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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. 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 30 March 2024 is not material. This is due to the time horizons in which physical risks are expected to be most significant not aligning to the useful lives of our assets and the investments we continue to make to mitigate market and policy risks. 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, 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. 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 27 September 2025. 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. This central planning scenario is informed by a comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion industry. The Group\u2019s central planning scenario reflects a balanced projection aligned to the Group\u2019s strategy, a balanced assumption for economic uncertainty and capital expenditure and dividends in line with the Group\u2019s capital allocation framework. As a sensitivity, this central planning scenario has been flexed to reflect the aggregation of severe impacts arising linked to our principal risks which in total represents a 13% downgrade to revenues in the 18 month period to September 2025, in comparison to the base case, as well as the associated consequences for EBITDA and cash. Management consider this represents a severe but plausible downside scenario appropriate for assessing going concern. The severe but plausible downside modelled the following risks occurring simultaneously: \u2022 A severe impact arising from a more severe and prolonged reduction in the GDP growth assumptions across the markets in which we operate, combined with a reduction to our global consumer demand arising from a change in consumer preference compared to our central planning scenario \u2022 An increase in geopolitical tension which reduces GDP growth assumptions compared to the central planning model \u2022 A significant reputational incident such as negative sentiment propagated through social media \u2022 The impact of a business interruption event, resulting in a two week interruption arising from the supply chain impact, and interruption to one of our channels \u2022 The occurrence of a one-time physical risk relating to climate change in FY 2024/25 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 \u2022 Repayment of Sustainability Bond without raising new finance Further mitigating actions within management control would be available under this 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 30 March 2024, the Group Balance Sheet reflects cash net of overdrafts of \u00a3362 million. In addition, the Group has access to a \u00a3300 million revolving credit facility which matures in July 2026, which is currently undrawn. The \u00a3300 million sustainability bond matures within the going concern period on 21 September 2025 and the revolving credit facility is considered to be available to be drawn within the severe but plausible scenario in order to settle this repayment. 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. Whilst outside of the going concern assessment period, the Group have considered renewal of the revolving credit facility ahead of maturity in July 2026 and are confident that this will be available. 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 through the going concern period up to 27 September 2025. 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 30 March 2024. New standards, amendments and interpretations adopted in the period A number of new amendments to standards are effective for the financial period commencing 2 April 2023 but they do not have a material impact on the financial statements of the Group. Refer to note 9 and note 15 for further details on the impact of adoption of amendments to IAS 12 Income taxes. Standards not yet adopted Certain new accounting standards and amendments to standards have been published that are not mandatory for the 52 weeks to 30 March 2024 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, apart from IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18, which is effective for reporting periods beginning on or after 1 January 2027, replaces IAS 1 Presentation of Financial Statements and is expected to impact the presentation of the Group\u2019s primary financial statements. The amendment was issued on 9 April 2024 and the impact will be communicated in future periods following an assessment by the Group. 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 30 March 2024 (last year: 52 weeks ended 1 April 2023). 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 purchases, 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 intragroup
transactions 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 30 March 2024, 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 30 March 2024 and the 52 weeks to 1 April 2023 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-453": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-2": { "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-491": { "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": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-454": { "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 30 March 2024 is not material.
This is due to the time horizons in which physical risks are expected to be most significant not aligning to the useful lives of our
assets and the investments we continue to make to mitigate market and policy risks.
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, higher expenditure on
raw materials and other as yet unidentified costs.
", "dimensions": { "concept": "burberrygroupplc:DisclosureOfConsiderationOfClimateRelatedMatters", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-455": { "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. 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 27 September 2025.
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. This central planning scenario is informed by a
comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion
industry. The Group\u2019s central planning scenario reflects a balanced projection aligned to the Group\u2019s strategy, a balanced
assumption for economic uncertainty and capital expenditure and dividends in line with the Group\u2019s capital allocation framework.
As a sensitivity, this central planning scenario has been flexed to reflect the aggregation of severe impacts arising linked to our
principal risks which in total represents a 13% downgrade to revenues in the 18 month period to September 2025, in comparison to
the base case, as well as the associated consequences for EBITDA and cash. Management consider this represents a severe but
plausible downside scenario appropriate for assessing going concern.
The severe but plausible downside modelled the following risks occurring simultaneously:
\u2022 A severe impact arising from a more severe and prolonged reduction in the GDP growth assumptions across the markets in which
we operate, combined with a reduction to our global consumer demand arising from a change in consumer preference compared
to our central planning scenario
\u2022 An increase in geopolitical tension which reduces GDP growth assumptions compared to the central planning model
\u2022 A significant reputational incident such as negative sentiment propagated through social media
\u2022 The impact of a business interruption event, resulting in a two week interruption arising from the supply chain impact,
and interruption to one of our channels
\u2022 The occurrence of a one-time physical risk relating to climate change in FY 2024/25 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
\u2022 Repayment of Sustainability Bond without raising new finance
Further mitigating actions within management control would be available under this 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 30 March 2024, the Group Balance Sheet reflects cash net of overdrafts of \u00a3362 million. In addition, the Group has access to a \u00a3300 million revolving credit facility which matures in July 2026, which is currently undrawn. The \u00a3300 million sustainability bond matures within the going concern period on 21 September 2025 and the revolving credit facility is considered to be available to be drawn within the severe but plausible scenario in order to settle this repayment. 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. Whilst outside of the going concern assessment period, the Group have considered renewal of the revolving credit facility ahead of maturity in July 2026 and are confident that this will be available. 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 through the going concern period up to 27 September 2025. 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 30 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-493": { "value": "
New standards, amendments and interpretations adopted in the period
A number of new amendments to standards are effective for the financial period commencing 2 April 2023 but they do not have a
material impact on the financial statements of the Group. Refer to note 9 and note 15 for further details on the impact of adoption of
amendments to IAS 12 Income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-457": { "value": "New standards, amendments and interpretations adopted in the period A number of new amendments to standards are effective for the financial period commencing 2 April 2023 but they do not have a material impact on the financial statements of the Group. Refer to note 9 and note 15 for further details on the impact of adoption of amendments to IAS 12 Income taxes. Standards not yet adopted Certain new accounting standards and amendments to standards have been published that are not mandatory for the 52 weeks to 30 March 2024 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, apart from IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18, which is effective for reporting periods beginning on or after 1 January 2027, replaces IAS 1 Presentation of Financial Statements and is expected to impact the presentation of the Group\u2019s primary financial statements. The amendment was issued on 9 April 2024 and the impact will be communicated in future periods following an assessment by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-492": { "value": "
Standards not yet adopted
Certain new accounting standards and amendments to standards have been published that are not mandatory for the 52 weeks to
30 March 2024 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, apart from IFRS 18 Presentation and
Disclosure in Financial Statements. IFRS 18, which is effective for reporting periods beginning on or after 1 January 2027, replaces
IAS 1 Presentation of Financial Statements and is expected to impact the presentation of the Group\u2019s primary financial statements.
The amendment was issued on 9 April 2024 and the impact will be communicated in future periods following an assessment by
the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-456": { "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 30 March 2024 (last year: 52 weeks ended 1 April 2023).
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-458": { "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 purchases, 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 intragroup transactions 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 30 March 2024, 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 30 March 2024 and the 52 weeks to 1 April 2023 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-411": { "value": "2. Accounting policies The material 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. The Group also obtains revenue through licences issued to third parties to produce and sell goods carrying \u2018Burberry\u2019 trademarks. Retail purchases are paid at time of purchase while wholesale and licensing purchases are paid on short-term credit terms. 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. 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 is measured as the fair value of the assets given, equity instruments issued and liabilities assumed at the date of exchange. Contingent payments are subsequently 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 fair value or at a value equal to the non-controlling interests\u2019 share of the identifiable net assets acquired. The choice of the basis of measurement is an accounting policy choice for each individual business combination. The excess of the cost of acquisition together 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 employees (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 trust or The Burberry Group plc SIP Trust (collectively known as the ESOP trusts), depending on the terms and conditions of the relevant scheme. For new shares issued, the proceeds received from the exercise 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 is 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 Variable 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 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 the non-property class of assets 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 Group accounts for eligible COVID-19 related 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. In the prior year, the Group recognised \u00a313 million in COVID-19-related rent concessions in the Income Statement within other operating income. This was 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. No COVID-19 related rent concessions were recognised in the 52 weeks to 30 March 2024. 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 from the Group 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, or fair value if acquired through a business combination, 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. 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
Leasehold improvements
Leasehold improvements
Over the unexpired term of the lease
Plant and machiner
y
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. m) Taxation Tax expense represents the sum of the current tax expense and the 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 the 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, and does not give rise to equal taxable and deductible temporary differences, 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 retained earnings. Where such shares are subsequently cancelled, a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and subsequently cancelled. 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 retained earnings up to the value of the consideration originally paid. Any additional consideration received is credited to the share premium account included in equity attributable to owners of the Company.
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:
Fair value
measurement
Financial instrument category
Note
Classification
Measurement
hierarchy
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 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
18
Fair value \u2013 hedging instrument
Fair value \u2013 hedging instrument
2
Equity swap contracts
18
Fair value through profit and loss
Fair value through profit and loss
2
2
1
3
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. 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) 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 52 weeks to As at As at
30 March 1 April 30 March 1 April
2024 2023 2024 2023
Euro
1.16
1.16
1.17
1.14
US Dollar
1.26
1.20
1.26
1.24
Chinese Yuan Renminbi
9.01
8.27
9.13
8.51
Hong Kong Dollar
9.84
9.43
9.89
9.73
South Korean Won
1,657
1,577
1,702
1,613
Japanese Yen
182
163
191
165
r) 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 taxation 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 on adjusting items and note 10 for details on adjusted
earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-413": { "value": "
a) Revenue
The Group obtains revenue from contracts relating to sales of luxury goods to retail and wholesale customers. The Group also
obtains revenue through licences issued to third parties to produce and sell goods carrying \u2018Burberry\u2019 trademarks. Retail purchases
are paid at time of purchase while wholesale and licensing purchases are paid on short-term credit terms. 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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
is measured as the fair value of the assets given, equity instruments issued and liabilities assumed at the date of exchange.
Contingent payments are subsequently 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
fair value or at a value equal to the non-controlling interests\u2019 share of the identifiable net assets acquired. The choice of the basis of
measurement is an accounting policy choice for each individual business combination. The excess of the cost of acquisition together
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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-416": { "value": "
d) Share schemes
The Group operates a number of equity-settled share-based compensation schemes under which services are received from
employees (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 trust or The Burberry Group plc SIP Trust (collectively known as the ESOP trusts), depending on
the terms and conditions of the relevant scheme. For new shares issued, the proceeds received from the exercise 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 is recognised in retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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 Variable 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
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 the non-property class of assets
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 Group accounts for eligible COVID-19 related 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. In the prior year, the Group recognised \u00a313 million in
COVID-19-related rent concessions in the Income Statement within other operating income. This was 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. No COVID-19 related rent concessions were recognised in the 52 weeks to 30 March 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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 from the Group to the schemes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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, or fair value if acquired through a business combination, 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-459": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-460": { "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, or fair value if acquired through a business combination, 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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
Leasehold improvements
Leasehold improvements
Over the unexpired term of the lease
Plant and machiner
y
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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-461": { "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
Leasehold improvements
Leasehold improvements
Over the unexpired term of the lease
Plant and machiner
y
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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-425": { "value": "
m) Taxation
Tax expense represents the sum of the current tax expense and the 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 the
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, and does not give rise to equal taxable and deductible temporary differences, 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-462": { "value": "m) Taxation Tax expense represents the sum of the current tax expense and the 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 the 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, and does not give rise to equal taxable and deductible temporary differences, 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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 retained earnings. Where such shares are subsequently cancelled,
a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and
subsequently cancelled. 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 retained earnings up to the value of the
consideration originally paid. Any additional consideration received is credited to the share premium account included in equity
attributable to owners of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-494": { "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:
Fair value
measurement
Financial instrument category
Note
Classification
Measurement
hierarchy
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 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
18
Fair value \u2013 hedging instrument
Fair value \u2013 hedging instrument
2
Equity swap contracts
18
Fair value through profit and loss
Fair value through profit and loss
2
2 1 3 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "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:
Fair value
measurement
Financial instrument category
Note
Classification
Measurement
hierarchy
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 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
18
Fair value \u2013 hedging instrument
Fair value \u2013 hedging instrument
2
Equity swap contracts
18
Fair value through profit and loss
Fair value through profit and loss
2
2 1 3 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. 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-463": { "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:
Fair value
measurement
Financial instrument category
Note
Classification
Measurement
hierarchy
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 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
18
Fair value \u2013 hedging instrument
Fair value \u2013 hedging instrument
2
Equity swap contracts
18
Fair value through profit and loss
Fair value through profit and loss
2
2 1 3 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-464": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-465": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-466": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-467": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-495": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-468": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-508": { "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:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-429": { "value": "q) 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 52 weeks to As at As at
30 March 1 April 30 March 1 April
2024 2023 2024 2023
Euro
1.16
1.16
1.17
1.14
US Dollar
1.26
1.20
1.26
1.24
Chinese Yuan Renminbi
9.01
8.27
9.13
8.51
Hong Kong Dollar
9.84
9.43
9.89
9.73
South Korean Won
1,657
1,577
1,702
1,613
Japanese Yen
182
163
191
165
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-469": { "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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-431": { "value": "r) 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 taxation 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 on adjusting items and note 10 for details on adjusted earnings per share.", "dimensions": { "concept": "burberrygroupplc:DescriptionOfAccountingPolicyForAdjustedProfitBeforeTaxation", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-430": { "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 USA, 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 52 weeks to 52 weeks to 52 weeks to 52 weeks to 52 weeks to
30 March 1 April 30 March 1 April 30 March 1 April
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail
2,400
2,501
\u2013
\u2013
2,400
2,501
Wholesale
506
543
\u2013
\u2013
506
543
Licensing
\u2013
\u2013
63
51
63
51
Total segment revenue
2,906
3,044
63
51
2,969
3,095
Inter-segment revenue
1
\u2013
\u2013
(
1)
(1)
(
1)
(1)
Revenue from external customers
2,906
3,044
62
50
2,968
3,094
Depreciation and amortisation
(
379)
(341)
\u2013
\u2013
(
379)
(341)
Net impairment charge of property,
plant and equipment
(
5)
(2)
\u2013
\u2013
(
5)
(2)
Net impairment charge of
right-of-use assets
(
9)
(5)
\u2013
\u2013
(
9)
(5)
Other non-cash items:
Share-based payments
(
16)
(19)
\u2013
\u2013
(
16)
(19)
Adjusted operating profit
359
587
59
47
418
634
Adjusting items
4
\u2013
21
Finance income
31
21
Finance expense
(
66)
(42)
Profit before taxation
383
634
2
3
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 was presented excluding \u00a33 million arising as a result of the Group\u2019s restructuring programme, which was
presented as an adjusting item (refer to note 6).
3. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 was presented excluding a reversal of \u00a36 million relating to charges as a result of the impact of
COVID-19 and a net charge of \u00a33 million arising as a result of the Group\u2019s restructuring programme, which were presented as adjusting items (refer to note 6).
4. 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 52 weeks to 52 weeks to 52 weeks to 52 weeks to 52 weeks to
30 March 1 April 30 March 1 April 30 March 1 April
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Additions to non-current assets
399
350
\u2013
\u2013
399
350
Total segment assets
2,474
2,273
6
5
2,480
2,278
Goodwill
119
109
Cash and cash equivalents
441
1,026
Taxation
330
273
Total assets per Balance Sheet
3,370
3,686
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.
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Revenue by product division \u00a3m \u00a3m
Accessories
1,055
1,125
Women\u2019s
860
867
Men\u2019s
842
868
Children\u2019s/Other
149
184
Retail/Wholesale
2,906
3,044
Licensing
62
50
Total
2,968
3,094
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Revenue by destination \u00a3m \u00a3m
Asia Pacific
1,286
1,297
EMEIA
1,017
1,004
Americas
603
743
Retail/Wholesale
2,906
3,044
Licensing
62
50
Total
2,968
3,094
1
1. EMEIA comprises Europe, Middle East, India and Africa.
Entity-wide disclosures
Revenue derived from external customers in the UK totalled \u00a3295 million for the 52 weeks to 30 March 2024 (last year: \u00a3257 million).
Revenue derived from external customers in foreign countries totalled \u00a32,673 million for the 52 weeks to 30 March 2024 (last year:
\u00a32,837 million). This amount includes \u00a3531 million of external revenues derived from customers in the USA (last year: \u00a3661 million)
and \u00a3648 million of external revenues derived from customers in Mainland China (last year: \u00a3683 million).
