the current and prior period has been updated to provide separate disclosure on amounts of other operating income and operating expenses that make up total net operating expenses. The Group Statement of Cash Flows for the current and prior period has also been updated to start the reconciliation of net operating cash flows from profit before tax rather than operating profit. Consideration of climate-related matters The Group has performed a climate-related scenario analysis as required by the Task Force on Climate-Related Financial Disclosures. This scenario analysis takes into consideration different climate-related scenarios, including a 2\u00b0C or lower scenario. Based on this scenario analysis, consideration has been given to the impact of climate-related risks on management\u2019s judgements and estimates, including inventory provisions and the impairment of property, plant and equipment and right-of-use assets. The incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s financial statements, including within inventories, property, plant and equipment, and operating profit. The impact of climate-related risks on the consolidated financial statements for the 52 weeks to 1 April 2023 is not material. The committed future financial investments associated with our sustainability strategy are included within our budget and three-year forward-looking financial plans. These financial plans have been used to support our impairment reviews and going concern and viability assessment. Future plans may incur additional investment on research and development and higher expenditure on raw materials and other as yet unidentified costs. Going concern In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the Directors have assessed the potential cash generation of the Group and considered a range of downside scenarios. This assessment for any indicators that the going concern basis of preparation is not appropriate covers the period from the date of signing the financial statements up to 28 September 2024. The scenarios considered by the Directors include a severe but plausible downside scenario reflecting the Group\u2019s base plan adjusted for severe but plausible impacts from the Group\u2019s principal risks. These scenarios were informed by a comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion industry: \u2022 The Group central planning scenario reflects a balanced projection with a continued focus on growing markets and maintaini ng mom entum built as part of the strategy \u2022 As a sensitivity, this central planning scenario has been flexed to reflect a 16% downgrade to revenues in FY 2023/24 and 16% over the period to 28 September 2024, as well as the associated consequences for EBITDA and cash. Management consid er this represents a severe but plausible downside scenario appropriate for assessing going concern Th e severe but plausible downside scenario modelled the following risks occurring simultaneously: \u2022 A more severe and prolonged reduction in the GDP growth assumptions in the Eurozone and Americas compared to the central planning scenario \u2022 A significant reduction to our global consumer demand arising from a change in consumer preference \u2022 A significant reputational incident such as negative sentiment propagated through social media \u2022 The impact of a business interruption event over three months and consequent two-week interruption in one of our geographie s arising from the supply chain impact \u2022 The impact of a one-month interruption to one of our channels following a technology vulnerability \u2022 The occurrence of a one-time physical risk relating to climate change in FY 2023/24 and the materialisation of a severe but plausible ongoing market risk relating to climate change in line with a scenario reflecting a 2\u00b0C global temperature increase compared to pre-industrial levels \u2022 The payment of a settlement arising from a regulatory or compliance-related matter \u2022 A short-term impact of a 10% weakening in a key non-sterling currency for the Group before it is recovered through price adjustment Further mitigating actions within management control would be taken under each scenario, including working capital reduction measures and limiting capital expenditure, but these were not incorporated into the downside modelling. The Directors have also considered the Group\u2019s current liquidity and available facilities. As at 1 April 2023, the Group Balance Sheet reflects cash net of overdrafts of \u00a3961 million. In addition, the Group has access to a \u00a3300 million revolving credit facility, which is currently undrawn and not relied upon for the purpose of this going concern assessment. The Group is in compliance with the covenants for the revolving credit facility and the borrowings raised via the sustainability bond are not subject to covenants. Details of cash, overdrafts, borrowings and facilities are set out in notes 19, 23 and 24 respectively of these financial statements. In all the scenarios assessed, taking into account current liquidity and available resources and before the inclusion of any mitigating actions within management control, the Group was able to maintain sufficient liquidity to continue trading. On the basis of the assessment performed, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 1 April 2023. New standards, amendments and interpretations adopted in the period There have been no new standards or interpretations issued and made effective for the financial period commencing 3 April 2022 that have had a material impact on the financial statements of the Group. Standards not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the 52 weeks to 1 April 2023 and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Basis of consolidation The Group\u2019s annual financial statements comprise those of Burberry Group plc (the Company) and its subsidiaries, presented as a single economic entity. The results of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies across the Group. The financial year is the 52 weeks ended 1 April 2023 (last year: 53 weeks ended 2 April 2022). Subsidiaries are all entities (including special purpose entities) 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 has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the portion of the reporting period during which the Group had control. Intra-group transactions, balances and unrealised profits on transactions between Group companies are eliminated in preparing the Group financial statements. The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions of additional interests in subsidiaries from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of interests in subsidiaries to non-controlling interests are also recorded in equity. Key sources of estimation uncertainty Preparation of the consolidated financial statements in conformity with IFRS requires that management make certain estimates and assumptions that affect the measurement of reported revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management\u2019s best estimates at the date of the financial statements, deviate from actual circumstances, the original estimates and assumptions will be updated as appropriate in the period in which the circumstances change. Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas where the estimates and assumptions applied have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are discussed below. Further details of the Group\u2019s accounting policies in relation to these areas are provided in note 2. Impairment, or reversals of impairment, of property, plant and equipment and right-of-use assets Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or a cash generating unit is determined based on value-in-use calculations prepared using management\u2019s best estimates and assumptions at the time. Refer to notes 13 and 14 for further details of retail property, plant and equipment, right-of-use assets and impairment reviews carried out in the period and for sensitivities relating to this key source of estimation uncertainty. Inventory provisioning The Group manufactures and sells luxury goods and is subject to changing consumer demands and fashion trends. The recoverability of the cost of inventories is assessed every reporting period, by considering the expected net realisable value of inventory compared to its carrying value. Where the net realisable value is lower than the carrying value, a provision is recorded. When calculating inventory provisions, management considers the nature and condition of the inventory, as well as applying assumptions in respect of anticipated saleability of finished goods and future usage of raw materials. Refer to note 17 for further details of the carrying value of inventory and inventory provisions and for sensitivities relating to this key source of estimation uncertainty. Uncertain tax positions In common with many multinational companies, the Group faces tax audits in jurisdictions around the world in relation to transfer pricing of goods and services between associated entities within the Group. These tax audits are often subject to inter-government negotiations. The matters under discussion are often complex and can take many years to resolve. Tax liabilities are recorded based on management\u2019s estimate of either the most likely amount or the expected value amount depending on which method is expected to better reflect the resolution of the uncertainty. Given the inherent uncertainty in assessing tax outcomes, the Group could, in future periods, experience adjustments to these tax liabilities that have a material positive or negative effect on the Group\u2019s results for a particular period. Refer to note 9 for further details of management estimates surrounding the outcome of all matters under dispute or negotiation between governments in relation to current tax liabilities recognised at 1 April 2023, and for sensitivities relating to this key source of estimation uncertainty. Key judgements in applying the Group\u2019s accounting policies Judgements are those decisions made when applying accounting policies which have a significant impact on the amounts recognised in the Group financial statements. Further details of the Group\u2019s accounting policies are provided in note 2. Key judgements that have a significant impact on the amounts recognised in the Group financial statements for the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022 are as follows: Where the Group is a lessee, judgement is required in determining the lease term at initial recognition, and throughout the lease term, where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Considerations include, but are not limited to, the period assessed by management when approving initial investment, together with costs associated with any termination options or extension options. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Where the lease term has been extended by assuming an extension option will be recognised, this will result in the initial right-of-use assets and lease liabilities at inception of the lease being greater than if the option was not assumed to be exercised. Likewise, assuming a break option will be exercised will reduce the initial right-of-use assets and lease liabilities. Refer to note 21 for further details surrounding the judgements regarding the impact of breaks and options on lease liabilities. ",
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"fact-410": {
"value": "1. Basis of preparation Burberry Group plc and its subsidiaries (the Group) is a global luxury goods manufacturer, retailer and wholesaler. The Group also licenses third parties to manufacture and distribute products using the \u2018Burberry\u2019 trademarks. All of the companies which comprise the Group are controlled by Burberry Group plc (the Company) directly or indirectly. The consolidated financial statements of the Group have been prepared in accordance with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards (IFRS). These consolidated financial statements have been prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial liabilities at fair value through profit or loss. The consolidated financial statements are presented in \u00a3m. Financial ratios are calculated using unrounded numbers. The Group Income Statement for the current and prior period has been updated to provide separate disclosure on amounts of other operating income and operating expenses that make up total net operating expenses. The Group Statement of Cash Flows for the current and prior period has also been updated to start the reconciliation of net operating cash flows from profit before tax rather than operating profit. Consideration of climate-related matters The Group has performed a climate-related scenario analysis as required by the Task Force on Climate-Related Financial Disclosures. This scenario analysis takes into consideration different climate-related scenarios, including a 2\u00b0C or lower scenario. Based on this scenario analysis, consideration has been given to the impact of climate-related risks on management\u2019s judgements and estimates, including inventory provisions and the impairment of property, plant and equipment and right-of-use assets. The incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s financial statements, including within inventories, property, plant and equipment, and operating profit. The impact of climate-related risks on the consolidated financial statements for the 52 weeks to 1 April 2023 is not material. The committed future financial investments associated with our sustainability strategy are included within our budget and three-year forward-looking financial plans. These financial plans have been used to support our impairment reviews and going concern and viability assessment. Future plans may incur additional investment on research and development and higher expenditure on raw materials and other as yet unidentified costs. Going concern In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the Directors have assessed the potential cash generation of the Group and considered a range of downside scenarios. This assessment for any indicators that the going concern basis of preparation is not appropriate covers the period from the date of signing the financial statements up to 28 September 2024. The scenarios considered by the Directors include a severe but plausible downside scenario reflecting the Group\u2019s base plan adjusted for severe but plausible impacts from the Group\u2019s principal risks. These scenarios were informed by a comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion industry: \u2022 The Group central planning scenario reflects a balanced projection with a continued focus on growing markets and maintaini ng mom entum built as part of the strategy \u2022 Asa sensitivity, this central planning scenario has been flexed to reflect a 16% downgrade to revenues in FY 2023/24 and 16% over the period to 28 September 2024, as well as the associated consequences for EBITDA and cash. Management consid er this represents a severe but plausible downside scenario appropriate for assessing going concern Th e severe but plausible downside scenario modelled the following risks occurring simultaneously: \u2022 A more severe and prolonged reduction in the GDP growth assumptions in the Eurozone and Americas compared to the central planning scenario \u2022 A significant reduction to our global consumer demand arising from a change in consumer preference \u2022 A significant reputational incident such as negative sentiment propagated through social media \u2022 The impact of a business interruption event over three months and consequent two-week interruption in one of our geographie arisingfrom the supply chain impact \u2022 The impact of a one-month interruption to one of our channels following a technology vulnerability \u2022 The occurrence of a one-time physical risk relating to climate change in FY 2023/24 and the materialisation of a severe but plausible ongoing market risk relating to climate change in line with a scenario reflecting a 2\u00b0C global temperature increase compared to pre-industrial levels \u2022 The payment of a settlement arising from a regulatory or compliance-related matter \u2022 A short-term impact of a 10% weakening in a key non-sterling currency for the Group before it is recovered through price adjustment 1. Basis of preparation continued Going concern continued Further mitigating actions within management control would be taken under each scenario, including working capital reduction measures and limiting capital expenditure, but these were not incorporated into the downside modelling. The Directors have also considered the Group\u2019s current liquidity and available facilities. As at 1 April 2023, the Group Balance Sheet reflects cash net of overdrafts of \u00a3961 million. In addition, the Group has access to a \u00a3300 million revolving credit facility, which is currently undrawn and not relied upon for the purpose of this going concern assessment. The Group is in compliance with the covenants for the revolving credit facility and the borrowings raised via the sustainability bond are not subject to covenants. Details of cash, overdrafts, borrowings and facilities are set out in notes 19, 23 and 24 respectively of these financial statements. In all the scenarios assessed, taking into account current liquidity and available resources and before the inclusion of any mitigating actions within management control, the Group was able to maintain sufficient liquidity to continue trading. On the basis of the assessment performed, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 1 April 2023. New standards, amendments and interpretations adopted in the period There have been no new standards or interpretations issued and made effective for the financial period commencing 3 April 2022 that have had a material impact on the financial statements of the Group. Standards not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the 52 weeks to 1 April 2023 and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Basis of consolidation The Group\u2019s annual financial statements comprise those of Burberry Group plc (the Company) and its subsidiaries, presented as a single economic entity. The results of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies across the Group. The financial year is the 52 weeks ended 1 April 2023 (last year: 53 weeks ended 2 April 2022). Subsidiaries are all entities (including special purpose entities) 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 has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the portion of the reporting period during which the Group had control. Intra-group transactions, balances and unrealised profits on transactions between Group companies are eliminated in preparing the Group financial statements. The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions of additional interests in subsidiaries from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of interests in subsidiaries to non-controlling interests are also recorded in equity. Key sources of estimation uncertainty Preparation of the consolidated financial statements in conformity with IFRS requires that management make certain estimates and assumptions that affect the measurement of reported revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management\u2019s best estimates at the date of the financial statements, deviate from actual circumstances, the original estimates and assumptions will be updated as appropriate in the period in which the circumstances change. Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas where the estimates and assumptions applied have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are discussed below. Further details of the Group\u2019s accounting policies in relation to these areas are provided in note 2. 1. Basis of preparation continued Key sources of estimation uncertainty continued Impairment, or reversals of impairment, of property, plant and equipment and right-of-use assets Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or a cash generating unit is determined based on value-in-use calculations prepared using management\u2019s best estimates and assumptions at the time. Refer to notes 13 and 14 for further details of retail property, plant and equipment, right-of-use assets and impairment reviews carried out in the period and for sensitivities relating to this key source of estimation uncertainty. Inventory provisioning The Group manufactures and sells luxury goods and is subject to changing consumer demands and fashion trends. The recoverability of the cost of inventories is assessed every reporting period, by considering the expected net realisable value of inventory compared to its carrying value. Where the net realisable value is lower than the carrying value, a provision is recorded. When calculating inventory provisions, management considers the nature and condition of the inventory, as well as applying assumptions in respect of anticipated saleability of finished goods and future usage of raw materials. Refer to note 17 for further details of the carrying value of inventory and inventory provisions and for sensitivities relating to this key source of estimation uncertainty. Uncertain tax positions In common with many multinational companies, the Group faces tax audits in jurisdictions around the world in relation to transfer pricing of goods and services between associated entities within the Group. These tax audits are often subject to inter-government negotiations. The matters under discussion are often complex and can take many years to resolve. Tax liabilities are recorded based on management\u2019s estimate of either the most likely amount or the expected value amount depending on which method is expected to better reflect the resolution of the uncertainty. Given the inherent uncertainty in assessing tax outcomes, the Group could, in future periods, experience adjustments to these tax liabilities that have a material positive or negative effect on the Group\u2019s results for a particular period. Refer to note 9 for further details of management estimates surrounding the outcome of all matters under dispute or negotiation between governments in relation to current tax liabilities recognised at 1 April 2023, and for sensitivities relating to this key source of estimation uncertainty. Key judgements in applying the Group\u2019s accounting policies Judgements are those decisions made when applying accounting policies which have a significant impact on the amounts recognised in the Group financial statements. Further details of the Group\u2019s accounting policies are provided in note 2. Key judgements that have a significant impact on the amounts recognised in the Group financial statements for the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022 are as follows: Where the Group is a lessee, judgement is required in determining the lease term at initial recognition, and throughout the lease term, where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Considerations include, but are not limited to, the period assessed by management when approving initial investment, together with costs associated with any termination options or extension options. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Where the lease term has been extended by assuming an extension option will be recognised, this will result in the initial right-of-use assets and lease liabilities at inception of the lease being greater than if the option was not assumed to be exercised. Likewise, assuming a break option will be exercised will reduce the initial right-of-use assets and lease liabilities. Refer to note 21 for further details surrounding the judgements regarding the impact of breaks and options on lease liabilities. 2. Accounting policies The principal accounting policies of the Group are: a) Revenue The Group obtains revenue from contracts relating to sales of luxury goods to retail and wholesale customers. Retail purchases are paid at time of purchase while wholesale and licensing purchases are paid on short-term credit terms. The Group also obtains revenue through licences issued to third parties to produce and sell goods carrying \u2018Burberry\u2019 trademarks. Revenue is stated excluding Value Added Tax and other sales-related taxes. Retail and wholesale revenue For retail and wholesale revenue, the primary performance obligation is the transfer of luxury goods to the customer. For retail revenue this is considered to occur when control of the goods passes to the customer. For in-store retail revenue, control transfers when the customer takes possession of the goods in store and pays for the goods. For digital retail revenue, control is considered to transfer when the goods are delivered to the customer. The timing of transfer of control of the goods in wholesale transactions depends upon the terms of trade in the contract. Principally for wholesale revenue, revenue is recognised either when goods are collected by the customer from the Group\u2019s premises, or when the Group has delivered the goods to the location specified in the contract. Provision for returns and other allowances are reflected in revenue when revenue from the customer is first recognised. A sales return liability and a corresponding return asset within gross inventory are recognised. Retail customers typically have the right to return product within a limited time frame while wholesale customers typically have the right to return damaged and, under agreement, certain current season products. Returns are initially estimated based on historical levels and adjusted subsequently as returns are incurred. Some wholesale contracts may require the Group to make payments to the wholesale customer for services directly relating to the sale of the Group\u2019s goods, such as the cost of staff handling the Group\u2019s goods at the wholesaler. Payments to the customer directly relating to the sale of goods to the customer are recognised as a reduction in revenue, unless in exchange for a distinct good or service. These charges are recognised in revenue at the later of when the sale of the related goods to the customer is recognised or when the customer is paid, or promised to be paid, for the service. Payments to the customer relating to a service which is distinct from the sale of goods to the customer are recognised in operating costs. The Group sells gift cards and similar products to customers, which can be redeemed for goods, up to the value of the card, at a future date. Revenue relating to gift cards is recognised when the card is redeemed, up to the value of the redemption. Unredeemed amounts on gift cards are classified as contract liabilities. Typically, the Group does not expect to have significant unredeemed amounts arising on its gift cards. Licensing revenue The Group\u2019s licences entitle the licensee to access the Group\u2019s trademarks over the term of the licence. Hence revenue from licensing is recognised over the term of access to the licence. Royalties receivable under licence agreements are usually based on production or sales volumes and are accrued in revenue as the subsequent production or sale occurs. Any amounts received which have not been recognised in revenue are classified as contract liabilities. b) Segment reporting As required by IFRS 8 Operating Segments, the segmental information presented in the financial statements is reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors. The Group has centralised activities for designing, making and sourcing, which ensure a global product offering is sold through retail and wholesale channels worldwide. Resource allocation and performance is assessed across the whole of the retail/wholesale channel globally. Hence the retail/wholesale channel has been determined to be an operating segment. Licensed products are manufactured and sold by third-party licensees. As a result, this channel is assessed discretely by the Chief Operating Decision Maker and has been determined to be an operating segment The Group presents an analysis of its revenue by channel, by product division and by geographical destination.2. Accounting policies continued
c) Business combinations
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition
i
s measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of
exchange. Contingent payments are remeasured at fair value through the Income Statement. All transaction costs are expensed
to the Income Statement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination
are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity, and are initially measured either at
fa
ir value or at a value equal to the non-controlling interests\u2019 share of the identifiable net assets acquired. The choice of the basi
s
o
f measurement is an accounting policy choice for each individual business combination. The excess of the cost of acquisit
ion
to
gether with the value of any non-controlling interest over the fair value of the identifiable net assets acquired is recorded
as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is
recognised directly in the Income Statement.
d) Share schemes
The Group operates a number of equity-settled share-based compensation schemes, under which services are received from
empl
oyees (including Executive Directors) as consideration for equity instruments of the Company. The cost of the share-based
incentives is measured with reference to the fair value of the equity instruments awarded at the date of grant, including share
awards and options. Appropriate option pricing models, including Black-Scholes, are used to determine the fair value of the option
awards made. The fair value takes into account the impact of any market performance conditions, but the impact of non-mark
et
performance conditions is not considered in determining the fair value on the date of grant. Vesting conditions which relate to
non-market conditions are allowed for in the assumptions used for the number of share awards or options expected to vest.
The estimate of the number of share awards or options expected to vest is revised at each balance sheet date.
In some circumstances, employees may provide services in advance of the grant date. The grant date fair value is estimated for
the purposes of recognising the expense during the period between the service commencement period and the grant date.
The cost of the share-based incentives is recognised as an expense over the vesting period of the share awards, or options,
with a corresponding increase in equity.
When share awards or options are exercised, they are settled either via issue of new shares in the Company, or through shares
held in an Employee Share Option Plan (ESOP) trust, depending on the terms and conditions of the relevant scheme. For new
shares issued, the proceeds received from the exercises of share options, net of any directly attributable transaction costs,
are credited to share capital and share premium accounts. When ESOP shares are used, any difference between the exercise
price and their cost are recognised in retained earnings.
e) Leases
The Group is both a lessee and lessor of property, plant and equipment. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration. An identified asset may be
specifically or implicitly specified. Control exists when the lessee has both the right to direct the use of the identified asset and the
right to obtain substantially all of the economic benefits from that use.
Lessee accounting
The Group\u2019s principal lease arrangements where the Group acts as the lessee are for property, most notably the lease of
retail stores, corporate offices and warehouses. Other leases are for office equipment, vehicles, and supply chain equipment.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
The Group recognises all lease liabilities and the corresponding right-of-use assets on the Balance Sheet, with the exception of
certain short-term leases (12 months or less) and leases of low value assets, which are expensed as incurred. Leases and the
corresponding right-of-use assets are initially recognised when the Group obtains control of the underlying asset. Leases for new
assets are presented as additions to lease liabilities and right-of-use assets.
Lease liabilities are initially measured on a present value basis. Lease liabilities include the net present value of the following
lease payments:
\u2022 Fixed payments, less any incentives
\u2022 V
ariable lease payments that are based on a future index or rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees an
d
\u2022 Th
e cost of exercising a purchase option if the lessee is reasonably certain to exercise that option
2. Accounting policies continued
e) Leases continued
Lessee accounting continued
Where the lease contains an extension option or a termination option which is exercisable by the Group, as lessee, an assessment
is made as to whether the Group is reasonably certain to exercise the extension option, or not exercise the termination option,
considering all relevant facts and circumstances that create an economic incentive. Considerations may include the contractual
terms and conditions for the optional periods compared to market rates, costs associated with the termination of the lease and
the importance of the underlying asset to the Group\u2019s operations.
Variable lease payments dependent upon a future index or rate are measured using the amounts payable at the commencement
date until the index or rate is known. Variable lease payments not dependent on an index or rate, including lease payments based
on a percentage of turnover, are excluded from the calculation of lease liabilities.
Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be
readily determined.
Right-of-use assets are classified as property or non-property. The Group has elected not to apply the short-term exemption to
the property class of right-of-use assets. Where the exemption is applied to the non-property class of right-of-use assets, lease
payments are expensed as incurred. The low value asset exemption has been applied to both the property and non-property class
of assets on a lease-by-lease basis where applicable.
In circumstances where the Group is in possession of a property but there is no executed agreement or other binding obligation in
relation to the property, rent is expensed until such time the obligation becomes binding, at which point, a right-of-use asset and lease
liability will be recognised prospectively. These lease costs are disclosed as lease in holdover expenses. Refer to notes 5 and 21.
Right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives received and
\u2022 Any initial direct costs incurred in entering into the lease
The Group recognises depreciation of right-of-use assets and interest on lease liabilities in the Income Statement over the lease
term. Repayments of lease liabilities are classified separately in the Statement of Cash Flows where the cash payments for the
principal portion of the lease liability are presented within financing activities, and cash payments for the interest portion are
presented within operating activities. Payments in relation to variable lease payments based on turnover, short-term leases and
leases of low value assets which are not included on the Balance Sheet are included within operating expenses.
Modifications to lease agreements, extensions to existing lease agreements and changes to future lease payments relating to
existing terms in the contract, including market rent reassessments and index-based changes, are presented as remeasurements
of the lease liabilities. The related right-of-use asset is also remeasured. If the modification results in a reduction in scope of the
lease, either through shortening the lease term or through disposing of part of the underlying asset, a gain or loss on disposal may
arise relating to the difference between the lease liabilities and the right-of-use asset applicable to the reduction in scope.
Right-of-use assets are included in the review for impairment of property, plant and equipment and intangible assets with finite
economic lives, if there is an indication that the carrying amount of the cash generating unit may not be recoverable.
COVID-19-Related Rent Concessions
The COVID-19-Related Rent Concessions amendment to IFRS 16 Leases was adopted by the IASB on 28 May 2020. The amendment
was applied until 30 June 2022. The amendment allowed for a simplified approach to accounting for rent concessions occurring as a
direct result of COVID-19 and for which the following criteria are met:
\u2022 The revised consideration is substantially the same, or less than, the consideration prior to the change
\u2022 The concessions affect only payments originally due on or before 30 June 2022 and
\u2022 There is no substantive change to other terms and conditions of the lease
From 1 July 2022, the Group has applied the principles of IFRS 9 Financial Instruments and continues to account for eligible rent
forgiveness as negative variable lease payments where:
\u2022 The rent concessions are occurring as a direct result of COVID-19
\u2022 The revised consideration is substantially the same, or less than, the consideration prior to the change and
\u2022 There is no substantive change to other terms and conditions of the lease
2. Accounting policies continued
e) Leases continued
COVID-19-Related Rent Concessions continued
Lessees are not required to assess whether eligible rent concessions are lease modifications, allowing the lessee to account for
eligible rent concessions as if they were not lease modifications. The Group may agree rent concessions both in the form of rent
forgiveness in which the landlord has agreed to forgive all or a portion of rents due with no obligation to be repaid in the future,
and rent deferrals in which the landlord has agreed to forego rents in one period with a proportional increase in rents due in a
future period.
The Group has chosen to account for eligible rent forgiveness as negative variable lease payments. Rent concessions are
recognised once a legally binding agreement is made between both parties, by derecognising the portion of the lease liability that
has been forgiven and recognising the benefit in the Income Statement. As a result, the Group has recognised \u00a313 million (last
year: \u00a318 million) in COVID-19-related rent concessions in the Income Statement within other operating income in the current
period. This has been presented as an adjusting item (refer to note 6). In the Statement of Cash Flows, the forgiveness results in
lower payments of lease principal. The negative variable lease payments in the Income Statement comprise a non-cash item which
is adjusted for to calculate cash generated from operating activities.
Rent deferrals do not change the total consideration due over the life of the lease. Deferred rent payments are recognised as a
payable until the period the original rent payment is due. Payments relating to rent deferrals are recognised as payments of lease
principal when the payment is made.
f) Dividend distributions
Dividend distributions to Burberry Group plc\u2019s shareholders are recognised as a liability in the period in which the dividend
becomes a committed obligation. Final dividends are recognised when they are approved by the shareholders. Interim dividends are
recognised when paid.
g) Pension costs
Eligible employees participate in defined contribution pension schemes, the principal one being in the UK with its assets held in an
independently administered fund. The cost of providing these benefits to participating employees is recognised in the Income
Statement as they fall due and comprises the amount of contributions to the schemes.
h) Intangible assets
Goodwill
Goodwill is the excess of the cost of acquisition together with the value of any non-controlling interest, over the fair value of
identifiable net assets acquired. Goodwill on acquisition is recorded as an intangible asset. Fair values are attributed to the
identifiable assets, liabilities and contingent liabilities that existed at the date of acquisition, reflecting their condition at that
date. Adjustments are also made to align the accounting policies of acquired businesses with those of the Group.
Goodwill is assigned an indefinite useful life. Impairment reviews are performed annually, or more frequently if events or changes in
circumstances indicate that the carrying value may not be recoverable. Impairment losses recognised on goodwill are not reversed
in future periods.
Trademarks, licences and other intangible assets
The cost of securing and renewing trademarks and licences, and the cost of acquiring other intangible assets, is capitalised at
purchase price and amortised by equal annual instalments over the period in which benefits are expected to accrue, typically ten
years for trademarks, or the term of the licence. The useful life of trademarks and other intangible assets is determined on a case-
by-case basis, in accordance with the terms of the underlying agreement and the nature of the asset.
Computer software
Computer software costs are capitalised during the development phase at the point at which there is sufficient certainty that the
software will deliver future economic benefits to the Group. The cost of acquiring computer software (including licences and
separately identifiable development costs) is capitalised as an intangible asset at purchase price, plus any directly attributable cost
of preparing that asset for its intended use. Software costs are amortised on a straight-line basis over their estimated useful lives,
which may be up to seven years.
2. Accounting policies continued i) Property, plant and equipment Property, plant and equipment, with the exception of assets in the course of construction, is stated at cost or deemed cost, based on historical revalued amounts prior to the adoption of IFRS, less accumulated depreciation and provision to reflect any impairment in value. Assets in the course of construction are stated at cost less any provision for impairment and transferred to completed assets when substantially all of the activities necessary for the asset to be ready for use have occurred. Cost includes the original purchase price of the asset and costs attributable to bringing the asset to its working condition for its intended use. Depreciation Depreciation of property, plant and equipment is calculated to write off the cost or deemed cost, less residual value, of the assets in equal annual instalments over their estimated useful lives at the following rates: Type of asset Category of property, plant and equipment Useful life Land Freehold land and buildings Not depreciated Freehold buildings Freehold land and buildings Up to 50 years Long life leasehold improvements Leasehold improvements Over the unexpired term of the lease Short life leasehold improvements Leasehold improvements Up to 10 years Plant and machinery Fixtures, fittings and equipment Up to 15 years Retail fixtures and fittings Fixtures, fittings and equipment Up to 5 years Office fixtures and fittings Fixtures, fittings and equipment Up to 5 years Computer equipment Fixtures, fittings and equipment Up to 7 years Assets in the course of construction Assets in the course of construction Not depreciated Profit/loss on disposal of property, plant and equipment and intangible assets Profits and losses on the disposal of property, plant and equipment and intangible assets represent the difference between the net proceeds and net book value at the date of sale. Disposals are accounted for when the relevant transaction becomes unconditional. j) Assets held for sale Non-current assets are classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than through continued use, and a sale within the next 12 months is considered to be highly probable. Assets classified as held for sale cease to be depreciated and they are stated at the lower of carrying amount and fair value less cost to sell. k) Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets under construction are also tested annually. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstance indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value-in-use. For the purposes of assessing impairment, retail assets are grouped at the lowest levels for which there are separately identifiable cash flows, being individual stores (cash generating units), and goodwill assets are considered at the lowest level being monitored by management. Non-financial assets, other than goodwill, for which an impairment has been previously recognised are reviewed for possible reversal of impairment at each reporting date. l) Inventories Inventories are stated at the lower of cost and net realisable value. Cost consists of all costs of purchase, costs of conversion, design costs and other costs incurred in bringing the inventories to their first point of sale location and condition. The cost of inventories is determined using a weighted average cost method, taking account of the fashion seasons for which the inventory was offered. Where necessary, provision is made to reduce cost to no more than net realisable value having regard to the nature and condition of inventory, as well as its anticipated utilisation and saleability. 2. Accounting policies continued m) Taxation Tax expense represents the sum of the current tax expense and deferred tax charge. Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense which are taxable or deductible in other years and it further excludes items which are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates which have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised, using the liabilities method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the temporary difference arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, no deferred tax will be recognised. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entities or different taxable entities where there is an intention to settle the balances on a net basis. n) Provisions Provisions are recognised when there is a present legal or constructive obligation as a result of past events, for which it is probable that an outflow of economic benefits will be required to settle the obligation, and where the amount of the obligation can be reliably estimated. When the effect of the time value of money is material, provision amounts are calculated based on the present value of the expenditures expected to be required to settle the obligation. The present value is calculated using forward market interest rates as measured at the balance sheet reporting date, which have been adjusted for risks specific to the future obligation. Property obligations A provision for the present value of future property reinstatement costs is recognised where there is an obligation to return the leased property to its original condition at the end of a lease term. The reinstatement cost at the end of a lease usually arises due to leasehold improvements and modifications carried out by the Group in order to customise the property during tenure of the lease. As a result, the cost of the reinstatement provision is recognised as a component of the cost of the leasehold improvements in property, plant and equipment when these are installed and amortised to the income statement over the expected life of the lease. o) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to owners of the Company until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is credited to share capital and share premium accounts included in equity attributable to owners of the Company. 2. Accounting policies continued p) Financial instruments Financial instruments are initially recognised at fair value plus directly attributable transaction costs on the Balance Sheet when the entity becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flow expire or substantially all risks and rewards of the asset are transferred. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired. At initial recognition, all financial liabilities are stated at fair value. Subsequent to initial recognition, all financial liabilities are stated at amortised cost using the effective interest rate method except for derivatives which are held at fair value and which are classified as fair value through profit and loss, except where they qualify for hedge accounting. Financial assets are classified as either amortised cost or fair value through profit and loss depending on their cash flow characteristics. Assets with cash flows that represent solely payments of principal and interest are measured at amortised cost. The fair value of the Group\u2019s financial assets and liabilities held at amortised cost mostly approximate their carrying amount due to the short maturity of these instruments. Where the fair value of any financial asset or liability held at amortised cost is materially different to the book value, the fair value is disclosed. The Group classifies its instruments in the following categories: Financial instrument category Note Classification Measurement Fair value measurement hierarchy 2 Cash and cash equivalents 19 Amortised cost Amortised cost N/A Cash and cash equivalents 19 Fair value through profit and loss Fair value through profit and loss 2 Trade and other receivables 16 Amortised cost Amortised cost N/A Trade and other receivables 16 Fair value through profit and loss Fair value through profit and loss 2 Trade and other payables 20 Other financial liabilities Amortised cost N/A Borrowings 24 Other financial liabilities Amortised cost N/A Leases 21 Lease liabilities Amortised cost N/A Deferred consideration 20 Fair value through profit and loss Fair value through profit and loss 3 Forward foreign exchange contracts 18 Fair value through profit and loss Fair value through profit and loss 2 Forward foreign exchange contracts used for hedging 1 18 Fair value \u2013 hedging instrument Fair value \u2013 hedging instrument 3 2 Equity swap contracts 18 Fair value through profit and loss Fair value through profit and loss 2 1. Cash flow hedge and net investment hedge accounting is applied to the extent it is achievable. 2. The fair value measurement hierarchy is only applicable for financial instruments measured at fair value. 3. Forward foreign exchange contracts used for hedging are classified as Fair value \u2013 hedging instruments under IFRS 9, however IAS 39 hedge accounting has been applied. The measurements for financial instruments carried at fair value are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are defined as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: includes unobservable inputs for the asset or liability. Observable inputs are those which are developed using market data, such as publicly available information about actual events or transactions. The Group has an established framework with respect to measurement of fair values, including Level 3 fair values. The Group regularly reviews any significant inputs which are not derived from observable market data and considers, where available, relevant third-party information, to support the conclusion that such valuations meet the requirements of IFRS. The classification level in the fair value hierarchy is also considered periodically. The fair value of those cash and cash equivalents measured at fair value through profit and loss, principally money market funds, is derived from their net asset value which is based on the value of the portfolio investment holdings at the balance sheet date. This is considered to be a Level 2 measurement. 2. Accounting policies continued p) Financial instruments continued The fair value of forward foreign exchange contracts, equity swap contracts and trade and other receivables, principally cash settled equity swaps, is based on a comparison of the contractual and market rates and, in the case of forward foreign exchange contracts, after discounting using the appropriate yield curve as at the balance sheet date. All Level 2 fair value measurements are calculated using inputs which are based on observable market data. The fair value of the contingent payment component of deferred consideration is considered to be a Level 3 measurement and is derived using a present value calculation, incorporating observable and non-observable inputs. This valuation technique has been adopted as it most closely mirrors the contractual arrangement. The Group\u2019s primary categories of financial instruments are listed below: Cash and cash equivalents Cash and short-term deposits on the Balance Sheet comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. In the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts, which are recorded under current liabilities on the Balance Sheet. While cash at bank and in hand is classified as amortised cost, some short-term deposits are classified as fair value through profit and loss. Cash and cash equivalents held at amortised cost are subject to impairment testing at each period end. Trade and other receivables Trade and other receivables are included in current assets, except for maturities greater than 12 months after the balance sheet date. Most receivables are held with the objective to collect the contractual cash flows and are therefore recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for the expected credit losses on trade receivables is established at inception. Expected credit loss rates are calculated by reviewing lifetime expected credit losses using historic and forward-looking data. The amount of the movement in the provision is recognised in the Income Statement. Trade and other payables Trade and other payables are included in current liabilities, except for maturities greater than 12 months after the balance sheet date. Payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Borrowings Borrowings are recognised initially at fair value, inclusive of transaction costs incurred. Borrowings are subsequently stated at amortised cost and the difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Deferred consideration Deferred consideration is initially recognised at the present value of the expected future payments. It is subsequently remeasured at fair value at each reporting period with the change in fair value relating to changes in expected future payments recorded in the Income Statement as an operating expense or income. Changes in fair value relating to unwinding of discounting to present value are recorded as a financing expense. Derivative instruments The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates arising on certain trading transactions. The principal derivative instruments used are forward foreign exchange contracts taken out to hedge highly probable cash flows in relation to future sales, and product purchases. The Group also may designate forward foreign exchange contracts or foreign currency borrowings as a net investment hedge of the assets of overseas subsidiaries. 