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"value": "Notes 168 Bunzl plc Annual Report 2022 1 Basis of preparation Bunzl plc (the \u2018Company\u2019) is a public company, which is limited by shares and is listed on the London Stock Exchange. The Company is incorporated and domiciled in the United Kingdom and is registered in England and Wales. a. Basis of accounting The consolidated financial statements for the year ended 31 December 2022 have been approved by the Board of directors of Bunzl plc. They are prepared in accordance with UK-adopted International Accounting Standards (\u2018IASs\u2019) in conformity with the requirements of the Companies Act 2006 and the applicable legal requirements of the Companies Act 2006. The consolidated financial statements also comply fully with International Financial Reporting Standards (\u2018IFRSs\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019). They are prepared under the historical cost convention with the exception of certain items which are measured at fair value as described in the accounting policies below. (i) Going concern The directors, having reassessed the principal risks and uncertainties, consider it appropriate to adopt the going concern basis of accounting in the preparation of the financial statements. In reaching this conclusion, the directors noted the Group\u2019s strong operating cash flow performance in the year and the substantial funding available to the Group as described in the Financial review. The directors also considered a range of different forecast scenarios for the 18 month period from the date of these financial statements to the end of June 2024 starting with a base case projection derived from the Group\u2019s 2023 Budget excluding any non-committed acquisition spend or changes in funding. The resilience of the Group to a range of severe but plausible downside scenarios was factored into the directors\u2019 considerations through two levels of stress testing against the base case projection. These severe but plausible downside scenarios included the following assumptions: \u2022 A 15% reduction in adjusted operating profit from the potential for adverse impacts from the crystallisation of the principal strategic and operational risks to the Group\u2019s organic growth and a 10% increase in working capital \u2022 A 25% reduction in adjusted operating profit from a more severe impact from the crystallisation of the principal strategic and operational risks to the Group\u2019s organic growth and a 20% increase in working capital In addition, the Group has carried out reverse stress tests against the base case to determine the level of performance that would result in a breach of financial covenants. In order for a breach of covenants to occur during the 18 month period to the end of June 2024 the Group would need to experience a reduction in EBITDA of over 55% compared to the base case. In the first two stress tests it was found that the Group was resilient and in particular it remained in compliance with the relevant financial covenants. The conditions required to create the reverse stress test scenario were so severe that they were considered to be implausible. The directors are therefore satisfied that the Group\u2019s forecasts, which take into account reasonably possible changes in trading performance, show that there are no material uncertainties over going concern, including no anticipated breach of covenants, and therefore the going concern basis of preparation continues to be appropriate. 1 Basis of preparation continued (ii) Impact of Hyperinflation on the financial statements at 31 December 2022 During the year to 31 December 2022 the three-year cumulative inflation in Turkey exceeded 100% and as a result, IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 became applicable for entities with a functional currency of the Turkish Lira. The Group\u2019s financial statements include the results and financial position of its Turkish operations restated to the measuring unit current at the end of the year with hyperinflationary gains and losses in respect of monetary items being reported in finance expense. Comparative amounts presented in the financial statements have not been restated. In accordance with IAS 29, hyperinflationary accounting has been applied as if Turkey has always been a hyperinflationary economy, and as an accounting policy choice allowed under IAS 29, the differences between equity at 31 December 2021 as reported and the equity after the restatement of the non-monetary items to the measuring unit current at 31 December 2021 have been recognised directly in retained earnings, rather than in other comprehensive income. The inflation rate used by the Group is the official rate published by the Turkish Statistical Institute, TurkStat. The movement in the publicly available official price index for the year to 31 December 2022 was an increase of 64% (12 months to 31 December 2021: increase of 36%). The impact of the continuing application of hyperinflationary accounting to the Group\u2019s business in Argentina was immaterial both in the current and comparative years. IAS 29 requires that the income statement is adjusted for inflation in the year and translated at the year-end foreign exchange rates and that non-monetary assets and liabilities on the balance sheet are inflated to reflect the change in purchasing power caused by inflation from the date of initial recognition. For the year ended 31 December 2022, this resulted in an increase in goodwill of \u00a316.4m and a net increase in other intangibles of \u00a312.3m before impairment charges. The impacts on other non-monetary assets and liabilities were immaterial. The total impact to retained earnings during the year was a gain of \u00a347.5m, comprising the adjustment to opening balances for our businesses in Turkey of \u00a312.6m and the impact of inflation in the current year for our businesses in Turkey and Argentina of \u00a334.9m. The total impact to the Consolidated income statement during the year was a charge of \u00a321.2m to profit after tax from hyperinflation accounting adjustments, comprising an \u00a318.7m adverse impact on adjusted profit before tax, increased customer relationships amortisation of \u00a31.8m and an increased tax charge of \u00a30.7m, and also a hyperinflation accounting related impairment charge of \u00a313.0m to the customer relationships assets in the Group\u2019s businesses in Turkey partly offset by a tax credit of \u00a32.5m related to the impairment charge. When applying IAS 29 on an ongoing basis, comparatives in a stable currency are not restated with the translation effect presented within other comprehensive income during the year, and the effect of inflating opening balances to the measuring unit current at the end of the reporting period presented as a change in equity. b. Newly adopted accounting policies There are no new standards or amendments to existing standards that are effective that have had a material impact on the Group, nor does the Group anticipate any new or revised standards and interpretations that are effective from 1 January 2023 and beyond to have a material impact on its consolidated results or financial position. 2 Accounting policies The accounting policies set out below have, unless otherwise stated, been applied consistently to all years presented in the consolidated financial statements. a. Basis of consolidation (i) Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is either exposed 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 included in the consolidated financial statements from the date that control commences until the date that control ceases. A list of all of the Company\u2019s subsidiary undertakings is included in the Related undertakings note in the Shareholder information section on pages 230 to 235 and is subject to audit. The results of all of the subsidiary undertakings are included in full in these consolidated financial statements. The following UK subsidiaries are exempt from the requirements under the Companies Act 2006 relating to the audit of individual financial statements by virtue of section 479A of the Act. Company Name Registered number Bunzl American Holdings (No. 1) Limited 02865710 Bunzl American Holdings (No. 2) Limited 05286676 Bunzl Holding GTL Limited 0685352 Bunzl Holding LCE Limited 0970892 Bunzl Mexico Holdings 1 Limited 13558260 Bunzl Mexico Holdings 2 Limited 13558193 Bunzl Overseas Holdings Limited 02865701 Bunzl Overseas Holdings (No. 2) Limited 02090880 Bunzl Overseas Holdings (No. 3) Limited 08224950 Henares Limited 06387342 Yorse No. 1 Limited 04373660 Yorse No. 3 Limited 02317609 Selectuser Limited 03829908 (ii) Business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date. The consideration paid or payable in respect of acquisitions comprises amounts paid on completion and deferred consideration, excluding payments which are contingent on the continued employment of former owners of businesses acquired. The excess of the consideration over the fair value of the identifiable net assets acquired is recorded as goodwill. Payments that are contingent on future employment and transaction costs and expenses such as professional fees are charged to the income statement. When less than 100% of the issued share capital of a subsidiary is acquired and the acquisition includes an option to purchase the remaining share capital of the subsidiary, the anticipated acquisition method is applied, where judged appropriate to do so based on the risks and rewards associated with the option to purchase, meaning that no non-controlling interest is recognised. A liability is carried on the balance sheet equal to the fair value of the option and this is revised to fair value at each reporting date with differences being recorded in acquisition related items in the income statement. (iii) Disposal of businesses Where a subsidiary undertaking is sold, the profit or loss on disposal is calculated as the difference between the aggregate of the fair value of the consideration received and the carrying amount of the assets and liabilities of the subsidiary on the date of disposal less any transaction costs relating to the disposal. On the disposal of a subsidiary with assets and liabilities denominated in foreign currency, the cumulative translation difference associated with that subsidiary in the translation reserve is credited or debited to the profit or loss on disposal recognised in the income statement. Cash received on disposal of businesses is shown within investing activities in the Consolidated cash flow statement, net of cash and cash equivalents disposed of and transaction costs paid. (iv) Transactions eliminated on consolidation Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are eliminated in preparing the consolidated financial statements. 2 Accounting policies continued b. Foreign currency Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate prevailing at that date. Foreign exchange differences arising on translation are recognised in the income statement, unless they qualify for cash flow or net investment hedge accounting treatment, in which case the effective portion is recognised directly in other comprehensive income. Assets and liabilities of foreign operations are translated at the exchange rate prevailing at the balance sheet date. Income and expenses of foreign operations are translated at average exchange rates. All resulting exchange differences, including exchange differences arising from the translation of borrowings and other financial instruments designated as hedges of such balances, are recognised directly in other comprehensive income and accumulated in the translation reserve. Differences that have arisen since 1 January 2004, the date of transition to IFRS, are presented in this separate component of equity. c. Revenue The Group is principally engaged in the delivery of goods to customers representing a single performance obligation which is satisfied upon delivery of the relevant goods. Revenue related to the provision of services is recognised when the service is provided, which for the majority of the Group\u2019s service revenue represents a single performance obligation. Revenue is not recognised if there is significant uncertainty regarding recovery of the consideration due. Revenue is valued at invoiced amounts, excluding sales taxes and including estimates for variable consideration where relevant, such as returns and discounts, for which a liability is recognised as required. Returns and early settlement discount liabilities are based on experience over an appropriate period whereas volume discount liabilities are based on agreements with customers and expected volumes. d. Cost of goods sold Cost of goods sold consists of the cost of the inventories sold or disposed of in the period where the cost of inventories is net of supplier rebate income related to those inventories. e. Supplier rebates The Group has various rebate arrangements with a number of suppliers. Some of these arrangements are based on the volume of products purchased and others are based on the volume of products sold. Supplier rebate income is recognised in cost of goods sold concurrent with the sale of the inventories to which it relates and is calculated by reference to the expected consideration receivable from each rebate arrangement. Substantially all supplier rebate income is unconditional and non-judgemental. Supplier rebate income is not recognised if there is significant uncertainty regarding recovery of the amount due. Supplier rebate income accrued but not yet received is included in other receivables. f. Share based payments The Group operates a number of equity settled share based payment compensation plans. Details of these plans are outlined in Note 21 and the Directors\u2019 remuneration report. The total expected expense is based on the fair value of options and other share based incentives on the grant date, calculated using a valuation model, and is spread over the expected vesting period with a corresponding credit to equity. g. Leases The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot readily be determined, as is the case in the vast majority of the leasing activities of the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset in a similar economic environment with similar terms and conditions. The lease liability is subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index/rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of-use asset. Judgements are involved in determining the lease term, particularly because termination options are included in a number of property leases across the Group to facilitate operational flexibility. The majority of termination options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise a termination option. Periods after the date of a termination option are only included in the lease term if it is reasonably certain that the lease will not be terminated. The assessment of the lease term is reviewed if a significant event or a significant change in circumstances occurs that is within the control of the Group. 2 Accounting policies continued g. Leases continued Payments associated with short term leases and leases of low value assets are recognised on a straight line basis as an expense in profit or loss. Short term leases are leases with a lease term of 12 months or less. Low value assets are assets with a value of less than \u00a35,000 when new, typically small items of IT equipment, office equipment and office furniture. h. Income tax Income tax in the income statement comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or recoverable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the balance sheet date and any adjustments in respect of prior years. Current tax payable is recognised when it is probable that the Group will be required to settle the obligation. The Group\u2019s policy for accounting for current tax payable or receivable where it is uncertain is described in more detail in Note 2y \u2013 Sources of estimation uncertainty \u2013 Taxation. Deferred tax is provided using the balance sheet liability method providing for temporary differences arising between tax bases and carrying amounts in the consolidated financial statements. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax is not recognised for the following temporary differences: goodwill not deductible for tax purposes, the initial recognition of assets and liabilities that affect neither accounting nor taxable profits and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future and where the Company controls the timing of the reversal. A deferred tax asset is recognised only to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilised. i. Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and any impairment losses. The carrying values of property, plant and equipment are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. j. Depreciation Depreciation is charged to the income statement on a straight line basis to write off cost less estimated residual value over the assets\u2019 estimated remaining useful lives. The estimated useful lives are as follows: Buildings 50 years (or depreciated over life of lease if shorter than 50 years) Plant and machinery 3 to 12 years Fixtures, fittings and equipment 3 to 12 years Freehold land Not depreciated Assets\u2019 residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. k. Intangible assets (i) Goodwill Acquisitions are accounted for using the acquisition method. As permitted by IFRS 1 \u2018First-time Adoption of International Financial Reporting Standards\u2019, the Group chose to apply IFRS 3 \u2018Business Combinations\u2019 from 1 January 2004 and elected not to restate previous business combinations. For acquisitions made before 1 January 2004, goodwill represents the amount previously recorded under UK Generally Accepted Accounting Practice (\u2018UK GAAP\u2019). For acquisitions that occurred between 1 January 2004 and 31 December 2009, goodwill represents the cost of the business combination in excess of the fair value of the identifiable assets, liabilities and contingent liabilities acquired. For acquisitions that have occurred on or after 1 January 2010, goodwill represents the cost of the business combination (excluding payments contingent on future employment and transaction costs and expenses) in excess of the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is tested annually for impairment. Negative goodwill arising on acquisition is recognised immediately in the income statement. (ii) Customer relationships, brands and technology Customer relationships, brands and technology intangible assets acquired in a business combination are recognised on acquisition and recorded at fair value. Subsequent to initial recognition, customer relationships, brands and technology intangible assets are stated at cost less accumulated amortisation and any impairment losses. Amortisation is charged to the income statement on a straight line basis over the estimated useful economic lives which range from 3 to 19 years. 2 Accounting policies continued k. Intangible assets continued (iii) Software Software is stated at historical cost less accumulated amortisation and any impairment losses. The carrying values of software are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. Amortisation is charged to the income statement on a straight line basis over the estimated useful economic lives which range from 3 to 10 years. l. Impairment The carrying amounts of the Group\u2019s assets are reviewed annually to determine if there is any indication of impairment. If any such indication exists, the assets\u2019 recoverable amounts are estimated. The recoverable amounts of assets carried at amortised cost are calculated as the present value of estimated future cash flows, discounted at appropriate pre-tax discount rates. The recoverable amounts of other assets are the greater of their fair value less the costs of disposal and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present values using appropriate pre-tax discount rates. Impairment losses are recognised when the carrying amount of an asset or CGU exceeds its recoverable amount, with impairment losses being recognised in the income statement. m. Inventories Inventories are valued at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle and comprises the purchase price, net of any related supplier volume rebates, plus import duties and other taxes, inbound freight and haulage costs and other related costs incurred to bring the product to its present location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and estimated cost necessary to make the sale. Provision is made for obsolete, slow moving or defective items and market price movements where appropriate. n. Trade and other receivables Trade and other receivables are initially measured at fair value, which for trade receivables is equal to the consideration expected to be received from the satisfaction of performance obligations, plus any directly attributable transaction costs. Subsequent to initial recognition these assets are measured at amortised cost less any provision for impairment losses including expected credit losses. In accordance with IFRS 9 \u2018Financial Instruments\u2019 the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as the ageing of the debt and the credit risk of the customers. An historical credit loss rate is then calculated for each group and adjusted to reflect expectations about future credit losses. Inputs and assumptions used for expected credit loss provisions are based on local operating company historical experience and expectations about future credit losses. The Group does not have any significant contract assets. o. Trade and other payables Trade and other payables are initially measured at fair value including any directly attributable transaction costs. Subsequent to initial recognition these liabilities are measured at amortised cost. The Group has contract liabilities in the form of deferred income which arises from consideration received in advance of the satisfaction of performance obligations. p. Financial instruments Classification and measurement Under IFRS 9, financial instruments are initially measured at fair value with subsequent measurement depending upon the classification of the instrument. IFRS 13 \u2018Fair Value Measurement\u2019 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All non-derivative financial assets and liabilities are subsequently held at amortised cost unless they are in a fair value hedge relationship. Financial assets and liabilities held in a fair value hedge relationship are held at amortised cost with a fair value adjustment with subsequent changes in this fair value adjustment recorded in the income statement. Derivatives and hedging activities Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value 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: \u2022 a hedge of the fair value of recognised assets or liabilities or a firm commitment (\u2018fair value hedge\u2019); \u2022 a hedge of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (\u2018cash flow hedge\u2019); or \u2022 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). 2 Accounting policies continued p. Financial instruments continued The Group documents its risk management objectives and strategy for undertaking its hedge transactions. At inception of hedge relationships, the Group documents the economic relationship between the hedging instruments and the hedged items. The fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is 12 months or less. (i) Fair value hedge Where a derivative instrument is designated and qualifies as a hedge of a recognised asset or liability, all changes in the fair value of the derivative are recognised immediately in the income statement within finance expense. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged with changes recognised in the income statement, also within finance expense. The gain or loss relating to any ineffective portion of the hedging arrangement is recognised immediately in the income statement. If the hedge relationship is de-designated, then from the point of de-designation there is no further fair valuing of the hedged item. Any previous adjustment to the carrying amount of the hedged item is amortised over the remaining maturity of the hedged item. (ii) Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to any ineffective portion is recognised immediately in the income statement. Where a derivative instrument is designated and qualifies as a hedge of a forecast transaction, only the change in fair value of the forward contract related to the spot component is designated as the hedging instrument. Gains or losses relating to the effective portion of the change in the spot component of the forward contract are initially recognised in the cash flow hedge reserve within equity. The change in the forward element of the contract that relates to the hedged item is recognised in the income statement. Gains or losses accumulated in equity are reclassified to the income statement when the hedged item affects profit or loss. When the hedged item results in the recognition of a non-financial asset, the gains or losses accumulated in equity are transferred from equity and included in the carrying amount of the non-financial asset, with the deferred gains or losses ultimately being recognised in the income statement as the non-financial asset affects profit or loss. This transfer is not a reclassification adjustment. When a hedging instrument expires, any cumulative deferred gain/loss in equity relating to that instrument remains in equity until the forecast transaction occurs at which point it is reclassified to the income statement. When the forecast transaction is no longer expected to occur, the cumulative deferred gain/loss recorded in equity is immediately reclassified to the income statement. (iii) Net investment hedge Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in foreign operations are recognised directly in equity to the extent the hedge is effective and are accumulated in a separate reserve within equity. To the extent that the hedge is ineffective such differences are recognised in the income statement. (iv) Other derivative instruments Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the income statement. q. Cash and cash equivalents Cash and cash equivalents, as reported in the cash flow statement, comprises cash at bank and in hand and bank overdrafts. Cash at bank and in hand includes cash balances and short term deposits with maturities of three months or less from the date the deposit is made. r. Net debt Net debt is defined as interest bearing loans and borrowings adjusted for the fair value of interest rate swaps on fixed interest rate borrowings and other derivatives managing the interest rate risk and currency profile less cash and cash equivalents. s. Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. 2 Accounting policies continued t. Investment in own shares The cost of shares held either directly (treasury shares) or indirectly (employee benefit trust shares) is deducted from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are subsequently sold or reissued, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is recognised in retained earnings. At each reporting date the Group remeasures the value of the shares held in the employee benefit trust to present them in the own shares reserve at the market value of those shares at the reporting date. This is done through a reclassification from retained earnings to the own shares reserve. This movement has no effect on the actual numbers of shares held by the employee benefit trust. u. Retirement benefits (i) Defined contribution pension schemes A defined contribution pension scheme is a post-employment benefit scheme under which the Company pays fixed contributions into a separate fund and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Obligations for contributions to defined contribution pension schemes are recognised as an expense in the income statement in the periods during which services are rendered by employees. (ii) Defined benefit pension schemes A defined benefit pension scheme is a post-employment benefit plan other than a defined contribution pension scheme. Defined benefit pension schemes are recognised on the balance sheet as a defined benefit pension asset or a defined benefit pension liability based on the difference between the fair value of pension scheme assets and the present value of pension scheme liabilities. The present value of pension scheme liabilities is calculated by a qualified actuary using the projected unit method by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, discounted using the rate applicable to AA rated corporate bonds that have a similar maturity and currency to the pension scheme liabilities. The fair value of any pension scheme assets (at bid price) is deducted from the present value of pension scheme liabilities to determine the net deficit or surplus of each scheme. Remeasurements arising from defined benefit pension schemes comprise actuarial gains and losses on pension scheme liabilities and the actual return on pension scheme assets excluding amounts already included in net interest. The net actuarial gain or loss for the year is recorded in full in the statement of comprehensive income. Current service cost, past service cost or gain and gains and losses on any settlements and curtailments are credited or charged to the income statement. Past service cost is recognised immediately to the extent benefits are already vested. Net interest on the net defined benefit pension liability or asset is calculated by applying the discount rate used to measure the defined benefit pension scheme deficit or surplus at the beginning of the year to the net defined benefit pension liability or asset at the beginning of the year. Net interest is recorded within finance expense or finance income in the income statement. When the valuation of a defined benefit pension scheme results in a surplus, the recognised defined benefit pension asset is limited to the present value of benefits available in the form of any future refunds from the pension scheme or reductions in future contributions and takes into account the adverse effect of any minimum funding requirements. v. Dividends The interim dividend is recognised in the statement of changes in equity in the period in which it is paid and the final dividend in the period in which it is approved by shareholders at the Annual General Meeting. w. Hyperinflationary economies Where the Group has operations in countries to which hyperinflation accounting applies, the financial statements of the business concerned are accounted for under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019. See Note 1a(ii) for details on the impact of hyperinflation accounting in the current year. x. Judgements made in applying the Group\u2019s accounting policies In the course of preparing the financial statements, other than judgements involved in determining lease terms under the application of IFRS 16 \u2018Leases\u2019 and in determining estimates and assumptions (see Note 2y below), no other judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the financial statements. In measuring its right-of-use assets and lease liabilities, management is required to make judgements, particularly in relation to lease termination options. Periods after the date of a termination option are only included in the lease term if it is reasonably certain that the lease will not be terminated. While management determine lease terms across the Group on a case-by-case basis, if different judgements were applied relating to a number of leases, it could have a significant effect on the overall amounts recognised in the financial statements. 2 Accounting policies continued y. Sources of estimation uncertainty In applying the Group\u2019s accounting policies various transactions and balances are valued using estimates or assumptions. Should these estimates or assumptions prove incorrect, there may be an impact on the following year\u2019s financial statements. As at 31 December 2022, sources of estimation uncertainty where there was a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next financial year was limited to the following item: Defined benefit pension schemes The measurement of the present value of defined benefit pension scheme liabilities involves the use of various actuarial assumptions. The Group uses independent actuarial experts to assist with the estimation of the discount rates, inflation rates and longevity assumptions used for the measurement of defined benefit pension scheme liabilities but the actual liabilities could be materially different. The main risks to which the Group is exposed in relation to the valuation of the defined benefit pension schemes are described in Note 25. The Group\u2019s net pension asset balance as at 31 December 2022 was \u00a339.9m (2021: \u00a331.2m). While not expected to result in a material change in the carrying value of assets or liabilities in the next 12 months the following estimates or assumptions were also used in applying the Group\u2019s accounting policies: Accounting for business combinations Part of the Company\u2019s strategy is to grow through acquisitions. Acquisitions are accounted for using the acquisition method as described in the business combinations accounting policy, Note 2a(ii), and the goodwill accounting policy, Note 2k(i). This includes the determination of fair values for assets and liabilities acquired, including the separate identification of intangible assets, which use assumptions and estimates and are therefore subjective. The Group has developed a process to meet the requirements of IFRS 3 including the separate identification of customer relationships, brands and technology intangible assets based on estimated future performance and customer attrition rates. This formal process is applied to each acquisition and involves an assessment of the assets acquired and liabilities assumed with assistance provided by external valuation specialists where appropriate. Until this assessment is complete, the allocation period remains open up to a maximum of 12 months from the relevant acquisition date. The process applied is described in Note 9. Recoverability of goodwill, customer relationships, brands and technology intangible assets As noted above, part of the Company\u2019s strategy is to grow through acquisitions which has led to material goodwill, customer relationships, brands and technology intangible assets being recognised on the balance sheet. Goodwill, which is allocated across CGUs, is tested annually to determine if there is any indication of impairment by comparing the carrying amount of the goodwill to the recoverable amount of the CGU to which it has been allocated. Assumptions and estimates are used to determine the recoverable amount of each CGU, principally based on the present value of estimated future cash flows. Actual performance may differ from management\u2019s expectations. The estimates and assumptions used in performing impairment testing are described in Note 13. Customer relationships, brands and technology intangible assets are also reviewed annually for indicators of impairment and if an indicator of impairment exists then similar recoverability testing, involving the use of estimates and assumptions, is performed for the business to which the customer relationships, brands and technology intangible assets relate. The useful economic lives of customer relationships, brands and technology intangible assets are also reviewed at least annually, with any revisions to the original estimated useful economic lives accounted for prospectively. As at 31 December 2022 the goodwill balance was \u00a31,931.6m (2021: \u00a31,698.5m), the amount of customer relationships intangible assets was \u00a31,090.9m (2021: \u00a31,022.0m), the amount of brands intangible assets was \u00a334.9m (2021: \u00a324.0m) and the amount of technology intangible assets was \u00a39.1m (2021: \u00a3nil). 