The total of non-current assets, other than financial instruments, and deferred tax assets located in the UK is \u00a3523 million
(last year: \u00a3485 million). The remaining \u00a31,168 million of non-current assets are located in other countries (last year: \u00a31,094 million),
with \u00a3352 million located in the USA (last year: \u00a3318 million) and \u00a3200 million located in Mainland China (last year: \u00a3235 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-432": { "value": "
4. Net operating expenses
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Other operating income
(
13)
(12)
Selling and distribution costs
1,248
1,207
Administrative expenses
356
353
1,591
1,548
Adjusting operating income
6
\u2013
(34)
Adjusting operating expenses
6
\u2013
12
\u2013
(22)
Net operating expenses
1,591
1,526
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-496": { "value": "4. Net operating expenses
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Other operating income
(
13)
(12)
Selling and distribution costs
1,248
1,207
Administrative expenses
356
353
1,591
1,548
Adjusting operating income
6
\u2013
(34)
Adjusting operating expenses
6
\u2013
12
\u2013
(22)
Net operating expenses
1,591
1,526
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-470": { "value": "4. Net operating expenses
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Other operating income
(
13)
(12)
Selling and distribution costs
1,248
1,207
Administrative expenses
356
353
1,591
1,548
Adjusting operating income
6
\u2013
(34)
Adjusting operating expenses
6
\u2013
12
\u2013
(22)
Net operating expenses
1,591
1,526
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-433": { "value": "
5. Profit before taxation
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \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
84
76
Within administrative expenses
17
17
Depreciation of right-of-use assets
Within cost of sales
1
\u2013
Within selling and distribution costs
214
191
Within administrative expenses
19
18
Amortisation of intangible assets
Within selling and distribution costs
1
1
Within administrative expenses
41
36
Loss on disposal of intangible assets
3
\u2013
Gain on modification of right-of-use assets
(
4)
(2)
Net impairment charge of property, plant and equipment
13
5
2
Net impairment charge of right-of-use assets
14
9
5
Employee costs
28
572
565
Other lease expense
Property lease variable lease expense
21
111
125
Property lease in holdover expense
21
18
20
Non-property short-term lease expense
21
12
11
Net exchange loss on revaluation of monetary assets and liabilities
20
10
Net gain on derivatives \u2013 fair value through profit and loss
(
7)
(9)
Receivables net impairment charge
4
2
1
2
3
1. Depreciation of right-of-use assets within administrative expenses for the 52 weeks to 1 April 2023 was presented excluding \u00a33 million arising as a result of the Group\u2019s
restructuring programme, which was presented as an adjusting item (refer to note 6).
2. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 was presented excluding a reversal of \u00a36 million relating to charges as a result of the impact of
COVID-19 and a net charge of \u00a33 million arising as a result of the Group\u2019s restructuring programme, which were presented as adjusting items (refer to note 6).
3. Employee costs for the 52 weeks to 1 April 2023 was presented excluding a charge of \u00a310 million arising as a result of the Group\u2019s restructuring programme, which was
presented as an adjusting item (refer to note 6).
7. Auditor remuneration
Fees incurred during the year in relation to audit and non-audit services are analysed below:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \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
2.9
2.7
Audit-related assurance services
0.1
0.2
Other non-audit-related services
0.2
0.1
Total
3.7
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-497": { "value": "5. Profit before taxation
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \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
84
76
Within administrative expenses
17
17
Depreciation of right-of-use assets
Within cost of sales
1
\u2013
Within selling and distribution costs
214
191
Within administrative expenses
19
18
Amortisation of intangible assets
Within selling and distribution costs
1
1
Within administrative expenses
41
36
Loss on disposal of intangible assets
3
\u2013
Gain on modification of right-of-use assets
(
4)
(2)
Net impairment charge of property, plant and equipment
13
5
2
Net impairment charge of right-of-use assets
14
9
5
Employee costs
28
572
565
Other lease expense
Property lease variable lease expense
21
111
125
Property lease in holdover expense
21
18
20
Non-property short-term lease expense
21
12
11
Net exchange loss on revaluation of monetary assets and liabilities
20
10
Net gain on derivatives \u2013 fair value through profit and loss
(
7)
(9)
Receivables net impairment charge
4
2
1 2 3 1. Depreciation of right-of-use assets within administrative expenses for the 52 weeks to 1 April 2023 was presented excluding \u00a33 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). 2. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 was presented excluding a reversal of \u00a36 million relating to charges as a result of the impact of COVID-19 and a net charge of \u00a33 million arising as a result of the Group\u2019s restructuring programme, which were presented as adjusting items (refer to note 6). 3. Employee costs for the 52 weeks to 1 April 2023 was presented excluding a charge of \u00a310 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-471": { "value": "5. Profit before taxation
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \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
84
76
Within administrative expenses
17
17
Depreciation of right-of-use assets
Within cost of sales
1
\u2013
Within selling and distribution costs
214
191
Within administrative expenses
19
18
Amortisation of intangible assets
Within selling and distribution costs
1
1
Within administrative expenses
41
36
Loss on disposal of intangible assets
3
\u2013
Gain on modification of right-of-use assets
(
4)
(2)
Net impairment charge of property, plant and equipment
13
5
2
Net impairment charge of right-of-use assets
14
9
5
Employee costs
28
572
565
Other lease expense
Property lease variable lease expense
21
111
125
Property lease in holdover expense
21
18
20
Non-property short-term lease expense
21
12
11
Net exchange loss on revaluation of monetary assets and liabilities
20
10
Net gain on derivatives \u2013 fair value through profit and loss
(
7)
(9)
Receivables net impairment charge
4
2
1 2 3 1. Depreciation of right-of-use assets within administrative expenses for the 52 weeks to 1 April 2023 was presented excluding \u00a33 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). 2. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 was presented excluding a reversal of \u00a36 million relating to charges as a result of the impact of COVID-19 and a net charge of \u00a33 million arising as a result of the Group\u2019s restructuring programme, which were presented as adjusting items (refer to note 6). 3. Employee costs for the 52 weeks to 1 April 2023 was presented excluding a charge of \u00a310 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-434": { "value": "6. Adjusting items
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Adjusting items
Adjusting operating items
Impact of COVID-19:
Impairment reversal relating to retail cash generating units
\u2013
(6)
Impairment reversal relating to inventor
y
\u2013
(1)
COVID-19-related rent concessions
\u2013
(13)
COVID-19-related government grant income
\u2013
(2)
Other adjusting items:
Gain on disposal of propert
y
\u2013
(19)
Restructuring costs
\u2013
16
Revaluation of deferred consideration liabilit
y
\u2013
2
Total adjusting operating items
\u2013
(23)
Adjusting financing items
Finance charge on adjusting items
\u2013
2
Total adjusting financing items
\u2013
2
Tax on adjusting items
\u2013
6
Total adjusting items (post-tax)
\u2013
(15)
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Analysis of adjusting operating items:
Included in Cost of sales (Impairment reversal relating to inventor
y
)
\u2013 (1)
Included in Operating expenses
4
\u2013
12
Included in Other operating income
4
\u2013
(34)
Total
\u2013
(23)
No adjusting items have been recorded for the 52 weeks to 30 March 2024. Adjusting items related to prior periods were as follows: Impact of COVID-19 Impairment of retail cash generating units During the 52 weeks to 1 April 2023, a net impairment reversal of \u00a36 million, and an associated tax charge of \u00a31 million, were recorded following the reassessment of the COVID-19 related impairment provision. Any charges or reversals from the reassessment of the original impairment adjusting item, had they arisen, would 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 of \u00a31 million were recorded and presented as adjusting items. This was relating to inventory which had been provided for as an adjusting item at the previous year end and had either been sold, or was expected to be sold, at a higher net realisable value than had been assumed when the provision had been initially estimated. 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. COVID-19-related rent concessions During the 52 weeks to 1 April 2023, eligible rent forgiveness amounts relating to COVID-19 were treated as negative variable lease payments, which resulted in a credit of \u00a313 million recorded within other operating income. This income was presented as an adjusting item given that the amendment to IFRS 16 was only applicable for a limited period of time and it explicitly related to COVID-19. The amendment expired on 30 June 2022 however the Group continued to apply the same accounting treatment applying the principles of IFRS 9 for any ongoing COVID-19 related rent forgiveness. A related tax charge of \u00a33 million was also recognised in the prior year. COVID-19-related grant income During the 52 weeks to 1 April 2023, the Group recorded grant income of \u00a32 million within other operating income relating to government support to alleviate the impact of COVID-19. This income was presented as an adjusting item as it was explicitly related to COVID-19, and the arrangements were expected to last for a limited period of time. A related tax charge of \u00a31 million was also recognised in the prior 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 USA 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 was considered to be material and one-off in nature. A related tax charge of \u00a35 million was also recognised in the prior year. Restructuring costs During the 52 weeks to 1 April 2023, restructuring costs of \u00a316 million were incurred primarily as a result of the organisational efficiency programme announced in July 2020, which completed last year. The costs principally related to impairment charges on non-retail assets and redundancies and were recorded in operating expenses. They were presented as an adjusting item, in accordance with the Group\u2019s accounting policy, as the anticipated cost of the restructuring programme was considered material and discrete in nature. A related tax credit of \u00a34 million was also recognised in the prior 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 ending 30 March 2024. Contingent payments of \u00a35 million remain outstanding at 30 March 2024, which will be paid once all required documentation is complete. During the 52 weeks to 1 April 2023, a charge of \u00a32 million in relation to the revaluation of this balance was recognised in operating expenses. No tax was recognised as the future payments were not considered to be deductible for tax purposes. This was presented as an adjusting item in accordance with the Group\u2019s accounting policy, as it arose from changes in the value of the liability for expected future payments relating to the purchase of a non-controlling interest in the Group. ", "dimensions": { "concept": "burberrygroupplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-472": { "value": "7. Auditor remuneration Fees incurred during the year in relation to audit and non-audit services are analysed below:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \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
2.9
2.7
Audit-related assurance services
0.1
0.2
Other non-audit-related services
0.2
0.1
Total
3.7
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-435": { "value": "
8. Financing
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Finance income \u2013 amortised cost
9
3
Bank interest income \u2013 fair value through profit and loss
22
18
Finance income
31
21
Interest expense on lease liabilities 21
(
43)
(31)
Interest expense on overdrafts
(
7)
(2)
Interest expense on borrowings
(
4)
(4)
Bank charges
(
1)
(1)
Other finance expense
(
11)
(4)
Finance expense
(
66)
(42)
Finance charge on adjusting items
6
\u2013
(2)
Net finance expense
(
35)
(23)
1
1. During the 52 weeks to 1 April 2023, interest expense on lease liabilities of \u00a331 million excluded \u00a32 million arising as a result of the Group\u2019s restructuring programme, which
was presented as an adjusting item (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-518": { "value": "8. Financing
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Finance income \u2013 amortised cost
9
3
Bank interest income \u2013 fair value through profit and loss
22
18
Finance income
31
21
Interest expense on lease liabilities 21
(
43)
(31)
Interest expense on overdrafts
(
7)
(2)
Interest expense on borrowings
(
4)
(4)
Bank charges
(
1)
(1)
Other finance expense
(
11)
(4)
Finance expense
(
66)
(42)
Finance charge on adjusting items
6
\u2013
(2)
Net finance expense
(
35)
(23)
1 1. During the 52 weeks to 1 April 2023, interest expense on lease liabilities of \u00a331 million excluded \u00a32 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-515": { "value": "8. Financing
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Finance income \u2013 amortised cost
9
3
Bank interest income \u2013 fair value through profit and loss
22
18
Finance income
31
21
Interest expense on lease liabilities 21
(
43)
(31)
Interest expense on overdrafts
(
7)
(2)
Interest expense on borrowings
(
4)
(4)
Bank charges
(
1)
(1)
Other finance expense
(
11)
(4)
Finance expense
(
66)
(42)
Finance charge on adjusting items
6
\u2013
(2)
Net finance expense
(
35)
(23)
1 1. During the 52 weeks to 1 April 2023, interest expense on lease liabilities of \u00a331 million excluded \u00a32 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-509": { "value": "8. Financing
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Finance income \u2013 amortised cost
9
3
Bank interest income \u2013 fair value through profit and loss
22
18
Finance income
31
21
Interest expense on lease liabilities 21
(
43)
(31)
Interest expense on overdrafts
(
7)
(2)
Interest expense on borrowings
(
4)
(4)
Bank charges
(
1)
(1)
Other finance expense
(
11)
(4)
Finance expense
(
66)
(42)
Finance charge on adjusting items
6
\u2013
(2)
Net finance expense
(
35)
(23)
1 1. During the 52 weeks to 1 April 2023, interest expense on lease liabilities of \u00a331 million excluded \u00a32 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-498": { "value": "8. Financing
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Finance income \u2013 amortised cost
9
3
Bank interest income \u2013 fair value through profit and loss
22
18
Finance income
31
21
Interest expense on lease liabilities 21
(
43)
(31)
Interest expense on overdrafts
(
7)
(2)
Interest expense on borrowings
(
4)
(4)
Bank charges
(
1)
(1)
Other finance expense
(
11)
(4)
Finance expense
(
66)
(42)
Finance charge on adjusting items
6
\u2013
(2)
Net finance expense
(
35)
(23)
1 1. During the 52 weeks to 1 April 2023, interest expense on lease liabilities of \u00a331 million excluded \u00a32 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-473": { "value": "8. Financing
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Note \u00a3m \u00a3m
Finance income \u2013 amortised cost
9
3
Bank interest income \u2013 fair value through profit and loss
22
18
Finance income
31
21
Interest expense on lease liabilities 21
(
43)
(31)
Interest expense on overdrafts
(
7)
(2)
Interest expense on borrowings
(
4)
(4)
Bank charges
(
1)
(1)
Other finance expense
(
11)
(4)
Finance expense
(
66)
(42)
Finance charge on adjusting items
6
\u2013
(2)
Net finance expense
(
35)
(23)
1 1. During the 52 weeks to 1 April 2023, interest expense on lease liabilities of \u00a331 million excluded \u00a32 million arising as a result of the Group\u2019s restructuring programme, which was presented as an adjusting item (refer to note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-436": { "value": "
9. Taxation
Analysis of charge for the year recognised in the Group Income Statement:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Current ta
x
UK corporation ta
x
Current tax on income for the 52 weeks to 30 March 2024 at 25% (last year: 19%)
104
116
Double taxation relief
(
3)
(5)
Adjustments in respect of prior years
1
44
12
Foreign ta
x
145
123
Current tax on income for the year
26
34
Adjustments in respect of prior years
1
(35)
3
(9)
37
Total current ta
x
136
160
Deferred ta
x
UK deferred ta
x
Origination and reversal of temporary differences
5
4
Adjustments in respect of prior years
1
(1)
\u2013
Foreign deferred ta
x
4
4
Origination and reversal of temporary differences
(28)
(26)
Adjustments in respect of prior years
1
\u2013
4
(28)
(22)
Total deferred ta
x
(24)
(18)
Total tax charge on profit
112
142
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 (where
in some instances the provision also includes offsetting relief in a different jurisdiction) and tax accruals.