2. Accounting policies continued p) Financial instruments continued Derivative instruments continued When hedge accounting is applied, the Group documents at the inception of the transaction the relationship between the spot element of the hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Derivatives are initially recognised at fair value at the trade date and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: (1) hedges of the fair value of recognised assets and liabilities or a firm commitment (fair value hedges); (2) hedges of highly probable forecast transactions (cash flow hedges); (3) hedges of net investment of the assets of overseas subsidiaries (net investment hedges); or (4) classified as fair value through profit and loss. The forward elements of the hedging instrument are recognised in operating expenses. Changes in the fair value relating to the spot element of derivatives that are designated and qualify as fair value hedges are recorded in the Income Statement immediately, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. The effective portion of changes in the fair value relating to the spot element of derivatives that are designated and qualify as cash flow hedges is deferred in other comprehensive income. The gain or loss relating to the ineffective portion of the gain or loss is recognised immediately in the Income Statement. Amounts deferred in other comprehensive income are recycled through the Income Statement in the periods when the hedged item affects the Income Statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at the time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement within \u2018net exchange gain/(loss) on derivatives \u2013 fair value through profit and loss\u2019. If a derivative instrument is not designated as a hedge, the subsequent change to the fair value is recognised in the Income Statement within operating expenses or interest depending upon the nature of the instrument. Where the Group hedges net investments in foreign operations through derivative instruments or foreign currency borrowings, the gains or losses on the effective portion of the change in fair value of derivatives that are designated and qualify as a hedge of a net investment, or the gains or losses on the retranslation of the borrowings are recognised in other comprehensive income and are reclassified to the Income Statement when the foreign operation that is hedged is disposed of. Cash settled equity swaps are classified as fair value through profit and loss. q) Government grants Government grants related to assets are recognised as deferred income when there is reasonable certainty that any conditions attached to the grant will be met and the grant will be received. They are amortised to operating income over the useful life of the asset. Government grants related to income are presented as operating income when it is reasonably certain that any conditions attached will be met and that the grant will be received. 2. Accounting policies continued r) Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling which is the Company\u2019s functional and the Group\u2019s presentation currency. Transactions in foreign currencies Transactions denominated in foreign currencies within each entity in the Group are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies, which are held at the year end, are translated into the functional currency at the exchange rate ruling at the balance sheet date (closing rate). Exchange differences on monetary items are recognised in the Income Statement in the period in which they arise, except where these exchange differences form part of a net investment in overseas subsidiaries of the Group, in which case such differences are recognised in other comprehensive income. Translation of the results of overseas businesses The results of overseas subsidiaries are translated into the Group\u2019s presentation currency of sterling each month at the average exchange rate for the month, weighted according to the phasing of the Group\u2019s trading results. The average exchange rate is used, as it is considered to approximate the actual exchange rates on the date of the transactions. The assets and liabilities of such undertakings are translated at the closing rates. Differences arising on the retranslation of the opening net investment in subsidiary companies, and on the translation of their results, are recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. The principal exchange rates used were as follows: Average rate Closing rate 52 weeks to 1 April 2023 53 weeks to 2 April 2022 As at 1 April 2023 As at 2 April 2022 Euro 1.16 1.18 1.14 1.19 US Dollar 1.20 1.36 1.24 1.31 Chinese Yuan Renminbi 8.27 8.73 8.51 8.34 Hong Kong Dollar 9.43 10.63 9.73 10.26 Korean Won 1,577 1,596 1,613 1,592 s) Adjusted profit before taxation In order to provide additional understanding of the underlying performance of the Group\u2019s ongoing business, the Group\u2019s results include a presentation of Adjusted operating profit and Adjusted profit before taxation (adjusted PBT). Adjusted PBT is defined as profit before taxation and before adjusting items. Adjusting items are those items which, in the opinion of the Directors, should be excluded in order to provide a consistent and comparable view of the performance of the Group\u2019s ongoing business. Generally, this will include those items that are largely one-off and/or material in nature as well as income or expenses relating to acquisitions or disposals of businesses or other transactions of a similar nature, including the impact of changes in fair value of expected future payments or receipts relating to these transactions. Adjusting items are identified and presented on a consistent basis each year and a reconciliation of adjusted PBT to profit before tax is included in the financial statements. Adjusting items and their related tax impacts, as well as adjusting taxation items, are added back to/deducted from profit attributable to owners of the Company to arrive at adjusted earnings per share. Refer to note 6 for further details of adjusting items. 3. Segmental analysis The Chief Operating Decision Maker has been identified as the Board of Directors. The Board reviews the Group\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on the reports used by the Board. The Board considers the Group\u2019s business through its two channels to market, being retail/wholesale and licensing. Retail/wholesale revenues are generated by the sale of luxury goods through Burberry mainline stores, concessions, outlets and digital commerce as well as Burberry franchisees, prestige department stores globally and multi-brand speciality accounts. The flow of global product between retail and wholesale channels and across our regions is monitored and optimised at a corporate level and implemented via the Group\u2019s inventory hubs and principal distribution centres situated in Europe, the US, Mainland China and Hong Kong S.A.R. China. Licensing revenues are generated through the receipt of royalties from global licensees of beauty products, eyewear and from licences relating to the use of non-Burberry trademarks in Japan. The Board assesses channel performance based on a measure of adjusted operating profit. This measurement basis excludes the effects of adjusting items. The measure of earnings for each operating segment that is reviewed by the Board includes an allocation of corporate and central costs. Interest income and charges are not included in the result for each operating segment that is reviewed by the Board. Retail/Wholesale Licensing Total 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Retail 2,501 2,273 \u2013 \u2013 2,501 2,273 Wholesale 543 512 \u2013 \u2013 543 512 Licensing \u2013 \u2013 51 42 51 42 Total segment revenue 3,044 2,785 51 42 3,095 2,827 Inter-segment revenue 1 \u2013 \u2013 (1) (1) (1) (1) Revenue from external customers 3,044 2,785 50 41 3,094 2,826 Depreciation and amortisation 2 (341) (313) \u2013 \u2013 (341) (313) Net impairment charge of property, plant and equipment 3 (2) (2) \u2013 \u2013 (2) (2) Net impairment charge of right-of-use assets 4 (5) (1) \u2013 \u2013 (5) (1) Other non-cash items: Share-based payments (19) (16) \u2013 \u2013 (19) (16) Adjusted operating profit 587 486 47 37 634 523 Adjusting items 5 21 19 Finance income 21 3 Finance expense (42) (34) Profit before taxation 634 511 1. Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would be available to unrelated third parties. 2. Depreciation and amortisation for the 52 weeks to 1 April 2023 is presented excluding \u00a33 million (last year: \u00a3nil) arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). 3. Net impairment charge of property, plant and equipment for the 53 weeks to 2 April 2022 was presented excluding a net reversal of \u00a31 million relating to charges as a result of the impact of COVID-19, which was presented as an adjusting item (refer to note 6). 4. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 is presented excluding a reversal of \u00a36 million (last year: charge of \u00a36 million) relating to charges as a result of the impact of COVID-19 and a net charge of \u00a33 million (last year: charge of \u00a3nil) arising as a result of the Group\u2019s restructuring programmes, which have been presented as adjusting items (refer to note 6). 5. Adjusting items relate to the Retail and Wholesale segment. Refer to note 6 for details of adjusting items. 3. Segmental analysis continued Retail/Wholesale Licensing Total 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Additions to non-current assets 350 400 \u2013 \u2013 350 400 Total segment assets 2,273 2,099 5 6 2,278 2,105 Goodwill 109 109 Cash and cash equivalents 1,026 1,222 Taxation 273 261 Total assets per Balance Sheet 3,686 3,697 Additional revenue analysis All revenue is derived from contracts with customers. The Group derives retail and wholesale revenue from contracts with customers from the transfer of goods and related services at a point in time. Licensing revenue is derived over the period the licence agreement gives the customer access to the Group\u2019s trademarks. Revenue by product division 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Accessories 1,125 1,017 Women\u2019s 867 784 Men\u2019s 868 807 Children\u2019s/Other 184 177 Retail/Wholesale 3,044 2,785 Licensing 50 41 Total 3,094 2,826 Revenue by destination 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Asia Pacific 1,297 1,276 EMEIA 1 1,004 813 Americas 743 696 Retail/Wholesale 3,044 2,785 Licensing 50 41 Total 3,094 2,826 1. EMEIA comprises Europe, Middle East, India and Africa. Entity-wide disclosures Revenue derived from external customers in the UK totalled \u00a3257 million for the 52 weeks to 1 April 2023 (last year: \u00a3210 million). Revenue derived from external customers in foreign countries totalled \u00a32,837 million for the 52 weeks to 1 April 2023 (last year: \u00a32,616 million). This amount includes \u00a3661 million of external revenues derived from customers in the USA (last year: \u00a3626 million) and \u00a3683 million of external revenues derived from customers in Mainland China (last year: \u00a3765 million). The total of non-current assets, other than financial instruments, and deferred tax assets located in the UK is \u00a3485 million (last year: \u00a3439 million). The remaining \u00a31,094 million of non-current assets are located in other countries (last year: \u00a31,005 million), with \u00a3318 million located in the US (last year: \u00a3263 million) and \u00a3235 million located in Mainland China (last year: \u00a3214 million). 4. Net operating expenses Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 1 \u00a3m Other operating income (12) (10) Selling and distribution costs 1,207 1,115 Administrative expenses 353 367 1,548 1,472 Adjusting operating income 6 (34) (20) Adjusting operating expenses 6 12 16 (22) (4) Net operating expenses 1,526 1,468 1. Balances for the 53 weeks to 2 April 2022 have been restated to align with the current year allocation of other operating income. Other operating income has been decreased by \u00a38 million with an offsetting increase of \u00a32 million in selling and distribution costs and decrease of \u00a310 million in administrative expenses. This is largely to present gains on foreign exchange, which were previously presented as other operating income, net within expenses. There is no impact on total net operating expenses. 5. Profit before taxation Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Adjusted profit before taxation is stated after charging/(crediting): Depreciation of property, plant and equipment Within cost of sales 2 2 Within selling and distribution costs 76 68 Within administrative expenses 17 16 Depreciation of right-of-use assets Within selling and distribution costs 191 171 Within administrative expenses 1 18 17 Amortisation of intangible assets Within selling and distribution costs 1 2 Within administrative expenses 36 37 Gain on disposal of property, plant and equipment 2 \u2013 (3) Gain on modification of right-of-use assets (2) \u2013 Net impairment charge of property, plant and equipment 3 13 2 2 Net impairment charge of right-of-use assets 4 14 5 1 Employee costs 5 28 565 537 Other lease expense Property lease variable lease expense 21 125 122 Property lease in holdover expense 21 20 17 Non-property short-term lease expense 21 11 5 Net exchange loss/(gain) on revaluation of monetary assets and liabilities 10 (10) Net (gain)/loss on derivatives \u2013 fair value through profit and loss (9) 9 Receivables net impairment charge 6 2 1 1. Depreciation of right-of-use assets within administrative expenses for the 52 weeks to 1 April 2023 is presented excluding \u00a33 million (last year: \u00a3nil) arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). 2. Gain on disposal of property, plant and equipment for the 52 weeks to 1 April 2023 is presented excluding \u00a319 million relating to the gain on sale of a property in the US, which has been presented as an adjusting item (refer to note 6). 3. Net impairment charge of property, plant and equipment for the 53 weeks to 2 April 2022 was presented excluding a net reversal of \u00a31 million relating to charges as a result of the impact of COVID-19, which was presented as an adjusting item (refer to note 6). 4. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 is presented excluding a reversal of \u00a36 million (last year: charge of \u00a36 million) relating to charges as a result of the impact of COVID-19 and a net charge of \u00a33 million (last year: charge of \u00a3nil) arising as a result of the Group\u2019s restructuring programme, which have been presented as adjusting items (refer to note 6). 5. Employee costs for the 52 weeks to 1 April 2023 are presented excluding a charge of \u00a310 million (last year: \u00a310 million) arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). 6. Receivables net impairment charge for the 53 weeks to 2 April 2022 is presented excluding a reversal of \u00a31 million relating to charges as a result of the impact of COVID-19, which was presented as an adjusting item (refer to note 6). 5. Profit before taxation continued Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Adjusting items Adjusting operating items Impact of COVID-19: Impairment (reversal)/charge relating to retail cash generating units 6 (6) 5 Impairment reversal relating to inventory 6 (1) (16) Impairment reversal relating to receivables 6 \u2013 (1) COVID-19-related rent concessions 6 (13) (18) COVID-19-related government grant income 6 (2) (2) Other adjusting items: Gain on disposal of property 6 (19) \u2013 Restructuring costs 6 16 11 Revaluation of deferred consideration liabilit y 6 2 1 Total adjusting operating items (23) (20) Adjusting financing items Finance charge on adjusting items 6 2 1 Total adjusting financing items 2 1 Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Analysis of adjusting operating items: Included in Cost of sales (Impairment reversal relating to inventory) (1) (16) Included in Operating expenses 4 12 16 Included in Other operating income 4 (34) (20) Total (23) (20) 6. Adjusting items 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Total adjusting operating items (pre-tax) (23) (20) Total adjusting financing items (pre-tax) 2 1 Tax charge on adjusting operating items 6 5 Total adjusting operating items (post-tax) (15) (14) Impact of COVID-19 At 1 April 2023, impairments and provisions recorded as adjusting items in prior periods as a result of the impact of COVID-19 have been reviewed and the assumptions updated where appropriate, to reflect management\u2019s latest expectations. The impact of changes in assumptions has been presented as an update to the adjusting item charge. Further details regarding the approach applied to measure these updates are set out below for each of the specific adjusting items. Impairment of retail cash generating units During the 52 weeks to 1 April 2023, the impairment provisions remaining have been reassessed, using management\u2019s latest expectations, with a reversal of \u00a36 million recorded (last year: charge of \u00a35 million). A related tax charge of \u00a31 million (last year: credit of \u00a31 million) has also been recognised in the year. Any charges or reversals which did not arise from the reassessment of the original impairment adjusting item, had they arisen, would not have been included in this adjusting item. Refer to notes 13 and 14 for details of impairment of retail cash generating units. Impairment of inventory During the 52 weeks to 1 April 2023, reversals of inventory provisions, relating to inventory which had been provided for as an adjusting item at the previous year end and has either been sold, or is now expected to be sold, at a higher net realisable value than had been assumed when the provision had been initially estimated, of \u00a31 million (last year: \u00a316 million) have been recorded and presented as an adjusting item. No related tax charge (last year: \u00a34 million) has been recognised in the year. All other charges and reversals relating to inventory provisions have been recorded in adjusted operating profit. Refer to note 17 for details of inventory provisions. Impairment of receivables During the 53 weeks to 2 April 2022, a reversal of \u00a31 million was recorded as an adjusting item relating to the one-off impact of COVID-19 on expected credit losses. No amounts were recorded during the 52 weeks to 1 April 2023. Refer to note 27 for details of impairment of receivables. COVID-19-related rent concessions Eligible rent forgiveness amounts have been treated as negative variable lease payments, resulting in a credit of \u00a313 million (last year: \u00a318 million) for the 52 weeks to 1 April 2023 being recorded within other operating income. This income has continued to be presented as an adjusting item given that it is explicitly related to COVID-19. The amendment to IFRS 16 expired on 30 June 2022; however the Group continues to apply the same accounting treatment applying the principles of IFRS 9. A related tax charge of \u00a33 million (last year: \u00a34 million) has also been recognised in the current year. COVID-19-related grant income The Group has recorded grant income of \u00a32 million (last year: \u00a32 million) within other operating income for the 52 weeks to 1 April 2023, relating to government support to alleviate the impact of COVID-19. This income has been presented as an adjusting item as it is explicitly related to COVID-19, and the arrangements are expected to last for a limited period of time. A related tax charge of \u00a31 million (last year: \u00a31 million) has also been recognised in the current year. Other adjusting items Gain on disposal of property During the 52 weeks to 1 April 2023, the Group completed the sale of an owned property in the US for cash proceeds of \u00a322 million resulting in a net gain on disposal of \u00a319 million, recorded within other operating income. The net gain on disposal was recognised as an adjusting item, in accordance with the Group\u2019s accounting policy, as it is considered to be material and one-off in nature. A related tax charge of \u00a35 million was also recognised in the year. 6. Adjusting items continued Other adjusting items continued Restructuring costs Restructuring costs of \u00a316 million (last year: \u00a311 million) were incurred in the current year, arising primarily as a result of the organisational efficiency programme announced in July 2020, and completed in the current year, that included the creation of three new business units to enhance product focus, increase agility and elevate quality, and to further streamline office-based functions and facilities. The costs for the 52 weeks to 1 April 2023 principally relate to impairment charges on non-retail assets and redundancies and are recorded in operating expenses. They are presented as an adjusting item, in accordance with the Group\u2019s accounting policy, as the anticipated cost of the restructuring programme is considered material and discrete in nature. A related tax credit of \u00a34 million (last year: \u00a33 million) has also been recognised in the current year. Items relating to the deferred consideration liability On 22 April 2016, the Group entered into an agreement to transfer the economic right of the non-controlling interest in Burberry Middle East LLC to the Group in exchange for consideration of contingent payments to be made to the minority shareholder over the period to 2023. A charge of \u00a32 million in relation to the revaluation of this balance has been recognised in operating expenses for the 52 weeks to 1 April 2023 (last year: \u00a31 million). This movement is unrealised. No tax has been recognised on this item, as the future payments are not considered to be deductible for tax purposes. This item is presented as an adjusting item in accordance with the Group\u2019s accounting policy, as it arises from changes in the value of the liability for expected future payments relating to the purchase of a non-controlling interest in the Group and acquisition of a subsidiary respectively. 7. Auditor remuneration Fees incurred during the year in relation to audit and non-audit services are analysed below: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Audit services in respect of the financial statements of the Company and consolidation 0.5 0.5 Audit services in respect of the financial statements of subsidiary companies 2.7 2.3 Audit-related assurance services 0.2 0.2 Other non-audit-related services 0.1 0.1 Total 3.5 3.1 8. Financing Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Finance income \u2013 amortised cost 3 1 Bank interest income \u2013 fair value through profit and loss 18 2 Finance income 21 3 Interest expense on lease liabilities 1 21 (31) (27) Interest expense on overdrafts (2) \u2013 Interest expense on borrowings (4) (4) Bank charges (1) (2) Other finance expense (4) (1) Finance expense (42) (34) Finance charge on adjusting items 6 (2) (1) Net finance expense (23) (32) 1. Interest expense on lease liabilities of \u00a331 million excludes \u00a32 million arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). 9. Taxation Analysis of charge for the year recognised in the Group Income Statement: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Current tax UK corporation tax Current tax on income for the 52 weeks to 1 April 2023 at 19% (last year: 19%) 116 114 Double taxation relief (5) (7) Adjustments in respect of prior years 1 12 25 123 132 Foreign tax Current tax on income for the year 34 28 Adjustments in respect of prior years 1 3 (15) 37 13 Total current tax 160 145 Deferred tax UK deferred tax Origination and reversal of temporary differences 4 (3) Impact of changes to tax rates \u2013 (4) Adjustments in respect of prior years 1 \u2013 1 4 (6) Foreign deferred tax Origination and reversal of temporary differences (26) (27) Adjustments in respect of prior years 1 4 2 (22) (25) Total deferred tax (18) (31) Total tax charge on profit 142 114 1. Adjustments in respect of prior years relate mainly to adjustments to estimates of prior period tax liabilities and a net increase in provisions for uncertain tax positions and tax accruals. Analysis of charge for the year recognised in other comprehensive income and directly in equity: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Current tax Recognised in other comprehensive income: Current tax charge on exchange differences on loans (foreign currency translation reserve) 1 \u2013 Current tax charge on net investment hedges deferred in equity (hedging reserve) \u2013 1 Total current tax recognised in other comprehensive income 1 1 Deferred tax Recognised in other comprehensive income: Deferred tax credit on net investment hedges deferred in equity (hedging reserve) \u2013 (1) Total deferred tax recognised in other comprehensive income \u2013 (1) Recognised in equity: Deferred tax credit on share options (retained earnings) (2) \u2013 Total deferred tax recognised directly in equity (2) \u2013 9. Taxation continued The tax rate applicable on profit varied from the standard rate of corporation tax in the UK due to the following factors: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Profit before taxation 634 511 Tax at 19% (last year: 19%) on profit before taxation 120 97 Rate adjustments relating to overseas profits 1 3 Permanent differences 4 6 Tax on dividends not creditable \u2013 2 Prior year temporary differences and tax losses recognised (3) (3) Adjustments in respect of prior years 19 13 Adjustments to deferred tax relating to changes in tax rates 1 (4) Total taxation charge 142 114 Total taxation recognised in the Group Income Statement arises on the following items: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Tax on adjusted profit before taxation 136 109 Tax on adjusting items 6 5 Total taxation charge 142 114 Factors affecting future tax charges Uncertain tax positions The Group operates in numerous tax jurisdictions around the world and is subject to factors that may affect future tax charges including transfer pricing, tax rate changes, tax legislation changes, tax authority interpretation, expiry of statutes of limitation, tax litigation, and resolution of tax audits and disputes. At any given time, the Group has open years outstanding in various countries and is involved in tax audits and disputes, some of which may take several years to resolve. Provisions are based on best estimates and management\u2019s judgements concerning the likely ultimate outcome of any audit or dispute. Management considers the specific circumstances of each tax position and takes external advice, where appropriate, to assess the range of potential outcomes and estimate additional tax that may be due. At 1 April 2023 the Group had recognised provisions of \u00a386 million in respect of uncertain tax positions (increasing from \u00a364 million in 2022), being provisions of \u00a3103 million net of expected reimbursements of \u00a317 million (last year: \u00a369 million net of expected reimbursements of \u00a35 million). The majority of these provisions relate to the tax impact of intra-group transactions between the UK and the various jurisdictions in which the Group operates, as would be expected for a Group operating internationally. The Group believes that it has made adequate provision in respect of additional tax liabilities that may arise from open years, tax audits and disputes. However, the actual liability for any particular issue may be higher or lower than the amount provided, resulting in a negative or positive effect on the tax charge in any given year. A reduction in the tax charge may also arise for other reasons such as an expiry of the relevant statute of limitations. Depending on the final outcome of tax audits which are currently in progress, statute of limitations expiry, and other factors, an impact on the tax charge could arise. The tax impact of intra-group transactions is a complex area and resolution of matters can take many years. Given the inherent uncertainty, it is difficult to predict the timing of when these matters will be resolved and the quantum of the ultimate resolution. Management estimate that the outcome across all matters under dispute or in negotiation between governments could be in the range of a decrease of \u00a332 million, to an increase of \u00a327 million, in the uncertain tax position over the next 12 months. 9. Taxation continued Legislative changes The UK corporation tax rate increased from 19% to 25% on 1 April 2023; consequently we expect an increase in the Group\u2019s effective tax rate to around 27% for FY 2023/24. The OECD Pillar Two GloBE Rules introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over \u20ac750 million. All participating OECD members are required to incorporate these rules into national legislation. The Group will be subject to the Pillar Two Model Rules from FY 2024/25 but does not meet the threshold for application of the Pillar One transfer pricing rules. It is not expected that there will be a material impact on the effective tax rate for the Group. 10. Earnings per share The calculation of basic earnings per share is based on profit or loss attributable to owners of the Company for the year divided by the weighted average number of ordinary shares in issue during the year. Basic and diluted earnings per share based on adjusted profit before taxation are also disclosed to indicate the underlying profitability of the Group. 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Attributable profit for the year before adjusting items 1 475 382 Effect of adjusting items 1 (after taxation) 15 14 Attributable profit for the year 490 396 1. Refer to note 6 for details of adjusting items. The weighted average number of ordinary shares represents the weighted average number of Burberry Group plc ordinary shares in issue throughout the year, excluding ordinary shares held in the Group\u2019s ESOP trusts and treasury shares held by the Company or its subsidiaries. This includes the effect of the cancellation of 21.1 million shares during the period as a result of the share buyback programmes. Refer to note 25 for additional information on the share buybacks. Diluted earnings per share is based on the weighted average number of ordinary shares in issue during the year. In addition, account is taken of any options and awards made under the employee share incentive schemes, which will have a dilutive effect when exercised. Refer to note 28 for additional information on the terms and conditions of the employee share incentive schemes. 52 weeks to 1 April 2023 Millions 53 weeks to 2 April 2022 Millions Weighted average number of ordinary shares in issue during the year 386.1 402.5 Dilutive effect of the employee share incentive schemes 1.9 2.3 Diluted weighted average number of ordinary shares in issue during the year 388.0 404.8 11. Dividends paid to owners of the Company 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Prior year final dividend paid 35.4p per share (last year: 42.5p) 140 172 Interim dividend paid 16.5p per share (last year: 11.6p) 63 47 Total 203 219 A final dividend in respect of the 52 weeks to 1 April 2023 of 44.5p (last year: 35.4p) per share, amounting to \u00a3167 million, has been proposed for approval by the shareholders at the Annual General Meeting subsequent to the balance sheet date. The final dividend has not been recognised as a liability at the year end and will be paid on 4 August 2023 to the shareholders on the register at the close of business on 30 June 2023. The ex-dividend date is 29 June 2023 and the final day for dividend reinvestment plan (DRIP) elections is 14 July 2023. 12. Intangible assets Cost Goodwill \u00a3m Trademarks, licences and other intangible assets \u00a3m Computer software \u00a3m Intangible assets in the course of construction \u00a3m Total \u00a3m As at 27 March 2021 111 14 237 45 407 Effect of foreign exchange rate changes 4 \u2013 1 \u2013 5 Additions \u2013 \u2013 12 25 37 Disposals \u2013 (1) (7) \u2013 (8) Reclassifications from assets in the course of construction \u2013 \u2013 15 (15) \u2013 As at 2 April 2022 115 13 258 55 441 Effect of foreign exchange rate changes \u2013 \u2013 1 \u2013 1 Additions \u2013 1 13 32 46 Disposals \u2013 \u2013 (42) \u2013 (42) Reclassifications from assets in the course of construction \u2013 \u2013 18 (18) \u2013 As at 1 April 2023 115 14 248 69 446 Accumulated amortisation and impairment As at 27 March 2021 6 7 137 20 170 Effect of foreign exchange rate changes \u2013 \u2013 1 (1) \u2013 Charge for the year \u2013 1 38 \u2013 39 Disposals \u2013 (1) (7) \u2013 (8) As at 2 April 2022 6 7 169 19 201 Effect of foreign exchange rate changes \u2013 \u2013 2 \u2013 2 Charge for the year \u2013 1 36 \u2013 37 Disposals \u2013 \u2013 (42) \u2013 (42) As at 1 April 2023 6 8 165 19 198 Net book value As at 1 April 2023 109 6 83 50 248 As at 2 April 2022 109 6 89 36 240 12. Intangible assets continued Impairment testing of goodwill The carrying value of the goodwill allocated to cash generating units: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Mainland China 50 50 Korea 26 26 Retail and Wholesale se gment 1 19 19 Other 14 14 Total 109 109 1. Goodwill which arose on acquisition of Burberry Manifattura S.R.L. has been allocated to the group of cash generating units which make up the Group\u2019s Retail and Wholesale operating segment cash generating unit. This reflects the lowest level at which the goodwill is being monitored by management. The Group tests goodwill for impairment annually or when there is an indication that goodwill might be impaired. The recoverable amount of all cash generating units has been determined on a value-in-use basis. Value-in-use calculations for each cash generating unit are based on projected pre-tax discounted cash flows together with a discounted terminal value. The cash flows have been discounted at pre-tax rates reflecting the Group\u2019s weighted average cost of capital adjusted for country-specific tax rates and risks. Where the cash generating unit has a non-controlling interest which was recognised at a value equal to its proportionate interest in the net identifiable assets of the acquired subsidiary at the acquisition date, the carrying amount of the goodwill has been grossed up, to include the goodwill attributable to the non-controlling interest, for the purpose of impairment testing the goodwill attributable to the cash generating unit. The key assumptions contained in the value-in-use calculations include the future revenues, the operating profit margins achieved and the discount rates applied. The value-in-use calculations have been prepared using management\u2019s cost and revenue projections for the next three years to 28 March 2026 and a longer-term growth rate of 5% to 1 April 2028. A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 1 April 2028, incorporating the assumption that growth beyond 1 April 2028 is equivalent to nominal inflation rates, assumed to be 2%, which are not significant to the assessment. The value-in-use estimates indicated that the recoverable amount of the cash generating unit exceeded the carrying value for each of the cash generating units. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year. For the material goodwill balances of Mainland China, Korea and the Retail and Wholesale segment, management has considered the potential impact of reasonably possible changes in assumptions on the recoverable amount of goodwill. The sensitivities include applying a 10% reduction in revenue and gross profit and the associated impact on operating profit margin from management\u2019s base cash flow projections, considering the macroeconomic and political uncertainty risk on the Group\u2019s retail operations and on the global economy. Under this scenario, the estimated recoverable amount of goodwill in Mainland China, Korea and the Retail and Wholesale segment still exceeded the carrying value. The pre-tax discount rates for Mainland China, Korea and the Retail and Wholesale segment were 12%, 12% and 12% respectively (last year: Mainland China 13%, Korea 12%, and the Retail and Wholesale segment 10%). No reasonably possible change in these pre-tax discount rates would result in the carrying value to exceed the estimated recoverable amount of goodwill. The other goodwill balance of \u00a314 million (last year: \u00a314 million) consists of amounts relating to seven cash generating units, none of which have goodwill balances individually exceeding \u00a37 million as at 1 April 2023 (last year: \u00a37 million). 13. Property, plant and equipment Fixtures, Assets in the Freehold land Leasehold fittings and course of and buildings improvements equipment construction Total Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m As at 27 March 2021 129 493 329 17 968 Effect of foreign exchange rate changes 6 17 9 1 33 Additions \u2013 68 23 45 136 Disposals \u2013 (37) (18) (2) (57) Reclassifications from assets in the course of construction \u2013 9 5 (14) \u2013 Reclassifications to assets held for sale (19) \u2013 \u2013 \u2013 (19) As at 2 April 2022 116 550 348 47 1,061 Effect of foreign exchange rate changes 6 6 9 1 22 Additions \u2013 56 25 66 147 Disposals (1) (53) (27) (1) (82) Reclassifications from assets in the course of construction \u2013 26 11 (37) \u2013 As at 1 April 2023 121 585 366 76 1,148 Accumulated depreciation and impairment As at 27 March 2021 56 353 278 1 688 Effect of foreign exchange rate changes 3 14 8 \u2013 25 Charge for the year 3 58 25 \u2013 86 Disposals \u2013 (37) (18) \u2013 (55) Impairment charge on assets \u2013 1 1 \u2013 2 Impairment reversal on assets \u2013 (1) \u2013 \u2013 (1) Reclassifications to assets held for sale (6) \u2013 \u2013 \u2013 (6) As at 2 April 2022 56 388 294 1 739 Effect of foreign exchange rate changes 4 6 8 \u2013 18 Charge for the year 3 64 28 \u2013 95 Disposals (1) (53) (27) (1) (82) Impairment charge on assets \u2013 2 \u2013 \u2013 2 As at 1 April 2023 62 407 303 \u2013 772 Net book value As at 1 April 2023 59 178 63 76 376 As at 2 April 2022 60 162 54 46 322 During the 52 weeks to 1 April 2023, management carried out a review of retail cash generating units for any indication of impairment or reversal of impairments previously recorded. Where indications of impairment charges or reversals were identified, the impairment review compared the value-in-use of the cash generating units to their net book values at 1 April 2023. The pre-tax cash flow projections used for this review were based on financial plans of expected revenues and costs of each retail cash generating unit, approved by management, reflecting their latest plans over the next three years to 28 March 2026, followed by longer-term growth rates of mid-single digits and inflation rates appropriate to each store\u2019s location. The pre-tax discount rates used in these calculations were between 11.1% and 13.7% (last year: between 9.9% and 18.4%) based on the Group\u2019s weighte average cost of capital adjusted for country-specific borrowing costs, tax rates and risks for those countries in which a charge or reversal was incurred. Where indicators of impairment have been identified and the value-in-use was less than the carrying value of the cash generating unit, an impairment of property, plant and equipment and right-of-use asset was recorded. Where the value-in-use was greater than the net book value, and the cash generating unit had been previously impaired, the impairment was reversed, to the extent that could be supported by the value-in use and allowing for any depreciation that would have been incurred during the period since the impairment was recorded. A review for any other indicators of impairment charges or reversals across the retail portfolio was also carried out. 13. Property, plant and equipment continued During the 52 weeks to 1 April 2023, impairments previously charged as an adjusting item related to the impact of COVID-19 were reassessed. This resulted in an impairment reversal of \u00a36 million (last year: net charge of \u00a35 million), which has been presented as an adjusting item in the current year. The reversal is recorded against right-of-use assets (last year: net reversal of \u00a31 million recorded against property, plant and equipment and a net charge of \u00a36 million recorded against right-of-use assets). Refer to note 14 for further details of right-of-use assets. Refer to note 6 for details of adjusting items. A net charge of \u00a37 million (last year: \u00a33 million) was recorded within net operating expenses as a result of the annual review of impairment for all other retail store assets. A charge of \u00a32 million (last year: \u00a32 million) was recorded against property, plant and equipment and a net charge of \u00a35 million (last year: charge of \u00a31 million) was recorded against right-of-use assets. The net impairment charge recorded in property, plant and equipment related to two retail cash generating units (last year: 13 retail cash generating units) for which the total recoverable amount at the balance sheet date is \u00a31 million (last year: \u00a37 million). Management has considered the potential impact of changes in assumptions on the impairment recorded against the Group\u2019s retail assets. Given the macroeconomic and political uncertainty risk on the Group\u2019s retail operations and on the global economy, management has considered sensitivities to the impairment charge as a result of changes to the estimate of future revenues achieved by the retail stores. The sensitivities applied are an increase or decrease in revenue of 10% from the estimate used to determine the impairment charge or reversal. We have also considered retail cash generating units with no indicators of impairment but with a significant asset balance. It is estimated that a 10% decrease/increase in revenue assumptions for the 52 weeks to 30 March 2024 , with no change to subsequent forecast revenue growth rate assumptions, would result in a less than \u00a310 million increase/less than \u00a310 million decrease in the impairment charge of retail store assets in the 52 weeks to 1 April 2023. At 2 April 2022 the Group had three freehold properties that met the criteria to be classified as held for sale. The sale of these properties was completed during the 52 weeks to 1 April 2023 resulting in a net gain on disposal of \u00a319 million. 14. Right-of-use assets Net book value Property right- of-use assets \u00a3m As at 27 March 2021 818 Effect of foreign exchange rate changes 9 Additions 227 Remeasurements 1 21 Depreciation for the year (188) Impairment charge on right-of-use assets (10) Impairment reversal on right-of-use assets 3 As at 2 April 2022 880 Effect of foreign exchange rate changes 14 Additions 157 Remeasurements 113 Depreciation for the year (212) Impairment charge on right-of-use assets (10) Impairment reversal on right-of-use assets 8 As at 1 April 2023 950 As a result of the assessment of retail cash generating units for impairment, a net impairment reversal of \u00a31 million (last year: \u00a37 million) was recorded for impairment of right-of-use assets. Refer to note 13 for further details of impairment assessment of retail cash generating units. This net impairment reversal comprises a \u00a36 million reversal arising from the change in assumption due to the impact of COVID-19 on the value-in-use of retail cash generating units (last year: charge of \u00a36 million) and an impairment charge of \u00a35 million relating to other trading impacts which was recognised during the year (last year: \u00a31 million). The reversal relating to COVID-19 has been presented as an adjusting item (refer to note 6). The net impairment reversal recorded in right-of-use assets relates to three retail cash generating units (last year: 12 retail cash generating units) for which the total recoverable amount at the balance sheet date is \u00a317 million (last year: \u00a326 million). A net impairment charge of \u00a33 million (last year: \u00a3nil) was recognised in relation to non-retail right-of-use assets arising as a result of the Group\u2019s restructuring programmes and has been presented as an adjusting item (refer to note 6). As a result, the net impairment charge for right-of-use assets was, in total, \u00a32 million (last year: \u00a37 million). 15. Deferred taxation Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and there is an intention to settle on a net basis, and to the same fiscal authority. The assets and liabilities presented in the Balance Sheet, after offset, are shown in the table below: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Deferred tax assets 197 175 Deferred tax liabilities (1) (1) Net amount 196 174 The movement in the deferred tax account is as follows: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m At start of year 174 136 Effect of foreign exchange rate changes 2 6 Credited to the Income Statement 18 31 Credited to Other Comprehensive Income \u2013 1 Credited to Equity 2 \u2013 At end of year 196 174 The movement in the net deferred tax balances during the year is as follows: Deferred tax balances Capital allowances \u00a3m Unrealised inventory profit and other inventory provisions \u00a3m Share schemes \u00a3m Derivative instruments \u00a3m Unused tax losses \u00a3m Leases \u00a3m Other 1 \u00a3m Total \u00a3m As at 27 March 2021 17 62 4 (1) 1 35 18 136 Effect of foreign exchange rate changes \u2013 4 \u2013 \u2013 \u2013 1 1 6 Credited/(charged) to the Income Statement 2 31 1 \u2013 2 (4) (1) 31 Credited to Other Comprehensive Income \u2013 \u2013 \u2013 1 \u2013 \u2013 \u2013 1 As at 2 April 2022 19 97 5 \u2013 3 32 18 174 Effect of foreign exchange rate changes 1 1 \u2013 \u2013 \u2013 \u2013 \u2013 2 Credited/(charged) to the Income Statement (6) 10 1 \u2013 11 (1) 3 18 Credited to Equity \u2013 \u2013 2 \u2013 \u2013 \u2013 \u2013 2 As at 1 April 2023 14 108 8 \u2013 14 31 21 196 1. Deferred balances within Other category in the analysis above include temporary differences arising on other provisions and accruals of \u00a321 million (last year: \u00a318 million). Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related benefit through future taxable profits is probable. The Group did not recognise deferred tax assets of \u00a346 million (last year: \u00a347 million) in respect of losses and temporary timing differences amounting to \u00a3181 million (last year: \u00a3185 million) that can be set off against future taxable income. There is a time limit for the recovery of \u00a36 million of these potential assets (last year: \u00a36 million) which ranges from one to seven years (last year: one to seven years). Included within other temporary differences above is a deferred tax liability of \u00a31 million (last year: \u00a31 million) relating to unremitted overseas earnings. No deferred tax liability is provided in respect of any future remittance of earnings of foreign subsidiaries where the Group is able to control the remittance of earnings and it is probable that such earnings will not be remitted in the foreseeable future, or where no liability would arise on the remittance. The aggregate amount of temporary differences in respect of unremitted earnings is \u00a3281 million (last year: \u00a3287 million). 16. Trade and other receivables As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Non-current Other financial receivables 1 45 42 Other non-financial receivables 2 2 1 Prepayments 5 2 Total non-current trade and other receivables 52 45 Current Trade receivables 184 151 Provision for expected credit losses (7) (7) Net trade receivables 177 144 Other financial receivables 1 25 36 Other non-financial receivables 2 59 63 Prepayments 32 32 Accrued income 14 8 Total current trade and other receivables 307 283 Total trade and other receivables 359 328 1. Other financial receivables include rental deposits and other sundry debtors. 2. Other non-financial receivables relates primarily to indirect taxes and other taxes and duties. Included in total trade and other receivables are non-financial assets of \u00a398 million (last year: \u00a398 million). The Group\u2019s impairment policies and the calculation of any allowances for credit losses are detailed in note 27 in the credit risk section. 17. Inventories As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Raw materials 15 12 Work in progress 1 1 Finished goods 431 413 Total inventories 447 426 As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Total inventories, gross 504 509 Provisions (57) (83) Total inventories, net 447 426 Inventory provisions of \u00a357 million (last year: \u00a383 million) are recorded, representing 11.4% (last year: 16.3%) of the gross value of inventory. The provisions reflect management\u2019s best estimate of the net realisable value of inventory, where this is considered to be lower than the cost of the inventory. The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a3874 million (last year: \u00a3786 million). During the 52 weeks to 1 April 2023, \u00a31 million (last year: \u00a316 million) has been released upon re-assessment of the provision related to the impact of COVID-19 where inventory previously provided for has been sold, or is now expected to be sold, for a higher net realisable value than had been estimated last year as performance during the current year has exceeded, and is expected to continue to exceed, the assumptions made at last year end. This reversal is presented as an adjusting item. Refer to note 6 for details of adjusting items. All other charges and reversals relating to inventory provisions have been included in adjusted operating profit. 17. Inventories continued Taking into account factors impacting the inventory provisioning including trading assumptions being higher or lower than expected, management considers that a reasonable potential range of outcomes could result in an increase or decrease in inventory provisions of \u00a39 million in the next 12 months. This would result in a potential range of inventory provisions of 9.6% to 13.1% as a percentage of the gross value of inventory as at 1 April 2023. The net movement in inventory provisions included in cost of sales for the 52 weeks to 1 April 2023 was a release of \u00a31 million (last year: release of \u00a31 million). The total reversal of inventory provisions during the current year, which is included in the net movement, was \u00a322 million (last year: reversal of \u00a343 million). Both these amounts include the reversal of \u00a31 million (last year: \u00a316 million), referred to above, which has been presented as an adjusting item. 18. Derivative financial instruments Master netting arrangements The Group\u2019s forward foreign exchange contracts are entered into under International Swaps and Derivatives Association (ISDA) master netting arrangements. In general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding in the same currency are aggregated into a single amount that is payable by one party to the other. In certain circumstances, such as when a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions. The ISDA agreements do not meet the criteria for offsetting in the Balance Sheet as the Group\u2019s right to offset is enforceable only on the occurrence of future events such as default. The Group has amended the ISDA agreement with two banks to require it to net settle its forward foreign exchange contracts. There were no derivatives subject to net settlement agreements and offset on the Balance Sheet at 1 April 2023 (last year: nil). The Group\u2019s Balance Sheet would not be materially different if it had offset its forward foreign exchange contracts and equity swap contracts subject to the standard ISDA agreements. Derivative financial assets As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges \u2013 \u2013 Forward foreign exchange contracts \u2013 fair value through profit and loss 1 4 5 Equity swap contracts \u2013 fair value through profit and loss 3 \u2013 Total position 7 5 Comprising: Total current position 7 5 1. Forward foreign exchange contracts classified as fair value through profit and loss are used for cash management and hedging monetary assets and liabilities. At 1 April 2023, all such contracts had maturities of no greater than three months from the balance sheet date (last year: three months from the balance sheet date). Derivative financial liabilities As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges (1) (1) Forward foreign exchange contracts \u2013 fair value through profit and loss 1 \u2013 \u2013 Equity swap contracts \u2013 fair value through profit and loss \u2013 (1) Total position (1) (2) Comprising: Total current position (1) (2) 1. Forward foreign exchange contracts classified as fair value through profit and loss are used for cash management and hedging monetary assets and liabilities. At 1 April 2023, all such contracts had maturities of no greater than two months from the balance sheet date (last year: one month from the balance sheet date). Net derivative financial instruments The notional principal amounts of the outstanding forward foreign exchange and equity swap contracts at year end are: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges 155 65 Forward foreign exchange contracts \u2013 fair value through profit and loss 332 307 Equity swap contracts \u2013 fair value through profit and loss 7 5 18. Derivative financial instruments continued Effect of hedge accounting on the financial position and performance The effects of the foreign currency cash flow hedging instruments on the Group\u2019s financial position and performance are as follows: As at 1 April 2023 As at 2 April 2022 Foreign currency forwards Carrying amount (assets) \u2013 \u2013 Notional amount \u00a318m \u00a315m Maturity date Jun 2023 \u2013 Nov 2023 Dec 2022 Hedge ratio 1:1 1:1 Change in spot value of outstanding hedging instruments since start of year \u2013 \u2013 Change in value of hedged item used to determine hedge effectiveness \u2013 \u2013 Weighted average hedged rate of outstanding contracts (including forward points) \u2013 EUR 1.1369 1.1812 Carrying amount (liabilities) (\u00a31m) (\u00a31m) Notional amount \u00a3137m \u00a350m Maturity date Jun 2023 \u2013 May 2024 May 2022 \u2013 Nov 2022 Hedge ratio 1:1 1:1 Change in spot value of outstanding hedging instruments since start of year \u00a31m (\u00a31m) Change in value of hedged item used to determine hedge effectiveness (\u00a31m) \u00a31m Weighted average hedged rate of outstanding contracts (including forward points) \u2013 EUR 1.1221 1.1552 The foreign currency forwards are denominated in the same currency as the highly probable future inventory purchases (EUR), therefore the hedge ratio is 1:1. The contractual maturity profile of non-current financial liabilities is shown in note 27. For further details of cash flow hedging, refer to note 27 in the market risk section. 19. Cash and cash equivalents As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Cash and cash equivalents held at amortised cost Cash at bank and in hand 152 124 Short-term deposits 77 73 229 197 Cash and cash equivalents held at fair value through profit and loss Short-term deposits 797 1,025 Total 1,026 1,222 Cash and cash equivalents classified as fair value through profit and loss relate to deposits held in low volatility net asset value money market funds. The cash is available immediately and, since the funds are managed to achieve low volatility, no significant change in value is anticipated. The funds are monitored to ensure there are no significant changes in value. As at 1 April 2023 and 2 April 2022, no impairment losses were identified on cash and cash equivalents held at amortised cost. 20. Trade and other payables As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Non-current Other payables 1 \u2013 5 Deferred income and non-financial accruals 19 18 Contract liabilities 57 64 Deferred consideration 2 \u2013 4 Total non-current trade and other payables 76 91 Current Trade payables 186 181 Other taxes and social security costs 50 60 Other payables 1 10 6 Accruals 199 204 Deferred income and non-financial accruals 14 13 Contract liabilities 13 13 Deferred consideration 2 5 4 Total current trade and other payables 477 481 Total trade and other payables 553 572 1. Other payables comprise interest and employee-related liabilities. 