2 Accounting policies continued y. Sources of estimation uncertainty continued Trade receivables and inventory provisions Due to the uncertainty created by the Covid-19 pandemic and the continuing challenging economic conditions, trade receivables and inventory provisions are considered to be a source of estimation uncertainty. In 2020 and 2021, the Group saw increases in provisions for expected credit losses on trade receivables and slow moving inventory provisions, and additional provisions were made as a result of market price deflation on certain Covid-19 products. During 2022, the Group has seen a net utilisation of approximately \u00a35m in trade receivables and slow moving inventory provisions, and also some utilisation of the provisions set up in the prior year for market price movements on Covid-19 products. As at 31 December 2022, the Group carried trade receivables provisions of \u00a329.1m (2021: \u00a327.4m) and provisions for slow moving, obsolete or defective inventories and market price movements of \u00a3179.9m (2021: \u00a3179.9m). Taxation The Group operates in many countries and is therefore subject to tax laws in a number of different tax jurisdictions. The amount of tax payable or receivable on profits or losses for any period is subject to the agreement of the tax authority in each respective jurisdiction and the tax liability or asset position is open to review for several years after the relevant accounting period ends. In determining the provisions for income taxes, management is required to make assumptions based on interpretations of tax statute and case law, which it does after taking account of professional advice and prior experience. The majority of the Group\u2019s tax payable balance of \u00a341.7m (2021: \u00a343.6m) relates to provisions for uncertain tax matters. Uncertainties in respect of enquiries and additional tax assessments raised by tax authorities are measured by management according to the guidance provided by IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 but the amounts ultimately payable or receivable may differ from the amounts of any provisions recognised in the consolidated financial statements as a result of the estimates and assumptions used. Management does not consider there to be any significant risks of material adjustment within the next financial year because tax provisions cover a range of matters across multiple tax jurisdictions with a variety of timescales before such matters are expected to be concluded. 3 Alternative performance measures In addition to the various performance measures defined under IFRS, the Group reports a number of other measures that are designed to assist with the understanding of the underlying performance of the Group and its businesses. These measures are not defined under IFRS and, as a result, do not comply with Generally Accepted Accounting Practice (\u2018GAAP\u2019) and are therefore known as \u2018alternative performance measures\u2019. Accordingly, these measures, which are not designed to be a substitute for any of the IFRS measures of performance, may not be directly comparable with other companies\u2019 alternative performance measures. The principal alternative performance measures used within the consolidated financial statements and the location of the reconciliation to equivalent IFRS measures are shown and defined in the table below: Underlying revenue growth Revenue excluding the incremental impact of acquisitions and disposals compared to revenue in prior years at constant exchange, adjusted for differences in trading days between years and adjusted to exclude growth in excess of 26% per annum in hyperinflationary economies (reconciled in the Financial Review) Adjusted operating profit Operating profit before customer relationships, brands and technology amortisation, acquisition related items, non- recurring pension scheme charges and profit or loss on disposal of businesses (reconciled in the following tables and in the Consolidated income statement) Operating margin Adjusted operating profit as a percentage of revenue Adjusted profit before income tax Profit before income tax, customer relationships, brands and technology amortisation, acquisition related items, non- recurring pension scheme charges and profit or loss on disposal of businesses (reconciled in the following tables) Adjusted profit for the year Profit for the year before customer relationships, brands and technology amortisation, acquisition related items, non-recurring pension scheme charges, profit or loss on disposal of businesses and the associated tax (reconciled in the following tables) Effective tax rate Tax on adjusted profit before income tax as a percentage of adjusted profit before income tax (reconciled in Note 7) Adjusted earnings per share Adjusted profit for the year divided by the weighted average number of ordinary shares in issue (reconciled in the following tables and in Note 8) Adjusted diluted earnings per share Adjusted profit for the year divided by the diluted weighted average number of ordinary shares (reconciled in Note 8) Operating cash flow Cash generated from operations before acquisition related items after deducting purchases of property, plant and equipment and software and adding back the proceeds from the sale of property, plant and equipment and software and deducting the payment of lease liabilities (as shown in the Consolidated cash flow statement) Free cash flow Operating cash flow after deducting payments for tax and net interest excluding interest on lease liabilities (as shown in the Consolidated cash flow statement) Lease adjusted operating profit Adjusted operating profit after adding back the depreciation of right-of-use assets and deducting the payment of lease liabilities (as shown in the Consolidated cash flow statement) Cash conversion Operating cash flow as a percentage of lease adjusted operating profit (as shown in the Consolidated cash flow statement) Working capital Inventories and trade and other receivables less trade and other payables, excluding non-operating related receivables, non-operating related payables (including those relating to acquisition payments) and dividends payable (reconciled in Note 14) Return on average operating capital The ratio of adjusted operating profit to the average of the month end operating capital employed (being property, plant and equipment, right-of-use assets, software, inventories and trade and other receivables less trade and other payables) Return on invested capital The ratio of adjusted operating profit to the average of the month end invested capital (being equity after adding back net debt, lease liabilities, net defined benefit pension scheme liabilities, cumulative customer relationships, brands and technology amortisation, acquisition related items and amounts written off goodwill, net of the associated tax) EBITDA Adjusted operating profit on a historical GAAP basis, before depreciation of property, plant and equipment and software amortisation and after adjustments as permitted by the Group\u2019s debt covenants, principally to exclude share option charges and to annualise for the effect of acquisitions and disposal of businesses Net debt excluding lease liabilities Net debt excluding the carrying value of lease liabilities (reconciled in Note 28) Constant exchange rates Growth rates at constant exchange rates are calculated by retranslating the results for prior years at the average rates for the year ended 31 December 2022 so that they can be compared without the distorting impact of changes caused by foreign exchange translation. The principal exchange rates used for 2022 and 2021 can be found in the Financial review on page 87 Cumulative inflation over 100% (26% per annum compounded) over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. As a result, the definition of \u2018Underlying revenue growth\u2019 has been updated to exclude growth in hyperinflationary economies above 26% per annum at constant exchange rates. In addition, the list of adjusting items excluded from the profitability alternative performance measures has been amended to include amortisation of technology intangibles recognised on acquisition. Except for the amendments noted above, there have been no new alternative performance measures during the year and all other alternative performance measures have been calculated consistently with the methods applied in the consolidated financial statements for the year ended 31 December 2021. The amendments to the alternative performance measures, alongside an assessment of the relevance of the existing alternative performance measures, were agreed with the Audit Committee. 3 Alternative performance measures continued The alternative performance measures listed above exclude the charge for customer relationships, brands and technology amortisation, acquisition related items, non-recurring pension scheme charges, profit or loss on disposal of businesses and any associated tax, where relevant. Acquisition related items comprise deferred consideration payments relating to the retention of former owners of businesses acquired, transaction costs and expenses, adjustments to previously estimated earn outs, customer relationships asset impairment charges, goodwill impairment charges and interest on acquisition related income tax. Customer relationships, brands and technology amortisation, acquisition related items and any associated tax are considered by management to form part of the total spend on acquisitions or are non-cash items resulting from acquisitions. The non-recurring pension scheme charges relate to non-recurring charges arising from the Group\u2019s participation in a number of defined benefit pension schemes. In the year ended 31 December 2022 and the year ended 31 December 2021 there were no non-recurring pension scheme charges. Disposal of business relates to the profit on disposal of the Group\u2019s UK Healthcare division in the year ended 31 December 2022. None of these items relate to the underlying operating performance of the business and, as a result, they distort comparability between businesses and reporting periods. Accordingly, these items are not taken into account by management when assessing the results of the business and are removed in calculating the profitability measures by which management assesses the performance of the Group. However it should be noted that they do exclude charges that nevertheless do impact the Group\u2019s cash flow and GAAP financial performance. Other alternative performance measures, including the Group\u2019s key performance indicators which are set out and defined on pages 46 and 47, are used to monitor the performance of the Group and a number of these are based on, or derived from, the alternative performance measures noted above. Reconciliation of alternative performance measures to IFRS measures The principal profit related alternative performance measures, being adjusted operating profit, adjusted profit before income tax, adjusted profit for the year and adjusted earnings per share, are reconciled to the most directly reconcilable statutory measures in the tables below: Year ended 31 December 2022 Adjusting items Alternative performance measures \u00a3m Customer relationships, brands and technology amortisation \u00a3m Acquisition related items \u00a3m Disposal of business \u00a3m Statutory measures \u00a3m Adjusted operating profit 885.9 (128.4) (55.9) 701.6 Operating profit Finance income 22.3 22.3 Finance income Finance expense (90.2) (90.2) Finance expense Disposal of business \u2013 0.9 0.9 Disposal of business Adjusted profit before income tax 818.0 (128.4) (55.9) 0.9 634.6 Profit before income tax Tax on adjusted profit (201.2) 34.7 6.3 \u2013 (160.2) Income tax Adjusted profit for the year 616.8 (93.7) (49.6) 0.9 474.4 Profit for the year Adjusted earnings per share 184.3p (28.0)p (14.8)p 0.2p 141.7p Basic earnings per share Year ended 31 December 2021 Adjusting items Alternative performance measures \u00a3m Custome r relationships, brands and technology amortisation \u00a3m Acquisition related items \u00a3m Disposal of business \u00a3m Statutory measures \u00a3m Adjusted operating profit 752.8 (106.5) (23.0) 623.3 Operating profit Finance income 10.7 10.7 Finance income Finance expense (65.3) (65.3) Finance expense Disposal of business \u2013 \u2013 \u2013 Disposal of business Adjusted profit before income tax 698.2 (106.5) (23.0) \u2013 568.7 Profit before income tax Tax on adjusted profit (155.7) 27.3 2.5 \u2013 (125.9) Income tax Adjusted profit for the year 542.5 (79.2) (20.5) \u2013 442.8 Profit for the year Adjusted earnings per share 162.5p (23.7)p (6.1)p \u2013 132.7p Basic earnings per share 4 Segment analysis The Group results are reported as four business areas based on geographical regions which are reviewed regularly by the Company\u2019s chief operating decision maker, the Board of directors. The principal results reviewed for each business area are revenue and adjusted operating profit. Year ended 31 December 2022 North America \u00a3m Continental Europe \u00a3m UK & Ireland \u00a3m Rest of the World \u00a3m Corporate \u00a3m Total \u00a3m Revenue 7,366.0 2,173.4 1,442.5 1,057.6 12,039.5 Adjusted operating profit/(loss) 511.5 195.1 95.3 111.7 (27.7) 885.9 Customer relationships, brands and technology amortisation (57.3) (40.6) (11.0) (19.5) (128.4) Acquisition related items (15.8) (27.5) (7.4) (5.2) (55.9) Operating profit/(loss) 438.4 127.0 76.9 87.0 (27.7) 701.6 Finance income 22.3 Finance expense (90.2) Disposal of business 0.9 Profit before income tax 634.6 Adjusted profit before income tax 818.0 Income tax (160.2) Profit for the year 474.4 Operating margin 6.9% 9.0% 6.6% 10.6% 7.4% Return on average operating capital 45.4% 43.7% 52.2% 35.3% 43.0% Purchase of property, plant and equipment 13.0 9.7 5.9 5.8 0.3 34.7 Depreciation of property, plant and equipment 11.3 9.1 4.8 4.3 0.1 29.6 Additions to right-of-use assets 65.8 15.3 18.9 23.3 \u2013 123.3 Depreciation of right-of-use assets 74.7 33.6 23.8 18.4 0.6 151.1 Purchase of software 3.1 5.2 2.6 0.9 0.2 12.0 Software amortisation 3.7 2.2 1.6 1.1 0.2 8.8 Year ended 31 December 2021 North America \u00a3m Continental Europe \u00a3m UK & Ireland \u00a3m Rest of the World \u00a3m Corporate \u00a3m Total \u00a3m Revenue 6,144.7 1,972.9 1,254.2 913.3 10,285.1 Adjusted operating profit/(loss) 401.3 191.8 67.0 116.5 (23.8) 752.8 Customer relationships, brands and technology amortisation (44.5) (36.4) (9.1) (16.5) (106.5) Acquisition related items (7.6) (8.2) (3.1) (4.1) (23.0) Operating profit/(loss) 349.2 147.2 54.8 95.9 (23.8) 623.3 Finance income 10.7 Finance expense (65.3) Profit before income tax 568.7 Adjusted profit before income tax 698.2 Income tax (125.9) Profit for the year 442.8 Operating margin 6.5% 9.7% 5.3% 12.8% 7.3% Return on average operating capital 42.9% 47.3% 38.4% 48.9% 43.3% Purchase of property, plant and equipment 7.7 8.1 4.3 4.6 0.1 24.8 Depreciation of property, plant and equipment 9.7 8.8 5.2 4.2 0.1 28.0 Additions to right-of-use assets 55.2 32.0 8.8 16.6 \u2013 112.6 Depreciation of right-of-use assets 65.1 31.8 22.3 15.1 0.5 134.8 Purchase of software 2.8 2.9 1.6 0.6 \u2013 7.9 Software amortisation 3.5 2.4 1.0 1.3 0.2 8.44 Segment analysis continued Acquisition related items 2022 \u00a3m 2021 \u00a3m Deferred consideration payments relating to the retention of former owners of businesses acquired 24.9 15.0 Transaction costs and expenses 10.9 8.3 Adjustments to previously estimated earn outs 7.1 (0.3) 42.9 23.0 Customer relationships impairment charges (Note 13) 13.0 \u2013 55.9 23.0 Reportable segments are determined based on quantitative thresholds in accordance with IFRS 8 \u2018Operating Segments\u2019. The three business areas of North America, Continental Europe and UK & Ireland are operating segments that meet the quantitative thresholds for reportable segments and are therefore disclosed separately above. The Rest of the World business area contains businesses in Latin America and Asia Pacific which individually do not meet the quantitative thresholds for separate disclosure as reportable segments. Rest of the World is therefore an \u2018other\u2019 segment that is disclosed above as a reportable segment as this information is considered to be useful to users of the financial statements and it also helps to reconcile the results of the reportable segments to the Group\u2019s consolidated results. The revenue presented relates to external customers. Sales between the business areas are not material. Each of the business areas supplies a range of products to customers operating primarily in the grocery, foodservice, safety, cleaning & hygiene, retail and healthcare market sectors but results are not monitored on this basis. The performance of the four business areas is assessed by reference to adjusted operating profit and this measure also represents the segment results for the purposes of reporting in accordance with IFRS 8. Debt and associated interest is managed at a Group level and therefore has not been allocated across the business areas. In the year ended 31 December 2022 the Group had no customer that represented 10% or more of total Group revenue (2021: no customers). As noted above, the businesses within each operating segment operate in a number of different countries and sell products across a range of market sectors, with the vast majority of revenue generated from the delivery of goods to customers. The following table provides a breakdown of revenue by market sector. The other category covers a wide range of market sectors, none of which is sufficiently material to warrant separate disclosure. Revenue by market sector 2022 \u00a3m 2021 \u00a3m Foodservice 3,592.9 2,879.8 Grocery 3,139.3 2,623.5 Safety 1,786.8 1,564.9 Retail 1,153.7 1,011.2 Cleaning & Hygiene 1,124.5 1,048.3 Healthcare 839.0 809.9 Other 403.3 347.5 12,039.5 10,285.1 Revenue attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2022 was \u00a31,354.5m, representing 11% of the Group\u2019s total (2021: \u00a31,165.9m, representing 11% of the Group\u2019s total). Revenue attributable to foreign countries in total was \u00a310,685.0m, representing 89% of the Group\u2019s total (2021: \u00a39,119.2m, representing 89% of the Group\u2019s total). Six foreign countries account for the majority of the revenue attributable to foreign countries, these being USA, Canada, France, the Netherlands, Australia and Brazil. These six foreign countries account for 74% of the Group\u2019s revenue (2021: 75%). Non-current assets attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2022 were \u00a3545.9m, representing 14% of the Group\u2019s total (2021: \u00a3569.8m, representing 17% of the Group\u2019s total). Non-current assets attributable to foreign countries in total were \u00a33,279.3m, representing 86% of the Group\u2019s total (2021: \u00a32,839.5m, representing 83% of the Group\u2019s total). Six foreign countries account for the majority of the non-current assets attributable to foreign countries, these being USA, Canada, France, the Netherlands, Australia and Brazil. These six foreign countries account for 64% of the Group\u2019s total non-current assets (2021: 66%). 4 Segment analysis continued The table below reconciles segment assets and liabilities to the Group\u2019s total assets and total liabilities. Unallocated assets and liabilities include corporate assets and liabilities, tax assets and liabilities, cash at bank and in hand, bank overdrafts, interest bearing loans and borrowings, derivative financial assets and liabilities and defined benefit pension assets and liabilities. At 31 December 2022 North America \u00a3m Continental Europe \u00a3m UK & Ireland \u00a3m Rest of the World \u00a3m Unallocated \u00a3m Total \u00a3m Segment assets 3,268.8 1,956.5 939.2 878.8 7,043.3 Unallocated assets 1,623.5 1,623.5 Total assets 3,268.8 1,956.5 939.2 878.8 1,623.5 8,666.8 Segment liabilities 1,363.1 768.9 516.8 279.5 2,928.3 Unallocated liabilities 3,017.6 3,017.6 Total liabilities 1,363.1 768.9 516.8 279.5 3,017.6 5,945.9 At 31 December 2021 North America \u00a3m Continental Europe \u00a3m UK & Ireland \u00a3m Rest of the World \u00a3m Unallocated \u00a3m Total \u00a3m Segment assets 2,952.4 1,614.9 968.3 692.3 6,227.9 Unallocated assets 886.2 886.2 Total assets 2,952.4 1,614.9 968.3 692.3 886.2 7,114.1 Segment liabilities 1,138.0 607.9 508.9 220.8 2,475.6 Unallocated liabilities 2,434.6 2,434.6 Total liabilities 1,138.0 607.9 508.9 220.8 2,434.6 4,910.2 5 Analysis of operating income and expenses 2022 \u00a3m 2021 \u00a3m Cost of goods sold 9,015.0 7,762.5 Employee costs (Note 26) 1,085.1 934.8 Depreciation of property, plant and equipment (Note 11) 29.6 28.0 Depreciation of right-of-use assets (Note 12) 151.1 134.8 Customer relationships, brands and technology amortisation (Note 13) 128.4 106.5 Amortisation of software (Note 13) 8.8 8.4 Acquisition related items (Note 4) 55.9 23.0 Net impairment losses/(reversals) on trade receivables (Note 16) 3.7 (4.7) Profit on disposal of property, plant and equipment (0.4) (0.9) Expense relating to short term leases and low value assets 5.2 6.2 Lease and sublease income (3.2) (2.3) Other operating expenses 858.7 665.5 Net operating expenses 11,337.9 9,661.8 Cost of goods sold consists of the cost of the inventories sold or disposed of in the year where the cost of inventories is net of supplier rebate income related to those inventories. 5 Analysis of operating income and expenses continued 2022 2021 Auditors\u2019 remuneration UK \u00a3m Overseas \u00a3m Total \u00a3m UK \u00a3m Overseas \u00a3m Total \u00a3m Audit of these financial statements 0.8 \u2013 0.8 0.8 \u2013 0.8 Amounts receivable by the Company\u2019s auditors * in respect of: audit of financial statements of subsidiaries of the Company 0.5 3.6 4.1 0.5 2.9 3.4 audit related assurance services 0.1 \u2013 0.1 0.1 \u2013 0.1 all other services 0.3 \u2013 0.3 0.2 \u2013 0.2 Total auditors\u2019 remuneration 1.7 3.6 5.3 1.6 2.9 4.5 * Including their associates. Audit related assurance services comprise the review of the half yearly financial report for the six months ended 30 June. All other services comprise other non-audit work which was permissible in accordance with the Company\u2019s policy and the prevailing regulations concerning the provision of non-audit services by the Company\u2019s external auditors. It is the Company\u2019s policy to assess the non-audit services to be performed by the Company\u2019s auditors on a case-by-case basis to ensure adherence to the prevailing ethical standards and regulations. Other firms are normally used by the Company to provide non-audit services. However, if the provision of a service by the Company\u2019s auditors is permitted and adequate safeguards are in place, it is sometimes appropriate for this additional work to be carried out by the Company\u2019s auditors. The Audit Committee, which consists entirely of independent non-executive directors, reviews and approves the level and type of non-audit work which the external auditors perform, including the fees paid for such work, to ensure that the auditors\u2019 objectivity and independence are not compromised. Further information is set out in the Audit Committee\u2019s report on pages 119 to 131. 6 Finance income/(expense) 2022 \u00a3m 2021 \u00a3m Interest on cash and cash equivalents 10.5 3.5 Interest income from foreign exchange contracts 9.2 5.0 Net interest income on defined benefit pension schemes in surplus 1.2 0.1 Interest related to income tax \u2013 0.7 Other finance income 1.4 1.4 Finance income 22.3 10.7 Interest on loans and overdrafts (58.5) (40.7) Lease interest expense (22.0) (20.3) Interest expense from foreign exchange contracts (0.8) (1.5) Net interest expense on defined benefit pension schemes in deficit (0.8) (0.8) Fair value gain on US private placement notes and senior bond in a hedge relationship 83.2 33.3 Fair value loss on interest rate swaps in a hedge relationship (79.2) (33.1) Foreign exchange gain/(loss) on intercompany funding 126.7 (25.3) Foreign exchange (loss)/gain on external debt and foreign exchange forward contracts (126.7) 25.2 Interest related to income tax (0.5) (0.5) Monetary loss from hyperinflation accounting 1 (10.7) (0.2) Other finance expense (0.9) (1.4) Finance expense (90.2) (65.3) Net finance expense (67.9) (54.6) 1 See Note 1 for further details. The foreign exchange gain on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This gain on intercompany funding is substantially matched by the foreign exchange loss on external debt and foreign exchange forward contracts not in a hedge relationship which minimises the foreign currency exposure in the income statement. 7 Income tax 2022 \u00a3m 2021 \u00a3m Current tax on profit current year 172.7 152.9 adjustments in respect of prior years (9.2) (14.1) 163.5 138.8 Deferred tax on profit current year (4.8) (10.6) adjustments in respect of prior years 1.5 (2.3) (3.3) (12.9) Income tax on profit 160.2 125.9 In assessing the underlying performance of the Group, management uses adjusted profit before income tax. The tax effect of the adjusting items (see Note 3) is excluded in monitoring the effective tax rate (being the tax rate on adjusted profit before income tax) which is shown in the table below. 2022 \u00a3m 2021 \u00a3m Income tax on profit 160.2 125.9 Tax associated with adjusting items 41.0 29.8 Tax on adjusted profit 201.2 155.7 Profit before income tax 634.6 568.7 Adjusting items 183.4 129.5 Adjusted profit before income tax 818.0 698.2 Reported tax rate 25.2% 22.1% Effective tax rate 24.6% 22.3% 2022 2021 Tax on other comprehensive income/(expense) and equity Gross \u00a3m Tax (charge)/ credit \u00a3m Net \u00a3m Gross \u00a3m Tax (charge)/ credit \u00a3m Net \u00a3m Actuarial gain on defined benefit pension schemes 6.9 (1.4) 5.5 74.1 (18.5) 55.6 Foreign currency translation differences on foreign operations 232.9 0.3 233.2 (89.8) \u2013 (89.8) (Loss)/gain taken to equity as a result of effective net investment hedges (38.2) \u2013 (38.2) 11.5 \u2013 11.5 Gain recognised in cash flow hedge reserve 10.3 (2.6) 7.7 4.4 (0.8) 3.6 Other comprehensive income/(expense) 211.9 (3.7) 208.2 0.2 (19.3) (19.1) Dividends (190.5) \u2013 (190.5) (180.4) \u2013 (180.4) Movement from cash flow hedge reserve to inventory (12.0) 3.0 (9.0) 1.4 (0.3) 1.1 Hyperinflation accounting adjustments 36.7 (1.8) 34.9 \u2013 \u2013 \u2013 Issue of share capital 5.3 \u2013 5.3 6.6 \u2013 6.6 Employee trust shares (34.2) \u2013 (34.2) 15.5 \u2013 15.5 Share based payments 14.1 1.2 15.3 12.7 5.6 18.3 Other comprehensive income/(expense) and equity 31.3 (1.3) 30.0 (144.0) (14.0) (158.0) 7 Income tax continued Factors affecting the tax charge for the year The Group operates in many countries and is subject to different rates of income tax in those countries. The expected tax rate is calculated as a weighted average of the tax rates in the tax jurisdictions in which the Group operates, most of which are higher than the UK statutory rate for the year of 19.0% (2021: 19.0%). The adjustments to the tax charge at the weighted average rate to determine the income tax on profit are as follows: 2022 \u00a3m 2021 \u00a3m Profit before income tax 634.6 568.7 Tax charge at weighted average rate (2022: 24.6%; 2021: 24.9%) 156.1 141.7 Effects of: non-deductible expenditure 8.9 2.4 impact of intercompany finance (2.0) (0.2) change in tax rates 0.4 (0.7) hyperinflation accounting adjustments 4.7 \u2013 prior year adjustments (7.7) (16.4) other current year items (0.2) (0.9) Income tax on profit 160.2 125.9 Deferred tax in the income statement 2022 \u00a3m 2021 \u00a3m Property, plant and equipment 1.2 (0.9) Defined benefit pension schemes (0.1) 1.7 Goodwill, customer relationships, brands and technology (17.4) (13.0) Provisions and accruals \u2013 4.3 Inventories 10.5 (5.5) Leases 0.7 0.2 Other 1.8 0.3 Deferred tax on profit (3.3) (12.9) 8 Earnings per share 2022 \u00a3m 2021 \u00a3m Profit for the year 474.4 442.8 Adjusted for: customer relationships, brands and technology amortisation 128.4 106.5 acquisition related items 55.9 23.0 profit on disposal of business (0.9) \u2013 tax credit on adjusting items (41.0) (29.8) Adjusted profit for the year 616.8 542.5 2022 2021 Basic weighted average number of ordinary shares in issue (million) 334.7 333.8 Dilutive effect of employee share plans (million) 2.5 2.2 Diluted weighted average number of ordinary shares (million) 337.2 336.0 Basic earnings per share 141.7p 132.7p Adjustment 42.6p 29.8p Adjusted earnings per share 184.3p 162.5p Diluted basic earnings per share 140.7p 131.8p Adjustment 42.2p 29.7p Adjusted diluted earnings per share 182.9p 161.5p 9 Acquisitions Acquisitions involving the purchase of the acquiree\u2019s share capital or, as the case may be, the relevant assets of the businesses acquired, have been accounted for under the acquisition method of accounting. A key part of the Group\u2019s strategy is to grow through acquisition. The Group has developed a process to assist with the identification of the fair values of the assets acquired and liabilities assumed, including the separate identification of intangible assets in accordance with IFRS 3 \u2018Business Combinations\u2019 as revised. This formal process is applied to each acquisition and involves an assessment of the assets acquired and liabilities assumed with assistance provided by external valuation specialists where appropriate. Until this assessment is complete, the allocation period remains open up to a maximum of 12 months from the relevant acquisition date. At 31 December 2022 the allocation period for all acquisitions completed since 1 January 2022 remained open and accordingly the fair values presented are provisional. Adjustments are made to the assets acquired and liabilities assumed during the allocation period to the extent that further information and knowledge come to light that more accurately reflect conditions at the acquisition date. Adjustments are made to the value of assets acquired to reflect more accurately the estimated realisable or settlement value. Similarly, adjustments are made to acquired liabilities to record onerous commitments or other commitments existing at the acquisition date but not recognised by the acquiree. Adjustments are also made to reflect the associated tax effects. During the year ended 31 December 2022 adjustments have been recognised to the fair value of assets and liabilities acquired related to acquisitions made in the prior year, resulting in a net decrease to goodwill of \u00a33.4m (2021: net increase to goodwill of \u00a33.4m). Given the immaterial amounts involved the fair value of assets and liabilities acquired as reported in the prior year have not been restated. The consideration paid or payable in respect of acquisitions comprises amounts paid on completion, deferred consideration and payments which are contingent on the retention of former owners of businesses acquired. Any payments that are contingent on future employment, including payments which are contingent on the retention of former owners of businesses acquired, are charged to the income statement. All other consideration has been allocated against the identified net assets, with the balance recorded as goodwill. Transaction costs and expenses such as professional fees are charged to the income statement. The acquisitions provide opportunities for further development of the Group\u2019s activities and to create enhanced returns. Such opportunities and the workforces inherent in each of the acquired businesses do not translate to separately identifiable intangible assets but do represent much of the assessed value that supports the recognised goodwill. For each of the businesses acquired and announced during the year, the name of the business, the market sector served, its location and date of acquisition, as well as the estimated annualised revenue it would have contributed to the Group for the year if such acquisitions had been made at the beginning of the year, are separately disclosed. The remaining disclosures required by IFRS 3 are provided separately for those individual acquisitions that are considered to be material and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the impact on the Group\u2019s revenue or profit measures (on an annualised basis) or the relevant amounts on the balance sheet is greater than 5%. Management also applies judgement in considering whether there are any material qualitative differences from other acquisitions made. 2022 Summary details of the businesses acquired during the year ended 31 December 2022 are shown in the table below: Business Sector Country Acquisition date 2022 Percentage of share capital acquired Annualised revenue \u00a3m USL Healthcare New Zealand 31 May 90% 56.0 Hygi.de Cleaning & Hygiene Germany 11 July 75% 94.3 AFL Groep Other Netherlands 20 July 90% 18.1 London Catering & Hygiene Solutions Cleaning & Hygiene United Kingdom 29 July 100% 5.4 Containit Safety Australia 1 August 80% 12.9 Corsul Group Safety Brazil 2 September 100% 42.3 Enviropack Foodservice United Kingdom 13 October 85% 6.9 VM Footwear Safety Czech Republic 31 October 70% 14.2 PM Pack Foodservice Denmark 30 November 70% 16.3 Toomac Ophthalmic & Solutions Healthcare New Zealand 2 December 100% 6.6 Grupo R. Queralto Healthcare Spain 21 December 85% 23.3 Acquisitions completed in the current year 296.3 GRC Healthcare Australia 1 January 2023 100% 2.7 Acquisitions agreed in the current year 299.0 9 Acquisitions continued There were no individually significant acquisitions in 2022. In 2021 the acquisition of McCue Corporation was considered to be significant and is shown separately in the table below. A summary of the effect of acquisitions in 2022 and 2021 is shown below: 2022 2021 Total \u00a3m Total \u00a3m McCue \u00a3m Other \u00a3m Customer relationships 107.7 234.8 107.1 127.7 Brands 11.6 11.8 8.6 3.2 Technology 9.1 \u2013 \u2013 \u2013 Property, plant and equipment and software 4.8 7.7 1.2 6.5 Right-of-use assets 21.5 12.6 3.4 9.2 Inventories 44.9 32.8 10.1 22.7 Trade and other receivables 27.0 63.8 25.1 38.7 Trade and other payables (30.9) (60.9) (18.5) (42.4) Net (overdrafts)/cash (6.8) 11.3 5.0 6.3 Provisions (7.9) (4.7) (0.4) (4.3) Lease liabilities (21.5) (12.9) (3.6) (9.3) Derivative assets/(liabilities) 0.4 (0.1) \u2013 (0.1) Income tax payable and deferred tax liabilities (31.3) (57.3) (29.1) (28.2) Fair value of net assets acquired 128.6 238.9 108.9 130.0 Goodwill 106.6 240.8 132.5 108.3 Consideration 235.2 479.7 241.4 238.3 Satisfied by: cash consideration 180.6 442.8 234.3 208.5 deferred consideration 54.6 36.9 7.1 29.8 235.2 479.7 241.4 238.3 Contingent payments relating to retention of former owners 66.4 30.9 8.4 22.5 Net overdrafts/(cash) acquired 6.8 (11.3) (5.0) (6.3) Transaction costs and expenses 10.9 8.3 1.7 6.6 Total committed spend in respect of acquisitions completed in the year 319.3 507.6 246.5 261.1 Spend on acquisitions committed but not completed at the year end 2.9 \u2013 \u2013 \u2013 Total committed spend in respect of acquisitions agreed in the year 322.2 507.6 246.5 261.1 The net cash outflow in the year in respect of acquisitions comprised: 2022 2021 Total \u00a3m Total \u00a3m McCue \u00a3m Other \u00a3m Cash consideration 180.6 442.8 234.3 208.5 Net overdrafts/(cash) acquired 6.8 (11.3) (5.0) (6.3) Deferred consideration payments 56.2 5.2 \u2013 5.2 Net cash outflow in respect of acquisitions 243.6 436.7 229.3 207.4 Transaction costs and expenses paid 11.0 9.1 1.5 7.6 Payments relating to retention of former owners 9.6 6.9 \u2013 6.9 Total cash outflow in respect of acquisitions 264.2 452.7 230.8 221.9 Acquisitions completed in the year ended 31 December 2022 contributed \u00a3115.8m (2021: \u00a3123.2m) to the Group\u2019s revenue, \u00a39.5m (2021: \u00a317.3m) to the Group\u2019s adjusted operating profit and \u00a35.9m (2021: \u00a310.6m) to the Group\u2019s operating profit for the year ended 31 December 2022. 