Analysis of charge for the year recognised in other comprehensive income and directly in equity:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Current ta
x
Recognised in other comprehensive income:
Current tax (credit)
/
charge on exchange differences on loans (foreign currency translation reserve)
(1)
1
Total current tax recognised in other comprehensive income
(1)
1
Deferred ta
x
Recognised in equit
y
:
Deferred ta
x
charge/(credit) on share options (retained earnings)
2
(2)
Total deferred tax recognised directly in equity
2
(2)
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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Profit before taxation
383
634
Tax at 25% (last year: 19%) on profit before taxation
97
120
Rate adjustments relating to overseas profits
\u2013
1
Permanent differences
3
4
Current year tax losses not recognised
3
\u2013
Prior year temporary differences and tax losses recognised
1
(3)
Adjustments in respect of prior years
8
19
Adjustments to deferred tax relating to changes in tax rates
\u2013
1
Total taxation charge
112
142
Total taxation recognised in the Group Income Statement arises on the following items:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Tax on adjusted profit before taxation
112
136
Tax on adjusting items
\u2013
6
Total taxation charge
112
142
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 30 March 2024 the Group recognised provisions of \u00a391 million in respect of uncertain tax positions (increasing from \u00a386 million in 2023), being provisions of \u00a3131 million net of expected reimbursements of \u00a340 million (last year: \u00a3103 million net of expected reimbursements of \u00a317 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 \u00a347 million, in the uncertain tax position over the next 12 months. Legislative changes 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. The Group applies the temporary exception from the accounting requirements for deferred taxes in IAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. UK legislation in relation to Pillar Two was substantively enacted on 20 June 2023 and applies to the Group for the reporting period beginning 31 March 2024. The Group has performed an analysis of the potential exposure to Pillar Two income taxes. The analysis of the potential exposure to Pillar Two income taxes is based on the most recently submitted Country by Country Reporting available for the constituent entities in the Group (for the 52 weeks to 1 April 2023). Based on the analysis, the transitional safe harbour relief should apply in respect of most jurisdictions in which the Group operates. Although there are a limited number of jurisdictions where the transitional safe harbour relief may not apply, the Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Deferred tax assets
208
197
Deferred tax liabilities
(
1)
(1)
Net amount
207
196
52 weeks to 52 weeks to
30 March 1 April
2024 2023
The movement in the deferred tax account is as follows: \u00a3m \u00a3m
At start of year
196
174
Effect of foreign exchange rate changes
(11)
2
Credited to the Income Statement
24
18
Business combination
(1)
\u2013
Credited to Other comprehensive income
1
\u2013
(Charged)/credited to Equit
y
(2)
2
At end of year
207
196
The movement in the net deferred tax balances during the year is as follows:
Unrealised
inventory profit
and other
Capital inventory Share Unused tax
allowances provisions schemes losses Leases Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 2 April 2022
19
97
5
3
32
18
174
Effect of foreign exchange rate changes
1
1
\u2013
\u2013
\u2013
\u2013
2
Credited/(charged) to the Income Statement
(6)
10
1
11
(1)
3
18
Credited to Equit
y
\u2013
\u2013
2
\u2013
\u2013
\u2013
2
As at 1 April 2023
14
108
8
14
31
21
196
Effect of foreign exchange rate changes
(1)
(7)
\u2013
\u2013
(1)
(2)
(11)
Credited/(charged) to the Income Statement
(11)
23
(3)
15
5
(5)
24
Business combination
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Credited to Other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Charged to Equit
y
\u2013
\u2013
(2)
\u2013
\u2013
\u2013
(2)
As at 30 March 2024
2
124
3
29
35
14
207
1 1. Deferred balances within Other relate largely to temporary differences arising on other provisions and accruals. 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 \u00a350 million (last year: \u00a346 million) in respect of losses and temporary timing differences amounting to \u00a3201 million (last year: \u00a3181 million) that can be set off against future taxable income. There is a time limit for the recovery of \u00a31 million of these potential assets (last year: \u00a36 million) which ranges from one to five years (last year: one to seven years). The Group has recognised a deferred tax asset of \u00a335 million (not including profit in stock consolidation adjustments) in Mainland China, of which \u00a325 million arises due to losses in FY 2022/23 and FY 2023/24. Group financial forecasts indicate that the subsidiary in Mainland China is expected to generate future taxable profits which will enable the deferred tax asset to be utilised in full. During the 52 weeks to 30 March 2024, the Group adopted the IAS 12 amendment for Deferred Tax related to Assets and Liabilities arising from a Single Transaction. For jurisdictions where tax deductions do not follow IFRS 16 accounting, the Group recognises a deferred tax asset on the lease liability and a separate deferred tax liability on the right-of-use asset. The Group applies jurisdictional netting and the net position is included in the \u201cLeases\u201d column above. 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 \u00a3255 million (last year: \u00a3281 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-437": { "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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Attributable profit for the year before adjusting items
270
475
Effect of adjusting items
1
(after taxation)
\u2013
15
Attributable profit for the year
270
490
1
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 20.5 million shares during the period as a result of the share buyback
programmes (last year: 21.1 million). 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 52 weeks to
30 March 1 April
2024 2023
Millions Millions
Weighted average number of ordinary shares in issue during the year
365.0
386.1
Dilutive effect of the employee share incentive schemes
1.2
1.9
Diluted weighted average number of ordinary shares in issue during the year
366.2
388.0
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Pence Pence
Earnings per share
Basic
74.1
126.9
Diluted
73.9
126.3
Adjusted earnings per share
Basic
74.1
123.1
Diluted
73.9
122.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-438": { "value": "
11. Dividends paid to owners of the Company
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Prior year final dividend paid 44.5p per share (last year: 35.4p)
167
140
Interim dividend paid 18.3p per share (last year: 16.5p)
66
63
Total
233
203
A final dividend in respect of the 52 weeks to 30 March 2024 of 42.7p (last year: 44.5p) per share, amounting to \u00a3151 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 2 August 2024 to the shareholders on the register
at the close of business on 28 June 2024. The ex-dividend date is 27 June 2024 and the final day for dividend reinvestment plan
(DRIP) elections is 12 July 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-3": { "value": "0.427", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-4": { "value": "0.445", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2022-04-03T00:00:00/2023-04-02T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-439": { "value": "
12. Intangible assets
Trademarks,
licences and other Intangible assets in
intangible Computer the course of
Goodwill assets software construction Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Effect of foreign exchange rate changes
(6)
\u2013
(2)
\u2013
(8)
Additions
\u2013
1
8
44
53
Business combination
16
1
\u2013
\u2013
17
Disposals
\u2013
\u2013
(5)
(22)
(27)
Reclassifications from assets in the course of construction
\u2013
\u2013
30
(30)
\u2013
As at 30 March 2024
125
16
279
61
481
Accumulated amortisation and impairment
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
Effect of foreign exchange rate changes
\u2013
\u2013
(2)
\u2013
(2)
Charge for the year
\u2013
1
41
\u2013
42
Disposals
\u2013
\u2013
(5)
(19)
(24)
As at 30 March 2024
6
9
199
\u2013
214
Net book value
As at 30 March 2024
119
7
80
61
267
As at 1 April 2023
109
6
83
50
248
Impairment testing of goodwill
The carrying value of the goodwill allocated to cash generating units:
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Mainland China
46
50
South Korea
24
26
Retail and
W
holesale segment
1
35
19
Other
14
14
Total
119
109
1. Goodwill which arose on acquisitions of Burberry Manifattura S.R.L. and Burberry Tecnica 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
27 March 2027 and a longer-term growth rate of 5% to 30 March 2029. A terminal value has been included in the value-in-use
calculation based on the cash flows for the year ending 30 March 2029, incorporating the assumption that growth beyond
30 March 2029 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.
The goodwill arising on the acquisition of Burberry Tecnica S.R.L. has been allocated to the group of cash generating units which
make up the Group\u2019s retail/wholesale operating segment. This reflects the level at which the goodwill is being monitored by
management. For the material goodwill balances of Mainland China, South 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,
South Korea and the Retail and Wholesale segment still exceeded the carrying value.
The pre-tax discount rates for Mainland China, South Korea and the Retail and Wholesale segment were 12%, 10% and 11%
respectively (last year: Mainland China 12%, South Korea 12%, and the Retail and Wholesale segment 12%). 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 eight cash generating units, none of
which have goodwill balances individually exceeding \u00a36 million as at 30 March 2024 (last year: \u00a37 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-499": { "value": "12. Intangible assets
Trademarks,
licences and other Intangible assets in
intangible Computer the course of
Goodwill assets software construction Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Effect of foreign exchange rate changes
(6)
\u2013
(2)
\u2013
(8)
Additions
\u2013
1
8
44
53
Business combination
16
1
\u2013
\u2013
17
Disposals
\u2013
\u2013
(5)
(22)
(27)
Reclassifications from assets in the course of construction
\u2013
\u2013
30
(30)
\u2013
As at 30 March 2024
125
16
279
61
481
Accumulated amortisation and impairment
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
Effect of foreign exchange rate changes
\u2013
\u2013
(2)
\u2013
(2)
Charge for the year
\u2013
1
41
\u2013
42
Disposals
\u2013
\u2013
(5)
(19)
(24)
As at 30 March 2024
6
9
199
\u2013
214
Net book value
As at 30 March 2024
119
7
80
61
267
As at 1 April 2023
109
6
83
50
248
Impairment testing of goodwill The carrying value of the goodwill allocated to cash generating units:
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Mainland China
46
50
South Korea
24
26
Retail and
W
holesale segment
1
35
19
Other
14
14
Total
119
109
1. Goodwill which arose on acquisitions of Burberry Manifattura S.R.L. and Burberry Tecnica 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 27 March 2027 and a longer-term growth rate of 5% to 30 March 2029. A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 30 March 2029, incorporating the assumption that growth beyond 30 March 2029 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. The goodwill arising on the acquisition of Burberry Tecnica S.R.L. has been allocated to the group of cash generating units which make up the Group\u2019s retail/wholesale operating segment. This reflects the level at which the goodwill is being monitored by management. For the material goodwill balances of Mainland China, South 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, South Korea and the Retail and Wholesale segment still exceeded the carrying value. The pre-tax discount rates for Mainland China, South Korea and the Retail and Wholesale segment were 12%, 10% and 11% respectively (last year: Mainland China 12%, South Korea 12%, and the Retail and Wholesale segment 12%). 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 eight cash generating units, none of which have goodwill balances individually exceeding \u00a36 million as at 30 March 2024 (last year: \u00a37 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-474": { "value": "12. Intangible assets
Trademarks,
licences and other Intangible assets in
intangible Computer the course of
Goodwill assets software construction Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Effect of foreign exchange rate changes
(6)
\u2013
(2)
\u2013
(8)
Additions
\u2013
1
8
44
53
Business combination
16
1
\u2013
\u2013
17
Disposals
\u2013
\u2013
(5)
(22)
(27)
Reclassifications from assets in the course of construction
\u2013
\u2013
30
(30)
\u2013
As at 30 March 2024
125
16
279
61
481
Accumulated amortisation and impairment
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
Effect of foreign exchange rate changes
\u2013
\u2013
(2)
\u2013
(2)
Charge for the year
\u2013
1
41
\u2013
42
Disposals
\u2013
\u2013
(5)
(19)
(24)
As at 30 March 2024
6
9
199
\u2013
214
Net book value
As at 30 March 2024
119
7
80
61
267
As at 1 April 2023
109
6
83
50
248
Impairment testing of goodwill The carrying value of the goodwill allocated to cash generating units:
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Mainland China
46
50
South Korea
24
26
Retail and
W
holesale segment
1
35
19
Other
14
14
Total
119
109
1. Goodwill which arose on acquisitions of Burberry Manifattura S.R.L. and Burberry Tecnica 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 27 March 2027 and a longer-term growth rate of 5% to 30 March 2029. A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 30 March 2029, incorporating the assumption that growth beyond 30 March 2029 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. The goodwill arising on the acquisition of Burberry Tecnica S.R.L. has been allocated to the group of cash generating units which make up the Group\u2019s retail/wholesale operating segment. This reflects the level at which the goodwill is being monitored by management. For the material goodwill balances of Mainland China, South 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, South Korea and the Retail and Wholesale segment still exceeded the carrying value. The pre-tax discount rates for Mainland China, South Korea and the Retail and Wholesale segment were 12%, 10% and 11% respectively (last year: Mainland China 12%, South Korea 12%, and the Retail and Wholesale segment 12%). 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 eight cash generating units, none of which have goodwill balances individually exceeding \u00a36 million as at 30 March 2024 (last year: \u00a37 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-510": { "value": "Impairment testing of goodwill The carrying value of the goodwill allocated to cash generating units:
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Mainland China
46
50
South Korea
24
26
Retail and
W
holesale segment
1
35
19
Other
14
14
Total
119
109
1. Goodwill which arose on acquisitions of Burberry Manifattura S.R.L. and Burberry Tecnica 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 27 March 2027 and a longer-term growth rate of 5% to 30 March 2029. A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 30 March 2029, incorporating the assumption that growth beyond 30 March 2029 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. The goodwill arising on the acquisition of Burberry Tecnica S.R.L. has been allocated to the group of cash generating units which make up the Group\u2019s retail/wholesale operating segment. This reflects the level at which the goodwill is being monitored by management. For the material goodwill balances of Mainland China, South 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, South Korea and the Retail and Wholesale segment still exceeded the carrying value. The pre-tax discount rates for Mainland China, South Korea and the Retail and Wholesale segment were 12%, 10% and 11% respectively (last year: Mainland China 12%, South Korea 12%, and the Retail and Wholesale segment 12%). 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 eight cash generating units, none of which have goodwill balances individually exceeding \u00a36 million as at 30 March 2024 (last year: \u00a37 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-440": { "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 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
Effect of foreign exchange rate changes
(2)
(27)
(8)
(3)
(40)
Additions
\u2013
88
32
44
164
Business combination
\u2013
\u2013
1
\u2013
1
Disposals
\u2013
(69)
(47)
\u2013
(116)
Reclassifications from assets in the course of construction
\u2013
54
14
(68)
\u2013
Reclassifications to assets held for sale
(28)
\u2013
\u2013
\u2013
(28)
As at 30 March 2024
91
631
358
49
1,129
Accumulated depreciation and impairment
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
Effect of foreign exchange rate changes
\u2013
(17)
(8)
\u2013
(25)
Charge for the year
2
69
32
\u2013
103
Disposals
\u2013
(69)
(47)
\u2013
(116)
Impairment charge on assets
\u2013
4
1
\u2013
5
Reclassifications to assets held for sale
(16)
\u2013
\u2013
\u2013
(16)
As at 30 March 2024
48
394
281
\u2013
723
Net book value
As at 30 March 2024
43
237
77
49
406
As at 1 April 2023
59
178
63
76
376
During the 52 weeks to 30 March 2024, management carried out a review of retail cash generating units comprising right-of-use asset and property, plant and equipment, 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 30 March 2024. 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 27 March 2027. For the remainder of the asset life, the cashflows assume industry growth rates of 5% and cost inflation rates appropriate to each store\u2019s location, 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 10.2% and 12.1% (last year: between 11.1% and 13.7%) based on the Group\u2019s weighted 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. During the 52 weeks to 30 March 2024, a charge of \u00a314 million (last year: net charge of \u00a37 million) was recorded within net operating expenses as a result of the annual review of impairment for retail store assets. A charge of \u00a35 million (last year: charge of \u00a32 million) was recorded against property, plant and equipment and a charge of \u00a39 million (last year: net charge of \u00a35 million) was recorded against right-of-use assets. Impairments previously charged as an adjusting item related to the impact of COVID-19 were reassessed, resulting in no impairment charge or reversal being presented as an adjusting item in the current year (last year: net reversal 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. The impairment charge recorded in property, plant and equipment related to six retail cash generating units (last year: two retail cash generating units) for which the total recoverable amount at the balance sheet date is \u00a315 million (last year: \u00a31 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 29 March 2025, with no change to subsequent forecast revenue growth rate assumptions, would result in a less than \u00a319 million increase/less than \u00a39 million decrease in the impairment charge of retail store assets in the 52 weeks to 30 March 2024. As at 30 March 2024, the Group had one freehold property that met the criteria to be classified as held for sale. This asset is required to be recorded at the lower of carrying value or fair value less any costs to sell. As the fair value less any costs to sell exceeded the carrying value, the related asset was recorded at its carrying value of \u00a312 million. The sale of this property is expected to complete within the next 12 months. No assets were classified as held for sale at 1 April 2023. During the 52 weeks to 1 April 2023, the sale of three freehold properties with a carrying value of \u00a313 million, which were previously classified as assets held for sale, was completed resulting in a net gain on disposal of \u00a319 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-441": { "value": "
14. Right-of-use assets
Property right-
of-use assets
Net book value \u00a3m
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
Effect of foreign exchange rate changes
(27)
Additions
162
Business combination
2
Remeasurements
169
Depreciation for the year
(234)
Impairment charge on right-of-use assets
(9)
As at 30 March 2024
1,013
As a result of the assessment of retail cash generating units for impairment, an impairment charge of \u00a39 million (last year: net
impairment reversal of \u00a31 million) was recorded for impairment of right-of-use assets related to trading impacts. Refer to note 13
for further details of impairment assessment of retail cash generating units. The net impairment reversal in the prior year comprised
a reversal of \u00a36 million arising from the change in assumption due to the impact of COVID-19 on the value-in-use of retail cash
generating units and a charge of \u00a35 million relating to other trading impacts. The reversal relating to COVID-19 was presented as an
adjusting item (refer to note 6).
The impairment charge recorded in right-of-use assets relates to seven retail cash generating units (last year: three retail cash
generating units) for which the total recoverable amount at the balance sheet date is \u00a344 million (last year: \u00a317 million).
At 1 April 2023, a net impairment charge of \u00a33 million was recognised in relation to non-retail right-of-use assets arising as a result of
the Group\u2019s restructuring programmes and was presented as an adjusting item (refer to note 6).
As a result, the impairment charge for right-of-use assets was \u00a39 million (last year: net impairment charge of \u00a32 million).