2. Deferred consideration relates to acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. The change in the deferred consideration liability in the period arises as a result of a financing cash outflow and non-cash movements. In the 52 weeks to 1 April 2023 payments of \u00a36 million were made in relation to Burberry Middle East LLC (last year: \u00a33 million) and no payment was made to the previous owners of Burberry Manifattura S.R.L (last year: \u00a39 million). Included in total trade and other payables are non-financial liabilities of \u00a3153 million (last year: \u00a3168 million). Contract liabilities Retail contract liabilities relate to unredeemed balances on issued gift cards and similar products, and advanced payments received for sales which have not yet been delivered to the customer. Licensing contract liabilities relate to deferred revenue arising from the upfront payment for the Beauty licence which is being recognised in revenue over the term of the licence on a straight-line basis, reflecting access to the trademark over the licence period to 2032. As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Retail contract liabilities 6 7 Licensing contract liabilities 64 70 Total contract liabilities 70 77 The amount of revenue recognised in the year relating to contract liabilities at the start of the year is set out in the following table. All revenue in the year relates to performance obligations satisfied in the year. All contract liabilities at the end of the year relate to unsatisfied performance obligations. 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Retail revenue relating to contract liabilities 4 4 Deferred revenue from Beauty licence 6 7 Revenue recognised that was included in contract liabilities at the start of the year 10 11 21. Lease liabilities Property lease liabilities \u00a3m Balance as at 27 March 2021 1,020 Effect of foreign exchange rate changes 16 Created during the year 222 Amounts paid 1 (229) Discount unwind 27 Remeasurements 2 2 Balance as at 2 April 2022 1,058 Effect of foreign exchange rate changes 20 Created during the year 157 Amounts paid 1 (243) Discount unwind 33 Remeasurements 2 98 Balance as at 1 April 2023 1,123 As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Analysis of total lease liabilities: Non-current 902 849 Current 221 209 Total 1,123 1,058 1. The amount paid of \u00a3243 million (last year: \u00a3229 million) includes \u00a3210 million (last year: \u00a3202 million) arising as a result of a financing cash outflow and \u00a333 million (last year: \u00a327 million) arising as a result of an operating cash outflow. 2. Remeasurements include COVID-19-related rent forgiveness of \u00a313 million (last year: \u00a318 million) and other remeasurements of \u00a3111 million (last year: \u00a320 million). COVID- 19-related rent forgiveness has been recognised as a credit in the Income Statement at 1 April 2023. This credit is included as an adjusting item. Refer to note 6. Other remeasurements relate largely to changes in the lease liabilities that arise as a result of management\u2019s reassessment of the lease term based on existing break or extension options in the contract, as well as those linked to an inflation index or rate review. The Group enters into property leases for retail properties, including stores, concessions, warehouse and storage locations and office property. The remaining lease terms for these properties range from a few months to 15 years (last year: few months to 16 years). Many of the leases include break options and/or extension options to provide operational flexibility. Some of the leases for concessions have rolling lease terms or rolling break options. Management assess the lease term at inception based on the facts and circumstances applicable to each property including the period over which the investment appraisal was initially considered. Potential future undiscounted lease payments related to periods following the exercise date of an extension option not included in the lease term, and therefore not included in lease liabilities are approximately \u00a3399 million (last year: \u00a3423 million) in relation to the next available extension option and are assessed as not reasonably certain to be exercised. Potential future undiscounted lease payments related to periods following the exercise date of a break option not included in the lease term, and therefore not included in lease liabilities, are approximately \u00a3130 million (last year: \u00a3157 million) in relation to break options which are expected to be exercised. During the 52 weeks to 1 April 2023, significant judgements regarding breaks and options in relation to individually material leases resulted in approximately \u00a338 million (last year: \u00a335 million) in undiscounted future cash flows not being included in the initial right-of-use assets and lease liabilities. Management reviews the retail lease portfolio on an ongoing basis, taking into account retail performance and future trading expectations. Management may exercise extension options and negotiate lease extensions or modifications. In other instances, management may exercise break options, negotiate lease reductions or decide not to negotiate a lease extension at the end of the lease term. The most significant factor impacting future lease payments is changes management choose to make to the store portfolio. Future increases and decreases in rent linked to an inflation index or rate review are not included in the lease liability until the change in cash flows takes effect. Approximately 18% (last year: 20%) of the Group\u2019s lease liabilities are subject to inflation linked reviews and 30% (last year: 33%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual basis. 21. Lease liabilities continued Many of the retail property leases also incur payments based on a percentage of revenue achieved at the location. Changes in future variable lease payments will typically reflect changes in the Group\u2019s retail revenues, including the impact of regional mix. The Group expects the relative proportions of fixed and variable lease payments to remain broadly consistent in future years. The Group also enters into non-property leases for equipment, advertising fixtures and machinery. Generally, these leases do not include break or extension options. The most significant impact to future cash flows relating to leased equipment, which are primarily short-term leases, would be the Group\u2019s usage of leased equipment to a greater or lesser extent. The Group\u2019s accounting policy for leases is set out in note 2. Details of income statement charges and income from leases are set out in note 5. The right-of-use asset categories on which depreciation is incurred are presented in note 14. Interest expense incurred on lease liabilities is presented in note 8. Commitments relating to off-balance sheet leases are presented in note 26. The maturity of undiscounted future lease liabilities are set out in note 27. Total cash outflows in relation to leases in the 52 weeks ended 1 April 2023 are \u00a3396 million (last year: \u00a3376 million). This relates to payments of \u00a3210 million on lease principal (last year: \u00a3202 million), \u00a333 million on lease interest (last year: \u00a327 million), \u00a3122 million on variable lease payments (last year: \u00a3124 million), and \u00a331 million on other lease payments principally relating to short-term leases and leases in holdover (last year: \u00a323 million). 22. Provisions for other liabilities and charges Property obligations \u00a3m Other \u00a3m Total \u00a3m Balance as at 27 March 2021 42 14 56 Effect of foreign exchange rate changes 1 \u2013 1 Created during the year 9 8 17 Discount unwind 1 \u2013 1 Utilised during the year (3) (2) (5) Released during the year (1) (5) (6) Balance as at 2 April 2022 49 15 64 Effect of foreign exchange rate changes \u2013 2 2 Created during the year 7 5 12 Utilised during the year (3) (1) (4) Released during the year (4) (8) (12) Balance as at 1 April 2023 49 13 62 The net charge in the year for property obligations is \u00a33 million (last year: \u00a38 million), relating to additional property reinstatement costs. The net credit in the year for other provisions of \u00a33 million (last year: net charge of \u00a33 million) includes charges of \u00a35 million (last year: \u00a38 million) relating to expected future outflows for property disputes, employee matters and tax compliance, and reversals of \u00a38 million (last year: \u00a35 million) relating to employee matters and other property matters. As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Analysis of total provisions: Non-current 40 36 Current 22 28 Total 62 64 The non-current provisions relate to property reinstatement costs which are expected to be utilised within 15 years (last year: 16 years). 23. Bank overdrafts Included within bank overdrafts is \u00a365 million (last year: \u00a345 million) representing balances on cash pooling arrangements in the Group. The Group has a number of committed and uncommitted arrangements agreed with third parties. At 1 April 2023 and 2 April 2022, the Group held no bank overdrafts excluding balances on cash pooling arrangements. The fair value of overdrafts approximates the carrying amount because of the short maturity of these instruments. 24. Borrowings On 21 September 2020, Burberry Group plc issued medium term notes with a face value of \u00a3300 million and 1.125% coupon maturing on 21 September 2025 (the sustainability bond). Proceeds from the sustainability bond will allow the Group to finance projects which support the Group\u2019s sustainability agenda. Refer to page 92 for the sustainability bond use of proceeds report. There are no financial penalties for not using the proceeds as anticipated. Interest on the sustainability bond is payable semi- annually. The carrying value of the bond at 1 April 2023 is \u00a3298 million (last year: \u00a3298 million); all movements on the bond are non-cash. The fair value of the bond at 1 April 2023 is \u00a3273 million (last year: \u00a3285 million). On 26 July 2021, the Group entered into a \u00a3300 million multi-currency sustainability-linked revolving credit facility (RCF) with a syndicate of banks, maturing on 26 July 2026. There were no drawdowns or repayments of the RCF during the current or previous year, and at 1 April 2023 there were no outstanding drawings. The Group is in compliance with the financial and other covenants within the facilities above and has been in compliance throughout the financial period. 25. Share capital and reserves Allotted, called up and fully paid share capital Number \u00a3m Ordinary shares of 0.05p (as at 2 April 2022: 0.05p) each As at 27 March 2021 404,864,359 \u2013 Allotted on exercise of options during the year 242,942 \u2013 As at 2 April 2022 405,107,301 \u2013 Allotted on exercise of options during the year 236,123 \u2013 Cancellation of shares (21,075,496) \u2013 As at 1 April 2023 384,267,928 \u2013 The Company has a general authority from shareholders, renewed at each Annual General Meeting, to repurchase a maximum of 10% of its issued share capital. During the 52 weeks to 1 April 2023, the Company entered into agreements to purchase \u00a3400 million of its own shares, excluding stamp duty and fees, through two share buyback programmes of \u00a3200 million each (last year: one share buyback programme of \u00a3150 million). Both programmes were completed during the year. The cost of own shares purchased by the Company, as part of a share buyback programme, is offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. When shares are cancelled, a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and subsequently cancelled. In the 52 weeks to 1 April 2023, 21.1 million shares were cancelled (last year: none). As at 1 April 2023 the Company held 6.1 million treasury shares (last year: 8.4 million), with a market value of \u00a3157 million (last year: \u00a3140 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the share buyback programme completed during the 53 weeks to 2 April 2022. During the 52 weeks to 1 April 2023, 2.3 million treasury shares were transferred to ESOP trusts (last year: none). During the 52 weeks to 1 April 2023, no treasury shares were cancelled (last year: none). The cost of shares purchased by ESOP trusts are offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. As at 1 April 2023, the cost of own shares held by ESOP trusts and offset against retained earnings is \u00a342 million (last year: \u00a311 million). As at 1 April 2023, the ESOP trusts held 2.3 million shares (last year: 0.6 million) in the Company, with a market value of \u00a360 million (last year: \u00a310 million). In the 52 weeks to 1 April 2023 the ESOP trusts and the Company have waived their entitlement to dividends. 25. Share capital and reserves continued Other reserves in the Statement of Changes in Equity consist of the capital reserve, the foreign currency translation reserve, and the hedging reserves. The hedging reserves consist of the cash flow hedge reserve and the net investment hedge reserve. Capital reserve \u00a3m Hedging reserves Foreign currency translation reserve \u00a3m Total \u00a3m Cash flow hedges \u00a3m Net investment hedge \u00a3m Balance as at 27 March 2021 41 \u2013 5 196 242 Other comprehensive income: Cash flow hedges \u2013 losses deferred in equit y \u2013 (1) \u2013 \u2013 (1) Foreign currency translation differences \u2013 \u2013 \u2013 22 22 Total comprehensive income for the year \u2013 (1) \u2013 22 21 Balance as at 2 April 2022 41 (1) 5 218 263 Other comprehensive income: Cash flow hedges \u2013 gains deferred in equit y \u2013 1 \u2013 \u2013 1 Foreign currency translation differences \u2013 \u2013 \u2013 14 14 Tax on other comprehensive income \u2013 (1) \u2013 \u2013 (1) Total comprehensive income for the year \u2013 \u2013 \u2013 14 14 Balance as at 1 April 2023 41 (1) 5 232 277 As at 1 April 2023 the amount held in the hedging reserve relating to matured net investment hedges is \u00a35 million net of tax (last year: \u00a35 million). Financial Statements | Notes to the Financial Statements 26. Commitments Financial commitments The Group leases various retail stores, offices, warehouses and equipment under non-cancellable lease arrangements. The liabilities for these leases are recorded on the Group\u2019s Balance Sheet when the Group obtains control of the underlying asset. The Group has additional commitments relating to leases where the Group has entered into an obligation but does not yet have control of the underlying asset. The future lease payments to which the Group is committed, over the expected lease term, which are not recorded on the Group\u2019s Balance Sheet are as follows: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Amounts falling due: Within 1 year \u2013 6 Between 2 and 5 years 14 31 After 5 years 9 30 Total 23 67 Capital commitments Contracted capital commitments represent contracts entered into by the year end for future work in respect of major capital expenditure projects relating to property, plant and equipment and intangible assets, which are not recorded on the Group\u2019s Balance Sheet and are as follows: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Capital commitments contracted but not provided for: Property, plant and equipment 38 29 Intangible assets 3 2 Total 41 31 Other commitments On 28 March 2023, Burberry announced it had entered into an agreement to acquire a business from Italian technical outerwear supplier Pattern SpA for an agreed purchase price of \u20ac21 million (\u00a318 million), subject to closing conditions and working capital adjustments. The acquisition is expected to complete in FY 2023/24. 27. Financial risk management The Group\u2019s principal financial instruments comprise derivative instruments, cash and cash equivalents, borrowings (including overdrafts), deferred consideration, trade and other receivables, and trade and other payables arising directly from operations. The Group\u2019s activities expose it to a variety of financial risks: market risks (including foreign exchange risk and interest rate risk), credit risk, liquidity risk and capital risk. Risk management is carried out by the Group treasury department (Group Treasury) based on forecast business requirements to reduce financial risk and to ensure sufficient liquidity is available to meet foreseeable needs and to invest in cash and cash equivalents safely and profitably. The Group uses derivative instruments to hedge certain risk exposures. Group Treasury does not operate as a profit centre and transacts only in relation to the underlying business requirements. The policies of Group Treasury are reviewed and approved by the Board of Directors. 27. Financial risk management continued Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various non-sterling currencies. The Group\u2019s Income Statement is affected by transactions denominated in foreign currency. To reduce exposure to currency fluctuations, the Group has a policy of hedging foreign currency denominated transactions by entering into forward foreign exchange contracts (refer to note 18). These transactions are recorded as cash flow hedges. The Group\u2019s foreign currency transactions arise principally from purchases and sales of inventory. The Group\u2019s treasury risk management policy is to hedge, prior to market opening, 70-90% of its anticipated foreign currency exposure by currency, by season and where the net currency exposure is greater than \u00a320 million. Currently, the Group does not hedge anticipated intercompany foreign currency transactions. The Group uses forward exchange contracts to hedge its currency risk. The Group designates the spot component of foreign currency forwards in hedge relationships and applies a ratio of 1:1. The forward elements of the foreign currency forward are excluded from designation of the hedging instrument and are separately accounted for as a cost of hedging and recognised in operating expenses on a discounted basis. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the dollar offset method. In these hedge relationships ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty. There was no ineffectiveness in the 52 weeks ending 1 April 2023 (last year: no ineffectiveness). The Group monitors the desirability of hedging the net assets of overseas subsidiaries when translated into sterling for reporting purposes. The Group would use forward foreign exchange contracts to hedge net assets of overseas subsidiaries, relating to surplus cash whose remittance is foreseeable. There were no outstanding net investment hedges as at 1 April 2023 (last year: no outstanding net investment hedges). At 1 April 2023, the Group has performed a sensitivity analysis to determine the effect of sterling strengthening/weakening by 10% (last year: 10%) against other currencies with all other variables held constant. The effect on translating foreign currency denominated net cash, trade, intercompany and other financial receivables and payables and financial instruments at fair value through profit or loss as at 1 April 2023 would have been to increase/decrease operating profit for the year by \u00a34 million (last year: increase/decrease \u00a33 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash flow hedges as at 1 April 2023 would have been to decrease/increase equity by \u00a312 million (last year: decrease/increase \u00a35 million) on a post-tax basis. The following table shows the extent to which the Group has monetary assets and liabilities at the year end in currencies other than the local currency of operation, after accounting for the effect of any specific forward foreign exchange contracts used to manage currency exposure. Monetary assets and liabilities refer to cash, deposits, overdrafts, borrowings and other amounts to be received or paid in cash. Amounts exclude intercompany balances which eliminate on consolidation. Foreign exchange differences on retranslation of these assets and liabilities are recognised in Net operating expenses. As at 1 April 2023 As at 2 April 2022 Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Sterling \u2013 (2) (2) 1 (10) (9) US Dollar 1 (18) (17) \u2013 (13) (13) Euro 40 (59) (19) 15 (47) (32) Chinese Yuan Renminbi 5 \u2013 5 9 \u2013 9 Other currencies 5 (34) (29) 5 (32) (27) Total 51 (113) (62) 30 (102) (72) 27. Financial risk management continued Market risk continued Interest rate risk The Group\u2019s exposure to market risk for changes in interest rates relates primarily to cash, borrowings, short-term deposits and overdrafts. The floating rate financial liabilities at 1 April 2023 are \u00a365 million (last year: \u00a345 million) due to cash pool overdrafts. The fixed rate financial liabilities at 1 April 2023 are borrowings of \u00a3298 million (last year: \u00a3298 million). If interest rates on floating rate financial liabilities had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool overdraft balances and with all other variables held constant, post-tax profit for the year would have been \u00a3nil (last year: \u00a3nil) lower/higher, as a result of higher/lower interest expense. The floating rate financial assets as at 1 April 2023 comprise short-term deposits of \u00a3874 million (last year: \u00a31,097 million), interest bearing current accounts of \u00a32 million (last year: \u00a36 million) and cash pool asset balances of \u00a367 million (last year: \u00a341 million). At 1 April 2023, if interest rates on floating rate financial assets had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool asset balances and with all other variables held constant, post-tax profit for the year would have been \u00a38 million (last year: \u00a39 million) higher/lower, as a result of higher/lower interest income. Credit risk Trade receivables The Group has no significant concentrations of credit risk. The trade receivables balance is spread across a large number of different customers with no single debtor representing more than 5% of the total balance due (last year: 5%). The Group has policies in place to ensure that wholesale sales are made to customers with an appropriate credit history. Sales to retail customers are made in cash or via major credit cards. In some retail locations, where the Group\u2019s store is contained within a department store or mall, for example a concession, the sales proceeds may be initially held by the operator of the wider location, giving rise to retail debtors. In addition, receivables balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to bad debts is not significant and default rates have historically been very low. The Group applies the simplified approach when measuring the trade receivable expected credit losses. The approach uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on segment, geographical region and the days past due. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management\u2019s expectations of credit losses change. No changes have been made to the expected loss rates during the 52 weeks to 1 April 2023. The expected credit loss allowance for receivables was determined as follows: As at 1 April 2023 Current \u00a3m Less than 1 month overdue \u00a3m Less than 2 months overdue \u00a3m Less than 3 months overdue \u00a3m Over 3 months overdue \u00a3m Total \u00a3m Trade receivables Weighted average expected loss rate % 2% 4% 6% 27% 37% Gross carrying amount of trade receivables 151 19 8 3 3 184 Loss allowance 1 (3) (1) \u2013 \u2013 (3) (7) As at 2 April 2022 Trade receivables Weighted average expected loss rate % 2% 5% 5% 5% 63% Gross carrying amount of trade receivables 111 21 9 6 4 151 Loss allowance 1 (3) (1) (1) \u2013 (2) (7) 1. The loss allowance contains expected credit loss and specific loss provisions. 27. Financial risk management continued Liquidity risk The Group\u2019s financial risk management policy aims to ensure that sufficient cash is maintained to meet foreseeable needs and close out market positions. Due to the dynamic nature of the underlying business, Group Treasury aims to maintain flexibility in funding by keeping committed credit lines available. For further details, refer to notes 23 and 24. All short-term trade and other payables, accruals, and bank overdrafts mature within one year or less. The carrying value of all financial liabilities due in less than one year is equal to their contractual undiscounted cash flows, with the exception of lease liabilities. The undiscounted contractual cash flows for lease liabilities due in less than one year is \u00a3237 million (last year: \u00a3218 million). The maturity profile of the contractual undiscounted cash flows of the Group\u2019s non-current financial liabilities, excluding derivatives used for hedging, is as follows: As at 1 April 2023 As at 2 April 2022 Lease liabilities \u00a3m Other \u00a3m Total \u00a3m Lease liabilities \u00a3m Other \u00a3m Total \u00a3m In more than 1 year, but not more than 2 years 227 \u2013 227 169 10 179 In more than 2 years, but not more than 3 years 186 300 486 158 \u2013 158 In more than 3 years, but not more than 4 years 142 \u2013 142 136 300 436 In more than 4 years, but not more than 5 years 122 \u2013 122 112 \u2013 112 In more than 5 years 330 \u2013 330 362 \u2013 362 Total financial liabilities 1,007 300 1,307 937 310 1,247 As at 1 April 2023, other non-current financial liabilities relate to borrowings of \u00a3298 million (last year: borrowings of \u00a3298 million and other payables of \u00a39 million). Refer to note 24. Capital risk The Board reviews the Group\u2019s capital allocation policy annually. The Group\u2019s capital allocation framework defines its priorities for uses of cash, underpinned by its principle to maintain a strong balance sheet with a solid investment grade credit rating. The framework has four priorities for the use of cash generated from operations: \u2022 re-investment in the business to drive organic growth \u2022 maintaining a progressive dividend policy \u2022 continuing to pursue selective inorganic strategic investment and \u2022 to the extent that there is surplus capital to these needs, providing additional returns to shareholders At 1 April 2023, the Group had net cash of \u00a3961 million (last year: \u00a31,177 million), borrowings of \u00a3298 million (last year: \u00a3298 million) and total equity excluding non-controlling interests of \u00a31,533 million (last year: \u00a31,613 million). The borrowings at 1 April 2023 relate to medium term notes with a face value of \u00a3300 million (last year: \u00a3300 million). For further details, refer to note 24. Potential additional sources of funding available to the Group include undrawn and additional bank facilities, longer-term debt and equity funding. The Group\u2019s current capital resources, together with the potential additional sources of funding, are considered sufficient to address the Group\u2019s capital risk. Having considered the future cash generation, growth, productivity and investment plans, taking into consideration the current challenging external environment and relevant financial parameters, the Group decided to continue the share buyback programme it began in May 2016. During the year ended 1 April 2023, the Company entered into agreements to purchase \u00a3400 million (last year: \u00a3150 million) of its own shares as part of the programme. For further details, refer to note 25. 28. Employee costs Staff costs, including the cost of Directors, incurred during the year are as shown below. Directors\u2019 remuneration, which is separately disclosed in the Directors\u2019 Remuneration Report on pages 200 to 245 and forms part of these financial statements, includes, for those share options and awards where performance obligations have been met, the notional gains arising on the future exercise but excludes the charge in respect of these share options and awards recognised in the Group Income Statement. 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Wages and salaries 468 446 Social security costs 60 57 Pension costs 20 18 548 521 Termination benefits 8 10 Share-based compensation (all awards and options settled in shares) 19 16 Total 575 547 Employee costs include a charge of \u00a310 million (last year: charge of \u00a310 million) arising as a result of the Group\u2019s restructuring programmes which has been presented as an adjusting item. Refer to note 6 for further details. Pension costs include contributions to the Group\u2019s defined contribution plan for eligible employees. The average number of full-time equivalent employees (including Executive Directors) during the year was as follows: Number of employees 52 weeks to 1 April 2023 53 weeks to 2 April 2022 EMEIA 1 4,394 4,478 Americas 1,303 1,292 Asia Pacific 3,171 3,209 Total 8,868 8,979 1. EMEIA comprises Europe, Middle East, India and Africa. Shares and share options granted to Directors and employees The Group operates a number of equity-settled share-based compensation schemes for its Directors and employees; the fair value charge relating to these schemes is \u00a319 million. Details of each of these schemes are set out in this note. The share option schemes have been valued using the Black-Scholes option pricing model. The share awards have been valued using the closing price of an ordinary share at the date of grant. The key inputs used in the Black-Scholes pricing model to determine the fair value include: the share price at the commencement date; the exercise price attached to the option; the expected life of the option; an appropriate risk-free interest rate; a dividend yield discount for those schemes that do not accrue dividends during the course of the vesting period; and an expected share price volatility, which is determined by calculating the historical annualised standard deviation of the market price of Burberry Group plc shares over a period of time, prior to the grant, equivalent to the expected life of the option. Where applicable, equity swaps have been entered into to cover future employer\u2019s national insurance liability (or overseas equivalent) that may arise in respect of these schemes. 28. Employee costs continued Shares and share options granted to Directors and employees continued The Burberry Share Plan 2020 (the BSP) The BSP was approved by shareholders and adopted by the Company in the year ended 27 March 2021 to replace the Burberry Group plc Executive Share Plan (ESP) as the Group\u2019s main long-term incentive plan. Under the BSP rules, participants may be awarded either conditional share awards or phantom awards, up to a maximum value of three times base salary per annum. Awards may be subject to performance underpins. If the Company does not meet one or more of the performance underpins over the relevant vesting period, the Remuneration Committee would consider whether it is appropriate to scale back the level of pay-out under the BSP award. For the BSP awards made to the Executive Directors, 1/3 of the award will vest on the third anniversary of the grant date, 1/3 of the award will vest on the fourth anniversary of the grant date and the remaining balance of the award will vest on the fifth anniversary of the grant date, subject to continued employment. Awards made to senior employees will not be subject to performance conditions or underpins and will vest in full on the third anniversary of the grant date, subject to continued employment. During the year, the fair value charge relating to the BSP awards was \u00a39 million and the following grants were made under the BSP: Targets Date of grant Options granted Fair value Participant group Performance conditions/underpins Threshold Maximum 27 July 2022 991,831 \u00a317.21 Management Continued service N/A N/A 27 July 2022 174,874 \u00a317.21 Executive Directors Underpins: Total revenue \u00a32,400m N/A ROIC WACC N/A Brand and sustainability Reasonable progress N/A 24 November 2022 86,928 \u00a320.94 Management Continued service N/A N/A The fair values for the above grants are equivalent to the closing price of an ordinary share on the grant date as follows: 27 July 2022 24 November 2022 Share price at contract commencement date \u00a317.21 \u00a320.94 Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process. 28. Employee costs continued Shares and share options granted to Directors and employees continued The Burberry Share Plan 2020 (the BSP) continued Movements in the number of BSP share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,701,810 1,424,090 Granted during the year 1,253,633 782,208 Lapsed and forfeited during the year (539,186) (350,708) Exercised in the year (154,305) (153,780) Outstanding at end of year 2,261,952 1,701,810 Exercisable at end of year 2,519 1,451 Vesting after end of year 2,259,433 1,700,459 Share awards outstanding at the end of the year have the following terms: Term of the award Number of awards as at 1 April 2023 Number of awards as at 2 April 2022 20 August 2020 \u2013 20 August 2025 \u2013 71,323 20 August 2020 \u2013 23 July 2023 636,732 772,852 19 November 2020 \u2013 19 November 2023 6,933 6,933 23 November 2020 \u2013 23 November 2022 \u2013 117,453 27 July 2021 \u2013 27 July 2026 \u2013 52,111 27 July 2021 \u2013 27 July 2024 559,954 674,377 18 November 2021 \u2013 18 November 2024 6,761 6,761 27 July 2022 \u2013 27 July 2027 104,131 \u2013 27 July 2022 \u2013 27 July 2025 860,513 \u2013 24 November 2022 \u2013 24 November 2025 86,928 \u2013 Total 2,261,952 1,701,810 The weighted average term of the BSP awards is 3 years. 28. Employee costs continued Shares and share options granted to Directors and employees continued The Burberry Group plc Executive Share Plan (the ESP) The ESP was approved by the shareholders and adopted by the Company in the year ended 31 March 2015 with the final grant made on 27 February 2020. Under the ESP, participants were awarded shares, structured as either nil-cost options, conditional share awards or phantom awards, up to a maximum value of normally four times base salary per annum. Awards may be subject to a combination of non- market performance conditions, including: compound annual Group adjusted PBT growth; compound annual Group revenue growth; and average retail/wholesale adjusted return on invested capital (ROIC). Performance conditions were measured over a three-year period from the last reporting period prior to the grant date and awards vested in two tranches in years 3 and 4. Thresholds and targets for all ESP schemes have now been assessed and the number of shares awarded has been approved. Awards made to management were not subject to performance conditions apart from continued service during the vesting period. Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process. During the year, the fair value charge relating to the ESP awards was \u00a31 million. Movements in the number of ESP share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,259,041 2,691,413 Lapsed and forfeited during the year (736,848) (1,259,441) Exercised during the year (236,287) (172,931) Outstanding at end of year 285,906 1,259,041 Exercisable at end of year 132,378 128,531 Vesting after end of year 153,528 1,130,690 The weighted average first available exercise date for the ESP scheme is 5 June 2023. One-off awards The Company grants conditional share awards as one-off awards. Some of these awards vest in tranches, which vary by award, and are dependent upon continued employment over the vesting period. The fair values for these awards are equivalent to the closing price of an ordinary share on the grant date. During the year, the fair value charge relating to the one-off awards was \u00a35 million. Movements in the number of one-off share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,063,048 785,371 Granted during the year 7,720 359,252 Lapsed and forfeited during the year (537,605) (13,375) Exercised during the year (192,414) (68,200) Outstanding at end of year 340,749 1,063,048 Exercisable at end of year 31,311 31,311 Vesting after end of year 309,438 1,031,737 The weighted average first available exercise date for the one-off awards is 2 September 2023 and the latest vesting date is 18 November 2023. 28. Employee costs continued Other schemes The Group also grants to employees options under the Burberry Group plc ShareSave Plan 2021 (ShareSave), and free shares under a Burberry Group plc Share Incentive Plan (SIP) for employees in the UK and the Burberry Group plc International Free Share Plan 2021 (IFSP) for employees outside the UK. In the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022, options were granted under ShareSave with a three-year and five-year vesting period. Additional awards were granted under the SIP and the IFSP, offering employees awards of ordinary shares in the Company at a \u00a3nil exercise price. All awards vest after three years and the vesting of these share awards is dependent on continued employment over the vesting period. The fair value charge for these schemes was \u00a34 million. 29. Related party transactions Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Total compensation in respect of key management, who are defined as the Board of Directors and certain members of senior management, is considered to be a related party transaction. The total compensation in respect of key management for the year was as follows: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Salaries, short-term benefits and social security costs 1 9 8 Share-based compensation (all awards and options settled in shares) 4 1 Total 13 9 1. Pension cash allowance is included within salaries, short-term benefits and social security costs. The Group donates each year to The Burberry Foundation, an independent charity which meets the criteria to be reported as a related party in accordance with IFRS. Charitable donations to The Burberry Foundation for the 52 weeks to 1 April 2023 were \u00a32 million (last year: \u00a31 million). There were no other material related party transactions in the year. 30. Subsidiary undertakings and investments In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 1 April 2023, including their country of incorporation and percentage share ownership, is disclosed below. Unless otherwise stated, all undertakings are indirectly owned by Burberry Group plc and operate in the country of incorporation. All the subsidiary undertakings have been consolidated as at 1 April 2023. Company name Country/territory of incorporation Interest Holding (%) Registered office Burberry Pacific Pty Ltd Australia Ordinary shares 100 1 Burberry (Austria) GmbH Austria Ordinary shares 100 2 Sandringham Bahrain SPC W.L.L. 1 Bahrain Ordinary shares 100 3 Burberry Antwerp NV Belgium Ordinary shares 100 4 Burberry Brasil Com\u00e9rcio de Artigos de Vestu\u00e1rio e Acess\u00f3rios Ltda Brazil Quota 100 5 Burberry Canada Inc Canada Common shares 100 6 Burberry (Shanghai) Trading Co., Ltd Mainland China Equity interest 100 7 Burberry Czech Rep s.r.o. Czech Republic Ordinary shares 100 8 Burberry France SASU France Ordinary shares 100 9 Burberry (Deutschland) GmbH Germany Ordinary shares 100 10 Burberry Asia Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11 Burberry Asia Limited Hong Kong S.A.R., China Ordinary shares 100 11 Burberry China Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11 Burberry Hungary Kereskedelmi Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g Hungary Ordinary shares 100 12 Burberry India Private Limited India Ordinary shares 51 13 Burberry Ireland Investments Unlimited Company Ireland Ordinary A shares Ordinary B shares 100 100 14 Burberry Ireland Limited Ireland Ordinary shares 100 15 Burberry Italy (Rome) S.R.L. Ital y Quota 100 16 Burberry Italy S.R.L. 2 Ital y Quota 100 17 Burberry Manifattura S.R.L. Ital y Quota 100 18 Burberry Japan K.K. Japan Ordinary shares 100 19 Burberry Kuwait General Trading Textiles and Accessories Company \\With Limited Liability 3 Kuwait Parts 49 20 Burberry Macau Limited Macau S.A.R., China Quota 100 21 Burberry (Malaysia) Sdn. Bhd. Malaysia Ordinary shares 100 22 Horseferry M\u00e9xico S.A. de C.V. Mexico Ordinary (fixed) shares Ordinary (variable) shares 100 100 23 Horseferry M\u00e9xico Servicios Administrativos, S.A. de C.V. Mexico Ordinary (fixed) shares 100 23 Burberry Netherlands B.V. Netherlands Ordinary shares 100 24 Burberry New Zealand Limited New Zealand Ordinary shares 100 25 Burberry Qatar W.L.L 3 Qatar Ordinary shares 49 26 Burberry Korea Limited Republic of Korea Common stock 100 27 Burberry Retail LLC 4 Russian Federation Participatory share 100 28 Burberry Saudi Company Limited Kingdom of Saudi Arabia Ordinary shares 100 29 Burberry (Singapore) Distribution Company PTE Ltd Singapore Ordinary shares 100 30 Burberry (Spain) Retail S.L. Spain Ordinary shares 100 31 Burberry (Suisse) SA 2 Switzerland Ordinary shares 100 32 Burberry (Taiwan) Co., Ltd Taiwan Area, China Common shares 100 33 Burberry (Thailand) Limited Thailand Common shares 100 34 30. Subsidiary undertakings and investments continued Company name Country of incorporation Interest Holding (%) Registered office Burberry Turkey Giyim Toptan Ve Perakende Sat\u0131\u015f Limited \u015eirketi Turkey Ordinary shares 100 35 Burberry FZ-LLC United Arab Emirates Ordinary shares 100 36 Burberry Middle East LLC 3 United Arab Emirates Ordinary shares 49 37 Burberry (Espana) Holdings Limited United Kingdom Ordinary shares 100 38 Burberry (No. 7) Unlimited United Kingdom Ordinary shares 100 38 Burberry (UK) Limited United Kingdom Ordinary shares 100 38 Burberry Europe Holdings Limited 2 United Kingdom Ordinary shares 100 38 Burberry Finance Limited United Kingdom Ordinary shares 100 38 Burberry Haymarket Limited 2 United Kingdom Ordinary shares 100 38 Burberry Holdings Limited United Kingdom Ordinary shares 100 38 Burberry International Holdings Limited 2 United Kingdom Ordinary shares 100 38 Burberry Latin America Limited United Kingdom Ordinary shares 100 38 Burberry Limited United Kingdom Ordinary shares 100 38 Burberry London Limited United Kingdom Ordinary shares 100 38 Burberrys Limited 1 United Kingdom Ordinary shares 100 38 Sweet Street Developments Limited United Kingdom Ordinary shares 100 38 The Scotch House Limited 2 United Kingdom Ordinary shares 100 38 Thomas Burberry Holdings Limited 2 United Kingdom Ordinary shares 100 38 Thomas Burberry Limited 2 United Kingdom Ordinary shares 100 38 Woodrow-Universal Limited 2 United Kingdom Ordinary shares 100 38 Woodrow-Universal Pension Trustee Limited 2 United Kingdom Ordinary shares 100 38 Burberry (Wholesale) Limited United States Class X common stock Class Y common stock 100 100 39 Burberry Limited United States Class X common stock Class Y common stock 100 100 39 Burberry North America, Inc. United States Common stock 100 40 Burberry Warehousing Corporation 5 United States Common stock 100 40 Castleford Industries, Ltd. 5 United States Series A common stock 100 40 Castleford Tailors, Ltd. 5 United States Common stock 100 40 1. The Group has an indirect holding of 100% of the issued share capital through a nominee. 2. Held directly by Burberry Group plc. 3. The Group has a 100% share of profits of Burberry Middle East LLC as well as a 100% and majority share of profits in Burberry Middle East LLC\u2019s subsidiaries in Kuwait and Qatar respectively. The Group has the power to control these companies under the agreements relating to Burberry Middle East LLC. 4. Burberry Retail LLC\u2019s stores have been closed since March 2022. 5. Certificate of dissolution was filed on 28 March 2022. Financial Statements | Notes to the Financial Statements 30. Subsidiary undertakings and investments continued Ref Registered office address 1 Level 5, 343 George Street, Sydney NSW 2000, Australia 2 Kohlmarkt 2, A \u2013 1010 Wien, Austria 3 Building 1A, Road 365, Manama Center 316, Unit 8, Moda Mall, Manama, Bahrain 4 Boulevard de Waterloo 16, Brussel, Belgium 5 City of S\u00e3o Paulo, State of S\u00e3o Paulo, at Rua do Rocio, 350, 3rd Pavement of Condominium Atrium IX, suites No. 32, 28th subdistrict, Vila Ol\u00edmpia, CEP 04552-000, Brazil 6 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto ON M5X 1G5, Canada 7 60th Floor (Actual Floor No.53), Wheelock Square, 1717 Nanjing West Road, Shanghai 200040, China 8 Praha 1, Pa\u0159\u00ed\u017esk\u00e1 11/67, PS\u010c 11000, Czech Republic 9 56A rue du Faubourg Saint-Honor\u00e9, 75008, Paris, France 10 K\u00f6nigsallee 50, 40212, D\u00fcsseldorf, German y 11 Suites 2201-02 & 11-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong 12 1062 Budapest Andr\u00e1ssy \u00fat 100 Hungary 13 3 A-1 Taj Apartment, Rao Tula Ram Marg, New Delhi, 110022, India 14 Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland 15 Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland 16 Via Manzoni .20, 20121 Milano Italy 17 Via Manzoni 20 CAP, 20121 Milano 18 Via delle Fonti n.10, 50018 Scandicci 19 5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan 20 Hawali, Street 276, Block 8, Plot 9301, Office No 12, Floor 7, Kuwait 21 Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau 22 Level 21, Suite 21.01, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Wilayah Persekutuan, Malaysia 23 Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico 24 Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam 25 Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand 26 First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar 27 (Cheongdam-dong) 459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea 28 Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation 29 Riyadh, Al Olaya District, Akaria Plaza, First Floor, P.O.Box 359, 11411, Kingdom of Saudi Arabia 30 391B Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore 31 Passeig de Gr\u00e0cia, 56, 08007 Barcelona 32 Route de Ch\u00eane 30A, c/o L&S Trust Services SA, 1208 Gen\u00e8ve, Switzerland 33 5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan 34 No. 127 Office O, Level 25, Gaysorn Tower; Ratchadamri Road, Lumpini Sub-district; Pathumwan District; Bangkok; Thailand 35 Re\u015fitpa\u015fa Mahallessi Eski B\u00fcy\u00fckdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turkey 36 Dubai Design District, Premises: 301, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai, United Arab Emirates 37 Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai 38 Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom 39 CT Corporation System, 28 Liberty St., New York, New York, 10005, United States 40 The Corporation Trust Company, Corporation Trust Center 1209 Orange St, Wilmington, New Castle, DE 19801, United States 31. Contingent liabilities The Group is subject to claims against it and to tax audits in a number of jurisdictions which arise in the ordinary course of business. These typically relate to Value Added Taxes, sales taxes, customs duties, corporate taxes, transfer pricing, payroll taxes, various contractual claims, legal proceedings and other matters. Where appropriate, the estimated cost of known obligations has been provided in these financial statements in accordance with the Group\u2019s accounting policies. The Group does not expect the outcome of current similar contingent liabilities to have a material effect on the Group\u2019s financial position. 27. Financial risk management continued Credit risk continued Trade receivables continued The closing loss allowances for receivables reconcile as follows: Receivables \u00a3m As at 27 March 2021 8 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 1 Receivables written off during the year as uncollectable \u2013 Unused amount reversed (2) As at 2 April 2022 7 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 3 Receivables written off during the year as uncollectable (1) Unused amount reversed (2) As at 1 April 2023 7 In aggregate, as at 1 April 2023 , the movement in the impairment provision on trade and other receivables and recorded in the Income Statement was an increase of \u00a31 million, of which \u00a31 million relates to contracts with customers and \u00a3nil relates to other receivables (last year: reversal of \u00a31 million of which \u00a31 million related to contracts with customers and \u00a3nil related to other receivables). During the 53 weeks to 2 April 2022, a reversal of \u00a31 million was presented as an adjusting item relating to the one- off impact of COVID-19 on expected credit losses. Refer to note 6. The maximum exposure to credit risk at the reporting date with respect to trade and other receivables is approximated by the carrying amount on the Balance Sheet. Receivables excluding trade receivables The counterparty credit risk of other receivables is reviewed on a regular basis and the impairment is assessed as follows: At inception the receivable is recorded net of expected 12-month credit losses. If a significant change in the credit risk occurs during the life of the receivable, credit losses are recorded in the profit and loss account and the effective interest is calculated using the gross carrying amount of the asset. If a loss event occurs, the effective interest is calculated using the amortised cost of the asset net of any credit losses. During the year ended 31 March 2013 the Group entered into a retail leasing arrangement in the Republic of Korea. As part of this arrangement, a KRW 27 billion (\u00a319 million) 15-year interest-free loan was provided to the landlord. The Group holds a registered mortgage over the leased property for the equivalent value of the loan which acts as collateral. At 1 April 2023, the discounted fair value of the loan is \u00a314 million (last year: \u00a314 million). The book value of the loan, recorded at amortised cost, is \u00a314 million (last year: \u00a313 million). Other than this arrangement, the Group does not hold any other collateral as security. Management considers that the security provided by the mortgage is sufficient risk mitigation and hence the credit loss relating to this receivable is not significant. Other financial assets With respect to credit risk arising from other financial assets, which comprise cash and short-term deposits and certain derivative instruments, the Group\u2019s exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to the carrying value of these instruments. The Group has policies that limit the amount of credit exposure to any financial institution and only deposits funds with independently rated financial institutions with a minimum rating of \u2018A\u2019 other than where required for operational purposes. A total of \u00a36 million (last year: \u00a37 million) was held with institutions with a rating below \u2018A\u2019 at 1 April 2023. These amounts are monitored on a weekly basis by the Treasury Committee. ",
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"fact-1": {
"value": "Burberry Group plc and its subsidiaries (the Group) is a global luxury goods manufacturer, retailer and wholesaler. The Group also licenses third parties to manufacture and distribute products using the \u2018Burberry\u2019 trademarks. All of the companies which comprise the Group are controlled by Burberry Group plc (the Company) directly or indirectly. ",
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"fact-461": {
"value": "Burberry Group plc and its subsidiaries (the Group) is a global luxury goods manufacturer, retailer and wholesaler. The Group also licenses third parties to manufacture and distribute products using the \u2018Burberry\u2019 trademarks. All of the companies which comprise the Group are controlled by Burberry Group plc (the Company) directly or indirectly. The consolidated financial statements of the Group have been prepared in accordance with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards (IFRS). These consolidated financial statements have been prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial liabilities at fair value through profit or loss. The consolidated financial statements are presented in \u00a3m. Financial ratios are calculated using unrounded numbers. The Group Income Statement for the current and prior period has been updated to provide separate disclosure on amounts of other operating income and operating expenses that make up total net operating expenses. The Group Statement of Cash Flows for the current and prior period has also been updated to start the reconciliation of net operating cash flows from profit before tax rather than operating profit. ",
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"fact-489": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards (IFRS). These consolidated financial statements have been prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial liabilities at fair value through profit or loss. ",
"dimensions": {
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"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-462": {
"value": "Consideration of climate-related matters The Group has performed a climate-related scenario analysis as required by the Task Force on Climate-Related Financial Disclosures. This scenario analysis takes into consideration different climate-related scenarios, including a 2\u00b0C or lower scenario. Based on this scenario analysis, consideration has been given to the impact of climate-related risks on management\u2019s judgements and estimates, including inventory provisions and the impairment of property, plant and equipment and right-of-use assets. The incurred costs and investments associated with our sustainability strategy are reflected in the Group\u2019s financial statements, including within inventories, property, plant and equipment, and operating profit. The impact of climate-related risks on the consolidated financial statements for the 52 weeks to 1 April 2023 is not material. The committed future financial investments associated with our sustainability strategy are included within our budget and three-year forward-looking financial plans. These financial plans have been used to support our impairment reviews and going concern and viability assessment. Future plans may incur additional investment on research and development and higher expenditure on raw materials and other as yet unidentified costs. ",
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"language": "en",
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"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-463": {