9 Acquisitions continued The estimated contributions from acquisitions completed and agreed during the year to the results of the Group for the year ended 31 December if such acquisitions had been made at the beginning of the year, are as follows: 2022 \u00a3m 2021 \u00a3m Revenue 299.0 322.4 Adjusted operating profit 29.3 46.3 The total amount of goodwill expected to be deductible for tax purposes in relation to acquisitions completed during the year is \u00a36.8m (2021: \u00a39.3m). Deferred consideration The table below gives further details of the Group\u2019s deferred consideration liabilities. 2022 \u00a3m 2021 \u00a3m Minority options 92.4 41.9 Earn outs 39.3 57.7 Deferred consideration held at fair value 131.7 99.6 Other 8.2 8.2 Total deferred consideration 139.9 107.8 Current 42.0 46.5 Non-current 97.9 61.3 Total deferred consideration 139.9 107.8 Including expected future payments which are contingent on the continued retention of former owners of businesses acquired of \u00a376.3m, total deferred and contingent consideration as at 31 December 2022 is \u00a3216.2m. 2021 Summary details of the businesses acquired or agreed to be acquired during the year ended 31 December 2021 are shown in the table below: Business Sector Country Acquisition date 2021 Percentage of share capital acquired Annualised revenue \u00a3m Deliver Net Healthcare UK 31 January 100% 19.5 Pinnacle Cleaning & Hygiene Canada 1 February 100% 11.3 Disposable Discounter Foodservice Netherlands 2 February 75.1% 23.6 Comax Cleaning & Hygiene UK 31 May 100% 16.4 Harvey Distributors Cleaning & Hygiene Australia 31 May 100% 4.4 Obex Medical Holdings Healthcare New Zealand 1 June 99.1% 28.7 Proin Pinilla Safety Spain 22 July 100% 14.3 Arprosa Safety Spain 31 July 100% 6.6 Medshop Healthcare Australia 8 September 75.1% 14.4 Intergro Foodservice US 30 September 100% 22.3 McCue Corporation Safety US 15 October 96.9% 72.6 Workwear Express Safety UK 26 October 96.3% 33.2 Hydropac 1 Foodservice UK 4 November 100% 8.4 Tingley Rubber Safety US 21 December 100% 46.7 Acquisitions agreed and completed in 2021 322.4 1 Located in the UK, but reporting through Continental Europe. 10 Disposal of business The Group completed the disposal of its UK Healthcare division on 19 December 2022. As a result, the net assets of the Group increased by \u00a30.9m representing the profit on disposal of \u00a30.9m. The profit on disposal reflects the cash consideration received of \u00a363.7m, offset by the net book value of the assets disposed of \u00a353.0m, including the associated customer relationships intangible assets of \u00a32.2m and the carrying value of allocated goodwill of \u00a317.0m, less the associated transaction costs. The net cash inflow in the year in respect of disposal of business comprised: Cash flow from disposal of business 2022 \u00a3m Cash consideration received 63.7 Cash and cash equivalents disposed (10.2) Net cash proceeds 53.5 Transaction costs paid (3.6) Net cash inflow 49.9 11 Property, plant and equipment 2022 Land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings and equipment \u00a3m Total \u00a3m Cost Beginning of year 91.5 167.6 110.5 369.6 Acquisitions (Note 9) \u2013 3.2 0.9 4.1 Disposal of business (Note 10) (2.6) (1.7) (3.6) (7.9) Additions 5.3 19.0 10.4 34.7 Disposals (1.8) (2.7) (6.5) (11.0) Currency translation 6.5 16.2 5.5 28.2 End of year 98.9 201.6 117.2 417.7 Accumulated depreciation Beginning of year 50.6 116.8 81.3 248.7 Charge in year 5.2 15.1 9.3 29.6 Disposal of business (Note 10) (1.3) (1.7) (3.0) (6.0) Disposals (1.8) (2.3) (6.3) (10.4) Currency translation 3.9 10.6 4.1 18.6 End of year 56.6 138.5 85.4 280.5 Net book value at 31 December 2022 42.3 63.1 31.8 137.2 2021 Land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings and equipment \u00a3m Total \u00a3m Cost Beginning of year 93.9 159.6 107.1 360.6 Acquisitions (Note 9) 0.9 5.3 1.0 7.2 Additions 2.2 9.9 12.7 24.8 Disposals (3.7) (6.5) (3.7) (13.9) Currency translation (1.8) (0.7) (6.6) (9.1) End of year 91.5 167.6 110.5 369.6 Accumulated depreciation Beginning of year 49.0 110.4 78.5 237.9 Charge in year 4.7 13.4 9.9 28.0 Disposals (2.4) (6.0) (3.7) (12.1) Currency translation (0.7) (1.0) (3.4) (5.1) End of year 50.6 116.8 81.3 248.7 Net book value at 31 December 2021 40.9 50.8 29.2 120.9 12 Right-of-use assets 2022 Property \u00a3m Motor vehicles \u00a3m Equipment \u00a3m Total \u00a3m Net book value at beginning of year 366.4 57.8 24.1 448.3 Acquisitions (Note 9) 20.9 0.3 0.3 21.5 Disposal of business (Note 10) (1.5) (0.2) \u2013 (1.7) Additions 84.2 28.1 11.0 123.3 Depreciation charge in the year (111.7) (28.6) (10.8) (151.1) Remeasurement adjustments 54.7 1.9 \u2013 56.6 Currency translation 26.6 4.0 2.1 32.7 Net book value at 31 December 2022 439.6 63.3 26.7 529.6 2021 Property \u00a3m Motor vehicles \u00a3m Equipment \u00a3m Total \u00a3m Net book value at beginning of year 358.3 66.4 28.7 453.4 Acquisitions (Note 9) 12.5 0.1 \u2013 12.6 Additions 81.3 24.3 7.0 112.6 Depreciation charge in the year (96.4) (28.6) (9.8) (134.8) Remeasurement adjustments 16.5 (3.5) (1.5) 11.5 Currency translation (5.8) (0.9) (0.3) (7.0) Net book value at 31 December 2021 366.4 57.8 24.1 448.3 13 Intangible assets 2022 Goodwill \u00a3m Customer relationships \u00a3m Brands \u00a3m Technology \u00a3m Software \u00a3m Total \u00a3m Cost At 31 December 2021 1,710.9 2,055.2 25.0 \u2013 90.2 3,881.3 Adjustment to opening balances in respect of hyperinflation in Turkey 1 6.7 10.0 \u2013 \u2013 \u2013 16.7 Restated as at 1 January 2022 1,717.6 2,065.2 25.0 \u2013 90.2 3,898.0 Acquisitions (Note 9) 106.6 107.7 11.6 9.1 0.7 235.7 Disposal of business (Note 10) (17.0) (5.1) \u2013 \u2013 (0.8) (22.9) Adjustment for hyperinflation accounting 1 9.7 13.5 \u2013 \u2013 \u2013 23.2 Additions 12.0 12.0 Disposals (3.4) (3.4) Currency translation 127.5 167.7 3.1 0.4 8.7 307.4 End of year 1,944.4 2,349.0 39.7 9.5 107.4 4,450.0 Accumulated amortisation and impairment At 31 December 2021 12.4 1,033.2 1.0 \u2013 67.9 1,114.5 Adjustment to opening balances in respect of hyperinflation in Turkey 1 \u2013 4.4 \u2013 \u2013 \u2013 4.4 Restated as at 1 January 2022 12.4 1,037.6 1.0 \u2013 67.9 1,118.9 Amortisation charge in the year 124.8 3.2 0.4 8.8 137.2 Impairment charge in the year \u2013 13.0 \u2013 \u2013 \u2013 13.0 Disposal of business (Note 10) \u2013 (2.9) \u2013 \u2013 (0.6) (3.5) Adjustment for hyperinflation accounting 1 \u2013 6.8 \u2013 \u2013 \u2013 6.8 Disposals (3.4) (3.4) Currency translation 0.4 78.8 0.6 \u2013 7.3 87.1 End of year 12.8 1,258.1 4.8 0.4 80.0 1,356.1 Net book value at 31 December 2022 1,931.6 1,090.9 34.9 9.1 27.4 3,093.9 1 See Note 1 for further details. 13 Intangible assets continued 2021 Goodwill \u00a3m Customer relationships \u00a3m Brands \u00a3m Technology \u00a3m Software \u00a3m Total \u00a3m Cost Beginning of year 1,506.7 1,874.2 12.8 \u2013 85.5 3,479.2 Acquisitions (Note 9) 240.8 234.8 11.8 \u2013 0.5 487.9 Additions 7.9 7.9 Disposals \u2013 \u2013 \u2013 (1.9) (1.9) Currency translation (36.6) (53.8) 0.4 \u2013 (1.8) (91.8) End of year 1,710.9 2, 055.2 25.0 \u2013 90.2 3,881.3 Accumulated amortisation and impairment Beginning of year 12.1 961.5 0.3 \u2013 63.4 1,037.3 Amortisation charge in year 105.5 1.0 \u2013 8.4 114.9 Disposals \u2013 \u2013 \u2013 (1.9) (1.9) Currency translation 0.3 (33.8) (0.3) \u2013 (2.0) (35.8) End of year 12.4 1,033.2 1.0 \u2013 67.9 1,114.5 Net book value at 31 December 2021 1,698.5 1,022.0 24.0 \u2013 22.3 2,766.8 Goodwill, customer relationships, brands and technology intangible assets have been acquired as part of business combinations. Further details of acquisitions made in the year are set out in Note 9. Customer relationships include three businesses with individually significant customer relationships assets, McCue Corporation acquired in October 2021 and based in North America, MCR Safety acquired in September 2020 and based in North America and Hedis acquired in 2017 and based in France. The net book value of customer relationships in McCue Corporation as at 31 December 2022 was \u00a3113.1m (2021: \u00a3107.9m) with a remaining useful economic life of 13.7 years (2021: 14.7 years). The net book value of customer relationships in MCR Safety as at 31 December 2022 was \u00a394.2m (2021: \u00a390.0m) with a remaining useful economic life of 12.7 years (2021: 13.7 years). The net book value of customer relationships in Hedis as at 31 December 2022 was \u00a386.9m (2021: \u00a390.8m) with a remaining useful economic life of 10.9 years (2021: 11.9 years). Impairment testing The carrying amount of goodwill is allocated across CGUs and is tested annually for impairment by comparing the recoverable amount of each CGU with its carrying value. A description of the Group\u2019s principal activities is set out in the Chief Executive Officer\u2019s review. There is no significant difference in the nature of activities across different geographies. The identification of CGUs reflects the way the business is managed and monitored on a geographical basis, taking into account the generation of cash flows and the sharing of synergies. Given the similar nature of the activities of each CGU, a consistent methodology is applied across the Group in assessing CGU recoverable amounts. The recoverable amount is the higher of the value in use and the fair value less the costs of disposal. The value in use is the present value of the cash flows expected to be generated by the CGU over a projection period together with a terminal value. The projection period is the time period over which future cash flows are predicted. The Group\u2019s methodology is to use a projection period of five years consisting of detailed cash flow forecasts for the first two years and CGU specific growth assumptions for years three, four and five. For periods after this five year period, the methodology applies a long term growth rate specific to the CGU to derive a terminal value. Cash flow expectations exclude any future cash flows that may arise from restructuring or other enhancements to the cash generating activities of the CGU and reflect management\u2019s expectations of the range of economic conditions that may exist over the projection period. The value in use calculations are principally sensitive to revenue growth, including any significant changes to the customer base, achievability of future profit margins and the discount rates used in the present value calculation. The information used for valuation purposes takes into consideration past experience and the current economic environment with regard to customer attrition rates and additions to the customer base, the ability to introduce price increases and new products and experience in controlling the underlying cost base. This information is used to determine a long term growth rate which is consistent with the geographic segments in which the Group operates and management\u2019s assessment of future operating performance and market share movements. The discount rates used are determined with assistance provided by external valuation specialists. The Group allocates goodwill across seven CGUs (2021: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. 13 Intangible assets continued As at 31 December 2022 North America, UK & Ireland, France and Rest of Continental Europe carried a significant amount of goodwill in comparison with the total value of the Group\u2019s goodwill. At 31 December 2022 the carrying value of goodwill in respect of North America was \u00a3722.7m (2021: \u00a3649.3m), UK & Ireland was \u00a3314.7m (2021: \u00a3325.3m), France was \u00a3258.0m (2021: \u00a3245.0m) and Rest of Continental Europe was \u00a3276.8m (2021: \u00a3199.1m). As at 31 December 2022 the aggregate amount of goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3359.4m (2021: \u00a3279.8m), none of which is individually significant. For North America, UK & Ireland, France and Rest of Continental Europe, the weighted average long term growth rate used in 2022 was in the range of 2.5 %\u20134.0 % (2021: 2.5%\u20133.7%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the range of 8%\u201311% (2021: 8%\u201310%) has been applied to the value in use calculations reflecting market assessments of the time value of money at the balance sheet date. Similar assumptions have been applied to the other CGUs but where appropriate the directors have considered alternative market risk assumptions to reflect the specific conditions arising in individual CGUs with long term growth rates ranging from 2.5%\u20135.4% (2021: 2.5%\u20135.9%) and discount rates ranging from 7%\u201315% (2021: 7%\u201314%). As part of the annual impairment testing for goodwill, the Group also considered whether there were any indicators that individual customer relationships and brands intangible assets were impaired. As for the impairment testing for the Group\u2019s CGUs noted above, value in use calculations were prepared based on management\u2019s latest expectations of the performance of the relevant business over a five year projection period and appropriate long term growth and discount rates. Following the application of hyperinflation accounting to Turkey in the year, the Group completed an impairment assessment in relation to the carrying value of customer relationship assets held in the Group\u2019s businesses in Turkey. As a result of this impairment assessment an impairment of \u00a313.0m was recognised in relation to these assets. Sensitivity to changes in key assumptions Impairment testing is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash flows, expected long term growth rates and the discount rates selected. Key assumptions on which value in use calculations are dependent relate to the discount rates used and revenue growth including the impact of changes to the underlying customer base from customer attrition and the rate at which new customer relationships are introduced and established. As part of the annual impairment testing, management performed sensitivity analysis by modelling the impact of higher discount rates, and reviewing the combination of discount rates and long term growth rates which would bring the value in use to the net book value or below. From this sensitivity testing management has concluded that no reasonably possible change in key assumptions would result in a material change to the carrying amounts of any of the Group\u2019s intangible assets in the next 12 months. The Group has also considered whether climate change would have a significant impact on the approach taken to the annual impairment testing. As part of this the Group has assessed three alternative climate change scenarios up to 2050. Two of our scenarios align with the global warming trajectory of between 1\u2070C to 2\u2070C by 2100 but differ in the speed and extent of global decarbonisation over the next 30 years (orderly and disorderly). Our final scenario assessed the potential impacts of a world in which global warming exceeds 3\u2070C by 2100 (hot-house world scenario). Having assessed these scenarios the Group has concluded that, although climate change is a principal risk, it does not warrant any amendment to the assumptions used in the Group\u2019s impairment testing, and would not have a material impact on the results of the impairment testing. 14 Working capital 2022 \u00a3m 2021 \u00a3m Inventories (Note 15) 1,748.6 1,474.0 Trade and other receivables (Note 16) 1,557.4 1,431.0 Trade and other payables \u2013 current (Note 17) (2,249.4) (1,921.3) Add back net non-trading related receivables and payables 40.0 43.9 1,096.6 1,027.6 See Note 30 for the cash flow impact of movements in working capital which exclude the impact from foreign exchange movements, acquisitions and the disposal of business. 15 Inventories 2022 \u00a3m 2021 \u00a3m Goods for resale 1,748.6 1,474.0 During the year \u00a310.8m (2021: \u00a38.5m) was written off directly from inventories due to obsolescence or damage. Inventory provisions, including provisions for slow moving, obsolete or defective inventories and market price movements, as at 31 December 2022 were \u00a3179.9m (2021: \u00a3179.9m). During the year, the Group saw a net utilisation of approximately \u00a34m on provisions for slow moving inventory, as well as some utilisation of provisions related to market price movements on Covid-19 related products. 16 Trade and other receivables 2022 \u00a3m 2021 \u00a3m Trade receivables 1,266.0 1,173.3 Prepayments 87.9 86.8 Other receivables 203.5 170.9 1,557.4 1,431.0 The Group does not have any significant contract assets. The ageing of trade receivables at 31 December was: 2022 2021 Gross \u00a3m Provision \u00a3m Gross \u00a3m Provision \u00a3m Current 1,037.5 6.0 983.8 4.8 0\u201330 days overdue 174.1 2.3 147.6 2.1 31\u201390 days overdue 48.3 2.7 43.5 2.4 Over 90 days overdue 35.2 18.1 25.8 18.1 1,295.1 29.1 1,200.7 27.4 The trade receivables provision includes provisions for expected credit losses and credit notes to be issued. The movement in the provision during the year was as follows: 2022 \u00a3m 2021 \u00a3m Beginning of year 27.4 35.2 Acquisitions 0.8 1.5 Disposal of business (0.6) \u2013 Charge 8.5 5.7 Released (4.8) (10.4) Utilised (4.3) (3.7) Currency translation 2.1 (0.9) End of year 29.1 27.4 17 Trade and other payables Current 2022 \u00a3m 2021 \u00a3m Trade payables 1,440.9 1,216.6 Other tax and social security contributions 31.2 28.0 Other payables 245.3 222.4 Accruals and contract liabilities 532.0 454.3 2,249.4 1,921.3 Other payables includes \u00a342.0m (2021: \u00a346.5m) related to deferred consideration on acquisitions. The Group\u2019s contract liabilities are limited to deferred income of \u00a310.4m (2021: \u00a334.5m). This arises from contracts with customers in the form of consideration that has been received in advance of the satisfaction of performance obligations. Non-current Other payables greater than one year of \u00a3117.2m (2021: \u00a372.9m) includes \u00a397.9m (2021: \u00a361.3m) related to deferred consideration on acquisitions. 18 Risk management and financial instruments Capital management The Group\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Group monitors the return on average operating capital employed and the return on invested capital (as defined on page 178) as well as the level of total shareholders\u2019 equity and sets the amount of dividends paid to ordinary shareholders. The principal covenant limits are net debt to EBITDA, calculated at average exchange rates and in accordance with the Group\u2019s external debt covenants, of no more than 3.5 times and interest cover of no less than 3.0 times. Sensitivity analyses using various scenarios are applied to forecasts to assess their impact on covenants and net debt. Additionally, compliance with the Group\u2019s biannual debt covenants is monitored on a monthly basis and formally tested at 30 June and 31 December. During 2022 all covenants have been complied with and based on current forecasts it is expected that such covenants will continue to be complied with for the foreseeable future. Debt covenants are based on historical accounting standards. The USPPs issued in March 2022 contain a clause whereby upon maturity of the previously issued USPPs, the latest maturity being in 2028, the principal financial covenants referred to above will no longer apply. In addition, during August 2022, these principal financial covenants were removed from the Group\u2019s committed bank facilities. The Group funds its operations through a mixture of shareholders\u2019 equity and bank and capital market borrowings. All of the borrowings are managed by a central treasury function and funds raised are lent onward to operating subsidiaries as required. The overall objective is to manage the funding to ensure the borrowings have a range of maturities, are competitively priced and meet the demands of the business over time and, in order to do so, the Group arranges a mixture of borrowings from different sources with a variety of maturity dates. The Group\u2019s businesses provide a high and consistent level of cash generation which helps fund future development and growth. The Group seeks to maintain an appropriate balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. There were no changes to the Group\u2019s approach to capital management during the year and the Group is not subject to any externally imposed capital requirements. Treasury policies and controls The Group has a centralised treasury department to control external borrowings and manage liquidity, interest rate, foreign currency and credit risks. Treasury policies have been approved by the Board and cover the nature of the exposure to be hedged, the types of financial instruments that may be employed and the criteria for investing and borrowing cash. The Group uses derivatives to manage its foreign currency and interest rate risks arising from underlying business activities. No transactions of a speculative nature are undertaken. The treasury department is subject to periodic independent review by the internal audit department. Underlying policy assumptions and activities are periodically reviewed by the Board. Controls over exposure changes and transaction authenticity are in place. Derivatives and hedge accounting The Group designates derivatives which qualify as hedges for accounting purposes as either (a) a hedge of the fair value of a recognised asset or liability; (b) a hedge of the cash flow risk resulting from changes in interest rates or foreign exchange rates; or (c) a hedge of a net investment in a foreign operation. The accounting treatment for hedges and derivatives is set out in the financial instruments accounting policy in Note 2p. The Group tests the effectiveness of hedges on a prospective basis to ensure compliance with IFRS 9. Information about the methods and assumptions used in determining the fair value of derivatives is provided under the Financial instruments section on page 200. Hedge effectiveness For hedges of foreign currency purchases and sales, the Group enters into cash flow hedge relationships where the critical terms of the hedging instrument are similar to those of the hedged item, such as notional amount, expected maturity date and currency. Hedge ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. The Group therefore performs a quantitative hedge effectiveness assessment to calculate any ineffectiveness during the period. Part of the Group\u2019s fixed rate debt portfolio is swapped to floating rates using interest rate swaps where the hedged items are individual tranches of fixed rate debt. These interest rate swaps are held in fair value hedges with critical terms exactly matching those of the underlying hedged items, such as notional amounts, payment dates, reset dates, maturity dates and currencies. As all critical terms matched during the year, the economic relationship was 100% effective. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group will perform a quantitative assessment of effectiveness. Hedge ineffectiveness may arise due to a change in credit risk of the counterparty or if there is a change in timings or amounts of the hedged cash flows. There was no material ineffectiveness during 2022 in relation to the interest rate swaps or the forward currency contracts. 18 Risk management and financial instruments continued
Risk management
(a) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group continually
monitors net debt and forecast cash flows to ensure that sufficient facilities are in place to meet the Group\u2019s requirements in
the short, medium and long term and, in order to do so, arranges borrowings from a variety of sources.
The Group has substantial funding available comprising multi-currency credit facilities from the Group\u2019s banks, US private placement
notes and senior bonds. During 2022, the Group issued $400m of US private placement notes which mature in three tranches in
2029, 2031 and 2032. During the year, \u00a3100 million of bank facilities were extended from 2025 to 2026 and the Group expects to
extend additional bank maturities further during 2023.
Loans, borrowings and net debt
2022
\u00a3m
2021
\u00a3m
Bank overdrafts (825.9) (551.6)
US private placement notes (161.0) (111.9)
Borrowings due within one year
(986.9) (663.5)
Bank loans \u2013 (14.6)
US private placement notes (975.7) (750.5)
Senior bonds
(598.3) (668.6)
Borrowings due after one year
(1,574.0) (1,433.7)
Derivatives managing the interest rate risk and currency profile of the debt (103.2) (17.1)
Gross debt (2,664.1) (2,114.3)
Cash at bank and in hand 1,504.0 776.9
Net debt excluding lease liabilities (1,160.1) (1,337.4)
Lease liabilities (569.9) (488.7)
Net debt including lease liabilities (1,730.0) (1,826.1)
Further information on the movement in net debt and lease liabilities is shown in Note 29.
The total available committed funding at 31 December 2022 was \u00a32,790.0m (2021: \u00a32,530.9m). The committed funding maturity
profile at 31 December 2022 is set out in the chart below:
Committed funding maturity profile by year (\u00a3m)
The undrawn committed bank facilities available at 31 December were as follows:
2022
\u00a3m
2021
\u00a3m
Expiring within one year 84.1 \u2013
Expiring after one year but within two years 205.4 139.8
Expiring after two years
674.1 841.9
963.6 981.7
In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility. As at 31 December 2022 there
were no loans secured by fixed charges on property (2021: none).
2023 2024 2025 2026 2027 2028 2029
2030 2031
2032
161
84
138
205
411
176
300
131 146
55
42
108
112 112
400
209
600
800
200
400
0
US private placement notes Bank facilities \u2013 drawn
Senior bonds Bank facilities \u2013 undrawn
4 Segment analysis
The Group results are reported as four business areas based on geographical regions which are reviewed regularly by the Company\u2019s
chief operating decision maker, the Board of directors. The principal results reviewed for each business area are revenue and
adjusted operating profit.
Year ended 31 December 2022
North
America
\u00a3m
Continental
Europe
\u00a3m
UK &
Ireland
\u00a3m
Rest of
the World
\u00a3m
Corporate
\u00a3m
Total
\u00a3m
Revenue
7,366.0 2,173.4 1,442.5 1,057.6 12,039.5
Adjusted operating profit/(loss)
511.5 195.1 95.3 111.7 (27.7) 885.9
Customer relationships, brands and
technology amortisation (57.3) (40.6) (11.0) (19.5) (128.4)
Acquisition related items
(15.8) (27.5) (7.4) (5.2) (55.9)
Operating profit/(loss)
438.4 127.0 76.9 87.0 (27.7) 701.6
Finance income 22.3
Finance expense
(90.2)
Disposal of business
0.9
Profit before income tax
634.6
Adjusted profit before income tax
818.0
Income tax (160.2)
Profit for the year
474.4
Operating margin 6.9% 9.0% 6.6% 10.6% 7.4%
Return on average operating capital
45.4% 43.7% 52.2% 35.3% 43.0%
Purchase of property, plant and equipment 13.0 9.7 5.9 5.8 0.3 34.7
Depreciation of property, plant and equipment 11.3 9.1 4.8 4.3 0.1 29.6
Additions to right-of-use assets 65.8 15.3 18.9 23.3 \u2013 123.3
Depreciation of right-of-use assets 74.7 33.6 23.8 18.4 0.6 151.1
Purchase of software 3.1 5.2 2.6 0.9 0.2 12.0
Software amortisation 3.7 2.2 1.6 1.1 0.2 8.8
Year ended 31 December 2021
North
America
\u00a3m
Continental
Europe
\u00a3m
UK &
Ireland
\u00a3m
Rest of
the World
\u00a3m
Corporate
\u00a3m
Total
\u00a3m
Revenue 6,144.7 1,972.9 1,254.2 913.3 10,285.1
Adjusted operating profit/(loss) 401.3 191.8 67.0 116.5 (23.8) 752.8
Customer relationships, brands and
technology amortisation (44.5) (36.4) (9.1) (16.5) (106.5)
Acquisition related items (7.6) (8.2) (3.1) (4.1) (23.0)
Operating profit/(loss) 349.2 147.2 54.8 95.9 (23.8) 623.3
Finance expense (65.3)
Profit before income tax 568.7
Adjusted profit before income tax 698.2
Income tax (125.9)
Profit for the year 442.8
Operating margin 6.5% 9.7% 5.3% 12.8% 7.3%
Return on average operating capital 42.9% 47.3% 38.4% 48.9% 43.3%
Purchase of property, plant and equipment 7.7 8.1 4.3 4.6 0.1 24.8
Depreciation of property, plant and equipment 9.7 8.8 5.2 4.2 0.1 28.0
Additions to right-of-use assets 55.2 32.0 8.8 16.6 \u2013 112.6
Depreciation of right-of-use assets 65.1 31.8 22.3 15.1 0.5 134.8
Purchase of software 2.8 2.9 1.6 0.6 \u2013 7.9
Software amortisation 3.5 2.4 1.0 1.3 0.2 8.4
4 Segment analysis continued Acquisition related items 2022 \u00a3m 2021 \u00a3m Deferred consideration payments relating to the retention of former owners of businesses acquired 24.9 15.0 Transaction costs and expenses 10.9 8.3 Adjustments to previously estimated earn outs 7.1 (0.3) 42.9 23.0 Customer relationships impairment charges (Note 13) 13.0 \u2013 55.9 23.0 Reportable segments are determined based on quantitative thresholds in accordance with IFRS 8 \u2018Operating Segments\u2019. The three business areas of North America, Continental Europe and UK & Ireland are operating segments that meet the quantitative thresholds for reportable segments and are therefore disclosed separately above. The Rest of the World business area contains businesses in Latin America and Asia Pacific which individually do not meet the quantitative thresholds for separate disclosure as reportable segments. Rest of the World is therefore an \u2018other\u2019 segment that is disclosed above as a reportable segment as this information is considered to be useful to users of the financial statements and it also helps to reconcile the results of the reportable segments to the Group\u2019s consolidated results. The revenue presented relates to external customers. Sales between the business areas are not material. Each of the business areas supplies a range of products to customers operating primarily in the grocery, foodservice, safety, cleaning & hygiene, retail and healthcare market sectors but results are not monitored on this basis. The performance of the four business areas is assessed by reference to adjusted operating profit and this measure also represents the segment results for the purposes of reporting in accordance with IFRS 8. Debt and associated interest is managed at a Group level and therefore has not been allocated across the business areas. In the year ended 31 December 2022 the Group had no customer that represented 10% or more of total Group revenue (2021: no customers). As noted above, the businesses within each operating segment operate in a number of different countries and sell products across a range of market sectors, with the vast majority of revenue generated from the delivery of goods to customers. The following table provides a breakdown of revenue by market sector. The other category covers a wide range of market sectors, none of which is sufficiently material to warrant separate disclosure. Revenue by market sector 2022 \u00a3m 2021 \u00a3m Foodservice 3,592.9 2,879.8 Grocery 3,139.3 2,623.5 Safety 1,786.8 1,564.9 Retail 1,153.7 1,011.2 Cleaning & Hygiene 1,124.5 1,048.3 Healthcare 839.0 809.9 Other 403.3 347.5 12,039.5 10,285.1 Revenue attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2022 was \u00a31,354.5m, representing 11% of the Group\u2019s total (2021: \u00a31,165.9m, representing 11% of the Group\u2019s total). Revenue attributable to foreign countries in total was \u00a310,685.0m, representing 89% of the Group\u2019s total (2021: \u00a39,119.2m, representing 89% of the Group\u2019s total). Six foreign countries account for the majority of the revenue attributable to foreign countries, these being USA, Canada, France, the Netherlands, Australia and Brazil. These six foreign countries account for 74% of the Group\u2019s revenue (2021: 75%). Non-current assets attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2022 were \u00a3545.9m, representing 14% of the Group\u2019s total (2021: \u00a3569.8m, representing 17% of the Group\u2019s total). Non-current assets attributable to foreign countries in total were \u00a33,279.3m, representing 86% of the Group\u2019s total (2021: \u00a32,839.5m, representing 83% of the Group\u2019s total). Six foreign countries account for the majority of the non-current assets attributable to foreign countries, these being USA, Canada, France, the Netherlands, Australia and Brazil. These six foreign countries account for 64% of the Group\u2019s total non-current assets (2021: 66%). 4 Segment analysis continued
The table below reconciles segment assets and liabilities to the Group\u2019s total assets and total liabilities. Unallocated assets and
liabilities include corporate assets and liabilities, tax assets and liabilities, cash at bank and in hand, bank overdrafts, interest bearing
loans and borrowings, derivative financial assets and liabilities and defined benefit pension assets and liabilities.