21. Lease liabilities
Property lease
liabilities
\u00a3m
Balance as at 2 April 2022 1,058
Effect of foreign exchange rate changes 20
Created during the year 157
Amounts paid (243)
Discount unwind 33
Remeasurements 98
Balance as at 1 April 2023 1,123
Effect of foreign exchange rate changes (30)
Created during the year 159
Business combination 1
Amounts paid (274)
Discount unwind 43
Remeasurements 166
Balance as at 30 March 2024 1,188
1 2 1 2
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Analysis of total lease liabilities:
Non-current
959
902
Current
229
221
Total
1,188
1,123
1. The amount paid of \u00a3274 million (last year: \u00a3243 million) includes \u00a3231 million (last year: \u00a3210 million) arising as a result of a financing cash outflow and \u00a343 million (last year: \u00a333 million) arising as a result of an operating cash outflow. 2. Remeasurements relate largely to changes in the lease liabilities that arise as a result of extending the lease term on an existing lease, 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. In the prior year, remeasurements included COVID-19-related rent forgiveness of \u00a313 million which was recognised as a credit in the Income Statement and was included as an adjusting item. Refer to note 6. 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 16 years (last year: few months to 15 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 \u00a3434 million (last year: \u00a3399 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 \u00a3113 million (last year: \u00a3130 million) in relation to break options which are expected to be exercised. During the 52 weeks to 30 March 2024, significant judgements regarding breaks and options in relation to individually material leases resulted in approximately \u00a3100 million (last year: \u00a338 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 is legally agreed. Approximately 19% (last year: 18%) of the Group\u2019s lease liabilities are subject to inflation linked reviews and 32% (last year: 30%) 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 30 March 2024 are \u00a3417 million (last year: \u00a3396 million). This relates
to payments of \u00a3231 million on lease principal (last year: \u00a3210 million), \u00a343 million on lease interest (last year: \u00a333 million),
\u00a3113 million on variable lease payments (last year: \u00a3122 million), and \u00a330 million on other lease payments principally relating to
short-term leases and leases in holdover (last year: \u00a331 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-475": { "value": "14. Right-of-use assets
Property right-
of-use assets
Net book value \u00a3m
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
Effect of foreign exchange rate changes
(27)
Additions
162
Business combination
2
Remeasurements
169
Depreciation for the year
(234)
Impairment charge on right-of-use assets
(9)
As at 30 March 2024
1,013
As a result of the assessment of retail cash generating units for impairment, an impairment charge of \u00a39 million (last year: net impairment reversal of \u00a31 million) was recorded for impairment of right-of-use assets related to trading impacts. Refer to note 13 for further details of impairment assessment of retail cash generating units. The net impairment reversal in the prior year comprised a reversal of \u00a36 million arising from the change in assumption due to the impact of COVID-19 on the value-in-use of retail cash generating units and a charge of \u00a35 million relating to other trading impacts. The reversal relating to COVID-19 was presented as an adjusting item (refer to note 6). The impairment charge recorded in right-of-use assets relates to seven retail cash generating units (last year: three retail cash generating units) for which the total recoverable amount at the balance sheet date is \u00a344 million (last year: \u00a317 million). At 1 April 2023, a net impairment charge of \u00a33 million was recognised in relation to non-retail right-of-use assets arising as a result of the Group\u2019s restructuring programmes and was presented as an adjusting item (refer to note 6). As a result, the impairment charge for right-of-use assets was \u00a39 million (last year: net impairment charge of \u00a32 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-476": { "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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Deferred tax assets
208
197
Deferred tax liabilities
(
1)
(1)
Net amount
207
196
52 weeks to 52 weeks to
30 March 1 April
2024 2023
The movement in the deferred tax account is as follows: \u00a3m \u00a3m
At start of year
196
174
Effect of foreign exchange rate changes
(11)
2
Credited to the Income Statement
24
18
Business combination
(1)
\u2013
Credited to Other comprehensive income
1
\u2013
(Charged)/credited to Equit
y
(2)
2
At end of year
207
196
The movement in the net deferred tax balances during the year is as follows:
Unrealised
inventory profit
and other
Capital inventory Share Unused tax
allowances provisions schemes losses Leases Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 2 April 2022
19
97
5
3
32
18
174
Effect of foreign exchange rate changes
1
1
\u2013
\u2013
\u2013
\u2013
2
Credited/(charged) to the Income Statement
(6)
10
1
11
(1)
3
18
Credited to Equit
y
\u2013
\u2013
2
\u2013
\u2013
\u2013
2
As at 1 April 2023
14
108
8
14
31
21
196
Effect of foreign exchange rate changes
(1)
(7)
\u2013
\u2013
(1)
(2)
(11)
Credited/(charged) to the Income Statement
(11)
23
(3)
15
5
(5)
24
Business combination
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Credited to Other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Charged to Equit
y
\u2013
\u2013
(2)
\u2013
\u2013
\u2013
(2)
As at 30 March 2024
2
124
3
29
35
14
207
1
1. Deferred balances within Other relate largely to temporary differences arising on other provisions and accruals.
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 \u00a350 million (last year: \u00a346 million) in respect of
losses and temporary timing differences amounting to \u00a3201 million (last year: \u00a3181 million) that can be set off against future taxable
income. There is a time limit for the recovery of \u00a31 million of these potential assets (last year: \u00a36 million) which ranges from one to
five years (last year: one to seven years).
The Group has recognised a deferred tax asset of \u00a335 million (not including profit in stock consolidation adjustments) in Mainland
China, of which \u00a325 million arises due to losses in FY 2022/23 and FY 2023/24. Group financial forecasts indicate that the subsidiary
in Mainland China is expected to generate future taxable profits which will enable the deferred tax asset to be utilised in full.
During the 52 weeks to 30 March 2024, the Group adopted the IAS 12 amendment for Deferred Tax related to Assets and Liabilities
arising from a Single Transaction. For jurisdictions where tax deductions do not follow IFRS 16 accounting, the Group recognises a
deferred tax asset on the lease liability and a separate deferred tax liability on the right-of-use asset. The Group applies jurisdictional
netting and the net position is included in the \u201cLeases\u201d column above.
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 \u00a3255 million (last year: \u00a3281 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-442": { "value": "
16. Trade and other receivables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other financial receivables
47
45
Other non-financial receivables
\u2013
2
Prepayments
5
5
Total non-current trade and other receivables
52
52
Current
Trade receivables
189
184
Provision for expected credit losses
(
10)
(7)
Net trade receivables
179
177
Other financial receivables
27
25
Other non-financial receivables
86
59
Prepayments
33
32
Accrued income
15
14
Total current trade and other receivables
340
307
Total trade and other receivables
392
359
1
2
1
2
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 \u00a3124 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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-477": { "value": "16. Trade and other receivables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other financial receivables
47
45
Other non-financial receivables
\u2013
2
Prepayments
5
5
Total non-current trade and other receivables
52
52
Current
Trade receivables
189
184
Provision for expected credit losses
(
10)
(7)
Net trade receivables
179
177
Other financial receivables
27
25
Other non-financial receivables
86
59
Prepayments
33
32
Accrued income
15
14
Total current trade and other receivables
340
307
Total trade and other receivables
392
359
1 2 1 2 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 \u00a3124 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:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-500": { "value": "16. Trade and other receivables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other financial receivables
47
45
Other non-financial receivables
\u2013
2
Prepayments
5
5
Total non-current trade and other receivables
52
52
Current
Trade receivables
189
184
Provision for expected credit losses
(
10)
(7)
Net trade receivables
179
177
Other financial receivables
27
25
Other non-financial receivables
86
59
Prepayments
33
32
Accrued income
15
14
Total current trade and other receivables
340
307
Total trade and other receivables
392
359
1 2 1 2 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 \u00a3124 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:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-511": { "value": "16. Trade and other receivables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other financial receivables
47
45
Other non-financial receivables
\u2013
2
Prepayments
5
5
Total non-current trade and other receivables
52
52
Current
Trade receivables
189
184
Provision for expected credit losses
(
10)
(7)
Net trade receivables
179
177
Other financial receivables
27
25
Other non-financial receivables
86
59
Prepayments
33
32
Accrued income
15
14
Total current trade and other receivables
340
307
Total trade and other receivables
392
359
1 2 1 2 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 \u00a3124 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-516": { "value": "16. Trade and other receivables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other financial receivables
47
45
Other non-financial receivables
\u2013
2
Prepayments
5
5
Total non-current trade and other receivables
52
52
Current
Trade receivables
189
184
Provision for expected credit losses
(
10)
(7)
Net trade receivables
179
177
Other financial receivables
27
25
Other non-financial receivables
86
59
Prepayments
33
32
Accrued income
15
14
Total current trade and other receivables
340
307
Total trade and other receivables
392
359
1 2 1 2 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 \u00a3124 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:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-443": { "value": "17. Inventories
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Raw materials
29
15
Work in progress
3
1
Finished goods
475
431
Total inventories
507
447
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Total inventories, gross
580
504
Provisions
(
73)
(57)
Total inventories, net
507
447
Inventory provisions of \u00a373 million (last year: \u00a357 million) are recorded, representing 12.6% (last year: 11.4%) 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 \u00a3922 million (last year: \u00a3874 million). Taking into account factors impacting the inventory provisioning including the proportion of inventory sold through loss making channels being higher or lower than expected, management considers that a reasonable potential range of outcomes could result in an increase in inventory provisions of \u00a315 million or a decrease in inventory provisions of \u00a322 million in the next 12 months. This would result in a potential range of inventory provisions of 8.8% to 15.3% as a percentage of the gross value of inventory as at 30 March 2024. The net movement in inventory provisions included in cost of sales for the 52 weeks to 30 March 2024 was a charge of \u00a339 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 \u00a315 million (last year: reversal of \u00a322 million). In the prior year, a reversal of \u00a31 million was included within both of these amounts upon reassessment of the provision related to the impact of COVID-19 and was presented as an adjusting item. Refer to note 6 for details of adjusting items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-444": { "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 30 March
2024 (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 As at
30 March 1 April
2024 2023
\u00a3m \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
2
4
Equity swap contracts \u2013 fair value through profit and loss
\u2013
3
Total position
2
7
Comprising:
Total current position
2
7
1
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 30 March 2024,
all such contracts had maturities of no greater than three months from the balance sheet date (last year: no greater than three months from the balance sheet date).
Derivative financial liabilities
As at As at
3 March 1 April
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges
(2)
(1)
Forward foreign exchange contracts \u2013 fair value through profit and loss
(1)
\u2013
Equity swap contracts \u2013 fair value through profit and loss
(1)
\u2013
Total position
(
4)
(1)
Comprising:
Total current position
(
4)
(1)
1
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 30 March
2024, all such contracts had maturities of no greater than three months from the balance sheet date (last year: no greater than two months 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges
71
155
Forward foreign exchange contracts \u2013 fair value through profit and loss
439
332
Equity swap contracts \u2013 fair value through profit and loss
4
7
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 As at
30 March 1 April
2024 2023
Foreign currency forwards
Carrying amount (assets)
\u2013
\u2013
Notional amount
\u2013
\u00a318m
Maturity date
\u2013
Jun 2023 \u2013
Nov 2023
Hedge ratio
\u2013
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
\u2013
1.1369
Carrying amount (liabilities)
(\u00a32m)
(\u00a31m)
Notional amount
\u00a371m
\u00a3137m
Maturity date May 2024 \u2013 Jun 2023 \u2013
Aug 2024 May 2024
Hedge ratio
1:1
1:1
Change in spot value of outstanding hedging instruments since start of year
(
\u00a32m)
\u00a31m
Change in value of hedged item used to determine hedge effectiveness
\u00a32m
(\u00a31m)
Weighted average hedged rate of outstanding contracts (including forward points) \u2013 EUR
1.1322
1.1221
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.
23. Bank overdrafts
Included within bank overdrafts is \u00a378 million (last year: \u00a365 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 30 March 2024, the Group held
\u00a31 million (last year: \u00a3nil) 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 have been used by the Group to finance projects
which support the Group\u2019s sustainability agenda. 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 30 March 2024 is \u00a3299 million (last year: \u00a3298
million); all movements on the bond are non-cash. The fair value of the bond at 30 March 2024 is \u00a3281 million (last year: \u00a3273 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 30 March 2024 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.
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 annually. 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 third party 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 30 March 2024 (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 30 March 2024 (last year: no outstanding net investment hedges). At 30 March 2024, 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 30 March 2024 would have been to increase/decrease operating profit for the year by \u00a34 million (last year: increase/decrease \u00a34 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash flow hedges as at 30 March 2024 would have been to decrease/increase equity by \u00a36 million (last year: decrease/increase \u00a312 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 30 March 2024
As at 1 April 2023
Monetary Monetary Monetary Monetary
assets liabilities Net assets liabilities Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
1
(2)
(1)
\u2013
(2)
(2)
US Dollar
1
(6)
(5)
1
(18)
(17)
Euro
58
(66)
(8)
40
(59)
(19)
Chinese Yuan Renminbi
7
\u2013
7
5
\u2013
5
Other currencies
5
(33)
(28)
5
(34)
(29)
Total
72
(107)
(35)
51
(113)
(62)
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 30 March 2024 are \u00a378 million (last year: \u00a365 million) due to cash pool overdrafts. The fixed rate financial liabilities at 30 March 2024 are borrowings of \u00a3299 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 30 March 2024 comprise short-term deposits of \u00a3261 million (last year: \u00a3874 million), interest bearing current accounts of \u00a3nil (last year: \u00a32 million) and cash pool asset balances of \u00a385 million (last year: \u00a367 million). At 30 March 2024, 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 \u00a34 million (last year: \u00a38 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 during the year representing more than 6% 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 30 March 2024. The expected credit loss allowance for receivables was determined as follows:
Less than Less than Less than Over
1 month 2 months 3 months 3 months
Current overdue overdue overdue overdue Total
As at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
Weighted average expected loss rate %
2%
5%
10%
12%
39%
Gross carrying amount of trade receivables
154
18
6
4
7
189
Loss allowance
(3)
(1)
(1)
(1)
(4)
(10)
As at 1 April 2023
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
(3)
(1)
\u2013
\u2013
(3)
(7)
1 1 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 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
Effect of foreign exchange rate changes
\u2013
Impairment provision recognised in profit or loss during the year
6
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(2)
As at 30 March 2024
10
In aggregate, as at 30 March 2024, the movement in the impairment provision on trade and other receivables and recorded in the Income Statement was a net charge of \u00a34 million (last year: \u00a31 million), all of which relates to contracts with customers. 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 30 March 2024, the discounted fair value of the loan is \u00a313 million (last year: \u00a314 million). The book value of the loan, recorded at amortised cost, is \u00a314 million (last year: \u00a314 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 \u00a38 million (last year: \u00a36 million) was held with institutions with a rating below \u2018A\u2019 at 30 March 2024. 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 \u00a3282 million (last year: \u00a3237 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 30 March 2024
As at 1 April 2023
Lease Lease
liabilities Other Total liabilities Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
In more than 1 year, but not more than 2 years
228
302
530
227
\u2013
227
In more than 2 years, but not more than 3 years
181
\u2013
181
186
300
486
In more than 3 years, but not more than 4 years
161
\u2013
161
142
\u2013
142
In more than 4 years, but not more than 5 years
108
\u2013
108
122
\u2013
122
In more than 5 years
459
1
460
330
\u2013
330
Total financial liabilities
1,137
303
1,440
1,007
300
1,307
As at 30 March 2024, other non-current financial liabilities relate to borrowings of \u00a3299 million (last year: borrowings of \u00a3298 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 30 March 2024, the Group had net cash of \u00a3362 million (last year: \u00a3961 million), borrowings of \u00a3299 million (last year: \u00a3298 million) and total equity excluding non-controlling interests of \u00a31,147 million (last year: \u00a31,533 million). The borrowings at 30 March 2024 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-501": { "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 30 March 2024 (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 As at
30 March 1 April
2024 2023
\u00a3m \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
2
4
Equity swap contracts \u2013 fair value through profit and loss
\u2013
3
Total position
2
7
Comprising:
Total current position
2
7
1 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 30 March 2024, all such contracts had maturities of no greater than three months from the balance sheet date (last year: no greater than three months from the balance sheet date). Derivative financial liabilities
As at As at
3 March 1 April
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges
(2)
(1)
Forward foreign exchange contracts \u2013 fair value through profit and loss
(1)
\u2013
Equity swap contracts \u2013 fair value through profit and loss
(1)
\u2013
Total position
(
4)
(1)
Comprising:
Total current position
(
4)
(1)
1 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 30 March 2024, all such contracts had maturities of no greater than three months from the balance sheet date (last year: no greater than two months 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges
71
155
Forward foreign exchange contracts \u2013 fair value through profit and loss
439
332
Equity swap contracts \u2013 fair value through profit and loss
4
7
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 As at
30 March 1 April
2024 2023
Foreign currency forwards
Carrying amount (assets)
\u2013
\u2013
Notional amount
\u2013
\u00a318m
Maturity date
\u2013
Jun 2023 \u2013
Nov 2023
Hedge ratio
\u2013
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
\u2013
1.1369
Carrying amount (liabilities)
(\u00a32m)
(\u00a31m)
Notional amount
\u00a371m
\u00a3137m
Maturity date May 2024 \u2013 Jun 2023 \u2013
Aug 2024 May 2024
Hedge ratio
1:1
1:1
Change in spot value of outstanding hedging instruments since start of year
(
\u00a32m)
\u00a31m
Change in value of hedged item used to determine hedge effectiveness
\u00a32m
(\u00a31m)
Weighted average hedged rate of outstanding contracts (including forward points) \u2013 EUR
1.1322
1.1221
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-478": { "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 30 March 2024 (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 As at
30 March 1 April
2024 2023
\u00a3m \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
2
4
Equity swap contracts \u2013 fair value through profit and loss
\u2013
3
Total position
2
7
Comprising:
Total current position
2
7
1 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 30 March 2024, all such contracts had maturities of no greater than three months from the balance sheet date (last year: no greater than three months from the balance sheet date). Derivative financial liabilities
As at As at
3 March 1 April
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges
(2)
(1)
Forward foreign exchange contracts \u2013 fair value through profit and loss
(1)
\u2013
Equity swap contracts \u2013 fair value through profit and loss
(1)
\u2013
Total position
(
4)
(1)
Comprising:
Total current position
(
4)
(1)
1 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 30 March 2024, all such contracts had maturities of no greater than three months from the balance sheet date (last year: no greater than two months 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts \u2013 fair value hedging instrument: cash flow hedges
71
155
Forward foreign exchange contracts \u2013 fair value through profit and loss
439
332
Equity swap contracts \u2013 fair value through profit and loss
4
7
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 As at
30 March 1 April
2024 2023
Foreign currency forwards
Carrying amount (assets)
\u2013
\u2013
Notional amount
\u2013
\u00a318m
Maturity date
\u2013
Jun 2023 \u2013
Nov 2023
Hedge ratio
\u2013
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
\u2013
1.1369
Carrying amount (liabilities)
(\u00a32m)
(\u00a31m)
Notional amount
\u00a371m
\u00a3137m
Maturity date May 2024 \u2013 Jun 2023 \u2013
Aug 2024 May 2024
Hedge ratio
1:1
1:1
Change in spot value of outstanding hedging instruments since start of year
(
\u00a32m)
\u00a31m
Change in value of hedged item used to determine hedge effectiveness
\u00a32m
(\u00a31m)
Weighted average hedged rate of outstanding contracts (including forward points) \u2013 EUR
1.1322
1.1221
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-445": { "value": "
19. Cash and cash equivalents
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents held at amortised cost
Cash at bank and in hand
180
152
Short-term deposits
83
77
Cash and cash equivalents held at fair value through profit and loss
263
229
Short-term deposits
178
797
Total
441
1,026
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 30 March 2024 and 1 April 2023, 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-446": { "value": "
