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"2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "1145800000", "decimals": -5, "dimensions": { "concept": "bunzlplc:CashGeneratedFromOperationsBeforeAcquisitionRelatedItems", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "value": "58300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "46700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-343": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-344": { "value": "188000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "175100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "885300000", "decimals": -5, "dimensions": { "concept": "bunzlplc:OperatingCashFlow", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "925000000", "decimals": -5, "dimensions": { "concept": "bunzlplc:OperatingCashFlow", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "944200000", "decimals": -5, "dimensions": { "concept": "bunzlplc:AdjustedOperatingProfit", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "885900000", "decimals": -5, "dimensions": { "concept": "bunzlplc:AdjustedOperatingProfit", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "166100000", "decimals": -5, "dimensions": { "concept": "bunzlplc:AddBackDepreciationOfRightOfUseAssets", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "151100000", "decimals": -5, "dimensions": { "concept": "bunzlplc:AddBackDepreciationOfRightOfUseAssets", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "188000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "175100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "922300000", "decimals": -5, "dimensions": { "concept": "bunzlplc:LeaseAdjustedOperatingProfit", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-355": { "value": "861900000", "decimals": -5, "dimensions": { "concept": "bunzlplc:LeaseAdjustedOperatingProfit", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "885300000", "decimals": -5, "dimensions": { "concept": "bunzlplc:OperatingCashFlow", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-357": { "value": "925000000", "decimals": -5, "dimensions": { "concept": "bunzlplc:OperatingCashFlow", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-358": { "value": "53200000", "decimals": -5, "dimensions": { "concept": "bunzlplc:NetInterestExcludingInterestOnLeaseLiabilities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-359": { "value": "45700000", "decimals": -5, "dimensions": { "concept": "bunzlplc:NetInterestExcludingInterestOnLeaseLiabilities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-360": { "value": "188600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "173600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "643500000", "decimals": -5, "dimensions": { "concept": "bunzlplc:FreeCashFlow", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "705700000", "decimals": -5, "dimensions": { "concept": "bunzlplc:FreeCashFlow", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-418": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "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 2023 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 2025 starting with a base case projection derived from the Group\u2019s 2024 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 2025 the Group would need to experience a reduction in EBITDA of over 65% 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. (ii) Impact of Hyperinflation on the financial statements at 31 December 2023 The Group\u2019s financial statements include the results and financial position of its Turkish and Argentinian 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. The inflation rates used by the Group are the official rates published by the Turkish Statistical Institute and the Argentine Federation of Professional Councils of Economic Sciences. The movement in the publicly available official price index for the year ended 31 December 2023 was an increase of 65% (2022: increase of 64%) in Turkey and an increase of 210% (2022: increase of 95%) in Argentina. 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 2023, this resulted in an increase in goodwill of \u00a38.4m (2022: \u00a316.4m) and a net increase in other intangibles of \u00a30.4m (2022: \u00a312.3m before impairment charges). The impacts on other non-monetary assets and liabilities were immaterial. The impact to retained earnings during the year was a gain of \u00a321.6m (2022: gain of \u00a347.5m). The total impact to the Consolidated income statement during the year was a charge of \u00a311.0m (2022: \u00a321.2m) to profit after tax from hyperinflation accounting adjustments, comprising a \u00a39.5m adverse impact (2022: \u00a318.7m adverse impact) on adjusted profit before tax, increased customer relationships amortisation of \u00a30.2m (2022: \u00a31.8m) and an increased tax charge of \u00a31.3m (2022: \u00a30.7m). 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 2024 and beyond to have a material impact on its consolidated results or financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "public company,", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "The consolidated financial statements for the year ended 31 December 2023 have been approved by the Board of directors of Bunzl plc.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "The consolidated financial statements also comply fully with International Financial Reporting Standards (\u2018IFRSs\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "(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 2025 starting with a base case projection derived from the Group\u2019s 2024 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 2025 the Group would need to experience a reduction in EBITDA of over 65% 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "
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 2024 and beyond to have a material impact on its
consolidated results or financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "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 2024 and beyond to have a material impact on its consolidated results or financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "
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 202 to 207 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, cash equivalents and
overdrafts 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.
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 with the
exception of subsidiaries in hyperinflationary economies that are translated at the closing rate at the end of
the year. 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. 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.
(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, with the exception of money market funds which are held at fair value. 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). 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, cash equivalents and overdrafts
Cash and cash equivalents, as reported in the balance sheet, comprises cash at bank and in hand and
money market funds. 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.
Cash, cash equivalents and overdrafts, as reported in the cash flow statement, comprises cash at bank and
in hand, money market funds and bank overdrafts.
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, cash equivalents and overdrafts.
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.
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.
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 2023, 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 2023 was \u00a346.6m
(2022: \u00a339.9m).
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
2023 the goodwill balance was \u00a32,008.9m (2022: \u00a31,931.6m), the amount of customer relationships
intangible assets was \u00a31,150.8m (2022: \u00a31,090.9m), the amount of brands intangible assets was \u00a341.1m
(2022: \u00a334.9m) and the amount of technology intangible assets was \u00a37.5m (2022: \u00a39.1m).
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 2023, the Group has seen a net utilisation of
approximately \u00a325m in trade receivables and slow moving inventory provisions (2022: net utilisation of
approximately \u00a35m), and also some utilisation of the residual provisions set up in the prior year for market
price movements on certain Covid-19 products; the remaining market price risk on these products is no
longer significant. As at 31 December 2023, the Group carried trade receivables provisions of \u00a334.5m (2022:
\u00a329.1m) and provisions for slow moving, obsolete or defective inventories and market price movements of
\u00a3154.2m (2022: \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 \u00a347.5m (2022: \u00a341.7m) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "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 202 to 207 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, cash equivalents and overdrafts 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "(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 202 to 207 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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "(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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "(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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "(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, cash equivalents and overdrafts disposed of and transaction costs paid. ", "dimensions": { "concept": "bunzlplc:DescriptionOfAccountingPolicyForDisposalOfBusinesses", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "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 with the exception of subsidiaries in hyperinflationary economies that are translated at the closing rate at the end of the year. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "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.", "dimensions": { "concept": "bunzlplc:DescriptionOfAccountingPolicyForCostOfGoodsSold", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "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. (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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "(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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "(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. (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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "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, with the exception of money market funds which are held at fair value. 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). 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "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, with the exception of money market funds which are held at fair value. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "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, with the exception of money market funds which are held at fair value.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "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). 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "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). 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "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). 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "q. Cash, cash equivalents and overdrafts Cash and cash equivalents, as reported in the balance sheet, comprises cash at bank and in hand and money market funds. 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. Cash, cash equivalents and overdrafts, as reported in the cash flow statement, comprises cash at bank and in hand, money market funds and bank overdrafts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "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, cash equivalents and overdrafts. ", "dimensions": { "concept": "bunzlplc:DescriptionOfAccountingPolicyForNetDebt", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "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.", "dimensions": { "concept": "bunzlplc:DescriptionOfAccountingPolicyForHyperinfiationarEconomies", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "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. 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 2023, 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 2023 was \u00a346.6m (2022: \u00a339.9m). 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 2023 the goodwill balance was \u00a32,008.9m (2022: \u00a31,931.6m), the amount of customer relationships intangible assets was \u00a31,150.8m (2022: \u00a31,090.9m), the amount of brands intangible assets was \u00a341.1m (2022: \u00a334.9m) and the amount of technology intangible assets was \u00a37.5m (2022: \u00a39.1m). 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 2023, the Group has seen a net utilisation of approximately \u00a325m in trade receivables and slow moving inventory provisions (2022: net utilisation of approximately \u00a35m), and also some utilisation of the residual provisions set up in the prior year for market price movements on certain Covid-19 products; the remaining market price risk on these products is no longer significant. As at 31 December 2023, the Group carried trade receivables provisions of \u00a334.5m (2022: \u00a329.1m) and provisions for slow moving, obsolete or defective inventories and market price movements of \u00a3154.2m (2022: \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 \u00a347.5m (2022: \u00a341.7m) 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.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "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. 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 2023, 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 2023 was \u00a346.6m (2022: \u00a339.9m). 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 2023 the goodwill balance was \u00a32,008.9m (2022: \u00a31,931.6m), the amount of customer relationships intangible assets was \u00a31,150.8m (2022: \u00a31,090.9m), the amount of brands intangible assets was \u00a341.1m (2022: \u00a334.9m) and the amount of technology intangible assets was \u00a37.5m (2022: \u00a39.1m). 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 2023, the Group has seen a net utilisation of approximately \u00a325m in trade receivables and slow moving inventory provisions (2022: net utilisation of approximately \u00a35m), and also some utilisation of the residual provisions set up in the prior year for market price movements on certain Covid-19 products; the remaining market price risk on these products is no longer significant. As at 31 December 2023, the Group carried trade receivables provisions of \u00a334.5m (2022: \u00a329.1m) and provisions for slow moving, obsolete or defective inventories and market price movements of \u00a3154.2m (2022: \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 \u00a347.5m (2022: \u00a341.7m) 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "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 income 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) 3 Alternative performance measures 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) Dividend cover The ratio of adjusted earnings per share to the total dividend per share 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 2023 so that they can be compared without the distorting impact of changes caused by foreign exchange translation. The principal exchange rates used for 2023 and 2022 can be found in the Financial review on page 80 The definition of 'Dividend cover' has been added to the list of alternative performance measures in the year. All other alternative performance measures have been calculated consistently with the methods applied in the consolidated financial statements for the year ended 31 December 2022. The amendments to the list of alternative performance measures and an assessment of the relevance of the existing alternative performance measures, were agreed with the Audit Committee. A number of 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 2023 and the year ended 31 December 2022 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 trading performance of the business. 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 40 and 41, 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 2023
Adjusting items
Customer
Alternative relationships, brands
performance and technology Acquisition Disposal of Statutory
measures amortisation related items business measures
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Adjusted operating profit
944.2
(135.6)
(19.5)
789.1
Operating profit
Finance income
60.4
60.4
Finance income
Finance expense
(150.9)
(150.9) Finance expense
Adjusted profit before income tax
853.7
(135.6)
(19.5)
\u2013
698.6
Profit before income tax
Tax on adjusted profit
(213.4)
36.7
4.3
\u2013
(172.4) Income tax
Adjusted profit for the year
640.3
(98.9)
(15.2)
\u2013
526.2
Profit for the year
Adjusted earnings per share
191.1p
(29.5)p
(4.5)p
\u2013
157.1p
Basic earnings per share
Year ended 31 December 2022
Adjusting items
Customer
Alternative relationships, brands
performance and technology Acquisition Disposal of Statutory
measures amortisation related items business measures
\u00a3m \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "bunzlplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "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 2023
North Continental UK & Rest of
America Europe Ireland the World Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
6,973.5
2,354.9
1,365.5
1,103.2
11,797.1
Adjusted operating profit/(loss)
528.0
224.7
103.4
119.6
(31.5)
944.2
Customer relationships, brands
and technology amortisation
(57.1)
(43.7)
(11.1)
(23.7)
(135.6)
Acquisition related items
(5.5)
(0.3)
(3.1)
(10.6)
(19.5)
Operating profit/(loss)
465.4
180.7
89.2
85.3
(31.5)
789.1
Finance income
60.4
Finance expense
(150.9)
Disposal of business
\u2013
Profit before income tax
698.6
Adjusted profit before
income tax
853.7
Income tax
(172.4)
Profit for the year
526.2
Operating margin
7.6%
9.5%
7.6%
10.8%
8.0%
Return on average
operating capital
49.6%
45.4%
65.5%
35.5%
46.1%
Purchase of property, plant
and equipment
12.3
13.5
8.7
8.1
0.2
42.8
Depreciation of property, plant
and equipment
12.0
10.3
4.7
4.6
0.1
31.7
Additions to right-of-use assets
34.0
41.5
42.4
18.8
\u2013
136.7
Depreciation of right-of-use
assets
83.4
38.9
24.3
18.8
0.7
166.1
Purchase of software
3.1
8.7
2.4
1.0
0.3
15.5
Software amortisation
3.4
2.7
2.1
0.9
0.3
9.4
4 Segment analysis
Year ended 31 December 2022
North Continental UK & Rest of
America Europe Ireland the World Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
2023 2022
Acquisition related items \u00a3m \u00a3m
Deferred consideration payments relating to the retention of former owners of
businesses acquired
37.3
24.9
Transaction costs and expenses
18.1
10.9
Adjustments to previously estimated earn outs
(35.9)
7.1
19.5
42.9
Customer relationships impairment charges (Note 13)
\u2013
13.0
19.5
55.9
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 2023 the Group had no customer that represented 10% or more of total
Group revenue (2022: 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.