At 31 December 2022
North
America
\u00a3m
Continental
Europe
\u00a3m
UK &
Ireland
\u00a3m
Rest of
the World
\u00a3m
Unallocated
\u00a3m
Total
\u00a3m
Segment assets 3,268.8 1,956.5 939.2 878.8 7,043.3
Unallocated assets 1,623.5 1,623.5
Total assets
3,268.8 1,956.5 939.2 878.8 1,623.5 8,666.8
Segment liabilities 1,363.1 768.9 516.8 279.5 2,928.3
Unallocated liabilities
3,017.6 3,017.6
Total liabilities
1,363.1 768.9 516.8 279.5 3,017.6 5,945.9
At 31 December 2021
North
America
\u00a3m
Continental
Europe
\u00a3m
UK &
Ireland
\u00a3m
Rest of
the World
\u00a3m
Unallocated
\u00a3m
Total
\u00a3m
Segment assets 2,952.4 1,614.9 968.3 692.3 6,227.9
Unallocated assets 886.2 886.2
Total assets 2,952.4 1,614.9 968.3 692.3 886.2 7,114.1
Segment liabilities 1,138.0 607.9 508.9 220.8 2,475.6
Unallocated liabilities 2,434.6 2,434.6
Total liabilities 1,138.0 607.9 508.9 220.8 2,434.6 4,910.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Year ended 31 December 2022 North America \u00a3m Continental Europe \u00a3m UK & Ireland \u00a3m Rest of the World \u00a3m Corporate \u00a3m Total \u00a3m Revenue 7,366.0 2,173.4 1,442.5 1,057.6 12,039.5 Adjusted operating profit/(loss) 511.5 195.1 95.3 111.7 (27.7) 885.9 Customer relationships, brands and technology amortisation (57.3) (40.6) (11.0) (19.5) (128.4) Acquisition related items (15.8) (27.5) (7.4) (5.2) (55.9) Operating profit/(loss) 438.4 127.0 76.9 87.0 (27.7) 701.6 Finance income 22.3 Finance expense (90.2) Disposal of business 0.9 Profit before income tax 634.6 Adjusted profit before income tax 818.0 Income tax (160.2) Profit for the year 474.4 Operating margin 6.9% 9.0% 6.6% 10.6% 7.4% Return on average operating capital 45.4% 43.7% 52.2% 35.3% 43.0% Purchase of property, plant and equipment 13.0 9.7 5.9 5.8 0.3 34.7 Depreciation of property, plant and equipment 11.3 9.1 4.8 4.3 0.1 29.6 Additions to right-of-use assets 65.8 15.3 18.9 23.3 \u2013 123.3 Depreciation of right-of-use assets 74.7 33.6 23.8 18.4 0.6 151.1 Purchase of software 3.1 5.2 2.6 0.9 0.2 12.0 Software amortisation 3.7 2.2 1.6 1.1 0.2 8.8 Year ended 31 December 2021 North America \u00a3m Continental Europe \u00a3m UK & Ireland \u00a3m Rest of the World \u00a3m Corporate \u00a3m Total \u00a3m Revenue 6,144.7 1,972.9 1,254.2 913.3 10,285.1 Adjusted operating profit/(loss) 401.3 191.8 67.0 116.5 (23.8) 752.8 Customer relationships, brands and technology amortisation (44.5) (36.4) (9.1) (16.5) (106.5) Acquisition related items (7.6) (8.2) (3.1) (4.1) (23.0) Operating profit/(loss) 349.2 147.2 54.8 95.9 (23.8) 623.3 Finance income 10.7 Finance expense (65.3) Profit before income tax 568.7 Adjusted profit before income tax 698.2 Income tax (125.9) Profit for the year 442.8 Operating margin 6.5% 9.7% 5.3% 12.8% 7.3% Return on average operating capital 42.9% 47.3% 38.4% 48.9% 43.3% Purchase of property, plant and equipment 7.7 8.1 4.3 4.6 0.1 24.8 Depreciation of property, plant and equipment 9.7 8.8 5.2 4.2 0.1 28.0 Additions to right-of-use assets 55.2 32.0 8.8 16.6 \u2013 112.6 Depreciation of right-of-use assets 65.1 31.8 22.3 15.1 0.5 134.8 Purchase of software 2.8 2.9 1.6 0.6 \u2013 7.9 Software amortisation 3.5 2.4 1.0 1.3 0.2 8.44 Segment analysis continued
Acquisition related items
2022
\u00a3m
2021
\u00a3m
Deferred consideration payments relating to the retention of former owners of businesses acquired 24.9 15.0
Transaction costs and expenses 10.9 8.3
Adjustments to previously estimated earn outs
7.1 (0.3)
42.9 23.0
Customer relationships impairment charges (Note 13) 13.0 \u2013
55.9 23.0
Reportable segments are determined based on quantitative thresholds in accordance with IFRS 8 \u2018Operating Segments\u2019. The three
business areas of North America, Continental Europe and UK & Ireland are operating segments that meet the quantitative thresholds
for reportable segments and are therefore disclosed separately above. The Rest of the World business area contains businesses in
Latin America and Asia Pacific which individually do not meet the quantitative thresholds for separate disclosure as reportable
segments. Rest of the World is therefore an \u2018other\u2019 segment that is disclosed above as a reportable segment as this information is
considered to be useful to users of the financial statements and it also helps to reconcile the results of the reportable segments to the
Group\u2019s consolidated results.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "The revenue presented relates to external customers. Sales between the business areas are not material. Each of the business areas
supplies a range of products to customers operating primarily in the grocery, foodservice, safety, cleaning & hygiene, retail and
healthcare market sectors but results are not monitored on this basis. The performance of the four business areas is assessed
by reference to adjusted operating profit and this measure also represents the segment results for the purposes of reporting in
accordance with IFRS 8. Debt and associated interest is managed at a Group level and therefore has not been allocated across the
business areas.
In the year ended 31 December 2022 the Group had no customer that represented 10% or more of total Group revenue
(2021: no customers).
As noted above, the businesses within each operating segment operate in a number of different countries and sell products across
a range of market sectors, with the vast majority of revenue generated from the delivery of goods to customers. The following table
provides a breakdown of revenue by market sector. The other category covers a wide range of market sectors, none of which is
sufficiently material to warrant separate disclosure.
Revenue by market sector
2022
\u00a3m
2021
\u00a3m
Foodservice 3,592.9 2,879.8
Grocery 3,139.3 2,623.5
Safety
1,786.8 1,564.9
Retail
1,153.7 1,011.2
Cleaning & Hygiene
1,124.5 1,048.3
Healthcare
839.0 809.9
Other
403.3 347.5
12,039.5 10,285.1
Revenue attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2022 was \u00a31,354.5m,
representing 11% of the Group\u2019s total (2021: \u00a31,165.9m, representing 11% of the Group\u2019s total). Revenue attributable to foreign
countries in total was \u00a310,685.0m, representing 89% of the Group\u2019s total (2021: \u00a39,119.2m, representing 89% of the Group\u2019s total).
Six foreign countries account for the majority of the revenue attributable to foreign countries, these being USA, Canada, France,
the Netherlands, Australia and Brazil. These six foreign countries account for 74% of the Group\u2019s revenue (2021: 75%).
",
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"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "5 Analysis of operating income and expenses 2022 \u00a3m 2021 \u00a3m Cost of goods sold 9,015.0 7,762.5 Employee costs (Note 26) 1,085.1 934.8 Depreciation of property, plant and equipment (Note 11) 29.6 28.0 Depreciation of right-of-use assets (Note 12) 151.1 134.8 Customer relationships, brands and technology amortisation (Note 13) 128.4 106.5 Amortisation of software (Note 13) 8.8 8.4 Acquisition related items (Note 4) 55.9 23.0 Net impairment losses/(reversals) on trade receivables (Note 16) 3.7 (4.7) Profit on disposal of property, plant and equipment (0.4) (0.9) Expense relating to short term leases and low value assets 5.2 6.2 Lease and sublease income (3.2) (2.3) Other operating expenses 858.7 665.5 Net operating expenses 11,337.9 9,661.8 Cost of goods sold consists of the cost of the inventories sold or disposed of in the year where the cost of inventories is net of supplier rebate income related to those inventories. 5 Analysis of operating income and expenses continued 2022 2021 Auditors\u2019 remuneration UK \u00a3m Overseas \u00a3m Total \u00a3m UK \u00a3m Overseas \u00a3m Total \u00a3m Audit of these financial statements 0.8 \u2013 0.8 0.8 \u2013 0.8 Amounts receivable by the Company\u2019s auditors * in respect of: audit of financial statements of subsidiaries of the Company 0.5 3.6 4.1 0.5 2.9 3.4 audit related assurance services 0.1 \u2013 0.1 0.1 \u2013 0.1 all other services 0.3 \u2013 0.3 0.2 \u2013 0.2 Total auditors\u2019 remuneration 1.7 3.6 5.3 1.6 2.9 4.5 * Including their associates. Audit related assurance services comprise the review of the half yearly financial report for the six months ended 30 June. All other services comprise other non-audit work which was permissible in accordance with the Company\u2019s policy and the prevailing regulations concerning the provision of non-audit services by the Company\u2019s external auditors. It is the Company\u2019s policy to assess the non-audit services to be performed by the Company\u2019s auditors on a case-by-case basis to ensure adherence to the prevailing ethical standards and regulations. Other firms are normally used by the Company to provide non-audit services. However, if the provision of a service by the Company\u2019s auditors is permitted and adequate safeguards are in place, it is sometimes appropriate for this additional work to be carried out by the Company\u2019s auditors. The Audit Committee, which consists entirely of independent non-executive directors, reviews and approves the level and type of non-audit work which the external auditors perform, including the fees paid for such work, to ensure that the auditors\u2019 objectivity and independence are not compromised. Further information is set out in the Audit Committee\u2019s report on pages 119 to 131. ",
"dimensions": {
"concept": "bunzlplc:DisclosureOfAnalysisOfOperatingIncomeAndExpenses",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "2022 2021 Auditors\u2019 remuneration UK \u00a3m Overseas \u00a3m Total \u00a3m UK \u00a3m Overseas \u00a3m Total \u00a3m Audit of these financial statements 0.8 \u2013 0.8 0.8 \u2013 0.8 Amounts receivable by the Company\u2019s auditors * in respect of: audit of financial statements of subsidiaries of the Company 0.5 3.6 4.1 0.5 2.9 3.4 audit related assurance services 0.1 \u2013 0.1 0.1 \u2013 0.1 all other services 0.3 \u2013 0.3 0.2 \u2013 0.2 Total auditors\u2019 remuneration 1.7 3.6 5.3 1.6 2.9 4.5 * Including their associates. Audit related assurance services comprise the review of the half yearly financial report for the six months ended 30 June. All other services comprise other non-audit work which was permissible in accordance with the Company\u2019s policy and the prevailing regulations concerning the provision of non-audit services by the Company\u2019s external auditors. It is the Company\u2019s policy to assess the non-audit services to be performed by the Company\u2019s auditors on a case-by-case basis to ensure adherence to the prevailing ethical standards and regulations. Other firms are normally used by the Company to provide non-audit services. However, if the provision of a service by the Company\u2019s auditors is permitted and adequate safeguards are in place, it is sometimes appropriate for this additional work to be carried out by the Company\u2019s auditors. The Audit Committee, which consists entirely of independent non-executive directors, reviews and approves the level and type of non-audit work which the external auditors perform, including the fees paid for such work, to ensure that the auditors\u2019 objectivity and independence are not compromised. Further information is set out in the Audit Committee\u2019s report on pages 119 to 131. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "6 Finance income/(expense) 2022 \u00a3m 2021 \u00a3m Interest on cash and cash equivalents 10.5 3.5 Interest income from foreign exchange contracts 9.2 5.0 Net interest income on defined benefit pension schemes in surplus 1.2 0.1 Interest related to income tax \u2013 0.7 Other finance income 1.4 1.4 Finance income 22.3 10.7 Interest on loans and overdrafts (58.5) (40.7) Lease interest expense (22.0) (20.3) Interest expense from foreign exchange contracts (0.8) (1.5) Net interest expense on defined benefit pension schemes in deficit (0.8) (0.8) Fair value gain on US private placement notes and senior bond in a hedge relationship 83.2 33.3 Fair value loss on interest rate swaps in a hedge relationship (79.2) (33.1) Foreign exchange gain/(loss) on intercompany funding 126.7 (25.3) Foreign exchange (loss)/gain on external debt and foreign exchange forward contracts (126.7) 25.2 Interest related to income tax (0.5) (0.5) Monetary loss from hyperinflation accounting 1 (10.7) (0.2) Other finance expense (0.9) (1.4) Finance expense (90.2) (65.3) Net finance expense (67.9) (54.6) 1 See Note 1 for further details. The foreign exchange gain on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This gain on intercompany funding is substantially matched by the foreign exchange loss on external debt and foreign exchange forward contracts not in a hedge relationship which minimises the foreign currency exposure in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "6 Finance income/(expense) 2022 \u00a3m 2021 \u00a3m Interest on cash and cash equivalents 10.5 3.5 Interest income from foreign exchange contracts 9.2 5.0 Net interest income on defined benefit pension schemes in surplus 1.2 0.1 Interest related to income tax \u2013 0.7 Other finance income 1.4 1.4 Finance income 22.3 10.7 Interest on loans and overdrafts (58.5) (40.7) Lease interest expense (22.0) (20.3) Interest expense from foreign exchange contracts (0.8) (1.5) Net interest expense on defined benefit pension schemes in deficit (0.8) (0.8) Fair value gain on US private placement notes and senior bond in a hedge relationship 83.2 33.3 Fair value loss on interest rate swaps in a hedge relationship (79.2) (33.1) Foreign exchange gain/(loss) on intercompany funding 126.7 (25.3) Foreign exchange (loss)/gain on external debt and foreign exchange forward contracts (126.7) 25.2 Interest related to income tax (0.5) (0.5) Monetary loss from hyperinflation accounting 1 (10.7) (0.2) Other finance expense (0.9) (1.4) Finance expense (90.2) (65.3) Net finance expense (67.9) (54.6) 1 See Note 1 for further details. The foreign exchange gain on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This gain on intercompany funding is substantially matched by the foreign exchange loss on external debt and foreign exchange forward contracts not in a hedge relationship which minimises the foreign currency exposure in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "6 Finance income/(expense) 2022 \u00a3m 2021 \u00a3m Interest on cash and cash equivalents 10.5 3.5 Interest income from foreign exchange contracts 9.2 5.0 Net interest income on defined benefit pension schemes in surplus 1.2 0.1 Interest related to income tax \u2013 0.7 Other finance income 1.4 1.4 Finance income 22.3 10.7 Interest on loans and overdrafts (58.5) (40.7) Lease interest expense (22.0) (20.3) Interest expense from foreign exchange contracts (0.8) (1.5) Net interest expense on defined benefit pension schemes in deficit (0.8) (0.8) Fair value gain on US private placement notes and senior bond in a hedge relationship 83.2 33.3 Fair value loss on interest rate swaps in a hedge relationship (79.2) (33.1) Foreign exchange gain/(loss) on intercompany funding 126.7 (25.3) Foreign exchange (loss)/gain on external debt and foreign exchange forward contracts (126.7) 25.2 Interest related to income tax (0.5) (0.5) Monetary loss from hyperinflation accounting 1 (10.7) (0.2) Other finance expense (0.9) (1.4) Finance expense (90.2) (65.3) Net finance expense (67.9) (54.6) 1 See Note 1 for further details. The foreign exchange gain on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This gain on intercompany funding is substantially matched by the foreign exchange loss on external debt and foreign exchange forward contracts not in a hedge relationship which minimises the foreign currency exposure in the income statement. 183Bunzl plc Annual Report",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "7 Income tax 2022 \u00a3m 2021 \u00a3m Current tax on profit current year 172.7 152.9 adjustments in respect of prior years (9.2) (14.1) 163.5 138.8 Deferred tax on profit current year (4.8) (10.6) adjustments in respect of prior years 1.5 (2.3) (3.3) (12.9) Income tax on profit 160.2 125.9 In assessing the underlying performance of the Group, management uses adjusted profit before income tax. The tax effect of the adjusting items (see Note 3) is excluded in monitoring the effective tax rate (being the tax rate on adjusted profit before income tax) which is shown in the table below. 2022 \u00a3m 2021 \u00a3m Income tax on profit 160.2 125.9 Tax associated with adjusting items 41.0 29.8 Tax on adjusted profit 201.2 155.7 Profit before income tax 634.6 568.7 Adjusting items 183.4 129.5 Adjusted profit before income tax 818.0 698.2 Reported tax rate 25.2% 22.1% Effective tax rate 24.6% 22.3% 2022 2021 Tax on other comprehensive income/(expense) and equity Gross \u00a3m Tax (charge)/ credit \u00a3m Net \u00a3m Gross \u00a3m Tax (charge)/ credit \u00a3m Net \u00a3m Actuarial gain on defined benefit pension schemes 6.9 (1.4) 5.5 74.1 (18.5) 55.6 Foreign currency translation differences on foreign operations 232.9 0.3 233.2 (89.8) \u2013 (89.8) (Loss)/gain taken to equity as a result of effective net investment hedges (38.2) \u2013 (38.2) 11.5 \u2013 11.5 Gain recognised in cash flow hedge reserve 10.3 (2.6) 7.7 4.4 (0.8) 3.6 Other comprehensive income/(expense) 211.9 (3.7) 208.2 0.2 (19.3) (19.1) Dividends (190.5) \u2013 (190.5) (180.4) \u2013 (180.4) Movement from cash flow hedge reserve to inventory (12.0) 3.0 (9.0) 1.4 (0.3) 1.1 Hyperinflation accounting adjustments 36.7 (1.8) 34.9 \u2013 \u2013 \u2013 Issue of share capital 5.3 \u2013 5.3 6.6 \u2013 6.6 Employee trust shares (34.2) \u2013 (34.2) 15.5 \u2013 15.5 Share based payments 14.1 1.2 15.3 12.7 5.6 18.3 Other comprehensive income/(expense) and equity 31.3 (1.3) 30.0 (144.0) (14.0) (158.0) 7 Income tax continued Factors affecting the tax charge for the year The Group operates in many countries and is subject to different rates of income tax in those countries. The expected tax rate is calculated as a weighted average of the tax rates in the tax jurisdictions in which the Group operates, most of which are higher than the UK statutory rate for the year of 19.0% (2021: 19.0%). The adjustments to the tax charge at the weighted average rate to determine the income tax on profit are as follows: 2022 \u00a3m 2021 \u00a3m Profit before income tax 634.6 568.7 Tax charge at weighted average rate (2022: 24.6%; 2021: 24.9%) 156.1 141.7 Effects of: non-deductible expenditure 8.9 2.4 impact of intercompany finance (2.0) (0.2) change in tax rates 0.4 (0.7) hyperinflation accounting adjustments 4.7 \u2013 prior year adjustments (7.7) (16.4) other current year items (0.2) (0.9) Income tax on profit 160.2 125.9 Deferred tax in the income statement 2022 \u00a3m 2021 \u00a3m Property, plant and equipment 1.2 (0.9) Defined benefit pension schemes (0.1) 1.7 Goodwill, customer relationships, brands and technology (17.4) (13.0) Provisions and accruals \u2013 4.3 Inventories 10.5 (5.5) Leases 0.7 0.2 Other 1.8 0.3 Deferred tax on profit (3.3) (12.9) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "8 Earnings per share 2022 \u00a3m 2021 \u00a3m Profit for the year 474.4 442.8 Adjusted for: customer relationships, brands and technology amortisation 128.4 106.5 acquisition related items 55.9 23.0 profit on disposal of business (0.9) \u2013 tax credit on adjusting items (41.0) (29.8) Adjusted profit for the year 616.8 542.5 2022 2021 Basic weighted average number of ordinary shares in issue (million) 334.7 333.8 Dilutive effect of employee share plans (million) 2.5 2.2 Diluted weighted average number of ordinary shares (million) 337.2 336.0 Basic earnings per share 141.7p 132.7p Adjustment 42.6p 29.8p Adjusted earnings per share 184.3p 162.5p Diluted basic earnings per share 140.7p 131.8p Adjustment 42.2p 29.7p Adjusted diluted earnings per share 182.9p 161.5p ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "9 Acquisitions
Acquisitions involving the purchase of the acquiree\u2019s share capital or, as the case may be, the relevant assets of the businesses
acquired, have been accounted for under the acquisition method of accounting. A key part of the Group\u2019s strategy is to grow through
acquisition. The Group has developed a process to assist with the identification of the fair values of the assets acquired and liabilities
assumed, including the separate identification of intangible assets in accordance with IFRS 3 \u2018Business Combinations\u2019 as revised.
This formal process is applied to each acquisition and involves an assessment of the assets acquired and liabilities assumed with
assistance provided by external valuation specialists where appropriate. Until this assessment is complete, the allocation period
remains open up to a maximum of 12 months from the relevant acquisition date. At 31 December 2022 the allocation period for
all acquisitions completed since 1 January 2022 remained open and accordingly the fair values presented are provisional.
Adjustments are made to the assets acquired and liabilities assumed during the allocation period to the extent that further
information and knowledge come to light that more accurately reflect conditions at the acquisition date. Adjustments are made to
the value of assets acquired to reflect more accurately the estimated realisable or settlement value. Similarly, adjustments are made
to acquired liabilities to record onerous commitments or other commitments existing at the acquisition date but not recognised by
the acquiree. Adjustments are also made to reflect the associated tax effects. During the year ended 31 December 2022 adjustments
have been recognised to the fair value of assets and liabilities acquired related to acquisitions made in the prior year, resulting in a
net decrease to goodwill of \u00a33.4m (2021: net increase to goodwill of \u00a33.4m). Given the immaterial amounts involved the fair value of
assets and liabilities acquired as reported in the prior year have not been restated.
The consideration paid or payable in respect of acquisitions comprises amounts paid on completion, deferred consideration and
payments which are contingent on the retention of former owners of businesses acquired. Any payments that are contingent on
future employment, including payments which are contingent on the retention of former owners of businesses acquired, are charged
to the income statement. All other consideration has been allocated against the identified net assets, with the balance recorded as
goodwill. Transaction costs and expenses such as professional fees are charged to the income statement. The acquisitions provide
opportunities for further development of the Group\u2019s activities and to create enhanced returns. Such opportunities and the
workforces inherent in each of the acquired businesses do not translate to separately identifiable intangible assets but do represent
much of the assessed value that supports the recognised goodwill.
For each of the businesses acquired and announced during the year, the name of the business, the market sector served, its location
and date of acquisition, as well as the estimated annualised revenue it would have contributed to the Group for the year if such
acquisitions had been made at the beginning of the year, are separately disclosed. The remaining disclosures required by IFRS 3 are
provided separately for those individual acquisitions that are considered to be material and in aggregate for individually immaterial
acquisitions. An acquisition would generally be considered individually material if the impact on the Group\u2019s revenue or profit
measures (on an annualised basis) or the relevant amounts on the balance sheet is greater than 5%. Management also applies
judgement in considering whether there are any material qualitative differences from other acquisitions made.
2022
Summary details of the businesses acquired during the year ended 31 December 2022 are shown in the table below:
Business Sector Country
Acquisition date
2022
Percentage of
share capital
acquired
Annualised
revenue
\u00a3m
USL Healthcare New Zealand 31 May 90% 56.0
Hygi.de Cleaning & Hygiene Germany 11 July 75% 94.3
AFL Groep Other Netherlands 20 July 90% 18.1
London Catering & Hygiene Solutions Cleaning & Hygiene United Kingdom 29 July 100% 5.4
Containit Safety Australia 1 August 80% 12.9
Corsul Group Safety Brazil 2 September 100% 42.3
Enviropack Foodservice United Kingdom 13 October 85% 6.9
VM Footwear Safety Czech Republic 31 October 70% 14.2
PM Pack Foodservice Denmark 30 November 70% 16.3
Toomac Ophthalmic & Solutions Healthcare New Zealand 2 December 100% 6.6
Grupo R. Queralto Healthcare Spain 21 December 85% 23.3
Acquisitions completed in the current year 296.3
GRC Healthcare Australia 1 January 2023 100% 2.7
Acquisitions agreed in the current year 299.0
9 Acquisitions continued There were no individually significant acquisitions in 2022. In 2021 the acquisition of McCue Corporation was considered to be significant and is shown separately in the table below. A summary of the effect of acquisitions in 2022 and 2021 is shown below: 2022 2021 Total \u00a3m Total \u00a3m McCue \u00a3m Other \u00a3m Customer relationships 107.7 234.8 107.1 127.7 Brands 11.6 11.8 8.6 3.2 Technology 9.1 \u2013 \u2013 \u2013 Property, plant and equipment and software 4.8 7.7 1.2 6.5 Right-of-use assets 21.5 12.6 3.4 9.2 Inventories 44.9 32.8 10.1 22.7 Trade and other receivables 27.0 63.8 25.1 38.7 Trade and other payables (30.9) (60.9) (18.5) (42.4) Net (overdrafts)/cash (6.8) 11.3 5.0 6.3 Provisions (7.9) (4.7) (0.4) (4.3) Lease liabilities (21.5) (12.9) (3.6) (9.3) Derivative assets/(liabilities) 0.4 (0.1) \u2013 (0.1) Income tax payable and deferred tax liabilities (31.3) (57.3) (29.1) (28.2) Fair value of net assets acquired 128.6 238.9 108.9 130.0 Goodwill 106.6 240.8 132.5 108.3 Consideration 235.2 479.7 241.4 238.3 Satisfied by: cash consideration 180.6 442.8 234.3 208.5 deferred consideration 54.6 36.9 7.1 29.8 235.2 479.7 241.4 238.3 Contingent payments relating to retention of former owners 66.4 30.9 8.4 22.5 Net overdrafts/(cash) acquired 6.8 (11.3) (5.0) (6.3) Transaction costs and expenses 10.9 8.3 1.7 6.6 Total committed spend in respect of acquisitions completed in the year 319.3 507.6 246.5 261.1 Spend on acquisitions committed but not completed at the year end 2.9 \u2013 \u2013 \u2013 Total committed spend in respect of acquisitions agreed in the year 322.2 507.6 246.5 261.1 The net cash outflow in the year in respect of acquisitions comprised: 2022 2021 Total \u00a3m Total \u00a3m McCue \u00a3m Other \u00a3m Cash consideration 180.6 442.8 234.3 208.5 Net overdrafts/(cash) acquired 6.8 (11.3) (5.0) (6.3) Deferred consideration payments 56.2 5.2 \u2013 5.2 Net cash outflow in respect of acquisitions 243.6 436.7 229.3 207.4 Transaction costs and expenses paid 11.0 9.1 1.5 7.6 Payments relating to retention of former owners 9.6 6.9 \u2013 6.9 Total cash outflow in respect of acquisitions 264.2 452.7 230.8 221.9 Acquisitions completed in the year ended 31 December 2022 contributed \u00a3115.8m (2021: \u00a3123.2m) to the Group\u2019s revenue, \u00a39.5m (2021: \u00a317.3m) to the Group\u2019s adjusted operating profit and \u00a35.9m (2021: \u00a310.6m) to the Group\u2019s operating profit for the year ended 31 December 2022.9 Acquisitions continued
The estimated contributions from acquisitions completed and agreed during the year to the results of the Group for the year ended
31 December if such acquisitions had been made at the beginning of the year, are as follows:
2022
\u00a3m
2021
\u00a3m
Revenue 299.0 322.4
Adjusted operating profit 29.3 46.3
The total amount of goodwill expected to be deductible for tax purposes in relation to acquisitions completed during the year is \u00a36.8m
(2021: \u00a39.3m).