"value": "Going concern In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the Directors have assessed the potential cash generation of the Group and considered a range of downside scenarios. This assessment for any indicators that the going concern basis of preparation is not appropriate covers the period from the date of signing the financial statements up to 28 September 2024. The scenarios considered by the Directors include a severe but plausible downside scenario reflecting the Group\u2019s base plan adjusted for severe but plausible impacts from the Group\u2019s principal risks. These scenarios were informed by a comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion industry: \u2022 The Group central planning scenario reflects a balanced projection with a continued focus on growing markets and maintaini ng mom entum built as part of the strategy \u2022 As a sensitivity, this central planning scenario has been flexed to reflect a 16% downgrade to revenues in FY 2023/24 and 16% over the period to 28 September 2024, as well as the associated consequences for EBITDA and cash. Management consid er this represents a severe but plausible downside scenario appropriate for assessing going concern Th e severe but plausible downside scenario modelled the following risks occurring simultaneously: \u2022 A more severe and prolonged reduction in the GDP growth assumptions in the Eurozone and Americas compared to the central planning scenario \u2022 A significant reduction to our global consumer demand arising from a change in consumer preference \u2022 A significant reputational incident such as negative sentiment propagated through social media \u2022 The impact of a business interruption event over three months and consequent two-week interruption in one of our geographie s arising from the supply chain impact \u2022 The impact of a one-month interruption to one of our channels following a technology vulnerability \u2022 The occurrence of a one-time physical risk relating to climate change in FY 2023/24 and the materialisation of a severe but plausible ongoing market risk relating to climate change in line with a scenario reflecting a 2\u00b0C global temperature increase compared to pre-industrial levels \u2022 The payment of a settlement arising from a regulatory or compliance-related matter \u2022 A short-term impact of a 10% weakening in a key non-sterling currency for the Group before it is recovered through price adjustment Further mitigating actions within management control would be taken under each scenario, including working capital reduction measures and limiting capital expenditure, but these were not incorporated into the downside modelling. The Directors have also considered the Group\u2019s current liquidity and available facilities. As at 1 April 2023, the Group Balance Sheet reflects cash net of overdrafts of \u00a3961 million. In addition, the Group has access to a \u00a3300 million revolving credit facility, which is currently undrawn and not relied upon for the purpose of this going concern assessment. The Group is in compliance with the covenants for the revolving credit facility and the borrowings raised via the sustainability bond are not subject to covenants. Details of cash, overdrafts, borrowings and facilities are set out in notes 19, 23 and 24 respectively of these financial statements. In all the scenarios assessed, taking into account current liquidity and available resources and before the inclusion of any mitigating actions within management control, the Group was able to maintain sufficient liquidity to continue trading. On the basis of the assessment performed, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 1 April 2023. ",
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"fact-464": {
"value": "New standards, amendments and interpretations adopted in the period There have been no new standards or interpretations issued and made effective for the financial period commencing 3 April 2022 that have had a material impact on the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
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"fact-465": {
"value": "Standards not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the 52 weeks to 1 April 2023 and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-466": {
"value": "Basis of consolidation The Group\u2019s annual financial statements comprise those of Burberry Group plc (the Company) and its subsidiaries, presented as a single economic entity. The results of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies across the Group. The financial year is the 52 weeks ended 1 April 2023 (last year: 53 weeks ended 2 April 2022). Subsidiaries are all entities (including special purpose entities) 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 has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the portion of the reporting period during which the Group had control. Intra-group transactions, balances and unrealised profits on transactions between Group companies are eliminated in preparing the Group financial statements. The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions of additional interests in subsidiaries from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of interests in subsidiaries to non-controlling interests are also recorded in equity. ",
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"fact-467": {
"value": "Key sources of estimation uncertainty Preparation of the consolidated financial statements in conformity with IFRS requires that management make certain estimates and assumptions that affect the measurement of reported revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management\u2019s best estimates at the date of the financial statements, deviate from actual circumstances, the original estimates and assumptions will be updated as appropriate in the period in which the circumstances change. Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas where the estimates and assumptions applied have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are discussed below. Further details of the Group\u2019s accounting policies in relation to these areas are provided in note 2. Impairment, or reversals of impairment, of property, plant and equipment and right-of-use assets Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or a cash generating unit is determined based on value-in-use calculations prepared using management\u2019s best estimates and assumptions at the time. Refer to notes 13 and 14 for further details of retail property, plant and equipment, right-of-use assets and impairment reviews carried out in the period and for sensitivities relating to this key source of estimation uncertainty. Inventory provisioning The Group manufactures and sells luxury goods and is subject to changing consumer demands and fashion trends. The recoverability of the cost of inventories is assessed every reporting period, by considering the expected net realisable value of inventory compared to its carrying value. Where the net realisable value is lower than the carrying value, a provision is recorded. When calculating inventory provisions, management considers the nature and condition of the inventory, as well as applying assumptions in respect of anticipated saleability of finished goods and future usage of raw materials. Refer to note 17 for further details of the carrying value of inventory and inventory provisions and for sensitivities relating to this key source of estimation uncertainty. Uncertain tax positions In common with many multinational companies, the Group faces tax audits in jurisdictions around the world in relation to transfer pricing of goods and services between associated entities within the Group. These tax audits are often subject to inter-government negotiations. The matters under discussion are often complex and can take many years to resolve. Tax liabilities are recorded based on management\u2019s estimate of either the most likely amount or the expected value amount depending on which method is expected to better reflect the resolution of the uncertainty. Given the inherent uncertainty in assessing tax outcomes, the Group could, in future periods, experience adjustments to these tax liabilities that have a material positive or negative effect on the Group\u2019s results for a particular period. Refer to note 9 for further details of management estimates surrounding the outcome of all matters under dispute or negotiation between governments in relation to current tax liabilities recognised at 1 April 2023, and for sensitivities relating to this key source of estimation uncertainty. Key judgements in applying the Group\u2019s accounting policies Judgements are those decisions made when applying accounting policies which have a significant impact on the amounts recognised in the Group financial statements. Further details of the Group\u2019s accounting policies are provided in note 2. Key judgements that have a significant impact on the amounts recognised in the Group financial statements for the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022 are as follows: Where the Group is a lessee, judgement is required in determining the lease term at initial recognition, and throughout the lease term, where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Considerations include, but are not limited to, the period assessed by management when approving initial investment, together with costs associated with any termination options or extension options. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Where the lease term has been extended by assuming an extension option will be recognised, this will result in the initial right-of-use assets and lease liabilities at inception of the lease being greater than if the option was not assumed to be exercised. Likewise, assuming a break option will be exercised will reduce the initial right-of-use assets and lease liabilities. Refer to note 21 for further details surrounding the judgements regarding the impact of breaks and options on lease liabilities. ",
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},
"fact-411": {
"value": "2. Accounting policies The principal accounting policies of the Group are: a) Revenue The Group obtains revenue from contracts relating to sales of luxury goods to retail and wholesale customers. Retail purchases are paid at time of purchase while wholesale and licensing purchases are paid on short-term credit terms. The Group also obtains revenue through licences issued to third parties to produce and sell goods carrying \u2018Burberry\u2019 trademarks. Revenue is stated excluding Value Added Tax and other sales-related taxes. Retail and wholesale revenue For retail and wholesale revenue, the primary performance obligation is the transfer of luxury goods to the customer. For retail revenue this is considered to occur when control of the goods passes to the customer. For in-store retail revenue, control transfers when the customer takes possession of the goods in store and pays for the goods. For digital retail revenue, control is considered to transfer when the goods are delivered to the customer. The timing of transfer of control of the goods in wholesale transactions depends upon the terms of trade in the contract. Principally for wholesale revenue, revenue is recognised either when goods are collected by the customer from the Group\u2019s premises, or when the Group has delivered the goods to the location specified in the contract. Provision for returns and other allowances are reflected in revenue when revenue from the customer is first recognised. A sales return liability and a corresponding return asset within gross inventory are recognised. Retail customers typically have the right to return product within a limited time frame while wholesale customers typically have the right to return damaged and, under agreement, certain current season products. Returns are initially estimated based on historical levels and adjusted subsequently as returns are incurred. Some wholesale contracts may require the Group to make payments to the wholesale customer for services directly relating to the sale of the Group\u2019s goods, such as the cost of staff handling the Group\u2019s goods at the wholesaler. Payments to the customer directly relating to the sale of goods to the customer are recognised as a reduction in revenue, unless in exchange for a distinct good or service. These charges are recognised in revenue at the later of when the sale of the related goods to the customer is recognised or when the customer is paid, or promised to be paid, for the service. Payments to the customer relating to a service which is distinct from the sale of goods to the customer are recognised in operating costs. The Group sells gift cards and similar products to customers, which can be redeemed for goods, up to the value of the card, at a future date. Revenue relating to gift cards is recognised when the card is redeemed, up to the value of the redemption. Unredeemed amounts on gift cards are classified as contract liabilities. Typically, the Group does not expect to have significant unredeemed amounts arising on its gift cards. Licensing revenue The Group\u2019s licences entitle the licensee to access the Group\u2019s trademarks over the term of the licence. Hence revenue from licensing is recognised over the term of access to the licence. Royalties receivable under licence agreements are usually based on production or sales volumes and are accrued in revenue as the subsequent production or sale occurs. Any amounts received which have not been recognised in revenue are classified as contract liabilities. b) Segment reporting As required by IFRS 8 Operating Segments, the segmental information presented in the financial statements is reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors. The Group has centralised activities for designing, making and sourcing, which ensure a global product offering is sold through retail and wholesale channels worldwide. Resource allocation and performance is assessed across the whole of the retail/wholesale channel globally. Hence the retail/wholesale channel has been determined to be an operating segment. Licensed products are manufactured and sold by third-party licensees. As a result, this channel is assessed discretely by the Chief Operating Decision Maker and has been determined to be an operating segment . The Group presents an analysis of its revenue by channel, by product division and by geographical destination. 2. Accounting policies continued c) Business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition i s measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Contingent payments are remeasured at fair value through the Income Statement. All transaction costs are expensed to the Income Statement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity, and are initially measured either at fa ir value or at a value equal to the non-controlling interests\u2019 share of the identifiable net assets acquired. The choice of the basis o f measurement is an accounting policy choice for each individual business combination. The excess of the cost of acquisit ion to gether with the value of any non-controlling interest over the fair value of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the Income Statement. d) Share schemes The Group operates a number of equity-settled share-based compensation schemes, under which services are received from empl oyees (including Executive Directors) as consideration for equity instruments of the Company. The cost of the share-based incentives is measured with reference to the fair value of the equity instruments awarded at the date of grant, including share awards and options. Appropriate option pricing models, including Black-Scholes, are used to determine the fair value of the option awards made. The fair value takes into account the impact of any market performance conditions, but the impact of non-market performance conditions is not considered in determining the fair value on the date of grant. Vesting conditions which relate to non-market conditions are allowed for in the assumptions used for the number of share awards or options expected to vest. The estimate of the number of share awards or options expected to vest is revised at each balance sheet date. In some circumstances, employees may provide services in advance of the grant date. The grant date fair value is estimated for the purposes of recognising the expense during the period between the service commencement period and the grant date. The cost of the share-based incentives is recognised as an expense over the vesting period of the share awards, or options, with a corresponding increase in equity. When share awards or options are exercised, they are settled either via issue of new shares in the Company, or through shares held in an Employee Share Option Plan (ESOP) trust, depending on the terms and conditions of the relevant scheme. For new shares issued, the proceeds received from the exercises of share options, net of any directly attributable transaction costs, are credited to share capital and share premium accounts. When ESOP shares are used, any difference between the exercise price and their cost are recognised in retained earnings. e) Leases The Group is both a lessee and lessor of property, plant and equipment. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. An identified asset may be specifically or implicitly specified. Control exists when the lessee has both the right to direct the use of the identified asset and the right to obtain substantially all of the economic benefits from that use. Lessee accounting The Group\u2019s principal lease arrangements where the Group acts as the lessee are for property, most notably the lease of retail stores, corporate offices and warehouses. Other leases are for office equipment, vehicles, and supply chain equipment. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The Group recognises all lease liabilities and the corresponding right-of-use assets on the Balance Sheet, with the exception of certain short-term leases (12 months or less) and leases of low value assets, which are expensed as incurred. Leases and the corresponding right-of-use assets are initially recognised when the Group obtains control of the underlying asset. Leases for new assets are presented as additions to lease liabilities and right-of-use assets. Lease liabilities are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments, less any incentives \u2022 V ariable lease payments that are based on a future index or rate \u2022 Amounts expected to be payable by the lessee under residual value guarantees and \u2022 The cost of exercising a purchase option if the lessee is reasonably certain to exercise that option 2. Accounting policies continued e) Leases continued Lessee accounting continued Where the lease contains an extension option or a termination option which is exercisable by the Group, as lessee, an assessment is made as to whether the Group is reasonably certain to exercise the extension option, or not exercise the termination option, considering all relevant facts and circumstances that create an economic incentive. Considerations may include the contractual terms and conditions for the optional periods compared to market rates, costs associated with the termination of the lease and the importance of the underlying asset to the Group\u2019s operations. Variable lease payments dependent upon a future index or rate are measured using the amounts payable at the commencement date until the index or rate is known. Variable lease payments not dependent on an index or rate, including lease payments based on a percentage of turnover, are excluded from the calculation of lease liabilities. Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be readily determined. Right-of-use assets are classified as property or non-property. The Group has elected not to apply the short-term exemption to the property class of right-of-use assets. Where the exemption is applied to the non-property class of right-of-use assets, lease payments are expensed as incurred. The low value asset exemption has been applied to both the property and non-property class of assets on a lease-by-lease basis where applicable. In circumstances where the Group is in possession of a property but there is no executed agreement or other binding obligation in relation to the property, rent is expensed until such time the obligation becomes binding, at which point, a right-of-use asset and lease liability will be recognised prospectively. These lease costs are disclosed as lease in holdover expenses. Refer to notes 5 and 21. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date less any lease incentives received and \u2022 Any initial direct costs incurred in entering into the lease The Group recognises depreciation of right-of-use assets and interest on lease liabilities in the Income Statement over the lease term. Repayments of lease liabilities are classified separately in the Statement of Cash Flows where the cash payments for the principal portion of the lease liability are presented within financing activities, and cash payments for the interest portion are presented within operating activities. Payments in relation to variable lease payments based on turnover, short-term leases and leases of low value assets which are not included on the Balance Sheet are included within operating expenses. Modifications to lease agreements, extensions to existing lease agreements and changes to future lease payments relating to existing terms in the contract, including market rent reassessments and index-based changes, are presented as remeasurements of the lease liabilities. The related right-of-use asset is also remeasured. If the modification results in a reduction in scope of the lease, either through shortening the lease term or through disposing of part of the underlying asset, a gain or loss on disposal may arise relating to the difference between the lease liabilities and the right-of-use asset applicable to the reduction in scope. Right-of-use assets are included in the review for impairment of property, plant and equipment and intangible assets with finite economic lives, if there is an indication that the carrying amount of the cash generating unit may not be recoverable. COVID-19-Related Rent Concessions The COVID-19-Related Rent Concessions amendment to IFRS 16 Leases was adopted by the IASB on 28 May 2020. The amendment was applied until 30 June 2022. The amendment allowed for a simplified approach to accounting for rent concessions occurring as a direct result of COVID-19 and for which the following criteria are met: \u2022 The revised consideration is substantially the same, or less than, the consideration prior to the change \u2022 The concessions affect only payments originally due on or before 30 June 2022 and \u2022 There is no substantive change to other terms and conditions of the lease From 1 July 2022, the Group has applied the principles of IFRS 9 Financial Instruments and continues to account for eligible rent forgiveness as negative variable lease payments where: \u2022 The rent concessions are occurring as a direct result of COVID-19 \u2022 The revised consideration is substantially the same, or less than, the consideration prior to the change and \u2022 There is no substantive change to other terms and conditions of the lease 2. Accounting policies continued e) Leases continued COVID-19-Related Rent Concessions continued Lessees are not required to assess whether eligible rent concessions are lease modifications, allowing the lessee to account for eligible rent concessions as if they were not lease modifications. The Group may agree rent concessions both in the form of rent forgiveness in which the landlord has agreed to forgive all or a portion of rents due with no obligation to be repaid in the future, and rent deferrals in which the landlord has agreed to forego rents in one period with a proportional increase in rents due in a future period. The Group has chosen to account for eligible rent forgiveness as negative variable lease payments. Rent concessions are recognised once a legally binding agreement is made between both parties, by derecognising the portion of the lease liability that has been forgiven and recognising the benefit in the Income Statement. As a result, the Group has recognised \u00a313 million (last year: \u00a318 million) in COVID-19-related rent concessions in the Income Statement within other operating income in the current period. This has been presented as an adjusting item (refer to note 6). In the Statement of Cash Flows, the forgiveness results in lower payments of lease principal. The negative variable lease payments in the Income Statement comprise a non-cash item which is adjusted for to calculate cash generated from operating activities. Rent deferrals do not change the total consideration due over the life of the lease. Deferred rent payments are recognised as a payable until the period the original rent payment is due. Payments relating to rent deferrals are recognised as payments of lease principal when the payment is made. f) Dividend distributions Dividend distributions to Burberry Group plc\u2019s shareholders are recognised as a liability in the period in which the dividend becomes a committed obligation. Final dividends are recognised when they are approved by the shareholders. Interim dividends are recognised when paid. g) Pension costs Eligible employees participate in defined contribution pension schemes, the principal one being in the UK with its assets held in an independently administered fund. The cost of providing these benefits to participating employees is recognised in the Income Statement as they fall due and comprises the amount of contributions to the schemes. h) Intangible assets Goodwill Goodwill is the excess of the cost of acquisition together with the value of any non-controlling interest, over the fair value of identifiable net assets acquired. Goodwill on acquisition is recorded as an intangible asset. Fair values are attributed to the identifiable assets, liabilities and contingent liabilities that existed at the date of acquisition, reflecting their condition at that date. Adjustments are also made to align the accounting policies of acquired businesses with those of the Group. Goodwill is assigned an indefinite useful life. Impairment reviews are performed annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment losses recognised on goodwill are not reversed in future periods. Trademarks, licences and other intangible assets The cost of securing and renewing trademarks and licences, and the cost of acquiring other intangible assets, is capitalised at purchase price and amortised by equal annual instalments over the period in which benefits are expected to accrue, typically ten years for trademarks, or the term of the licence. The useful life of trademarks and other intangible assets is determined on a case- by-case basis, in accordance with the terms of the underlying agreement and the nature of the asset. Computer software Computer software costs are capitalised during the development phase at the point at which there is sufficient certainty that the software will deliver future economic benefits to the Group. The cost of acquiring computer software (including licences and separately identifiable development costs) is capitalised as an intangible asset at purchase price, plus any directly attributable cost of preparing that asset for its intended use. Software costs are amortised on a straight-line basis over their estimated useful lives, which may be up to seven years. 2. Accounting policies continued i) Property, plant and equipment Property, plant and equipment, with the exception of assets in the course of construction, is stated at cost or deemed cost, based on historical revalued amounts prior to the adoption of IFRS, less accumulated depreciation and provision to reflect any impairment in value. Assets in the course of construction are stated at cost less any provision for impairment and transferred to completed assets when substantially all of the activities necessary for the asset to be ready for use have occurred. Cost includes the original purchase price of the asset and costs attributable to bringing the asset to its working condition for its intended use. Depreciation Depreciation of property, plant and equipment is calculated to write off the cost or deemed cost, less residual value, of the assets in equal annual instalments over their estimated useful lives at the following rates: Type of asset Category of property, plant and equipment Useful life Land Freehold land and buildings Not depreciated Freehold buildings Freehold land and buildings Up to 50 years Long life leasehold improvements Leasehold improvements Over the unexpired term of the lease Short life leasehold improvements Leasehold improvements Up to 10 years Plant and machinery Fixtures, fittings and equipment Up to 15 years Retail fixtures and fittings Fixtures, fittings and equipment Up to 5 years Office fixtures and fittings Fixtures, fittings and equipment Up to 5 years Computer equipment Fixtures, fittings and equipment Up to 7 years Assets in the course of construction Assets in the course of construction Not depreciated Profit/loss on disposal of property, plant and equipment and intangible assets Profits and losses on the disposal of property, plant and equipment and intangible assets represent the difference between the net proceeds and net book value at the date of sale. Disposals are accounted for when the relevant transaction becomes unconditional. j) Assets held for sale Non-current assets are classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than through continued use, and a sale within the next 12 months is considered to be highly probable. Assets classified as held for sale cease to be depreciated and they are stated at the lower of carrying amount and fair value less cost to sell. k) Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets under construction are also tested annually. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstance indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value-in-use. For the purposes of assessing impairment, retail assets are grouped at the lowest levels for which there are separately identifiable cash flows, being individual stores (cash generating units), and goodwill assets are considered at the lowest level being monitored by management. Non-financial assets, other than goodwill, for which an impairment has been previously recognised are reviewed for possible reversal of impairment at each reporting date. l) Inventories Inventories are stated at the lower of cost and net realisable value. Cost consists of all costs of purchase, costs of conversion, design costs and other costs incurred in bringing the inventories to their first point of sale location and condition. The cost of inventories is determined using a weighted average cost method, taking account of the fashion seasons for which the inventory was offered. Where necessary, provision is made to reduce cost to no more than net realisable value having regard to the nature and condition of inventory, as well as its anticipated utilisation and saleability. 2. Accounting policies continued m) Taxation Tax expense represents the sum of the current tax expense and deferred tax charge. Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense which are taxable or deductible in other years and it further excludes items which are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates which have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised, using the liabilities method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the temporary difference arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, no deferred tax will be recognised. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entities or different taxable entities where there is an intention to settle the balances on a net basis. n) Provisions Provisions are recognised when there is a present legal or constructive obligation as a result of past events, for which it is probable that an outflow of economic benefits will be required to settle the obligation, and where the amount of the obligation can be reliably estimated. When the effect of the time value of money is material, provision amounts are calculated based on the present value of the expenditures expected to be required to settle the obligation. The present value is calculated using forward market interest rates as measured at the balance sheet reporting date, which have been adjusted for risks specific to the future obligation. Property obligations A provision for the present value of future property reinstatement costs is recognised where there is an obligation to return the leased property to its original condition at the end of a lease term. The reinstatement cost at the end of a lease usually arises due to leasehold improvements and modifications carried out by the Group in order to customise the property during tenure of the lease. As a result, the cost of the reinstatement provision is recognised as a component of the cost of the leasehold improvements in property, plant and equipment when these are installed and amortised to the income statement over the expected life of the lease. o) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to owners of the Company until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is credited to share capital and share premium accounts included in equity attributable to owners of the Company. 2. Accounting policies continued p) Financial instruments Financial instruments are initially recognised at fair value plus directly attributable transaction costs on the Balance Sheet when the entity becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flow expire or substantially all risks and rewards of the asset are transferred. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired. At initial recognition, all financial liabilities are stated at fair value. Subsequent to initial recognition, all financial liabilities are stated at amortised cost using the effective interest rate method except for derivatives which are held at fair value and which are classified as fair value through profit and loss, except where they qualify for hedge accounting. Financial assets are classified as either amortised cost or fair value through profit and loss depending on their cash flow characteristics. Assets with cash flows that represent solely payments of principal and interest are measured at amortised cost. The fair value of the Group\u2019s financial assets and liabilities held at amortised cost mostly approximate their carrying amount due to the short maturity of these instruments. Where the fair value of any financial asset or liability held at amortised cost is materially different to the book value, the fair value is disclosed. The Group classifies its instruments in the following categories: Financial instrument category Note Classification Measurement Fair value measurement hierarchy 2 Cash and cash equivalents 19 Amortised cost Amortised cost N/A Cash and cash equivalents 19 Fair value through profit and loss Fair value through profit and loss 2 Trade and other receivables 16 Amortised cost Amortised cost N/A Trade and other receivables 16 Fair value through profit and loss Fair value through profit and loss 2 Trade and other payables 20 Other financial liabilities Amortised cost N/A Borrowings 24 Other financial liabilities Amortised cost N/A Leases 21 Lease liabilities Amortised cost N/A Deferred consideration 20 Fair value through profit and loss Fair value through profit and loss 3 Forward foreign exchange contracts 18 Fair value through profit and loss Fair value through profit and loss 2 Forward foreign exchange contracts used for hedging 1 18 Fair value \u2013 hedging instrument Fair value \u2013 hedging instrument 3 2 Equity swap contracts 18 Fair value through profit and loss Fair value through profit and loss 2 1. Cash flow hedge and net investment hedge accounting is applied to the extent it is achievable. 2. The fair value measurement hierarchy is only applicable for financial instruments measured at fair value. 3. Forward foreign exchange contracts used for hedging are classified as Fair value \u2013 hedging instruments under IFRS 9, however IAS 39 hedge accounting has been applied. The measurements for financial instruments carried at fair value are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are defined as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: includes unobservable inputs for the asset or liability. Observable inputs are those which are developed using market data, such as publicly available information about actual events or transactions. The Group has an established framework with respect to measurement of fair values, including Level 3 fair values. The Group regularly reviews any significant inputs which are not derived from observable market data and considers, where available, relevant third-party information, to support the conclusion that such valuations meet the requirements of IFRS. The classification level in the fair value hierarchy is also considered periodically. The fair value of those cash and cash equivalents measured at fair value through profit and loss, principally money market funds, is derived from their net asset value which is based on the value of the portfolio investment holdings at the balance sheet date. This is considered to be a Level 2 measurement. 2. Accounting policies continued p) Financial instruments continued The fair value of forward foreign exchange contracts, equity swap contracts and trade and other receivables, principally cash settled equity swaps, is based on a comparison of the contractual and market rates and, in the case of forward foreign exchange contracts, after discounting using the appropriate yield curve as at the balance sheet date. All Level 2 fair value measurements are calculated using inputs which are based on observable market data. The fair value of the contingent payment component of deferred consideration is considered to be a Level 3 measurement and is derived using a present value calculation, incorporating observable and non-observable inputs. This valuation technique has been adopted as it most closely mirrors the contractual arrangement. The Group\u2019s primary categories of financial instruments are listed below: Cash and cash equivalents Cash and short-term deposits on the Balance Sheet comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. In the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts, which are recorded under current liabilities on the Balance Sheet. While cash at bank and in hand is classified as amortised cost, some short-term deposits are classified as fair value through profit and loss. Cash and cash equivalents held at amortised cost are subject to impairment testing at each period end. Trade and other receivables Trade and other receivables are included in current assets, except for maturities greater than 12 months after the balance sheet date. Most receivables are held with the objective to collect the contractual cash flows and are therefore recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for the expected credit losses on trade receivables is established at inception. Expected credit loss rates are calculated by reviewing lifetime expected credit losses using historic and forward-looking data. The amount of the movement in the provision is recognised in the Income Statement. Trade and other payables Trade and other payables are included in current liabilities, except for maturities greater than 12 months after the balance sheet date. Payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Borrowings Borrowings are recognised initially at fair value, inclusive of transaction costs incurred. Borrowings are subsequently stated at amortised cost and the difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Deferred consideration Deferred consideration is initially recognised at the present value of the expected future payments. It is subsequently remeasured at fair value at each reporting period with the change in fair value relating to changes in expected future payments recorded in the Income Statement as an operating expense or income. Changes in fair value relating to unwinding of discounting to present value are recorded as a financing expense. Derivative instruments The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates arising on certain trading transactions. The principal derivative instruments used are forward foreign exchange contracts taken out to hedge highly probable cash flows in relation to future sales, and product purchases. The Group also may designate forward foreign exchange contracts or foreign currency borrowings as a net investment hedge of the assets of overseas subsidiaries. 2. Accounting policies continued p) Financial instruments continued Derivative instruments continued When hedge accounting is applied, the Group documents at the inception of the transaction the relationship between the spot element of the hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Derivatives are initially recognised at fair value at the trade date and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: (1) hedges of the fair value of recognised assets and liabilities or a firm commitment (fair value hedges); (2) hedges of highly probable forecast transactions (cash flow hedges); (3) hedges of net investment of the assets of overseas subsidiaries (net investment hedges); or (4) classified as fair value through profit and loss. The forward elements of the hedging instrument are recognised in operating expenses. Changes in the fair value relating to the spot element of derivatives that are designated and qualify as fair value hedges are recorded in the Income Statement immediately, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. The effective portion of changes in the fair value relating to the spot element of derivatives that are designated and qualify as cash flow hedges is deferred in other comprehensive income. The gain or loss relating to the ineffective portion of the gain or loss is recognised immediately in the Income Statement. Amounts deferred in other comprehensive income are recycled through the Income Statement in the periods when the hedged item affects the Income Statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at the time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement within \u2018net exchange gain/(loss) on derivatives \u2013 fair value through profit and loss\u2019. If a derivative instrument is not designated as a hedge, the subsequent change to the fair value is recognised in the Income Statement within operating expenses or interest depending upon the nature of the instrument. Where the Group hedges net investments in foreign operations through derivative instruments or foreign currency borrowings, the gains or losses on the effective portion of the change in fair value of derivatives that are designated and qualify as a hedge of a net investment, or the gains or losses on the retranslation of the borrowings are recognised in other comprehensive income and are reclassified to the Income Statement when the foreign operation that is hedged is disposed of. Cash settled equity swaps are classified as fair value through profit and loss. q) Government grants Government grants related to assets are recognised as deferred income when there is reasonable certainty that any conditions attached to the grant will be met and the grant will be received. They are amortised to operating income over the useful life of the asset. Government grants related to income are presented as operating income when it is reasonably certain that any conditions attached will be met and that the grant will be received. 2. Accounting policies continued r) Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling which is the Company\u2019s functional and the Group\u2019s presentation currency. Transactions in foreign currencies Transactions denominated in foreign currencies within each entity in the Group are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies, which are held at the year end, are translated into the functional currency at the exchange rate ruling at the balance sheet date (closing rate). Exchange differences on monetary items are recognised in the Income Statement in the period in which they arise, except where these exchange differences form part of a net investment in overseas subsidiaries of the Group, in which case such differences are recognised in other comprehensive income. Translation of the results of overseas businesses The results of overseas subsidiaries are translated into the Group\u2019s presentation currency of sterling each month at the average exchange rate for the month, weighted according to the phasing of the Group\u2019s trading results. The average exchange rate is used, as it is considered to approximate the actual exchange rates on the date of the transactions. The assets and liabilities of such undertakings are translated at the closing rates. Differences arising on the retranslation of the opening net investment in subsidiary companies, and on the translation of their results, are recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. The principal exchange rates used were as follows: Average rate Closing rate 52 weeks to 1 April 2023 53 weeks to 2 April 2022 As at 1 April 2023 As at 2 April 2022 Euro 1.16 1.18 1.14 1.19 US Dollar 1.20 1.36 1.24 1.31 Chinese Yuan Renminbi 8.27 8.73 8.51 8.34 Hong Kong Dollar 9.43 10.63 9.73 10.26 Korean Won 1,577 1,596 1,613 1,592 s) Adjusted profit before taxation In order to provide additional understanding of the underlying performance of the Group\u2019s ongoing business, the Group\u2019s results include a presentation of Adjusted operating profit and Adjusted profit before taxation (adjusted PBT). Adjusted PBT is defined as profit before taxation and before adjusting items. Adjusting items are those items which, in the opinion of the Directors, should be excluded in order to provide a consistent and comparable view of the performance of the Group\u2019s ongoing business. Generally, this will include those items that are largely one-off and/or material in nature as well as income or expenses relating to acquisitions or disposals of businesses or other transactions of a similar nature, including the impact of changes in fair value of expected future payments or receipts relating to these transactions. Adjusting items are identified and presented on a consistent basis each year and a reconciliation of adjusted PBT to profit before tax is included in the financial statements. Adjusting items and their related tax impacts, as well as adjusting taxation items, are added back to/deducted from profit attributable to owners of the Company to arrive at adjusted earnings per share. Refer to note 6 for further details of adjusting items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-413": {
"value": "a) Revenue The Group obtains revenue from contracts relating to sales of luxury goods to retail and wholesale customers. Retail purchases are paid at time of purchase while wholesale and licensing purchases are paid on short-term credit terms. The Group also obtains revenue through licences issued to third parties to produce and sell goods carrying \u2018Burberry\u2019 trademarks. Revenue is stated excluding Value Added Tax and other sales-related taxes. Retail and wholesale revenue For retail and wholesale revenue, the primary performance obligation is the transfer of luxury goods to the customer. For retail revenue this is considered to occur when control of the goods passes to the customer. For in-store retail revenue, control transfers when the customer takes possession of the goods in store and pays for the goods. For digital retail revenue, control is considered to transfer when the goods are delivered to the customer. The timing of transfer of control of the goods in wholesale transactions depends upon the terms of trade in the contract. Principally for wholesale revenue, revenue is recognised either when goods are collected by the customer from the Group\u2019s premises, or when the Group has delivered the goods to the location specified in the contract. Provision for returns and other allowances are reflected in revenue when revenue from the customer is first recognised. A sales return liability and a corresponding return asset within gross inventory are recognised. Retail customers typically have the right to return product within a limited time frame while wholesale customers typically have the right to return damaged and, under agreement, certain current season products. Returns are initially estimated based on historical levels and adjusted subsequently as returns are incurred. Some wholesale contracts may require the Group to make payments to the wholesale customer for services directly relating to the sale of the Group\u2019s goods, such as the cost of staff handling the Group\u2019s goods at the wholesaler. Payments to the customer directly relating to the sale of goods to the customer are recognised as a reduction in revenue, unless in exchange for a distinct good or service. These charges are recognised in revenue at the later of when the sale of the related goods to the customer is recognised or when the customer is paid, or promised to be paid, for the service. Payments to the customer relating to a service which is distinct from the sale of goods to the customer are recognised in operating costs. The Group sells gift cards and similar products to customers, which can be redeemed for goods, up to the value of the card, at a future date. Revenue relating to gift cards is recognised when the card is redeemed, up to the value of the redemption. Unredeemed amounts on gift cards are classified as contract liabilities. Typically, the Group does not expect to have significant unredeemed amounts arising on its gift cards. Licensing revenue The Group\u2019s licences entitle the licensee to access the Group\u2019s trademarks over the term of the licence. Hence revenue from licensing is recognised over the term of access to the licence. Royalties receivable under licence agreements are usually based on production or sales volumes and are accrued in revenue as the subsequent production or sale occurs. Any amounts received which have not been recognised in revenue are classified as contract liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-414": {
"value": "b) Segment reporting As required by IFRS 8 Operating Segments, the segmental information presented in the financial statements is reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors. The Group has centralised activities for designing, making and sourcing, which ensure a global product offering is sold through retail and wholesale channels worldwide. Resource allocation and performance is assessed across the whole of the retail/wholesale channel globally. Hence the retail/wholesale channel has been determined to be an operating segment. Licensed products are manufactured and sold by third-party licensees. As a result, this channel is assessed discretely by the Chief Operating Decision Maker and has been determined to be an operating segment . The Group presents an analysis of its revenue by channel, by product division and by geographical destination. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-415": {
"value": "c) Business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition i s measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Contingent payments are remeasured at fair value through the Income Statement. All transaction costs are expensed to the Income Statement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity, and are initially measured either at fa ir value or at a value equal to the non-controlling interests\u2019 share of the identifiable net assets acquired. The choice of the basis o f measurement is an accounting policy choice for each individual business combination. The excess of the cost of acquisit ion to gether with the value of any non-controlling interest over the fair value of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-416": {
"value": "d) Share schemes The Group operates a number of equity-settled share-based compensation schemes, under which services are received from empl oyees (including Executive Directors) as consideration for equity instruments of the Company. The cost of the share-based incentives is measured with reference to the fair value of the equity instruments awarded at the date of grant, including share awards and options. Appropriate option pricing models, including Black-Scholes, are used to determine the fair value of the option awards made. The fair value takes into account the impact of any market performance conditions, but the impact of non-market performance conditions is not considered in determining the fair value on the date of grant. Vesting conditions which relate to non-market conditions are allowed for in the assumptions used for the number of share awards or options expected to vest. The estimate of the number of share awards or options expected to vest is revised at each balance sheet date. In some circumstances, employees may provide services in advance of the grant date. The grant date fair value is estimated for the purposes of recognising the expense during the period between the service commencement period and the grant date. The cost of the share-based incentives is recognised as an expense over the vesting period of the share awards, or options, with a corresponding increase in equity. When share awards or options are exercised, they are settled either via issue of new shares in the Company, or through shares held in an Employee Share Option Plan (ESOP) trust, depending on the terms and conditions of the relevant scheme. For new shares issued, the proceeds received from the exercises of share options, net of any directly attributable transaction costs, are credited to share capital and share premium accounts. When ESOP shares are used, any difference between the exercise price and their cost are recognised in retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-417": {