2023 2022
Revenue by market sector \u00a3m \u00a3m
Foodservice
3,383.4
3,592.9
Grocery
3,136.6
3,139.3
Safety
1,835.7
1,786.8
Retail
1,032.8
1,153.7
Cleaning & Hygiene
1,218.6
1,124.5
Healthcare
679.6
839.0
Other
510.4
403.3
11,797.1
12,039.5
Revenue attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2023 was \u00a31,270.3m, representing 11% of the Group\u2019s total (2022: \u00a31,354.5m, representing 11% of the Group\u2019s total). Revenue attributable to foreign countries in total was \u00a310,526.8m, representing 89% of the Group\u2019s total (2022: \u00a310,685.0m, 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 73% of the Group\u2019s revenue (2022: 74%). Non-current assets attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2023 were \u00a3508.7m, representing 13% of the Group\u2019s total (2022 restated: \u00a3486.6m, representing 13% of the Group\u2019s total). Non-current assets attributable to foreign countries in total were \u00a33,509.2m, representing 87% of the Group\u2019s total (2022 restated: \u00a33,274.1m, representing 87% 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 66% of the Group\u2019s total non-current assets (2022 restated: 65%). The 2022 comparatives have been restated to exclude non-current assets of \u00a364.5m related to defined benefit pension schemes and deferred tax in accordance with IFRS 8 \u2018Operating Segments\u2019. 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 2023
North Continental UK & Rest of
America Europe Ireland the World Unallocated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Segment assets
3,129.1
2,043.5
942.2
1,080.3
7,195.1
Unallocated assets
1,552.1
1,552.1
Total assets
3,129.1
2,043.5
942.2
1,080.3
1,552.1
8,747.2
Segment liabilities
1,284.4
763.8
522.7
342.0
2,912.9
Unallocated liabilities
2,868.0
2,868.0
Total liabilities
1,284.4
763.8
522.7
342.0
2,868.0
5,780.9
At 31 December 2022
North Continental UK & Rest of
America Europe Ireland the World Unallocated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "
Year ended 31 December 2023
North Continental UK & Rest of
America Europe Ireland the World Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
6,973.5
2,354.9
1,365.5
1,103.2
11,797.1
Adjusted operating profit/(loss)
528.0
224.7
103.4
119.6
(31.5)
944.2
Customer relationships, brands
and technology amortisation
(57.1)
(43.7)
(11.1)
(23.7)
(135.6)
Acquisition related items
(5.5)
(0.3)
(3.1)
(10.6)
(19.5)
Operating profit/(loss)
465.4
180.7
89.2
85.3
(31.5)
789.1
Finance income
60.4
Finance expense
(150.9)
Disposal of business
\u2013
Profit before income tax
698.6
Adjusted profit before
income tax
853.7
Income tax
(172.4)
Profit for the year
526.2
Operating margin
7.6%
9.5%
7.6%
10.8%
8.0%
Return on average
operating capital
49.6%
45.4%
65.5%
35.5%
46.1%
Purchase of property, plant
and equipment
12.3
13.5
8.7
8.1
0.2
42.8
Depreciation of property, plant
and equipment
12.0
10.3
4.7
4.6
0.1
31.7
Additions to right-of-use assets
34.0
41.5
42.4
18.8
\u2013
136.7
Depreciation of right-of-use
assets
83.4
38.9
24.3
18.8
0.7
166.1
Purchase of software
3.1
8.7
2.4
1.0
0.3
15.5
Software amortisation
3.4
2.7
2.1
0.9
0.3
9.4
Year ended 31 December 2022
North Continental UK & Rest of
America Europe Ireland the World Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
2023 2022
Acquisition related items \u00a3m \u00a3m
Deferred consideration payments relating to the retention of former owners of
businesses acquired
37.3
24.9
Transaction costs and expenses
18.1
10.9
Adjustments to previously estimated earn outs
(35.9)
7.1
19.5
42.9
Customer relationships impairment charges (Note 13)
\u2013
13.0
19.5
55.9
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "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 2023 the Group had no customer that represented 10% or more of total Group revenue (2022: 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.
2023 2022
Revenue by market sector \u00a3m \u00a3m
Foodservice
3,383.4
3,592.9
Grocery
3,136.6
3,139.3
Safety
1,835.7
1,786.8
Retail
1,032.8
1,153.7
Cleaning & Hygiene
1,218.6
1,124.5
Healthcare
679.6
839.0
Other
510.4
403.3
11,797.1
12,039.5
Revenue attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December
2023 was \u00a31,270.3m, representing 11% of the Group\u2019s total (2022: \u00a31,354.5m, representing 11% of the
Group\u2019s total). Revenue attributable to foreign countries in total was \u00a310,526.8m, representing 89% of the
Group\u2019s total (2022: \u00a310,685.0m, 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 73% of the Group\u2019s revenue (2022: 74%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "
5 Analysis of operating income and expenses
2023 2022
\u00a3m \u00a3m
Cost of goods sold
8,609.2
9,015.0
Employee costs (Note 26)
1,149.8
1,085.1
Depreciation of property, plant and equipment (Note 11)
31.7
29.6
Depreciation of right-of-use assets (Note 12)
166.1
151.1
Customer relationships, brands and technology amortisation (Note 13)
135.6
128.4
Amortisation of software (Note 13)
9.4
8.8
Acquisition related items (Note 4)
19.5
55.9
Net impairment losses on trade receivables (Note 16)
2.6
3.7
Profit on disposal of property, plant and equipment
(0.6)
(0.4)
Expense relating to short term leases and low value assets
4.6
5.2
Lease and sublease income
(4.1)
(3.2)
Other operating expenses
884.2
858.7
Net operating expenses
11,008.0
11,337.9
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.
2023
2022
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.0
\u2013
1.0
0.8
\u2013
0.8
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
0.4
4.2
4.6
0.5
3.6
4.1
audit related assurance services
0.1
\u2013
0.1
0.1
\u2013
0.1
all other services
0.3
\u2013
0.3
0.3
\u2013
0.3
Total auditors\u2019 remuneration
1.8
4.2
6.0
1.7
3.6
5.3
* 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 112 to 121 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "5 Analysis of operating income and expenses
2023 2022
\u00a3m \u00a3m
Cost of goods sold
8,609.2
9,015.0
Employee costs (Note 26)
1,149.8
1,085.1
Depreciation of property, plant and equipment (Note 11)
31.7
29.6
Depreciation of right-of-use assets (Note 12)
166.1
151.1
Customer relationships, brands and technology amortisation (Note 13)
135.6
128.4
Amortisation of software (Note 13)
9.4
8.8
Acquisition related items (Note 4)
19.5
55.9
Net impairment losses on trade receivables (Note 16)
2.6
3.7
Profit on disposal of property, plant and equipment
(0.6)
(0.4)
Expense relating to short term leases and low value assets
4.6
5.2
Lease and sublease income
(4.1)
(3.2)
Other operating expenses
884.2
858.7
Net operating expenses
11,008.0
11,337.9
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.
2023
2022
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.0
\u2013
1.0
0.8
\u2013
0.8
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
0.4
4.2
4.6
0.5
3.6
4.1
audit related assurance services
0.1
\u2013
0.1
0.1
\u2013
0.1
all other services
0.3
\u2013
0.3
0.3
\u2013
0.3
Total auditors\u2019 remuneration
1.8
4.2
6.0
1.7
3.6
5.3
* 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 112 to 121 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "5 Analysis of operating income and expenses
2023 2022
\u00a3m \u00a3m
Cost of goods sold
8,609.2
9,015.0
Employee costs (Note 26)
1,149.8
1,085.1
Depreciation of property, plant and equipment (Note 11)
31.7
29.6
Depreciation of right-of-use assets (Note 12)
166.1
151.1
Customer relationships, brands and technology amortisation (Note 13)
135.6
128.4
Amortisation of software (Note 13)
9.4
8.8
Acquisition related items (Note 4)
19.5
55.9
Net impairment losses on trade receivables (Note 16)
2.6
3.7
Profit on disposal of property, plant and equipment
(0.6)
(0.4)
Expense relating to short term leases and low value assets
4.6
5.2
Lease and sublease income
(4.1)
(3.2)
Other operating expenses
884.2
858.7
Net operating expenses
11,008.0
11,337.9
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.
2023
2022
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.0
\u2013
1.0
0.8
\u2013
0.8
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
0.4
4.2
4.6
0.5
3.6
4.1
audit related assurance services
0.1
\u2013
0.1
0.1
\u2013
0.1
all other services
0.3
\u2013
0.3
0.3
\u2013
0.3
Total auditors\u2019 remuneration
1.8
4.2
6.0
1.7
3.6
5.3
* 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 112 to 121 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "
2023
2022
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.0
\u2013
1.0
0.8
\u2013
0.8
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
0.4
4.2
4.6
0.5
3.6
4.1
audit related assurance services
0.1
\u2013
0.1
0.1
\u2013
0.1
all other services
0.3
\u2013
0.3
0.3
\u2013
0.3
Total auditors\u2019 remuneration
1.8
4.2
6.0
1.7
3.6
5.3
* 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 112 to 121 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "
2023
2022
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.0
\u2013
1.0
0.8
\u2013
0.8
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
0.4
4.2
4.6
0.5
3.6
4.1
audit related assurance services
0.1
\u2013
0.1
0.1
\u2013
0.1
all other services
0.3
\u2013
0.3
0.3
\u2013
0.3
Total auditors\u2019 remuneration
1.8
4.2
6.0
1.7
3.6
5.3
* 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 112 to 121 . 11 Property, plant and equipment
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
98.9
201.6
117.2
417.7
Acquisitions (Note 9)
3.6
8.6
3.1
15.3
Additions
4.6
20.7
17.5
42.8
Disposals
(2.5)
(14.9)
(8.7)
(26.1)
Currency translation
(0.6)
(7.5)
(2.5)
(10.6)
End of year
104.0
208.5
126.6
439.1
Accumulated depreciation
Beginning of year
56.6
138.5
85.4
280.5
Charge in year
5.3
16.0
10.4
31.7
Disposals
(2.3)
(14.4)
(7.9)
(24.6)
Currency translation
(0.4)
(5.8)
(1.7)
(7.9)
End of year
59.2
134.3
86.2
279.7
Net book value at 31 December 2023
44.8
74.2
40.4
159.4
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2022 \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "
6 Finance income/(expense)
2023 2022
\u00a3m \u00a3m
Interest on cash and cash equivalents
40.3
10.5
Interest income from foreign exchange contracts
16.0
9.2
Net interest income on defined benefit pension schemes in surplus
3.2
1.2
Other finance income
0.9
1.4
Finance income
60.4
22.3
Interest on loans and overdrafts
(106.7)
(58.5)
Lease interest expense
(28.6)
(22.0)
Interest expense from foreign exchange contracts
(1.5)
(0.8)
Net interest expense on defined benefit pension schemes in deficit
(1.0)
(0.8)
Fair value (loss)/gain on US private placement notes and senior bond in a
hedge relationship
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship
21.8
(79.2)
Foreign exchange (loss)/gain on intercompany funding
(41.1)
126.7
Foreign exchange gain/(loss) on external debt and foreign exchange
forward contracts
40.5
(126.7)
Interest related to income tax
(0.1)
(0.5)
Monetary loss from hyperinflation accounting
(7.2)
(10.7)
Other finance expense
(2.6)
(0.9)
Finance expense
(150.9)
(90.2)
Net finance expense
(90.5)
(67.9)