Deferred consideration
The table below gives further details of the Group\u2019s deferred consideration liabilities.
2022
\u00a3m
2021
\u00a3m
Minority options 92.4 41.9
Earn outs 39.3 57.7
Deferred consideration held at fair value
131.7 99.6
Other 8.2 8.2
Total deferred consideration
139.9 107.8
Current
42.0 46.5
Non-current
97.9 61.3
Total deferred consideration
139.9 107.8
Including expected future payments which are contingent on the continued retention of former owners of businesses acquired of
\u00a376.3m, total deferred and contingent consideration as at 31 December 2022 is \u00a3216.2m.
2021
Summary details of the businesses acquired or agreed to be acquired during the year ended 31 December 2021 are shown in the
table below:
Business Sector Country
Acquisition date
2021
Percentage of
share capital
acquired
Annualised
revenue
\u00a3m
Deliver Net Healthcare UK 31 January 100% 19.5
Pinnacle Cleaning & Hygiene Canada 1 February 100% 11.3
Disposable Discounter Foodservice Netherlands 2 February 75.1% 23.6
Comax Cleaning & Hygiene UK 31 May 100% 16.4
Harvey Distributors Cleaning & Hygiene Australia 31 May 100% 4.4
Obex Medical Holdings Healthcare New Zealand 1 June 99.1% 28.7
Proin Pinilla Safety Spain 22 July 100% 14.3
Arprosa Safety Spain 31 July 100% 6.6
Medshop Healthcare Australia 8 September 75.1% 14.4
Intergro Foodservice US 30 September 100% 22.3
McCue Corporation Safety US 15 October 96.9% 72.6
Workwear Express Safety UK 26 October 96.3% 33.2
Hydropac
1
Foodservice UK 4 November 100% 8.4
Tingley Rubber Safety US 21 December 100% 46.7
Acquisitions agreed and completed in 2021 322.4
1
Located in the UK, but reporting through Continental Europe.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "10 Disposal of business The Group completed the disposal of its UK Healthcare division on 19 December 2022. As a result, the net assets of the Group increased by \u00a30.9m representing the profit on disposal of \u00a30.9m. The profit on disposal reflects the cash consideration received of \u00a363.7m, offset by the net book value of the assets disposed of \u00a353.0m, including the associated customer relationships intangible assets of \u00a32.2m and the carrying value of allocated goodwill of \u00a317.0m, less the associated transaction costs. The net cash inflow in the year in respect of disposal of business comprised: Cash flow from disposal of business 2022 \u00a3m Cash consideration received 63.7 Cash and cash equivalents disposed (10.2) Net cash proceeds 53.5 Transaction costs paid (3.6) Net cash inflow 49.9 ",
"dimensions": {
"concept": "bunzlplc:DisclosureOfDisposalOfBusiness",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "11 Property, plant and equipment 2022 Land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings and equipment \u00a3m Total \u00a3m Cost Beginning of year 91.5 167.6 110.5 369.6 Acquisitions (Note 9) \u2013 3.2 0.9 4.1 Disposal of business (Note 10) (2.6) (1.7) (3.6) (7.9) Additions 5.3 19.0 10.4 34.7 Disposals (1.8) (2.7) (6.5) (11.0) Currency translation 6.5 16.2 5.5 28.2 End of year 98.9 201.6 117.2 417.7 Accumulated depreciation Beginning of year 50.6 116.8 81.3 248.7 Charge in year 5.2 15.1 9.3 29.6 Disposal of business (Note 10) (1.3) (1.7) (3.0) (6.0) Disposals (1.8) (2.3) (6.3) (10.4) Currency translation 3.9 10.6 4.1 18.6 End of year 56.6 138.5 85.4 280.5 Net book value at 31 December 2022 42.3 63.1 31.8 137.2 2021 Land and buildings \u00a3m Plant and machinery \u00a3m Fixtures, fittings and equipment \u00a3m Total \u00a3m Cost Beginning of year 93.9 159.6 107.1 360.6 Acquisitions (Note 9) 0.9 5.3 1.0 7.2 Additions 2.2 9.9 12.7 24.8 Disposals (3.7) (6.5) (3.7) (13.9) Currency translation (1.8) (0.7) (6.6) (9.1) End of year 91.5 167.6 110.5 369.6 Accumulated depreciation Beginning of year 49.0 110.4 78.5 237.9 Charge in year 4.7 13.4 9.9 28.0 Disposals (2.4) (6.0) (3.7) (12.1) Currency translation (0.7) (1.0) (3.4) (5.1) End of year 50.6 116.8 81.3 248.7 Net book value at 31 December 2021 40.9 50.8 29.2 120.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "12 Right-of-use assets 2022 Property \u00a3m Motor vehicles \u00a3m Equipment \u00a3m Total \u00a3m Net book value at beginning of year 366.4 57.8 24.1 448.3 Acquisitions (Note 9) 20.9 0.3 0.3 21.5 Disposal of business (Note 10) (1.5) (0.2) \u2013 (1.7) Additions 84.2 28.1 11.0 123.3 Depreciation charge in the year (111.7) (28.6) (10.8) (151.1) Remeasurement adjustments 54.7 1.9 \u2013 56.6 Currency translation 26.6 4.0 2.1 32.7 Net book value at 31 December 2022 439.6 63.3 26.7 529.6 2021 Property \u00a3m Motor vehicles \u00a3m Equipment \u00a3m Total \u00a3m Net book value at beginning of year 358.3 66.4 28.7 453.4 Acquisitions (Note 9) 12.5 0.1 \u2013 12.6 Additions 81.3 24.3 7.0 112.6 Depreciation charge in the year (96.4) (28.6) (9.8) (134.8) Remeasurement adjustments 16.5 (3.5) (1.5) 11.5 Currency translation (5.8) (0.9) (0.3) (7.0) Net book value at 31 December 2021 366.4 57.8 24.1 448.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "13 Intangible assets
2022
Goodwill
\u00a3m
Customer
relationships
\u00a3m
Brands
\u00a3m
Technology
\u00a3m
Software
\u00a3m
Total
\u00a3m
Cost
At 31 December 2021 1,710.9 2,055.2 25.0 \u2013 90.2 3,881.3
Adjustment to opening balances in respect of
hyperinflation in Turkey
1
6.7 10.0 \u2013 \u2013 \u2013 16.7
Restated as at 1 January 2022
1,717.6 2,065.2 25.0 \u2013 90.2 3,898.0
Acquisitions (Note 9) 106.6 107.7 11.6 9.1 0.7 235.7
Disposal of business (Note 10)
(17.0) (5.1) \u2013 \u2013 (0.8) (22.9)
Adjustment for hyperinflation accounting
1
9.7 13.5 \u2013 \u2013 \u2013 23.2
Additions
12.0 12.0
Disposals
(3.4) (3.4)
Currency translation
127.5 167.7 3.1 0.4 8.7 307.4
End of year
1,944.4 2,349.0 39.7 9.5 107.4 4,450.0
Accumulated amortisation and impairment
At 31 December 2021
12.4 1,033.2 1.0 \u2013 67.9 1,114.5
Adjustment to opening balances in respect of
hyperinflation in Turkey
1
\u2013 4.4 \u2013 \u2013 \u2013 4.4
Restated as at 1 January 2022
12.4 1,037.6 1.0 \u2013 67.9 1,118.9
Amortisation charge in the year 124.8 3.2 0.4 8.8 137.2
Impairment charge in the year
\u2013 13.0 \u2013 \u2013 \u2013 13.0
Disposal of business (Note 10)
\u2013 (2.9) \u2013 \u2013 (0.6) (3.5)
Adjustment for hyperinflation accounting
1
\u2013 6.8 \u2013 \u2013 \u2013 6.8
Disposals
(3.4) (3.4)
Currency translation
0.4 78.8 0.6 \u2013 7.3 87.1
End of year
12.8 1,258.1 4.8 0.4 80.0 1,356.1
Net book value at 31 December 2022 1,931.6 1,090.9 34.9 9.1 27.4 3,093.9
1
See Note 1 for further details.
13 Intangible assets continued 2021 Goodwill \u00a3m Customer relationships \u00a3m Brands \u00a3m Technology \u00a3m Software \u00a3m Total \u00a3m Cost Beginning of year 1,506.7 1,874.2 12.8 \u2013 85.5 3,479.2 Acquisitions (Note 9) 240.8 234.8 11.8 \u2013 0.5 487.9 Additions 7.9 7.9 Disposals \u2013 \u2013 \u2013 (1.9) (1.9) Currency translation (36.6) (53.8) 0.4 \u2013 (1.8) (91.8) End of year 1,710.9 2, 055.2 25.0 \u2013 90.2 3,881.3 Accumulated amortisation and impairment Beginning of year 12.1 961.5 0.3 \u2013 63.4 1,037.3 Amortisation charge in year 105.5 1.0 \u2013 8.4 114.9 Disposals \u2013 \u2013 \u2013 (1.9) (1.9) Currency translation 0.3 (33.8) (0.3) \u2013 (2.0) (35.8) End of year 12.4 1,033.2 1.0 \u2013 67.9 1,114.5 Net book value at 31 December 2021 1,698.5 1,022.0 24.0 \u2013 22.3 2,766.8 Goodwill, customer relationships, brands and technology intangible assets have been acquired as part of business combinations. Further details of acquisitions made in the year are set out in Note 9. Customer relationships include three businesses with individually significant customer relationships assets, McCue Corporation acquired in October 2021 and based in North America, MCR Safety acquired in September 2020 and based in North America and Hedis acquired in 2017 and based in France. The net book value of customer relationships in McCue Corporation as at 31 December 2022 was \u00a3113.1m (2021: \u00a3107.9m) with a remaining useful economic life of 13.7 years (2021: 14.7 years). The net book value of customer relationships in MCR Safety as at 31 December 2022 was \u00a394.2m (2021: \u00a390.0m) with a remaining useful economic life of 12.7 years (2021: 13.7 years). The net book value of customer relationships in Hedis as at 31 December 2022 was \u00a386.9m (2021: \u00a390.8m) with a remaining useful economic life of 10.9 years (2021: 11.9 years). Impairment testing The carrying amount of goodwill is allocated across CGUs and is tested annually for impairment by comparing the recoverable amount of each CGU with its carrying value. A description of the Group\u2019s principal activities is set out in the Chief Executive Officer\u2019s review. There is no significant difference in the nature of activities across different geographies. The identification of CGUs reflects the way the business is managed and monitored on a geographical basis, taking into account the generation of cash flows and the sharing of synergies. Given the similar nature of the activities of each CGU, a consistent methodology is applied across the Group in assessing CGU recoverable amounts. The recoverable amount is the higher of the value in use and the fair value less the costs of disposal. The value in use is the present value of the cash flows expected to be generated by the CGU over a projection period together with a terminal value. The projection period is the time period over which future cash flows are predicted. The Group\u2019s methodology is to use a projection period of five years consisting of detailed cash flow forecasts for the first two years and CGU specific growth assumptions for years three, four and five. For periods after this five year period, the methodology applies a long term growth rate specific to the CGU to derive a terminal value. Cash flow expectations exclude any future cash flows that may arise from restructuring or other enhancements to the cash generating activities of the CGU and reflect management\u2019s expectations of the range of economic conditions that may exist over the projection period. The value in use calculations are principally sensitive to revenue growth, including any significant changes to the customer base, achievability of future profit margins and the discount rates used in the present value calculation. The information used for valuation purposes takes into consideration past experience and the current economic environment with regard to customer attrition rates and additions to the customer base, the ability to introduce price increases and new products and experience in controlling the underlying cost base. This information is used to determine a long term growth rate which is consistent with the geographic segments in which the Group operates and management\u2019s assessment of future operating performance and market share movements. The discount rates used are determined with assistance provided by external valuation specialists. The Group allocates goodwill across seven CGUs (2021: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. 191Bunzl plc 13 Intangible assets continued
As at 31 December 2022 North America, UK & Ireland, France and Rest of Continental Europe carried a significant amount of goodwill
in comparison with the total value of the Group\u2019s goodwill. At 31 December 2022 the carrying value of goodwill in respect of North
America was \u00a3722.7m (2021: \u00a3649.3m), UK & Ireland was \u00a3314.7m (2021: \u00a3325.3m), France was \u00a3258.0m (2021: \u00a3245.0m) and Rest
of Continental Europe was \u00a3276.8m (2021: \u00a3199.1m). As at 31 December 2022 the aggregate amount of goodwill attributable to the
Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3359.4m (2021: \u00a3279.8m), none
of which is individually significant.
For North America, UK & Ireland, France and Rest of Continental Europe, the weighted average long term growth rate used in 2022
was in the range of 2.5 %\u20134.0 % (2021: 2.5%\u20133.7%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the
range of 8%\u201311% (2021: 8%\u201310%) has been applied to the value in use calculations reflecting market assessments of the time value
of money at the balance sheet date. Similar assumptions have been applied to the other CGUs but where appropriate the directors
have considered alternative market risk assumptions to reflect the specific conditions arising in individual CGUs with long term
growth rates ranging from 2.5%\u20135.4% (2021: 2.5%\u20135.9%) and discount rates ranging from 7%\u201315% (2021: 7%\u201314%).
As part of the annual impairment testing for goodwill, the Group also considered whether there were any indicators that individual
customer relationships and brands intangible assets were impaired. As for the impairment testing for the Group\u2019s CGUs noted above,
value in use calculations were prepared based on management\u2019s latest expectations of the performance of the relevant business
over a five year projection period and appropriate long term growth and discount rates. Following the application of hyperinflation
accounting to Turkey in the year, the Group completed an impairment assessment in relation to the carrying value of customer
relationship assets held in the Group\u2019s businesses in Turkey. As a result of this impairment assessment an impairment of \u00a313.0m was
recognised in relation to these assets.
Sensitivity to changes in key assumptions
Impairment testing is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future
cash flows, expected long term growth rates and the discount rates selected. Key assumptions on which value in use calculations are
dependent relate to the discount rates used and revenue growth including the impact of changes to the underlying customer base
from customer attrition and the rate at which new customer relationships are introduced and established.
As part of the annual impairment testing, management performed sensitivity analysis by modelling the impact of higher discount
rates, and reviewing the combination of discount rates and long term growth rates which would bring the value in use to the net
book value or below. From this sensitivity testing management has concluded that no reasonably possible change in key assumptions
would result in a material change to the carrying amounts of any of the Group\u2019s intangible assets in the next 12 months.
The Group has also considered whether climate change would have a significant impact on the approach taken to the annual
impairment testing. As part of this the Group has assessed three alternative climate change scenarios up to 2050. Two of our
scenarios align with the global warming trajectory of between 1\u2070C to 2\u2070C by 2100 but differ in the speed and extent of global
decarbonisation over the next 30 years (orderly and disorderly). Our final scenario assessed the potential impacts of a world in which
global warming exceeds 3\u2070C by 2100 (hot-house world scenario). Having assessed these scenarios the Group has concluded that,
although climate change is a principal risk, it does not warrant any amendment to the assumptions used in the Group\u2019s impairment
testing, and would not have a material impact on the results of the impairment testing.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "14 Working capital 2022 \u00a3m 2021 \u00a3m Inventories (Note 15) 1,748.6 1,474.0 Trade and other receivables (Note 16) 1,557.4 1,431.0 Trade and other payables \u2013 current (Note 17) (2,249.4) (1,921.3) Add back net non-trading related receivables and payables 40.0 43.9 1,096.6 1,027.6 See Note 30 for the cash flow impact of movements in working capital which exclude the impact from foreign exchange movements, acquisitions and the disposal of business. ",
"dimensions": {
"concept": "bunzlplc:DisclosureOfWorkingCapital",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "15 Inventories 2022 \u00a3m 2021 \u00a3m Goods for resale 1,748.6 1,474.0 During the year \u00a310.8m (2021: \u00a38.5m) was written off directly from inventories due to obsolescence or damage. Inventory provisions, including provisions for slow moving, obsolete or defective inventories and market price movements, as at 31 December 2022 were \u00a3179.9m (2021: \u00a3179.9m). During the year, the Group saw a net utilisation of approximately \u00a34m on provisions for slow moving inventory, as well as some utilisation of provisions related to market price movements on Covid-19 related products. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "16 Trade and other receivables 2022 \u00a3m 2021 \u00a3m Trade receivables 1,266.0 1,173.3 Prepayments 87.9 86.8 Other receivables 203.5 170.9 1,557.4 1,431.0 The Group does not have any significant contract assets. The ageing of trade receivables at 31 December was: 2022 2021 Gross \u00a3m Provision \u00a3m Gross \u00a3m Provision \u00a3m Current 1,037.5 6.0 983.8 4.8 0\u201330 days overdue 174.1 2.3 147.6 2.1 31\u201390 days overdue 48.3 2.7 43.5 2.4 Over 90 days overdue 35.2 18.1 25.8 18.1 1,295.1 29.1 1,200.7 27.4 The trade receivables provision includes provisions for expected credit losses and credit notes to be issued. The movement in the provision during the year was as follows: 2022 \u00a3m 2021 \u00a3m Beginning of year 27.4 35.2 Acquisitions 0.8 1.5 Disposal of business (0.6) \u2013 Charge 8.5 5.7 Released (4.8) (10.4) Utilised (4.3) (3.7) Currency translation 2.1 (0.9) End of year 29.1 27.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "17 Trade and other payables Current 2022 \u00a3m 2021 \u00a3m Trade payables 1,440.9 1,216.6 Other tax and social security contributions 31.2 28.0 Other payables 245.3 222.4 Accruals and contract liabilities 532.0 454.3 2,249.4 1,921.3 Other payables includes \u00a342.0m (2021: \u00a346.5m) related to deferred consideration on acquisitions. The Group\u2019s contract liabilities are limited to deferred income of \u00a310.4m (2021: \u00a334.5m). This arises from contracts with customers in the form of consideration that has been received in advance of the satisfaction of performance obligations. Non-current Other payables greater than one year of \u00a3117.2m (2021: \u00a372.9m) includes \u00a397.9m (2021: \u00a361.3m) related to deferred consideration on acquisitions. ",
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"fact-403": {
"value": "18 Risk management and financial instruments Capital management The Group\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Group monitors the return on average operating capital employed and the return on invested capital (as defined on page 178) as well as the level of total shareholders\u2019 equity and sets the amount of dividends paid to ordinary shareholders. The principal covenant limits are net debt to EBITDA, calculated at average exchange rates and in accordance with the Group\u2019s external debt covenants, of no more than 3.5 times and interest cover of no less than 3.0 times. Sensitivity analyses using various scenarios are applied to forecasts to assess their impact on covenants and net debt. Additionally, compliance with the Group\u2019s biannual debt covenants is monitored on a monthly basis and formally tested at 30 June and 31 December. During 2022 all covenants have been complied with and based on current forecasts it is expected that such covenants will continue to be complied with for the foreseeable future. Debt covenants are based on historical accounting standards. The USPPs issued in March 2022 contain a clause whereby upon maturity of the previously issued USPPs, the latest maturity being in 2028, the principal financial covenants referred to above will no longer apply. In addition, during August 2022, these principal financial covenants were removed from the Group\u2019s committed bank facilities. The Group funds its operations through a mixture of shareholders\u2019 equity and bank and capital market borrowings. All of the borrowings are managed by a central treasury function and funds raised are lent onward to operating subsidiaries as required. The overall objective is to manage the funding to ensure the borrowings have a range of maturities, are competitively priced and meet the demands of the business over time and, in order to do so, the Group arranges a mixture of borrowings from different sources with a variety of maturity dates. The Group\u2019s businesses provide a high and consistent level of cash generation which helps fund future development and growth. The Group seeks to maintain an appropriate balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. There were no changes to the Group\u2019s approach to capital management during the year and the Group is not subject to any externally imposed capital requirements. Treasury policies and controls The Group has a centralised treasury department to control external borrowings and manage liquidity, interest rate, foreign currency and credit risks. Treasury policies have been approved by the Board and cover the nature of the exposure to be hedged, the types of financial instruments that may be employed and the criteria for investing and borrowing cash. The Group uses derivatives to manage its foreign currency and interest rate risks arising from underlying business activities. No transactions of a speculative nature are undertaken. The treasury department is subject to periodic independent review by the internal audit department. Underlying policy assumptions and activities are periodically reviewed by the Board. Controls over exposure changes and transaction authenticity are in place. Derivatives and hedge accounting The Group designates derivatives which qualify as hedges for accounting purposes as either (a) a hedge of the fair value of a recognised asset or liability; (b) a hedge of the cash flow risk resulting from changes in interest rates or foreign exchange rates; or (c) a hedge of a net investment in a foreign operation. The accounting treatment for hedges and derivatives is set out in the financial instruments accounting policy in Note 2p. The Group tests the effectiveness of hedges on a prospective basis to ensure compliance with IFRS 9. Information about the methods and assumptions used in determining the fair value of derivatives is provided under the Financial instruments section on page 200. Hedge effectiveness For hedges of foreign currency purchases and sales, the Group enters into cash flow hedge relationships where the critical terms of the hedging instrument are similar to those of the hedged item, such as notional amount, expected maturity date and currency. Hedge ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. The Group therefore performs a quantitative hedge effectiveness assessment to calculate any ineffectiveness during the period. Part of the Group\u2019s fixed rate debt portfolio is swapped to floating rates using interest rate swaps where the hedged items are individual tranches of fixed rate debt. These interest rate swaps are held in fair value hedges with critical terms exactly matching those of the underlying hedged items, such as notional amounts, payment dates, reset dates, maturity dates and currencies. As all critical terms matched during the year, the economic relationship was 100% effective. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group will perform a quantitative assessment of effectiveness. Hedge ineffectiveness may arise due to a change in credit risk of the counterparty or if there is a change in timings or amounts of the hedged cash flows. There was no material ineffectiveness during 2022 in relation to the interest rate swaps or the forward currency contracts. 18 Risk management and financial instruments continued Risk management (a) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group continually monitors net debt and forecast cash flows to ensure that sufficient facilities are in place to meet the Group\u2019s requirements in the short, medium and long term and, in order to do so, arranges borrowings from a variety of sources. The Group has substantial funding available comprising multi-currency credit facilities from the Group\u2019s banks, US private placement notes and senior bonds. During 2022, the Group issued $400m of US private placement notes which mature in three tranches in 2029, 2031 and 2032. During the year, \u00a3100 million of bank facilities were extended from 2025 to 2026 and the Group expects to extend additional bank maturities further during 2023. Loans, borrowings and net debt 2022 \u00a3m 2021 \u00a3m Bank overdrafts (825.9) (551.6) US private placement notes (161.0) (111.9) Borrowings due within one year (986.9) (663.5) Bank loans \u2013 (14.6) US private placement notes (975.7) (750.5) Senior bonds (598.3) (668.6) Borrowings due after one year (1,574.0) (1,433.7) Derivatives managing the interest rate risk and currency profile of the debt (103.2) (17.1) Gross debt (2,664.1) (2,114.3) Cash at bank and in hand 1,504.0 776.9 Net debt excluding lease liabilities (1,160.1) (1,337.4) Lease liabilities (569.9) (488.7) Net debt including lease liabilities (1,730.0) (1,826.1) Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2022 was \u00a32,790.0m (2021: \u00a32,530.9m). The committed funding maturity profile at 31 December 2022 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) The undrawn committed bank facilities available at 31 December were as follows: 2022 \u00a3m 2021 \u00a3m Expiring within one year 84.1 \u2013 Expiring after one year but within two years 205.4 139.8 Expiring after two years 674.1 841.9 963.6 981.7 In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility. As at 31 December 2022 there were no loans secured by fixed charges on property (2021: none). 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 161 84 138 205 411 176 300 131 146 55 42 108 112 112 400 209 600 800 1000 200 400 0 US private placement notes Bank facilities \u2013 drawn Senior bonds Bank facilities \u2013 undrawn 18 Risk management and financial instruments continued Contractual maturity profile The contractual maturity profile of the Group\u2019s financial liabilities at 31 December is set out in the tables below. The amounts disclosed are the contractual undiscounted cash flows and therefore include interest cash flows (forecast using SONIA and USD LIBOR interest rates at 31 December in the case of floating rate financial assets and liabilities). Derivative assets and liabilities have been included within the tables since they predominantly relate to derivatives which are used to manage the interest cash flows on the Group\u2019s debt. Bank loans have been drawn under committed facilities and can be refinanced on maturity from these same facilities. Accordingly, they have been aged based on the maturity dates of the underlying facilities. Foreign currency cash flows have been translated using spot rates as at 31 December. 2022 Contractual cash (outflows)/inflows Total contractual cash flows \u00a3m Within one year \u00a3m After one year but within two years \u00a3m After two years but within five years \u00a3m After five years \u00a3m Financial liabilities Bank overdrafts (825.9) (825.9) Bank loans \u2013 \u2013 US private placement notes (1,325.9) (200.8) (172.7) (527.1) (425.3) Senior bonds (768.4) (12.8) (12.8) (324.8) (418.0) Lease payments (706.6) (167.6) (136.0) (263.3) (139.7) Trade and other payables (2,325.0) (2,207.8) (117.2) (5,951.8) (3,414.9) (438.7) (1,115.2) (983.0) Derivative financial instruments Net settled: Interest rate swaps (115.7) (15.2) (15.2) (44.7) (40.6) Gross settled: Foreign exchange inflows 1,831.6 1,829.8 1.8 Foreign exchange outflows (1,830.0) (1,828.2) (1.8) (114.1) (13.6) (15.2) (44.7) (40.6) Total (6,065.9) (3,428.5) (453.9) (1,159.9) (1,023.6) 2021 Contractual cash (outflows)/inflows Total contractual cash flows \u00a3m Within one year \u00a3m After one year but within two years \u00a3m After two years but within five years \u00a3m After five years \u00a3m Financial liabilities Bank overdrafts (551.6) (551.6) Bank loans (14.9) (0.1) (0.2) (14.6) US private placement notes (939.8) (140.0) (174.5) (450.6) (174.7) Senior bonds (781.1) (12.8) (12.8) (331.5) (424.0) Lease payments (562.2) (143.9) (108.2) (186.9) (123.2) Trade and other payables (1,966.2) (1,893.3) (72.9) (4,815.8) (2,741.7) (368.6) (983.6) (721.9) Derivative financial instruments Net settled: Interest rate swaps 10.9 2.1 2.1 6.3 0.4 Gross settled: Foreign exchange inflows 2,081.5 2,081.5 Foreign exchange outflows (2,075.6) (2,075.6) 16.8 8.0 2.1 6.3 0.4 Total (4,799.0) (2,733.7) (366.5) (977.3) (721.5) 18 Risk management and financial instruments continued (b) Interest rate risk The Group is funded by a mixture of fixed and floating rate debt with the Group\u2019s main interest rate risk arising on its floating rate debt. Interest rate swaps and interest rate caps are used to manage the interest rate risk profile. The table below shows the fixed/floating rate debt mix after interest rate swaps. Of the US private placement notes of \u00a31,136.7m (2021: \u00a3862.4m), there are US dollar denominated amounts totalling \u00a394.6m (2021: \u00a395.8m), with maturities ranging from 2026 to 2028, which have been swapped to floating rates using interest rate swaps which reprice every three or six months. Of the senior bonds of \u00a3598.3m (2021: \u00a3668.6m), an amount totalling \u00a3299.2m (2021: \u00a3369.9m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a31,136.7m include a fair value adjustment of \u00a316.6m (2021: \u00a320.8m) related to interest rate swaps terminated in previous years. The terminations resulted in discontinuation of a number of fair value hedge relationships. At the date of de-designation, there was a fair value adjustment on the US private placement notes which will be amortised to the income statement across the remaining life of the debt. The amortisation of the fair value adjustment in 2022 was a credit to the income statement of \u00a34.2m (2021: \u00a34.3m). The interest rate risk on the floating rate liability is managed using interest rate options. The strike rates of these options are based on EURIBOR and are repriced every three months. Bank loans are drawn for periods up to one month at interest rates linked to SONIA. Fixed vs floating interest rate table 2022 \u00a3m 2021 \u00a3m Fixed rate debt US private placement notes (1,136.7) (862.4) Senior bonds (598.3) (668.6) Total fixed rate debt (1,735.0) (1,531.0) Interest rate swaps (fixed leg) 393.8 465.7 Fixed rate liability (1,341.2) (1,065.3) Floating rate debt Bank overdrafts (825.9) (551.6) Bank loans \u2013 (14.6) Total floating rate debt (825.9) (566.2) Interest rate swaps (floating leg) (393.8) (465.7) Floating rate liability (1,219.7) (1,031.9) Derivatives managing the interest rate risk and currency profile of the debt (103.2) (17.1) Gross debt (2,664.1) (2,114.3) Effects of hedge accounting on the financial position and performance The effects of the interest rate swaps on the Group\u2019s financial position and performance are as follows: 2022 2021 Interest rate swaps Net carrying amount liability (\u00a3m) (100.5) (21.3) Notional amount (\u00a3m) 500.0 488.9 Maturity date range 2026-2030 2026\u20132030 Hedge ratio 1:1 1:1 Fair value gain on US private placement notes and senior bond in a hedge relationship (\u00a3m) 83.2 33.3 Fair value loss on interest rate swaps in a hedge relationship (\u00a3m) (79.2) (33.1) 18 Risk management and financial instruments continued Sensitivity to movements in interest rates After taking account of hedge relationships, a change of 1% in the interest rate forward curves on 31 December would have affected profit before income tax for the year and equity as at the year end as a result of changes in the fair values of derivative assets and liabilities at that date by the amounts shown below: Impact on profit before ta x Impact on equity +1% \u00a3m \u20131% \u00a3m +1% \u00a3m \u20131% \u00a3m 2022 1.5 (1.4) 1.5 (1.4) 2021 1.3 (0.3) 1.3 (0.3) (c) Foreign currency risk The majority of the Group\u2019s sales are made and income is earned in US dollars, euros and other foreign currencies. The Group does not hedge the impact of exchange rate movements arising on translation of earnings into sterling at average exchange rates. The following significant exchange rates applied during the year: Average rate Closing rate 2022 2021 2022 2021 US dollar 1.24 1.38 1.20 1.35 Euro 1.17 1.16 1.13 1.19 The majority of the Group\u2019s transactions are carried out in the respective functional currencies of the Group\u2019s operations and so transaction exposures are usually relatively limited. Where they do occur the Group\u2019s policy is to hedge exposures of highly probable forecast transactions using forward foreign exchange contracts and these are designated as cash flow hedges. During the year the Group hedged highly probable forecast transactions for periods of up to 21 months. However, the economic impact of foreign exchange on the value of uncommitted future purchases and sales is not hedged. As a result, sudden and significant movements in foreign exchange rates can impact profit margins where there is a delay in passing the resulting price increases on to customers. For the year ended 31 December 2022, all foreign exchange cash flow hedges were effective with a cumulative pre-tax loss of \u00a31.2m (2021: cumulative pre-tax gain of \u00a30.5m) recognised in equity at the end of the year and this will affect the income statement during 2023 and 2024. Effects of hedge accounting on the financial position and performance 2022 2021 Forward foreign currency hedges in relation to inventory purchases Net carrying amount (liability)/asset (\u00a3m) (1.2) 0.5 Notional amount at 31 December (\u00a3m) 169.0 149.3 Maturity date range 2023-2024 2022 Hedge ratio 1:1 1:1 Change in value of hedged items since 1 January (\u00a3m) 1.7 (5.8) Change in fair value of outstanding foreign currency forward contracts since 1 January (\u00a3m) (1.7) 5.8 The majority of the Group\u2019s borrowings are effectively denominated in US dollars, sterling and euros, aligning them to the respective functional currencies of the component parts of the Group\u2019s EBITDA. This currency profile is achieved using short term foreign exchange contracts and foreign currency debt which are designated as hedging instruments to achieve net investment hedge accounting at a Group level. This currency composition minimises the impact of movements in foreign exchange rates on the ratio of net debt to EBITDA. No ineffectiveness was recorded from net investments in foreign entity hedges. 