"value": "e) Leases The Group is both a lessee and lessor of property, plant and equipment. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. An identified asset may be specifically or implicitly specified. Control exists when the lessee has both the right to direct the use of the identified asset and the right to obtain substantially all of the economic benefits from that use. Lessee accounting The Group\u2019s principal lease arrangements where the Group acts as the lessee are for property, most notably the lease of retail stores, corporate offices and warehouses. Other leases are for office equipment, vehicles, and supply chain equipment. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The Group recognises all lease liabilities and the corresponding right-of-use assets on the Balance Sheet, with the exception of certain short-term leases (12 months or less) and leases of low value assets, which are expensed as incurred. Leases and the corresponding right-of-use assets are initially recognised when the Group obtains control of the underlying asset. Leases for new assets are presented as additions to lease liabilities and right-of-use assets. Lease liabilities are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments, less any incentives \u2022 V ariable lease payments that are based on a future index or rate \u2022 Amounts expected to be payable by the lessee under residual value guarantees and \u2022 The cost of exercising a purchase option if the lessee is reasonably certain to exercise that option Lessee accounting continued Where the lease contains an extension option or a termination option which is exercisable by the Group, as lessee, an assessment is made as to whether the Group is reasonably certain to exercise the extension option, or not exercise the termination option, considering all relevant facts and circumstances that create an economic incentive. Considerations may include the contractual terms and conditions for the optional periods compared to market rates, costs associated with the termination of the lease and the importance of the underlying asset to the Group\u2019s operations. Variable lease payments dependent upon a future index or rate are measured using the amounts payable at the commencement date until the index or rate is known. Variable lease payments not dependent on an index or rate, including lease payments based on a percentage of turnover, are excluded from the calculation of lease liabilities. Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be readily determined. Right-of-use assets are classified as property or non-property. The Group has elected not to apply the short-term exemption to the property class of right-of-use assets. Where the exemption is applied to the non-property class of right-of-use assets, lease payments are expensed as incurred. The low value asset exemption has been applied to both the property and non-property class of assets on a lease-by-lease basis where applicable. In circumstances where the Group is in possession of a property but there is no executed agreement or other binding obligation in relation to the property, rent is expensed until such time the obligation becomes binding, at which point, a right-of-use asset and lease liability will be recognised prospectively. These lease costs are disclosed as lease in holdover expenses. Refer to notes 5 and 21. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date less any lease incentives received and \u2022 Any initial direct costs incurred in entering into the lease The Group recognises depreciation of right-of-use assets and interest on lease liabilities in the Income Statement over the lease term. Repayments of lease liabilities are classified separately in the Statement of Cash Flows where the cash payments for the principal portion of the lease liability are presented within financing activities, and cash payments for the interest portion are presented within operating activities. Payments in relation to variable lease payments based on turnover, short-term leases and leases of low value assets which are not included on the Balance Sheet are included within operating expenses. Modifications to lease agreements, extensions to existing lease agreements and changes to future lease payments relating to existing terms in the contract, including market rent reassessments and index-based changes, are presented as remeasurements of the lease liabilities. The related right-of-use asset is also remeasured. If the modification results in a reduction in scope of the lease, either through shortening the lease term or through disposing of part of the underlying asset, a gain or loss on disposal may arise relating to the difference between the lease liabilities and the right-of-use asset applicable to the reduction in scope. Right-of-use assets are included in the review for impairment of property, plant and equipment and intangible assets with finite economic lives, if there is an indication that the carrying amount of the cash generating unit may not be recoverable. COVID-19-Related Rent Concessions The COVID-19-Related Rent Concessions amendment to IFRS 16 Leases was adopted by the IASB on 28 May 2020. The amendment was applied until 30 June 2022. The amendment allowed for a simplified approach to accounting for rent concessions occurring as a direct result of COVID-19 and for which the following criteria are met: \u2022 The revised consideration is substantially the same, or less than, the consideration prior to the change \u2022 The concessions affect only payments originally due on or before 30 June 2022 and \u2022 There is no substantive change to other terms and conditions of the lease From 1 July 2022, the Group has applied the principles of IFRS 9 Financial Instruments and continues to account for eligible rent forgiveness as negative variable lease payments where: \u2022 The rent concessions are occurring as a direct result of COVID-19 \u2022 The revised consideration is substantially the same, or less than, the consideration prior to the change and \u2022 There is no substantive change to other terms and conditions of the lease COVID-19-Related Rent Concessions continued Lessees are not required to assess whether eligible rent concessions are lease modifications, allowing the lessee to account for eligible rent concessions as if they were not lease modifications. The Group may agree rent concessions both in the form of rent forgiveness in which the landlord has agreed to forgive all or a portion of rents due with no obligation to be repaid in the future, and rent deferrals in which the landlord has agreed to forego rents in one period with a proportional increase in rents due in a future period. The Group has chosen to account for eligible rent forgiveness as negative variable lease payments. Rent concessions are recognised once a legally binding agreement is made between both parties, by derecognising the portion of the lease liability that has been forgiven and recognising the benefit in the Income Statement. As a result, the Group has recognised \u00a313 million (last year: \u00a318 million) in COVID-19-related rent concessions in the Income Statement within other operating income in the current period. This has been presented as an adjusting item (refer to note 6). In the Statement of Cash Flows, the forgiveness results in lower payments of lease principal. The negative variable lease payments in the Income Statement comprise a non-cash item which is adjusted for to calculate cash generated from operating activities. Rent deferrals do not change the total consideration due over the life of the lease. Deferred rent payments are recognised as a payable until the period the original rent payment is due. Payments relating to rent deferrals are recognised as payments of lease principal when the payment is made. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-418": {
"value": "f) Dividend distributions Dividend distributions to Burberry Group plc\u2019s shareholders are recognised as a liability in the period in which the dividend becomes a committed obligation. Final dividends are recognised when they are approved by the shareholders. Interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-419": {
"value": "g) Pension costs Eligible employees participate in defined contribution pension schemes, the principal one being in the UK with its assets held in an independently administered fund. The cost of providing these benefits to participating employees is recognised in the Income Statement as they fall due and comprises the amount of contributions to the schemes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-420": {
"value": "h) Intangible assets Goodwill Goodwill is the excess of the cost of acquisition together with the value of any non-controlling interest, over the fair value of identifiable net assets acquired. Goodwill on acquisition is recorded as an intangible asset. Fair values are attributed to the identifiable assets, liabilities and contingent liabilities that existed at the date of acquisition, reflecting their condition at that date. Adjustments are also made to align the accounting policies of acquired businesses with those of the Group. Goodwill is assigned an indefinite useful life. Impairment reviews are performed annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment losses recognised on goodwill are not reversed in future periods. Trademarks, licences and other intangible assets The cost of securing and renewing trademarks and licences, and the cost of acquiring other intangible assets, is capitalised at purchase price and amortised by equal annual instalments over the period in which benefits are expected to accrue, typically ten years for trademarks, or the term of the licence. The useful life of trademarks and other intangible assets is determined on a case- by-case basis, in accordance with the terms of the underlying agreement and the nature of the asset. Computer software Computer software costs are capitalised during the development phase at the point at which there is sufficient certainty that the software will deliver future economic benefits to the Group. The cost of acquiring computer software (including licences and separately identifiable development costs) is capitalised as an intangible asset at purchase price, plus any directly attributable cost of preparing that asset for its intended use. Software costs are amortised on a straight-line basis over their estimated useful lives, which may be up to seven years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-468": {
"value": "Goodwill Goodwill is the excess of the cost of acquisition together with the value of any non-controlling interest, over the fair value of identifiable net assets acquired. Goodwill on acquisition is recorded as an intangible asset. Fair values are attributed to the identifiable assets, liabilities and contingent liabilities that existed at the date of acquisition, reflecting their condition at that date. Adjustments are also made to align the accounting policies of acquired businesses with those of the Group. Goodwill is assigned an indefinite useful life. Impairment reviews are performed annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment losses recognised on goodwill are not reversed in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-469": {
"value": "Trademarks, licences and other intangible assets The cost of securing and renewing trademarks and licences, and the cost of acquiring other intangible assets, is capitalised at purchase price and amortised by equal annual instalments over the period in which benefits are expected to accrue, typically ten years for trademarks, or the term of the licence. The useful life of trademarks and other intangible assets is determined on a case- by-case basis, in accordance with the terms of the underlying agreement and the nature of the asset. Computer software Computer software costs are capitalised during the development phase at the point at which there is sufficient certainty that the software will deliver future economic benefits to the Group. The cost of acquiring computer software (including licences and separately identifiable development costs) is capitalised as an intangible asset at purchase price, plus any directly attributable cost of preparing that asset for its intended use. Software costs are amortised on a straight-line basis over their estimated useful lives, which may be up to seven years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-421": {
"value": "i) Property, plant and equipment Property, plant and equipment, with the exception of assets in the course of construction, is stated at cost or deemed cost, based on historical revalued amounts prior to the adoption of IFRS, less accumulated depreciation and provision to reflect any impairment in value. Assets in the course of construction are stated at cost less any provision for impairment and transferred to completed assets when substantially all of the activities necessary for the asset to be ready for use have occurred. Cost includes the original purchase price of the asset and costs attributable to bringing the asset to its working condition for its intended use. Depreciation Depreciation of property, plant and equipment is calculated to write off the cost or deemed cost, less residual value, of the assets in equal annual instalments over their estimated useful lives at the following rates: Type of asset Category of property, plant and equipment Useful life Land Freehold land and buildings Not depreciated Freehold buildings Freehold land and buildings Up to 50 years Long life leasehold improvements Leasehold improvements Over the unexpired term of the lease Short life leasehold improvements Leasehold improvements Up to 10 years Plant and machinery Fixtures, fittings and equipment Up to 15 years Retail fixtures and fittings Fixtures, fittings and equipment Up to 5 years Office fixtures and fittings Fixtures, fittings and equipment Up to 5 years Computer equipment Fixtures, fittings and equipment Up to 7 years Assets in the course of construction Assets in the course of construction Not depreciated Profit/loss on disposal of property, plant and equipment and intangible assets Profits and losses on the disposal of property, plant and equipment and intangible assets represent the difference between the net proceeds and net book value at the date of sale. Disposals are accounted for when the relevant transaction becomes unconditional. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-470": {
"value": "Depreciation Depreciation of property, plant and equipment is calculated to write off the cost or deemed cost, less residual value, of the assets in equal annual instalments over their estimated useful lives at the following rates: Type of asset Category of property, plant and equipment Useful life Land Freehold land and buildings Not depreciated Freehold buildings Freehold land and buildings Up to 50 years Long life leasehold improvements Leasehold improvements Over the unexpired term of the lease Short life leasehold improvements Leasehold improvements Up to 10 years Plant and machinery Fixtures, fittings and equipment Up to 15 years Retail fixtures and fittings Fixtures, fittings and equipment Up to 5 years Office fixtures and fittings Fixtures, fittings and equipment Up to 5 years Computer equipment Fixtures, fittings and equipment Up to 7 years Assets in the course of construction Assets in the course of construction Not depreciated ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-422": {
"value": "j) Assets held for sale Non-current assets are classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than through continued use, and a sale within the next 12 months is considered to be highly probable. Assets classified as held for sale cease to be depreciated and they are stated at the lower of carrying amount and fair value less cost to sell. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-423": {
"value": "k) Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets under construction are also tested annually. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstance indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value-in-use. For the purposes of assessing impairment, retail assets are grouped at the lowest levels for which there are separately identifiable cash flows, being individual stores (cash generating units), and goodwill assets are considered at the lowest level being monitored by management. Non-financial assets, other than goodwill, for which an impairment has been previously recognised are reviewed for possible reversal of impairment at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-424": {
"value": "l) Inventories Inventories are stated at the lower of cost and net realisable value. Cost consists of all costs of purchase, costs of conversion, design costs and other costs incurred in bringing the inventories to their first point of sale location and condition. The cost of inventories is determined using a weighted average cost method, taking account of the fashion seasons for which the inventory was offered. Where necessary, provision is made to reduce cost to no more than net realisable value having regard to the nature and condition of inventory, as well as its anticipated utilisation and saleability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-425": {
"value": "m) Taxation Tax expense represents the sum of the current tax expense and deferred tax charge. Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense which are taxable or deductible in other years and it further excludes items which are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates which have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised, using the liabilities method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the temporary difference arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, no deferred tax will be recognised. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entities or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-471": {
"value": "m) Taxation Tax expense represents the sum of the current tax expense and deferred tax charge. Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense which are taxable or deductible in other years and it further excludes items which are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates which have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised, using the liabilities method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the temporary difference arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, no deferred tax will be recognised. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entities or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-426": {
"value": "n) Provisions Provisions are recognised when there is a present legal or constructive obligation as a result of past events, for which it is probable that an outflow of economic benefits will be required to settle the obligation, and where the amount of the obligation can be reliably estimated. When the effect of the time value of money is material, provision amounts are calculated based on the present value of the expenditures expected to be required to settle the obligation. The present value is calculated using forward market interest rates as measured at the balance sheet reporting date, which have been adjusted for risks specific to the future obligation. Property obligations A provision for the present value of future property reinstatement costs is recognised where there is an obligation to return the leased property to its original condition at the end of a lease term. The reinstatement cost at the end of a lease usually arises due to leasehold improvements and modifications carried out by the Group in order to customise the property during tenure of the lease. As a result, the cost of the reinstatement provision is recognised as a component of the cost of the leasehold improvements in property, plant and equipment when these are installed and amortised to the income statement over the expected life of the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-427": {
"value": "o) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to owners of the Company until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is credited to share capital and share premium accounts included in equity attributable to owners of the Company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-428": {
"value": "p) Financial instruments Financial instruments are initially recognised at fair value plus directly attributable transaction costs on the Balance Sheet when the entity becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flow expire or substantially all risks and rewards of the asset are transferred. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired. At initial recognition, all financial liabilities are stated at fair value. Subsequent to initial recognition, all financial liabilities are stated at amortised cost using the effective interest rate method except for derivatives which are held at fair value and which are classified as fair value through profit and loss, except where they qualify for hedge accounting. Financial assets are classified as either amortised cost or fair value through profit and loss depending on their cash flow characteristics. Assets with cash flows that represent solely payments of principal and interest are measured at amortised cost. The fair value of the Group\u2019s financial assets and liabilities held at amortised cost mostly approximate their carrying amount due to the short maturity of these instruments. Where the fair value of any financial asset or liability held at amortised cost is materially different to the book value, the fair value is disclosed. The Group classifies its instruments in the following categories: Financial instrument category Note Classification Measurement Fair value measurement hierarchy 2 Cash and cash equivalents 19 Amortised cost Amortised cost N/A Cash and cash equivalents 19 Fair value through profit and loss Fair value through profit and loss 2 Trade and other receivables 16 Amortised cost Amortised cost N/A Trade and other receivables 16 Fair value through profit and loss Fair value through profit and loss 2 Trade and other payables 20 Other financial liabilities Amortised cost N/A Borrowings 24 Other financial liabilities Amortised cost N/A Leases 21 Lease liabilities Amortised cost N/A Deferred consideration 20 Fair value through profit and loss Fair value through profit and loss 3 Forward foreign exchange contracts 18 Fair value through profit and loss Fair value through profit and loss 2 Forward foreign exchange contracts used for hedging 1 18 Fair value \u2013 hedging instrument Fair value \u2013 hedging instrument 3 2 Equity swap contracts 18 Fair value through profit and loss Fair value through profit and loss 2 1. Cash flow hedge and net investment hedge accounting is applied to the extent it is achievable. 2. The fair value measurement hierarchy is only applicable for financial instruments measured at fair value. 3. Forward foreign exchange contracts used for hedging are classified as Fair value \u2013 hedging instruments under IFRS 9, however IAS 39 hedge accounting has been applied. The measurements for financial instruments carried at fair value are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are defined as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: includes unobservable inputs for the asset or liability. Observable inputs are those which are developed using market data, such as publicly available information about actual events or transactions. The Group has an established framework with respect to measurement of fair values, including Level 3 fair values. The Group regularly reviews any significant inputs which are not derived from observable market data and considers, where available, relevant third-party information, to support the conclusion that such valuations meet the requirements of IFRS. The classification level in the fair value hierarchy is also considered periodically. The fair value of those cash and cash equivalents measured at fair value through profit and loss, principally money market funds, is derived from their net asset value which is based on the value of the portfolio investment holdings at the balance sheet date. This is considered to be a Level 2 measurement. The fair value of forward foreign exchange contracts, equity swap contracts and trade and other receivables, principally cash settled equity swaps, is based on a comparison of the contractual and market rates and, in the case of forward foreign exchange contracts, after discounting using the appropriate yield curve as at the balance sheet date. All Level 2 fair value measurements are calculated using inputs which are based on observable market data. The fair value of the contingent payment component of deferred consideration is considered to be a Level 3 measurement and is derived using a present value calculation, incorporating observable and non-observable inputs. This valuation technique has been adopted as it most closely mirrors the contractual arrangement. The Group\u2019s primary categories of financial instruments are listed below: Cash and cash equivalents Cash and short-term deposits on the Balance Sheet comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. In the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts, which are recorded under current liabilities on the Balance Sheet. While cash at bank and in hand is classified as amortised cost, some short-term deposits are classified as fair value through profit and loss. Cash and cash equivalents held at amortised cost are subject to impairment testing at each period end. Trade and other receivables Trade and other receivables are included in current assets, except for maturities greater than 12 months after the balance sheet date. Most receivables are held with the objective to collect the contractual cash flows and are therefore recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for the expected credit losses on trade receivables is established at inception. Expected credit loss rates are calculated by reviewing lifetime expected credit losses using historic and forward-looking data. The amount of the movement in the provision is recognised in the Income Statement. Trade and other payables Trade and other payables are included in current liabilities, except for maturities greater than 12 months after the balance sheet date. Payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Borrowings Borrowings are recognised initially at fair value, inclusive of transaction costs incurred. Borrowings are subsequently stated at amortised cost and the difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Deferred consideration Deferred consideration is initially recognised at the present value of the expected future payments. It is subsequently remeasured at fair value at each reporting period with the change in fair value relating to changes in expected future payments recorded in the Income Statement as an operating expense or income. Changes in fair value relating to unwinding of discounting to present value are recorded as a financing expense. Derivative instruments The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates arising on certain trading transactions. The principal derivative instruments used are forward foreign exchange contracts taken out to hedge highly probable cash flows in relation to future sales, and product purchases. The Group also may designate forward foreign exchange contracts or foreign currency borrowings as a net investment hedge of the assets of overseas subsidiaries. Derivative instruments continued When hedge accounting is applied, the Group documents at the inception of the transaction the relationship between the spot element of the hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Derivatives are initially recognised at fair value at the trade date and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: (1) hedges of the fair value of recognised assets and liabilities or a firm commitment (fair value hedges); (2) hedges of highly probable forecast transactions (cash flow hedges); (3) hedges of net investment of the assets of overseas subsidiaries (net investment hedges); or (4) classified as fair value through profit and loss. The forward elements of the hedging instrument are recognised in operating expenses. Changes in the fair value relating to the spot element of derivatives that are designated and qualify as fair value hedges are recorded in the Income Statement immediately, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. The effective portion of changes in the fair value relating to the spot element of derivatives that are designated and qualify as cash flow hedges is deferred in other comprehensive income. The gain or loss relating to the ineffective portion of the gain or loss is recognised immediately in the Income Statement. Amounts deferred in other comprehensive income are recycled through the Income Statement in the periods when the hedged item affects the Income Statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at the time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement within \u2018net exchange gain/(loss) on derivatives \u2013 fair value through profit and loss\u2019. If a derivative instrument is not designated as a hedge, the subsequent change to the fair value is recognised in the Income Statement within operating expenses or interest depending upon the nature of the instrument. Where the Group hedges net investments in foreign operations through derivative instruments or foreign currency borrowings, the gains or losses on the effective portion of the change in fair value of derivatives that are designated and qualify as a hedge of a net investment, or the gains or losses on the retranslation of the borrowings are recognised in other comprehensive income and are reclassified to the Income Statement when the foreign operation that is hedged is disposed of. Cash settled equity swaps are classified as fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-472": {
"value": "Financial instruments are initially recognised at fair value plus directly attributable transaction costs on the Balance Sheet when the entity becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flow expire or substantially all risks and rewards of the asset are transferred. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired. At initial recognition, all financial liabilities are stated at fair value. Subsequent to initial recognition, all financial liabilities are stated at amortised cost using the effective interest rate method except for derivatives which are held at fair value and which are classified as fair value through profit and loss, except where they qualify for hedge accounting. Financial assets are classified as either amortised cost or fair value through profit and loss depending on their cash flow characteristics. Assets with cash flows that represent solely payments of principal and interest are measured at amortised cost. The fair value of the Group\u2019s financial assets and liabilities held at amortised cost mostly approximate their carrying amount due to the short maturity of these instruments. Where the fair value of any financial asset or liability held at amortised cost is materially different to the book value, the fair value is disclosed. The Group classifies its instruments in the following categories: Financial instrument category Note Classification Measurement Fair value measurement hierarchy 2 Cash and cash equivalents 19 Amortised cost Amortised cost N/A Cash and cash equivalents 19 Fair value through profit and loss Fair value through profit and loss 2 Trade and other receivables 16 Amortised cost Amortised cost N/A Trade and other receivables 16 Fair value through profit and loss Fair value through profit and loss 2 Trade and other payables 20 Other financial liabilities Amortised cost N/A Borrowings 24 Other financial liabilities Amortised cost N/A Leases 21 Lease liabilities Amortised cost N/A Deferred consideration 20 Fair value through profit and loss Fair value through profit and loss 3 Forward foreign exchange contracts 18 Fair value through profit and loss Fair value through profit and loss 2 Forward foreign exchange contracts used for hedging 1 18 Fair value \u2013 hedging instrument Fair value \u2013 hedging instrument 3 2 Equity swap contracts 18 Fair value through profit and loss Fair value through profit and loss 2 1. Cash flow hedge and net investment hedge accounting is applied to the extent it is achievable. 2. The fair value measurement hierarchy is only applicable for financial instruments measured at fair value. 3. Forward foreign exchange contracts used for hedging are classified as Fair value \u2013 hedging instruments under IFRS 9, however IAS 39 hedge accounting has been applied. The measurements for financial instruments carried at fair value are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are defined as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: includes unobservable inputs for the asset or liability. Observable inputs are those which are developed using market data, such as publicly available information about actual events or transactions. The Group has an established framework with respect to measurement of fair values, including Level 3 fair values. The Group regularly reviews any significant inputs which are not derived from observable market data and considers, where available, relevant third-party information, to support the conclusion that such valuations meet the requirements of IFRS. The classification level in the fair value hierarchy is also considered periodically. The fair value of those cash and cash equivalents measured at fair value through profit and loss, principally money market funds, is derived from their net asset value which is based on the value of the portfolio investment holdings at the balance sheet date. This is considered to be a Level 2 measurement. The fair value of forward foreign exchange contracts, equity swap contracts and trade and other receivables, principally cash settled equity swaps, is based on a comparison of the contractual and market rates and, in the case of forward foreign exchange contracts, after discounting using the appropriate yield curve as at the balance sheet date. All Level 2 fair value measurements are calculated using inputs which are based on observable market data. The fair value of the contingent payment component of deferred consideration is considered to be a Level 3 measurement and is derived using a present value calculation, incorporating observable and non-observable inputs. This valuation technique has been adopted as it most closely mirrors the contractual arrangement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-490": {
"value": "Financial instruments are initially recognised at fair value plus directly attributable transaction costs on the Balance Sheet when the entity becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flow expire or substantially all risks and rewards of the asset are transferred. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired. At initial recognition, all financial liabilities are stated at fair value. Subsequent to initial recognition, all financial liabilities are stated at amortised cost using the effective interest rate method except for derivatives which are held at fair value and which are classified as fair value through profit and loss, except where they qualify for hedge accounting. Financial assets are classified as either amortised cost or fair value through profit and loss depending on their cash flow characteristics. Assets with cash flows that represent solely payments of principal and interest are measured at amortised cost. The fair value of the Group\u2019s financial assets and liabilities held at amortised cost mostly approximate their carrying amount due to the short maturity of these instruments. Where the fair value of any financial asset or liability held at amortised cost is materially different to the book value, the fair value is disclosed. The Group classifies its instruments in the following categories: Financial instrument category Note Classification Measurement Fair value measurement hierarchy 2 Cash and cash equivalents 19 Amortised cost Amortised cost N/A Cash and cash equivalents 19 Fair value through profit and loss Fair value through profit and loss 2 Trade and other receivables 16 Amortised cost Amortised cost N/A Trade and other receivables 16 Fair value through profit and loss Fair value through profit and loss 2 Trade and other payables 20 Other financial liabilities Amortised cost N/A Borrowings 24 Other financial liabilities Amortised cost N/A Leases 21 Lease liabilities Amortised cost N/A Deferred consideration 20 Fair value through profit and loss Fair value through profit and loss 3 Forward foreign exchange contracts 18 Fair value through profit and loss Fair value through profit and loss 2 Forward foreign exchange contracts used for hedging 1 18 Fair value \u2013 hedging instrument Fair value \u2013 hedging instrument 3 2 Equity swap contracts 18 Fair value through profit and loss Fair value through profit and loss 2 1. Cash flow hedge and net investment hedge accounting is applied to the extent it is achievable. 2. The fair value measurement hierarchy is only applicable for financial instruments measured at fair value. 3. Forward foreign exchange contracts used for hedging are classified as Fair value \u2013 hedging instruments under IFRS 9, however IAS 39 hedge accounting has been applied. The measurements for financial instruments carried at fair value are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are defined as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: includes unobservable inputs for the asset or liability. Observable inputs are those which are developed using market data, such as publicly available information about actual events or transactions. The Group has an established framework with respect to measurement of fair values, including Level 3 fair values. The Group regularly reviews any significant inputs which are not derived from observable market data and considers, where available, relevant third-party information, to support the conclusion that such valuations meet the requirements of IFRS. The classification level in the fair value hierarchy is also considered periodically. The fair value of those cash and cash equivalents measured at fair value through profit and loss, principally money market funds, is derived from their net asset value which is based on the value of the portfolio investment holdings at the balance sheet date. This is considered to be a Level 2 measurement. The fair value of forward foreign exchange contracts, equity swap contracts and trade and other receivables, principally cash settled equity swaps, is based on a comparison of the contractual and market rates and, in the case of forward foreign exchange contracts, after discounting using the appropriate yield curve as at the balance sheet date. All Level 2 fair value measurements are calculated using inputs which are based on observable market data. The fair value of the contingent payment component of deferred consideration is considered to be a Level 3 measurement and is derived using a present value calculation, incorporating observable and non-observable inputs. This valuation technique has been adopted as it most closely mirrors the contractual arrangement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-477": {
"value": "Cash and cash equivalents Cash and short-term deposits on the Balance Sheet comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. In the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts, which are recorded under current liabilities on the Balance Sheet. While cash at bank and in hand is classified as amortised cost, some short-term deposits are classified as fair value through profit and loss. Cash and cash equivalents held at amortised cost are subject to impairment testing at each period end. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-476": {
"value": "Trade and other receivables Trade and other receivables are included in current assets, except for maturities greater than 12 months after the balance sheet date. Most receivables are held with the objective to collect the contractual cash flows and are therefore recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for the expected credit losses on trade receivables is established at inception. Expected credit loss rates are calculated by reviewing lifetime expected credit losses using historic and forward-looking data. The amount of the movement in the provision is recognised in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-475": {
"value": "Trade and other payables Trade and other payables are included in current liabilities, except for maturities greater than 12 months after the balance sheet date. Payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-474": {
"value": "Borrowings Borrowings are recognised initially at fair value, inclusive of transaction costs incurred. Borrowings are subsequently stated at amortised cost and the difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-473": {
"value": "Derivative instruments The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates arising on certain trading transactions. The principal derivative instruments used are forward foreign exchange contracts taken out to hedge highly probable cash flows in relation to future sales, and product purchases. The Group also may designate forward foreign exchange contracts or foreign currency borrowings as a net investment hedge of the assets of overseas subsidiaries. When hedge accounting is applied, the Group documents at the inception of the transaction the relationship between the spot element of the hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Derivatives are initially recognised at fair value at the trade date and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: (1) hedges of the fair value of recognised assets and liabilities or a firm commitment (fair value hedges); (2) hedges of highly probable forecast transactions (cash flow hedges); (3) hedges of net investment of the assets of overseas subsidiaries (net investment hedges); or (4) classified as fair value through profit and loss. The forward elements of the hedging instrument are recognised in operating expenses. Changes in the fair value relating to the spot element of derivatives that are designated and qualify as fair value hedges are recorded in the Income Statement immediately, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. The effective portion of changes in the fair value relating to the spot element of derivatives that are designated and qualify as cash flow hedges is deferred in other comprehensive income. The gain or loss relating to the ineffective portion of the gain or loss is recognised immediately in the Income Statement. Amounts deferred in other comprehensive income are recycled through the Income Statement in the periods when the hedged item affects the Income Statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at the time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement within \u2018net exchange gain/(loss) on derivatives \u2013 fair value through profit and loss\u2019. If a derivative instrument is not designated as a hedge, the subsequent change to the fair value is recognised in the Income Statement within operating expenses or interest depending upon the nature of the instrument. Where the Group hedges net investments in foreign operations through derivative instruments or foreign currency borrowings, the gains or losses on the effective portion of the change in fair value of derivatives that are designated and qualify as a hedge of a net investment, or the gains or losses on the retranslation of the borrowings are recognised in other comprehensive income and are reclassified to the Income Statement when the foreign operation that is hedged is disposed of. Cash settled equity swaps are classified as fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-491": {
"value": "Derivative instruments The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates arising on certain trading transactions. The principal derivative instruments used are forward foreign exchange contracts taken out to hedge highly probable cash flows in relation to future sales, and product purchases. The Group also may designate forward foreign exchange contracts or foreign currency borrowings as a net investment hedge of the assets of overseas subsidiaries. When hedge accounting is applied, the Group documents at the inception of the transaction the relationship between the spot element of the hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the hedging instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Derivatives are initially recognised at fair value at the trade date and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: (1) hedges of the fair value of recognised assets and liabilities or a firm commitment (fair value hedges); (2) hedges of highly probable forecast transactions (cash flow hedges); (3) hedges of net investment of the assets of overseas subsidiaries (net investment hedges); or (4) classified as fair value through profit and loss. The forward elements of the hedging instrument are recognised in operating expenses. Changes in the fair value relating to the spot element of derivatives that are designated and qualify as fair value hedges are recorded in the Income Statement immediately, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. The effective portion of changes in the fair value relating to the spot element of derivatives that are designated and qualify as cash flow hedges is deferred in other comprehensive income. The gain or loss relating to the ineffective portion of the gain or loss is recognised immediately in the Income Statement. Amounts deferred in other comprehensive income are recycled through the Income Statement in the periods when the hedged item affects the Income Statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at the time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement within \u2018net exchange gain/(loss) on derivatives \u2013 fair value through profit and loss\u2019. If a derivative instrument is not designated as a hedge, the subsequent change to the fair value is recognised in the Income Statement within operating expenses or interest depending upon the nature of the instrument. Where the Group hedges net investments in foreign operations through derivative instruments or foreign currency borrowings, the gains or losses on the effective portion of the change in fair value of derivatives that are designated and qualify as a hedge of a net investment, or the gains or losses on the retranslation of the borrowings are recognised in other comprehensive income and are reclassified to the Income Statement when the foreign operation that is hedged is disposed of. Cash settled equity swaps are classified as fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-429": {
"value": "q) Government grants Government grants related to assets are recognised as deferred income when there is reasonable certainty that any conditions attached to the grant will be met and the grant will be received. They are amortised to operating income over the useful life of the asset. Government grants related to income are presented as operating income when it is reasonably certain that any conditions attached will be met and that the grant will be received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-430": {
"value": "r) Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling which is the Company\u2019s functional and the Group\u2019s presentation currency. Transactions in foreign currencies Transactions denominated in foreign currencies within each entity in the Group are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies, which are held at the year end, are translated into the functional currency at the exchange rate ruling at the balance sheet date (closing rate). Exchange differences on monetary items are recognised in the Income Statement in the period in which they arise, except where these exchange differences form part of a net investment in overseas subsidiaries of the Group, in which case such differences are recognised in other comprehensive income. Translation of the results of overseas businesses The results of overseas subsidiaries are translated into the Group\u2019s presentation currency of sterling each month at the average exchange rate for the month, weighted according to the phasing of the Group\u2019s trading results. The average exchange rate is used, as it is considered to approximate the actual exchange rates on the date of the transactions. The assets and liabilities of such undertakings are translated at the closing rates. Differences arising on the retranslation of the opening net investment in subsidiary companies, and on the translation of their results, are recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. The principal exchange rates used were as follows: Average rate Closing rate 52 weeks to 1 April 2023 53 weeks to 2 April 2022 As at 1 April 2023 As at 2 April 2022 Euro 1.16 1.18 1.14 1.19 US Dollar 1.20 1.36 1.24 1.31 Chinese Yuan Renminbi 8.27 8.73 8.51 8.34 Hong Kong Dollar 9.43 10.63 9.73 10.26 Korean Won 1,577 1,596 1,613 1,592 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-478": {
"value": "Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling which is the Company\u2019s functional and the Group\u2019s presentation currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-431": {
"value": "s) Adjusted profit before taxation In order to provide additional understanding of the underlying performance of the Group\u2019s ongoing business, the Group\u2019s results include a presentation of Adjusted operating profit and Adjusted profit before taxation (adjusted PBT). Adjusted PBT is defined as profit before taxation and before adjusting items. Adjusting items are those items which, in the opinion of the Directors, should be excluded in order to provide a consistent and comparable view of the performance of the Group\u2019s ongoing business. Generally, this will include those items that are largely one-off and/or material in nature as well as income or expenses relating to acquisitions or disposals of businesses or other transactions of a similar nature, including the impact of changes in fair value of expected future payments or receipts relating to these transactions. Adjusting items are identified and presented on a consistent basis each year and a reconciliation of adjusted PBT to profit before tax is included in the financial statements. Adjusting items and their related tax impacts, as well as adjusting taxation items, are added back to/deducted from profit attributable to owners of the Company to arrive at adjusted earnings per share. Refer to note 6 for further details of adjusting items. ",
"dimensions": {
"concept": "burberrygroupplc:DescriptionOfAccountingPolicyForAdjustedProfitBeforeTaxation",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-432": {
"value": "3. Segmental analysis The Chief Operating Decision Maker has been identified as the Board of Directors. The Board reviews the Group\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on the reports used by the Board. The Board considers the Group\u2019s business through its two channels to market, being retail/wholesale and licensing. Retail/wholesale revenues are generated by the sale of luxury goods through Burberry mainline stores, concessions, outlets and digital commerce as well as Burberry franchisees, prestige department stores globally and multi-brand speciality accounts. The flow of global product between retail and wholesale channels and across our regions is monitored and optimised at a corporate level and implemented via the Group\u2019s inventory hubs and principal distribution centres situated in Europe, the US, Mainland China and Hong Kong S.A.R. China. Licensing revenues are generated through the receipt of royalties from global licensees of beauty products, eyewear and from licences relating to the use of non-Burberry trademarks in Japan. The Board assesses channel performance based on a measure of adjusted operating profit. This measurement basis excludes the effects of adjusting items. The measure of earnings for each operating segment that is reviewed by the Board includes an allocation of corporate and central costs. Interest income and charges are not included in the result for each operating segment that is reviewed by the Board. Retail/Wholesale Licensing Total 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Retail 2,501 2,273 \u2013 \u2013 2,501 2,273 Wholesale 543 512 \u2013 \u2013 543 512 Licensing \u2013 \u2013 51 42 51 42 Total segment revenue 3,044 2,785 51 42 3,095 2,827 Inter-segment revenue 1 \u2013 \u2013 (1) (1) (1) (1) Revenue from external customers 3,044 2,785 50 41 3,094 2,826 Depreciation and amortisation 2 (341) (313) \u2013 \u2013 (341) (313) Net impairment charge of property, plant and equipment 3 (2) (2) \u2013 \u2013 (2) (2) Net impairment charge of right-of-use assets 4 (5) (1) \u2013 \u2013 (5) (1) Other non-cash items: Share-based payments (19) (16) \u2013 \u2013 (19) (16) Adjusted operating profit 587 486 47 37 634 523 Adjusting items 5 21 19 Finance income 21 3 Finance expense (42) (34) Profit before taxation 634 511 1. Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would be available to unrelated third parties. 2. Depreciation and amortisation for the 52 weeks to 1 April 2023 is presented excluding \u00a33 million (last year: \u00a3nil) arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). 3. Net impairment charge of property, plant and equipment for the 53 weeks to 2 April 2022 was presented excluding a net reversal of \u00a31 million relating to charges as a result of the impact of COVID-19, which was presented as an adjusting item (refer to note 6). 4. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 is presented excluding a reversal of \u00a36 million (last year: charge of \u00a36 million) relating to charges as a result of the impact of COVID-19 and a net charge of \u00a33 million (last year: charge of \u00a3nil) arising as a result of the Group\u2019s restructuring programmes, which have been presented as adjusting items (refer to note 6). 5. Adjusting items relate to the Retail and Wholesale segment. Refer to note 6 for details of adjusting items. Retail/Wholesale Licensing Total 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Additions to non-current assets 350 400 \u2013 \u2013 350 400 Total segment assets 2,273 2,099 5 6 2,278 2,105 Goodwill 109 109 Cash and cash equivalents 1,026 1,222 Taxation 273 261 Total assets per Balance Sheet 3,686 3,697 Additional revenue analysis All revenue is derived from contracts with customers. The Group derives retail and wholesale revenue from contracts with customers from the transfer of goods and related services at a point in time. Licensing revenue is derived over the period the licence agreement gives the customer access to the Group\u2019s trademarks. Revenue by product division 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Accessories 1,125 1,017 Women\u2019s 867 784 Men\u2019s 868 807 Children\u2019s/Other 184 177 Retail/Wholesale 3,044 2,785 Licensing 50 41 Total 3,094 2,826 Revenue by destination 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Asia Pacific 1,297 1,276 EMEIA 1 1,004 813 Americas 743 696 Retail/Wholesale 3,044 2,785 Licensing 50 41 Total 3,094 2,826 1. EMEIA comprises Europe, Middle East, India and Africa. Entity-wide disclosures Revenue derived from external customers in the UK totalled \u00a3257 million for the 52 weeks to 1 April 2023 (last year: \u00a3210 million). Revenue derived from external customers in foreign countries totalled \u00a32,837 million for the 52 weeks to 1 April 2023 (last year: \u00a32,616 million). This amount includes \u00a3661 million of external revenues derived from customers in the USA (last year: \u00a3626 million) and \u00a3683 million of external revenues derived from customers in Mainland China (last year: \u00a3765 million). The total of non-current assets, other than financial instruments, and deferred tax assets located in the UK is \u00a3485 million (last year: \u00a3439 million). The remaining \u00a31,094 million of non-current assets are located in other countries (last year: \u00a31,005 million), with \u00a3318 million located in the US (last year: \u00a3263 million) and \u00a3235 million located in Mainland China (last year: \u00a3214 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-492": {
"value": "4. Net operating expenses Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 1 \u00a3m Other operating income (12) (10) Selling and distribution costs 1,207 1,115 Administrative expenses 353 367 1,548 1,472 Adjusting operating income 6 (34) (20) Adjusting operating expenses 6 12 16 (22) (4) Net operating expenses 1,526 1,468 1. Balances for the 53 weeks to 2 April 2022 have been restated to align with the current year allocation of other operating income. Other operating income has been decreased by \u00a38 million with an offsetting increase of \u00a32 million in selling and distribution costs and decrease of \u00a310 million in administrative expenses. This is largely to present gains on foreign exchange, which were previously presented as other operating income, net within expenses. There is no impact on total net operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-479": {