20. Trade and other payables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other payables
3
\u2013
Deferred income and non-financial accruals
9
20
Contract liabilities
51
57
Total non-current trade and other payables
63
77
Current
Trade payables
180
186
Other taxes and social security costs
45
50
Other payables
21
10
Accruals
165
199
Deferred income and non-financial accruals
11
14
Contract liabilities
12
13
Deferred consideration
2
5
5
Total current trade and other payables
439
477
Total trade and other payables
502
554
1
1
1. Other payables comprise interest and employee-related liabilities.
2. Deferred consideration relates to the acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. In the 52 weeks
to 30 March 2024 no payments were made in relation to Burberry Middle East LLC (last year: \u00a36 million). Contingent payments of \u00a35 million remain outstanding at
30 March 2024, which will be paid once all required documentation is complete.
Included in total trade and other payables are non-financial liabilities of \u00a3128 million (last year: \u00a3153 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail contract liabilities
6
6
Licensing contract liabilities
57
64
Total contract liabilities
63
70
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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail revenue relating to contract liabilities
3
4
Deferred revenue from Beauty licence
7
6
Revenue recognised that was included in contract liabilities at the start of the year
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-517": { "value": "20. Trade and other payables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other payables
3
\u2013
Deferred income and non-financial accruals
9
20
Contract liabilities
51
57
Total non-current trade and other payables
63
77
Current
Trade payables
180
186
Other taxes and social security costs
45
50
Other payables
21
10
Accruals
165
199
Deferred income and non-financial accruals
11
14
Contract liabilities
12
13
Deferred consideration
2
5
5
Total current trade and other payables
439
477
Total trade and other payables
502
554
1 1 1. Other payables comprise interest and employee-related liabilities. 2. Deferred consideration relates to the acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. In the 52 weeks to 30 March 2024 no payments were made in relation to Burberry Middle East LLC (last year: \u00a36 million). Contingent payments of \u00a35 million remain outstanding at 30 March 2024, which will be paid once all required documentation is complete. Included in total trade and other payables are non-financial liabilities of \u00a3128 million (last year: \u00a3153 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail contract liabilities
6
6
Licensing contract liabilities
57
64
Total contract liabilities
63
70
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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail revenue relating to contract liabilities
3
4
Deferred revenue from Beauty licence
7
6
Revenue recognised that was included in contract liabilities at the start of the year
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-512": { "value": "20. Trade and other payables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other payables
3
\u2013
Deferred income and non-financial accruals
9
20
Contract liabilities
51
57
Total non-current trade and other payables
63
77
Current
Trade payables
180
186
Other taxes and social security costs
45
50
Other payables
21
10
Accruals
165
199
Deferred income and non-financial accruals
11
14
Contract liabilities
12
13
Deferred consideration
2
5
5
Total current trade and other payables
439
477
Total trade and other payables
502
554
1 1 1. Other payables comprise interest and employee-related liabilities. 2. Deferred consideration relates to the acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. In the 52 weeks to 30 March 2024 no payments were made in relation to Burberry Middle East LLC (last year: \u00a36 million). Contingent payments of \u00a35 million remain outstanding at 30 March 2024, which will be paid once all required documentation is complete. Included in total trade and other payables are non-financial liabilities of \u00a3128 million (last year: \u00a3153 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail contract liabilities
6
6
Licensing contract liabilities
57
64
Total contract liabilities
63
70
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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail revenue relating to contract liabilities
3
4
Deferred revenue from Beauty licence
7
6
Revenue recognised that was included in contract liabilities at the start of the year
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-502": { "value": "20. Trade and other payables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other payables
3
\u2013
Deferred income and non-financial accruals
9
20
Contract liabilities
51
57
Total non-current trade and other payables
63
77
Current
Trade payables
180
186
Other taxes and social security costs
45
50
Other payables
21
10
Accruals
165
199
Deferred income and non-financial accruals
11
14
Contract liabilities
12
13
Deferred consideration
2
5
5
Total current trade and other payables
439
477
Total trade and other payables
502
554
1 1 1. Other payables comprise interest and employee-related liabilities. 2. Deferred consideration relates to the acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. In the 52 weeks to 30 March 2024 no payments were made in relation to Burberry Middle East LLC (last year: \u00a36 million). Contingent payments of \u00a35 million remain outstanding at 30 March 2024, which will be paid once all required documentation is complete. Included in total trade and other payables are non-financial liabilities of \u00a3128 million (last year: \u00a3153 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail contract liabilities
6
6
Licensing contract liabilities
57
64
Total contract liabilities
63
70
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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail revenue relating to contract liabilities
3
4
Deferred revenue from Beauty licence
7
6
Revenue recognised that was included in contract liabilities at the start of the year
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-479": { "value": "20. Trade and other payables
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Non-current
Other payables
3
\u2013
Deferred income and non-financial accruals
9
20
Contract liabilities
51
57
Total non-current trade and other payables
63
77
Current
Trade payables
180
186
Other taxes and social security costs
45
50
Other payables
21
10
Accruals
165
199
Deferred income and non-financial accruals
11
14
Contract liabilities
12
13
Deferred consideration
2
5
5
Total current trade and other payables
439
477
Total trade and other payables
502
554
1 1 1. Other payables comprise interest and employee-related liabilities. 2. Deferred consideration relates to the acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. In the 52 weeks to 30 March 2024 no payments were made in relation to Burberry Middle East LLC (last year: \u00a36 million). Contingent payments of \u00a35 million remain outstanding at 30 March 2024, which will be paid once all required documentation is complete. Included in total trade and other payables are non-financial liabilities of \u00a3128 million (last year: \u00a3153 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail contract liabilities
6
6
Licensing contract liabilities
57
64
Total contract liabilities
63
70
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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Retail revenue relating to contract liabilities
3
4
Deferred revenue from Beauty licence
7
6
Revenue recognised that was included in contract liabilities at the start of the year
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-447": { "value": "
22. Provisions for other liabilities and charges
Property obligations Other Total
\u00a3m \u00a3m \u00a3m
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
Effect of foreign exchange rate changes
(3)
\u2013
(3)
Created during the year
5
4
9
Utilised during the year
(1)
(1)
(2)
Released during the year
(2)
(7)
(9)
Balance as at 30 March 2024
48
9
57
The net charge in the year for property obligations is \u00a33 million (last year: \u00a33 million), relating to additional property reinstatement
costs. The net credit in the year for other provisions of \u00a33 million (last year: net credit of \u00a33 million) includes charges of \u00a34 million
(last year: \u00a35 million) relating to expected future outflows for property disputes, employee matters and tax compliance, and reversals
of \u00a37 million (last year: \u00a38 million) relating to employee matters and other property matters.
As at As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Analysis of total provisions:
Non-current
37
40
Current
20
22
Total
57
62
The non-current provisions relate to property reinstatement costs which are expected to be utilised within 14 years (last year:
15 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-480": { "value": "23. Bank overdrafts Included within bank overdrafts is \u00a378 million (last year: \u00a365 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 30 March 2024, the Group held \u00a31 million (last year: \u00a3nil) 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 have been used by the Group to finance projects which support the Group\u2019s sustainability agenda. 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 30 March 2024 is \u00a3299 million (last year: \u00a3298 million); all movements on the bond are non-cash. The fair value of the bond at 30 March 2024 is \u00a3281 million (last year: \u00a3273 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 30 March 2024 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-503": { "value": "
25. Share capital and reserves
Allotted, called up and fully paid share capital
Number
\u00a3m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 2 April 2022
405,107,301
0.2
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
0.2
Allotted on exercise of options during the year
51,904
\u2013
Cancellation of shares
(20,504,089)
\u2013
As at 30 March 2024
363,815,743
0.2
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 30 March 2024, the Company entered into agreements to purchase, at fair value,
a total of \u00a3400 million of its own shares, excluding stamp duty and fees, through two share buyback programmes of \u00a3200 million
each (last year: two share buyback programmes of \u00a3200 million each). 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 30 March 2024, 20.5 million shares were cancelled (last year: 21.1 million).
As at 30 March 2024 the Company held 5.2 million treasury shares (last year: 6.1 million), with a market value of \u00a363 million (last year:
\u00a3157 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 30 March 2024, 0.9 million treasury
shares were transferred to ESOP trusts (last year: 2.3 million). During the 52 weeks to 30 March 2024, 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 30 March 2024, the cost of own shares held by ESOP trusts and offset against retained
earnings is \u00a334 million (last year: \u00a342 million). As at 30 March 2024, the ESOP trusts held 1.9 million shares (last year: 2.3 million) in
the Company, with a market value of \u00a323 million (last year: \u00a360 million). In the 52 weeks to 30 March 2024 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.
Hedging reserves Foreign currency
Capital Cash flow Net investment translation
reserve hedges hedge reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Other comprehensive income:
Cash flow hedges \u2013 losses deferred in equit
y
\u2013
(4)
\u2013
\u2013
(4)
Cash flow hedges \u2013 transferred to income
\u2013
1
\u2013
\u2013
1
Foreign currency translation differences
\u2013
\u2013
\u2013
(34)
(34)
Tax on other comprehensive income
\u2013
1
\u2013
\u2013
1
Total comprehensive income for the year
\u2013
(2)
\u2013
(34)
(36)
Balance as at 30 March 2024
41
(3)
5
198
241
As at 30 March 2024 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-448": { "value": "25. Share capital and reserves
Allotted, called up and fully paid share capital
Number
\u00a3m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 2 April 2022
405,107,301
0.2
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
0.2
Allotted on exercise of options during the year
51,904
\u2013
Cancellation of shares
(20,504,089)
\u2013
As at 30 March 2024
363,815,743
0.2
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 30 March 2024, the Company entered into agreements to purchase, at fair value, a total of \u00a3400 million of its own shares, excluding stamp duty and fees, through two share buyback programmes of \u00a3200 million each (last year: two share buyback programmes of \u00a3200 million each). 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 30 March 2024, 20.5 million shares were cancelled (last year: 21.1 million). As at 30 March 2024 the Company held 5.2 million treasury shares (last year: 6.1 million), with a market value of \u00a363 million (last year: \u00a3157 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 30 March 2024, 0.9 million treasury shares were transferred to ESOP trusts (last year: 2.3 million). During the 52 weeks to 30 March 2024, 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 30 March 2024, the cost of own shares held by ESOP trusts and offset against retained earnings is \u00a334 million (last year: \u00a342 million). As at 30 March 2024, the ESOP trusts held 1.9 million shares (last year: 2.3 million) in the Company, with a market value of \u00a323 million (last year: \u00a360 million). In the 52 weeks to 30 March 2024 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.
Hedging reserves Foreign currency
Capital Cash flow Net investment translation
reserve hedges hedge reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Other comprehensive income:
Cash flow hedges \u2013 losses deferred in equit
y
\u2013
(4)
\u2013
\u2013
(4)
Cash flow hedges \u2013 transferred to income
\u2013
1
\u2013
\u2013
1
Foreign currency translation differences
\u2013
\u2013
\u2013
(34)
(34)
Tax on other comprehensive income
\u2013
1
\u2013
\u2013
1
Total comprehensive income for the year
\u2013
(2)
\u2013
(34)
(36)
Balance as at 30 March 2024
41
(3)
5
198
241
As at 30 March 2024 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:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-481": { "value": "25. Share capital and reserves
Allotted, called up and fully paid share capital
Number
\u00a3m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 2 April 2022
405,107,301
0.2
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
0.2
Allotted on exercise of options during the year
51,904
\u2013
Cancellation of shares
(20,504,089)
\u2013
As at 30 March 2024
363,815,743
0.2
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 30 March 2024, the Company entered into agreements to purchase, at fair value, a total of \u00a3400 million of its own shares, excluding stamp duty and fees, through two share buyback programmes of \u00a3200 million each (last year: two share buyback programmes of \u00a3200 million each). 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 30 March 2024, 20.5 million shares were cancelled (last year: 21.1 million). As at 30 March 2024 the Company held 5.2 million treasury shares (last year: 6.1 million), with a market value of \u00a363 million (last year: \u00a3157 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 30 March 2024, 0.9 million treasury shares were transferred to ESOP trusts (last year: 2.3 million). During the 52 weeks to 30 March 2024, 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 30 March 2024, the cost of own shares held by ESOP trusts and offset against retained earnings is \u00a334 million (last year: \u00a342 million). As at 30 March 2024, the ESOP trusts held 1.9 million shares (last year: 2.3 million) in the Company, with a market value of \u00a323 million (last year: \u00a360 million). In the 52 weeks to 30 March 2024 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.
Hedging reserves Foreign currency
Capital Cash flow Net investment translation
reserve hedges hedge reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Other comprehensive income:
Cash flow hedges \u2013 losses deferred in equit
y
\u2013
(4)
\u2013
\u2013
(4)
Cash flow hedges \u2013 transferred to income
\u2013
1
\u2013
\u2013
1
Foreign currency translation differences
\u2013
\u2013
\u2013
(34)
(34)
Tax on other comprehensive income
\u2013
1
\u2013
\u2013
1
Total comprehensive income for the year
\u2013
(2)
\u2013
(34)
(36)
Balance as at 30 March 2024
41
(3)
5
198
241
As at 30 March 2024 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-482": { "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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Amounts falling due:
Within 1 year
2
\u2013
Between 2 and 5 years
49
14
After 5 years
120
9
Total
171
23
During the 52 weeks to 30 March 2024, the Group entered into two significant retail store lease agreements in EMEIA for which possession of the property is not yet obtained. The Group has committed to \u00a3138 million in future undiscounted lease payments in relation to these leases, which have expected lease terms of 12 and 15 years. A judgement has been made that the Group is reasonably certain to exercise an extension option in relation to one of these leases, representing \u00a338 million of the commitment. 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Capital commitments contracted but not provided for:
Property, plant and equipment
67
38
Intangible assets 4 3
Total 71 41
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-449": { "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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Amounts falling due:
Within 1 year
2
\u2013
Between 2 and 5 years
49
14
After 5 years
120
9
Total
171
23
During the 52 weeks to 30 March 2024, the Group entered into two significant retail store lease agreements in EMEIA for which possession of the property is not yet obtained. The Group has committed to \u00a3138 million in future undiscounted lease payments in relation to these leases, which have expected lease terms of 12 and 15 years. A judgement has been made that the Group is reasonably certain to exercise an extension option in relation to one of these leases, representing \u00a338 million of the commitment. 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 As at
30 March 1 April
2024 2023
\u00a3m \u00a3m
Capital commitments contracted but not provided for:
Property, plant and equipment
67
38
Intangible assets 4 3
Total 71 41
32. 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": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-504": { "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 annually. 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 third party 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 30 March 2024 (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 30 March 2024 (last year: no outstanding net investment hedges). At 30 March 2024, 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 30 March 2024 would have been to increase/decrease operating profit for the year by \u00a34 million (last year: increase/decrease \u00a34 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash flow hedges as at 30 March 2024 would have been to decrease/increase equity by \u00a36 million (last year: decrease/increase \u00a312 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 30 March 2024
As at 1 April 2023
Monetary Monetary Monetary Monetary
assets liabilities Net assets liabilities Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
1
(2)
(1)
\u2013
(2)
(2)
US Dollar
1
(6)
(5)
1
(18)
(17)
Euro
58
(66)
(8)
40
(59)
(19)
Chinese Yuan Renminbi
7
\u2013
7
5
\u2013
5
Other currencies
5
(33)
(28)
5
(34)
(29)
Total
72
(107)
(35)
51
(113)
(62)
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 30 March 2024 are \u00a378 million (last year: \u00a365 million) due to cash pool overdrafts. The fixed rate financial liabilities at 30 March 2024 are borrowings of \u00a3299 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 30 March 2024 comprise short-term deposits of \u00a3261 million (last year: \u00a3874 million), interest bearing current accounts of \u00a3nil (last year: \u00a32 million) and cash pool asset balances of \u00a385 million (last year: \u00a367 million). At 30 March 2024, 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 \u00a34 million (last year: \u00a38 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 during the year representing more than 6% 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 30 March 2024. The expected credit loss allowance for receivables was determined as follows:
Less than Less than Less than Over
1 month 2 months 3 months 3 months
Current overdue overdue overdue overdue Total
As at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
Weighted average expected loss rate %
2%
5%
10%
12%
39%
Gross carrying amount of trade receivables
154
18
6
4
7
189
Loss allowance
(3)
(1)
(1)
(1)
(4)
(10)
As at 1 April 2023
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
(3)
(1)
\u2013
\u2013
(3)
(7)
1 1 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 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
Effect of foreign exchange rate changes
\u2013
Impairment provision recognised in profit or loss during the year
6
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(2)
As at 30 March 2024
10
In aggregate, as at 30 March 2024, the movement in the impairment provision on trade and other receivables and recorded in the
Income Statement was a net charge of \u00a34 million (last year: \u00a31 million), all of which relates to contracts with customers.