18 Risk management and financial instruments continued The currency profile of the Group\u2019s net debt excluding lease liabilities at 31 December is set out in the table below: 2022 \u00a3m 2021 \u00a3m US dollar 475.9 572.1 Sterling 48.9 135.1 Euro 551.6 502.4 Other 83.7 127.8 1,160.1 1,337.4 The Group also enters into foreign currency derivatives to hedge intercompany loans economically although these do not qualify for hedge accounting and therefore gains and losses are recorded in the income statement. These currency derivatives are subject to the same risk management policies as all other derivative contracts. Sensitivity to movements in foreign exchange rates For the year ended 31 December 2022, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a32.7m and \u00a30.9m respectively (2021: \u00a32.0m and \u00a30.9m) and adjusted profit before income tax by \u00a33.2m and \u00a31.2m respectively (2021: \u00a32.3m and \u00a31.2m). If a 10% strengthening or weakening of sterling had taken place on 31 December it would have increased/(decreased) profit before income tax and (decreased)/increased equity for the year by the amounts shown below. The impact of this translation is much greater on equity than it is on profit before income tax since equity is translated using the closing exchange rates at the year end and profit before income tax is translated using the average exchange rates for the year. As a result, the value of equity is more sensitive than the value of profit before income tax to a movement in exchange rates on 31 December and the resulting movement in profit before income tax is due solely to the translation effect on monetary items. This analysis assumes that all other variables, in particular interest rates, remain constant. Impact on profit before ta x Impact on equity +10% \u00a3m \u201310% \u00a3m +10% \u00a3m \u201310% \u00a3m 2022 0.2 (0.2) (211.1) 277.9 2021 0.4 (0.5) (177.0) 212.9 (d) Credit risk Credit risk is the risk of loss in relation to a financial asset due to non-payment by the relevant counterparty. The Group\u2019s objective is to reduce its exposure to counterparty default by restricting the type of counterparty it deals with and by employing an appropriate policy in relation to the collection of financial assets. The Group\u2019s financial assets are cash at bank and in hand, derivative financial instruments and trade and other receivables which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets. The maximum exposure to credit risk for cash at bank and in hand, derivative financial assets (see page 201) and trade and other receivables (see Note 16) is their respective carrying amounts. Dealings are restricted to those banks with the relevant combination of geographic presence and suitable credit rating. The Group continually monitors the credit ratings of its counterparties and the credit exposure to each counterparty. For trade and other receivables, the amounts represented in the balance sheet are net of any impairment losses measured using the expected credit loss model. Note 16 sets out an analysis of trade and other receivables and the provision for doubtful debts in respect of trade receivables. At the balance sheet date there were no significant concentrations of credit risk (2021: none). 18 Risk management and financial instruments continued (e) Financial instruments Financial assets and liabilities 2022 \u00a3m 2021 \u00a3m Financial assets held at amortised cost Cash at bank and in hand 1,504.0 776.9 Trade and other receivables 1,469.5 1,344.2 Financial assets held at fair value Interest rate derivatives in fair value hedges \u2013 6.6 Foreign exchange derivatives in cash flow hedges 1.5 1.4 Foreign exchange derivatives in net investment hedges 8.3 7.0 Other foreign exchange and interest rate derivatives 9.2 6.8 Total financial assets 2,992.5 2,142.9 Financial liabilities held at amortised cost Bank overdrafts (825.9) (551.6) Bank loans \u2013 (14.6) US private placement notes (1,136.7) (862.4) Senior bonds (598.3) (668.6) Lease liabilities (569.9) (488.7) Trade and other payables (2,193.3) (1,866.6) Financial liabilities held at fair value Interest rate derivatives in fair value hedges (100.5) (27.9) Foreign exchange derivatives in cash flow hedges (2.7) (0.9) Foreign exchange derivatives in net investment hedges (5.7) (3.9) Other foreign exchange derivatives (9.9) (5.6) Other payables (131.7) (99.6) Total financial liabilities (5,574.6) (4,590.4) Financial assets and liabilities stated as being measured at fair value in the tables above (including all derivative financial instruments), with the exception of other payables, have carrying amounts where the fair value is, and has been throughout the year, a level two fair value measurement. Level two fair value measurements use inputs other than quoted prices that are observable for the relevant asset or liability, either directly or indirectly. The fair values of financial assets and liabilities stated at level two fair value have been determined by discounting expected future cash flows, translated at the appropriate balance sheet date exchange rates and adjusted for counterparty or own credit risk as applicable. Other payables measured at fair value relate to earn outs and options on businesses acquired. This is a level three fair value which is initially measured based on the expected future profitability of the businesses acquired at the acquisition date and subsequently reassessed at each reporting date based on the most recent data available on the expected profitability of the businesses acquired. These balances are sensitive to a change in the expected profitability of the businesses acquired. A 1% increase in the expected profitability of the relevant businesses acquired would result in an increase to other payables of \u00a32.5m and 1% decrease in the expected profitability would result in a decrease of \u00a33.0m. There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2022 the fair values, based on unadjusted market data, of the US private placement notes was \u00a31,063.4m (2021: \u00a3882.1m) and of the senior bonds was \u00a3572.7m (2021: \u00a3694.0m). For other financial assets and financial liabilities not measured at fair value, including cash at bank and in hand, bank loans and overdrafts, trade and other receivables and trade and other payables, their carrying amount is a reasonable approximation of fair value due to their short term nature. Bank loans are priced based on floating interest rates and the credit spread has not changed since the inception of the loan. 18 Risk management and financial instruments continued Offsetting of financial assets and liabilities The following table sets out the Group\u2019s derivative financial assets and liabilities that are subject to counterparty offsetting or master netting agreements. 2022 Gross amounts \u00a3m Gross amounts offset in the balance sheet \u00a3m Net amounts recognised in the balance sheet \u00a3m Amounts not offset in the balance sheet \u00a3m Net amounts \u00a3m Derivative financial assets 19.0 \u2013 19.0 (10.9) 8.1 Derivative financial liabilities (118.8) \u2013 (118.8) 10.9 (107.9) 2021 Derivative financial assets 21.8 \u2013 21.8 (12.1) 9.7 Derivative financial liabilities (38.3) \u2013 (38.3) 12.1 (26.2) ",
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"fact-431": {
"value": "(a) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group continually monitors net debt and forecast cash flows to ensure that sufficient facilities are in place to meet the Group\u2019s requirements in the short, medium and long term and, in order to do so, arranges borrowings from a variety of sources. The Group has substantial funding available comprising multi-currency credit facilities from the Group\u2019s banks, US private placement notes and senior bonds. During 2022, the Group issued $400m of US private placement notes which mature in three tranches in 2029, 2031 and 2032. During the year, \u00a3100 million of bank facilities were extended from 2025 to 2026 and the Group expects to extend additional bank maturities further during 2023. Loans, borrowings and net debt 2022 \u00a3m 2021 \u00a3m Bank overdrafts (825.9) (551.6) US private placement notes (161.0) (111.9) Borrowings due within one year (986.9) (663.5) Bank loans \u2013 (14.6) US private placement notes (975.7) (750.5) Senior bonds (598.3) (668.6) Borrowings due after one year (1,574.0) (1,433.7) Derivatives managing the interest rate risk and currency profile of the debt (103.2) (17.1) Gross debt (2,664.1) (2,114.3) Cash at bank and in hand 1,504.0 776.9 Net debt excluding lease liabilities (1,160.1) (1,337.4) Lease liabilities (569.9) (488.7) Net debt including lease liabilities (1,730.0) (1,826.1) Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2022 was \u00a32,790.0m (2021: \u00a32,530.9m). The committed funding maturity profile at 31 December 2022 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) The undrawn committed bank facilities available at 31 December were as follows: 2022 \u00a3m 2021 \u00a3m Expiring within one year 84.1 \u2013 Expiring after one year but within two years 205.4 139.8 Expiring after two years 674.1 841.9 963.6 981.7 In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility. As at 31 December 2022 there were no loans secured by fixed charges on property (2021: none). 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 161 84 138 205 411 176 300 131 146 55 42 108 112 112 400 209 600 800 1000 200 400 0 US private placement notes Bank facilities \u2013 drawn Senior bonds Bank facilities \u2013 undrawn 18 Risk management and financial instruments continued Contractual maturity profile The contractual maturity profile of the Group\u2019s financial liabilities at 31 December is set out in the tables below. The amounts disclosed are the contractual undiscounted cash flows and therefore include interest cash flows (forecast using SONIA and USD LIBOR interest rates at 31 December in the case of floating rate financial assets and liabilities). Derivative assets and liabilities have been included within the tables since they predominantly relate to derivatives which are used to manage the interest cash flows on the Group\u2019s debt. Bank loans have been drawn under committed facilities and can be refinanced on maturity from these same facilities. Accordingly, they have been aged based on the maturity dates of the underlying facilities. Foreign currency cash flows have been translated using spot rates as at 31 December. 2022 Contractual cash (outflows)/inflows Total contractual cash flows \u00a3m Within one year \u00a3m After one year but within two years \u00a3m After two years but within five years \u00a3m After five years \u00a3m Financial liabilities Bank overdrafts (825.9) (825.9) Bank loans \u2013 \u2013 US private placement notes (1,325.9) (200.8) (172.7) (527.1) (425.3) Senior bonds (768.4) (12.8) (12.8) (324.8) (418.0) Lease payments (706.6) (167.6) (136.0) (263.3) (139.7) Trade and other payables (2,325.0) (2,207.8) (117.2) (5,951.8) (3,414.9) (438.7) (1,115.2) (983.0) Derivative financial instruments Net settled: Interest rate swaps (115.7) (15.2) (15.2) (44.7) (40.6) Gross settled: Foreign exchange inflows 1,831.6 1,829.8 1.8 Foreign exchange outflows (1,830.0) (1,828.2) (1.8) (114.1) (13.6) (15.2) (44.7) (40.6) Total (6,065.9) (3,428.5) (453.9) (1,159.9) (1,023.6) 2021 Contractual cash (outflows)/inflows Total contractual cash flows \u00a3m Within one year \u00a3m After one year but within two years \u00a3m After two years but within five years \u00a3m After five years \u00a3m Financial liabilities Bank overdrafts (551.6) (551.6) Bank loans (14.9) (0.1) (0.2) (14.6) US private placement notes (939.8) (140.0) (174.5) (450.6) (174.7) Senior bonds (781.1) (12.8) (12.8) (331.5) (424.0) Lease payments (562.2) (143.9) (108.2) (186.9) (123.2) Trade and other payables (1,966.2) (1,893.3) (72.9) (4,815.8) (2,741.7) (368.6) (983.6) (721.9) Derivative financial instruments Net settled: Interest rate swaps 10.9 2.1 2.1 6.3 0.4 Gross settled: Foreign exchange inflows 2,081.5 2,081.5 Foreign exchange outflows (2,075.6) (2,075.6) 16.8 8.0 2.1 6.3 0.4 Total (4,799.0) (2,733.7) (366.5) (977.3) (721.5) ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-432": {
"value": "(b) Interest rate risk The Group is funded by a mixture of fixed and floating rate debt with the Group\u2019s main interest rate risk arising on its floating rate debt. Interest rate swaps and interest rate caps are used to manage the interest rate risk profile. The table below shows the fixed/floating rate debt mix after interest rate swaps. Of the US private placement notes of \u00a31,136.7m (2021: \u00a3862.4m), there are US dollar denominated amounts totalling \u00a394.6m (2021: \u00a395.8m), with maturities ranging from 2026 to 2028, which have been swapped to floating rates using interest rate swaps which reprice every three or six months. Of the senior bonds of \u00a3598.3m (2021: \u00a3668.6m), an amount totalling \u00a3299.2m (2021: \u00a3369.9m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a31,136.7m include a fair value adjustment of \u00a316.6m (2021: \u00a320.8m) related to interest rate swaps terminated in previous years. The terminations resulted in discontinuation of a number of fair value hedge relationships. At the date of de-designation, there was a fair value adjustment on the US private placement notes which will be amortised to the income statement across the remaining life of the debt. The amortisation of the fair value adjustment in 2022 was a credit to the income statement of \u00a34.2m (2021: \u00a34.3m). The interest rate risk on the floating rate liability is managed using interest rate options. The strike rates of these options are based on EURIBOR and are repriced every three months. Bank loans are drawn for periods up to one month at interest rates linked to SONIA. Fixed vs floating interest rate table 2022 \u00a3m 2021 \u00a3m Fixed rate debt US private placement notes (1,136.7) (862.4) Senior bonds (598.3) (668.6) Total fixed rate debt (1,735.0) (1,531.0) Interest rate swaps (fixed leg) 393.8 465.7 Fixed rate liability (1,341.2) (1,065.3) Floating rate debt Bank overdrafts (825.9) (551.6) Bank loans \u2013 (14.6) Total floating rate debt (825.9) (566.2) Interest rate swaps (floating leg) (393.8) (465.7) Floating rate liability (1,219.7) (1,031.9) Derivatives managing the interest rate risk and currency profile of the debt (103.2) (17.1) Gross debt (2,664.1) (2,114.3) Effects of hedge accounting on the financial position and performance The effects of the interest rate swaps on the Group\u2019s financial position and performance are as follows: 2022 2021 Interest rate swaps Net carrying amount liability (\u00a3m) (100.5) (21.3) Notional amount (\u00a3m) 500.0 488.9 Maturity date range 2026-2030 2026\u20132030 Hedge ratio 1:1 1:1 Fair value gain on US private placement notes and senior bond in a hedge relationship (\u00a3m) 83.2 33.3 Fair value loss on interest rate swaps in a hedge relationship (\u00a3m) (79.2) (33.1) Sensitivity to movements in interest rates After taking account of hedge relationships, a change of 1% in the interest rate forward curves on 31 December would have affected profit before income tax for the year and equity as at the year end as a result of changes in the fair values of derivative assets and liabilities at that date by the amounts shown below: Impact on profit before ta x Impact on equity +1% \u00a3m \u20131% \u00a3m +1% \u00a3m \u20131% \u00a3m 2022 1.5 (1.4) 1.5 (1.4) 2021 1.3 (0.3) 1.3 (0.3) (c) Foreign currency risk The majority of the Group\u2019s sales are made and income is earned in US dollars, euros and other foreign currencies. The Group does not hedge the impact of exchange rate movements arising on translation of earnings into sterling at average exchange rates. The following significant exchange rates applied during the year: Average rate Closing rate 2022 2021 2022 2021 US dollar 1.24 1.38 1.20 1.35 Euro 1.17 1.16 1.13 1.19 The majority of the Group\u2019s transactions are carried out in the respective functional currencies of the Group\u2019s operations and so transaction exposures are usually relatively limited. Where they do occur the Group\u2019s policy is to hedge exposures of highly probable forecast transactions using forward foreign exchange contracts and these are designated as cash flow hedges. During the year the Group hedged highly probable forecast transactions for periods of up to 21 months. However, the economic impact of foreign exchange on the value of uncommitted future purchases and sales is not hedged. As a result, sudden and significant movements in foreign exchange rates can impact profit margins where there is a delay in passing the resulting price increases on to customers. For the year ended 31 December 2022, all foreign exchange cash flow hedges were effective with a cumulative pre-tax loss of \u00a31.2m (2021: cumulative pre-tax gain of \u00a30.5m) recognised in equity at the end of the year and this will affect the income statement during 2023 and 2024. Effects of hedge accounting on the financial position and performance 2022 2021 Forward foreign currency hedges in relation to inventory purchases Net carrying amount (liability)/asset (\u00a3m) (1.2) 0.5 Notional amount at 31 December (\u00a3m) 169.0 149.3 Maturity date range 2023-2024 2022 Hedge ratio 1:1 1:1 Change in value of hedged items since 1 January (\u00a3m) 1.7 (5.8) Change in fair value of outstanding foreign currency forward contracts since 1 January (\u00a3m) (1.7) 5.8 The majority of the Group\u2019s borrowings are effectively denominated in US dollars, sterling and euros, aligning them to the respective functional currencies of the component parts of the Group\u2019s EBITDA. This currency profile is achieved using short term foreign exchange contracts and foreign currency debt which are designated as hedging instruments to achieve net investment hedge accounting at a Group level. This currency composition minimises the impact of movements in foreign exchange rates on the ratio of net debt to EBITDA. No ineffectiveness was recorded from net investments in foreign entity hedges. The currency profile of the Group\u2019s net debt excluding lease liabilities at 31 December is set out in the table below: 2022 \u00a3m 2021 \u00a3m US dollar 475.9 572.1 Sterling 48.9 135.1 Euro 551.6 502.4 Other 83.7 127.8 1,160.1 1,337.4 The Group also enters into foreign currency derivatives to hedge intercompany loans economically although these do not qualify for hedge accounting and therefore gains and losses are recorded in the income statement. These currency derivatives are subject to the same risk management policies as all other derivative contracts. Sensitivity to movements in foreign exchange rates For the year ended 31 December 2022, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a32.7m and \u00a30.9m respectively (2021: \u00a32.0m and \u00a30.9m) and adjusted profit before income tax by \u00a33.2m and \u00a31.2m respectively (2021: \u00a32.3m and \u00a31.2m). If a 10% strengthening or weakening of sterling had taken place on 31 December it would have increased/(decreased) profit before income tax and (decreased)/increased equity for the year by the amounts shown below. The impact of this translation is much greater on equity than it is on profit before income tax since equity is translated using the closing exchange rates at the year end and profit before income tax is translated using the average exchange rates for the year. As a result, the value of equity is more sensitive than the value of profit before income tax to a movement in exchange rates on 31 December and the resulting movement in profit before income tax is due solely to the translation effect on monetary items. This analysis assumes that all other variables, in particular interest rates, remain constant. Impact on profit before ta x Impact on equity +10% \u00a3m \u201310% \u00a3m +10% \u00a3m \u201310% \u00a3m 2022 0.2 (0.2) (211.1) 277.9 2021 0.4 (0.5) (177.0) 212.9",
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"fact-433": {
"value": "(d) Credit risk Credit risk is the risk of loss in relation to a financial asset due to non-payment by the relevant counterparty. The Group\u2019s objective is to reduce its exposure to counterparty default by restricting the type of counterparty it deals with and by employing an appropriate policy in relation to the collection of financial assets. The Group\u2019s financial assets are cash at bank and in hand, derivative financial instruments and trade and other receivables which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets. The maximum exposure to credit risk for cash at bank and in hand, derivative financial assets (see page 201) and trade and other receivables (see Note 16) is their respective carrying amounts. Dealings are restricted to those banks with the relevant combination of geographic presence and suitable credit rating. The Group continually monitors the credit ratings of its counterparties and the credit exposure to each counterparty. For trade and other receivables, the amounts represented in the balance sheet are net of any impairment losses measured using the expected credit loss model. Note 16 sets out an analysis of trade and other receivables and the provision for doubtful debts in respect of trade receivables. At the balance sheet date there were no significant concentrations of credit risk (2021: none). 199Bunzl plc",
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"fact-434": {
"value": "(e) Financial instruments Financial assets and liabilities 2022 \u00a3m 2021 \u00a3m Financial assets held at amortised cost Cash at bank and in hand 1,504.0 776.9 Trade and other receivables 1,469.5 1,344.2 Financial assets held at fair value Interest rate derivatives in fair value hedges \u2013 6.6 Foreign exchange derivatives in cash flow hedges 1.5 1.4 Foreign exchange derivatives in net investment hedges 8.3 7.0 Other foreign exchange and interest rate derivatives 9.2 6.8 Total financial assets 2,992.5 2,142.9 Financial liabilities held at amortised cost Bank overdrafts (825.9) (551.6) Bank loans \u2013 (14.6) US private placement notes (1,136.7) (862.4) Senior bonds (598.3) (668.6) Lease liabilities (569.9) (488.7) Trade and other payables (2,193.3) (1,866.6) Financial liabilities held at fair value Interest rate derivatives in fair value hedges (100.5) (27.9) Foreign exchange derivatives in cash flow hedges (2.7) (0.9) Foreign exchange derivatives in net investment hedges (5.7) (3.9) Other foreign exchange derivatives (9.9) (5.6) Other payables (131.7) (99.6) Total financial liabilities (5,574.6) (4,590.4) Financial assets and liabilities stated as being measured at fair value in the tables above (including all derivative financial instruments), with the exception of other payables, have carrying amounts where the fair value is, and has been throughout the year, a level two fair value measurement. Level two fair value measurements use inputs other than quoted prices that are observable for the relevant asset or liability, either directly or indirectly. The fair values of financial assets and liabilities stated at level two fair value have been determined by discounting expected future cash flows, translated at the appropriate balance sheet date exchange rates and adjusted for counterparty or own credit risk as applicable. Other payables measured at fair value relate to earn outs and options on businesses acquired. This is a level three fair value which is initially measured based on the expected future profitability of the businesses acquired at the acquisition date and subsequently reassessed at each reporting date based on the most recent data available on the expected profitability of the businesses acquired. These balances are sensitive to a change in the expected profitability of the businesses acquired. A 1% increase in the expected profitability of the relevant businesses acquired would result in an increase to other payables of \u00a32.5m and 1% decrease in the expected profitability would result in a decrease of \u00a33.0m. There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2022 the fair values, based on unadjusted market data, of the US private placement notes was \u00a31,063.4m (2021: \u00a3882.1m) and of the senior bonds was \u00a3572.7m (2021: \u00a3694.0m). For other financial assets and financial liabilities not measured at fair value, including cash at bank and in hand, bank loans and overdrafts, trade and other receivables and trade and other payables, their carrying amount is a reasonable approximation of fair value due to their short term nature. Bank loans are priced based on floating interest rates and the credit spread has not changed since the inception of the loan. 18 Risk management and financial instruments continued Offsetting of financial assets and liabilities The following table sets out the Group\u2019s derivative financial assets and liabilities that are subject to counterparty offsetting or master netting agreements. 2022 Gross amounts \u00a3m Gross amounts offset in the balance sheet \u00a3m Net amounts recognised in the balance sheet \u00a3m Amounts not offset in the balance sheet \u00a3m Net amounts \u00a3m Derivative financial assets 19.0 \u2013 19.0 (10.9) 8.1 Derivative financial liabilities (118.8) \u2013 (118.8) 10.9 (107.9) 2021 Derivative financial assets 21.8 \u2013 21.8 (12.1) 9.7 Derivative financial liabilities (38.3) \u2013 (38.3) 12.1 (26.2) ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-404": {
"value": "19 Provisions 2022 \u00a3m 2021 \u00a3m Current 24.2 8.5 Non-current 50.5 56.3 74.7 64.8 2022 2021 Properties \u00a3m MEPP withdrawal \u00a3m Other \u00a3m Total \u00a3m Properties \u00a3m MEPP withdrawal \u00a3m Other \u00a3m Total \u00a3m Beginning of year 25.2 12.3 27.3 64.8 24.3 15.3 24.6 64.2 Charge 2.0 \u2013 12.5 14.5 1.6 \u2013 4.4 6.0 Acquisitions 1.4 \u2013 6.5 7.9 2.1 \u2013 2.6 4.7 Disposal of business (1.3) \u2013 \u2013 (1.3) \u2013 \u2013 \u2013 \u2013 Utilised or released (2.2) \u2013 (13.7) (15.9) (2.5) (3.2) (3.1) (8.8) Currency translation 0.2 1.5 3.0 4.7 (0.3) 0.2 (1.2) (1.3) End of year 25.3 13.8 35.6 74.7 25.2 12.3 27.3 64.8 The Properties provision includes provisions for repairs and dilapidations. These provisions cover the relevant periods of the lease agreements, which typically extend from one to 10 years, up to the expected termination date. The MEPP withdrawal provision relates to the withdrawal liability on multi-employer pension plans in North America. See Note 25 for further details. Group companies are, from time to time, subject to certain claims and litigation incidental to their operations and arising in the ordinary course of business including, but not limited to, those relating to the products and services that they supply, contractual and commercial disputes, environmental claims and employment related disputes. Other provisions include management\u2019s best estimate of the liabilities for such claims and litigation at the balance sheet date, determined by reference to known factors and past experience of similar items. Provision is made if, on the basis of current information and professional advice, liabilities are considered likely to arise. Management expects these matters to be settled within the next one to five years. While any dispute has an element of uncertainty, management does not expect that the actual outcome of any such claims and litigation, either individually or in the aggregate, will be materially different to the amounts provided. In the case of unfavourable outcomes, the Group may benefit from applicable insurance protection. 201Bunzl plc",
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"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-405": {