"value": "4. Net operating expenses Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 1 \u00a3m Other operating income (12) (10) Selling and distribution costs 1,207 1,115 Administrative expenses 353 367 1,548 1,472 Adjusting operating income 6 (34) (20) Adjusting operating expenses 6 12 16 (22) (4) Net operating expenses 1,526 1,468 1. Balances for the 53 weeks to 2 April 2022 have been restated to align with the current year allocation of other operating income. Other operating income has been decreased by \u00a38 million with an offsetting increase of \u00a32 million in selling and distribution costs and decrease of \u00a310 million in administrative expenses. This is largely to present gains on foreign exchange, which were previously presented as other operating income, net within expenses. There is no impact on total net operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-433": {
"value": "4. Net operating expenses Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 1 \u00a3m Other operating income (12) (10) Selling and distribution costs 1,207 1,115 Administrative expenses 353 367 1,548 1,472 Adjusting operating income 6 (34) (20) Adjusting operating expenses 6 12 16 (22) (4) Net operating expenses 1,526 1,468 1. Balances for the 53 weeks to 2 April 2022 have been restated to align with the current year allocation of other operating income. Other operating income has been decreased by \u00a38 million with an offsetting increase of \u00a32 million in selling and distribution costs and decrease of \u00a310 million in administrative expenses. This is largely to present gains on foreign exchange, which were previously presented as other operating income, net within expenses. There is no impact on total net operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-434": {
"value": "5. Profit before taxation Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Adjusted profit before taxation is stated after charging/(crediting): Depreciation of property, plant and equipment Within cost of sales 2 2 Within selling and distribution costs 76 68 Within administrative expenses 17 16 Depreciation of right-of-use assets Within selling and distribution costs 191 171 Within administrative expenses 1 18 17 Amortisation of intangible assets Within selling and distribution costs 1 2 Within administrative expenses 36 37 Gain on disposal of property, plant and equipment 2 \u2013 (3) Gain on modification of right-of-use assets (2) \u2013 Net impairment charge of property, plant and equipment 3 13 2 2 Net impairment charge of right-of-use assets 4 14 5 1 Employee costs 5 28 565 537 Other lease expense Property lease variable lease expense 21 125 122 Property lease in holdover expense 21 20 17 Non-property short-term lease expense 21 11 5 Net exchange loss/(gain) on revaluation of monetary assets and liabilities 10 (10) Net (gain)/loss on derivatives \u2013 fair value through profit and loss (9) 9 Receivables net impairment charge 6 2 1 1. Depreciation of right-of-use assets within administrative expenses for the 52 weeks to 1 April 2023 is presented excluding \u00a33 million (last year: \u00a3nil) arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). 2. Gain on disposal of property, plant and equipment for the 52 weeks to 1 April 2023 is presented excluding \u00a319 million relating to the gain on sale of a property in the US, which has been presented as an adjusting item (refer to note 6). 3. Net impairment charge of property, plant and equipment for the 53 weeks to 2 April 2022 was presented excluding a net reversal of \u00a31 million relating to charges as a result of the impact of COVID-19, which was presented as an adjusting item (refer to note 6). 4. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 is presented excluding a reversal of \u00a36 million (last year: charge of \u00a36 million) relating to charges as a result of the impact of COVID-19 and a net charge of \u00a33 million (last year: charge of \u00a3nil) arising as a result of the Group\u2019s restructuring programme, which have been presented as adjusting items (refer to note 6). 5. Employee costs for the 52 weeks to 1 April 2023 are presented excluding a charge of \u00a310 million (last year: \u00a310 million) arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). 6. Receivables net impairment charge for the 53 weeks to 2 April 2022 is presented excluding a reversal of \u00a31 million relating to charges as a result of the impact of COVID-19, which was presented as an adjusting item (refer to note 6). Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Adjusting items Adjusting operating items Impact of COVID-19: Impairment (reversal)/charge relating to retail cash generating units 6 (6) 5 Impairment reversal relating to inventory 6 (1) (16) Impairment reversal relating to receivables 6 \u2013 (1) COVID-19-related rent concessions 6 (13) (18) COVID-19-related government grant income 6 (2) (2) Other adjusting items: Gain on disposal of property 6 (19) \u2013 Restructuring costs 6 16 11 Revaluation of deferred consideration liabilit y 6 2 1 Total adjusting operating items (23) (20) Adjusting financing items Finance charge on adjusting items 6 2 1 Total adjusting financing items 2 1 Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Analysis of adjusting operating items: Included in Cost of sales (Impairment reversal relating to inventory) (1) (16) Included in Operating expenses 4 12 16 Included in Other operating income 4 (34) (20) Total (23) (20) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-435": {
"value": "6. Adjusting items 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Total adjusting operating items (pre-tax) (23) (20) Total adjusting financing items (pre-tax) 2 1 Tax charge on adjusting operating items 6 5 Total adjusting operating items (post-tax) (15) (14) Impact of COVID-19 At 1 April 2023, impairments and provisions recorded as adjusting items in prior periods as a result of the impact of COVID-19 have been reviewed and the assumptions updated where appropriate, to reflect management\u2019s latest expectations. The impact of changes in assumptions has been presented as an update to the adjusting item charge. Further details regarding the approach applied to measure these updates are set out below for each of the specific adjusting items. Impairment of retail cash generating units During the 52 weeks to 1 April 2023, the impairment provisions remaining have been reassessed, using management\u2019s latest expectations, with a reversal of \u00a36 million recorded (last year: charge of \u00a35 million). A related tax charge of \u00a31 million (last year: credit of \u00a31 million) has also been recognised in the year. Any charges or reversals which did not arise from the reassessment of the original impairment adjusting item, had they arisen, would not have been included in this adjusting item. Refer to notes 13 and 14 for details of impairment of retail cash generating units. Impairment of inventory During the 52 weeks to 1 April 2023, reversals of inventory provisions, relating to inventory which had been provided for as an adjusting item at the previous year end and has either been sold, or is now expected to be sold, at a higher net realisable value than had been assumed when the provision had been initially estimated, of \u00a31 million (last year: \u00a316 million) have been recorded and presented as an adjusting item. No related tax charge (last year: \u00a34 million) has been recognised in the year. All other charges and reversals relating to inventory provisions have been recorded in adjusted operating profit. Refer to note 17 for details of inventory provisions. Impairment of receivables During the 53 weeks to 2 April 2022, a reversal of \u00a31 million was recorded as an adjusting item relating to the one-off impact of COVID-19 on expected credit losses. No amounts were recorded during the 52 weeks to 1 April 2023. Refer to note 27 for details of impairment of receivables. COVID-19-related rent concessions Eligible rent forgiveness amounts have been treated as negative variable lease payments, resulting in a credit of \u00a313 million (last year: \u00a318 million) for the 52 weeks to 1 April 2023 being recorded within other operating income. This income has continued to be presented as an adjusting item given that it is explicitly related to COVID-19. The amendment to IFRS 16 expired on 30 June 2022; however the Group continues to apply the same accounting treatment applying the principles of IFRS 9. A related tax charge of \u00a33 million (last year: \u00a34 million) has also been recognised in the current year. COVID-19-related grant income The Group has recorded grant income of \u00a32 million (last year: \u00a32 million) within other operating income for the 52 weeks to 1 April 2023, relating to government support to alleviate the impact of COVID-19. This income has been presented as an adjusting item as it is explicitly related to COVID-19, and the arrangements are expected to last for a limited period of time. A related tax charge of \u00a31 million (last year: \u00a31 million) has also been recognised in the current year. Other adjusting items Gain on disposal of property During the 52 weeks to 1 April 2023, the Group completed the sale of an owned property in the US for cash proceeds of \u00a322 million resulting in a net gain on disposal of \u00a319 million, recorded within other operating income. The net gain on disposal was recognised as an adjusting item, in accordance with the Group\u2019s accounting policy, as it is considered to be material and one-off in nature. A related tax charge of \u00a35 million was also recognised in the year. Restructuring costs Restructuring costs of \u00a316 million (last year: \u00a311 million) were incurred in the current year, arising primarily as a result of the organisational efficiency programme announced in July 2020, and completed in the current year, that included the creation of three new business units to enhance product focus, increase agility and elevate quality, and to further streamline office-based functions and facilities. The costs for the 52 weeks to 1 April 2023 principally relate to impairment charges on non-retail assets and redundancies and are recorded in operating expenses. They are presented as an adjusting item, in accordance with the Group\u2019s accounting policy, as the anticipated cost of the restructuring programme is considered material and discrete in nature. A related tax credit of \u00a34 million (last year: \u00a33 million) has also been recognised in the current year. Items relating to the deferred consideration liability On 22 April 2016, the Group entered into an agreement to transfer the economic right of the non-controlling interest in Burberry Middle East LLC to the Group in exchange for consideration of contingent payments to be made to the minority shareholder over the period to 2023. A charge of \u00a32 million in relation to the revaluation of this balance has been recognised in operating expenses for the 52 weeks to 1 April 2023 (last year: \u00a31 million). This movement is unrealised. No tax has been recognised on this item, as the future payments are not considered to be deductible for tax purposes. This item is presented as an adjusting item in accordance with the Group\u2019s accounting policy, as it arises from changes in the value of the liability for expected future payments relating to the purchase of a non-controlling interest in the Group and acquisition of a subsidiary respectively. ",
"dimensions": {
"concept": "burberrygroupplc:DisclosureOfAdjustingItems",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-436": {
"value": "7. Auditor remuneration Fees incurred during the year in relation to audit and non-audit services are analysed below: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Audit services in respect of the financial statements of the Company and consolidation 0.5 0.5 Audit services in respect of the financial statements of subsidiary companies 2.7 2.3 Audit-related assurance services 0.2 0.2 Other non-audit-related services 0.1 0.1 Total 3.5 3.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
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"fact-493": {
"value": "8. Financing Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Finance income \u2013 amortised cost 3 1 Bank interest income \u2013 fair value through profit and loss 18 2 Finance income 21 3 Interest expense on lease liabilities 1 21 (31) (27) Interest expense on overdrafts (2) \u2013 Interest expense on borrowings (4) (4) Bank charges (1) (2) Other finance expense (4) (1) Finance expense (42) (34) Finance charge on adjusting items 6 (2) (1) Net finance expense (23) (32) 1. Interest expense on lease liabilities of \u00a331 million excludes \u00a32 million arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-480": {
"value": "8. Financing Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Finance income \u2013 amortised cost 3 1 Bank interest income \u2013 fair value through profit and loss 18 2 Finance income 21 3 Interest expense on lease liabilities 1 21 (31) (27) Interest expense on overdrafts (2) \u2013 Interest expense on borrowings (4) (4) Bank charges (1) (2) Other finance expense (4) (1) Finance expense (42) (34) Finance charge on adjusting items 6 (2) (1) Net finance expense (23) (32) 1. Interest expense on lease liabilities of \u00a331 million excludes \u00a32 million arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-437": {
"value": "8. Financing Note 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Finance income \u2013 amortised cost 3 1 Bank interest income \u2013 fair value through profit and loss 18 2 Finance income 21 3 Interest expense on lease liabilities 1 21 (31) (27) Interest expense on overdrafts (2) \u2013 Interest expense on borrowings (4) (4) Bank charges (1) (2) Other finance expense (4) (1) Finance expense (42) (34) Finance charge on adjusting items 6 (2) (1) Net finance expense (23) (32) 1. Interest expense on lease liabilities of \u00a331 million excludes \u00a32 million arising as a result of the Group\u2019s restructuring programme, which has been presented as an adjusting item (refer to note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-438": {
"value": "9. Taxation Analysis of charge for the year recognised in the Group Income Statement: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Current tax UK corporation tax Current tax on income for the 52 weeks to 1 April 2023 at 19% (last year: 19%) 116 114 Double taxation relief (5) (7) Adjustments in respect of prior years 1 12 25 123 132 Foreign tax Current tax on income for the year 34 28 Adjustments in respect of prior years 1 3 (15) 37 13 Total current tax 160 145 Deferred tax UK deferred tax Origination and reversal of temporary differences 4 (3) Impact of changes to tax rates \u2013 (4) Adjustments in respect of prior years 1 \u2013 1 4 (6) Foreign deferred tax Origination and reversal of temporary differences (26) (27) Adjustments in respect of prior years 1 4 2 (22) (25) Total deferred tax (18) (31) Total tax charge on profit 142 114 1. Adjustments in respect of prior years relate mainly to adjustments to estimates of prior period tax liabilities and a net increase in provisions for uncertain tax positions and tax accruals. Analysis of charge for the year recognised in other comprehensive income and directly in equity: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Current tax Recognised in other comprehensive income: Current tax charge on exchange differences on loans (foreign currency translation reserve) 1 \u2013 Current tax charge on net investment hedges deferred in equity (hedging reserve) \u2013 1 Total current tax recognised in other comprehensive income 1 1 Deferred tax Recognised in other comprehensive income: Deferred tax credit on net investment hedges deferred in equity (hedging reserve) \u2013 (1) Total deferred tax recognised in other comprehensive income \u2013 (1) Recognised in equity: Deferred tax credit on share options (retained earnings) (2) \u2013 Total deferred tax recognised directly in equity (2) \u2013 The tax rate applicable on profit varied from the standard rate of corporation tax in the UK due to the following factors: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Profit before taxation 634 511 Tax at 19% (last year: 19%) on profit before taxation 120 97 Rate adjustments relating to overseas profits 1 3 Permanent differences 4 6 Tax on dividends not creditable \u2013 2 Prior year temporary differences and tax losses recognised (3) (3) Adjustments in respect of prior years 19 13 Adjustments to deferred tax relating to changes in tax rates 1 (4) Total taxation charge 142 114 Total taxation recognised in the Group Income Statement arises on the following items: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Tax on adjusted profit before taxation 136 109 Tax on adjusting items 6 5 Total taxation charge 142 114 Factors affecting future tax charges Uncertain tax positions The Group operates in numerous tax jurisdictions around the world and is subject to factors that may affect future tax charges including transfer pricing, tax rate changes, tax legislation changes, tax authority interpretation, expiry of statutes of limitation, tax litigation, and resolution of tax audits and disputes. At any given time, the Group has open years outstanding in various countries and is involved in tax audits and disputes, some of which may take several years to resolve. Provisions are based on best estimates and management\u2019s judgements concerning the likely ultimate outcome of any audit or dispute. Management considers the specific circumstances of each tax position and takes external advice, where appropriate, to assess the range of potential outcomes and estimate additional tax that may be due. At 1 April 2023 the Group had recognised provisions of \u00a386 million in respect of uncertain tax positions (increasing from \u00a364 million in 2022), being provisions of \u00a3103 million net of expected reimbursements of \u00a317 million (last year: \u00a369 million net of expected reimbursements of \u00a35 million). The majority of these provisions relate to the tax impact of intra-group transactions between the UK and the various jurisdictions in which the Group operates, as would be expected for a Group operating internationally. The Group believes that it has made adequate provision in respect of additional tax liabilities that may arise from open years, tax audits and disputes. However, the actual liability for any particular issue may be higher or lower than the amount provided, resulting in a negative or positive effect on the tax charge in any given year. A reduction in the tax charge may also arise for other reasons such as an expiry of the relevant statute of limitations. Depending on the final outcome of tax audits which are currently in progress, statute of limitations expiry, and other factors, an impact on the tax charge could arise. The tax impact of intra-group transactions is a complex area and resolution of matters can take many years. Given the inherent uncertainty, it is difficult to predict the timing of when these matters will be resolved and the quantum of the ultimate resolution. Management estimate that the outcome across all matters under dispute or in negotiation between governments could be in the range of a decrease of \u00a332 million, to an increase of \u00a327 million, in the uncertain tax position over the next 12 months. Legislative changes The UK corporation tax rate increased from 19% to 25% on 1 April 2023; consequently we expect an increase in the Group\u2019s effective tax rate to around 27% for FY 2023/24. The OECD Pillar Two GloBE Rules introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over \u20ac750 million. All participating OECD members are required to incorporate these rules into national legislation. The Group will be subject to the Pillar Two Model Rules from FY 2024/25 but does not meet the threshold for application of the Pillar One transfer pricing rules. It is not expected that there will be a material impact on the effective tax rate for the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-439": {
"value": "10. Earnings per share The calculation of basic earnings per share is based on profit or loss attributable to owners of the Company for the year divided by the weighted average number of ordinary shares in issue during the year. Basic and diluted earnings per share based on adjusted profit before taxation are also disclosed to indicate the underlying profitability of the Group. 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Attributable profit for the year before adjusting items 1 475 382 Effect of adjusting items 1 (after taxation) 15 14 Attributable profit for the year 490 396 1. Refer to note 6 for details of adjusting items. The weighted average number of ordinary shares represents the weighted average number of Burberry Group plc ordinary shares in issue throughout the year, excluding ordinary shares held in the Group\u2019s ESOP trusts and treasury shares held by the Company or its subsidiaries. This includes the effect of the cancellation of 21.1 million shares during the period as a result of the share buyback programmes. Refer to note 25 for additional information on the share buybacks. Diluted earnings per share is based on the weighted average number of ordinary shares in issue during the year. In addition, account is taken of any options and awards made under the employee share incentive schemes, which will have a dilutive effect when exercised. Refer to note 28 for additional information on the terms and conditions of the employee share incentive schemes. 52 weeks to 1 April 2023 Millions 53 weeks to 2 April 2022 Millions Weighted average number of ordinary shares in issue during the year 386.1 402.5 Dilutive effect of the employee share incentive schemes 1.9 2.3 Diluted weighted average number of ordinary shares in issue during the year 388.0 404.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-440": {
"value": "11. Dividends paid to owners of the Company 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Prior year final dividend paid 35.4p per share (last year: 42.5p) 140 172 Interim dividend paid 16.5p per share (last year: 11.6p) 63 47 Total 203 219 A final dividend in respect of the 52 weeks to 1 April 2023 of 44.5p (last year: 35.4p) per share, amounting to \u00a3167 million, has been proposed for approval by the shareholders at the Annual General Meeting subsequent to the balance sheet date. The final dividend has not been recognised as a liability at the year end and will be paid on 4 August 2023 to the shareholders on the register at the close of business on 30 June 2023. The ex-dividend date is 29 June 2023 and the final day for dividend reinvestment plan (DRIP) elections is 14 July 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-441": {
"value": "12. Intangible assets Cost Goodwill \u00a3m Trademarks, licences and other intangible assets \u00a3m Computer software \u00a3m Intangible assets in the course of construction \u00a3m Total \u00a3m As at 27 March 2021 111 14 237 45 407 Effect of foreign exchange rate changes 4 \u2013 1 \u2013 5 Additions \u2013 \u2013 12 25 37 Disposals \u2013 (1) (7) \u2013 (8) Reclassifications from assets in the course of construction \u2013 \u2013 15 (15) \u2013 As at 2 April 2022 115 13 258 55 441 Effect of foreign exchange rate changes \u2013 \u2013 1 \u2013 1 Additions \u2013 1 13 32 46 Disposals \u2013 \u2013 (42) \u2013 (42) Reclassifications from assets in the course of construction \u2013 \u2013 18 (18) \u2013 As at 1 April 2023 115 14 248 69 446 Accumulated amortisation and impairment As at 27 March 2021 6 7 137 20 170 Effect of foreign exchange rate changes \u2013 \u2013 1 (1) \u2013 Charge for the year \u2013 1 38 \u2013 39 Disposals \u2013 (1) (7) \u2013 (8) As at 2 April 2022 6 7 169 19 201 Effect of foreign exchange rate changes \u2013 \u2013 2 \u2013 2 Charge for the year \u2013 1 36 \u2013 37 Disposals \u2013 \u2013 (42) \u2013 (42) As at 1 April 2023 6 8 165 19 198 Net book value As at 1 April 2023 109 6 83 50 248 As at 2 April 2022 109 6 89 36 240 Impairment testing of goodwill The carrying value of the goodwill allocated to cash generating units: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Mainland China 50 50 Korea 26 26 Retail and Wholesale se gment 1 19 19 Other 14 14 Total 109 109 1. Goodwill which arose on acquisition of Burberry Manifattura S.R.L. has been allocated to the group of cash generating units which make up the Group\u2019s Retail and Wholesale operating segment cash generating unit. This reflects the lowest level at which the goodwill is being monitored by management. The Group tests goodwill for impairment annually or when there is an indication that goodwill might be impaired. The recoverable amount of all cash generating units has been determined on a value-in-use basis. Value-in-use calculations for each cash generating unit are based on projected pre-tax discounted cash flows together with a discounted terminal value. The cash flows have been discounted at pre-tax rates reflecting the Group\u2019s weighted average cost of capital adjusted for country-specific tax rates and risks. Where the cash generating unit has a non-controlling interest which was recognised at a value equal to its proportionate interest in the net identifiable assets of the acquired subsidiary at the acquisition date, the carrying amount of the goodwill has been grossed up, to include the goodwill attributable to the non-controlling interest, for the purpose of impairment testing the goodwill attributable to the cash generating unit. The key assumptions contained in the value-in-use calculations include the future revenues, the operating profit margins achieved and the discount rates applied. The value-in-use calculations have been prepared using management\u2019s cost and revenue projections for the next three years to 28 March 2026 and a longer-term growth rate of 5% to 1 April 2028. A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 1 April 2028, incorporating the assumption that growth beyond 1 April 2028 is equivalent to nominal inflation rates, assumed to be 2%, which are not significant to the assessment. The value-in-use estimates indicated that the recoverable amount of the cash generating unit exceeded the carrying value for each of the cash generating units. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year. For the material goodwill balances of Mainland China, Korea and the Retail and Wholesale segment, management has considered the potential impact of reasonably possible changes in assumptions on the recoverable amount of goodwill. The sensitivities include applying a 10% reduction in revenue and gross profit and the associated impact on operating profit margin from management\u2019s base cash flow projections, considering the macroeconomic and political uncertainty risk on the Group\u2019s retail operations and on the global economy. Under this scenario, the estimated recoverable amount of goodwill in Mainland China, Korea and the Retail and Wholesale segment still exceeded the carrying value. The pre-tax discount rates for Mainland China, Korea and the Retail and Wholesale segment were 12%, 12% and 12% respectively (last year: Mainland China 13%, Korea 12%, and the Retail and Wholesale segment 10%). No reasonably possible change in these pre-tax discount rates would result in the carrying value to exceed the estimated recoverable amount of goodwill. The other goodwill balance of \u00a314 million (last year: \u00a314 million) consists of amounts relating to seven cash generating units, none of which have goodwill balances individually exceeding \u00a37 million as at 1 April 2023 (last year: \u00a37 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-494": {
"value": "12. Intangible assets Cost Goodwill \u00a3m Trademarks, licences and other intangible assets \u00a3m Computer software \u00a3m Intangible assets in the course of construction \u00a3m Total \u00a3m As at 27 March 2021 111 14 237 45 407 Effect of foreign exchange rate changes 4 \u2013 1 \u2013 5 Additions \u2013 \u2013 12 25 37 Disposals \u2013 (1) (7) \u2013 (8) Reclassifications from assets in the course of construction \u2013 \u2013 15 (15) \u2013 As at 2 April 2022 115 13 258 55 441 Effect of foreign exchange rate changes \u2013 \u2013 1 \u2013 1 Additions \u2013 1 13 32 46 Disposals \u2013 \u2013 (42) \u2013 (42) Reclassifications from assets in the course of construction \u2013 \u2013 18 (18) \u2013 As at 1 April 2023 115 14 248 69 446 Accumulated amortisation and impairment As at 27 March 2021 6 7 137 20 170 Effect of foreign exchange rate changes \u2013 \u2013 1 (1) \u2013 Charge for the year \u2013 1 38 \u2013 39 Disposals \u2013 (1) (7) \u2013 (8) As at 2 April 2022 6 7 169 19 201 Effect of foreign exchange rate changes \u2013 \u2013 2 \u2013 2 Charge for the year \u2013 1 36 \u2013 37 Disposals \u2013 \u2013 (42) \u2013 (42) As at 1 April 2023 6 8 165 19 198 Net book value As at 1 April 2023 109 6 83 50 248 As at 2 April 2022 109 6 89 36 240 Impairment testing of goodwill The carrying value of the goodwill allocated to cash generating units: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Mainland China 50 50 Korea 26 26 Retail and Wholesale se gment 1 19 19 Other 14 14 Total 109 109 1. Goodwill which arose on acquisition of Burberry Manifattura S.R.L. has been allocated to the group of cash generating units which make up the Group\u2019s Retail and Wholesale operating segment cash generating unit. This reflects the lowest level at which the goodwill is being monitored by management. The Group tests goodwill for impairment annually or when there is an indication that goodwill might be impaired. The recoverable amount of all cash generating units has been determined on a value-in-use basis. Value-in-use calculations for each cash generating unit are based on projected pre-tax discounted cash flows together with a discounted terminal value. The cash flows have been discounted at pre-tax rates reflecting the Group\u2019s weighted average cost of capital adjusted for country-specific tax rates and risks. Where the cash generating unit has a non-controlling interest which was recognised at a value equal to its proportionate interest in the net identifiable assets of the acquired subsidiary at the acquisition date, the carrying amount of the goodwill has been grossed up, to include the goodwill attributable to the non-controlling interest, for the purpose of impairment testing the goodwill attributable to the cash generating unit. The key assumptions contained in the value-in-use calculations include the future revenues, the operating profit margins achieved and the discount rates applied. The value-in-use calculations have been prepared using management\u2019s cost and revenue projections for the next three years to 28 March 2026 and a longer-term growth rate of 5% to 1 April 2028. A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 1 April 2028, incorporating the assumption that growth beyond 1 April 2028 is equivalent to nominal inflation rates, assumed to be 2%, which are not significant to the assessment. The value-in-use estimates indicated that the recoverable amount of the cash generating unit exceeded the carrying value for each of the cash generating units. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year. For the material goodwill balances of Mainland China, Korea and the Retail and Wholesale segment, management has considered the potential impact of reasonably possible changes in assumptions on the recoverable amount of goodwill. The sensitivities include applying a 10% reduction in revenue and gross profit and the associated impact on operating profit margin from management\u2019s base cash flow projections, considering the macroeconomic and political uncertainty risk on the Group\u2019s retail operations and on the global economy. Under this scenario, the estimated recoverable amount of goodwill in Mainland China, Korea and the Retail and Wholesale segment still exceeded the carrying value. The pre-tax discount rates for Mainland China, Korea and the Retail and Wholesale segment were 12%, 12% and 12% respectively (last year: Mainland China 13%, Korea 12%, and the Retail and Wholesale segment 10%). No reasonably possible change in these pre-tax discount rates would result in the carrying value to exceed the estimated recoverable amount of goodwill. The other goodwill balance of \u00a314 million (last year: \u00a314 million) consists of amounts relating to seven cash generating units, none of which have goodwill balances individually exceeding \u00a37 million as at 1 April 2023 (last year: \u00a37 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-481": {
"value": "12. Intangible assets Cost Goodwill \u00a3m Trademarks, licences and other intangible assets \u00a3m Computer software \u00a3m Intangible assets in the course of construction \u00a3m Total \u00a3m As at 27 March 2021 111 14 237 45 407 Effect of foreign exchange rate changes 4 \u2013 1 \u2013 5 Additions \u2013 \u2013 12 25 37 Disposals \u2013 (1) (7) \u2013 (8) Reclassifications from assets in the course of construction \u2013 \u2013 15 (15) \u2013 As at 2 April 2022 115 13 258 55 441 Effect of foreign exchange rate changes \u2013 \u2013 1 \u2013 1 Additions \u2013 1 13 32 46 Disposals \u2013 \u2013 (42) \u2013 (42) Reclassifications from assets in the course of construction \u2013 \u2013 18 (18) \u2013 As at 1 April 2023 115 14 248 69 446 Accumulated amortisation and impairment As at 27 March 2021 6 7 137 20 170 Effect of foreign exchange rate changes \u2013 \u2013 1 (1) \u2013 Charge for the year \u2013 1 38 \u2013 39 Disposals \u2013 (1) (7) \u2013 (8) As at 2 April 2022 6 7 169 19 201 Effect of foreign exchange rate changes \u2013 \u2013 2 \u2013 2 Charge for the year \u2013 1 36 \u2013 37 Disposals \u2013 \u2013 (42) \u2013 (42) As at 1 April 2023 6 8 165 19 198 Net book value As at 1 April 2023 109 6 83 50 248 As at 2 April 2022 109 6 89 36 240 Impairment testing of goodwill The carrying value of the goodwill allocated to cash generating units: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Mainland China 50 50 Korea 26 26 Retail and Wholesale se gment 1 19 19 Other 14 14 Total 109 109 1. Goodwill which arose on acquisition of Burberry Manifattura S.R.L. has been allocated to the group of cash generating units which make up the Group\u2019s Retail and Wholesale operating segment cash generating unit. This reflects the lowest level at which the goodwill is being monitored by management. The Group tests goodwill for impairment annually or when there is an indication that goodwill might be impaired. The recoverable amount of all cash generating units has been determined on a value-in-use basis. Value-in-use calculations for each cash generating unit are based on projected pre-tax discounted cash flows together with a discounted terminal value. The cash flows have been discounted at pre-tax rates reflecting the Group\u2019s weighted average cost of capital adjusted for country-specific tax rates and risks. Where the cash generating unit has a non-controlling interest which was recognised at a value equal to its proportionate interest in the net identifiable assets of the acquired subsidiary at the acquisition date, the carrying amount of the goodwill has been grossed up, to include the goodwill attributable to the non-controlling interest, for the purpose of impairment testing the goodwill attributable to the cash generating unit. The key assumptions contained in the value-in-use calculations include the future revenues, the operating profit margins achieved and the discount rates applied. The value-in-use calculations have been prepared using management\u2019s cost and revenue projections for the next three years to 28 March 2026 and a longer-term growth rate of 5% to 1 April 2028. A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 1 April 2028, incorporating the assumption that growth beyond 1 April 2028 is equivalent to nominal inflation rates, assumed to be 2%, which are not significant to the assessment. The value-in-use estimates indicated that the recoverable amount of the cash generating unit exceeded the carrying value for each of the cash generating units. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year. For the material goodwill balances of Mainland China, Korea and the Retail and Wholesale segment, management has considered the potential impact of reasonably possible changes in assumptions on the recoverable amount of goodwill. The sensitivities include applying a 10% reduction in revenue and gross profit and the associated impact on operating profit margin from management\u2019s base cash flow projections, considering the macroeconomic and political uncertainty risk on the Group\u2019s retail operations and on the global economy. Under this scenario, the estimated recoverable amount of goodwill in Mainland China, Korea and the Retail and Wholesale segment still exceeded the carrying value. The pre-tax discount rates for Mainland China, Korea and the Retail and Wholesale segment were 12%, 12% and 12% respectively (last year: Mainland China 13%, Korea 12%, and the Retail and Wholesale segment 10%). No reasonably possible change in these pre-tax discount rates would result in the carrying value to exceed the estimated recoverable amount of goodwill. The other goodwill balance of \u00a314 million (last year: \u00a314 million) consists of amounts relating to seven cash generating units, none of which have goodwill balances individually exceeding \u00a37 million as at 1 April 2023 (last year: \u00a37 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-442": {
"value": "13. Property, plant and equipment Fixtures, Assets in the Freehold land Leasehold fittings and course of and buildings improvements equipment construction Total Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m As at 27 March 2021 129 493 329 17 968 Effect of foreign exchange rate changes 6 17 9 1 33 Additions \u2013 68 23 45 136 Disposals \u2013 (37) (18) (2) (57) Reclassifications from assets in the course of construction \u2013 9 5 (14) \u2013 Reclassifications to assets held for sale (19) \u2013 \u2013 \u2013 (19) As at 2 April 2022 116 550 348 47 1,061 Effect of foreign exchange rate changes 6 6 9 1 22 Additions \u2013 56 25 66 147 Disposals (1) (53) (27) (1) (82) Reclassifications from assets in the course of construction \u2013 26 11 (37) \u2013 As at 1 April 2023 121 585 366 76 1,148 Accumulated depreciation and impairment As at 27 March 2021 56 353 278 1 688 Effect of foreign exchange rate changes 3 14 8 \u2013 25 Charge for the year 3 58 25 \u2013 86 Disposals \u2013 (37) (18) \u2013 (55) Impairment charge on assets \u2013 1 1 \u2013 2 Impairment reversal on assets \u2013 (1) \u2013 \u2013 (1) Reclassifications to assets held for sale (6) \u2013 \u2013 \u2013 (6) As at 2 April 2022 56 388 294 1 739 Effect of foreign exchange rate changes 4 6 8 \u2013 18 Charge for the year 3 64 28 \u2013 95 Disposals (1) (53) (27) (1) (82) Impairment charge on assets \u2013 2 \u2013 \u2013 2 As at 1 April 2023 62 407 303 \u2013 772 Net book value As at 1 April 2023 59 178 63 76 376 As at 2 April 2022 60 162 54 46 322 During the 52 weeks to 1 April 2023, management carried out a review of retail cash generating units for any indication of impairment or reversal of impairments previously recorded. Where indications of impairment charges or reversals were identified, the impairment review compared the value-in-use of the cash generating units to their net book values at 1 April 2023. The pre-tax cash flow projections used for this review were based on financial plans of expected revenues and costs of each retail cash generating unit, approved by management, reflecting their latest plans over the next three years to 28 March 2026, followed by longer-term growth rates of mid-single digits and inflation rates appropriate to each store\u2019s location. The pre-tax discount rates used in these calculations were between 11.1% and 13.7% (last year: between 9.9% and 18.4%) based on the Group\u2019s weighte d average cost of capital adjusted for country-specific borrowing costs, tax rates and risks for those countries in which a charge or reversal was incurred. Where indicators of impairment have been identified and the value-in-use was less than the carrying value of the cash generating unit, an impairment of property, plant and equipment and right-of-use asset was recorded. Where the value-in-use was greater than the net book value, and the cash generating unit had been previously impaired, the impairment was reversed, to the extent that could be supported by the value-in use and allowing for any depreciation that would have been incurred during the period since the impairment was recorded. A review for any other indicators of impairment charges or reversals across the retail portfolio was also carried out. During the 52 weeks to 1 April 2023, impairments previously charged as an adjusting item related to the impact of COVID-19 were reassessed. This resulted in an impairment reversal of \u00a36 million (last year: net charge of \u00a35 million), which has been presented as an adjusting item in the current year. The reversal is recorded against right-of-use assets (last year: net reversal of \u00a31 million recorded against property, plant and equipment and a net charge of \u00a36 million recorded against right-of-use assets). Refer to note 14 for further details of right-of-use assets. Refer to note 6 for details of adjusting items. A net charge of \u00a37 million (last year: \u00a33 million) was recorded within net operating expenses as a result of the annual review of impairment for all other retail store assets. A charge of \u00a32 million (last year: \u00a32 million) was recorded against property, plant and equipment and a net charge of \u00a35 million (last year: charge of \u00a31 million) was recorded against right-of-use assets. The net impairment charge recorded in property, plant and equipment related to two retail cash generating units (last year: 13 retail cash generating units) for which the total recoverable amount at the balance sheet date is \u00a31 million (last year: \u00a37 million). Management has considered the potential impact of changes in assumptions on the impairment recorded against the Group\u2019s retail assets. Given the macroeconomic and political uncertainty risk on the Group\u2019s retail operations and on the global economy, management has considered sensitivities to the impairment charge as a result of changes to the estimate of future revenues achieved by the retail stores. The sensitivities applied are an increase or decrease in revenue of 10% from the estimate used to determine the impairment charge or reversal. We have also considered retail cash generating units with no indicators of impairment but with a significant asset balance. It is estimated that a 10% decrease/increase in revenue assumptions for the 52 weeks to 30 March 2024 , with no change to subsequent forecast revenue growth rate assumptions, would result in a less than \u00a310 million increase/less than \u00a310 million decrease in the impairment charge of retail store assets in the 52 weeks to 1 April 2023. At 2 April 2022 the Group had three freehold properties that met the criteria to be classified as held for sale. The sale of these properties was completed during the 52 weeks to 1 April 2023 resulting in a net gain on disposal of \u00a319 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-443": {
"value": "14. Right-of-use assets Net book value Property right- of-use assets \u00a3m As at 27 March 2021 818 Effect of foreign exchange rate changes 9 Additions 227 Remeasurements 1 21 Depreciation for the year (188) Impairment charge on right-of-use assets (10) Impairment reversal on right-of-use assets 3 As at 2 April 2022 880 Effect of foreign exchange rate changes 14 Additions 157 Remeasurements 113 Depreciation for the year (212) Impairment charge on right-of-use assets (10) Impairment reversal on right-of-use assets 8 As at 1 April 2023 950 As a result of the assessment of retail cash generating units for impairment, a net impairment reversal of \u00a31 million (last year: \u00a37 million) was recorded for impairment of right-of-use assets. Refer to note 13 for further details of impairment assessment of retail cash generating units. This net impairment reversal comprises a \u00a36 million reversal arising from the change in assumption due to the impact of COVID-19 on the value-in-use of retail cash generating units (last year: charge of \u00a36 million) and an impairment charge of \u00a35 million relating to other trading impacts which was recognised during the year (last year: \u00a31 million). The reversal relating to COVID-19 has been presented as an adjusting item (refer to note 6). The net impairment reversal recorded in right-of-use assets relates to three retail cash generating units (last year: 12 retail cash generating units) for which the total recoverable amount at the balance sheet date is \u00a317 million (last year: \u00a326 million). A net impairment charge of \u00a33 million (last year: \u00a3nil) was recognised in relation to non-retail right-of-use assets arising as a result of the Group\u2019s restructuring programmes and has been presented as an adjusting item (refer to note 6). As a result, the net impairment charge for right-of-use assets was, in total, \u00a32 million (last year: \u00a37 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-444": {
"value": "15. Deferred taxation Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and there is an intention to settle on a net basis, and to the same fiscal authority. The assets and liabilities presented in the Balance Sheet, after offset, are shown in the table below: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Deferred tax assets 197 175 Deferred tax liabilities (1) (1) Net amount 196 174 The movement in the deferred tax account is as follows: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m At start of year 174 136 Effect of foreign exchange rate changes 2 6 Credited to the Income Statement 18 31 Credited to Other Comprehensive Income \u2013 1 Credited to Equity 2 \u2013 At end of year 196 174 The movement in the net deferred tax balances during the year is as follows: Deferred tax balances Capital allowances \u00a3m Unrealised inventory profit and other inventory provisions \u00a3m Share schemes \u00a3m Derivative instruments \u00a3m Unused tax losses \u00a3m Leases \u00a3m Other 1 \u00a3m Total \u00a3m As at 27 March 2021 17 62 4 (1) 1 35 18 136 Effect of foreign exchange rate changes \u2013 4 \u2013 \u2013 \u2013 1 1 6 Credited/(charged) to the Income Statement 2 31 1 \u2013 2 (4) (1) 31 Credited to Other Comprehensive Income \u2013 \u2013 \u2013 1 \u2013 \u2013 \u2013 1 As at 2 April 2022 19 97 5 \u2013 3 32 18 174 Effect of foreign exchange rate changes 1 1 \u2013 \u2013 \u2013 \u2013 \u2013 2 Credited/(charged) to the Income Statement (6) 10 1 \u2013 11 (1) 3 18 Credited to Equity \u2013 \u2013 2 \u2013 \u2013 \u2013 \u2013 2 As at 1 April 2023 14 108 8 \u2013 14 31 21 196 1. Deferred balances within Other category in the analysis above include temporary differences arising on other provisions and accruals of \u00a321 million (last year: \u00a318 million). Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related benefit through future taxable profits is probable. The Group did not recognise deferred tax assets of \u00a346 million (last year: \u00a347 million) in respect of losses and temporary timing differences amounting to \u00a3181 million (last year: \u00a3185 million) that can be set off against future taxable income. There is a time limit for the recovery of \u00a36 million of these potential assets (last year: \u00a36 million) which ranges from one to seven years (last year: one to seven years). Included within other temporary differences above is a deferred tax liability of \u00a31 million (last year: \u00a31 million) relating to unremitted overseas earnings. No deferred tax liability is provided in respect of any future remittance of earnings of foreign subsidiaries where the Group is able to control the remittance of earnings and it is probable that such earnings will not be remitted in the foreseeable future, or where no liability would arise on the remittance. The aggregate amount of temporary differences in respect of unremitted earnings is \u00a3281 million (last year: \u00a3287 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-445": {
"value": "16. Trade and other receivables As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Non-current Other financial receivables 1 45 42 Other non-financial receivables 2 2 1 Prepayments 5 2 Total non-current trade and other receivables 52 45 Current Trade receivables 184 151 Provision for expected credit losses (7) (7) Net trade receivables 177 144 Other financial receivables 1 25 36 Other non-financial receivables 2 59 63 Prepayments 32 32 Accrued income 14 8 Total current trade and other receivables 307 283 Total trade and other receivables 359 328 1. Other financial receivables include rental deposits and other sundry debtors. 2. Other non-financial receivables relates primarily to indirect taxes and other taxes and duties. Included in total trade and other receivables are non-financial assets of \u00a398 million (last year: \u00a398 million). The Group\u2019s impairment policies and the calculation of any allowances for credit losses are detailed in note 27 in the credit risk section. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-446": {
"value": "17. Inventories As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Raw materials 15 12 Work in progress 1 1 Finished goods 431 413 Total inventories 447 426 As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Total inventories, gross 504 509 Provisions (57) (83) Total inventories, net 447 426 Inventory provisions of \u00a357 million (last year: \u00a383 million) are recorded, representing 11.4% (last year: 16.3%) of the gross value of inventory. The provisions reflect management\u2019s best estimate of the net realisable value of inventory, where this is considered to be lower than the cost of the inventory. The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a3874 million (last year: \u00a3786 million). During the 52 weeks to 1 April 2023, \u00a31 million (last year: \u00a316 million) has been released upon re-assessment of the provision related to the impact of COVID-19 where inventory previously provided for has been sold, or is now expected to be sold, for a higher net realisable value than had been estimated last year as performance during the current year has exceeded, and is expected to continue to exceed, the assumptions made at last year end. This reversal is presented as an adjusting item. Refer to note 6 for details of adjusting items. All other charges and reversals relating to inventory provisions have been included in adjusted operating profit. Taking into account factors impacting the inventory provisioning including trading assumptions being higher or lower than expected, management considers that a reasonable potential range of outcomes could result in an increase or decrease in inventory provisions of \u00a39 million in the next 12 months. This would result in a potential range of inventory provisions of 9.6% to 13.1% as a percentage of the gross value of inventory as at 1 April 2023. The net movement in inventory provisions included in cost of sales for the 52 weeks to 1 April 2023 was a release of \u00a31 million (last year: release of \u00a31 million). The total reversal of inventory provisions during the current year, which is included in the net movement, was \u00a322 million (last year: reversal of \u00a343 million). Both these amounts include the reversal of \u00a31 million (last year: \u00a316 million), referred to above, which has been presented as an adjusting item. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-447": {
"value": "18. Derivative financial instruments Master netting arrangements The Group\u2019s forward foreign exchange contracts are entered into under International Swaps and Derivatives Association (ISDA) master netting arrangements. In general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding in the same currency are aggregated into a single amount that is payable by one party to the other. In certain circumstances, such as when a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions. The ISDA agreements do not meet the criteria for offsetting in the Balance Sheet as the Group\u2019s right to offset is enforceable only on the occurrence of future events such as default. The Group has amended the ISDA agreement with two banks to require it to net settle its forward foreign exchange contracts. There were no derivatives subject to net settlement agreements and offset on the Balance Sheet at 1 April 2023 (last year: nil). The Group\u2019s Balance Sheet would not be materially different if it had offset its forward foreign exchange contracts and equity swap contracts subject to the standard ISDA agreements. Derivative financial assets As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges \u2013 \u2013 Forward foreign exchange contracts \u2013 fair value through profit and loss 1 4 5 Equity swap contracts \u2013 fair value through profit and loss 3 \u2013 Total position 7 5 Comprising: Total current position 7 5 1. Forward foreign exchange contracts classified as fair value through profit and loss are used for cash management and hedging monetary assets and liabilities. At 1 April 2023, all such contracts had maturities of no greater than three months from the balance sheet date (last year: three months from the balance sheet date). Derivative financial liabilities As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges (1) (1) Forward foreign exchange contracts \u2013 fair value through profit and loss 1 \u2013 \u2013 Equity swap contracts \u2013 fair value through profit and loss \u2013 (1) Total position (1) (2) Comprising: Total current position (1) (2) 1. Forward foreign exchange contracts classified as fair value through profit and loss are used for cash management and hedging monetary assets and liabilities. At 1 April 2023, all such contracts had maturities of no greater than two months from the balance sheet date (last year: one month from the balance sheet date). Net derivative financial instruments The notional principal amounts of the outstanding forward foreign exchange and equity swap contracts at year end are: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges 155 65 Forward foreign exchange contracts \u2013 fair value through profit and loss 332 307 Equity swap contracts \u2013 fair value through profit and loss 7 5 Effect of hedge accounting on the financial position and performance The effects of the foreign currency cash flow hedging instruments on the Group\u2019s financial position and performance are as follows: As at 1 April 2023 As at 2 April 2022 Foreign currency forwards Carrying amount (assets) \u2013 \u2013 Notional amount \u00a318m \u00a315m Maturity date Jun 2023 \u2013 Nov 2023 Dec 2022 Hedge ratio 1:1 1:1 Change in spot value of outstanding hedging instruments since start of year \u2013 \u2013 Change in value of hedged item used to determine hedge effectiveness \u2013 \u2013 Weighted average hedged rate of outstanding contracts (including forward points) \u2013 EUR 1.1369 1.1812 Carrying amount (liabilities) (\u00a31m) (\u00a31m) Notional amount \u00a3137m \u00a350m Maturity date Jun 2023 \u2013 May 2024 May 2022 \u2013 Nov 2022 Hedge ratio 1:1 1:1 Change in spot value of outstanding hedging instruments since start of year \u00a31m (\u00a31m) Change in value of hedged item used to determine hedge effectiveness (\u00a31m) \u00a31m Weighted average hedged rate of outstanding contracts (including forward points) \u2013 EUR 1.1221 1.1552 The foreign currency forwards are denominated in the same currency as the highly probable future inventory purchases (EUR), therefore the hedge ratio is 1:1. The contractual maturity profile of non-current financial liabilities is shown in note 27. For further details of cash flow hedging, refer to note 27 in the market risk section. ",