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 30 March 2024, the discounted fair
value of the loan is \u00a313 million (last year: \u00a314 million). The book value of the loan, recorded at amortised cost, is \u00a314 million (last year:
\u00a314 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 \u00a38 million (last year: \u00a36 million) was held with institutions with a rating below \u2018A\u2019 at 30 March 2024.
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 \u00a3282 million (last year:
\u00a3237 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 30 March 2024
As at 1 April 2023
Lease Lease
liabilities Other Total liabilities Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
In more than 1 year, but not more than 2 years
228
302
530
227
\u2013
227
In more than 2 years, but not more than 3 years
181
\u2013
181
186
300
486
In more than 3 years, but not more than 4 years
161
\u2013
161
142
\u2013
142
In more than 4 years, but not more than 5 years
108
\u2013
108
122
\u2013
122
In more than 5 years
459
1
460
330
\u2013
330
Total financial liabilities
1,137
303
1,440
1,007
300
1,307
As at 30 March 2024, other non-current financial liabilities relate to borrowings of \u00a3299 million (last year: borrowings of
\u00a3298 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 30 March 2024, the Group had net cash of \u00a3362 million (last year: \u00a3961 million), borrowings of \u00a3299 million (last year: \u00a3298 million)
and total equity excluding non-controlling interests of \u00a31,147 million (last year: \u00a31,533 million). The borrowings at 30 March 2024
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-483": { "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 third party 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 30 March 2024 (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 30 March 2024 (last year: no
outstanding net investment hedges).
At 30 March 2024, 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 30 March 2024 would have been to increase/decrease operating profit for the year by \u00a34 million (last
year: increase/decrease \u00a34 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as
cash flow hedges as at 30 March 2024 would have been to decrease/increase equity by \u00a36 million (last year: decrease/increase
\u00a312 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 30 March 2024
As at 1 April 2023
Monetary Monetary Monetary Monetary
assets liabilities Net assets liabilities Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
1
(2)
(1)
\u2013
(2)
(2)
US Dollar
1
(6)
(5)
1
(18)
(17)
Euro
58
(66)
(8)
40
(59)
(19)
Chinese Yuan Renminbi
7
\u2013
7
5
\u2013
5
Other currencies
5
(33)
(28)
5
(34)
(29)
Total
72
(107)
(35)
51
(113)
(62)
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 30 March 2024 are \u00a378 million (last year: \u00a365 million) due to cash pool overdrafts. The fixed
rate financial liabilities at 30 March 2024 are borrowings of \u00a3299 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 30 March 2024 comprise short-term deposits of \u00a3261 million (last year: \u00a3874 million), interest
bearing current accounts of \u00a3nil (last year: \u00a32 million) and cash pool asset balances of \u00a385 million (last year: \u00a367 million). At 30 March
2024, 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
\u00a34 million (last year: \u00a38 million) higher/lower, as a result of higher/lower interest income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-484": { "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 during the year representing more than 6% 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 30 March 2024.
The expected credit loss allowance for receivables was determined as follows:
Less than Less than Less than Over
1 month 2 months 3 months 3 months
Current overdue overdue overdue overdue Total
As at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
Weighted average expected loss rate %
2%
5%
10%
12%
39%
Gross carrying amount of trade receivables
154
18
6
4
7
189
Loss allowance
(3)
(1)
(1)
(1)
(4)
(10)
As at 1 April 2023
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
(3)
(1)
\u2013
\u2013
(3)
(7)
1
1
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 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
Effect of foreign exchange rate changes
\u2013
Impairment provision recognised in profit or loss during the year
6
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(2)
As at 30 March 2024
10
In aggregate, as at 30 March 2024, the movement in the impairment provision on trade and other receivables and recorded in the Income Statement was a net charge of \u00a34 million (last year: \u00a31 million), all of which relates to contracts with customers. 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 30 March 2024, the discounted fair value of the loan is \u00a313 million (last year: \u00a314 million). The book value of the loan, recorded at amortised cost, is \u00a314 million (last year: \u00a314 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 \u00a38 million (last year: \u00a36 million) was held with institutions with a rating below \u2018A\u2019 at 30 March 2024. These amounts are monitored on a weekly basis by the Treasury Committee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-513": { "value": "The expected credit loss allowance for receivables was determined as follows:
Less than Less than Less than Over
1 month 2 months 3 months 3 months
Current overdue overdue overdue overdue Total
As at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
Weighted average expected loss rate %
2%
5%
10%
12%
39%
Gross carrying amount of trade receivables
154
18
6
4
7
189
Loss allowance
(3)
(1)
(1)
(1)
(4)
(10)
As at 1 April 2023
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
(3)
(1)
\u2013
\u2013
(3)
(7)
1 1 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 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
Effect of foreign exchange rate changes
\u2013
Impairment provision recognised in profit or loss during the year
6
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(2)
As at 30 March 2024
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-485": { "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 \u00a3282 million (last year: \u00a3237 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 30 March 2024
As at 1 April 2023
Lease Lease
liabilities Other Total liabilities Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
In more than 1 year, but not more than 2 years
228
302
530
227
\u2013
227
In more than 2 years, but not more than 3 years
181
\u2013
181
186
300
486
In more than 3 years, but not more than 4 years
161
\u2013
161
142
\u2013
142
In more than 4 years, but not more than 5 years
108
\u2013
108
122
\u2013
122
In more than 5 years
459
1
460
330
\u2013
330
Total financial liabilities
1,137
303
1,440
1,007
300
1,307
As at 30 March 2024, other non-current financial liabilities relate to borrowings of \u00a3299 million (last year: borrowings of \u00a3298 million). Refer to note 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-486": { "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 30 March 2024, the Group had net cash of \u00a3362 million (last year: \u00a3961 million), borrowings of \u00a3299 million (last year: \u00a3298 million) and total equity excluding non-controlling interests of \u00a31,147 million (last year: \u00a31,533 million). The borrowings at 30 March 2024 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-450": { "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 125 to 142 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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Wages and salaries
474
468
Social security costs
56
60
Pension costs
21
20
551
548
Termination benefits
5
8
Share-based compensation (all awards and options settled in shares)
16
19
Total
572
575
Employee costs for the 52 weeks to 1 April 2023 included a charge of \u00a310 million arising as a result of the Group\u2019s restructuring
programme which was 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 52 weeks to
30 March 1 April
2024 2023
EMEIA
4,591
4,394
Americas
1,291
1,303
Asia Pacific
3,287
3,171
Total
9,169
8,868
1
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 \u00a316 million (last year: \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 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. BSP awards made to the Executive Directors in the year ending 30 March
2024 will vest in full on the third anniversary of the grant date, subject to continued employment. For BSP awards made to Executive
Directors in years ending before 1 April 2023, one third of the award will vest on the third anniversary of the grant date, one third 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 \u00a311 million (last year: \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 2023
838,107
\u00a322.48
Management
Continued service
N/A
N/A
27 July 2023
131,178
\u00a322.48
Executive Directors
Underpins: Total revenue
\u00a33,200m
N/A
ROIC
WACC
N/A
Brand and sustainabilit
y
Reasonable N/A
progress
23 November 2023
33,268
\u00a315.04
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 23 November
2023 2023
Share price at contract commencement date
\u00a322.48
\u00a315.04
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 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
2,261,952
1,701,810
Granted during the year
1,002,553
1,253,633
Lapsed and forfeited during the year
(362,276)
(539,186)
Exercised in the year
(649,492)
(154,305)
Outstanding at end of year
2,252,737
2,261,952
Exercisable at end of year
13,260
2,519
Vesting after end of year
2,239,477
2,259,433
Share awards outstanding at the end of the year have the following terms:
Number of Number of
awards as at awards as at
30 March 1 April
Term of the award 2024 2023
20 August 2020 \u2013 23 July 2023
\u2013
636,732
19 November 2020 \u2013 19 November 2023
\u2013
6,933
27 July 2021 \u2013 27 July 2024
437,233
559,954
18 November 2021 \u2013 18 November 2024
5,134
6,761
27 July 2022 \u2013 27 July 2027
104,131
104,131
27 July 2022 \u2013 27 July 2025
669,799
860,513
24 November 2022 \u2013 24 November 2025
86,928
86,928
27 July 2023 \u2013 27 July 2026
916,244
\u2013
23 November 2023 \u2013 23 November 2026
27,477
\u2013
23 November 2023 \u2013 27 July 2026
5,791
\u2013
Total
2,252,737
2,261,952
The weighted average term of the BSP awards is three years, and the weighted average share price at the date of exercise for awards exercised in the period was \u00a321.56. 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. Thresholds and targets for all ESP schemes have now been assessed and the number of shares awarded has been approved. 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 \u00a3nil (last year: \u00a31 million). Movements in the number of ESP share awards outstanding are as follows:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
285,906
1,259,041
Lapsed and forfeited during the year
(19,239)
(736,848)
Exercised during the year
(117,276)
(236,287)
Outstanding at end of year
149,391
285,906
Exercisable at end of year
149,391
132,378
Vesting after end of year
\u2013
153,528
The weighted average first available exercise date for the ESP scheme is 30 March 2024.
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 \u00a31 million (last year: \u00a35 million).
Movements in the number of one-off share awards outstanding are as follows:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
340,749
1,063,048
Granted during the year
24,135
7,720
Lapsed and forfeited during the year
(
4,128)
(537,605)
Exercised during the year
(312,216)
(192,414)
Outstanding at end of year
48,540
340,749
Exercisable at end of year
40,808
31,311
Vesting after end of year
7,732
309,438
The weighted average first available exercise date for the one-off awards is 19 October 2024, and the latest vesting date is 27 July 2026.
The weighted average share price at the date of exercise for awards exercised in the period was \u00a320.81.
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 30 March 2024 and 1 April 2023, 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 \u00a33 million (last year: \u00a34 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-505": { "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 125 to 142 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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Wages and salaries
474
468
Social security costs
56
60
Pension costs
21
20
551
548
Termination benefits
5
8
Share-based compensation (all awards and options settled in shares)
16
19
Total
572
575
Employee costs for the 52 weeks to 1 April 2023 included a charge of \u00a310 million arising as a result of the Group\u2019s restructuring programme which was 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 52 weeks to
30 March 1 April
2024 2023
EMEIA
4,591
4,394
Americas
1,291
1,303
Asia Pacific
3,287
3,171
Total
9,169
8,868
1 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 \u00a316 million (last year: \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 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. BSP awards made to the Executive Directors in the year ending 30 March 2024 will vest in full on the third anniversary of the grant date, subject to continued employment. For BSP awards made to Executive Directors in years ending before 1 April 2023, one third of the award will vest on the third anniversary of the grant date, one third 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 \u00a311 million (last year: \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 2023
838,107
\u00a322.48
Management
Continued service
N/A
N/A
27 July 2023
131,178
\u00a322.48
Executive Directors
Underpins: Total revenue
\u00a33,200m
N/A
ROIC
WACC
N/A
Brand and sustainabilit
y
Reasonable N/A
progress
23 November 2023
33,268
\u00a315.04
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 23 November
2023 2023
Share price at contract commencement date
\u00a322.48
\u00a315.04
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 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
2,261,952
1,701,810
Granted during the year
1,002,553
1,253,633
Lapsed and forfeited during the year
(362,276)
(539,186)
Exercised in the year
(649,492)
(154,305)
Outstanding at end of year
2,252,737
2,261,952
Exercisable at end of year
13,260
2,519
Vesting after end of year
2,239,477
2,259,433
Share awards outstanding at the end of the year have the following terms:
Number of Number of
awards as at awards as at
30 March 1 April
Term of the award 2024 2023
20 August 2020 \u2013 23 July 2023
\u2013
636,732
19 November 2020 \u2013 19 November 2023
\u2013
6,933
27 July 2021 \u2013 27 July 2024
437,233
559,954
18 November 2021 \u2013 18 November 2024
5,134
6,761
27 July 2022 \u2013 27 July 2027
104,131
104,131
27 July 2022 \u2013 27 July 2025
669,799
860,513
24 November 2022 \u2013 24 November 2025
86,928
86,928
27 July 2023 \u2013 27 July 2026
916,244
\u2013
23 November 2023 \u2013 23 November 2026
27,477
\u2013
23 November 2023 \u2013 27 July 2026
5,791
\u2013
Total
2,252,737
2,261,952
The weighted average term of the BSP awards is three years, and the weighted average share price at the date of exercise for
awards exercised in the period was \u00a321.56.
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. Thresholds and targets for all ESP schemes have now been
assessed and the number of shares awarded has been approved.
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 \u00a3nil (last year: \u00a31 million).
Movements in the number of ESP share awards outstanding are as follows:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
285,906
1,259,041
Lapsed and forfeited during the year
(19,239)
(736,848)
Exercised during the year
(117,276)
(236,287)
Outstanding at end of year
149,391
285,906
Exercisable at end of year
149,391
132,378
Vesting after end of year
\u2013
153,528
The weighted average first available exercise date for the ESP scheme is 30 March 2024.
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 \u00a31 million (last year: \u00a35 million). Movements in the number of one-off share awards outstanding are as follows:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
340,749
1,063,048
Granted during the year
24,135
7,720
Lapsed and forfeited during the year
(
4,128)
(537,605)
Exercised during the year
(312,216)
(192,414)
Outstanding at end of year
48,540
340,749
Exercisable at end of year
40,808
31,311
Vesting after end of year
7,732
309,438
The weighted average first available exercise date for the one-off awards is 19 October 2024, and the latest vesting date is 27 July 2026. The weighted average share price at the date of exercise for awards exercised in the period was \u00a320.81. 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 30 March 2024 and 1 April 2023, 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 \u00a33 million (last year: \u00a34 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-487": { "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 \u00a316 million (last year: \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 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. BSP awards made to the Executive Directors in the year ending 30 March 2024 will vest in full on the third anniversary of the grant date, subject to continued employment. For BSP awards made to Executive Directors in years ending before 1 April 2023, one third of the award will vest on the third anniversary of the grant date, one third 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 \u00a311 million (last year: \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 2023
838,107
\u00a322.48
Management
Continued service
N/A
N/A
27 July 2023
131,178
\u00a322.48
Executive Directors
Underpins: Total revenue
\u00a33,200m
N/A
ROIC
WACC
N/A
Brand and sustainabilit
y
Reasonable N/A
progress
23 November 2023
33,268
\u00a315.04
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 23 November
2023 2023
Share price at contract commencement date
\u00a322.48
\u00a315.04
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 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
2,261,952
1,701,810
Granted during the year
1,002,553
1,253,633
Lapsed and forfeited during the year
(362,276)
(539,186)
Exercised in the year
(649,492)
(154,305)
Outstanding at end of year
2,252,737
2,261,952
Exercisable at end of year
13,260
2,519
Vesting after end of year
2,239,477
2,259,433
Share awards outstanding at the end of the year have the following terms:
Number of Number of
awards as at awards as at
30 March 1 April
Term of the award 2024 2023
20 August 2020 \u2013 23 July 2023
\u2013
636,732
19 November 2020 \u2013 19 November 2023
\u2013
6,933
27 July 2021 \u2013 27 July 2024
437,233
559,954
18 November 2021 \u2013 18 November 2024
5,134
6,761
27 July 2022 \u2013 27 July 2027
104,131
104,131
27 July 2022 \u2013 27 July 2025
669,799
860,513
24 November 2022 \u2013 24 November 2025
86,928
86,928
27 July 2023 \u2013 27 July 2026
916,244
\u2013
23 November 2023 \u2013 23 November 2026
27,477
\u2013
23 November 2023 \u2013 27 July 2026
5,791
\u2013
Total
2,252,737
2,261,952
The weighted average term of the BSP awards is three years, and the weighted average share price at the date of exercise for awards exercised in the period was \u00a321.56. 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. Thresholds and targets for all ESP schemes have now been assessed and the number of shares awarded has been approved. 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 \u00a3nil (last year: \u00a31 million). Movements in the number of ESP share awards outstanding are as follows:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
285,906
1,259,041
Lapsed and forfeited during the year
(19,239)
(736,848)
Exercised during the year
(117,276)
(236,287)
Outstanding at end of year
149,391
285,906
Exercisable at end of year
149,391
132,378
Vesting after end of year
\u2013
153,528
The weighted average first available exercise date for the ESP scheme is 30 March 2024. 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 \u00a31 million (last year: \u00a35 million). Movements in the number of one-off share awards outstanding are as follows:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
Outstanding at start of year
340,749
1,063,048
Granted during the year
24,135
7,720
Lapsed and forfeited during the year
(
4,128)
(537,605)
Exercised during the year
(312,216)
(192,414)
Outstanding at end of year
48,540
340,749
Exercisable at end of year
40,808
31,311
Vesting after end of year
7,732
309,438
The weighted average first available exercise date for the one-off awards is 19 October 2024, and the latest vesting date is 27 July 2026. The weighted average share price at the date of exercise for awards exercised in the period was \u00a320.81. 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 30 March 2024 and 1 April 2023, 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 \u00a33 million (last year: \u00a34 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-488": { "value": "
29. Acquisition of subsidiary
On 2 October 2023, Burberry Italy S.R.L., Burberry\u2019s wholly-owned subsidiary, acquired a 100% shareholding in Burberry Tecnica,
S.R.L., from Italian technical outerwear supplier, Pattern SpA, a company incorporated in Italy, for total cash consideration of
\u00a319 million. Consideration for this acquisition did not includes any contingent or deferred consideration.