"value": "20 Deferred tax 2022 2021 Asset \u00a3m Liability \u00a3m Net \u00a3m Asset \u00a3m Liability \u00a3m Net \u00a3m Property, plant and equipment 1.0 (11.6) (10.6) 1.4 (9.4) (8.0) Defined benefit pension schemes 5.2 (14.8) (9.6) 7.8 (15.7) (7.9) Goodwill, customer relationships, brands and technology 5.9 (226.2) (220.3) 4.1 (195.6) (191.5) Share based payments 11.7 \u2013 11.7 12.8 \u2013 12.8 Leases 6.7 (0.1) 6.6 6.9 \u2013 6.9 Provisions and accruals 42.6 (3.4) 39.2 33.7 (2.2) 31.5 Inventories 12.2 (21.6) (9.4) 10.9 (7.1) 3.8 Other 8.6 (4.9) 3.7 8.2 (4.0) 4.2 Deferred tax asset/(liability) 93.9 (282.6) (188.7) 85.8 (234.0) (148.2) Set-off of tax (89.9) 89.9 \u2013 (83.0) 83.0 \u2013 Net deferred tax asset/(liability) 4.0 (192.7) (188.7) 2.8 (151.0) (148.2) Except as noted below, deferred tax is calculated in full on temporary differences under the liability method using the tax rate of the country of operation. The Company is able to control the dividend policy of its subsidiaries and, therefore, the timing of the remittance of the undistributed earnings of overseas subsidiaries. In general, the Company has determined either that such earnings will not be distributed in the foreseeable future or, where there are plans to remit those earnings, no tax liability is expected to arise except for a liability of \u00a31.4m (2021: \u00a31.4m) which has been provided for. Deferred tax assets in respect of temporary differences have only been recognised in respect of tax losses and other temporary differences where it is probable that these assets will be realised. No deferred tax asset has been recognised in respect of unutilised tax losses of \u00a38.6m (2021: \u00a34.1m). No deferred tax has been recognised in respect of unutilised capital losses of \u00a387.2m (2021: \u00a394.6m) as it is not considered probable that there will be suitable future taxable profits against which they can be utilised. The movement in the net deferred tax liability is shown below: 2022 \u00a3m 2021 \u00a3m Beginning of year 148.2 102.6 Acquisitions 26.9 51.7 Credit to income statement (3.3) (12.9) Recognised in other comprehensive income and equity 3.0 16.1 Reclassified from/(to) current tax 0.3 (5.8) Currency translation 13.6 (3.5) End of year 188.7 148.2 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-406": {
"value": "21 Share capital and share based payments 2022 \u00a3m 2021 \u00a3m Issued and fully paid ordinary shares of 32 1 7 p each 108.5 108.4 Number of ordinary shares in issue and fully paid 2022 2021 Beginning of year 337,398,796 336,998,961 Issued \u2013 option exercises 269,050 399,835 End of year 337,667,846 337,398,796 The Company operates a number of share plans for the benefit of employees of the Company and its subsidiaries. Further details of the share plans as they relate to the directors of the Company are set out in the Directors\u2019 remuneration report. Sharesave Scheme, International Sharesave Plan and Irish Sharesave Plan For many years, the Company has operated all employee savings related share option schemes. The existing scheme in the UK, the Bunzl plc Sharesave Scheme, was approved by shareholders at the 2011 Annual General Meeting (\u2018AGM\u2019) and renewal amendments were approved by shareholders at the 2021 AGM. It is an HMRC tax advantaged scheme and is open to all eligible UK employees, including UK based executive directors. The Bunzl Irish Sharesave Plan, which is approved by the Irish Revenue Commissioners, and the Bunzl plc International Sharesave Plan, were first introduced in 2006 and have since been extended, most recently following the renewal of the Bunzl plc Sharesave Scheme in 2021. The Bunzl plc Sharesave Scheme, Bunzl plc International Sharesave Plan and the Bunzl Irish Sharesave Plan operate on a similar basis with options granted to participating employees who have completed at least three months of continuous service at a discount of up to 20% of the market price prevailing shortly before the invitation to apply for the options. Depending on the scheme, options are normally exercisable either three or five years after they have been granted with employees saving up to \u00a3500 (2021: \u00a3500) per month (or the equivalent value in other currencies under the Bunzl plc International Sharesave Plan) or \u20ac500 (2021: \u20ac500) per month under the Bunzl Irish Sharesave Plan. Long Term Incentive Plan 2004 (\u20182004 LTIP\u2019) and 2014 (\u20182014 LTIP\u2019) The 2004 LTIP was approved by shareholders at the 2004 Annual General Meeting and expired in May 2014. No further share options or performance share awards have been granted under the 2004 LTIP since that date. The 2014 LTIP was approved by shareholders at the 2014 Annual General Meeting and replaced the 2004 LTIP. The operation of both LTIPs is overseen by the Remuneration Committee of the Board and each is divided into two parts. Part A of the LTIP relates to the grant of market priced executive share options. In normal circumstances options granted under Part A are only exercisable if the relevant performance condition has been satisfied. The performance condition is based on the Company\u2019s adjusted earnings per share growth exceeding UK RPI inflation over three financial years by a specified margin (for the 2004 LTIP) or meeting certain specified targets (for the 2014 LTIP). Part B of the LTIP relates to the grant of performance share awards and restricted share awards both of which are conditional rights to receive shares in the Company for nil consideration. Performance share awards and restricted share awards will usually vest (i.e. become exercisable) on the third anniversary of their grant. The extent to which a performance share award will vest is usually subject to the extent to which the applicable performance conditions have been satisfied, based partly on the Company\u2019s total shareholder return performance, relative to a comparator group of companies over a three year period, and partly subject to the Company\u2019s adjusted earnings per share growth exceeding UK RPI inflation over three years by meeting certain specified targets (for the 2014 LTIP). The extent to which a restricted share award will vest is usually subject to the extent to which the applicable underpin condition has been satisfied. There are no set measures or targets in relation to the underpin condition. The basis of assessment is at the absolute discretion of the Remuneration Committee. Investment in own shares The Company holds a number of its ordinary shares in an employee benefit trust. The principal purpose of this trust is to hold shares in the Company for subsequent transfer to certain senior employees and executive directors in relation to options granted and awards made under the LTIPs and the Deferred Annual Share Bonus Scheme (\u2018DASBS\u2019) over market purchase shares. Details of these plans are set out above and in the Directors\u2019 remuneration report. The assets, liabilities and expenditure of the trust have been incorporated in the consolidated financial statements. Finance expenses and administration charges are included in the income statement on an accruals basis. As at 31 December 2022 the trust held 2,298,301 (2021: 1,831,893) shares, upon which dividends have been waived, with an aggregate nominal value of \u00a30.7m (2021: \u00a30.6m) and market value of \u00a363.4m (2021: \u00a352.9m). 203Bunzl plc Annual 21 Share capital and share based payments continued IFRS 2 disclosures Options granted during the year have been valued using a Black-Scholes model. The fair value per option granted during the year and the assumptions used in the calculations are as follows: 2022 2021 Grant date 01.03.22\u201314.09.22 31.03.21\u201315.09.21 Share price at grant date (\u00a3) 28.10\u201331.03 23.23\u201325.28 Exercise price (\u00a3) nil\u201328.97 nil\u201326.03 Number of options granted during the year (shares) 2,226,096 2,405,719 Vesting period (years) 3\u20135 3\u20135 Expected volatility (%) 19\u201321 19\u201321 Option life (years) 3.0\u201310 3.0\u201310 Expected life (years) 3.0\u20135.9 3.0\u20136.5 Risk free rate of return (%) 0.8\u20131.7 0.1\u20130.6 Expected dividends expressed as a dividend yield (%) 0.0\u20131.9 0.0\u20132.3 Fair value per option (\u00a3) 4.77\u201326.38 2.87\u201318.54 The expected volatility is based on historical volatility over the last three to seven years. The expected life is the average expected period to exercise. The risk free rate of return is the yield on zero coupon UK government bonds of a term consistent with the assumed option life. The weighted average share price for options exercised by employees of the Company and its subsidiaries during the year was \u00a329.53 (2021: \u00a326.37). The total charge for the year relating to share based payments was \u00a314.1m (2021: \u00a312.7m). After tax the total charge was \u00a312.4m (2021: \u00a38.4m). Details of share options and awards which have been granted and exercised, those which have lapsed during 2022 and those outstanding and available to exercise at 31 December 2022, whether over new issue or market purchase shares, under the Sharesave Scheme, International Sharesave Plan, Irish Sharesave Plan, the 2004 LTIP Part A and 2014 LTIP Part A and Part B, are set out in the following table: Options outstanding at 01.01.2022 Grants/ awards Exercises Lapses * Options outstanding Options available to exercise at 31.12.22 2022 2022 2022 at 31.12.22 Number Number Price (\u00a3) Number Price (\u00a3) Number Number Price (\u00a3) Number Sharesave Scheme 653,727 164,553 22.56 126,200 15.28\u201319.16 68,600 623,480 15.28\u201322.56 5,320 International Sharesave Plan 264,277 62,088 22.56 49,831 15.28\u201319.16 29,800 246,734 15.28\u201322.56 1,152 Irish Sharesave Plan 30,520 \u2013 \u2013 8,550 19.16 2,821 19,149 15.28\u201317.81 \u2013 2004 LTIP Part A 266,691 \u2013 \u2013 167,091 10.90\u201315.66 7,000 92,600 13.56\u201313.75 92,600 2014 LTIP Part A 9,582,788 1,744,061 28.97 1,668,772 16.38\u201328.97 300,088 9,357,989 16.38\u201328.97 4,036,924 2014 LTIP Part B 1,336,985 255,394 nil 190,296 nil 188,659 1,213,424 nil 105,774 12,134,988 2,226,096 2,210,740 596,968 11,553,376 4,241,770 * Share option lapses relate to those which have either been forfeited or have expired during the year. For the options outstanding at 31 December 2022, the weighted average fair values and the weighted average remaining contractual lives (being the time period from 31 December 2022 until the lapse date of each share option) are set out below: Weighted average fair value of options outstanding (\u00a3) Weighted average remaining contractual life (years) Sharesave Scheme 4.90 1.95 International Sharesave Plan 4.73 1.74 Irish Sharesave Plan 3.94 1.46 2004 LTIP and 2014 LTIP Part A 3.25 7.13 2014 LTIP Part B 18.56 3.96 The outstanding share options and performance share awards are exercisable at various dates up to September 2032. ",
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"fact-435": {
"value": "2022 \u00a3m 2021 \u00a3m Issued and fully paid ordinary shares of 32 1 7 p each 108.5 108.4 Number of ordinary shares in issue and fully paid 2022 2021 Beginning of year 337,398,796 336,998,961 Issued \u2013 option exercises 269,050 399,835 End of year 337,667,846 337,398,796 ",
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"fact-444": {
"value": "2022 \u00a3m 2021 \u00a3m Issued and fully paid ordinary shares of 32 1 7 p each 108.5 108.4 Number of ordinary shares in issue and fully paid 2022 2021 Beginning of year 337,398,796 336,998,961 Issued \u2013 option exercises 269,050 399,835 End of year 337,667,846 337,398,796 ",
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"fact-436": {
"value": "The Company operates a number of share plans for the benefit of employees of the Company and its subsidiaries. Further details of the share plans as they relate to the directors of the Company are set out in the Directors\u2019 remuneration report. Sharesave Scheme, International Sharesave Plan and Irish Sharesave Plan For many years, the Company has operated all employee savings related share option schemes. The existing scheme in the UK, the Bunzl plc Sharesave Scheme, was approved by shareholders at the 2011 Annual General Meeting (\u2018AGM\u2019) and renewal amendments were approved by shareholders at the 2021 AGM. It is an HMRC tax advantaged scheme and is open to all eligible UK employees, including UK based executive directors. The Bunzl Irish Sharesave Plan, which is approved by the Irish Revenue Commissioners, and the Bunzl plc International Sharesave Plan, were first introduced in 2006 and have since been extended, most recently following the renewal of the Bunzl plc Sharesave Scheme in 2021. The Bunzl plc Sharesave Scheme, Bunzl plc International Sharesave Plan and the Bunzl Irish Sharesave Plan operate on a similar basis with options granted to participating employees who have completed at least three months of continuous service at a discount of up to 20% of the market price prevailing shortly before the invitation to apply for the options. Depending on the scheme, options are normally exercisable either three or five years after they have been granted with employees saving up to \u00a3500 (2021: \u00a3500) per month (or the equivalent value in other currencies under the Bunzl plc International Sharesave Plan) or \u20ac500 (2021: \u20ac500) per month under the Bunzl Irish Sharesave Plan. Long Term Incentive Plan 2004 (\u20182004 LTIP\u2019) and 2014 (\u20182014 LTIP\u2019) The 2004 LTIP was approved by shareholders at the 2004 Annual General Meeting and expired in May 2014. No further share options or performance share awards have been granted under the 2004 LTIP since that date. The 2014 LTIP was approved by shareholders at the 2014 Annual General Meeting and replaced the 2004 LTIP. The operation of both LTIPs is overseen by the Remuneration Committee of the Board and each is divided into two parts. Part A of the LTIP relates to the grant of market priced executive share options. In normal circumstances options granted under Part A are only exercisable if the relevant performance condition has been satisfied. The performance condition is based on the Company\u2019s adjusted earnings per share growth exceeding UK RPI inflation over three financial years by a specified margin (for the 2004 LTIP) or meeting certain specified targets (for the 2014 LTIP). Part B of the LTIP relates to the grant of performance share awards and restricted share awards both of which are conditional rights to receive shares in the Company for nil consideration. Performance share awards and restricted share awards will usually vest (i.e. become exercisable) on the third anniversary of their grant. The extent to which a performance share award will vest is usually subject to the extent to which the applicable performance conditions have been satisfied, based partly on the Company\u2019s total shareholder return performance, relative to a comparator group of companies over a three year period, and partly subject to the Company\u2019s adjusted earnings per share growth exceeding UK RPI inflation over three years by meeting certain specified targets (for the 2014 LTIP). The extent to which a restricted share award will vest is usually subject to the extent to which the applicable underpin condition has been satisfied. There are no set measures or targets in relation to the underpin condition. The basis of assessment is at the absolute discretion of the Remuneration Committee. Investment in own shares The Company holds a number of its ordinary shares in an employee benefit trust. The principal purpose of this trust is to hold shares in the Company for subsequent transfer to certain senior employees and executive directors in relation to options granted and awards made under the LTIPs and the Deferred Annual Share Bonus Scheme (\u2018DASBS\u2019) over market purchase shares. Details of these plans are set out above and in the Directors\u2019 remuneration report. The assets, liabilities and expenditure of the trust have been incorporated in the consolidated financial statements. Finance expenses and administration charges are included in the income statement on an accruals basis. As at 31 December 2022 the trust held 2,298,301 (2021: 1,831,893) shares, upon which dividends have been waived, with an aggregate nominal value of \u00a30.7m (2021: \u00a30.6m) and market value of \u00a363.4m (2021: \u00a352.9m). 21 Share capital and share based payments continued IFRS 2 disclosures Options granted during the year have been valued using a Black-Scholes model. The fair value per option granted during the year and the assumptions used in the calculations are as follows: 2022 2021 Grant date 01.03.22\u201314.09.22 31.03.21\u201315.09.21 Share price at grant date (\u00a3) 28.10\u201331.03 23.23\u201325.28 Exercise price (\u00a3) nil\u201328.97 nil\u201326.03 Number of options granted during the year (shares) 2,226,096 2,405,719 Vesting period (years) 3\u20135 3\u20135 Expected volatility (%) 19\u201321 19\u201321 Option life (years) 3.0\u201310 3.0\u201310 Expected life (years) 3.0\u20135.9 3.0\u20136.5 Risk free rate of return (%) 0.8\u20131.7 0.1\u20130.6 Expected dividends expressed as a dividend yield (%) 0.0\u20131.9 0.0\u20132.3 Fair value per option (\u00a3) 4.77\u201326.38 2.87\u201318.54 The expected volatility is based on historical volatility over the last three to seven years. The expected life is the average expected period to exercise. The risk free rate of return is the yield on zero coupon UK government bonds of a term consistent with the assumed option life. The weighted average share price for options exercised by employees of the Company and its subsidiaries during the year was \u00a329.53 (2021: \u00a326.37). The total charge for the year relating to share based payments was \u00a314.1m (2021: \u00a312.7m). After tax the total charge was \u00a312.4m (2021: \u00a38.4m). Details of share options and awards which have been granted and exercised, those which have lapsed during 2022 and those outstanding and available to exercise at 31 December 2022, whether over new issue or market purchase shares, under the Sharesave Scheme, International Sharesave Plan, Irish Sharesave Plan, the 2004 LTIP Part A and 2014 LTIP Part A and Part B, are set out in the following table: Options outstanding at 01.01.2022 Grants/ awards Exercises Lapses * Options outstanding Options available to exercise at 31.12.22 2022 2022 2022 at 31.12.22 Number Number Price (\u00a3) Number Price (\u00a3) Number Number Price (\u00a3) Number Sharesave Scheme 653,727 164,553 22.56 126,200 15.28\u201319.16 68,600 623,480 15.28\u201322.56 5,320 International Sharesave Plan 264,277 62,088 22.56 49,831 15.28\u201319.16 29,800 246,734 15.28\u201322.56 1,152 Irish Sharesave Plan 30,520 \u2013 \u2013 8,550 19.16 2,821 19,149 15.28\u201317.81 \u2013 2004 LTIP Part A 266,691 \u2013 \u2013 167,091 10.90\u201315.66 7,000 92,600 13.56\u201313.75 92,600 2014 LTIP Part A 9,582,788 1,744,061 28.97 1,668,772 16.38\u201328.97 300,088 9,357,989 16.38\u201328.97 4,036,924 2014 LTIP Part B 1,336,985 255,394 nil 190,296 nil 188,659 1,213,424 nil 105,774 12,134,988 2,226,096 2,210,740 596,968 11,553,376 4,241,770 * Share option lapses relate to those which have either been forfeited or have expired during the year. For the options outstanding at 31 December 2022, the weighted average fair values and the weighted average remaining contractual lives (being the time period from 31 December 2022 until the lapse date of each share option) are set out below: Weighted average fair value of options outstanding (\u00a3) Weighted average remaining contractual life (years) Sharesave Scheme 4.90 1.95 International Sharesave Plan 4.73 1.74 Irish Sharesave Plan 3.94 1.46 2004 LTIP and 2014 LTIP Part A 3.25 7.13 2014 LTIP Part B 18.56 3.96 The outstanding share options and performance share awards are exercisable at various dates up to September 2032. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-407": {
"value": "22 Dividends Total dividends for the years in which they are recognised are: 2022 \u00a3m 2021 \u00a3m 2020 interim 52.8 2020 final 127.6 2021 interim 54.3 2021 final 136.2 Total 190.5 180.4 Total dividends per share for the year to which they relate are: Per share 2022 2021 Interim 17.3p 16.2p Final 45.4p 40.8p Total 62.7p 57.0p The 2022 interim dividend of 17.3p per share was paid on 4 January 2023 and comprised \u00a357.9m of cash. The 2022 final dividend of 45.4p per share will be paid on 4 July 2023 to shareholders on the register at the close of business on 19 May 2023. The 2022 final dividend will comprise approximately \u00a3152m of cash. ",
"dimensions": {
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},
"fact-408": {
"value": "23 Contingent liabilities 2022 \u00a3m 2021 \u00a3m Bank guarantees 1.8 1.5 ",
"dimensions": {
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"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-409": {
"value": "24 Directors\u2019 ordinary share interests The interests of the directors, and their connected persons, in the share capital of the Company at 31 December were: 2022 2021 Peter Ventress 2,608 2,608 Frank van Zanten 180,751 153,116 Richard Howes 43,996 30,117 Vanda Murray 3,000 3,000 Lloyd Pitchford 4,000 4,000 Pam Kirby 1,800 \u2013 Stephan Nanninga \u2013 \u2013 Vinodka Murria \u2013 \u2013 236,155 192,841 Details of the directors\u2019 options and awards over ordinary shares made under the 2014 LTIP, Sharesave Scheme and DASBS are set out in the Directors\u2019 remuneration report. No changes to the directors\u2019 ordinary share interests shown in this Note and the Directors\u2019 remuneration report have taken place between 31 December 2022 and 27 February 2023. ",
"dimensions": {
"concept": "bunzlplc:DisclosureOfDirectorsOrdinaryShareInterests",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "25 Retirement benefits The Group operates a number of defined benefit and defined contribution retirement benefit schemes in the US, the UK and elsewhere in Europe (including France, the Netherlands and the Republic of Ireland). The funds of the principal defined benefit schemes are administered by trustees and are held independently from the Group. Pension costs of defined benefit schemes are assessed in accordance with the advice of independent professionally qualified actuaries. Contributions to all schemes are determined in line with actuarial advice and local conditions and practices. Scheme assets for the purpose of IAS 19 \u2018Employee Benefits\u2019 are stated at their bid value. Characteristics of defined benefit pension schemes UK The UK defined benefit scheme is a contributory defined benefit pension scheme providing benefits based on final pensionable pay. The scheme has been closed to new members since 2003. The valuation of the UK defined benefit pension scheme has been updated to 31 December 2022 by the Group\u2019s actuaries. The UK scheme is an HMRC registered pension scheme and is subject to standard UK pensions and tax law. This means that the payment of contributions and benefits are subject to the appropriate tax treatments and restrictions and the scheme is subject to the scheme funding requirements outlined in section 224 of the Pensions Act 2004. In accordance with UK trust and pensions law, the pension scheme has a corporate trustee. Although the Company bears the financial cost of the scheme, the responsibility for the management and governance of the scheme lies with the trustee, which has a duty to act in the best interest of members at all times. The assets of the scheme are held in trust by the trustee who consults with the Company on investment strategy decisions. The trustee, in agreement with the Company, has hedging in place to reduce the impact of inflation and interest rate movements on the funding of the plan. The last full triennial valuation on the UK defined benefit pension scheme was carried out by a qualified actuary as at 5 April 2021 and showed that there was a surplus on the agreed funding basis. To address the deficit from the 2018 valuation, the Company had agreed to contribute an additional \u00a35.5m per year from March 2019 to 30 June 2022. To help bring the funding of the Plan to a level to be able to secure the benefits with an external provider the Company has agreed to pay up to \u00a35.0m a year until 31 March 2025. US The principal US defined benefit pension scheme is a non-contributory defined benefit pension scheme providing benefits based on final pensionable pay. The scheme has been closed to new members since 2003. The valuation of the US defined benefit pension scheme has been updated to 31 December 2022 by the Group\u2019s actuaries. The US scheme is a qualified pension scheme and is subject to standard regulations under the Employee Retirement Income Security Act of 1974, the Pension Protection Act of 2006 and the Department of Labor and Internal Revenue reporting requirements. The scheme pays annual premiums to the Pension Benefit Guaranty Corporation to insure the benefits of the scheme. The assets of the scheme are held in trust by an independent custodian. The Company has established a Retirement Scheme Investment Committee. The members of the Committee are the scheme fiduciaries and, as such, are ultimately responsible for the management of the scheme assets. The Committee performs the oversight function and delegates the day-to-day management process to appropriate staff. A registered investment adviser advises the Committee regarding the investment of scheme assets. A de-risking strategy has been agreed for the scheme to reduce the mismatch between the assets and liabilities, whereby investments are switched from return seeking assets to liability matching assets as the funding improves, based on pre-agreed triggers. Annual actuarial valuations are performed on the US defined benefit pension scheme. The last annual review was carried out by a qualified actuary as at 1 January 2022 and showed that there was a required annual contribution of $2.9m. Bunzl plans to cover this required contribution using prefunding balance. In 2022, Bunzl paid a contribution of $4.8m for the 2021 plan year, which included a contribution as part of the plan termination. The annual review as at 1 January 2023 is ongoing. Risks The main risks to which the Group is exposed in relation to the defined benefit pension schemes are described below: \u2022 Inflation risk \u2013 the majority of the UK scheme\u2019s liabilities increase in line with inflation and, as a result, if inflation is greater than expected the liabilities will increase. The impact of high inflation is capped each year for the UK scheme\u2019s benefits. The US scheme\u2019s liabilities are not directly tied to inflationary increases. \u2022 Interest rate risk \u2013 a fall in bond yields will increase the value of the schemes\u2019 liabilities. A proportion of both the UK and US schemes\u2019 assets are invested in liability matching assets to mitigate the interest rate and also the inflation risk. 25 Retirement benefits continued Risks continued \u2022 Mortality risk \u2013 the assumptions adopted by the Group make allowance for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the schemes and consequently increases in the schemes\u2019 liabilities. The mortality assumptions are reviewed on a regular basis to minimise the risk of using an inappropriate assumption. \u2022 Investment risk \u2013 the schemes invest in a diversified range of asset classes to mitigate the risk of falls in any one area of the investments. In the UK, the trustee implements partial currency hedging on the overseas assets to mitigate currency risk. The risks mentioned above could lead to a material change to the deficit or surplus of the pension schemes. Given the long term time horizon of the schemes\u2019 cash flows, the assumptions used can lead to volatility in the scheme valuations from year to year. The Company and the trustee of the UK scheme seek to mitigate actively the risks associated with the schemes. A higher defined benefit obligation could lead to additional funding requirements in future years. Any deficit measured on a funding valuation basis, which may differ from the actuarial valuation under IAS 19, will generally be financed over a period that ensures the contributions are appropriate to the Group and in line with the relevant regulations. Financial information The amounts included in the consolidated financial statements at 31 December were: Amounts included in the income statement 2022 \u00a3m 2021 \u00a3m Defined contribution pension schemes 26.2 23.0 Defined benefit pension schemes current service cost (net of contributions by employees) 4.8 5.7 past service cost \u2013 0.1 losses on curtailment and settlement 0.5 0.7 Total included in employee costs 31.5 29.5 Amounts included in finance (income)/expense Net interest income on defined benefit pension schemes in surplus (1.2) (0.1) Net interest expense on defined benefit pension schemes in deficit 0.8 0.8 Total charge to the income statement 31.1 30.2 Amounts recognised in the statement of comprehensive income 2022 \u00a3m 2021 \u00a3m Actual return less expected return on pension scheme assets (179.6) 26.1 Experience (loss)/gain on pension scheme liabilities (16.3) 20.1 Impact of changes in financial assumptions relating to the present value of pension scheme liabilities 205.6 20.1 Impact of changes in demographic assumptions relating to the present value of pension scheme liabilities (2.8) 7.8 Actuarial gain on defined benefit pension schemes 6.9 74.1 The cumulative amount of net actuarial losses arising since 1 January 2004 recognised in the statement of comprehensive income at 31 December 2022 was \u00a335.0m (2021: \u00a341.9m). The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 were: UK 2022 2021 Longevity at age 65 for current pensioners (years) 22.1 22.0 Longevity at age 65 for future pensioners (years) 23.4 23.4 US Longevity at age 65 for current and future pensioners (years) 21.6 21.6 UK US 2022 2021 2020 2022 2021 2020 Rate of increase in salaries 3.6% 3.8% 3.4% 3.0% 3.0% 3.0% Rate of increase in pensions 2.7% 2.8% 2.4% \u2013 \u2013 \u2013 Discount rate 5.0% 1.8% 1.4% 5.0% 2.6% 2.3% Inflation rate 2.7% 2.8% 2.4% 2.3% 2.3% 2.3% 207Bunzl plc Annual Report 2022 25 Retirement benefits continued Financial information continued The assumptions used by the actuaries are the best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice. The increase/(decrease) that would arise on the overall net pension surplus as at 31 December 2022 as a result of reasonably possible changes to key assumptions was: Impact of change in longevity Impact of change in inflation rate Impact of change in discount rate +1 year \u00a3m \u20131 year \u00a3m +0.25% \u00a3m \u20130.25% \u00a3m +0.25% \u00a3m \u20130.25% \u00a3m UK (7.0) 7.0 (4.9) 5.2 8.2 (8.6) US (2.3) 2.5 \u2013 \u2013 2.0 (2.1) The market value of pension scheme assets and the present value of retirement benefit obligations at 31 December were: 2022 UK \u00a3m US \u00a3m Other \u00a3m Total \u00a3m Equities 75.6 38.0 1.2 114.8 Bonds 230.4 38.4 9.9 278.7 Other 0.3 18.4 9.3 28.0 Total market value of pension scheme assets 306.3 94.8 20.4 421.5 Present value of funded obligations (247.0) (95.1) (20.6) (362.7) Present value of unfunded obligations \u2013 (10.0) (8.9) (18.9) Present value of funded and unfunded obligations (247.0) (105.1) (29.5) (381.6) Defined benefit pension schemes in deficit \u2013 (10.3) (10.3) (20.6) Defined benefit pension schemes in surplus 59.3 \u2013 1.2 60.5 Total surplus/(deficit) before tax 59.3 (10.3) (9.1) 39.9 Deferred tax (14.8) 2.6 2.6 (9.6) Total surplus/(deficit) after tax 44.5 (7.7) (6.5) 30.3 2021 UK \u00a3m US \u00a3m Other \u00a3m Total \u00a3m Equities 149.9 52.1 3.0 205.0 Bonds 308.8 46.4 9.9 365.1 Other 0.3 16.1 13.9 30.3 Total market value of pension scheme assets 459.0 114.6 26.8 600.4 Present value of funded obligations (396.2) (122.4) (28.1) (546.7) Present value of unfunded obligations \u2013 (11.2) (11.3) (22.5) Present value of funded and unfunded obligations (396.2) (133.6) (39.4) (569.2) Defined benefit pension schemes in deficit \u2013 (19.0) (13.4) (32.4) Defined benefit pension schemes in surplus 62.8 \u2013 0.8 63.6 Total surplus/(deficit) before tax 62.8 (19.0) (12.6) 31.2 Deferred tax (15.7) 4.4 3.4 (7.9) Total surplus/(deficit) after tax 47.1 (14.6) (9.2) 23.3 There is a net surplus of \u00a344.5m (\u00a359.3m before deferred tax) (2021: \u00a347.1m (\u00a362.8m before deferred tax)) on the UK scheme, which is recorded separately as a defined benefit pension asset on the balance sheet. In accordance with IFRIC 14, the surplus on the scheme is recognised as a defined benefit asset because the Group considers that it has an unconditional right to a refund of any surplus from the UK scheme. Of the pension scheme assets, \u00a3397.4m (2021: \u00a3574.9m) are valued based on quoted market prices. 