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"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-448": {
"value": "19. Cash and cash equivalents As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Cash and cash equivalents held at amortised cost Cash at bank and in hand 152 124 Short-term deposits 77 73 229 197 Cash and cash equivalents held at fair value through profit and loss Short-term deposits 797 1,025 Total 1,026 1,222 Cash and cash equivalents classified as fair value through profit and loss relate to deposits held in low volatility net asset value money market funds. The cash is available immediately and, since the funds are managed to achieve low volatility, no significant change in value is anticipated. The funds are monitored to ensure there are no significant changes in value. As at 1 April 2023 and 2 April 2022, no impairment losses were identified on cash and cash equivalents held at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
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"fact-449": {
"value": "20. Trade and other payables As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Non-current Other payables 1 \u2013 5 Deferred income and non-financial accruals 19 18 Contract liabilities 57 64 Deferred consideration 2 \u2013 4 Total non-current trade and other payables 76 91 Current Trade payables 186 181 Other taxes and social security costs 50 60 Other payables 1 10 6 Accruals 199 204 Deferred income and non-financial accruals 14 13 Contract liabilities 13 13 Deferred consideration 2 5 4 Total current trade and other payables 477 481 Total trade and other payables 553 572 1. Other payables comprise interest and employee-related liabilities. 2. Deferred consideration relates to acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. The change in the deferred consideration liability in the period arises as a result of a financing cash outflow and non-cash movements. In the 52 weeks to 1 April 2023 payments of \u00a36 million were made in relation to Burberry Middle East LLC (last year: \u00a33 million) and no payment was made to the previous owners of Burberry Manifattura S.R.L (last year: \u00a39 million). Included in total trade and other payables are non-financial liabilities of \u00a3153 million (last year: \u00a3168 million). Contract liabilities Retail contract liabilities relate to unredeemed balances on issued gift cards and similar products, and advanced payments received for sales which have not yet been delivered to the customer. Licensing contract liabilities relate to deferred revenue arising from the upfront payment for the Beauty licence which is being recognised in revenue over the term of the licence on a straight-line basis, reflecting access to the trademark over the licence period to 2032. As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Retail contract liabilities 6 7 Licensing contract liabilities 64 70 Total contract liabilities 70 77 The amount of revenue recognised in the year relating to contract liabilities at the start of the year is set out in the following table. All revenue in the year relates to performance obligations satisfied in the year. All contract liabilities at the end of the year relate to unsatisfied performance obligations. 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Retail revenue relating to contract liabilities 4 4 Deferred revenue from Beauty licence 6 7 Revenue recognised that was included in contract liabilities at the start of the year 10 11 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-450": {
"value": "21. Lease liabilities Property lease liabilities \u00a3m Balance as at 27 March 2021 1,020 Effect of foreign exchange rate changes 16 Created during the year 222 Amounts paid 1 (229) Discount unwind 27 Remeasurements 2 2 Balance as at 2 April 2022 1,058 Effect of foreign exchange rate changes 20 Created during the year 157 Amounts paid 1 (243) Discount unwind 33 Remeasurements 2 98 Balance as at 1 April 2023 1,123 As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Analysis of total lease liabilities: Non-current 902 849 Current 221 209 Total 1,123 1,058 1. The amount paid of \u00a3243 million (last year: \u00a3229 million) includes \u00a3210 million (last year: \u00a3202 million) arising as a result of a financing cash outflow and \u00a333 million (last year: \u00a327 million) arising as a result of an operating cash outflow. 2. Remeasurements include COVID-19-related rent forgiveness of \u00a313 million (last year: \u00a318 million) and other remeasurements of \u00a3111 million (last year: \u00a320 million). COVID- 19-related rent forgiveness has been recognised as a credit in the Income Statement at 1 April 2023. This credit is included as an adjusting item. Refer to note 6. Other remeasurements relate largely to changes in the lease liabilities that arise as a result of management\u2019s reassessment of the lease term based on existing break or extension options in the contract, as well as those linked to an inflation index or rate review. The Group enters into property leases for retail properties, including stores, concessions, warehouse and storage locations and office property. The remaining lease terms for these properties range from a few months to 15 years (last year: few months to 16 years). Many of the leases include break options and/or extension options to provide operational flexibility. Some of the leases for concessions have rolling lease terms or rolling break options. Management assess the lease term at inception based on the facts and circumstances applicable to each property including the period over which the investment appraisal was initially considered. Potential future undiscounted lease payments related to periods following the exercise date of an extension option not included in the lease term, and therefore not included in lease liabilities are approximately \u00a3399 million (last year: \u00a3423 million) in relation to the next available extension option and are assessed as not reasonably certain to be exercised. Potential future undiscounted lease payments related to periods following the exercise date of a break option not included in the lease term, and therefore not included in lease liabilities, are approximately \u00a3130 million (last year: \u00a3157 million) in relation to break options which are expected to be exercised. During the 52 weeks to 1 April 2023, significant judgements regarding breaks and options in relation to individually material leases resulted in approximately \u00a338 million (last year: \u00a335 million) in undiscounted future cash flows not being included in the initial right-of-use assets and lease liabilities. Management reviews the retail lease portfolio on an ongoing basis, taking into account retail performance and future trading expectations. Management may exercise extension options and negotiate lease extensions or modifications. In other instances, management may exercise break options, negotiate lease reductions or decide not to negotiate a lease extension at the end of the lease term. The most significant factor impacting future lease payments is changes management choose to make to the store portfolio. Future increases and decreases in rent linked to an inflation index or rate review are not included in the lease liability until the change in cash flows takes effect. Approximately 18% (last year: 20%) of the Group\u2019s lease liabilities are subject to inflation linked reviews and 30% (last year: 33%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual basis. Many of the retail property leases also incur payments based on a percentage of revenue achieved at the location. Changes in future variable lease payments will typically reflect changes in the Group\u2019s retail revenues, including the impact of regional mix. The Group expects the relative proportions of fixed and variable lease payments to remain broadly consistent in future years. The Group also enters into non-property leases for equipment, advertising fixtures and machinery. Generally, these leases do not include break or extension options. The most significant impact to future cash flows relating to leased equipment, which are primarily short-term leases, would be the Group\u2019s usage of leased equipment to a greater or lesser extent. The Group\u2019s accounting policy for leases is set out in note 2. Details of income statement charges and income from leases are set out in note 5. The right-of-use asset categories on which depreciation is incurred are presented in note 14. Interest expense incurred on lease liabilities is presented in note 8. Commitments relating to off-balance sheet leases are presented in note 26. The maturity of undiscounted future lease liabilities are set out in note 27. Total cash outflows in relation to leases in the 52 weeks ended 1 April 2023 are \u00a3396 million (last year: \u00a3376 million). This relates to payments of \u00a3210 million on lease principal (last year: \u00a3202 million), \u00a333 million on lease interest (last year: \u00a327 million), \u00a3122 million on variable lease payments (last year: \u00a3124 million), and \u00a331 million on other lease payments principally relating to short-term leases and leases in holdover (last year: \u00a323 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-451": {
"value": "22. Provisions for other liabilities and charges Property obligations \u00a3m Other \u00a3m Total \u00a3m Balance as at 27 March 2021 42 14 56 Effect of foreign exchange rate changes 1 \u2013 1 Created during the year 9 8 17 Discount unwind 1 \u2013 1 Utilised during the year (3) (2) (5) Released during the year (1) (5) (6) Balance as at 2 April 2022 49 15 64 Effect of foreign exchange rate changes \u2013 2 2 Created during the year 7 5 12 Utilised during the year (3) (1) (4) Released during the year (4) (8) (12) Balance as at 1 April 2023 49 13 62 The net charge in the year for property obligations is \u00a33 million (last year: \u00a38 million), relating to additional property reinstatement costs. The net credit in the year for other provisions of \u00a33 million (last year: net charge of \u00a33 million) includes charges of \u00a35 million (last year: \u00a38 million) relating to expected future outflows for property disputes, employee matters and tax compliance, and reversals of \u00a38 million (last year: \u00a35 million) relating to employee matters and other property matters. As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Analysis of total provisions: Non-current 40 36 Current 22 28 Total 62 64 The non-current provisions relate to property reinstatement costs which are expected to be utilised within 15 years (last year: 16 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-452": {
"value": "23. Bank overdrafts Included within bank overdrafts is \u00a365 million (last year: \u00a345 million) representing balances on cash pooling arrangements in the Group. The Group has a number of committed and uncommitted arrangements agreed with third parties. At 1 April 2023 and 2 April 2022, the Group held no bank overdrafts excluding balances on cash pooling arrangements. The fair value of overdrafts approximates the carrying amount because of the short maturity of these instruments. ",
"dimensions": {
"concept": "burberrygroupplc:DisclosureOfBankOverdrafts",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-453": {
"value": "24. Borrowings On 21 September 2020, Burberry Group plc issued medium term notes with a face value of \u00a3300 million and 1.125% coupon maturing on 21 September 2025 (the sustainability bond). Proceeds from the sustainability bond will allow the Group to finance projects which support the Group\u2019s sustainability agenda. Refer to page 92 for the sustainability bond use of proceeds report. There are no financial penalties for not using the proceeds as anticipated. Interest on the sustainability bond is payable semi- annually. The carrying value of the bond at 1 April 2023 is \u00a3298 million (last year: \u00a3298 million); all movements on the bond are non-cash. The fair value of the bond at 1 April 2023 is \u00a3273 million (last year: \u00a3285 million). On 26 July 2021, the Group entered into a \u00a3300 million multi-currency sustainability-linked revolving credit facility (RCF) with a syndicate of banks, maturing on 26 July 2026. There were no drawdowns or repayments of the RCF during the current or previous year, and at 1 April 2023 there were no outstanding drawings. The Group is in compliance with the financial and other covenants within the facilities above and has been in compliance throughout the financial period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-454": {
"value": "25. Share capital and reserves Allotted, called up and fully paid share capital Number \u00a3m Ordinary shares of 0.05p (as at 2 April 2022: 0.05p) each As at 27 March 2021 404,864,359 \u2013 Allotted on exercise of options during the year 242,942 \u2013 As at 2 April 2022 405,107,301 \u2013 Allotted on exercise of options during the year 236,123 \u2013 Cancellation of shares (21,075,496) \u2013 As at 1 April 2023 384,267,928 \u2013 The Company has a general authority from shareholders, renewed at each Annual General Meeting, to repurchase a maximum of 10% of its issued share capital. During the 52 weeks to 1 April 2023, the Company entered into agreements to purchase \u00a3400 million of its own shares, excluding stamp duty and fees, through two share buyback programmes of \u00a3200 million each (last year: one share buyback programme of \u00a3150 million). Both programmes were completed during the year. The cost of own shares purchased by the Company, as part of a share buyback programme, is offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. When shares are cancelled, a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and subsequently cancelled. In the 52 weeks to 1 April 2023, 21.1 million shares were cancelled (last year: none). As at 1 April 2023 the Company held 6.1 million treasury shares (last year: 8.4 million), with a market value of \u00a3157 million (last year: \u00a3140 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the share buyback programme completed during the 53 weeks to 2 April 2022. During the 52 weeks to 1 April 2023, 2.3 million treasury shares were transferred to ESOP trusts (last year: none). During the 52 weeks to 1 April 2023, no treasury shares were cancelled (last year: none). The cost of shares purchased by ESOP trusts are offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. As at 1 April 2023, the cost of own shares held by ESOP trusts and offset against retained earnings is \u00a342 million (last year: \u00a311 million). As at 1 April 2023, the ESOP trusts held 2.3 million shares (last year: 0.6 million) in the Company, with a market value of \u00a360 million (last year: \u00a310 million). In the 52 weeks to 1 April 2023 the ESOP trusts and the Company have waived their entitlement to dividends. Other reserves in the Statement of Changes in Equity consist of the capital reserve, the foreign currency translation reserve, and the hedging reserves. The hedging reserves consist of the cash flow hedge reserve and the net investment hedge reserve. Capital reserve \u00a3m Hedging reserves Foreign currency translation reserve \u00a3m Total \u00a3m Cash flow hedges \u00a3m Net investment hedge \u00a3m Balance as at 27 March 2021 41 \u2013 5 196 242 Other comprehensive income: Cash flow hedges \u2013 losses deferred in equit y \u2013 (1) \u2013 \u2013 (1) Foreign currency translation differences \u2013 \u2013 \u2013 22 22 Total comprehensive income for the year \u2013 (1) \u2013 22 21 Balance as at 2 April 2022 41 (1) 5 218 263 Other comprehensive income: Cash flow hedges \u2013 gains deferred in equit y \u2013 1 \u2013 \u2013 1 Foreign currency translation differences \u2013 \u2013 \u2013 14 14 Tax on other comprehensive income \u2013 (1) \u2013 \u2013 (1) Total comprehensive income for the year \u2013 \u2013 \u2013 14 14 Balance as at 1 April 2023 41 (1) 5 232 277 As at 1 April 2023 the amount held in the hedging reserve relating to matured net investment hedges is \u00a35 million net of tax (last year: \u00a35 million). ",
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"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-495": {
"value": "25. Share capital and reserves Allotted, called up and fully paid share capital Number \u00a3m Ordinary shares of 0.05p (as at 2 April 2022: 0.05p) each As at 27 March 2021 404,864,359 \u2013 Allotted on exercise of options during the year 242,942 \u2013 As at 2 April 2022 405,107,301 \u2013 Allotted on exercise of options during the year 236,123 \u2013 Cancellation of shares (21,075,496) \u2013 As at 1 April 2023 384,267,928 \u2013 The Company has a general authority from shareholders, renewed at each Annual General Meeting, to repurchase a maximum of 10% of its issued share capital. During the 52 weeks to 1 April 2023, the Company entered into agreements to purchase \u00a3400 million of its own shares, excluding stamp duty and fees, through two share buyback programmes of \u00a3200 million each (last year: one share buyback programme of \u00a3150 million). Both programmes were completed during the year. The cost of own shares purchased by the Company, as part of a share buyback programme, is offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. When shares are cancelled, a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and subsequently cancelled. In the 52 weeks to 1 April 2023, 21.1 million shares were cancelled (last year: none). As at 1 April 2023 the Company held 6.1 million treasury shares (last year: 8.4 million), with a market value of \u00a3157 million (last year: \u00a3140 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the share buyback programme completed during the 53 weeks to 2 April 2022. During the 52 weeks to 1 April 2023, 2.3 million treasury shares were transferred to ESOP trusts (last year: none). During the 52 weeks to 1 April 2023, no treasury shares were cancelled (last year: none). The cost of shares purchased by ESOP trusts are offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. As at 1 April 2023, the cost of own shares held by ESOP trusts and offset against retained earnings is \u00a342 million (last year: \u00a311 million). As at 1 April 2023, the ESOP trusts held 2.3 million shares (last year: 0.6 million) in the Company, with a market value of \u00a360 million (last year: \u00a310 million). In the 52 weeks to 1 April 2023 the ESOP trusts and the Company have waived their entitlement to dividends. Other reserves in the Statement of Changes in Equity consist of the capital reserve, the foreign currency translation reserve, and the hedging reserves. The hedging reserves consist of the cash flow hedge reserve and the net investment hedge reserve. Capital reserve \u00a3m Hedging reserves Foreign currency translation reserve \u00a3m Total \u00a3m Cash flow hedges \u00a3m Net investment hedge \u00a3m Balance as at 27 March 2021 41 \u2013 5 196 242 Other comprehensive income: Cash flow hedges \u2013 losses deferred in equit y \u2013 (1) \u2013 \u2013 (1) Foreign currency translation differences \u2013 \u2013 \u2013 22 22 Total comprehensive income for the year \u2013 (1) \u2013 22 21 Balance as at 2 April 2022 41 (1) 5 218 263 Other comprehensive income: Cash flow hedges \u2013 gains deferred in equit y \u2013 1 \u2013 \u2013 1 Foreign currency translation differences \u2013 \u2013 \u2013 14 14 Tax on other comprehensive income \u2013 (1) \u2013 \u2013 (1) Total comprehensive income for the year \u2013 \u2013 \u2013 14 14 Balance as at 1 April 2023 41 (1) 5 232 277 As at 1 April 2023 the amount held in the hedging reserve relating to matured net investment hedges is \u00a35 million net of tax (last year: \u00a35 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-482": {
"value": "25. Share capital and reserves Allotted, called up and fully paid share capital Number \u00a3m Ordinary shares of 0.05p (as at 2 April 2022: 0.05p) each As at 27 March 2021 404,864,359 \u2013 Allotted on exercise of options during the year 242,942 \u2013 As at 2 April 2022 405,107,301 \u2013 Allotted on exercise of options during the year 236,123 \u2013 Cancellation of shares (21,075,496) \u2013 As at 1 April 2023 384,267,928 \u2013 The Company has a general authority from shareholders, renewed at each Annual General Meeting, to repurchase a maximum of 10% of its issued share capital. During the 52 weeks to 1 April 2023, the Company entered into agreements to purchase \u00a3400 million of its own shares, excluding stamp duty and fees, through two share buyback programmes of \u00a3200 million each (last year: one share buyback programme of \u00a3150 million). Both programmes were completed during the year. The cost of own shares purchased by the Company, as part of a share buyback programme, is offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. When shares are cancelled, a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and subsequently cancelled. In the 52 weeks to 1 April 2023, 21.1 million shares were cancelled (last year: none). As at 1 April 2023 the Company held 6.1 million treasury shares (last year: 8.4 million), with a market value of \u00a3157 million (last year: \u00a3140 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the share buyback programme completed during the 53 weeks to 2 April 2022. During the 52 weeks to 1 April 2023, 2.3 million treasury shares were transferred to ESOP trusts (last year: none). During the 52 weeks to 1 April 2023, no treasury shares were cancelled (last year: none). The cost of shares purchased by ESOP trusts are offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. As at 1 April 2023, the cost of own shares held by ESOP trusts and offset against retained earnings is \u00a342 million (last year: \u00a311 million). As at 1 April 2023, the ESOP trusts held 2.3 million shares (last year: 0.6 million) in the Company, with a market value of \u00a360 million (last year: \u00a310 million). In the 52 weeks to 1 April 2023 the ESOP trusts and the Company have waived their entitlement to dividends. Other reserves in the Statement of Changes in Equity consist of the capital reserve, the foreign currency translation reserve, and the hedging reserves. The hedging reserves consist of the cash flow hedge reserve and the net investment hedge reserve. Capital reserve \u00a3m Hedging reserves Foreign currency translation reserve \u00a3m Total \u00a3m Cash flow hedges \u00a3m Net investment hedge \u00a3m Balance as at 27 March 2021 41 \u2013 5 196 242 Other comprehensive income: Cash flow hedges \u2013 losses deferred in equit y \u2013 (1) \u2013 \u2013 (1) Foreign currency translation differences \u2013 \u2013 \u2013 22 22 Total comprehensive income for the year \u2013 (1) \u2013 22 21 Balance as at 2 April 2022 41 (1) 5 218 263 Other comprehensive income: Cash flow hedges \u2013 gains deferred in equit y \u2013 1 \u2013 \u2013 1 Foreign currency translation differences \u2013 \u2013 \u2013 14 14 Tax on other comprehensive income \u2013 (1) \u2013 \u2013 (1) Total comprehensive income for the year \u2013 \u2013 \u2013 14 14 Balance as at 1 April 2023 41 (1) 5 232 277 As at 1 April 2023 the amount held in the hedging reserve relating to matured net investment hedges is \u00a35 million net of tax (last year: \u00a35 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-483": {
"value": "26. Commitments Financial commitments The Group leases various retail stores, offices, warehouses and equipment under non-cancellable lease arrangements. The liabilities for these leases are recorded on the Group\u2019s Balance Sheet when the Group obtains control of the underlying asset. The Group has additional commitments relating to leases where the Group has entered into an obligation but does not yet have control of the underlying asset. The future lease payments to which the Group is committed, over the expected lease term, which are not recorded on the Group\u2019s Balance Sheet are as follows: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Amounts falling due: Within 1 year \u2013 6 Between 2 and 5 years 14 31 After 5 years 9 30 Total 23 67 Capital commitments Contracted capital commitments represent contracts entered into by the year end for future work in respect of major capital expenditure projects relating to property, plant and equipment and intangible assets, which are not recorded on the Group\u2019s Balance Sheet and are as follows: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Capital commitments contracted but not provided for: Property, plant and equipment 38 29 Intangible assets 3 2 Total 41 31 Other commitments On 28 March 2023, Burberry announced it had entered into an agreement to acquire a business from Italian technical outerwear supplier Pattern SpA for an agreed purchase price of \u20ac21 million (\u00a318 million), subject to closing conditions and working capital adjustments. The acquisition is expected to complete in FY 2023/24. 31. Contingent liabilities The Group is subject to claims against it and to tax audits in a number of jurisdictions which arise in the ordinary course of business. These typically relate to Value Added Taxes, sales taxes, customs duties, corporate taxes, transfer pricing, payroll taxes, various contractual claims, legal proceedings and other matters. Where appropriate, the estimated cost of known obligations has been provided in these financial statements in accordance with the Group\u2019s accounting policies. The Group does not expect the outcome of current similar contingent liabilities to have a material effect on the Group\u2019s financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-455": {
"value": "26. Commitments Financial commitments The Group leases various retail stores, offices, warehouses and equipment under non-cancellable lease arrangements. The liabilities for these leases are recorded on the Group\u2019s Balance Sheet when the Group obtains control of the underlying asset. The Group has additional commitments relating to leases where the Group has entered into an obligation but does not yet have control of the underlying asset. The future lease payments to which the Group is committed, over the expected lease term, which are not recorded on the Group\u2019s Balance Sheet are as follows: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Amounts falling due: Within 1 year \u2013 6 Between 2 and 5 years 14 31 After 5 years 9 30 Total 23 67 Capital commitments Contracted capital commitments represent contracts entered into by the year end for future work in respect of major capital expenditure projects relating to property, plant and equipment and intangible assets, which are not recorded on the Group\u2019s Balance Sheet and are as follows: As at 1 April 2023 \u00a3m As at 2 April 2022 \u00a3m Capital commitments contracted but not provided for: Property, plant and equipment 38 29 Intangible assets 3 2 Total 41 31 Other commitments On 28 March 2023, Burberry announced it had entered into an agreement to acquire a business from Italian technical outerwear supplier Pattern SpA for an agreed purchase price of \u20ac21 million (\u00a318 million), subject to closing conditions and working capital adjustments. The acquisition is expected to complete in FY 2023/24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-484": {
"value": "27. Financial risk management The Group\u2019s principal financial instruments comprise derivative instruments, cash and cash equivalents, borrowings (including overdrafts), deferred consideration, trade and other receivables, and trade and other payables arising directly from operations. The Group\u2019s activities expose it to a variety of financial risks: market risks (including foreign exchange risk and interest rate risk), credit risk, liquidity risk and capital risk. Risk management is carried out by the Group treasury department (Group Treasury) based on forecast business requirements to reduce financial risk and to ensure sufficient liquidity is available to meet foreseeable needs and to invest in cash and cash equivalents safely and profitably. The Group uses derivative instruments to hedge certain risk exposures. Group Treasury does not operate as a profit centre and transacts only in relation to the underlying business requirements. The policies of Group Treasury are reviewed and approved by the Board of Directors. Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various non-sterling currencies. The Group\u2019s Income Statement is affected by transactions denominated in foreign currency. To reduce exposure to currency fluctuations, the Group has a policy of hedging foreign currency denominated transactions by entering into forward foreign exchange contracts (refer to note 18). These transactions are recorded as cash flow hedges. The Group\u2019s foreign currency transactions arise principally from purchases and sales of inventory. The Group\u2019s treasury risk management policy is to hedge, prior to market opening, 70-90% of its anticipated foreign currency exposure by currency, by season and where the net currency exposure is greater than \u00a320 million. Currently, the Group does not hedge anticipated intercompany foreign currency transactions. The Group uses forward exchange contracts to hedge its currency risk. The Group designates the spot component of foreign currency forwards in hedge relationships and applies a ratio of 1:1. The forward elements of the foreign currency forward are excluded from designation of the hedging instrument and are separately accounted for as a cost of hedging and recognised in operating expenses on a discounted basis. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the dollar offset method. In these hedge relationships ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty. There was no ineffectiveness in the 52 weeks ending 1 April 2023 (last year: no ineffectiveness). The Group monitors the desirability of hedging the net assets of overseas subsidiaries when translated into sterling for reporting purposes. The Group would use forward foreign exchange contracts to hedge net assets of overseas subsidiaries, relating to surplus cash whose remittance is foreseeable. There were no outstanding net investment hedges as at 1 April 2023 (last year: no outstanding net investment hedges). At 1 April 2023, the Group has performed a sensitivity analysis to determine the effect of sterling strengthening/weakening by 10% (last year: 10%) against other currencies with all other variables held constant. The effect on translating foreign currency denominated net cash, trade, intercompany and other financial receivables and payables and financial instruments at fair value through profit or loss as at 1 April 2023 would have been to increase/decrease operating profit for the year by \u00a34 million (last year: increase/decrease \u00a33 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash flow hedges as at 1 April 2023 would have been to decrease/increase equity by \u00a312 million (last year: decrease/increase \u00a35 million) on a post-tax basis. The following table shows the extent to which the Group has monetary assets and liabilities at the year end in currencies other than the local currency of operation, after accounting for the effect of any specific forward foreign exchange contracts used to manage currency exposure. Monetary assets and liabilities refer to cash, deposits, overdrafts, borrowings and other amounts to be received or paid in cash. Amounts exclude intercompany balances which eliminate on consolidation. Foreign exchange differences on retranslation of these assets and liabilities are recognised in Net operating expenses. As at 1 April 2023 As at 2 April 2022 Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Sterling \u2013 (2) (2) 1 (10) (9) US Dollar 1 (18) (17) \u2013 (13) (13) Euro 40 (59) (19) 15 (47) (32) Chinese Yuan Renminbi 5 \u2013 5 9 \u2013 9 Other currencies 5 (34) (29) 5 (32) (27) Total 51 (113) (62) 30 (102) (72) Interest rate risk The Group\u2019s exposure to market risk for changes in interest rates relates primarily to cash, borrowings, short-term deposits and overdrafts. The floating rate financial liabilities at 1 April 2023 are \u00a365 million (last year: \u00a345 million) due to cash pool overdrafts. The fixed rate financial liabilities at 1 April 2023 are borrowings of \u00a3298 million (last year: \u00a3298 million). If interest rates on floating rate financial liabilities had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool overdraft balances and with all other variables held constant, post-tax profit for the year would have been \u00a3nil (last year: \u00a3nil) lower/higher, as a result of higher/lower interest expense. The floating rate financial assets as at 1 April 2023 comprise short-term deposits of \u00a3874 million (last year: \u00a31,097 million), interest bearing current accounts of \u00a32 million (last year: \u00a36 million) and cash pool asset balances of \u00a367 million (last year: \u00a341 million). At 1 April 2023, if interest rates on floating rate financial assets had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool asset balances and with all other variables held constant, post-tax profit for the year would have been \u00a38 million (last year: \u00a39 million) higher/lower, as a result of higher/lower interest income. Credit risk Trade receivables The Group has no significant concentrations of credit risk. The trade receivables balance is spread across a large number of different customers with no single debtor representing more than 5% of the total balance due (last year: 5%). The Group has policies in place to ensure that wholesale sales are made to customers with an appropriate credit history. Sales to retail customers are made in cash or via major credit cards. In some retail locations, where the Group\u2019s store is contained within a department store or mall, for example a concession, the sales proceeds may be initially held by the operator of the wider location, giving rise to retail debtors. In addition, receivables balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to bad debts is not significant and default rates have historically been very low. The Group applies the simplified approach when measuring the trade receivable expected credit losses. The approach uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on segment, geographical region and the days past due. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management\u2019s expectations of credit losses change. No changes have been made to the expected loss rates during the 52 weeks to 1 April 2023. The expected credit loss allowance for receivables was determined as follows: As at 1 April 2023 Current \u00a3m Less than 1 month overdue \u00a3m Less than 2 months overdue \u00a3m Less than 3 months overdue \u00a3m Over 3 months overdue \u00a3m Total \u00a3m Trade receivables Weighted average expected loss rate % 2% 4% 6% 27% 37% Gross carrying amount of trade receivables 151 19 8 3 3 184 Loss allowance 1 (3) (1) \u2013 \u2013 (3) (7) As at 2 April 2022 Trade receivables Weighted average expected loss rate % 2% 5% 5% 5% 63% Gross carrying amount of trade receivables 111 21 9 6 4 151 Loss allowance 1 (3) (1) (1) \u2013 (2) (7) 1. The loss allowance contains expected credit loss and specific loss provisions. The closing loss allowances for receivables reconcile as follows: Receivables \u00a3m As at 27 March 2021 8 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 1 Receivables written off during the year as uncollectable \u2013 Unused amount reversed (2) As at 2 April 2022 7 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 3 Receivables written off during the year as uncollectable (1) Unused amount reversed (2) As at 1 April 2023 7 In aggregate, as at 1 April 2023 , the movement in the impairment provision on trade and other receivables and recorded in the Income Statement was an increase of \u00a31 million, of which \u00a31 million relates to contracts with customers and \u00a3nil relates to other receivables (last year: reversal of \u00a31 million of which \u00a31 million related to contracts with customers and \u00a3nil related to other receivables). During the 53 weeks to 2 April 2022, a reversal of \u00a31 million was presented as an adjusting item relating to the one- off impact of COVID-19 on expected credit losses. Refer to note 6. The maximum exposure to credit risk at the reporting date with respect to trade and other receivables is approximated by the carrying amount on the Balance Sheet. Receivables excluding trade receivables The counterparty credit risk of other receivables is reviewed on a regular basis and the impairment is assessed as follows: At inception the receivable is recorded net of expected 12-month credit losses. If a significant change in the credit risk occurs during the life of the receivable, credit losses are recorded in the profit and loss account and the effective interest is calculated using the gross carrying amount of the asset. If a loss event occurs, the effective interest is calculated using the amortised cost of the asset net of any credit losses. During the year ended 31 March 2013 the Group entered into a retail leasing arrangement in the Republic of Korea. As part of this arrangement, a KRW 27 billion (\u00a319 million) 15-year interest-free loan was provided to the landlord. The Group holds a registered mortgage over the leased property for the equivalent value of the loan which acts as collateral. At 1 April 2023, the discounted fair value of the loan is \u00a314 million (last year: \u00a314 million). The book value of the loan, recorded at amortised cost, is \u00a314 million (last year: \u00a313 million). Other than this arrangement, the Group does not hold any other collateral as security. Management considers that the security provided by the mortgage is sufficient risk mitigation and hence the credit loss relating to this receivable is not significant. Other financial assets With respect to credit risk arising from other financial assets, which comprise cash and short-term deposits and certain derivative instruments, the Group\u2019s exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to the carrying value of these instruments. The Group has policies that limit the amount of credit exposure to any financial institution and only deposits funds with independently rated financial institutions with a minimum rating of \u2018A\u2019 other than where required for operational purposes. A total of \u00a36 million (last year: \u00a37 million) was held with institutions with a rating below \u2018A\u2019 at 1 April 2023. These amounts are monitored on a weekly basis by the Treasury Committee. Liquidity risk The Group\u2019s financial risk management policy aims to ensure that sufficient cash is maintained to meet foreseeable needs and close out market positions. Due to the dynamic nature of the underlying business, Group Treasury aims to maintain flexibility in funding by keeping committed credit lines available. For further details, refer to notes 23 and 24. All short-term trade and other payables, accruals, and bank overdrafts mature within one year or less. The carrying value of all financial liabilities due in less than one year is equal to their contractual undiscounted cash flows, with the exception of lease liabilities. The undiscounted contractual cash flows for lease liabilities due in less than one year is \u00a3237 million (last year: \u00a3218 million). The maturity profile of the contractual undiscounted cash flows of the Group\u2019s non-current financial liabilities, excluding derivatives used for hedging, is as follows: As at 1 April 2023 As at 2 April 2022 Lease liabilities \u00a3m Other \u00a3m Total \u00a3m Lease liabilities \u00a3m Other \u00a3m Total \u00a3m In more than 1 year, but not more than 2 years 227 \u2013 227 169 10 179 In more than 2 years, but not more than 3 years 186 300 486 158 \u2013 158 In more than 3 years, but not more than 4 years 142 \u2013 142 136 300 436 In more than 4 years, but not more than 5 years 122 \u2013 122 112 \u2013 112 In more than 5 years 330 \u2013 330 362 \u2013 362 Total financial liabilities 1,007 300 1,307 937 310 1,247 As at 1 April 2023, other non-current financial liabilities relate to borrowings of \u00a3298 million (last year: borrowings of \u00a3298 million and other payables of \u00a39 million). Refer to note 24. Capital risk The Board reviews the Group\u2019s capital allocation policy annually. The Group\u2019s capital allocation framework defines its priorities for uses of cash, underpinned by its principle to maintain a strong balance sheet with a solid investment grade credit rating. The framework has four priorities for the use of cash generated from operations: \u2022 re-investment in the business to drive organic growth \u2022 maintaining a progressive dividend policy \u2022 continuing to pursue selective inorganic strategic investment and \u2022 to the extent that there is surplus capital to these needs, providing additional returns to shareholders At 1 April 2023, the Group had net cash of \u00a3961 million (last year: \u00a31,177 million), borrowings of \u00a3298 million (last year: \u00a3298 million) and total equity excluding non-controlling interests of \u00a31,533 million (last year: \u00a31,613 million). The borrowings at 1 April 2023 relate to medium term notes with a face value of \u00a3300 million (last year: \u00a3300 million). For further details, refer to note 24. Potential additional sources of funding available to the Group include undrawn and additional bank facilities, longer-term debt and equity funding. The Group\u2019s current capital resources, together with the potential additional sources of funding, are considered sufficient to address the Group\u2019s capital risk. Having considered the future cash generation, growth, productivity and investment plans, taking into consideration the current challenging external environment and relevant financial parameters, the Group decided to continue the share buyback programme it began in May 2016. During the year ended 1 April 2023, the Company entered into agreements to purchase \u00a3400 million (last year: \u00a3150 million) of its own shares as part of the programme. For further details, refer to note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-456": {
"value": "27. Financial risk management The Group\u2019s principal financial instruments comprise derivative instruments, cash and cash equivalents, borrowings (including overdrafts), deferred consideration, trade and other receivables, and trade and other payables arising directly from operations. The Group\u2019s activities expose it to a variety of financial risks: market risks (including foreign exchange risk and interest rate risk), credit risk, liquidity risk and capital risk. Risk management is carried out by the Group treasury department (Group Treasury) based on forecast business requirements to reduce financial risk and to ensure sufficient liquidity is available to meet foreseeable needs and to invest in cash and cash equivalents safely and profitably. The Group uses derivative instruments to hedge certain risk exposures. Group Treasury does not operate as a profit centre and transacts only in relation to the underlying business requirements. The policies of Group Treasury are reviewed and approved by the Board of Directors. Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various non-sterling currencies. The Group\u2019s Income Statement is affected by transactions denominated in foreign currency. To reduce exposure to currency fluctuations, the Group has a policy of hedging foreign currency denominated transactions by entering into forward foreign exchange contracts (refer to note 18). These transactions are recorded as cash flow hedges. The Group\u2019s foreign currency transactions arise principally from purchases and sales of inventory. The Group\u2019s treasury risk management policy is to hedge, prior to market opening, 70-90% of its anticipated foreign currency exposure by currency, by season and where the net currency exposure is greater than \u00a320 million. Currently, the Group does not hedge anticipated intercompany foreign currency transactions. The Group uses forward exchange contracts to hedge its currency risk. The Group designates the spot component of foreign currency forwards in hedge relationships and applies a ratio of 1:1. The forward elements of the foreign currency forward are excluded from designation of the hedging instrument and are separately accounted for as a cost of hedging and recognised in operating expenses on a discounted basis. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the dollar offset method. In these hedge relationships ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty. There was no ineffectiveness in the 52 weeks ending 1 April 2023 (last year: no ineffectiveness). The Group monitors the desirability of hedging the net assets of overseas subsidiaries when translated into sterling for reporting purposes. The Group would use forward foreign exchange contracts to hedge net assets of overseas subsidiaries, relating to surplus cash whose remittance is foreseeable. There were no outstanding net investment hedges as at 1 April 2023 (last year: no outstanding net investment hedges). At 1 April 2023, the Group has performed a sensitivity analysis to determine the effect of sterling strengthening/weakening by 10% (last year: 10%) against other currencies with all other variables held constant. The effect on translating foreign currency denominated net cash, trade, intercompany and other financial receivables and payables and financial instruments at fair value through profit or loss as at 1 April 2023 would have been to increase/decrease operating profit for the year by \u00a34 million (last year: increase/decrease \u00a33 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash flow hedges as at 1 April 2023 would have been to decrease/increase equity by \u00a312 million (last year: decrease/increase \u00a35 million) on a post-tax basis. The following table shows the extent to which the Group has monetary assets and liabilities at the year end in currencies other than the local currency of operation, after accounting for the effect of any specific forward foreign exchange contracts used to manage currency exposure. Monetary assets and liabilities refer to cash, deposits, overdrafts, borrowings and other amounts to be received or paid in cash. Amounts exclude intercompany balances which eliminate on consolidation. Foreign exchange differences on retranslation of these assets and liabilities are recognised in Net operating expenses. As at 1 April 2023 As at 2 April 2022 Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Sterling \u2013 (2) (2) 1 (10) (9) US Dollar 1 (18) (17) \u2013 (13) (13) Euro 40 (59) (19) 15 (47) (32) Chinese Yuan Renminbi 5 \u2013 5 9 \u2013 9 Other currencies 5 (34) (29) 5 (32) (27) Total 51 (113) (62) 30 (102) (72) Interest rate risk The Group\u2019s exposure to market risk for changes in interest rates relates primarily to cash, borrowings, short-term deposits and overdrafts. The floating rate financial liabilities at 1 April 2023 are \u00a365 million (last year: \u00a345 million) due to cash pool overdrafts. The fixed rate financial liabilities at 1 April 2023 are borrowings of \u00a3298 million (last year: \u00a3298 million). If interest rates on floating rate financial liabilities had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool overdraft balances and with all other variables held constant, post-tax profit for the year would have been \u00a3nil (last year: \u00a3nil) lower/higher, as a result of higher/lower interest expense. The floating rate financial assets as at 1 April 2023 comprise short-term deposits of \u00a3874 million (last year: \u00a31,097 million), interest bearing current accounts of \u00a32 million (last year: \u00a36 million) and cash pool asset balances of \u00a367 million (last year: \u00a341 million). At 1 April 2023, if interest rates on floating rate financial assets had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool asset balances and with all other variables held constant, post-tax profit for the year would have been \u00a38 million (last year: \u00a39 million) higher/lower, as a result of higher/lower interest income. Credit risk Trade receivables The Group has no significant concentrations of credit risk. The trade receivables balance is spread across a large number of different customers with no single debtor representing more than 5% of the total balance due (last year: 5%). The Group has policies in place to ensure that wholesale sales are made to customers with an appropriate credit history. Sales to retail customers are made in cash or via major credit cards. In some retail locations, where the Group\u2019s store is contained within a department store or mall, for example a concession, the sales proceeds may be initially held by the operator of the wider location, giving rise to retail debtors. In addition, receivables balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to bad debts is not significant and default rates have historically been very low. The Group applies the simplified approach when measuring the trade receivable expected credit losses. The approach uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on segment, geographical region and the days past due. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management\u2019s expectations of credit losses change. No changes have been made to the expected loss rates during the 52 weeks to 1 April 2023. The expected credit loss allowance for receivables was determined as follows: As at 1 April 2023 Current \u00a3m Less than 1 month overdue \u00a3m Less than 2 months overdue \u00a3m Less than 3 months overdue \u00a3m Over 3 months overdue \u00a3m Total \u00a3m Trade receivables Weighted average expected loss rate % 2% 4% 6% 27% 37% Gross carrying amount of trade receivables 151 19 8 3 3 184 Loss allowance 1 (3) (1) \u2013 \u2013 (3) (7) As at 2 April 2022 Trade receivables Weighted average expected loss rate % 2% 5% 5% 5% 63% Gross carrying amount of trade receivables 111 21 9 6 4 151 Loss allowance 1 (3) (1) (1) \u2013 (2) (7) 1. The loss allowance contains expected credit loss and specific loss provisions. The closing loss allowances for receivables reconcile as follows: Receivables \u00a3m As at 27 March 2021 8 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 1 Receivables written off during the year as uncollectable \u2013 Unused amount reversed (2) As at 2 April 2022 7 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 3 Receivables written off during the year as uncollectable (1) Unused amount reversed (2) As at 1 April 2023 7 In aggregate, as at 1 April 2023 , the movement in the impairment provision on trade and other receivables and recorded in the Income Statement was an increase of \u00a31 million, of which \u00a31 million relates to contracts with customers and \u00a3nil relates to other receivables (last year: reversal of \u00a31 million of which \u00a31 million related to contracts with customers and \u00a3nil related to other receivables). During the 53 weeks to 2 April 2022, a reversal of \u00a31 million was presented as an adjusting item relating to the one- off impact of COVID-19 on expected credit losses. Refer to note 6. The maximum exposure to credit risk at the reporting date with respect to trade and other receivables is approximated by the carrying amount on the Balance Sheet. Receivables excluding trade receivables The counterparty credit risk of other receivables is reviewed on a regular basis and the impairment is assessed as follows: At inception the receivable is recorded net of expected 12-month credit losses. If a significant change in the credit risk occurs during the life of the receivable, credit losses are recorded in the profit and loss account and the effective interest is calculated using the gross carrying amount of the asset. If a loss event occurs, the effective interest is calculated using the amortised cost of the asset net of any credit losses. During the year ended 31 March 2013 the Group entered into a retail leasing arrangement in the Republic of Korea. As part of this arrangement, a KRW 27 billion (\u00a319 million) 15-year interest-free loan was provided to the landlord. The Group holds a registered mortgage over the leased property for the equivalent value of the loan which acts as collateral. At 1 April 2023, the discounted fair value of the loan is \u00a314 million (last year: \u00a314 million). The book value of the loan, recorded at amortised cost, is \u00a314 million (last year: \u00a313 million). Other than this arrangement, the Group does not hold any other collateral as security. Management considers that the security provided by the mortgage is sufficient risk mitigation and hence the credit loss relating to this receivable is not significant. Other financial assets With respect to credit risk arising from other financial assets, which comprise cash and short-term deposits and certain derivative instruments, the Group\u2019s exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to the carrying value of these instruments. The Group has policies that limit the amount of credit exposure to any financial institution and only deposits funds with independently rated financial institutions with a minimum rating of \u2018A\u2019 other than where required for operational purposes. A total of \u00a36 million (last year: \u00a37 million) was held with institutions with a rating below \u2018A\u2019 at 1 April 2023. These amounts are monitored on a weekly basis by the Treasury Committee. Liquidity risk The Group\u2019s financial risk management policy aims to ensure that sufficient cash is maintained to meet foreseeable needs and close out market positions. Due to the dynamic nature of the underlying business, Group Treasury aims to maintain flexibility in funding by keeping committed credit lines available. For further details, refer to notes 23 and 24. All short-term trade and other payables, accruals, and bank overdrafts mature within one year or less. The carrying value of all financial liabilities due in less than one year is equal to their contractual undiscounted cash flows, with the exception of lease liabilities. The undiscounted contractual cash flows for lease liabilities due in less than one year is \u00a3237 million (last year: \u00a3218 million). The maturity profile of the contractual undiscounted cash flows of the Group\u2019s non-current financial liabilities, excluding derivatives used for hedging, is as follows: As at 1 April 2023 As at 2 April 2022 Lease liabilities \u00a3m Other \u00a3m Total \u00a3m Lease liabilities \u00a3m Other \u00a3m Total \u00a3m In more than 1 year, but not more than 2 years 227 \u2013 227 169 10 179 In more than 2 years, but not more than 3 years 186 300 486 158 \u2013 158 In more than 3 years, but not more than 4 years 142 \u2013 142 136 300 436 In more than 4 years, but not more than 5 years 122 \u2013 122 112 \u2013 112 In more than 5 years 330 \u2013 330 362 \u2013 362 Total financial liabilities 1,007 300 1,307 937 310 1,247 As at 1 April 2023, other non-current financial liabilities relate to borrowings of \u00a3298 million (last year: borrowings of \u00a3298 million and other payables of \u00a39 million). Refer to note 24. Capital risk The Board reviews the Group\u2019s capital allocation policy annually. The Group\u2019s capital allocation framework defines its priorities for uses of cash, underpinned by its principle to maintain a strong balance sheet with a solid investment grade credit rating. The framework has four priorities for the use of cash generated from operations: \u2022 re-investment in the business to drive organic growth \u2022 maintaining a progressive dividend policy \u2022 continuing to pursue selective inorganic strategic investment and \u2022 to the extent that there is surplus capital to these needs, providing additional returns to shareholders At 1 April 2023, the Group had net cash of \u00a3961 million (last year: \u00a31,177 million), borrowings of \u00a3298 million (last year: \u00a3298 million) and total equity excluding non-controlling interests of \u00a31,533 million (last year: \u00a31,613 million). The borrowings at 1 April 2023 relate to medium term notes with a face value of \u00a3300 million (last year: \u00a3300 million). For further details, refer to note 24. Potential additional sources of funding available to the Group include undrawn and additional bank facilities, longer-term debt and equity funding. The Group\u2019s current capital resources, together with the potential additional sources of funding, are considered sufficient to address the Group\u2019s capital risk. Having considered the future cash generation, growth, productivity and investment plans, taking into consideration the current challenging external environment and relevant financial parameters, the Group decided to continue the share buyback programme it began in May 2016. During the year ended 1 April 2023, the Company entered into agreements to purchase \u00a3400 million (last year: \u00a3150 million) of its own shares as part of the programme. For further details, refer to note 25. ",