1
1. See Note 1 for further details.
The foreign exchange loss on intercompany funding arises as a result of the retranslation of foreign currency
intercompany loans. This loss on intercompany funding is substantially matched by the foreign exchange
gain 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "6 Finance income/(expense)
2023 2022
\u00a3m \u00a3m
Interest on cash and cash equivalents
40.3
10.5
Interest income from foreign exchange contracts
16.0
9.2
Net interest income on defined benefit pension schemes in surplus
3.2
1.2
Other finance income
0.9
1.4
Finance income
60.4
22.3
Interest on loans and overdrafts
(106.7)
(58.5)
Lease interest expense
(28.6)
(22.0)
Interest expense from foreign exchange contracts
(1.5)
(0.8)
Net interest expense on defined benefit pension schemes in deficit
(1.0)
(0.8)
Fair value (loss)/gain on US private placement notes and senior bond in a
hedge relationship
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship
21.8
(79.2)
Foreign exchange (loss)/gain on intercompany funding
(41.1)
126.7
Foreign exchange gain/(loss) on external debt and foreign exchange
forward contracts
40.5
(126.7)
Interest related to income tax
(0.1)
(0.5)
Monetary loss from hyperinflation accounting
(7.2)
(10.7)
Other finance expense
(2.6)
(0.9)
Finance expense
(150.9)
(90.2)
Net finance expense
(90.5)
(67.9)
1 1. See Note 1 for further details. The foreign exchange loss on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This loss on intercompany funding is substantially matched by the foreign exchange gain 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:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "6 Finance income/(expense)
2023 2022
\u00a3m \u00a3m
Interest on cash and cash equivalents
40.3
10.5
Interest income from foreign exchange contracts
16.0
9.2
Net interest income on defined benefit pension schemes in surplus
3.2
1.2
Other finance income
0.9
1.4
Finance income
60.4
22.3
Interest on loans and overdrafts
(106.7)
(58.5)
Lease interest expense
(28.6)
(22.0)
Interest expense from foreign exchange contracts
(1.5)
(0.8)
Net interest expense on defined benefit pension schemes in deficit
(1.0)
(0.8)
Fair value (loss)/gain on US private placement notes and senior bond in a
hedge relationship
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship
21.8
(79.2)
Foreign exchange (loss)/gain on intercompany funding
(41.1)
126.7
Foreign exchange gain/(loss) on external debt and foreign exchange
forward contracts
40.5
(126.7)
Interest related to income tax
(0.1)
(0.5)
Monetary loss from hyperinflation accounting
(7.2)
(10.7)
Other finance expense
(2.6)
(0.9)
Finance expense
(150.9)
(90.2)
Net finance expense
(90.5)
(67.9)
1 1. See Note 1 for further details. The foreign exchange loss on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This loss on intercompany funding is substantially matched by the foreign exchange gain 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:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "6 Finance income/(expense)
2023 2022
\u00a3m \u00a3m
Interest on cash and cash equivalents
40.3
10.5
Interest income from foreign exchange contracts
16.0
9.2
Net interest income on defined benefit pension schemes in surplus
3.2
1.2
Other finance income
0.9
1.4
Finance income
60.4
22.3
Interest on loans and overdrafts
(106.7)
(58.5)
Lease interest expense
(28.6)
(22.0)
Interest expense from foreign exchange contracts
(1.5)
(0.8)
Net interest expense on defined benefit pension schemes in deficit
(1.0)
(0.8)
Fair value (loss)/gain on US private placement notes and senior bond in a
hedge relationship
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship
21.8
(79.2)
Foreign exchange (loss)/gain on intercompany funding
(41.1)
126.7
Foreign exchange gain/(loss) on external debt and foreign exchange
forward contracts
40.5
(126.7)
Interest related to income tax
(0.1)
(0.5)
Monetary loss from hyperinflation accounting
(7.2)
(10.7)
Other finance expense
(2.6)
(0.9)
Finance expense
(150.9)
(90.2)
Net finance expense
(90.5)
(67.9)
1 1. See Note 1 for further details. The foreign exchange loss on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This loss on intercompany funding is substantially matched by the foreign exchange gain 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:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "6 Finance income/(expense)
2023 2022
\u00a3m \u00a3m
Interest on cash and cash equivalents
40.3
10.5
Interest income from foreign exchange contracts
16.0
9.2
Net interest income on defined benefit pension schemes in surplus
3.2
1.2
Other finance income
0.9
1.4
Finance income
60.4
22.3
Interest on loans and overdrafts
(106.7)
(58.5)
Lease interest expense
(28.6)
(22.0)
Interest expense from foreign exchange contracts
(1.5)
(0.8)
Net interest expense on defined benefit pension schemes in deficit
(1.0)
(0.8)
Fair value (loss)/gain on US private placement notes and senior bond in a
hedge relationship
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship
21.8
(79.2)
Foreign exchange (loss)/gain on intercompany funding
(41.1)
126.7
Foreign exchange gain/(loss) on external debt and foreign exchange
forward contracts
40.5
(126.7)
Interest related to income tax
(0.1)
(0.5)
Monetary loss from hyperinflation accounting
(7.2)
(10.7)
Other finance expense
(2.6)
(0.9)
Finance expense
(150.9)
(90.2)
Net finance expense
(90.5)
(67.9)
1 1. See Note 1 for further details. The foreign exchange loss on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This loss on intercompany funding is substantially matched by the foreign exchange gain 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:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "6 Finance income/(expense)
2023 2022
\u00a3m \u00a3m
Interest on cash and cash equivalents
40.3
10.5
Interest income from foreign exchange contracts
16.0
9.2
Net interest income on defined benefit pension schemes in surplus
3.2
1.2
Other finance income
0.9
1.4
Finance income
60.4
22.3
Interest on loans and overdrafts
(106.7)
(58.5)
Lease interest expense
(28.6)
(22.0)
Interest expense from foreign exchange contracts
(1.5)
(0.8)
Net interest expense on defined benefit pension schemes in deficit
(1.0)
(0.8)
Fair value (loss)/gain on US private placement notes and senior bond in a
hedge relationship
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship
21.8
(79.2)
Foreign exchange (loss)/gain on intercompany funding
(41.1)
126.7
Foreign exchange gain/(loss) on external debt and foreign exchange
forward contracts
40.5
(126.7)
Interest related to income tax
(0.1)
(0.5)
Monetary loss from hyperinflation accounting
(7.2)
(10.7)
Other finance expense
(2.6)
(0.9)
Finance expense
(150.9)
(90.2)
Net finance expense
(90.5)
(67.9)
1 1. See Note 1 for further details. The foreign exchange loss on intercompany funding arises as a result of the retranslation of foreign currency intercompany loans. This loss on intercompany funding is substantially matched by the foreign exchange gain 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "7 Income tax
2023 2022
\u00a3m \u00a3m
Current tax on profit
current year
199.0
172.7
adjustments in respect of prior years
(6.9)
(9.2)
192.1
163.5
Deferred tax on profit
current year
(19.6)
(4.8)
adjustments in respect of prior years
(0.1)
1.5
(19.7)
(3.3)
Income tax on profit
172.4
160.2
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.
2023 2022
\u00a3m \u00a3m
Income tax on profit
172.4
160.2
Tax associated with adjusting items
41.0
41.0
Tax on adjusted profit
213.4
201.2
Profit before income tax
698.6
634.6
Adjusting items
155.1
183.4
Adjusted profit before income tax
853.7
818.0
Reported tax rate
24.7%
25.2%
Effective tax rate
25.0%
24.6%
2023
2022
Tax Tax
Tax on other comprehensive income/ (charge)/ (charge)/
Gross credit Net Gross credit Net
(expense) and equity \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actuarial gain on defined benefit pension
schemes
2.9
(0.1)
2.8
6.9
(1.4)
5.5
Foreign currency translation differences
on foreign operations
(126.9)
(0.5)
(127.4)
232.9
0.3
233.2
Gain/(loss) taken to equity as a result of
effective net investment hedges
31.4
\u2013
31.4
(38.2)
\u2013
(38.2)
(Loss)/gain recognised in cash flow hedge
reserve
(2.3)
0.6
(1.7)
10.3
(2.6)
7.7
Other comprehensive (expense)/income
(94.9)
\u2013
(94.9)
211.9
(3.7)
208.2
Dividends
(209.7)
\u2013
(209.7)
(190.5)
\u2013
(190.5)
Movement from cash flow hedge reserve
to inventory
1.0
(0.3)
0.7
(12.0)
3.0
(9.0)
Hyperinflation accounting adjustments
21.6
\u2013
21.6
36.7
(1.8)
34.9
Issue of share capital
5.9
\u2013
5.9
5.3
\u2013
5.3
Employee trust shares
(25.2)
\u2013
(25.2)
(34.2)
\u2013
(34.2)
Share based payments
15.4
5.4
20.8
14.1
1.2
15.3
Other comprehensive income/(expense)
and equity
(285.9)
5.1
(280.8)
31.3
(1.3)
30.0
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 23.5% (2022: 19.0%). The adjustments to the tax charge at the weighted average rate to determine the income tax on profit are as follows:
2023 2022
\u00a3m \u00a3m
Profit before income tax
698.6
634.6
Tax charge at weighted average rate (2023: 25.2%; 2022: 24.6%)
176.0
156.1
Effects of:
non-deductible expenditure
0.5
8.9
impact of intercompany finance
1.2
(2.0)
change in tax rates
(0.7)
0.4
hyperinflation accounting adjustments
3.8
4.7
prior year adjustments
(7.0)
(7.7)
other current year items
(1.4)
(0.2)
Income tax on profit
172.4
160.2
2023 2022
Deferred tax in the income statement \u00a3m \u00a3m
Property, plant and equipment
1.0
1.2
Defined benefit pension schemes
1.6
(0.1)
Goodwill, customer relationships, brands and technology
(20.2)
(17.4)
Provisions and accruals
(3.6)
\u2013
Inventories
7.4
10.5
Leases
(1.1)
0.7
Other
(4.8)
1.8
Deferred tax on profit
(19.7)
(3.3)
The Group is within the scope of the OECD Pillar Two model rules which impose a minimum tax expense in each country. Pillar Two legislation has been enacted in the UK, the country of tax residence of the ultimate parent of the Group, as well as in several other countries in which the Group operates. The earliest legislation is effective from 1 January 2024. Since the Pillar Two legislation was not effective during the year ended 31 December 2023, the Group has no related current tax exposure at the balance sheet date. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The legislation imposes a top-up tax to the extent that in any country the effective tax rate according to the Pillar Two methodology is below the 15% minimum rate. Most countries in which the Group operates are expected to report an effective tax rate in excess of 15% and therefore to qualify for a safe harbour exemption such that no top-up tax should apply. In countries where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules.
20 Deferred tax
2023
2022
Asset Liability Net Asset Liability Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.5
(11.5)
(11.0)
1.0
(11.6)
(10.6)
Defined benefit pension
schemes
5.4
(16.4)
(11.0)
5.2
(14.8)
(9.6)
Goodwill, customer relationships,
brands and technology
6.9
(232.5)
(225.6)
5.9
(226.2)
(220.3)
Share based payments
15.1
\u2013
15.1
11.7
\u2013
11.7
Leases
7.8
(0.2)
7.6
6.7
(0.1)
6.6
Provisions and accruals
51.6
(4.2)
47.4
42.6
(3.4)
39.2
Inventories
13.6
(21.8)
(8.2)
12.2
(21.6)
(9.4)
Other
14.7
(4.9)
9.8
8.6
(4.9)
3.7
Deferred tax asset/(liability)
115.6
(291.5)
(175.9)
93.9
(282.6)
(188.7)
Set-off of tax
(101.4)
101.4
\u2013
(89.9)
89.9
\u2013
Net deferred tax asset/(liability)
14.2
(190.1)
(175.9)
4.0
(192.7)
(188.7)
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 (2022: \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 \u00a311.9m (2022: \u00a38.6m).