25 Retirement benefits continued Financial information continued Movement in net surplus/(deficit) 2022 \u00a3m 2021 \u00a3m Beginning of year 31.2 (44.8) Current service cost (4.8) (5.7) Past service cost \u2013 (0.1) Contributions 9.2 8.4 Net interest income/(expense) 0.4 (0.7) Actuarial gain 6.9 74.1 Net impact of benefit obligation settlement (0.5) (0.7) Currency translation (2.5) 0.7 End of year 39.9 31.2 Changes in the present value of defined benefit pension scheme liabilities 2022 \u00a3m 2021 \u00a3m Beginning of year 569.2 637.1 Current service cost 4.8 5.7 Past service cost \u2013 0.1 Interest expense 10.9 9.8 Contributions by employees 0.4 0.5 Benefit obligation attributable to settlement (8.8) (7.7) Actuarial gain (186.5) (48.0) Benefits paid (25.2) (27.7) Currency translation 16.8 (0.6) End of year 381.6 569.2 Changes in the fair value of defined benefit pension scheme assets 2022 \u00a3m 2021 \u00a3m Beginning of year 600.4 592.3 Interest income 11.3 9.1 Actuarial (loss)/gain (179.6) 26.1 Contributions by employer 9.2 8.4 Contributions by employees 0.4 0.5 Benefits paid due to settlement (9.3) (8.4) Benefits paid (25.2) (27.7) Currency translation 14.3 0.1 End of year 421.5 600.4 Benefits paid due to settlement of \u00a39.3m (2021: \u00a38.4m) relate to payments to participants to the Bunzl USA, LLC Pension Plan which was spun off from the principal US pension scheme in 2017 and terminated on 31 December 2020. The actual return on pension scheme assets was a loss of \u00a3168.3m (2021: gain of \u00a335.2m). The Group expects to pay approximately \u00a36.1m in contributions to the defined benefit pension schemes in the year ending 31 December 2023 (expected as at 31 December 2021 for the year ending 31 December 2022: \u00a312.0m) including \u00a34.7m for the UK (expected as at 31 December 2021 for the year ending 31 December 2022: \u00a36.8m). The weighted average duration of the defined benefit pension scheme liabilities at 31 December 2022 was approximately 14.5 years (2021: 18.2 years) for the UK and 9.0 years (2021: 10.4 years) for the US. The total defined benefit pension scheme liabilities are divided between active members (\u00a3102.6m (2021: \u00a3155.5m)), deferred members (\u00a3137.3m (2021: \u00a3186.0m)) and pensioners (\u00a3141.6m (2021: \u00a3227.7m)). 25 Retirement benefits continued Multi-employer pension plans The Group participates in six multi-employer pensions plans (\u2018MEPPs\u2019) in North America. Although these plans are defined benefit plans the Group does not have sufficient information to account for them as defined benefit plans and, therefore, in accordance with IAS 19, accounts for them as defined contribution plans. For MEPPs, US law requires payment of a withdrawal liability when employers cease contributing to underfunded MEPPs. The liability for withdrawal payments is shared by all members of the group of companies in any particular plan and solvent entities must cover the unfunded liabilities of employers who are unable to pay due to insolvency or bankruptcy. On withdrawal from a plan, an employer\u2019s withdrawal liability amount is calculated by reference to the employer\u2019s proportionate share of the MEPP\u2019s unfunded vested benefits based on the employer\u2019s share of all contributions made to the plan over the previous 10 years. In 2020 the Group reviewed its exposure to the six MEPPs in which it participated and determined that it was in its best interests to serve notice to withdraw from three of the plans due to their critical funding status, recognising a provision for the estimated withdrawal liability for these three plans of \u00a315.3m as at 31 December 2020. In 2021, the Group paid a lump sum to settle the liability at the amount equal to that provided (\u00a33.2m) for one of these plans. Negotiations on the Group\u2019s exit from the other two plans remain ongoing. The Group carries a provision of \u00a313.8m at 31 December 2022 for the estimated withdrawal liability on these two plans. The Group continues to participate in the other three MEPPs and continues to account for these as defined contribution plans with the combined ongoing annual contributions for the three plans in 2023 expected to be no more than \u00a32m per annum. ",
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},
"fact-437": {
"value": "The Group operates a number of defined benefit and defined contribution retirement benefit schemes in the US, the UK and elsewhere in Europe (including France, the Netherlands and the Republic of Ireland). The funds of the principal defined benefit schemes are administered by trustees and are held independently from the Group. Pension costs of defined benefit schemes are assessed in accordance with the advice of independent professionally qualified actuaries. Contributions to all schemes are determined in line with actuarial advice and local conditions and practices. Scheme assets for the purpose of IAS 19 \u2018Employee Benefits\u2019 are stated at their bid value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
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"fact-438": {
"value": "Characteristics of defined benefit pension schemes UK The UK defined benefit scheme is a contributory defined benefit pension scheme providing benefits based on final pensionable pay. The scheme has been closed to new members since 2003. The valuation of the UK defined benefit pension scheme has been updated to 31 December 2022 by the Group\u2019s actuaries. The UK scheme is an HMRC registered pension scheme and is subject to standard UK pensions and tax law. This means that the payment of contributions and benefits are subject to the appropriate tax treatments and restrictions and the scheme is subject to the scheme funding requirements outlined in section 224 of the Pensions Act 2004. In accordance with UK trust and pensions law, the pension scheme has a corporate trustee. Although the Company bears the financial cost of the scheme, the responsibility for the management and governance of the scheme lies with the trustee, which has a duty to act in the best interest of members at all times. The assets of the scheme are held in trust by the trustee who consults with the Company on investment strategy decisions. The trustee, in agreement with the Company, has hedging in place to reduce the impact of inflation and interest rate movements on the funding of the plan. The last full triennial valuation on the UK defined benefit pension scheme was carried out by a qualified actuary as at 5 April 2021 and showed that there was a surplus on the agreed funding basis. To address the deficit from the 2018 valuation, the Company had agreed to contribute an additional \u00a35.5m per year from March 2019 to 30 June 2022. To help bring the funding of the Plan to a level to be able to secure the benefits with an external provider the Company has agreed to pay up to \u00a35.0m a year until 31 March 2025. US The principal US defined benefit pension scheme is a non-contributory defined benefit pension scheme providing benefits based on final pensionable pay. The scheme has been closed to new members since 2003. The valuation of the US defined benefit pension scheme has been updated to 31 December 2022 by the Group\u2019s actuaries. The US scheme is a qualified pension scheme and is subject to standard regulations under the Employee Retirement Income Security Act of 1974, the Pension Protection Act of 2006 and the Department of Labor and Internal Revenue reporting requirements. The scheme pays annual premiums to the Pension Benefit Guaranty Corporation to insure the benefits of the scheme. The assets of the scheme are held in trust by an independent custodian. The Company has established a Retirement Scheme Investment Committee. The members of the Committee are the scheme fiduciaries and, as such, are ultimately responsible for the management of the scheme assets. The Committee performs the oversight function and delegates the day-to-day management process to appropriate staff. A registered investment adviser advises the Committee regarding the investment of scheme assets. A de-risking strategy has been agreed for the scheme to reduce the mismatch between the assets and liabilities, whereby investments are switched from return seeking assets to liability matching assets as the funding improves, based on pre-agreed triggers. Annual actuarial valuations are performed on the US defined benefit pension scheme. The last annual review was carried out by a qualified actuary as at 1 January 2022 and showed that there was a required annual contribution of $2.9m. Bunzl plans to cover this required contribution using prefunding balance. In 2022, Bunzl paid a contribution of $4.8m for the 2021 plan year, which included a contribution as part of the plan termination. The annual review as at 1 January 2023 is ongoing. Risks The main risks to which the Group is exposed in relation to the defined benefit pension schemes are described below: \u2022 Inflation risk \u2013 the majority of the UK scheme\u2019s liabilities increase in line with inflation and, as a result, if inflation is greater than expected the liabilities will increase. The impact of high inflation is capped each year for the UK scheme\u2019s benefits. The US scheme\u2019s liabilities are not directly tied to inflationary increases. \u2022 Interest rate risk \u2013 a fall in bond yields will increase the value of the schemes\u2019 liabilities. A proportion of both the UK and US schemes\u2019 assets are invested in liability matching assets to mitigate the interest rate and also the inflation risk. 25 Retirement benefits continued Risks continued \u2022 Mortality risk \u2013 the assumptions adopted by the Group make allowance for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the schemes and consequently increases in the schemes\u2019 liabilities. The mortality assumptions are reviewed on a regular basis to minimise the risk of using an inappropriate assumption. \u2022 Investment risk \u2013 the schemes invest in a diversified range of asset classes to mitigate the risk of falls in any one area of the investments. In the UK, the trustee implements partial currency hedging on the overseas assets to mitigate currency risk. The risks mentioned above could lead to a material change to the deficit or surplus of the pension schemes. Given the long term time horizon of the schemes\u2019 cash flows, the assumptions used can lead to volatility in the scheme valuations from year to year. The Company and the trustee of the UK scheme seek to mitigate actively the risks associated with the schemes. A higher defined benefit obligation could lead to additional funding requirements in future years. Any deficit measured on a funding valuation basis, which may differ from the actuarial valuation under IAS 19, will generally be financed over a period that ensures the contributions are appropriate to the Group and in line with the relevant regulations. Financial information The amounts included in the consolidated financial statements at 31 December were: Amounts included in the income statement 2022 \u00a3m 2021 \u00a3m Defined contribution pension schemes 26.2 23.0 Defined benefit pension schemes current service cost (net of contributions by employees) 4.8 5.7 past service cost \u2013 0.1 losses on curtailment and settlement 0.5 0.7 Total included in employee costs 31.5 29.5 Amounts included in finance (income)/expense Net interest income on defined benefit pension schemes in surplus (1.2) (0.1) Net interest expense on defined benefit pension schemes in deficit 0.8 0.8 Total charge to the income statement 31.1 30.2 Amounts recognised in the statement of comprehensive income 2022 \u00a3m 2021 \u00a3m Actual return less expected return on pension scheme assets (179.6) 26.1 Experience (loss)/gain on pension scheme liabilities (16.3) 20.1 Impact of changes in financial assumptions relating to the present value of pension scheme liabilities 205.6 20.1 Impact of changes in demographic assumptions relating to the present value of pension scheme liabilities (2.8) 7.8 Actuarial gain on defined benefit pension schemes 6.9 74.1 The cumulative amount of net actuarial losses arising since 1 January 2004 recognised in the statement of comprehensive income at 31 December 2022 was \u00a335.0m (2021: \u00a341.9m). The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 were: UK 2022 2021 Longevity at age 65 for current pensioners (years) 22.1 22.0 Longevity at age 65 for future pensioners (years) 23.4 23.4 US Longevity at age 65 for current and future pensioners (years) 21.6 21.6 UK US 2022 2021 2020 2022 2021 2020 Rate of increase in salaries 3.6% 3.8% 3.4% 3.0% 3.0% 3.0% Rate of increase in pensions 2.7% 2.8% 2.4% \u2013 \u2013 \u2013 Discount rate 5.0% 1.8% 1.4% 5.0% 2.6% 2.3% Inflation rate 2.7% 2.8% 2.4% 2.3% 2.3% 2.3% 207Bunzl plc 25 Retirement benefits continued Financial information continued The assumptions used by the actuaries are the best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice. The increase/(decrease) that would arise on the overall net pension surplus as at 31 December 2022 as a result of reasonably possible changes to key assumptions was: Impact of change in longevity Impact of change in inflation rate Impact of change in discount rate +1 year \u00a3m \u20131 year \u00a3m +0.25% \u00a3m \u20130.25% \u00a3m +0.25% \u00a3m \u20130.25% \u00a3m UK (7.0) 7.0 (4.9) 5.2 8.2 (8.6) US (2.3) 2.5 \u2013 \u2013 2.0 (2.1) The market value of pension scheme assets and the present value of retirement benefit obligations at 31 December were: 2022 UK \u00a3m US \u00a3m Other \u00a3m Total \u00a3m Equities 75.6 38.0 1.2 114.8 Bonds 230.4 38.4 9.9 278.7 Other 0.3 18.4 9.3 28.0 Total market value of pension scheme assets 306.3 94.8 20.4 421.5 Present value of funded obligations (247.0) (95.1) (20.6) (362.7) Present value of unfunded obligations \u2013 (10.0) (8.9) (18.9) Present value of funded and unfunded obligations (247.0) (105.1) (29.5) (381.6) Defined benefit pension schemes in deficit \u2013 (10.3) (10.3) (20.6) Defined benefit pension schemes in surplus 59.3 \u2013 1.2 60.5 Total surplus/(deficit) before tax 59.3 (10.3) (9.1) 39.9 Deferred tax (14.8) 2.6 2.6 (9.6) Total surplus/(deficit) after tax 44.5 (7.7) (6.5) 30.3 2021 UK \u00a3m US \u00a3m Other \u00a3m Total \u00a3m Equities 149.9 52.1 3.0 205.0 Bonds 308.8 46.4 9.9 365.1 Other 0.3 16.1 13.9 30.3 Total market value of pension scheme assets 459.0 114.6 26.8 600.4 Present value of funded obligations (396.2) (122.4) (28.1) (546.7) Present value of unfunded obligations \u2013 (11.2) (11.3) (22.5) Present value of funded and unfunded obligations (396.2) (133.6) (39.4) (569.2) Defined benefit pension schemes in deficit \u2013 (19.0) (13.4) (32.4) Defined benefit pension schemes in surplus 62.8 \u2013 0.8 63.6 Total surplus/(deficit) before tax 62.8 (19.0) (12.6) 31.2 Deferred tax (15.7) 4.4 3.4 (7.9) Total surplus/(deficit) after tax 47.1 (14.6) (9.2) 23.3 There is a net surplus of \u00a344.5m (\u00a359.3m before deferred tax) (2021: \u00a347.1m (\u00a362.8m before deferred tax)) on the UK scheme, which is recorded separately as a defined benefit pension asset on the balance sheet. In accordance with IFRIC 14, the surplus on the scheme is recognised as a defined benefit asset because the Group considers that it has an unconditional right to a refund of any surplus from the UK scheme. Of the pension scheme assets, \u00a3397.4m (2021: \u00a3574.9m) are valued based on quoted market prices. 25 Retirement benefits continued Financial information continued Movement in net surplus/(deficit) 2022 \u00a3m 2021 \u00a3m Beginning of year 31.2 (44.8) Current service cost (4.8) (5.7) Past service cost \u2013 (0.1) Contributions 9.2 8.4 Net interest income/(expense) 0.4 (0.7) Actuarial gain 6.9 74.1 Net impact of benefit obligation settlement (0.5) (0.7) Currency translation (2.5) 0.7 End of year 39.9 31.2 Changes in the present value of defined benefit pension scheme liabilities 2022 \u00a3m 2021 \u00a3m Beginning of year 569.2 637.1 Current service cost 4.8 5.7 Past service cost \u2013 0.1 Interest expense 10.9 9.8 Contributions by employees 0.4 0.5 Benefit obligation attributable to settlement (8.8) (7.7) Actuarial gain (186.5) (48.0) Benefits paid (25.2) (27.7) Currency translation 16.8 (0.6) End of year 381.6 569.2 Changes in the fair value of defined benefit pension scheme assets 2022 \u00a3m 2021 \u00a3m Beginning of year 600.4 592.3 Interest income 11.3 9.1 Actuarial (loss)/gain (179.6) 26.1 Contributions by employer 9.2 8.4 Contributions by employees 0.4 0.5 Benefits paid due to settlement (9.3) (8.4) Benefits paid (25.2) (27.7) Currency translation 14.3 0.1 End of year 421.5 600.4 Benefits paid due to settlement of \u00a39.3m (2021: \u00a38.4m) relate to payments to participants to the Bunzl USA, LLC Pension Plan which was spun off from the principal US pension scheme in 2017 and terminated on 31 December 2020. The actual return on pension scheme assets was a loss of \u00a3168.3m (2021: gain of \u00a335.2m). The Group expects to pay approximately \u00a36.1m in contributions to the defined benefit pension schemes in the year ending 31 December 2023 (expected as at 31 December 2021 for the year ending 31 December 2022: \u00a312.0m) including \u00a34.7m for the UK (expected as at 31 December 2021 for the year ending 31 December 2022: \u00a36.8m). The weighted average duration of the defined benefit pension scheme liabilities at 31 December 2022 was approximately 14.5 years (2021: 18.2 years) for the UK and 9.0 years (2021: 10.4 years) for the US. The total defined benefit pension scheme liabilities are divided between active members (\u00a3102.6m (2021: \u00a3155.5m)), deferred members (\u00a3137.3m (2021: \u00a3186.0m)) and pensioners (\u00a3141.6m (2021: \u00a3227.7m)). 25 Retirement benefits continued Multi-employer pension plans The Group participates in six multi-employer pensions plans (\u2018MEPPs\u2019) in North America. Although these plans are defined benefit plans the Group does not have sufficient information to account for them as defined benefit plans and, therefore, in accordance with IAS 19, accounts for them as defined contribution plans. For MEPPs, US law requires payment of a withdrawal liability when employers cease contributing to underfunded MEPPs. The liability for withdrawal payments is shared by all members of the group of companies in any particular plan and solvent entities must cover the unfunded liabilities of employers who are unable to pay due to insolvency or bankruptcy. On withdrawal from a plan, an employer\u2019s withdrawal liability amount is calculated by reference to the employer\u2019s proportionate share of the MEPP\u2019s unfunded vested benefits based on the employer\u2019s share of all contributions made to the plan over the previous 10 years. In 2020 the Group reviewed its exposure to the six MEPPs in which it participated and determined that it was in its best interests to serve notice to withdraw from three of the plans due to their critical funding status, recognising a provision for the estimated withdrawal liability for these three plans of \u00a315.3m as at 31 December 2020. In 2021, the Group paid a lump sum to settle the liability at the amount equal to that provided (\u00a33.2m) for one of these plans. Negotiations on the Group\u2019s exit from the other two plans remain ongoing. The Group carries a provision of \u00a313.8m at 31 December 2022 for the estimated withdrawal liability on these two plans. The Group continues to participate in the other three MEPPs and continues to account for these as defined contribution plans with the combined ongoing annual contributions for the three plans in 2023 expected to be no more than \u00a32m per annum. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "26 Directors and employees
Closing
Average
Number of employees
2022 2021
2022 2021
North America 8,697 8,189 8,482 7,936
Continental Europe 5,841 5,292 5,517 5,221
UK & Ireland
3,935 4,082 4,182 3,812
Rest of the World
3,901 3,386 3,628 3,368
22,374 20,949 21,809 20,337
Corporate 77 72 74 69
22,451 21,021 21,883 20,406
Employee costs
2022
\u00a3m
2021
\u00a3m
Wages and salaries 938.9 801.8
Social security costs 100.6 90.8
Pension costs
31.5 29.5
Share based payments
14.1 12.7
1,085.1 934.8
In addition to the above, acquisition related items for the year ended 31 December 2022 include deferred consideration payments of
\u00a324.9m (2021: \u00a315.0m) relating to the retention of former owners of businesses acquired.
Key management remuneration
2022
\u00a3m
2021
\u00a3m
Salaries and short term employee benefits 7.3 6.7
Share based payments 3.1 2.7
Retirement benefits
0.6 0.7
11.0 10.1
26 Directors and employees continued The Group considers key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 to be the directors of the Company and those members of the Executive Committee and the Managing Directors of the major geographic regions who are not directors of the Company. Directors\u2019 emoluments 2022 \u00a3m 2021 \u00a3m Non-executive directors 0.8 0.8 Executive directors: remuneration excluding performance related elements 1.8 1.7 annual bonus 1.3 1.3 3.9 3.8 More detailed information concerning directors\u2019 emoluments and long term incentives is set out in the Directors\u2019 remuneration report. The aggregate amount of gains made by directors on the exercise of share options during the year was \u00a3nil (2021: \u00a3nil). The aggregate market value of performance share awards exercised by directors under long term incentive schemes during the year was \u00a31.7m (2021: \u00a31.8m). The aggregate market value of share awards exercised by directors under the DASBS was \u00a30.7m (2021: \u00a30.5m). ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "Closing Average Number of employees 2022 2021 2022 2021 North America 8,697 8,189 8,482 7,936 Continental Europe 5,841 5,292 5,517 5,221 UK & Ireland 3,935 4,082 4,182 3,812 Rest of the World 3,901 3,386 3,628 3,368 22,374 20,949 21,809 20,337 Corporate 77 72 74 69 22,451 21,021 21,883 20,406 Employee costs 2022 \u00a3m 2021 \u00a3m Wages and salaries 938.9 801.8 Social security costs 100.6 90.8 Pension costs 31.5 29.5 Share based payments 14.1 12.7 1,085.1 934.8 In addition to the above, acquisition related items for the year ended 31 December 2022 include deferred consideration payments of \u00a324.9m (2021: \u00a315.0m) relating to the retention of former owners of businesses acquired. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "Key management remuneration 2022 \u00a3m 2021 \u00a3m Salaries and short term employee benefits 7.3 6.7 Share based payments 3.1 2.7 Retirement benefits 0.6 0.7 11.0 10.1 26 Directors and employees continued The Group considers key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 to be the directors of the Company and those members of the Executive Committee and the Managing Directors of the major geographic regions who are not directors of the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "Directors\u2019 emoluments 2022 \u00a3m 2021 \u00a3m Non-executive directors 0.8 0.8 Executive directors: remuneration excluding performance related elements 1.8 1.7 annual bonus 1.3 1.3 3.9 3.8 More detailed information concerning directors\u2019 emoluments and long term incentives is set out in the Directors\u2019 remuneration report. The aggregate amount of gains made by directors on the exercise of share options during the year was \u00a3nil (2021: \u00a3nil). The aggregate market value of performance share awards exercised by directors under long term incentive schemes during the year was \u00a31.7m (2021: \u00a31.8m). The aggregate market value of share awards exercised by directors under the DASBS was \u00a30.7m (2021: \u00a30.5m). ",
"dimensions": {
"concept": "bunzlplc:DisclosureOfDirectorRemuneration",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "27 Lease liabilities The Group leases certain property, plant, equipment and vehicles under non-cancellable operating lease agreements. These leases have varying terms and renewal rights. Details of the Group\u2019s right-of-use assets recognised under these lease agreements are shown in note 12. Movement in lease liabilities 2022 \u00a3m 2021 \u00a3m Beginning of year 488.7 497.5 Acquisitions (Note 9) 21.5 12.9 Disposal of business (Note 10) (2.1) \u2013 New leases 123.3 112.6 Interest charge in the year 22.0 20.3 Payment of lease liabilities (175.1) (158.9) Remeasurement adjustments 56.6 11.5 Currency translation 35.0 (7.2) End of year 569.9 488.7 Ageing of lease liabilities: Current lease liabilities 145.9 129.1 Non-current lease liabilities 424.0 359.6 End of year 569.9 488.7 As at 31 December 2022, the Group had \u00a344.5m (2021: \u00a321.2m) of leases which had been committed to but which had not yet started. Such leases are not included in the Group\u2019s lease liabilities as at 31 December 2022. In relation to leases which are included in lease liabilities, there are potential further future cash flows of \u00a346.3m (2021: \u00a328.5m) if termination options are not exercised and extension options are exercised. The cash outflow for low value and short term leases was \u00a35.2m for the year ended 31 December 2022 (2021: \u00a36.2m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "28 Cash and cash equivalents and net debt 2022 \u00a3m 2021 \u00a3m Cash at bank and in hand 1,504.0 776.9 Bank overdrafts (825.9) (551.6) Cash and cash equivalents 678.1 225.3 Interest bearing loans and borrowings \u2013 current liabilities (161.0) (111.9) Interest bearing loans and borrowings \u2013 non-current liabilities (1,574.0) (1,433.7) Derivatives managing the interest rate risk and currency profile of the debt (103.2) (17.1) Net debt excluding lease liabilities (1,160.1) (1,337.4) Lease liabilities (569.9) (488.7) Net debt including lease liabilities (1,730.0) (1,826.1) The cash at bank and in hand and bank overdrafts amounts included in the table above include the amounts associated with the Group\u2019s cash pool. The cash pool enables the Group to access cash in its subsidiaries to pay down the Group\u2019s borrowings. The Group has the legal right of set-off of balances within the cash pool which is an enforceable right which the Group intends to use. The cash at bank and in hand and bank overdrafts figures net of the amounts in the cash pool are disclosed below for reference: 2022 \u00a3m 2021 \u00a3m Cash at bank and in hand net of amounts in the cash pool 700.5 274.6 Bank overdrafts net of amounts in the cash pool (22.4) (49.3) Cash and cash equivalents 678.1 225.3 ",
"dimensions": {
"concept": "bunzlplc:DisclosureOfCashAndCashEquivalentsAndNetDebt",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "The cash at bank and in hand and bank overdrafts amounts included in the table above include the amounts associated with the Group\u2019s cash pool. The cash pool enables the Group to access cash in its subsidiaries to pay down the Group\u2019s borrowings. The Group has the legal right of set-off of balances within the cash pool which is an enforceable right which the Group intends to use. The cash at bank and in hand and bank overdrafts figures net of the amounts in the cash pool are disclosed below for reference: 2022 \u00a3m 2021 \u00a3m Cash at bank and in hand net of amounts in the cash pool 700.5 274.6 Bank overdrafts net of amounts in the cash pool (22.4) (49.3) Cash and cash equivalents 678.1 225.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "29 Movement in net debt 2022 Net debt \u00a3m Cash and cash equivalents \u00a3m Other components \u00a3m Beginning of year excluding lease liabilities (1,337.4) 225.3 (1,562.7) Net cash inflow 269.0 397.4 (128.4) Non-cash movement in debt 8.2 \u2013 8.2 Realised losses on foreign exchange contracts (86.2) \u2013 (86.2) Currency translation (13.7) 55.4 (69.1) End of year excluding lease liabilities (1,160.1) 678.1 (1,838.2) Lease liabilities (569.9) \u2013 (569.9) End of year including lease liabilities (1,730.0) 678.1 (2,408.1) 2021 Net debt \u00a3m Cash and cash equivalents \u00a3m Other components \u00a3m Beginning of year excluding lease liabilities (1,255.0) 429.7 (1,684.7) Net cash outflow (88.2) (183.6) 95.4 Realised gains on foreign exchange contracts 25.0 \u2013 25.0 Currency translation (19.2) (20.8) 1.6 End of year excluding lease liabilities (1,337.4) 225.3 (1,562.7) Lease liabilities (488.7) \u2013 (488.7) End of year including lease liabilities (1,826.1) 225.3 (2,051.4) The net cash outflow of \u00a3128.4m (2021: inflow of \u00a395.4m) on other components of net debt comprises an increase in borrowings of \u00a3346.4m (2021: \u00a314.5m), a repayment of borrowings of \u00a3131.8m (2021: \u00a3134.9m) and the impact of a realised loss of \u00a386.2m on foreign exchange contracts (2021: gain of \u00a325.0m). ",
"dimensions": {
"concept": "bunzlplc:DisclosureOfMovementInNetDebt",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "30 Cash flow from operating activities The tables below give further details on the adjustments for depreciation and software amortisation, other non-cash items and the working capital movement shown in the Consolidated cash flow statement. Depreciation and software amortisation 2022 \u00a3m 2021 \u00a3m Depreciation of right-of-use assets 151.1 134.8 Other depreciation and software amortisation 38.4 36.4 189.5 171.2 Other non-cash items 2022 \u00a3m 2021 \u00a3m Share based payments 14.1 12.7 Provisions (3.9) (8.0) Retirement benefit obligations (3.9) (1.9) Hyperinflation accounting adjustments 8.0 \u2013 Other 1.6 1.6 15.9 4.4 Working capital movement 2022 \u00a3m 2021 \u00a3m Increase in inventories (118.7) (32.9) Increase in trade and other receivables (13.0) (10.7) Increase in trade and other payables 186.2 45.7 54.5 2.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "31 Related party disclosures The Group has identified the directors of the Company, their close family members, the Group\u2019s defined benefit pension schemes and its key management as related parties for the purpose of IAS 24. Details of the relevant relationships with these related parties are disclosed in the Directors\u2019 remuneration report, Note 25 and Note 26 respectively. All transactions with subsidiaries are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "York House 45 Seymour Street London W1H 7JT",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800Q1Q9DV4L78UM09",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}