Based in Turin, the activities of the business acquired revolve around the engineering and production of Burberry products.
The acquisition allows the Group to secure capacity, build technical outerwear capabilities and further embed sustainability into
its value chain.
The assets and liabilities recognised as a result of the acquisition are as follows:
Provisional
Fair value
\u00a3m
Net assets acquired
Acquired intangible assets 1
Property, plant and equipment 1
Inventories 2
Right-of-use assets 2
Lease liabilities (1)
Employee-related liabilities
(1)
Deferred tax liabilit
y
 (1)
Net assets acquired
3
Goodwill arising on acquisition
16
Total cost of acquisition
19
No receivables or contingent liabilities were acquired as a result of the acquisition.
The values used in accounting for the identifiable assets and liabilities of the acquisition are provisional in nature as they are still
being determined. If necessary, adjustments will be made to these carrying values and the related goodwill, within 12 months of the
acquisition date.
The goodwill arising on the acquisition of \u00a316 million reflects the expected synergies from the vertical integration of engineering and
production of technical outerwear within the Group\u2019s supply chain, together with the value of the retained workforce. The goodwill
has been allocated to the group of cash generating units which make up the Group\u2019s retail/wholesale operating segment. \u00a313 million
of the goodwill is expected to be deductible for tax purposes, giving rise to an overall tax benefit with an estimated net present value
of approximately \u00a31 million.
The acquired business has made a contribution to Group revenue of \u00a3nil and had a negligible impact on Group profit before taxation
since acquisition. If the acquisition had occurred at the beginning of the financial year, the impact on the Group\u2019s revenue and profit
or loss would not have been material.
31. Subsidiary undertakings and investments In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 30 March 2024, 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 30 March 2024.
Country/territory Holding Registered
Company name
of incorporation
Interest
(%) office
Burberry Pacific Pty Ltd
Australia
Ordinary shares
100
1
Burberry (Austria) GmbH
Austria
Ordinary shares
100
2
Sandringham Bahrain SPC W.L.L.
Bahrain
Ordinary shares
100
3
Burberry Antwerp N
V
Belgium
Ordinary shares
100
4
Burberry Brasil Com\u00e9rcio de Artigos de Vestu\u00e1rio e
Brazil
Quota
100
5
Acess\u00f3rios Ltda
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
German
y
Ordinary shares
100
10
Burberry Asia Holdings 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 Asia Limited
Hong Kong S.A.R., China
Ordinary shares
100
12
Burberry Hungary Kereskedelmi Korl\u00e1tolt
Hungar
y
Ordinary shares
100
13
Felel\u0151ss\u00e9g
\u0171
T\u00e1rsas\u00e1g
Burberry India Private Limited
India
Ordinary shares
51
14
Burberry Ireland Investments Unlimited Company
Ireland
Ordinary A shares
100 15
Ordinary B shares 100
Burberry Ireland Limited
Ireland
Ordinary shares
100
16
Burberry Italy (Rome) S.R.L.
Ital
y
Quota
100
17
Burberry Italy S.R.L.
Ital
y
Quota
100
17
Burberry Tecnica S.R.
L
Ital
y
Quota
100
18
Burberry Manifattura S.R.L.
Ital
y
Quota
100
19
Burberry Japan K.K.
Japan
Ordinary shares
100
20
Burberry Kuwait General Trading Textiles and Accessories
Kuwait
Parts
49
21
Company
\\
With Limited Liabilit
y
3
Burberry Macau Limited
Macau S.A.R., China
Quota
100
22
Burberry (Malaysia) Sdn. Bhd.
Malaysia
Ordinary shares
100
23
Horseferr
y
M\u00e9xico S.A. de C.V.
Mexico
Ordinary (fixed) shares
100 24
Ordinary (variable) shares 100
Horseferry M\u00e9xico Servicios Administrativos, S.A. de C.V.
Mexico
Ordinary (fixed) shares
100
24
Burberry Netherlands B.V.
Netherlands
Ordinary shares
100
25
Burberry New Zealand Limited
New Zealand
Ordinary shares
100
26
Burberry Qatar W.L.L
Qatar
Ordinary shares
49
27
Burberry Korea Limited
Republic of Korea
Common stock
100
28
Burberry Retail LLC
4
Russian Federation
Participatory share
100
29
Burberry Saudi Company Limited
Kingdom of Saudi Arabia
Ordinary shares
100
30
Burberry (Singapore) Distribution Company PTE Ltd
Singapore
Ordinary shares
100
31
Burberry (Spain) Retail S.L.
Spain
Ordinary shares
100
32
Burberry (Suisse) SA
Switzerland
Ordinary shares
100
33
Burberry (Taiwan) Co., Ltd
Taiwan Area, China
Common shares
100
34
Burberry (Thailand) Limited
Thailand
Common shares
100
35
1 2 3 2
Country of Holding Registered
Company name
incorporation
Interest
(%) office
Burberry Turkey Giyim Toptan Ve Perakende Sat\u0131\u015f
Turke
y
Ordinary shares
100
36
Limited \u015eirketi
Burberry FZ-LLC
United Arab Emirates
Ordinary shares
100
37
Burberry Middle East LLC
United Arab Emirates
Ordinary shares
49
38
Burberry (Espana) Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry (No. 7) Unlimited
United Kingdom
Ordinary shares
100
39
Burberry (UK) Limited
United Kingdom
Ordinary shares
100
39
Burberry Europe Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Finance Limited
United Kingdom
Ordinary shares
100
39
Burberry Haymarket Limited
United Kingdom
Ordinary shares
100
39
Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry International Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Latin America Limited
United Kingdom
Ordinary shares
100
39
Burberry Limited
United Kingdom
Ordinary shares
100
39
Burberry London Limited
United Kingdom
Ordinary shares
100
39
Burberrys Limited
1
United Kingdom
Ordinary shares
100
39
Sweet Street Developments Limited
United Kingdom
Ordinary shares
100
39
The Scotch House Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Pension Trustee Limited
United Kingdom
Ordinary shares
100
39
Burberry (Wholesale) Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry North America, Inc.
United States
Common stock
100
41
3 2 5 2 2 2 2 2, 5 2, 5 2, 5 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. This subsidiary will take the audit exemption allowed under Section 479A of the Companies Act 2006 for the year ended 30 March 2024.
Ref
Registered office address
1
Level 5, 343
George Street, Sydney NSW 2000, Australia
2
Kohlmarkt 2, A1010 Wien, Austria
3
Building 2758, Flat no. 1081, Road 4650, Block 346, Manama/Sea Front, Bahrain
4
Waterloolaan 16, 1000, 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, No. 1717 Nanjing West Road, Jing\u2019an Districts, Shanghai 200040,
People\u2019s Republic of 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
Flat /RM 2201-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
12
RM 01-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
13
H-1068
Budapest D\u00f3zsa Gy\u00f6rgy \u00fat 84. B, Hungar
y
14
10th Floor, International Trade Tower, Nehru Place, New Delhi, South East Delhi, Dehli 110019
15
Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland
16
Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland
17
Via Manzoni n.20, CAP, 20121, Milano, Ital
y
18
Via Italia 6/A, 10093 Collegno (TO), Ital
y
19
Via delle Fonti n.10, 50018 Scandicci, Ital
y
20
5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan
21
Hawally, Block 8, Street 276, Plot 9301, Unit No 12, Floor 7, Kuwait
22
Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau
23
43-2, Plaza Damansara, Jalan Medan Setia 1, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia
24
Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico
25
Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam
26
Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand
27
First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar
28
459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea
29
Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation
30
1st Floor, The Plaza Building, P.O. Bo
x
2392, Riyadh 12244, Kingdom of Saudi Arabia
31
391B
Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore
32
Passeig de Gr\u00e0cia, 56, 08007, Barcelona
33
Route de Ch\u00eane 30A, c/o L&S Trust Services SA, 1208 Gen\u00e8ve, Switzerland
34
5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan
35
No.127
Office 25.03; Level 25; Gaysorn Tower; Ratchadamri Road, Lumpini Sub-District; Pathumwan District; 10330 Bangkok; Thailand
36
Re\u015fitpa\u015fa Mahallessi Eski B\u00fcy\u00fckdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turke
y
37
Dubai Design District, Premises:, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai Design District, United Arab Emirates
38
Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai
39
Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom
40
Corporation Service Company, 80 State Street, Albany, NY, 12207-2543, USA
41
Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-506": { "value": "29. Acquisition of subsidiary On 2 October 2023, Burberry Italy S.R.L., Burberry\u2019s wholly-owned subsidiary, acquired a 100% shareholding in Burberry Tecnica, S.R.L., from Italian technical outerwear supplier, Pattern SpA, a company incorporated in Italy, for total cash consideration of \u00a319 million. Consideration for this acquisition did not includes any contingent or deferred consideration. Based in Turin, the activities of the business acquired revolve around the engineering and production of Burberry products. The acquisition allows the Group to secure capacity, build technical outerwear capabilities and further embed sustainability into its value chain. The assets and liabilities recognised as a result of the acquisition are as follows:
Provisional
Fair value
\u00a3m
Net assets acquired
Acquired intangible assets 1
Property, plant and equipment 1
Inventories 2
Right-of-use assets 2
Lease liabilities (1)
Employee-related liabilities
(1)
Deferred tax liabilit
y
 (1)
Net assets acquired
3
Goodwill arising on acquisition
16
Total cost of acquisition
19
No receivables or contingent liabilities were acquired as a result of the acquisition. The values used in accounting for the identifiable assets and liabilities of the acquisition are provisional in nature as they are still being determined. If necessary, adjustments will be made to these carrying values and the related goodwill, within 12 months of the acquisition date. The goodwill arising on the acquisition of \u00a316 million reflects the expected synergies from the vertical integration of engineering and production of technical outerwear within the Group\u2019s supply chain, together with the value of the retained workforce. The goodwill has been allocated to the group of cash generating units which make up the Group\u2019s retail/wholesale operating segment. \u00a313 million of the goodwill is expected to be deductible for tax purposes, giving rise to an overall tax benefit with an estimated net present value of approximately \u00a31 million. The acquired business has made a contribution to Group revenue of \u00a3nil and had a negligible impact on Group profit before taxation since acquisition. If the acquisition had occurred at the beginning of the financial year, the impact on the Group\u2019s revenue and profit or loss would not have been material. 31. Subsidiary undertakings and investments In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 30 March 2024, 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 30 March 2024.
Country/territory Holding Registered
Company name
of incorporation
Interest
(%) office
Burberry Pacific Pty Ltd
Australia
Ordinary shares
100
1
Burberry (Austria) GmbH
Austria
Ordinary shares
100
2
Sandringham Bahrain SPC W.L.L.
Bahrain
Ordinary shares
100
3
Burberry Antwerp N
V
Belgium
Ordinary shares
100
4
Burberry Brasil Com\u00e9rcio de Artigos de Vestu\u00e1rio e
Brazil
Quota
100
5
Acess\u00f3rios Ltda
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
German
y
Ordinary shares
100
10
Burberry Asia Holdings 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 Asia Limited
Hong Kong S.A.R., China
Ordinary shares
100
12
Burberry Hungary Kereskedelmi Korl\u00e1tolt
Hungar
y
Ordinary shares
100
13
Felel\u0151ss\u00e9g
\u0171
T\u00e1rsas\u00e1g
Burberry India Private Limited
India
Ordinary shares
51
14
Burberry Ireland Investments Unlimited Company
Ireland
Ordinary A shares
100 15
Ordinary B shares 100
Burberry Ireland Limited
Ireland
Ordinary shares
100
16
Burberry Italy (Rome) S.R.L.
Ital
y
Quota
100
17
Burberry Italy S.R.L.
Ital
y
Quota
100
17
Burberry Tecnica S.R.
L
Ital
y
Quota
100
18
Burberry Manifattura S.R.L.
Ital
y
Quota
100
19
Burberry Japan K.K.
Japan
Ordinary shares
100
20
Burberry Kuwait General Trading Textiles and Accessories
Kuwait
Parts
49
21
Company
\\
With Limited Liabilit
y
3
Burberry Macau Limited
Macau S.A.R., China
Quota
100
22
Burberry (Malaysia) Sdn. Bhd.
Malaysia
Ordinary shares
100
23
Horseferr
y
M\u00e9xico S.A. de C.V.
Mexico
Ordinary (fixed) shares
100 24
Ordinary (variable) shares 100
Horseferry M\u00e9xico Servicios Administrativos, S.A. de C.V.
Mexico
Ordinary (fixed) shares
100
24
Burberry Netherlands B.V.
Netherlands
Ordinary shares
100
25
Burberry New Zealand Limited
New Zealand
Ordinary shares
100
26
Burberry Qatar W.L.L
Qatar
Ordinary shares
49
27
Burberry Korea Limited
Republic of Korea
Common stock
100
28
Burberry Retail LLC
4
Russian Federation
Participatory share
100
29
Burberry Saudi Company Limited
Kingdom of Saudi Arabia
Ordinary shares
100
30
Burberry (Singapore) Distribution Company PTE Ltd
Singapore
Ordinary shares
100
31
Burberry (Spain) Retail S.L.
Spain
Ordinary shares
100
32
Burberry (Suisse) SA
Switzerland
Ordinary shares
100
33
Burberry (Taiwan) Co., Ltd
Taiwan Area, China
Common shares
100
34
Burberry (Thailand) Limited
Thailand
Common shares
100
35
1 2 3 2
Country of Holding Registered
Company name
incorporation
Interest
(%) office
Burberry Turkey Giyim Toptan Ve Perakende Sat\u0131\u015f
Turke
y
Ordinary shares
100
36
Limited \u015eirketi
Burberry FZ-LLC
United Arab Emirates
Ordinary shares
100
37
Burberry Middle East LLC
United Arab Emirates
Ordinary shares
49
38
Burberry (Espana) Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry (No. 7) Unlimited
United Kingdom
Ordinary shares
100
39
Burberry (UK) Limited
United Kingdom
Ordinary shares
100
39
Burberry Europe Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Finance Limited
United Kingdom
Ordinary shares
100
39
Burberry Haymarket Limited
United Kingdom
Ordinary shares
100
39
Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry International Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Latin America Limited
United Kingdom
Ordinary shares
100
39
Burberry Limited
United Kingdom
Ordinary shares
100
39
Burberry London Limited
United Kingdom
Ordinary shares
100
39
Burberrys Limited
1
United Kingdom
Ordinary shares
100
39
Sweet Street Developments Limited
United Kingdom
Ordinary shares
100
39
The Scotch House Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Pension Trustee Limited
United Kingdom
Ordinary shares
100
39
Burberry (Wholesale) Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry North America, Inc.
United States
Common stock
100
41
3 2 5 2 2 2 2 2, 5 2, 5 2, 5 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. This subsidiary will take the audit exemption allowed under Section 479A of the Companies Act 2006 for the year ended 30 March 2024.