No deferred tax has been recognised in respect of unutilised capital losses of \u00a386.9m (2022: \u00a387.2m) 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:
2023 2022
\u00a3m \u00a3m
Beginning of year
188.7
148.2
Acquisitions
20.3
26.9
Credit to income statement
(19.7)
(3.3)
Recognised in other comprehensive income and equity
(1.2)
3.0
Reclassified (to)/from current tax
(4.1)
0.3
Currency translation
(8.1)
13.6
End of year
175.9
188.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "
8 Earnings per share
2023 2022
\u00a3m \u00a3m
Profit for the year
526.2
474.4
Adjusted for:
customer relationships, brands and technology amortisation
135.6
128.4
acquisition related items
19.5
55.9
profit on disposal of business
\u2013
(0.9)
tax credit on adjusting items
(41.0)
(41.0)
Adjusted profit for the year
640.3
616.8
2023
2022
Basic weighted average number of ordinary shares in issue (million)
335.0
334.7
Dilutive effect of employee share plans (million)
2.2
2.5
Diluted weighted average number of ordinary shares (million)
337.2
337.2
Basic earnings per share
157.1p
141.7p
Adjustment
34.0p
42.6p
Adjusted earnings per share
191.1p
184.3p
Diluted basic earnings per share
156.0p
140.7p
Adjustment
33.9p
42.2p
Adjusted diluted earnings per share
189.9p
182.9p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "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 2023 the allocation period for all acquisitions completed since 1 January 2023 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 2023 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 increase to goodwill of \u00a30.8m (2022: net decrease 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.
2023
Summary details of the businesses acquired during the year ended 31 December 2023 are shown in the
table below:
Percentage
of share Annualised
Acquisition capital revenue
Business
Sector
Country
date 2023 acquired \u00a3m
GRC
Healthcare
Australia
1 January
100%
4.4
Capital Paper
Foodservice
Canada
31 January
100%
16.0
Arbeitsschutz-Express
Safety
Germany
3 April
66%
33.1
Dimasa
Cleaning & Hygiene
Spain
28 April
100%
3.1
Irudek
Safety
Spain
28 April
75%
16.7
EHM
Safety
UK
5 June
100%
19.5
La Cartuja Complementos
Foodservice
Spain
30 June
100%
4.4
Hosteler\u00eda
EcoTools.nl
Other
Netherlands
31 July
100%
17.8
Leal Equipamentos de
Safety
Brazil
1 August
100%
33.1
Prote\u00e7\u00e3o
PackPro
Foodservice
Canada
10 August
85%
20.1
Groveko
Cleaning & Hygiene
Netherlands
11 August
93.75%
21.0
Pittman Traffic & Safety
Safety
Ireland
28 August
100%
6.2
Equipment*
FlexPost
Safety
USA
31 October
100%
3.0
Grupo Lanlimp
Cleaning & Hygiene
Brazil
1 November
70%
37.8
Melbourne Cleaning
Cleaning & Hygiene
Australia
6 November
100%
9.7
Supplies
Safety First
Safety
Poland
30 November
65%
24.9
Miracle Sanitation Supply
Cleaning & Hygiene
Canada
1 December
100%
7.6
CT Group
Healthcare
Brazil
1 December
100%
47.8
Others**
100%
3.3
Acquisitions completed in the current year
329.5
GRC
Healthcare
Australia
1 January
100%
(4.4)
Acquisitions agreed in the current year
325.1
* The acquisition supports the expansion of our North America based McCue business and is therefore reported as part of the North
America business area.
** Others includes two small acquisitions agreed in 2023.
There were no individually significant acquisitions in 2023. A summary of the effect of acquisitions in 2023
and 2022 is shown below:
2023 2022
\u00a3m \u00a3m
Customer relationships
229.5
107.7
Brands
10.6
11.6
Technology
\u2013
9.1
Property, plant and equipment and software
16.6
4.8
Right-of-use assets
16.2
21.5
Inventories
44.7
44.9
Trade and other receivables
57.0
27.0
Trade and other payables
(40.5)
(30.9)
Net cash/(overdrafts)
19.8
(6.8)
Provisions
(26.2)
(7.9)
Lease liabilities
(16.2)
(21.5)
Derivative assets
\u2013
0.4
Income tax payable and deferred tax liabilities
(29.6)
(31.3)
Fair value of net assets acquired
281.9
128.6
Goodwill
130.6
106.6
Consideration
412.5
235.2
Satisfied by:
cash consideration
343.0
180.6
deferred consideration
69.5
54.6
412.5
235.2
Contingent payments relating to retention of former owners
59.5
66.4
Net (cash)/overdrafts acquired
(19.8)
6.8
Transaction costs and expenses
18.1
10.9
Total committed spend in respect of acquisitions completed in the year
470.3
319.3
Spend on acquisitions committed but not completed at the year end
\u2013
2.9
Spend on acquisitions committed at prior year end but completed in the current
year
(2.8)
\u2013
Total committed spend in respect of acquisitions agreed in the year
467.5
322.2
The net cash outflow in the year in respect of acquisitions comprised:
2023 2022
\u00a3m \u00a3m
Cash consideration
343.0
180.6
Net (cash)/overdrafts acquired
(19.8)
6.8
Deferred consideration payments
14.5
56.2
Net cash outflow on purchase of businesses
337.7
243.6
Transaction costs and expenses paid
18.1
11.0
Payments relating to retention of former owners
18.8
9.6
Cash outflow from acquisition related items
36.9
20.6
Total cash outflow in respect of acquisitions
374.6
264.2
Acquisitions completed in the year ended 31 December 2023 contributed \u00a3120.5m (2022: \u00a3115.8m) to the
Group\u2019s revenue, \u00a316.1m (2022: \u00a39.5m) to the Group\u2019s adjusted operating profit and \u00a38.7m (2022: \u00a35.9m) to
the Group\u2019s operating profit for the year ended 31 December 2023.
The estimated contributions from acquisitions completed and agreed during the year to the results of the
Group for the year if such acquisitions had been made at the beginning of the year, are as follows:
2023 2022
\u00a3m \u00a3m
Revenue
325.1
299.0
Adjusted operating profit
51.4
29.3
The total amount of goodwill expected to be deductible for tax purposes in relation to acquisitions
completed during the year is \u00a349.1m (2022: \u00a36.8m).
Deferred consideration
The table below gives further details of the Group\u2019s deferred consideration liabilities.
2023 2022
\u00a3m \u00a3m
Minority options
124.7
92.4
Earn outs
36.9
39.3
Deferred consideration held at fair value
161.6
131.7
Other
14.0
8.2
Total deferred consideration
175.6
139.9
Current
32.3
42.0
Non-current
143.3
97.9
Total deferred consideration
175.6
139.9
Including expected future payments which are contingent on the continued retention of former owners of
businesses acquired of \u00a383.2m (2022: \u00a376.3m), total deferred and contingent consideration at 31 December
2023 is \u00a3258.8m (2022: \u00a3216.2m).
2023
2022
Deferred Total Deferred Total
consideration deferred consideration deferred
held at fair value Other consideration held at fair value Other consideration
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year
131.7
8.2
139.9
99.6
8.2
107.8
Acquisitions
63.2
6.3
69.5
52.9
1.7
54.6
Charges related to the
retention of former
owners
30.2
4.3
34.5
19.3
3.8
23.1
Adjustments to
previously estimated
earn outs
(35.9)
\u2013
(35.9)
7.1
\u2013
7.1
Deferred consideration
and retention
payments
(25.5)
(4.5)
(30.0)
(55.1)
(5.8)
(60.9)
Foreign exchange
(2.1)
(0.3)
(2.4)
7.9
0.3
8.2
End of year
161.6
14.0
175.6
131.7
8.2
139.9
2022 Summary details of the businesses acquired during the year ended 31 December 2022 are shown in the table below:
Percentage
of share Annualised
Acquisition capital revenue
Business
Sector
Country
date 2022 acquired \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "10 Disposal of business The Group did not dispose of any businesses during the year ended 31 December 2023. Disposal of business in the year ended 31 December 2022 related to the UK Healthcare division, a business that was no longer considered to be a strategic fit within the portfolio of the Group\u2019s businesses. The disposal was completed on 19 December 2022. During the year ended 31 December 2022, 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:
2022
Cash flow from disposal of business \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "
11 Property, plant and equipment
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
98.9
201.6
117.2
417.7
Acquisitions (Note 9)
3.6
8.6
3.1
15.3
Additions
4.6
20.7
17.5
42.8
Disposals
(2.5)
(14.9)
(8.7)
(26.1)
Currency translation
(0.6)
(7.5)
(2.5)
(10.6)
End of year
104.0
208.5
126.6
439.1
Accumulated depreciation
Beginning of year
56.6
138.5
85.4
280.5
Charge in year
5.3
16.0
10.4
31.7
Disposals
(2.3)
(14.4)
(7.9)
(24.6)
Currency translation
(0.4)
(5.8)
(1.7)
(7.9)
End of year
59.2
134.3
86.2
279.7
Net book value at 31 December 2023
44.8
74.2
40.4
159.4
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2022 \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "11 Property, plant and equipment
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
98.9
201.6
117.2
417.7
Acquisitions (Note 9)
3.6
8.6
3.1
15.3
Additions
4.6
20.7
17.5
42.8
Disposals
(2.5)
(14.9)
(8.7)
(26.1)
Currency translation
(0.6)
(7.5)
(2.5)
(10.6)
End of year
104.0
208.5
126.6
439.1
Accumulated depreciation
Beginning of year
56.6
138.5
85.4
280.5
Charge in year
5.3
16.0
10.4
31.7
Disposals
(2.3)
(14.4)
(7.9)
(24.6)
Currency translation
(0.4)
(5.8)
(1.7)
(7.9)
End of year
59.2
134.3
86.2
279.7
Net book value at 31 December 2023
44.8
74.2
40.4
159.4
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2022 \u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "
12 Right-of-use assets
Motor
Property vehicles Equipment Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Net book value at beginning of year
439.6
63.3
26.7
529.6
Acquisitions (Note 9)
15.9
0.3
\u2013
16.2
Additions
87.5
37.1
12.1
136.7
Depreciation charge in the year
(125.1)
(30.0)
(11.0)
(166.1)
Remeasurement adjustments
118.6
0.4
0.8
119.8
Currency translation
(16.5)
(2.3)
(1.1)
(19.9)
Net book value at 31 December 2023
520.0
68.8
27.5
616.3
Motor
Property vehicles Equipment Total
2022 \u00a3m \u00a3m \u00a3m \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 2023
439.6
63.3
26.7
529.6
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
2023 2022
\u00a3m \u00a3m
Beginning of year
569.9
488.7
Acquisitions (Note 9)
16.2
21.5
Disposal of business (Note 10)
\u2013
(2.1)
New leases
136.7
123.3
Interest charge in the year
28.6
22.0
Payment of lease liabilities
(188.0)
(175.1)
Remeasurement adjustments
122.1
56.6
Currency translation
(21.0)
35.0
End of year
664.5
569.9
Ageing of lease liabilities:
Current lease liabilities
152 .1
145.9
Non-current lease liabilities
512.4
424.0
End of year
664.5
569.9
As at 31 December 2023, the Group had \u00a311.9m (2022: \u00a344.5m) 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 2023. In relation to leases which are included in lease liabilities, there are potential further future cash flows of \u00a367.8m (2022: \u00a346.3m) if termination options are not exercised and extension options are exercised. The cash outflow for low value and short term leases was \u00a34.6m for the year ended 31 December 2023 (2022: \u00a35.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "12 Right-of-use assets
Motor
Property vehicles Equipment Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Net book value at beginning of year
439.6
63.3
26.7
529.6
Acquisitions (Note 9)
15.9
0.3
\u2013
16.2
Additions
87.5
37.1
12.1
136.7
Depreciation charge in the year
(125.1)
(30.0)
(11.0)
(166.1)
Remeasurement adjustments
118.6
0.4
0.8
119.8
Currency translation
(16.5)
(2.3)
(1.1)
(19.9)
Net book value at 31 December 2023
520.0
68.8
27.5
616.3
Motor
Property vehicles Equipment Total
2022 \u00a3m \u00a3m \u00a3m \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 2023
439.6
63.3
26.7
529.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "
13 Intangible assets
Customer
Goodwill relationships Brands Technology Software Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
1,944.4
2,349.0
39.7
9.5
107.4
4,450.0
Acquisitions (Note 9)
130.6
229.5
10.6
\u2013
1.3
372.0
Adjustment for hyperinflation
accounting
8.4
1.6
\u2013
\u2013
\u2013
10.0
Additions
15.5
15.5
Disposals
(4.6)
(4.6)
Currency translation
(62.7)
(85.6)
(1.8)
(0.2)
(2.8)
(153.1)
End of year
2,020.7
2,494.5
48.5
9.3
116.8
4,689.8
Accumulated amortisation
and impairment
Beginning of year
12.8
1,258.1
4.8
0.4
80.0
1,356.1
Amortisation charge in the year
130.2
4.0
1.4
9.4
145.0
Adjustment for hyperinflation
accounting
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Disposals
(4.6)
(4.6)
Currency translation
(1.0)
(45.8)
(1.4)
\u2013
(1.8)
(50.0)