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"fact-496": {
"value": "Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various non-sterling currencies. The Group\u2019s Income Statement is affected by transactions denominated in foreign currency. To reduce exposure to currency fluctuations, the Group has a policy of hedging foreign currency denominated transactions by entering into forward foreign exchange contracts (refer to note 18). These transactions are recorded as cash flow hedges. The Group\u2019s foreign currency transactions arise principally from purchases and sales of inventory. The Group\u2019s treasury risk management policy is to hedge, prior to market opening, 70-90% of its anticipated foreign currency exposure by currency, by season and where the net currency exposure is greater than \u00a320 million. Currently, the Group does not hedge anticipated intercompany foreign currency transactions. The Group uses forward exchange contracts to hedge its currency risk. The Group designates the spot component of foreign currency forwards in hedge relationships and applies a ratio of 1:1. The forward elements of the foreign currency forward are excluded from designation of the hedging instrument and are separately accounted for as a cost of hedging and recognised in operating expenses on a discounted basis. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the dollar offset method. In these hedge relationships ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty. There was no ineffectiveness in the 52 weeks ending 1 April 2023 (last year: no ineffectiveness). The Group monitors the desirability of hedging the net assets of overseas subsidiaries when translated into sterling for reporting purposes. The Group would use forward foreign exchange contracts to hedge net assets of overseas subsidiaries, relating to surplus cash whose remittance is foreseeable. There were no outstanding net investment hedges as at 1 April 2023 (last year: no outstanding net investment hedges). At 1 April 2023, the Group has performed a sensitivity analysis to determine the effect of sterling strengthening/weakening by 10% (last year: 10%) against other currencies with all other variables held constant. The effect on translating foreign currency denominated net cash, trade, intercompany and other financial receivables and payables and financial instruments at fair value through profit or loss as at 1 April 2023 would have been to increase/decrease operating profit for the year by \u00a34 million (last year: increase/decrease \u00a33 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash flow hedges as at 1 April 2023 would have been to decrease/increase equity by \u00a312 million (last year: decrease/increase \u00a35 million) on a post-tax basis. The following table shows the extent to which the Group has monetary assets and liabilities at the year end in currencies other than the local currency of operation, after accounting for the effect of any specific forward foreign exchange contracts used to manage currency exposure. Monetary assets and liabilities refer to cash, deposits, overdrafts, borrowings and other amounts to be received or paid in cash. Amounts exclude intercompany balances which eliminate on consolidation. Foreign exchange differences on retranslation of these assets and liabilities are recognised in Net operating expenses. As at 1 April 2023 As at 2 April 2022 Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Monetary assets \u00a3m Monetary liabilities \u00a3m Net \u00a3m Sterling \u2013 (2) (2) 1 (10) (9) US Dollar 1 (18) (17) \u2013 (13) (13) Euro 40 (59) (19) 15 (47) (32) Chinese Yuan Renminbi 5 \u2013 5 9 \u2013 9 Other currencies 5 (34) (29) 5 (32) (27) Total 51 (113) (62) 30 (102) (72) Interest rate risk The Group\u2019s exposure to market risk for changes in interest rates relates primarily to cash, borrowings, short-term deposits and overdrafts. The floating rate financial liabilities at 1 April 2023 are \u00a365 million (last year: \u00a345 million) due to cash pool overdrafts. The fixed rate financial liabilities at 1 April 2023 are borrowings of \u00a3298 million (last year: \u00a3298 million). If interest rates on floating rate financial liabilities had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool overdraft balances and with all other variables held constant, post-tax profit for the year would have been \u00a3nil (last year: \u00a3nil) lower/higher, as a result of higher/lower interest expense. The floating rate financial assets as at 1 April 2023 comprise short-term deposits of \u00a3874 million (last year: \u00a31,097 million), interest bearing current accounts of \u00a32 million (last year: \u00a36 million) and cash pool asset balances of \u00a367 million (last year: \u00a341 million). At 1 April 2023, if interest rates on floating rate financial assets had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool asset balances and with all other variables held constant, post-tax profit for the year would have been \u00a38 million (last year: \u00a39 million) higher/lower, as a result of higher/lower interest income. ",
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"fact-497": {
"value": "Credit risk Trade receivables The Group has no significant concentrations of credit risk. The trade receivables balance is spread across a large number of different customers with no single debtor representing more than 5% of the total balance due (last year: 5%). The Group has policies in place to ensure that wholesale sales are made to customers with an appropriate credit history. Sales to retail customers are made in cash or via major credit cards. In some retail locations, where the Group\u2019s store is contained within a department store or mall, for example a concession, the sales proceeds may be initially held by the operator of the wider location, giving rise to retail debtors. In addition, receivables balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to bad debts is not significant and default rates have historically been very low. The Group applies the simplified approach when measuring the trade receivable expected credit losses. The approach uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on segment, geographical region and the days past due. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management\u2019s expectations of credit losses change. No changes have been made to the expected loss rates during the 52 weeks to 1 April 2023. The expected credit loss allowance for receivables was determined as follows: As at 1 April 2023 Current \u00a3m Less than 1 month overdue \u00a3m Less than 2 months overdue \u00a3m Less than 3 months overdue \u00a3m Over 3 months overdue \u00a3m Total \u00a3m Trade receivables Weighted average expected loss rate % 2% 4% 6% 27% 37% Gross carrying amount of trade receivables 151 19 8 3 3 184 Loss allowance 1 (3) (1) \u2013 \u2013 (3) (7) As at 2 April 2022 Trade receivables Weighted average expected loss rate % 2% 5% 5% 5% 63% Gross carrying amount of trade receivables 111 21 9 6 4 151 Loss allowance 1 (3) (1) (1) \u2013 (2) (7) 1. The loss allowance contains expected credit loss and specific loss provisions. The closing loss allowances for receivables reconcile as follows: Receivables \u00a3m As at 27 March 2021 8 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 1 Receivables written off during the year as uncollectable \u2013 Unused amount reversed (2) As at 2 April 2022 7 Effect of foreign exchange rate changes \u2013 Impairment provision recognised in profit or loss during the year 3 Receivables written off during the year as uncollectable (1) Unused amount reversed (2) As at 1 April 2023 7 In aggregate, as at 1 April 2023 , the movement in the impairment provision on trade and other receivables and recorded in the Income Statement was an increase of \u00a31 million, of which \u00a31 million relates to contracts with customers and \u00a3nil relates to other receivables (last year: reversal of \u00a31 million of which \u00a31 million related to contracts with customers and \u00a3nil related to other receivables). During the 53 weeks to 2 April 2022, a reversal of \u00a31 million was presented as an adjusting item relating to the one- off impact of COVID-19 on expected credit losses. Refer to note 6. The maximum exposure to credit risk at the reporting date with respect to trade and other receivables is approximated by the carrying amount on the Balance Sheet. Receivables excluding trade receivables The counterparty credit risk of other receivables is reviewed on a regular basis and the impairment is assessed as follows: At inception the receivable is recorded net of expected 12-month credit losses. If a significant change in the credit risk occurs during the life of the receivable, credit losses are recorded in the profit and loss account and the effective interest is calculated using the gross carrying amount of the asset. If a loss event occurs, the effective interest is calculated using the amortised cost of the asset net of any credit losses. During the year ended 31 March 2013 the Group entered into a retail leasing arrangement in the Republic of Korea. As part of this arrangement, a KRW 27 billion (\u00a319 million) 15-year interest-free loan was provided to the landlord. The Group holds a registered mortgage over the leased property for the equivalent value of the loan which acts as collateral. At 1 April 2023, the discounted fair value of the loan is \u00a314 million (last year: \u00a314 million). The book value of the loan, recorded at amortised cost, is \u00a314 million (last year: \u00a313 million). Other than this arrangement, the Group does not hold any other collateral as security. Management considers that the security provided by the mortgage is sufficient risk mitigation and hence the credit loss relating to this receivable is not significant. Other financial assets With respect to credit risk arising from other financial assets, which comprise cash and short-term deposits and certain derivative instruments, the Group\u2019s exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to the carrying value of these instruments. The Group has policies that limit the amount of credit exposure to any financial institution and only deposits funds with independently rated financial institutions with a minimum rating of \u2018A\u2019 other than where required for operational purposes. A total of \u00a36 million (last year: \u00a37 million) was held with institutions with a rating below \u2018A\u2019 at 1 April 2023. These amounts are monitored on a weekly basis by the Treasury Committee. ",
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"fact-498": {
"value": "Liquidity risk The Group\u2019s financial risk management policy aims to ensure that sufficient cash is maintained to meet foreseeable needs and close out market positions. Due to the dynamic nature of the underlying business, Group Treasury aims to maintain flexibility in funding by keeping committed credit lines available. For further details, refer to notes 23 and 24. All short-term trade and other payables, accruals, and bank overdrafts mature within one year or less. The carrying value of all financial liabilities due in less than one year is equal to their contractual undiscounted cash flows, with the exception of lease liabilities. The undiscounted contractual cash flows for lease liabilities due in less than one year is \u00a3237 million (last year: \u00a3218 million). The maturity profile of the contractual undiscounted cash flows of the Group\u2019s non-current financial liabilities, excluding derivatives used for hedging, is as follows: As at 1 April 2023 As at 2 April 2022 Lease liabilities \u00a3m Other \u00a3m Total \u00a3m Lease liabilities \u00a3m Other \u00a3m Total \u00a3m In more than 1 year, but not more than 2 years 227 \u2013 227 169 10 179 In more than 2 years, but not more than 3 years 186 300 486 158 \u2013 158 In more than 3 years, but not more than 4 years 142 \u2013 142 136 300 436 In more than 4 years, but not more than 5 years 122 \u2013 122 112 \u2013 112 In more than 5 years 330 \u2013 330 362 \u2013 362 Total financial liabilities 1,007 300 1,307 937 310 1,247 As at 1 April 2023, other non-current financial liabilities relate to borrowings of \u00a3298 million (last year: borrowings of \u00a3298 million and other payables of \u00a39 million). Refer to note 24. ",
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"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
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"fact-499": {
"value": "Capital risk The Board reviews the Group\u2019s capital allocation policy annually. The Group\u2019s capital allocation framework defines its priorities for uses of cash, underpinned by its principle to maintain a strong balance sheet with a solid investment grade credit rating. The framework has four priorities for the use of cash generated from operations: \u2022 re-investment in the business to drive organic growth \u2022 maintaining a progressive dividend policy \u2022 continuing to pursue selective inorganic strategic investment and \u2022 to the extent that there is surplus capital to these needs, providing additional returns to shareholders At 1 April 2023, the Group had net cash of \u00a3961 million (last year: \u00a31,177 million), borrowings of \u00a3298 million (last year: \u00a3298 million) and total equity excluding non-controlling interests of \u00a31,533 million (last year: \u00a31,613 million). The borrowings at 1 April 2023 relate to medium term notes with a face value of \u00a3300 million (last year: \u00a3300 million). For further details, refer to note 24. Potential additional sources of funding available to the Group include undrawn and additional bank facilities, longer-term debt and equity funding. The Group\u2019s current capital resources, together with the potential additional sources of funding, are considered sufficient to address the Group\u2019s capital risk. Having considered the future cash generation, growth, productivity and investment plans, taking into consideration the current challenging external environment and relevant financial parameters, the Group decided to continue the share buyback programme it began in May 2016. During the year ended 1 April 2023, the Company entered into agreements to purchase \u00a3400 million (last year: \u00a3150 million) of its own shares as part of the programme. For further details, refer to note 25. ",
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"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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"fact-457": {
"value": "28. Employee costs Staff costs, including the cost of Directors, incurred during the year are as shown below. Directors\u2019 remuneration, which is separately disclosed in the Directors\u2019 Remuneration Report on pages 200 to 245 and forms part of these financial statements, includes, for those share options and awards where performance obligations have been met, the notional gains arising on the future exercise but excludes the charge in respect of these share options and awards recognised in the Group Income Statement. 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Wages and salaries 468 446 Social security costs 60 57 Pension costs 20 18 548 521 Termination benefits 8 10 Share-based compensation (all awards and options settled in shares) 19 16 Total 575 547 Employee costs include a charge of \u00a310 million (last year: charge of \u00a310 million) arising as a result of the Group\u2019s restructuring programmes which has been presented as an adjusting item. Refer to note 6 for further details. Pension costs include contributions to the Group\u2019s defined contribution plan for eligible employees. The average number of full-time equivalent employees (including Executive Directors) during the year was as follows: Number of employees 52 weeks to 1 April 2023 53 weeks to 2 April 2022 EMEIA 1 4,394 4,478 Americas 1,303 1,292 Asia Pacific 3,171 3,209 Total 8,868 8,979 1. EMEIA comprises Europe, Middle East, India and Africa. Shares and share options granted to Directors and employees The Group operates a number of equity-settled share-based compensation schemes for its Directors and employees; the fair value charge relating to these schemes is \u00a319 million. Details of each of these schemes are set out in this note. The share option schemes have been valued using the Black-Scholes option pricing model. The share awards have been valued using the closing price of an ordinary share at the date of grant. The key inputs used in the Black-Scholes pricing model to determine the fair value include: the share price at the commencement date; the exercise price attached to the option; the expected life of the option; an appropriate risk-free interest rate; a dividend yield discount for those schemes that do not accrue dividends during the course of the vesting period; and an expected share price volatility, which is determined by calculating the historical annualised standard deviation of the market price of Burberry Group plc shares over a period of time, prior to the grant, equivalent to the expected life of the option. Where applicable, equity swaps have been entered into to cover future employer\u2019s national insurance liability (or overseas equivalent) that may arise in respect of these schemes. The Burberry Share Plan 2020 (the BSP) The BSP was approved by shareholders and adopted by the Company in the year ended 27 March 2021 to replace the Burberry Group plc Executive Share Plan (ESP) as the Group\u2019s main long-term incentive plan. Under the BSP rules, participants may be awarded either conditional share awards or phantom awards, up to a maximum value of three times base salary per annum. Awards may be subject to performance underpins. If the Company does not meet one or more of the performance underpins over the relevant vesting period, the Remuneration Committee would consider whether it is appropriate to scale back the level of pay-out under the BSP award. For the BSP awards made to the Executive Directors, 1/3 of the award will vest on the third anniversary of the grant date, 1/3 of the award will vest on the fourth anniversary of the grant date and the remaining balance of the award will vest on the fifth anniversary of the grant date, subject to continued employment. Awards made to senior employees will not be subject to performance conditions or underpins and will vest in full on the third anniversary of the grant date, subject to continued employment. During the year, the fair value charge relating to the BSP awards was \u00a39 million and the following grants were made under the BSP: Targets Date of grant Options granted Fair value Participant group Performance conditions/underpins Threshold Maximum 27 July 2022 991,831 \u00a317.21 Management Continued service N/A N/A 27 July 2022 174,874 \u00a317.21 Executive Directors Underpins: Total revenue \u00a32,400m N/A ROIC WACC N/A Brand and sustainability Reasonable progress N/A 24 November 2022 86,928 \u00a320.94 Management Continued service N/A N/A The fair values for the above grants are equivalent to the closing price of an ordinary share on the grant date as follows: 27 July 2022 24 November 2022 Share price at contract commencement date \u00a317.21 \u00a320.94 Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process. Movements in the number of BSP share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,701,810 1,424,090 Granted during the year 1,253,633 782,208 Lapsed and forfeited during the year (539,186) (350,708) Exercised in the year (154,305) (153,780) Outstanding at end of year 2,261,952 1,701,810 Exercisable at end of year 2,519 1,451 Vesting after end of year 2,259,433 1,700,459 Share awards outstanding at the end of the year have the following terms: Term of the award Number of awards as at 1 April 2023 Number of awards as at 2 April 2022 20 August 2020 \u2013 20 August 2025 \u2013 71,323 20 August 2020 \u2013 23 July 2023 636,732 772,852 19 November 2020 \u2013 19 November 2023 6,933 6,933 23 November 2020 \u2013 23 November 2022 \u2013 117,453 27 July 2021 \u2013 27 July 2026 \u2013 52,111 27 July 2021 \u2013 27 July 2024 559,954 674,377 18 November 2021 \u2013 18 November 2024 6,761 6,761 27 July 2022 \u2013 27 July 2027 104,131 \u2013 27 July 2022 \u2013 27 July 2025 860,513 \u2013 24 November 2022 \u2013 24 November 2025 86,928 \u2013 Total 2,261,952 1,701,810 The weighted average term of the BSP awards is 3 years. The Burberry Group plc Executive Share Plan (the ESP) The ESP was approved by the shareholders and adopted by the Company in the year ended 31 March 2015 with the final grant made on 27 February 2020. Under the ESP, participants were awarded shares, structured as either nil-cost options, conditional share awards or phantom awards, up to a maximum value of normally four times base salary per annum. Awards may be subject to a combination of non- market performance conditions, including: compound annual Group adjusted PBT growth; compound annual Group revenue growth; and average retail/wholesale adjusted return on invested capital (ROIC). Performance conditions were measured over a three-year period from the last reporting period prior to the grant date and awards vested in two tranches in years 3 and 4. Thresholds and targets for all ESP schemes have now been assessed and the number of shares awarded has been approved. Awards made to management were not subject to performance conditions apart from continued service during the vesting period. Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process. During the year, the fair value charge relating to the ESP awards was \u00a31 million. Movements in the number of ESP share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,259,041 2,691,413 Lapsed and forfeited during the year (736,848) (1,259,441) Exercised during the year (236,287) (172,931) Outstanding at end of year 285,906 1,259,041 Exercisable at end of year 132,378 128,531 Vesting after end of year 153,528 1,130,690 The weighted average first available exercise date for the ESP scheme is 5 June 2023. One-off awards The Company grants conditional share awards as one-off awards. Some of these awards vest in tranches, which vary by award, and are dependent upon continued employment over the vesting period. The fair values for these awards are equivalent to the closing price of an ordinary share on the grant date. During the year, the fair value charge relating to the one-off awards was \u00a35 million. Movements in the number of one-off share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,063,048 785,371 Granted during the year 7,720 359,252 Lapsed and forfeited during the year (537,605) (13,375) Exercised during the year (192,414) (68,200) Outstanding at end of year 340,749 1,063,048 Exercisable at end of year 31,311 31,311 Vesting after end of year 309,438 1,031,737 The weighted average first available exercise date for the one-off awards is 2 September 2023 and the latest vesting date is 18 November 2023. Other schemes The Group also grants to employees options under the Burberry Group plc ShareSave Plan 2021 (ShareSave), and free shares under a Burberry Group plc Share Incentive Plan (SIP) for employees in the UK and the Burberry Group plc International Free Share Plan 2021 (IFSP) for employees outside the UK. In the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022, options were granted under ShareSave with a three-year and five-year vesting period. Additional awards were granted under the SIP and the IFSP, offering employees awards of ordinary shares in the Company at a \u00a3nil exercise price. All awards vest after three years and the vesting of these share awards is dependent on continued employment over the vesting period. The fair value charge for these schemes was \u00a34 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-485": {
"value": "Staff costs, including the cost of Directors, incurred during the year are as shown below. Directors\u2019 remuneration, which is separately disclosed in the Directors\u2019 Remuneration Report on pages 200 to 245 and forms part of these financial statements, includes, for those share options and awards where performance obligations have been met, the notional gains arising on the future exercise but excludes the charge in respect of these share options and awards recognised in the Group Income Statement. 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Wages and salaries 468 446 Social security costs 60 57 Pension costs 20 18 548 521 Termination benefits 8 10 Share-based compensation (all awards and options settled in shares) 19 16 Total 575 547 Employee costs include a charge of \u00a310 million (last year: charge of \u00a310 million) arising as a result of the Group\u2019s restructuring programmes which has been presented as an adjusting item. Refer to note 6 for further details. Pension costs include contributions to the Group\u2019s defined contribution plan for eligible employees. The average number of full-time equivalent employees (including Executive Directors) during the year was as follows: Number of employees 52 weeks to 1 April 2023 53 weeks to 2 April 2022 EMEIA 1 4,394 4,478 Americas 1,303 1,292 Asia Pacific 3,171 3,209 Total 8,868 8,979 1. EMEIA comprises Europe, Middle East, India and Africa. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-486": {
"value": "Shares and share options granted to Directors and employees The Group operates a number of equity-settled share-based compensation schemes for its Directors and employees; the fair value charge relating to these schemes is \u00a319 million. Details of each of these schemes are set out in this note. The share option schemes have been valued using the Black-Scholes option pricing model. The share awards have been valued using the closing price of an ordinary share at the date of grant. The key inputs used in the Black-Scholes pricing model to determine the fair value include: the share price at the commencement date; the exercise price attached to the option; the expected life of the option; an appropriate risk-free interest rate; a dividend yield discount for those schemes that do not accrue dividends during the course of the vesting period; and an expected share price volatility, which is determined by calculating the historical annualised standard deviation of the market price of Burberry Group plc shares over a period of time, prior to the grant, equivalent to the expected life of the option. Where applicable, equity swaps have been entered into to cover future employer\u2019s national insurance liability (or overseas equivalent) that may arise in respect of these schemes. Shares and share options granted to Directors and employees continued The Burberry Share Plan 2020 (the BSP) The BSP was approved by shareholders and adopted by the Company in the year ended 27 March 2021 to replace the Burberry Group plc Executive Share Plan (ESP) as the Group\u2019s main long-term incentive plan. Under the BSP rules, participants may be awarded either conditional share awards or phantom awards, up to a maximum value of three times base salary per annum. Awards may be subject to performance underpins. If the Company does not meet one or more of the performance underpins over the relevant vesting period, the Remuneration Committee would consider whether it is appropriate to scale back the level of pay-out under the BSP award. For the BSP awards made to the Executive Directors, 1/3 of the award will vest on the third anniversary of the grant date, 1/3 of the award will vest on the fourth anniversary of the grant date and the remaining balance of the award will vest on the fifth anniversary of the grant date, subject to continued employment. Awards made to senior employees will not be subject to performance conditions or underpins and will vest in full on the third anniversary of the grant date, subject to continued employment. During the year, the fair value charge relating to the BSP awards was \u00a39 million and the following grants were made under the BSP: Targets Date of grant Options granted Fair value Participant group Performance conditions/underpins Threshold Maximum 27 July 2022 991,831 \u00a317.21 Management Continued service N/A N/A 27 July 2022 174,874 \u00a317.21 Executive Directors Underpins: Total revenue \u00a32,400m N/A ROIC WACC N/A Brand and sustainability Reasonable progress N/A 24 November 2022 86,928 \u00a320.94 Management Continued service N/A N/A The fair values for the above grants are equivalent to the closing price of an ordinary share on the grant date as follows: 27 July 2022 24 November 2022 Share price at contract commencement date \u00a317.21 \u00a320.94 Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process. Movements in the number of BSP share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,701,810 1,424,090 Granted during the year 1,253,633 782,208 Lapsed and forfeited during the year (539,186) (350,708) Exercised in the year (154,305) (153,780) Outstanding at end of year 2,261,952 1,701,810 Exercisable at end of year 2,519 1,451 Vesting after end of year 2,259,433 1,700,459 Share awards outstanding at the end of the year have the following terms: Term of the award Number of awards as at 1 April 2023 Number of awards as at 2 April 2022 20 August 2020 \u2013 20 August 2025 \u2013 71,323 20 August 2020 \u2013 23 July 2023 636,732 772,852 19 November 2020 \u2013 19 November 2023 6,933 6,933 23 November 2020 \u2013 23 November 2022 \u2013 117,453 27 July 2021 \u2013 27 July 2026 \u2013 52,111 27 July 2021 \u2013 27 July 2024 559,954 674,377 18 November 2021 \u2013 18 November 2024 6,761 6,761 27 July 2022 \u2013 27 July 2027 104,131 \u2013 27 July 2022 \u2013 27 July 2025 860,513 \u2013 24 November 2022 \u2013 24 November 2025 86,928 \u2013 Total 2,261,952 1,701,810 The weighted average term of the BSP awards is 3 years. The Burberry Group plc Executive Share Plan (the ESP) The ESP was approved by the shareholders and adopted by the Company in the year ended 31 March 2015 with the final grant made on 27 February 2020. Under the ESP, participants were awarded shares, structured as either nil-cost options, conditional share awards or phantom awards, up to a maximum value of normally four times base salary per annum. Awards may be subject to a combination of non- market performance conditions, including: compound annual Group adjusted PBT growth; compound annual Group revenue growth; and average retail/wholesale adjusted return on invested capital (ROIC). Performance conditions were measured over a three-year period from the last reporting period prior to the grant date and awards vested in two tranches in years 3 and 4. Thresholds and targets for all ESP schemes have now been assessed and the number of shares awarded has been approved. Awards made to management were not subject to performance conditions apart from continued service during the vesting period. Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process. During the year, the fair value charge relating to the ESP awards was \u00a31 million. Movements in the number of ESP share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,259,041 2,691,413 Lapsed and forfeited during the year (736,848) (1,259,441) Exercised during the year (236,287) (172,931) Outstanding at end of year 285,906 1,259,041 Exercisable at end of year 132,378 128,531 Vesting after end of year 153,528 1,130,690 The weighted average first available exercise date for the ESP scheme is 5 June 2023. One-off awards The Company grants conditional share awards as one-off awards. Some of these awards vest in tranches, which vary by award, and are dependent upon continued employment over the vesting period. The fair values for these awards are equivalent to the closing price of an ordinary share on the grant date. During the year, the fair value charge relating to the one-off awards was \u00a35 million. Movements in the number of one-off share awards outstanding are as follows: 52 weeks to 1 April 2023 53 weeks to 2 April 2022 Outstanding at start of year 1,063,048 785,371 Granted during the year 7,720 359,252 Lapsed and forfeited during the year (537,605) (13,375) Exercised during the year (192,414) (68,200) Outstanding at end of year 340,749 1,063,048 Exercisable at end of year 31,311 31,311 Vesting after end of year 309,438 1,031,737 The weighted average first available exercise date for the one-off awards is 2 September 2023 and the latest vesting date is 18 November 2023. Other schemes The Group also grants to employees options under the Burberry Group plc ShareSave Plan 2021 (ShareSave), and free shares under a Burberry Group plc Share Incentive Plan (SIP) for employees in the UK and the Burberry Group plc International Free Share Plan 2021 (IFSP) for employees outside the UK. In the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022, options were granted under ShareSave with a three-year and five-year vesting period. Additional awards were granted under the SIP and the IFSP, offering employees awards of ordinary shares in the Company at a \u00a3nil exercise price. All awards vest after three years and the vesting of these share awards is dependent on continued employment over the vesting period. The fair value charge for these schemes was \u00a34 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-458": {
"value": "29. Related party transactions Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Total compensation in respect of key management, who are defined as the Board of Directors and certain members of senior management, is considered to be a related party transaction. The total compensation in respect of key management for the year was as follows: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Salaries, short-term benefits and social security costs 1 9 8 Share-based compensation (all awards and options settled in shares) 4 1 Total 13 9 1. Pension cash allowance is included within salaries, short-term benefits and social security costs. The Group donates each year to The Burberry Foundation, an independent charity which meets the criteria to be reported as a related party in accordance with IFRS. Charitable donations to The Burberry Foundation for the 52 weeks to 1 April 2023 were \u00a32 million (last year: \u00a31 million). There were no other material related party transactions in the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-487": {
"value": "29. Related party transactions Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Total compensation in respect of key management, who are defined as the Board of Directors and certain members of senior management, is considered to be a related party transaction. The total compensation in respect of key management for the year was as follows: 52 weeks to 1 April 2023 \u00a3m 53 weeks to 2 April 2022 \u00a3m Salaries, short-term benefits and social security costs 1 9 8 Share-based compensation (all awards and options settled in shares) 4 1 Total 13 9 1. Pension cash allowance is included within salaries, short-term benefits and social security costs. The Group donates each year to The Burberry Foundation, an independent charity which meets the criteria to be reported as a related party in accordance with IFRS. Charitable donations to The Burberry Foundation for the 52 weeks to 1 April 2023 were \u00a32 million (last year: \u00a31 million). There were no other material related party transactions in the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-459": {
"value": "30. Subsidiary undertakings and investments
In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 1 April 2023, including their
country of incorporation and percentage share ownership, is disclosed below. Unless otherwise stated, all undertakings are
indirectly owned by Burberry Group plc and operate in the country of incorporation. All the subsidiary undertakings have been
consolidated as at 1 April 2023.
Company name
Country/territory
of incorporation Interest
Holding
(%)
Registered
office
Burberry Pacific Pty Ltd Australia Ordinary shares 100 1
Burberry (Austria) GmbH Austria Ordinary shares 100 2
Sandringham Bahrain SPC W.L.L.
1
Bahrain Ordinary shares 100 3
Burberry Antwerp NV Belgium Ordinary shares 100 4
Burberry Brasil Com\u00e9rcio de Artigos de Vestu\u00e1rio e
Acess\u00f3rios Ltda
Brazil Quota 100 5
Burberry Canada Inc Canada Common shares 100 6
Burberry (Shanghai) Trading Co., Ltd Mainland China Equity interest 100 7
Burberry Czech Rep s.r.o. Czech Republic Ordinary shares 100 8
Burberry France SASU France Ordinary shares 100 9
Burberry (Deutschland) GmbH Germany Ordinary shares 100 10
Burberry Asia Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11
Burberry Asia Limited Hong Kong S.A.R., China Ordinary shares 100 11
Burberry China Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11
Burberry Hungary Kereskedelmi Korl\u00e1tolt
Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Hungary Ordinary shares 100 12
Burberry India Private Limited India Ordinary shares 51 13
Burberry Ireland Investments Unlimited Company Ireland Ordinary A shares
Ordinary B shares
100
100
14
Burberry Ireland Limited Ireland Ordinary shares 100 15
Burberry Italy (Rome) S.R.L. Ital
Quota 100 16
Burberry Italy S.R.L.
2
Ital
Quota 100 17
Burberry Manifattura S.R.L. Ital
Quota 100 18
Burberry Japan K.K. Japan Ordinary shares 100 19
Burberry Kuwait General Trading Textiles and
Accessories Company \\With Limited Liability
3
Kuwait Parts 49 20
Burberry Macau Limited Macau S.A.R., China Quota 100 21
Burberry (Malaysia) Sdn. Bhd. Malaysia Ordinary shares 100 22
Horseferry M\u00e9xico S.A. de C.V. Mexico Ordinary (fixed) shares
Ordinary (variable) shares
100
100
23
Horseferry M\u00e9xico Servicios Administrativos, S.A. de C.V. Mexico Ordinary (fixed) shares 100 23
Burberry Netherlands B.V. Netherlands Ordinary shares 100 24
Burberry New Zealand Limited New Zealand Ordinary shares 100 25
Burberry Qatar W.L.L
3
Qatar Ordinary shares 49 26
Burberry Korea Limited Republic of Korea Common stock 100 27
Burberry Retail LLC
4
Russian Federation Participatory share 100 28
Burberry Saudi Company Limited Kingdom of Saudi Arabia Ordinary shares 100 29
Burberry (Singapore) Distribution Company PTE Ltd Singapore Ordinary shares 100 30
Burberry (Spain) Retail S.L. Spain Ordinary shares 100 31
Burberry (Suisse) SA
2
Switzerland Ordinary shares 100 32
Burberry (Taiwan) Co., Ltd Taiwan Area, China Common shares 100 33
Burberry (Thailand) Limited Thailand Common shares 100 34
Company name Country of incorporation Interest Holding (%) Registered office Burberry Turkey Giyim Toptan Ve Perakende Sat\u0131\u015f Limited \u015eirketi Turkey Ordinary shares 100 35 Burberry FZ-LLC United Arab Emirates Ordinary shares 100 36 Burberry Middle East LLC 3 United Arab Emirates Ordinary shares 49 37 Burberry (Espana) Holdings Limited United Kingdom Ordinary shares 100 38 Burberry (No. 7) Unlimited United Kingdom Ordinary shares 100 38 Burberry (UK) Limited United Kingdom Ordinary shares 100 38 Burberry Europe Holdings Limited 2 United Kingdom Ordinary shares 100 38 Burberry Finance Limited United Kingdom Ordinary shares 100 38 Burberry Haymarket Limited 2 United Kingdom Ordinary shares 100 38 Burberry Holdings Limited United Kingdom Ordinary shares 100 38 Burberry International Holdings Limited 2 United Kingdom Ordinary shares 100 38 Burberry Latin America Limited United Kingdom Ordinary shares 100 38 Burberry Limited United Kingdom Ordinary shares 100 38 Burberry London Limited United Kingdom Ordinary shares 100 38 Burberrys Limited 1 United Kingdom Ordinary shares 100 38 Sweet Street Developments Limited United Kingdom Ordinary shares 100 38 The Scotch House Limited 2 United Kingdom Ordinary shares 100 38 Thomas Burberry Holdings Limited 2 United Kingdom Ordinary shares 100 38 Thomas Burberry Limited 2 United Kingdom Ordinary shares 100 38 Woodrow-Universal Limited 2 United Kingdom Ordinary shares 100 38 Woodrow-Universal Pension Trustee Limited 2 United Kingdom Ordinary shares 100 38 Burberry (Wholesale) Limited United States Class X common stock Class Y common stock 100 100 39 Burberry Limited United States Class X common stock Class Y common stock 100 100 39 Burberry North America, Inc. United States Common stock 100 40 Burberry Warehousing Corporation 5 United States Common stock 100 40 Castleford Industries, Ltd. 5 United States Series A common stock 100 40 Castleford Tailors, Ltd. 5 United States Common stock 100 40 1. The Group has an indirect holding of 100% of the issued share capital through a nominee. 2. Held directly by Burberry Group plc. 3. The Group has a 100% share of profits of Burberry Middle East LLC as well as a 100% and majority share of profits in Burberry Middle East LLC\u2019s subsidiaries in Kuwait and Qatar respectively. The Group has the power to control these companies under the agreements relating to Burberry Middle East LLC. 4. Burberry Retail LLC\u2019s stores have been closed since March 2022. 5. Certificate of dissolution was filed on 28 March 2022. Ref Registered office address 1 Level 5, 343 George Street, Sydney NSW 2000, Australia 2 Kohlmarkt 2, A \u2013 1010 Wien, Austria 3 Building 1A, Road 365, Manama Center 316, Unit 8, Moda Mall, Manama, Bahrain 4 Boulevard de Waterloo 16, Brussel, Belgium 5 City of S\u00e3o Paulo, State of S\u00e3o Paulo, at Rua do Rocio, 350, 3rd Pavement of Condominium Atrium IX, suites No. 32, 28th subdistrict, Vila Ol\u00edmpia, CEP 04552-000, Brazil 6 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto ON M5X 1G5, Canada 7 60th Floor (Actual Floor No.53), Wheelock Square, 1717 Nanjing West Road, Shanghai 200040, China 8 Praha 1, Pa\u0159\u00ed\u017esk\u00e1 11/67, PS\u010c 11000, Czech Republic 9 56A rue du Faubourg Saint-Honor\u00e9, 75008, Paris, France 10 K\u00f6nigsallee 50, 40212, D\u00fcsseldorf, German y 11 Suites 2201-02 & 11-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong 12 1062 Budapest Andr\u00e1ssy \u00fat 100 Hungary 13 3 A-1 Taj Apartment, Rao Tula Ram Marg, New Delhi, 110022, India 14 Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland 15 Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland 16 Via Manzoni .20, 20121 Milano Italy 17 Via Manzoni 20 CAP, 20121 Milano 18 Via delle Fonti n.10, 50018 Scandicci 19 5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan 20 Hawali, Street 276, Block 8, Plot 9301, Office No 12, Floor 7, Kuwait 21 Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau 22 Level 21, Suite 21.01, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Wilayah Persekutuan, Malaysia 23 Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico 24 Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam 25 Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand 26 First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar 27 (Cheongdam-dong) 459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea 28 Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation 29 Riyadh, Al Olaya District, Akaria Plaza, First Floor, P.O.Box 359, 11411, Kingdom of Saudi Arabia 30 391B Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore 31 Passeig de Gr\u00e0cia, 56, 08007 Barcelona 32 Route de Ch\u00eane 30A, c/o L&S Trust Services SA, 1208 Gen\u00e8ve, Switzerland 33 5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan 34 No. 127 Office O, Level 25, Gaysorn Tower; Ratchadamri Road, Lumpini Sub-district; Pathumwan District; Bangkok; Thailand 35 Re\u015fitpa\u015fa Mahallessi Eski B\u00fcy\u00fckdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turkey 36 Dubai Design District, Premises: 301, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai, United Arab Emirates 37 Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai 38 Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom 39 CT Corporation System, 28 Liberty St., New York, New York, 10005, United States 40 The Corporation Trust Company, Corporation Trust Center 1209 Orange St, Wilmington, New Castle, DE 19801, United States ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:213800PE1KEFCNFR1R50",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"fact-488": {
"value": "30. Subsidiary undertakings and investments In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 1 April 2023, including their country of incorporation and percentage share ownership, is disclosed below. Unless otherwise stated, all undertakings are indirectly owned by Burberry Group plc and operate in the country of incorporation. All the subsidiary undertakings have been consolidated as at 1 April 2023. Company name Country/territory of incorporation Interest Holding (%) Registered office Burberry Pacific Pty Ltd Australia Ordinary shares 100 1 Burberry (Austria) GmbH Austria Ordinary shares 100 2 Sandringham Bahrain SPC W.L.L. 1 Bahrain Ordinary shares 100 3 Burberry Antwerp NV Belgium Ordinary shares 100 4 Burberry Brasil Com\u00e9rcio de Artigos de Vestu\u00e1rio e Acess\u00f3rios Ltda Brazil Quota 100 5 Burberry Canada Inc Canada Common shares 100 6 Burberry (Shanghai) Trading Co., Ltd Mainland China Equity interest 100 7 Burberry Czech Rep s.r.o. Czech Republic Ordinary shares 100 8 Burberry France SASU France Ordinary shares 100 9 Burberry (Deutschland) GmbH Germany Ordinary shares 100 10 Burberry Asia Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11 Burberry Asia Limited Hong Kong S.A.R., China Ordinary shares 100 11 Burberry China Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11 Burberry Hungary Kereskedelmi Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g Hungary Ordinary shares 100 12 Burberry India Private Limited India Ordinary shares 51 13 Burberry Ireland Investments Unlimited Company Ireland Ordinary A shares Ordinary B shares 100 100 14 Burberry Ireland Limited Ireland Ordinary shares 100 15 Burberry Italy (Rome) S.R.L. Ital y Quota 100 16 Burberry Italy S.R.L. 2 Ital y Quota 100 17 Burberry Manifattura S.R.L. Ital y Quota 100 18 Burberry Japan K.K. Japan Ordinary shares 100 19 Burberry Kuwait General Trading Textiles and Accessories Company \\With Limited Liability 3 Kuwait Parts 49 20 Burberry Macau Limited Macau S.A.R., China Quota 100 21 Burberry (Malaysia) Sdn. Bhd. Malaysia Ordinary shares 100 22 Horseferry M\u00e9xico S.A. de C.V. Mexico Ordinary (fixed) shares Ordinary (variable) shares 100 100 23 Horseferry M\u00e9xico Servicios Administrativos, S.A. de C.V. Mexico Ordinary (fixed) shares 100 23 Burberry Netherlands B.V. Netherlands Ordinary shares 100 24 Burberry New Zealand Limited New Zealand Ordinary shares 100 25 Burberry Qatar W.L.L 3 Qatar Ordinary shares 49 26 Burberry Korea Limited Republic of Korea Common stock 100 27 Burberry Retail LLC 4 Russian Federation Participatory share 100 28 Burberry Saudi Company Limited Kingdom of Saudi Arabia Ordinary shares 100 29 Burberry (Singapore) Distribution Company PTE Ltd Singapore Ordinary shares 100 30 Burberry (Spain) Retail S.L. Spain Ordinary shares 100 31 Burberry (Suisse) SA 2 Switzerland Ordinary shares 100 32 Burberry (Taiwan) Co., Ltd Taiwan Area, China Common shares 100 33 Burberry (Thailand) Limited Thailand Common shares 100 34 Company name Country of incorporation Interest Holding (%) Registered office Burberry Turkey Giyim Toptan Ve Perakende Sat\u0131\u015f Limited \u015eirketi Turkey Ordinary shares 100 35 Burberry FZ-LLC United Arab Emirates Ordinary shares 100 36 Burberry Middle East LLC 3 United Arab Emirates Ordinary shares 49 37 Burberry (Espana) Holdings Limited United Kingdom Ordinary shares 100 38 Burberry (No. 7) Unlimited United Kingdom Ordinary shares 100 38 Burberry (UK) Limited United Kingdom Ordinary shares 100 38 Burberry Europe Holdings Limited 2 United Kingdom Ordinary shares 100 38 Burberry Finance Limited United Kingdom Ordinary shares 100 38 Burberry Haymarket Limited 2 United Kingdom Ordinary shares 100 38 Burberry Holdings Limited United Kingdom Ordinary shares 100 38 Burberry International Holdings Limited 2 United Kingdom Ordinary shares 100 38 Burberry Latin America Limited United Kingdom Ordinary shares 100 38 Burberry Limited United Kingdom Ordinary shares 100 38 Burberry London Limited United Kingdom Ordinary shares 100 38 Burberrys Limited 1 United Kingdom Ordinary shares 100 38 Sweet Street Developments Limited United Kingdom Ordinary shares 100 38 The Scotch House Limited 2 United Kingdom Ordinary shares 100 38 Thomas Burberry Holdings Limited 2 United Kingdom Ordinary shares 100 38 Thomas Burberry Limited 2 United Kingdom Ordinary shares 100 38 Woodrow-Universal Limited 2 United Kingdom Ordinary shares 100 38 Woodrow-Universal Pension Trustee Limited 2 United Kingdom Ordinary shares 100 38 Burberry (Wholesale) Limited United States Class X common stock Class Y common stock 100 100 39 Burberry Limited United States Class X common stock Class Y common stock 100 100 39 Burberry North America, Inc. United States Common stock 100 40 Burberry Warehousing Corporation 5 United States Common stock 100 40 Castleford Industries, Ltd. 5 United States Series A common stock 100 40 Castleford Tailors, Ltd. 5 United States Common stock 100 40 1. The Group has an indirect holding of 100% of the issued share capital through a nominee. 2. Held directly by Burberry Group plc. 3. The Group has a 100% share of profits of Burberry Middle East LLC as well as a 100% and majority share of profits in Burberry Middle East LLC\u2019s subsidiaries in Kuwait and Qatar respectively. The Group has the power to control these companies under the agreements relating to Burberry Middle East LLC. 4. Burberry Retail LLC\u2019s stores have been closed since March 2022. 5. Certificate of dissolution was filed on 28 March 2022. Ref Registered office address 1 Level 5, 343 George Street, Sydney NSW 2000, Australia 2 Kohlmarkt 2, A \u2013 1010 Wien, Austria 3 Building 1A, Road 365, Manama Center 316, Unit 8, Moda Mall, Manama, Bahrain 4 Boulevard de Waterloo 16, Brussel, Belgium 5 City of S\u00e3o Paulo, State of S\u00e3o Paulo, at Rua do Rocio, 350, 3rd Pavement of Condominium Atrium IX, suites No. 32, 28th subdistrict, Vila Ol\u00edmpia, CEP 04552-000, Brazil 6 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto ON M5X 1G5, Canada 7 60th Floor (Actual Floor No.53), Wheelock Square, 1717 Nanjing West Road, Shanghai 200040, China 8 Praha 1, Pa\u0159\u00ed\u017esk\u00e1 11/67, PS\u010c 11000, Czech Republic 9 56A rue du Faubourg Saint-Honor\u00e9, 75008, Paris, France 10 K\u00f6nigsallee 50, 40212, D\u00fcsseldorf, German y 11 Suites 2201-02 & 11-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong 12 1062 Budapest Andr\u00e1ssy \u00fat 100 Hungary 13 3 A-1 Taj Apartment, Rao Tula Ram Marg, New Delhi, 110022, India 14 Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland 15 Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland 16 Via Manzoni .20, 20121 Milano Italy 17 Via Manzoni 20 CAP, 20121 Milano 18 Via delle Fonti n.10, 50018 Scandicci 19 5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan 20 Hawali, Street 276, Block 8, Plot 9301, Office No 12, Floor 7, Kuwait 21 Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau 22 Level 21, Suite 21.01, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Wilayah Persekutuan, Malaysia 23 Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico 24 Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam 25 Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand 26 First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar 27 (Cheongdam-dong) 459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea 28 Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation 29 Riyadh, Al Olaya District, Akaria Plaza, First Floor, P.O.Box 359, 11411, Kingdom of Saudi Arabia 30 391B Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore 31 Passeig de Gr\u00e0cia, 56, 08007 Barcelona 32 Route de Ch\u00eane 30A, c/o L&S Trust Services SA, 1208 Gen\u00e8ve, Switzerland 33 5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan 34 No. 127 Office O, Level 25, Gaysorn Tower; Ratchadamri Road, Lumpini Sub-district; Pathumwan District; Bangkok; Thailand 35 Re\u015fitpa\u015fa Mahallessi Eski B\u00fcy\u00fckdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turkey 36 Dubai Design District, Premises: 301, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai, United Arab Emirates 37 Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai 38 Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom 39 CT Corporation System, 28 Liberty St., New York, New York, 10005, United States 40 The Corporation Trust Company, Corporation Trust Center 1209 Orange St, Wilmington, New Castle, DE 19801, United States ",
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"value": "31. Contingent liabilities The Group is subject to claims against it and to tax audits in a number of jurisdictions which arise in the ordinary course of business. These typically relate to Value Added Taxes, sales taxes, customs duties, corporate taxes, transfer pricing, payroll taxes, various contractual claims, legal proceedings and other matters. Where appropriate, the estimated cost of known obligations has been provided in these financial statements in accordance with the Group\u2019s accounting policies. The Group does not expect the outcome of current similar contingent liabilities to have a material effect on the Group\u2019s financial position. ",
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