Ref
Registered office address
1
Level 5, 343
George Street, Sydney NSW 2000, Australia
2
Kohlmarkt 2, A1010 Wien, Austria
3
Building 2758, Flat no. 1081, Road 4650, Block 346, Manama/Sea Front, Bahrain
4
Waterloolaan 16, 1000, 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, No. 1717 Nanjing West Road, Jing\u2019an Districts, Shanghai 200040,
People\u2019s Republic of 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
Flat /RM 2201-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
12
RM 01-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
13
H-1068
Budapest D\u00f3zsa Gy\u00f6rgy \u00fat 84. B, Hungar
y
14
10th Floor, International Trade Tower, Nehru Place, New Delhi, South East Delhi, Dehli 110019
15
Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland
16
Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland
17
Via Manzoni n.20, CAP, 20121, Milano, Ital
y
18
Via Italia 6/A, 10093 Collegno (TO), Ital
y
19
Via delle Fonti n.10, 50018 Scandicci, Ital
y
20
5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan
21
Hawally, Block 8, Street 276, Plot 9301, Unit No 12, Floor 7, Kuwait
22
Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau
23
43-2, Plaza Damansara, Jalan Medan Setia 1, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia
24
Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico
25
Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam
26
Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand
27
First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar
28
459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea
29
Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation
30
1st Floor, The Plaza Building, P.O. Bo
x
2392, Riyadh 12244, Kingdom of Saudi Arabia
31
391B
Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore
32
Passeig de Gr\u00e0cia, 56, 08007, Barcelona
33
Route de Ch\u00eane 30A, c/o L&S Trust Services SA, 1208 Gen\u00e8ve, Switzerland
34
5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan
35
No.127
Office 25.03; Level 25; Gaysorn Tower; Ratchadamri Road, Lumpini Sub-District; Pathumwan District; 10330 Bangkok; Thailand
36
Re\u015fitpa\u015fa Mahallessi Eski B\u00fcy\u00fckdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turke
y
37
Dubai Design District, Premises:, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai Design District, United Arab Emirates
38
Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai
39
Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom
40
Corporation Service Company, 80 State Street, Albany, NY, 12207-2543, USA
41
Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-451": { "value": "29. Acquisition of subsidiary On 2 October 2023, Burberry Italy S.R.L., Burberry\u2019s wholly-owned subsidiary, acquired a 100% shareholding in Burberry Tecnica, S.R.L., from Italian technical outerwear supplier, Pattern SpA, a company incorporated in Italy, for total cash consideration of \u00a319 million. Consideration for this acquisition did not includes any contingent or deferred consideration. Based in Turin, the activities of the business acquired revolve around the engineering and production of Burberry products. The acquisition allows the Group to secure capacity, build technical outerwear capabilities and further embed sustainability into its value chain. The assets and liabilities recognised as a result of the acquisition are as follows:
Provisional
Fair value
\u00a3m
Net assets acquired
Acquired intangible assets 1
Property, plant and equipment 1
Inventories 2
Right-of-use assets 2
Lease liabilities (1)
Employee-related liabilities
(1)
Deferred tax liabilit
y
 (1)
Net assets acquired
3
Goodwill arising on acquisition
16
Total cost of acquisition
19
No receivables or contingent liabilities were acquired as a result of the acquisition. The values used in accounting for the identifiable assets and liabilities of the acquisition are provisional in nature as they are still being determined. If necessary, adjustments will be made to these carrying values and the related goodwill, within 12 months of the acquisition date. The goodwill arising on the acquisition of \u00a316 million reflects the expected synergies from the vertical integration of engineering and production of technical outerwear within the Group\u2019s supply chain, together with the value of the retained workforce. The goodwill has been allocated to the group of cash generating units which make up the Group\u2019s retail/wholesale operating segment. \u00a313 million of the goodwill is expected to be deductible for tax purposes, giving rise to an overall tax benefit with an estimated net present value of approximately \u00a31 million. The acquired business has made a contribution to Group revenue of \u00a3nil and had a negligible impact on Group profit before taxation since acquisition. If the acquisition had occurred at the beginning of the financial year, the impact on the Group\u2019s revenue and profit or loss would not have been material.
31. Subsidiary undertakings and investments
In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 30 March 2024, 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 30 March 2024.
Country/territory Holding Registered
Company name
of incorporation
Interest
(%) office
Burberry Pacific Pty Ltd
Australia
Ordinary shares
100
1
Burberry (Austria) GmbH
Austria
Ordinary shares
100
2
Sandringham Bahrain SPC W.L.L.
Bahrain
Ordinary shares
100
3
Burberry Antwerp N
V
Belgium
Ordinary shares
100
4
Burberry Brasil Com\u00e9rcio de Artigos de Vestu\u00e1rio e
Brazil
Quota
100
5
Acess\u00f3rios Ltda
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
German
y
Ordinary shares
100
10
Burberry Asia Holdings 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 Asia Limited
Hong Kong S.A.R., China
Ordinary shares
100
12
Burberry Hungary Kereskedelmi Korl\u00e1tolt
Hungar
y
Ordinary shares
100
13
Felel\u0151ss\u00e9g
\u0171
T\u00e1rsas\u00e1g
Burberry India Private Limited
India
Ordinary shares
51
14
Burberry Ireland Investments Unlimited Company
Ireland
Ordinary A shares
100 15
Ordinary B shares 100
Burberry Ireland Limited
Ireland
Ordinary shares
100
16
Burberry Italy (Rome) S.R.L.
Ital
y
Quota
100
17
Burberry Italy S.R.L.
Ital
y
Quota
100
17
Burberry Tecnica S.R.
L
Ital
y
Quota
100
18
Burberry Manifattura S.R.L.
Ital
y
Quota
100
19
Burberry Japan K.K.
Japan
Ordinary shares
100
20
Burberry Kuwait General Trading Textiles and Accessories
Kuwait
Parts
49
21
Company
\\
With Limited Liabilit
y
3
Burberry Macau Limited
Macau S.A.R., China
Quota
100
22
Burberry (Malaysia) Sdn. Bhd.
Malaysia
Ordinary shares
100
23
Horseferr
y
M\u00e9xico S.A. de C.V.
Mexico
Ordinary (fixed) shares
100 24
Ordinary (variable) shares 100
Horseferry M\u00e9xico Servicios Administrativos, S.A. de C.V.
Mexico
Ordinary (fixed) shares
100
24
Burberry Netherlands B.V.
Netherlands
Ordinary shares
100
25
Burberry New Zealand Limited
New Zealand
Ordinary shares
100
26
Burberry Qatar W.L.L
Qatar
Ordinary shares
49
27
Burberry Korea Limited
Republic of Korea
Common stock
100
28
Burberry Retail LLC
4
Russian Federation
Participatory share
100
29
Burberry Saudi Company Limited
Kingdom of Saudi Arabia
Ordinary shares
100
30
Burberry (Singapore) Distribution Company PTE Ltd
Singapore
Ordinary shares
100
31
Burberry (Spain) Retail S.L.
Spain
Ordinary shares
100
32
Burberry (Suisse) SA
Switzerland
Ordinary shares
100
33
Burberry (Taiwan) Co., Ltd
Taiwan Area, China
Common shares
100
34
Burberry (Thailand) Limited
Thailand
Common shares
100
35
1
2
3
2
Country of Holding Registered
Company name
incorporation
Interest
(%) office
Burberry Turkey Giyim Toptan Ve Perakende Sat\u0131\u015f
Turke
y
Ordinary shares
100
36
Limited \u015eirketi
Burberry FZ-LLC
United Arab Emirates
Ordinary shares
100
37
Burberry Middle East LLC
United Arab Emirates
Ordinary shares
49
38
Burberry (Espana) Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry (No. 7) Unlimited
United Kingdom
Ordinary shares
100
39
Burberry (UK) Limited
United Kingdom
Ordinary shares
100
39
Burberry Europe Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Finance Limited
United Kingdom
Ordinary shares
100
39
Burberry Haymarket Limited
United Kingdom
Ordinary shares
100
39
Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry International Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Latin America Limited
United Kingdom
Ordinary shares
100
39
Burberry Limited
United Kingdom
Ordinary shares
100
39
Burberry London Limited
United Kingdom
Ordinary shares
100
39
Burberrys Limited
1
United Kingdom
Ordinary shares
100
39
Sweet Street Developments Limited
United Kingdom
Ordinary shares
100
39
The Scotch House Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Pension Trustee Limited
United Kingdom
Ordinary shares
100
39
Burberry (Wholesale) Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry North America, Inc.
United States
Common stock
100
41
3
2
5
2
2
2
2
2, 5
2, 5
2, 5
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. This subsidiary will take the audit exemption allowed under Section 479A of the Companies Act 2006 for the year ended 30 March 2024.
Ref
Registered office address
1
Level 5, 343
George Street, Sydney NSW 2000, Australia
2
Kohlmarkt 2, A1010 Wien, Austria
3
Building 2758, Flat no. 1081, Road 4650, Block 346, Manama/Sea Front, Bahrain
4
Waterloolaan 16, 1000, 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, No. 1717 Nanjing West Road, Jing\u2019an Districts, Shanghai 200040,
People\u2019s Republic of 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
Flat /RM 2201-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
12
RM 01-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
13
H-1068
Budapest D\u00f3zsa Gy\u00f6rgy \u00fat 84. B, Hungar
y
14
10th Floor, International Trade Tower, Nehru Place, New Delhi, South East Delhi, Dehli 110019
15
Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland
16
Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland
17
Via Manzoni n.20, CAP, 20121, Milano, Ital
y
18
Via Italia 6/A, 10093 Collegno (TO), Ital
y
19
Via delle Fonti n.10, 50018 Scandicci, Ital
y
20
5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan
21
Hawally, Block 8, Street 276, Plot 9301, Unit No 12, Floor 7, Kuwait
22
Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau
23
43-2, Plaza Damansara, Jalan Medan Setia 1, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia
24
Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico
25
Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam
26
Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand
27
First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar
28
459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea
29
Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation
30
1st Floor, The Plaza Building, P.O. Bo
x
2392, Riyadh 12244, Kingdom of Saudi Arabia
31
391B
Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore
32
Passeig de Gr\u00e0cia, 56, 08007, Barcelona
33
Route de Ch\u00eane 30A, c/o L&S Trust Services SA, 1208 Gen\u00e8ve, Switzerland
34
5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan
35
No.127
Office 25.03; Level 25; Gaysorn Tower; Ratchadamri Road, Lumpini Sub-District; Pathumwan District; 10330 Bangkok; Thailand
36
Re\u015fitpa\u015fa Mahallessi Eski B\u00fcy\u00fckdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turke
y
37
Dubai Design District, Premises:, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai Design District, United Arab Emirates
38
Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai
39
Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom
40
Corporation Service Company, 80 State Street, Albany, NY, 12207-2543, USA
41
Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-452": { "value": "
30. 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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Salaries, short-term benefits and social security costs
7
9
Share-based compensation (all awards and options settled in shares)
2
4
Total
9
13
1
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 30 March 2024 were \u00a32 million
(last year: \u00a32 million).
There were no other material related party transactions in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-489": { "value": "30. 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 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Salaries, short-term benefits and social security costs
7
9
Share-based compensation (all awards and options settled in shares)
2
4
Total
9
13
1 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 30 March 2024 were \u00a32 million (last year: \u00a32 million). There were no other material related party transactions in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-507": { "value": "The total compensation in respect of key management for the year was as follows:
52 weeks to 52 weeks to
30 March 1 April
2024 2023
\u00a3m \u00a3m
Salaries, short-term benefits and social security costs
7
9
Share-based compensation (all awards and options settled in shares)
2
4
Total
9
13
1 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 30 March 2024 were \u00a32 million (last year: \u00a32 million). There were no other material related party transactions in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800PE1KEFCNFR1R50", "period": "2023-04-02T00:00:00/2024-03-31T00:00:00" } }, "fact-514": { "value": "31. Subsidiary undertakings and investments In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 30 March 2024, 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 30 March 2024.
Country/territory Holding Registered
Company name
of incorporation
Interest
(%) office
Burberry Pacific Pty Ltd
Australia
Ordinary shares
100
1
Burberry (Austria) GmbH
Austria
Ordinary shares
100
2
Sandringham Bahrain SPC W.L.L.
Bahrain
Ordinary shares
100
3
Burberry Antwerp N
V
Belgium
Ordinary shares
100
4
Burberry Brasil Com\u00e9rcio de Artigos de Vestu\u00e1rio e
Brazil
Quota
100
5
Acess\u00f3rios Ltda
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
German
y
Ordinary shares
100
10
Burberry Asia Holdings 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 Asia Limited
Hong Kong S.A.R., China
Ordinary shares
100
12
Burberry Hungary Kereskedelmi Korl\u00e1tolt
Hungar
y
Ordinary shares
100
13
Felel\u0151ss\u00e9g
\u0171
T\u00e1rsas\u00e1g
Burberry India Private Limited
India
Ordinary shares
51
14
Burberry Ireland Investments Unlimited Company
Ireland
Ordinary A shares
100 15
Ordinary B shares 100
Burberry Ireland Limited
Ireland
Ordinary shares
100
16
Burberry Italy (Rome) S.R.L.
Ital
y
Quota
100
17
Burberry Italy S.R.L.
Ital
y
Quota
100
17
Burberry Tecnica S.R.
L
Ital
y
Quota
100
18
Burberry Manifattura S.R.L.
Ital
y
Quota
100
19
Burberry Japan K.K.
Japan
Ordinary shares
100
20
Burberry Kuwait General Trading Textiles and Accessories
Kuwait
Parts
49
21
Company
\\
With Limited Liabilit
y
3
Burberry Macau Limited
Macau S.A.R., China
Quota
100
22
Burberry (Malaysia) Sdn. Bhd.
Malaysia
Ordinary shares
100
23
Horseferr
y
M\u00e9xico S.A. de C.V.
Mexico
Ordinary (fixed) shares
100 24
Ordinary (variable) shares 100
Horseferry M\u00e9xico Servicios Administrativos, S.A. de C.V.
Mexico
Ordinary (fixed) shares
100
24
Burberry Netherlands B.V.
Netherlands
Ordinary shares
100
25
Burberry New Zealand Limited
New Zealand
Ordinary shares
100
26
Burberry Qatar W.L.L
Qatar
Ordinary shares
49
27
Burberry Korea Limited
Republic of Korea
Common stock
100
28
Burberry Retail LLC
4
Russian Federation
Participatory share
100
29
Burberry Saudi Company Limited
Kingdom of Saudi Arabia
Ordinary shares
100
30
Burberry (Singapore) Distribution Company PTE Ltd
Singapore
Ordinary shares
100
31
Burberry (Spain) Retail S.L.
Spain
Ordinary shares
100
32
Burberry (Suisse) SA
Switzerland
Ordinary shares
100
33
Burberry (Taiwan) Co., Ltd
Taiwan Area, China
Common shares
100
34
Burberry (Thailand) Limited
Thailand
Common shares
100
35
1 2 3 2
Country of Holding Registered
Company name
incorporation
Interest
(%) office
Burberry Turkey Giyim Toptan Ve Perakende Sat\u0131\u015f
Turke
y
Ordinary shares
100
36
Limited \u015eirketi
Burberry FZ-LLC
United Arab Emirates
Ordinary shares
100
37
Burberry Middle East LLC
United Arab Emirates
Ordinary shares
49
38
Burberry (Espana) Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry (No. 7) Unlimited
United Kingdom
Ordinary shares
100
39
Burberry (UK) Limited
United Kingdom
Ordinary shares
100
39
Burberry Europe Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Finance Limited
United Kingdom
Ordinary shares
100
39
Burberry Haymarket Limited
United Kingdom
Ordinary shares
100
39
Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry International Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry Latin America Limited
United Kingdom
Ordinary shares
100
39
Burberry Limited
United Kingdom
Ordinary shares
100
39
Burberry London Limited
United Kingdom
Ordinary shares
100
39
Burberrys Limited
1
United Kingdom
Ordinary shares
100
39
Sweet Street Developments Limited
United Kingdom
Ordinary shares
100
39
The Scotch House Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Thomas Burberry Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Limited
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Pension Trustee Limited
United Kingdom
Ordinary shares
100
39
Burberry (Wholesale) Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry Limited
United States
Class X common stock
100 40
Class Y common stock 100
Burberry North America, Inc.
United States
Common stock
100
41
3 2 5 2 2 2 2 2, 5 2, 5 2, 5 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. This subsidiary will take the audit exemption allowed under Section 479A of the Companies Act 2006 for the year ended 30 March 2024.
Ref
Registered office address
1
Level 5, 343
George Street, Sydney NSW 2000, Australia
2
Kohlmarkt 2, A1010 Wien, Austria
3
Building 2758, Flat no. 1081, Road 4650, Block 346, Manama/Sea Front, Bahrain
4
Waterloolaan 16, 1000, 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, No. 1717 Nanjing West Road, Jing\u2019an Districts, Shanghai 200040,
People\u2019s Republic of 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
Flat /RM 2201-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
12
RM 01-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
13
H-1068
Budapest D\u00f3zsa Gy\u00f6rgy \u00fat 84. B, Hungar
y
14
10th Floor, International Trade Tower, Nehru Place, New Delhi, South East Delhi, Dehli 110019
15
Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland
16
Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland
17
Via Manzoni n.20, CAP, 20121, Milano, Ital
y
18
Via Italia 6/A, 10093 Collegno (TO), Ital
y
19
Via delle Fonti n.10, 50018 Scandicci, Ital
y
20
5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan
21
Hawally, Block 8, Street 276, Plot 9301, Unit No 12, Floor 7, Kuwait
22
Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau
23
43-2, Plaza Damansara, Jalan Medan Setia 1, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia
24
Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico
25
Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam
26
Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand
27
First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar
28
459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea
29
Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation
30
1st Floor, The Plaza Building, P.O. Bo
x
2392, Riyadh 12244, Kingdom of Saudi Arabia
31
391B
Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore
32
Passeig de Gr\u00e0cia, 56, 08007, Barcelona
33
Route de Ch\u00eane 30A, c/o L&S Trust Services SA, 1208 Gen\u00e8ve, Switzerland
34
5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan
35
No.127
Office 25.03; Level 25; Gaysorn Tower; Ratchadamri Road, Lumpini Sub-District; Pathumwan District; 10330 Bangkok; Thailand
36
Re\u015fitpa\u015fa Mahallessi Eski B\u00fcy\u00fckdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turke
y
37
Dubai Design District, Premises:, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai Design District, United Arab Emirates
38
Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai
39
Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom
40
Corporation Service Company, 80 State Street, Albany, NY, 12207-2543, USA
41
Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
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