End of year
11.8
1,343.7
7.4
1.8
83.0
1,447.7
Net book value at
31 December 2023
2,008.9
1,150.8
41.1
7.5
33.8
3,242.1
1
1
1 See Note 1 for further details .
Customer
Goodwill relationships Brands Technology Software Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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
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
\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
\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 1 1 1 1. See Note 1 for further details. 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 2023 was \u00a398.9m (2022: \u00a3113.1m) with a remaining useful economic life of 12.7 years (2022: 13.7 years). The net book value of customer relationships in MCR Safety as at 31 December 2023 was \u00a382.7m (2022: \u00a394.2m) with a remaining useful economic life of 11.7 years (2022: 12.7 years). The net book value of customer relationships in Hedis as at 31 December 2023 was \u00a376.8m (2022: \u00a386.9m) with a remaining useful economic life of 9.9 years (2022: 10.9 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 (2022: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. As at 31 December 2023, 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 2023 the carrying value of goodwill in respect of North America was \u00a3700.0m (2022: \u00a3722.7m), UK & Ireland was \u00a3317.3m (2022: \u00a3314.7m), France was \u00a3253.5m (2022: \u00a3258.0m) and Rest of Continental Europe was \u00a3307.1m (2022: \u00a3276.8m). As at 31 December 2023 the aggregate amount of goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3431.0m (2022: \u00a3359.4m), 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 2023 was in the range of 2.5%\u20133.3% (2022: 2.5%\u20134.0%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2022: 8%\u201311%) 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%\u20135.5% (2022: 2.5%\u20135.4%) and discount rates ranging from 9%\u201315% (2022: 7%\u201315%). 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. Based on our impairment testing, no impairments were identified to the carrying value of customer relationships, brands and technology intangible assets within the Group. 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 (hothouse 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:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "13 Intangible assets
Customer
Goodwill relationships Brands Technology Software Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
1,944.4
2,349.0
39.7
9.5
107.4
4,450.0
Acquisitions (Note 9)
130.6
229.5
10.6
\u2013
1.3
372.0
Adjustment for hyperinflation
accounting
8.4
1.6
\u2013
\u2013
\u2013
10.0
Additions
15.5
15.5
Disposals
(4.6)
(4.6)
Currency translation
(62.7)
(85.6)
(1.8)
(0.2)
(2.8)
(153.1)
End of year
2,020.7
2,494.5
48.5
9.3
116.8
4,689.8
Accumulated amortisation
and impairment
Beginning of year
12.8
1,258.1
4.8
0.4
80.0
1,356.1
Amortisation charge in the year
130.2
4.0
1.4
9.4
145.0
Adjustment for hyperinflation
accounting
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Disposals
(4.6)
(4.6)
Currency translation
(1.0)
(45.8)
(1.4)
\u2013
(1.8)
(50.0)
End of year
11.8
1,343.7
7.4
1.8
83.0
1,447.7
Net book value at
31 December 2023
2,008.9
1,150.8
41.1
7.5
33.8
3,242.1
1 1 1 See Note 1 for further details .
Customer
Goodwill relationships Brands Technology Software Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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
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
\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
\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 1 1 1 1. See Note 1 for further details. 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 2023 was \u00a398.9m (2022: \u00a3113.1m) with a remaining useful economic life of 12.7 years (2022: 13.7 years). The net book value of customer relationships in MCR Safety as at 31 December 2023 was \u00a382.7m (2022: \u00a394.2m) with a remaining useful economic life of 11.7 years (2022: 12.7 years). The net book value of customer relationships in Hedis as at 31 December 2023 was \u00a376.8m (2022: \u00a386.9m) with a remaining useful economic life of 9.9 years (2022: 10.9 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 (2022: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. As at 31 December 2023, 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 2023 the carrying value of goodwill in respect of North America was \u00a3700.0m (2022: \u00a3722.7m), UK & Ireland was \u00a3317.3m (2022: \u00a3314.7m), France was \u00a3253.5m (2022: \u00a3258.0m) and Rest of Continental Europe was \u00a3307.1m (2022: \u00a3276.8m). As at 31 December 2023 the aggregate amount of goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3431.0m (2022: \u00a3359.4m), 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 2023 was in the range of 2.5%\u20133.3% (2022: 2.5%\u20134.0%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2022: 8%\u201311%) 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%\u20135.5% (2022: 2.5%\u20135.4%) and discount rates ranging from 9%\u201315% (2022: 7%\u201315%). 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. Based on our impairment testing, no impairments were identified to the carrying value of customer relationships, brands and technology intangible assets within the Group. 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 (hothouse 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:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "13 Intangible assets
Customer
Goodwill relationships Brands Technology Software Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
1,944.4
2,349.0
39.7
9.5
107.4
4,450.0
Acquisitions (Note 9)
130.6
229.5
10.6
\u2013
1.3
372.0
Adjustment for hyperinflation
accounting
8.4
1.6
\u2013
\u2013
\u2013
10.0
Additions
15.5
15.5
Disposals
(4.6)
(4.6)
Currency translation
(62.7)
(85.6)
(1.8)
(0.2)
(2.8)
(153.1)
End of year
2,020.7
2,494.5
48.5
9.3
116.8
4,689.8
Accumulated amortisation
and impairment
Beginning of year
12.8
1,258.1
4.8
0.4
80.0
1,356.1
Amortisation charge in the year
130.2
4.0
1.4
9.4
145.0
Adjustment for hyperinflation
accounting
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Disposals
(4.6)
(4.6)
Currency translation
(1.0)
(45.8)
(1.4)
\u2013
(1.8)
(50.0)
End of year
11.8
1,343.7
7.4
1.8
83.0
1,447.7
Net book value at
31 December 2023
2,008.9
1,150.8
41.1
7.5
33.8
3,242.1
1 1 1 See Note 1 for further details
Customer
Goodwill relationships Brands Technology Software Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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
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
\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
\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
1
1
1
1. See Note 1 for further details.
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 2023 was \u00a398.9m (2022:
\u00a3113.1m) with a remaining useful economic life of 12.7 years (2022: 13.7 years). The net book value of
customer relationships in MCR Safety as at 31 December 2023 was \u00a382.7m (2022: \u00a394.2m) with a remaining
useful economic life of 11.7 years (2022: 12.7 years). The net book value of customer relationships in Hedis
as at 31 December 2023 was \u00a376.8m (2022: \u00a386.9m) with a remaining useful economic life of 9.9 years
(2022: 10.9 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 (2022: seven). Based on our impairment testing, no
impairments were identified to the carrying value of goodwill within the Group.
As at 31 December 2023, 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
2023 the carrying value of goodwill in respect of North America was \u00a3700.0m (2022: \u00a3722.7m), UK & Ireland
was \u00a3317.3m (2022: \u00a3314.7m), France was \u00a3253.5m (2022: \u00a3258.0m) and Rest of Continental Europe was
\u00a3307.1m (2022: \u00a3276.8m). As at 31 December 2023 the aggregate amount of goodwill attributable to the
Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was
\u00a3431.0m (2022: \u00a3359.4m), 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 2023 was in the range of 2.5%\u20133.3% (2022: 2.5%\u20134.0%) reflecting anticipated revenue
and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2022: 8%\u201311%) 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%\u20135.5% (2022: 2.5%\u20135.4%) and discount rates ranging from
9%\u201315% (2022: 7%\u201315%).
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. Based on our impairment testing, no
impairments were identified to the carrying value of customer relationships, brands and technology
intangible assets within the Group.
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 (hothouse 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "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 (2022: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. As at 31 December 2023, 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 2023 the carrying value of goodwill in respect of North America was \u00a3700.0m (2022: \u00a3722.7m), UK & Ireland was \u00a3317.3m (2022: \u00a3314.7m), France was \u00a3253.5m (2022: \u00a3258.0m) and Rest of Continental Europe was \u00a3307.1m (2022: \u00a3276.8m). As at 31 December 2023 the aggregate amount of goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3431.0m (2022: \u00a3359.4m), 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 2023 was in the range of 2.5%\u20133.3% (2022: 2.5%\u20134.0%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2022: 8%\u201311%) 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%\u20135.5% (2022: 2.5%\u20135.4%) and discount rates ranging from 9%\u201315% (2022: 7%\u201315%). 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. Based on our impairment testing, no impairments were identified to the carrying value of customer relationships, brands and technology intangible assets within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "
2023 2022
\u00a3m \u00a3m
Inventories (Note 15)
1,621.1
1,748.6
Trade and other receivables (Note 16)
1,578.5
1,557.4
Trade and other payables \u2013 current (Note 17)
(2,071.6)
(2,249.4)
Add back net non-trading related receivables and payables
30.1
40.0
1,158.1
1,096.6
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. 14 Working capital", "dimensions": { "concept": "bunzlplc:DisclosureOfWorkingCapital", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "15 Inventories
2023 2022
\u00a3m \u00a3m
Goods for resale
1,621.1
1,748.6
During the year \u00a311.9m (2022: \u00a310.8m) 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 2023 were \u00a3154.2m (2022: \u00a3179.9m). During the year, the Group saw a net utilisation of approximately \u00a325m on provisions for slow moving inventory (2022: net utilisation of approximately \u00a34m), as well as some utilisation of the residual provisions related to market price movements on Covid-19 related products; the remaining market price risk on these products is no longer significant.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "
16 Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
1,287.3
1,266.0
Prepayments
84.4
87.9
Other receivables
206.8
203.5
1,578.5
1,557.4
The Group does not have any significant contract assets.
The ageing of trade receivables at 31 December was:
2023
2022
Gross Provision Gross Provision
\u00a3m \u00a3m \u00a3m \u00a3m
Current
1,058.6
5.7
1,037.5
6.0
0\u201330 days overdue
186.1
2.6
174.1
2.3
31\u201390 days overdue
49.6
3.0
48.3
2.7
Over 90 days overdue
27.5
23.2
35.2
18.1
1,321.8
34.5
1,295.1
29.1
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:
2023 2022
\u00a3m \u00a3m
Beginning of year
29.1
27.4
Acquisitions
4.3
0.8
Disposal of business
\u2013
(0.6)
Charge
6.3
8.5
Released
(3.7)
(4.8)
Utilised
(1.0)
(4.3)
Currency translation
(0.5)
2.1
End of year
34.5
29.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "16 Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
1,287.3
1,266.0
Prepayments
84.4
87.9
Other receivables
206.8
203.5
1,578.5
1,557.4
The Group does not have any significant contract assets. The ageing of trade receivables at 31 December was:
2023
2022
Gross Provision Gross Provision
\u00a3m \u00a3m \u00a3m \u00a3m
Current
1,058.6
5.7
1,037.5
6.0
0\u201330 days overdue
186.1
2.6
174.1
2.3
31\u201390 days overdue
49.6
3.0
48.3
2.7
Over 90 days overdue
27.5
23.2
35.2
18.1
1,321.8
34.5
1,295.1
29.1
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:
2023 2022
\u00a3m \u00a3m
Beginning of year
29.1
27.4
Acquisitions
4.3
0.8
Disposal of business
\u2013
(0.6)
Charge
6.3
8.5
Released
(3.7)
(4.8)
Utilised
(1.0)
(4.3)
Currency translation
(0.5)
2.1
End of year
34.5
29.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "16 Trade and other receivables
2023 2022
\u00a3m \u00a3m
Trade receivables
1,287.3
1,266.0
Prepayments
84.4
87.9
Other receivables
206.8
203.5
1,578.5
1,557.4
The Group does not have any significant contract assets. The ageing of trade receivables at 31 December was:
2023
2022
Gross Provision Gross Provision
\u00a3m \u00a3m \u00a3m \u00a3m
Current
1,058.6
5.7
1,037.5
6.0
0\u201330 days overdue
186.1
2.6
174.1
2.3
31\u201390 days overdue
49.6
3.0
48.3
2.7
Over 90 days overdue
27.5
23.2
35.2
18.1
1,321.8
34.5
1,295.1
29.1
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:
2023 2022
\u00a3m \u00a3m
Beginning of year
29.1
27.4
Acquisitions
4.3
0.8
Disposal of business
\u2013
(0.6)
Charge
6.3
8.5
Released
(3.7)
(4.8)
Utilised
(1.0)
(4.3)
Currency translation
(0.5)
2.1
End of year
34.5
29.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "
17 Trade and other payables
Current
2023 2022
\u00a3m \u00a3m
Trade payables
1,290.1
1,440.9
Other tax and social security contributions
35.2
31.2
Other payables
249.6
245.3
Accruals and contract liabilities
496.7
532.0
2,071.6
2,249.4
Other payables includes \u00a332.3m (2022: \u00a342.0m) related to deferred consideration on acquisitions.
The Group\u2019s contract liabilities are limited to deferred income of \u00a37.1m (2022: \u00a310.4m). 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 \u00a3176.1m (2022: \u00a3117.2m) includes \u00a3143.3m (2022: \u00a397.9m) related to
deferred consideration on acquisitions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "17 Trade and other payables Current
2023 2022
\u00a3m \u00a3m
Trade payables
1,290.1
1,440.9
Other tax and social security contributions
35.2
31.2
Other payables
249.6
245.3
Accruals and contract liabilities
496.7
532.0
2,071.6
2,249.4
Other payables includes \u00a332.3m (2022: \u00a342.0m) related to deferred consideration on acquisitions. The Group\u2019s contract liabilities are limited to deferred income of \u00a37.1m (2022: \u00a310.4m). 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 \u00a3176.1m (2022: \u00a3117.2m) includes \u00a3143.3m (2022: \u00a397.9m) related to deferred consideration on acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "Current
2023 2022
\u00a3m \u00a3m
Trade payables
1,290.1
1,440.9
Other tax and social security contributions
35.2
31.2
Other payables
249.6
245.3
Accruals and contract liabilities
496.7
532.0
2,071.6
2,249.4
Other payables includes \u00a332.3m (2022: \u00a342.0m) related to deferred consideration on acquisitions. The Group\u2019s contract liabilities are limited to deferred income of \u00a37.1m (2022: \u00a310.4m). This arises from contracts with customers in the form of consideration that has been received in advance of the satisfaction of performance obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "Non-current Other payables greater than one year of \u00a3176.1m (2022: \u00a3117.2m) includes \u00a3143.3m (2022: \u00a397.9m) related to deferred consideration on acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "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 in Note 3) as well as the level of
total shareholders\u2019 equity and sets the amount of dividends paid to ordinary shareholders.
The principal financial 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 2023 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 US private placement notes (\u2018USPPs\u2019) 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, the principle financial covenants were removed from the Group\u2019s
committed bank facilities in 2022.
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 179. 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 2023 in relation to the interest rate swaps or the forward currency contracts. 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 2023, \u00a3365m of bank facilities were signed with maturities between 2026 to 2028. The Group expects to sign and extend bank facilities during 2024. During the year, the Group\u2019s USD interest rate swaps and committed USD bank facility, which previously referenced the discontinued USD LIBOR, have been renegotiated to reference SOFR, the new USD benchmark. This has not had an impact on the financial results for the year ended 31 December 2023 .
Loans, borrowings and net debt
2023 2022
\u00a3m \u00a3m
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(129.9)
(161.0)
Borrowings due within one year
(1,004.2)
(986.9)
US private placement notes
(795.2)
(975.7)
Senior bonds
(621.9)
(598.3)
Borrowings due after one year
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
Cash and cash equivalents
1,426.1
1,504.0
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29.
The total available committed funding at 31 December 2023 was \u00a32,470.0m (2022: \u00a32,790.0m).
The committed funding maturity profile at 31 December 2023 is set out in the chart below:
Committed funding maturity profile by year (\u00a3m)
0
100
200
300
400
500
600
2024 2025 2026 2027 2028 2029 2030 2031 2032
130
180
50
172
300
124
138
100
330
39
106 106
103
55
400
137
US private placement notes Bank facilities \u2013 drawn
Senior bonds Bank facilities \u2013 undrawn
The undrawn committed bank facilities available at 31 December were as follows:
2023 2022
\u00a3m \u00a3m
Expiring within one year
179.8
84.1
Expiring after one year but within two years
50.0
205.4
Expiring after two years
622.8
674.1
852.6
963.6
In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility.
As at 31 December 2023 there were no loans secured by fixed charges on property (2022: none).
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 SOFR 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.
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(874.2)
(874.2)
Bank loans
(0.1)
(0.1)
US private placement notes
(1,068.8)
(163.4)
(199.6)
(357.2)
(348.6)
Senior bonds
(755.6)
(12.8)
(312.8)
(18.0)
(412.0)
Lease payments
(788.1)
(180.5)
(159.4)
(318.4)
(129.8)
Trade and other payables
(2,205.4)
(2,029.3)
(63.6)
(102.8)
(9.7)
(5,692.2)
(3,260.3)
(735.4)
(796.4)
(900.1)
Derivative financial instruments
Net settled:
Interest rate swaps
(151.9)
(22.8)
(22.8)
(65.9)
(40.4)
Gross settled:
Foreign exchange inflows
2,539.0
2,539.0
\u2013
Foreign exchange outflows
(2,549.2)
(2,549.2)
\u2013
(162.1)
(33.0)
(22.8)
(65.9)
(40.4)
Total
(5,854.3)
(3,293.3)
(758.2)
(862.3)
(940.5)
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \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)
\u2013
\u2013
(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)
(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 \u00a3925.1m (2022: \u00a31,136.7m), there are US dollar denominated amounts totalling \u00a390.6m
(2022: \u00a394.6m), with maturities ranging from 2026 to 2028, which have been swapped to floating rates using
interest rate swaps which reprice daily. Of the senior bonds of \u00a3621.9m (2022: \u00a3598.3m), an amount totalling
\u00a3322.4m (2022: \u00a3299.2m), with a maturity of 2030, has been swapped to floating rates using interest rate
swaps which reprice daily.
The US private placement notes of \u00a3925.1m include a fair value adjustment of \u00a312.4m (2022: \u00a316.6m) 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 2023 was a credit to the income statement of
\u00a34.2m (2022: \u00a34.2m).
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
2023 2022
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Total fixed rate debt
(1,547.0)
(1,735.0)
Interest rate swaps (fixed leg)
413.0
393.8
Fixed rate liability
(1,134.0)
(1,341.2)
Floating rate debt
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
Total floating rate debt
(874.3)
(825.9)
Interest rate swaps (floating leg)
(413.0)
(393.8)
Floating rate liability
(1,287.3)
(1,219.7)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
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:
2023
2022
Interest rate swaps
Net carrying amount liability (\u00a3m)
(78.7)
(100.5)
Notional amount (\u00a3m)
494.5
500.0
Maturity date range
2026\u20132030 2026\u20132030
Hedge ratio
1:1
1:1
Fair value (loss)/gain on US private placement notes and senior bond in a hedge
relationship (\u00a3m)
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship (\u00a3m)
21.8
(79.2)
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 tax
Impact on equity
+1% \u20131% +1% \u20131%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.2
(0.1)
0.2
(0.1)
2022
1.5
(1.4)
1.5
(1.4)
(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
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.20
Euro
1.15
1.17
1.15
1.13
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 2023, all foreign exchange cash flow hedges were effective with a cumulative pre-tax loss of \u00a32.5m (2022: cumulative pre-tax loss of \u00a31.2m) recognised in equity at the end of the year and this will affect the income statement during 2024. Effects of hedge accounting on the financial position and performance
2023
2022
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount liability (\u00a3m)
(2.5)
(1.2)
Notional amount at 31 December (\u00a3m)
135.3
169.0
Maturity date range
2024 2023\u20132024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
1.3
1.7
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
(1.3)
(1.7)
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:
2023 2022
\u00a3m \u00a3m
US dollar
438.6
475.9
Sterling
91.8
48.9
Euro
573.9
551.6
Other
(18.8)
83.7
1,085.5
1,160.1
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 2023, a movement of one cent in the US dollar and euro average exchange
rates would have changed profit before income tax by \u00a33.0m and \u00a31.0m respectively (2022: \u00a32.7m and
\u00a30.9m) and adjusted profit before income tax by \u00a33.4m and \u00a31.5m respectively (2022: \u00a33.2m 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 tax
Impact on equity
+10% \u201310% +10% \u201310%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.4
(0.5)
(228.8)
308.2
2022
0.2
(0.2)
(211.1)
277.9
(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 179) 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 (2022: none).
(e) Financial instruments
Financial assets and liabilities
2023 2022
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,377.1
1,504.0
Trade and other receivables
1,494.1
1,469.5
Financial assets held at fair value
Money market funds
49.0
\u2013
Foreign exchange derivatives in cash flow hedges
0.3
1.5
Foreign exchange derivatives in net investment hedges
9.8
8.3
Other foreign exchange and interest rate derivatives
1.7
9.2
Total financial assets
2,932.0
2,992.5
Financial liabilities held at amortised cost
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Lease liabilities
(664.5)
(569.9)
Trade and other payables
(2,043.8)
(2,193.3)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(78.7)
(100.5)
Foreign exchange derivatives in cash flow hedges
(2.8)
(2.7)
Foreign exchange derivatives in net investment hedges
(16.6)
(5.7)
Other foreign exchange derivatives
(6.3)
(9.9)
Other payables
(161.6)
(131.7)
Total financial liabilities
(5,395.6)
(5,574.6)
Financial assets and liabilities stated as being measured at fair value in the tables above (including all
derivative financial instruments), with the exception of money market funds and 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. Money market funds have a fair value which is a level one fair value measurement, as this is
determined by utilising unadjusted quoted prices in active markets as at the balance sheet date. 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 \u00a33.4m (2022: \u00a32.5m) and 1%
decrease in the expected profitability would result in a decrease of \u00a33.4m (2022: 3.0m).
There were no transfers between levels for recurring fair value measurements during the year.
As at 31 December 2023 the fair values, based on unadjusted market data, of the US private placement
notes was \u00a3875.9m (2022: \u00a31,063.4m) and of the senior bonds was \u00a3615.8m (2022: \u00a3572.7m).
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.
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.
Gross Net amounts Amounts
amounts recognised not offset
offset in in the in the
Gross the balance balance balance Net
amounts sheet sheet sheet amounts
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
2022
Derivative financial assets
19.0
\u2013
19.0
(10.9)
8.1
Derivative financial liabilities
(118.8)
\u2013
(118.8)
10.9
(107.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "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 in Note 3) as well as the level of total shareholders\u2019 equity and sets the amount of dividends paid to ordinary shareholders. The principal financial 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 2023 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 US private placement notes (\u2018USPPs\u2019) 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, the principle financial covenants were removed from the Group\u2019s committed bank facilities in 2022. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "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 in Note 3) as well as the level of total shareholders\u2019 equity and sets the amount of dividends paid to ordinary shareholders. The principal financial 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 2023 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 US private placement notes (\u2018USPPs\u2019) 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, the principle financial covenants were removed from the Group\u2019s committed bank facilities in 2022. 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 179. 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 2023 in relation to the interest rate swaps or the forward currency contracts. 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 2023, \u00a3365m of bank facilities were signed with maturities between 2026 to 2028. The Group expects to sign and extend bank facilities during 2024. During the year, the Group\u2019s USD interest rate swaps and committed USD bank facility, which previously referenced the discontinued USD LIBOR, have been renegotiated to reference SOFR, the new USD benchmark. This has not had an impact on the financial results for the year ended 31 December 2023 Loans, borrowings and net debt
2023 2022
\u00a3m \u00a3m
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(129.9)
(161.0)
Borrowings due within one year
(1,004.2)
(986.9)
US private placement notes
(795.2)
(975.7)
Senior bonds
(621.9)
(598.3)
Borrowings due after one year
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
Cash and cash equivalents
1,426.1
1,504.0
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2023 was \u00a32,470.0m (2022: \u00a32,790.0m). The committed funding maturity profile at 31 December 2023 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 2024 2025 2026 2027 2028 2029 2030 2031 2032 130 180 50 172 300 124 138 100 330 39 106 106 103 55 400 137 US private placement notes Bank facilities \u2013 drawn Senior bonds Bank facilities \u2013 undrawn The undrawn committed bank facilities available at 31 December were as follows:
2023 2022
\u00a3m \u00a3m
Expiring within one year
179.8
84.1
Expiring after one year but within two years
50.0
205.4
Expiring after two years
622.8
674.1
852.6
963.6
In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility. As at 31 December 2023 there were no loans secured by fixed charges on property (2022: none). 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 SOFR 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.
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(874.2)
(874.2)
Bank loans
(0.1)
(0.1)
US private placement notes
(1,068.8)
(163.4)
(199.6)
(357.2)
(348.6)
Senior bonds
(755.6)
(12.8)
(312.8)
(18.0)
(412.0)
Lease payments
(788.1)
(180.5)
(159.4)
(318.4)
(129.8)
Trade and other payables
(2,205.4)
(2,029.3)
(63.6)
(102.8)
(9.7)
(5,692.2)
(3,260.3)
(735.4)
(796.4)
(900.1)
Derivative financial instruments
Net settled:
Interest rate swaps
(151.9)
(22.8)
(22.8)
(65.9)
(40.4)
Gross settled:
Foreign exchange inflows
2,539.0
2,539.0
\u2013
Foreign exchange outflows
(2,549.2)
(2,549.2)
\u2013
(162.1)
(33.0)
(22.8)
(65.9)
(40.4)
Total
(5,854.3)
(3,293.3)
(758.2)
(862.3)
(940.5)
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \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)
\u2013
\u2013
(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)
(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 \u00a3925.1m (2022: \u00a31,136.7m), there are US dollar denominated amounts totalling \u00a390.6m (2022: \u00a394.6m), with maturities ranging from 2026 to 2028, which have been swapped to floating rates using interest rate swaps which reprice daily. Of the senior bonds of \u00a3621.9m (2022: \u00a3598.3m), an amount totalling \u00a3322.4m (2022: \u00a3299.2m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3925.1m include a fair value adjustment of \u00a312.4m (2022: \u00a316.6m) 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 2023 was a credit to the income statement of \u00a34.2m (2022: \u00a34.2m). 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
2023 2022
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Total fixed rate debt
(1,547.0)
(1,735.0)
Interest rate swaps (fixed leg)
413.0
393.8
Fixed rate liability
(1,134.0)
(1,341.2)
Floating rate debt
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
Total floating rate debt
(874.3)
(825.9)
Interest rate swaps (floating leg)
(413.0)
(393.8)
Floating rate liability
(1,287.3)
(1,219.7)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
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:
2023
2022
Interest rate swaps
Net carrying amount liability (\u00a3m)
(78.7)
(100.5)
Notional amount (\u00a3m)
494.5
500.0
Maturity date range
2026\u20132030 2026\u20132030
Hedge ratio
1:1
1:1
Fair value (loss)/gain on US private placement notes and senior bond in a hedge
relationship (\u00a3m)
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship (\u00a3m)
21.8
(79.2)
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 tax
Impact on equity
+1% \u20131% +1% \u20131%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.2
(0.1)
0.2
(0.1)
2022
1.5
(1.4)
1.5
(1.4)
(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
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.20
Euro
1.15
1.17
1.15
1.13
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 2023, all foreign exchange cash flow hedges were effective with a cumulative pre-tax loss of \u00a32.5m (2022: cumulative pre-tax loss of \u00a31.2m) recognised in equity at the end of the year and this will affect the income statement during 2024. Effects of hedge accounting on the financial position and performance
2023
2022
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount liability (\u00a3m)
(2.5)
(1.2)
Notional amount at 31 December (\u00a3m)
135.3
169.0
Maturity date range
2024 2023\u20132024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
1.3
1.7
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
(1.3)
(1.7)
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:
2023 2022
\u00a3m \u00a3m
US dollar
438.6
475.9
Sterling
91.8
48.9
Euro
573.9
551.6
Other
(18.8)
83.7
1,085.5
1,160.1
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 2023, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a33.0m and \u00a31.0m respectively (2022: \u00a32.7m and \u00a30.9m) and adjusted profit before income tax by \u00a33.4m and \u00a31.5m respectively (2022: \u00a33.2m 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 tax
Impact on equity
+10% \u201310% +10% \u201310%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.4
(0.5)
(228.8)
308.2
2022
0.2
(0.2)
(211.1)
277.9
(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 179) 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 (2022: none). (e) Financial instruments Financial assets and liabilities
2023 2022
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,377.1
1,504.0
Trade and other receivables
1,494.1
1,469.5
Financial assets held at fair value
Money market funds
49.0
\u2013
Foreign exchange derivatives in cash flow hedges
0.3
1.5
Foreign exchange derivatives in net investment hedges
9.8
8.3
Other foreign exchange and interest rate derivatives
1.7
9.2
Total financial assets
2,932.0
2,992.5
Financial liabilities held at amortised cost
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Lease liabilities
(664.5)
(569.9)
Trade and other payables
(2,043.8)
(2,193.3)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(78.7)
(100.5)
Foreign exchange derivatives in cash flow hedges
(2.8)
(2.7)
Foreign exchange derivatives in net investment hedges
(16.6)
(5.7)
Other foreign exchange derivatives
(6.3)
(9.9)
Other payables
(161.6)
(131.7)
Total financial liabilities
(5,395.6)
(5,574.6)
Financial assets and liabilities stated as being measured at fair value in the tables above (including all derivative financial instruments), with the exception of money market funds and 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. Money market funds have a fair value which is a level one fair value measurement, as this is determined by utilising unadjusted quoted prices in active markets as at the balance sheet date. 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 \u00a33.4m (2022: \u00a32.5m) and 1% decrease in the expected profitability would result in a decrease of \u00a33.4m (2022: 3.0m). There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2023 the fair values, based on unadjusted market data, of the US private placement notes was \u00a3875.9m (2022: \u00a31,063.4m) and of the senior bonds was \u00a3615.8m (2022: \u00a3572.7m). 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. 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.
Gross Net amounts Amounts
amounts recognised not offset
offset in in the in the
Gross the balance balance balance Net
amounts sheet sheet sheet amounts
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
2022
Derivative financial assets
19.0
\u2013
19.0
(10.9)
8.1
Derivative financial liabilities
(118.8)
\u2013
(118.8)
10.9
(107.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "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. 21 Share capital and share based payments
2023 2022
\u00a3m \u00a3m
Issued and fully paid ordinary shares of 32
1
\u2044
7
p each
108.6
108.5
Number of ordinary shares in issue and fully paid 2023
2022
Beginning of year
337,667,846
337,398,796
Issued \u2013 option exercises
353,231
269,050
End of year
338,021,077
337,667,846
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 (2022: \u00a3500) per month (or the equivalent value in other currencies under the Bunzl plc International Sharesave Plan) or \u20ac500 per month under the Bunzl Irish Sharesave Plan (the last grant under the Bunzl Irish Sharesave Plan was in 2021). Long Term Incentive Plan 2004 (\u20182004 LTIP\u2019) and 2014 (\u20182014 LTIP\u2019) The 2004 LTIP was approved by shareholders at the 2004 AGM and expired in May 2014. No further share options or performance share awards have been granted under the 2004 LTIP since that date and there are no 2004 LTIP options outstanding. The 2014 LTIP was approved by shareholders at the 2014 AGM and replaced the 2004 LTIP. The operation of the LTIP is overseen by the Remuneration Committee of the Board and is divided into two parts, being Part A and Part B. Part A of the 2014 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 meeting certain specified targets. Part B of the 2014 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 meeting certain specified targets. 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 LTIP 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 2023 the trust held 2,223,988 (2022: 2,298,301) shares, upon which dividends have been waived, with an aggregate nominal value of \u00a30.7m (2022: \u00a30.7m) and market value of \u00a370.9m (2022: \u00a363.4m). 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:
2023
2022
Grant date
01.03.23\u201313.09.23
01.03.22\u201314.09.22
Share price at grant date (\u00a3)
28.04\u201330.60
28.10\u201331.03
Exercise price (\u00a3)
nil\u201328.05
nil\u201328.97
Number of options granted during the year (shares)
2,329,854
2,226,096
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\u20136.5
3.0\u20135.9
Risk free rate of return (%)
3.1\u20133.6
0.8\u20131.7
Expected dividends expressed as a dividend yield (%)
0.0\u20132.1
0.0\u20131.9
Fair value per option (\u00a3)
6.08\u201325.28
4.77\u201326.38
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 \u00a330.45 (2022: \u00a329.53). The total charge for the year relating to share based payments was \u00a315.4m (2022: \u00a314.1m). After tax the total charge was \u00a311.7m (2022: \u00a312.4m). Details of share options and awards which have been granted and exercised, those which have lapsed during 2023 and those outstanding and available to exercise at 31 December 2023, whether over new issue or market purchase shares, or cash-settled, 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:
Grants/ Options Options
Options
awards
Exercises
outstanding available
outstanding
Lapses
*
to exercise
at 01.01.23
2023
2023
2023
at 31.12 .23
at 31.12.23
Price Price Price
Number
Number
(\u00a3)
Number
(\u00a3)
Number
Number
(\u00a3)
Number
15.28\u2013
Sharesave Scheme
623,480
205,387
23.43
195,628
15.28\u201323.43
75,741
557,498
23.43
2,809
International 17.81\u2013
Sharesave Plan
246,734
76,701
23.43
69,487
15.28
19,377
234,571
23.43
\u2013
Irish Sharesave Plan
19,149
\u2013
\u2013
7,0 67
15.28
483
11,599
17.81
\u2013
2004
LTIP Part A
92,600
\u2013
\u2013
92,600
13.56\u201313.75
\u2013
\u2013
\u2013
\u2013
16.38\u2013
2014
LTIP Part A
9,357,989
1,792,961
28.05
2 ,125,
89 4
16.41\u2013 28.97
211,891
8,813,165
28.97
4,058,086
2014
LTIP Part B
1,213,424
254,805
nil
341,281
nil
38,785
1,088,163
nil
150,802
11,553,376
2,329,854
2,831,957
346,277
10,704,996
4,
211,697
* Share option lapses relate to those which have either been forfeited or have expired during the year. For the options outstanding at 31 December 2023, the weighted average fair values and the weighted average remaining contractual lives (being the time period from 31 December 2023 until the lapse date of each share option) are set out below:
Weighted average
Weighted average remaining
fair value of options contractual life
outstanding (\u00a3) (years)
Sharesave Scheme
6.86
1.96
International Sharesave Plan
7.02
1.74
Irish Sharesave Plan
5.18
0.84
2014
LTIP Part A
4.05
6.57
2014
LTIP Part B
22.04
3.89
The outstanding share options and performance share awards are exercisable at various dates up to September 2033.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "
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 179.
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 2023 in relation to the interest rate swaps or the forward
currency contracts.
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 2023, \u00a3365m of bank facilities were signed
with maturities between 2026 to 2028. The Group expects to sign and extend bank facilities during 2024.
During the year, the Group\u2019s USD interest rate swaps and committed USD bank facility, which previously
referenced the discontinued USD LIBOR, have been renegotiated to reference SOFR, the new USD
benchmark. This has not had an impact on the financial results for the year ended 31 December 2023 .
Loans, borrowings and net debt
2023 2022
\u00a3m \u00a3m
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(129.9)
(161.0)
Borrowings due within one year
(1,004.2)
(986.9)
US private placement notes
(795.2)
(975.7)
Senior bonds
(621.9)
(598.3)
Borrowings due after one year
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
Cash and cash equivalents
1,426.1
1,504.0
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2023 was \u00a32,470.0m (2022: \u00a32,790.0m). The committed funding maturity profile at 31 December 2023 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 2024 2025 2026 2027 2028 2029 2030 2031 2032 130 180 50 172 300 124 138 100 330 39 106 106 103 55 400 137 US private placement notes Bank facilities \u2013 drawn Senior bonds Bank facilities \u2013 undrawn The undrawn committed bank facilities available at 31 December were as follows:
2023 2022
\u00a3m \u00a3m
Expiring within one year
179.8
84.1
Expiring after one year but within two years
50.0
205.4
Expiring after two years
622.8
674.1
852.6
963.6
In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility. As at 31 December 2023 there were no loans secured by fixed charges on property (2022: none). 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 SOFR 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.
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(874.2)
(874.2)
Bank loans
(0.1)
(0.1)
US private placement notes
(1,068.8)
(163.4)
(199.6)
(357.2)
(348.6)
Senior bonds
(755.6)
(12.8)
(312.8)
(18.0)
(412.0)
Lease payments
(788.1)
(180.5)
(159.4)
(318.4)
(129.8)
Trade and other payables
(2,205.4)
(2,029.3)
(63.6)
(102.8)
(9.7)
(5,692.2)
(3,260.3)
(735.4)
(796.4)
(900.1)
Derivative financial instruments
Net settled:
Interest rate swaps
(151.9)
(22.8)
(22.8)
(65.9)
(40.4)
Gross settled:
Foreign exchange inflows
2,539.0
2,539.0
\u2013
Foreign exchange outflows
(2,549.2)
(2,549.2)
\u2013
(162.1)
(33.0)
(22.8)
(65.9)
(40.4)
Total
(5,854.3)
(3,293.3)
(758.2)
(862.3)
(940.5)
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \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)
\u2013
\u2013
(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)
(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 \u00a3925.1m (2022: \u00a31,136.7m), there are US dollar denominated amounts totalling \u00a390.6m (2022: \u00a394.6m), with maturities ranging from 2026 to 2028, which have been swapped to floating rates using interest rate swaps which reprice daily. Of the senior bonds of \u00a3621.9m (2022: \u00a3598.3m), an amount totalling \u00a3322.4m (2022: \u00a3299.2m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3925.1m include a fair value adjustment of \u00a312.4m (2022: \u00a316.6m) 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 2023 was a credit to the income statement of \u00a34.2m (2022: \u00a34.2m). 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
2023 2022
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Total fixed rate debt
(1,547.0)
(1,735.0)
Interest rate swaps (fixed leg)
413.0
393.8
Fixed rate liability
(1,134.0)
(1,341.2)
Floating rate debt
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
Total floating rate debt
(874.3)
(825.9)
Interest rate swaps (floating leg)
(413.0)
(393.8)
Floating rate liability
(1,287.3)
(1,219.7)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
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:
2023
2022
Interest rate swaps
Net carrying amount liability (\u00a3m)
(78.7)
(100.5)
Notional amount (\u00a3m)
494.5
500.0
Maturity date range
2026\u20132030 2026\u20132030
Hedge ratio
1:1
1:1
Fair value (loss)/gain on US private placement notes and senior bond in a hedge
relationship (\u00a3m)
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship (\u00a3m)
21.8
(79.2)
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 tax
Impact on equity
+1% \u20131% +1% \u20131%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.2
(0.1)
0.2
(0.1)
2022
1.5
(1.4)
1.5
(1.4)
(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
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.20
Euro
1.15
1.17
1.15
1.13
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 2023, all foreign exchange cash flow hedges were effective with a
cumulative pre-tax loss of \u00a32.5m (2022: cumulative pre-tax loss of \u00a31.2m) recognised in equity at the end
of the year and this will affect the income statement during 2024.
Effects of hedge accounting on the financial position and performance
2023
2022
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount liability (\u00a3m)
(2.5)
(1.2)
Notional amount at 31 December (\u00a3m)
135.3
169.0
Maturity date range
2024 2023\u20132024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
1.3
1.7
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
(1.3)
(1.7)
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:
2023 2022
\u00a3m \u00a3m
US dollar
438.6
475.9
Sterling
91.8
48.9
Euro
573.9
551.6
Other
(18.8)
83.7
1,085.5
1,160.1
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 2023, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a33.0m and \u00a31.0m respectively (2022: \u00a32.7m and \u00a30.9m) and adjusted profit before income tax by \u00a33.4m and \u00a31.5m respectively (2022: \u00a33.2m 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 tax
Impact on equity
+10% \u201310% +10% \u201310%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.4
(0.5)
(228.8)
308.2
2022
0.2
(0.2)
(211.1)
277.9
(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 179) 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 (2022: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "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 179. 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 2023 in relation to the interest rate swaps or the forward currency contracts. 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 2023, \u00a3365m of bank facilities were signed with maturities between 2026 to 2028. The Group expects to sign and extend bank facilities during 2024. During the year, the Group\u2019s USD interest rate swaps and committed USD bank facility, which previously referenced the discontinued USD LIBOR, have been renegotiated to reference SOFR, the new USD benchmark. This has not had an impact on the financial results for the year ended 31 December 2023 . Loans, borrowings and net debt
2023 2022
\u00a3m \u00a3m
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(129.9)
(161.0)
Borrowings due within one year
(1,004.2)
(986.9)
US private placement notes
(795.2)
(975.7)
Senior bonds
(621.9)
(598.3)
Borrowings due after one year
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
Cash and cash equivalents
1,426.1
1,504.0
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2023 was \u00a32,470.0m (2022: \u00a32,790.0m). The committed funding maturity profile at 31 December 2023 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 2024 2025 2026 2027 2028 2029 2030 2031 2032 130 180 50 172 300 124 138 100 330 39 106 106 103 55 400 137 US private placement notes Bank facilities \u2013 drawn Senior bonds Bank facilities \u2013 undrawn The undrawn committed bank facilities available at 31 December were as follows:
2023 2022
\u00a3m \u00a3m
Expiring within one year
179.8
84.1
Expiring after one year but within two years
50.0
205.4
Expiring after two years
622.8
674.1
852.6
963.6
In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility. As at 31 December 2023 there were no loans secured by fixed charges on property (2022: none). 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 SOFR 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.
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(874.2)
(874.2)
Bank loans
(0.1)
(0.1)
US private placement notes
(1,068.8)
(163.4)
(199.6)
(357.2)
(348.6)
Senior bonds
(755.6)
(12.8)
(312.8)
(18.0)
(412.0)
Lease payments
(788.1)
(180.5)
(159.4)
(318.4)
(129.8)
Trade and other payables
(2,205.4)
(2,029.3)
(63.6)
(102.8)
(9.7)
(5,692.2)
(3,260.3)
(735.4)
(796.4)
(900.1)
Derivative financial instruments
Net settled:
Interest rate swaps
(151.9)
(22.8)
(22.8)
(65.9)
(40.4)
Gross settled:
Foreign exchange inflows
2,539.0
2,539.0
\u2013
Foreign exchange outflows
(2,549.2)
(2,549.2)
\u2013
(162.1)
(33.0)
(22.8)
(65.9)
(40.4)
Total
(5,854.3)
(3,293.3)
(758.2)
(862.3)
(940.5)
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \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)
\u2013
\u2013
(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)
(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 \u00a3925.1m (2022: \u00a31,136.7m), there are US dollar denominated amounts totalling \u00a390.6m (2022: \u00a394.6m), with maturities ranging from 2026 to 2028, which have been swapped to floating rates using interest rate swaps which reprice daily. Of the senior bonds of \u00a3621.9m (2022: \u00a3598.3m), an amount totalling \u00a3322.4m (2022: \u00a3299.2m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3925.1m include a fair value adjustment of \u00a312.4m (2022: \u00a316.6m) 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 2023 was a credit to the income statement of \u00a34.2m (2022: \u00a34.2m). 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
2023 2022
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Total fixed rate debt
(1,547.0)
(1,735.0)
Interest rate swaps (fixed leg)
413.0
393.8
Fixed rate liability
(1,134.0)
(1,341.2)
Floating rate debt
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
Total floating rate debt
(874.3)
(825.9)
Interest rate swaps (floating leg)
(413.0)
(393.8)
Floating rate liability
(1,287.3)
(1,219.7)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
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:
2023
2022
Interest rate swaps
Net carrying amount liability (\u00a3m)
(78.7)
(100.5)
Notional amount (\u00a3m)
494.5
500.0
Maturity date range
2026\u20132030 2026\u20132030
Hedge ratio
1:1
1:1
Fair value (loss)/gain on US private placement notes and senior bond in a hedge
relationship (\u00a3m)
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship (\u00a3m)
21.8
(79.2)
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 tax
Impact on equity
+1% \u20131% +1% \u20131%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.2
(0.1)
0.2
(0.1)
2022
1.5
(1.4)
1.5
(1.4)
(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
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.20
Euro
1.15
1.17
1.15
1.13
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 2023, all foreign exchange cash flow hedges were effective with a cumulative pre-tax loss of \u00a32.5m (2022: cumulative pre-tax loss of \u00a31.2m) recognised in equity at the end of the year and this will affect the income statement during 2024. Effects of hedge accounting on the financial position and performance
2023
2022
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount liability (\u00a3m)
(2.5)
(1.2)
Notional amount at 31 December (\u00a3m)
135.3
169.0
Maturity date range
2024 2023\u20132024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
1.3
1.7
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
(1.3)
(1.7)
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:
2023 2022
\u00a3m \u00a3m
US dollar
438.6
475.9
Sterling
91.8
48.9
Euro
573.9
551.6
Other
(18.8)
83.7
1,085.5
1,160.1
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 2023, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a33.0m and \u00a31.0m respectively (2022: \u00a32.7m and \u00a30.9m) and adjusted profit before income tax by \u00a33.4m and \u00a31.5m respectively (2022: \u00a33.2m 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 tax
Impact on equity
+10% \u201310% +10% \u201310%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.4
(0.5)
(228.8)
308.2
2022
0.2
(0.2)
(211.1)
277.9
(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 179) 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 (2022: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "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 2023, \u00a3365m of bank facilities were signed with maturities between 2026 to 2028. The Group expects to sign and extend bank facilities during 2024. During the year, the Group\u2019s USD interest rate swaps and committed USD bank facility, which previously referenced the discontinued USD LIBOR, have been renegotiated to reference SOFR, the new USD benchmark. This has not had an impact on the financial results for the year ended 31 December 2023 . Loans, borrowings and net debt
2023 2022
\u00a3m \u00a3m
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(129.9)
(161.0)
Borrowings due within one year
(1,004.2)
(986.9)
US private placement notes
(795.2)
(975.7)
Senior bonds
(621.9)
(598.3)
Borrowings due after one year
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
Cash and cash equivalents
1,426.1
1,504.0
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2023 was \u00a32,470.0m (2022: \u00a32,790.0m). The committed funding maturity profile at 31 December 2023 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 2024 2025 2026 2027 2028 2029 2030 2031 2032 130 180 50 172 300 124 138 100 330 39 106 106 103 55 400 137 US private placement notes Bank facilities \u2013 drawn Senior bonds Bank facilities \u2013 undrawn The undrawn committed bank facilities available at 31 December were as follows:
2023 2022
\u00a3m \u00a3m
Expiring within one year
179.8
84.1
Expiring after one year but within two years
50.0
205.4
Expiring after two years
622.8
674.1
852.6
963.6
In addition, the Group maintains overdraft and uncommitted facilities to provide short term flexibility. As at 31 December 2023 there were no loans secured by fixed charges on property (2022: none). 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 SOFR 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.
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(874.2)
(874.2)
Bank loans
(0.1)
(0.1)
US private placement notes
(1,068.8)
(163.4)
(199.6)
(357.2)
(348.6)
Senior bonds
(755.6)
(12.8)
(312.8)
(18.0)
(412.0)
Lease payments
(788.1)
(180.5)
(159.4)
(318.4)
(129.8)
Trade and other payables
(2,205.4)
(2,029.3)
(63.6)
(102.8)
(9.7)
(5,692.2)
(3,260.3)
(735.4)
(796.4)
(900.1)
Derivative financial instruments
Net settled:
Interest rate swaps
(151.9)
(22.8)
(22.8)
(65.9)
(40.4)
Gross settled:
Foreign exchange inflows
2,539.0
2,539.0
\u2013
Foreign exchange outflows
(2,549.2)
(2,549.2)
\u2013
(162.1)
(33.0)
(22.8)
(65.9)
(40.4)
Total
(5,854.3)
(3,293.3)
(758.2)
(862.3)
(940.5)
Contractual cash (outflows)/inflows
After After
Total one year two years
contractual Within one but within but within After
cash flows year two years five years five years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \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)
\u2013
\u2013
(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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "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 \u00a3925.1m (2022: \u00a31,136.7m), there are US dollar denominated amounts totalling \u00a390.6m (2022: \u00a394.6m), with maturities ranging from 2026 to 2028, which have been swapped to floating rates using interest rate swaps which reprice daily. Of the senior bonds of \u00a3621.9m (2022: \u00a3598.3m), an amount totalling \u00a3322.4m (2022: \u00a3299.2m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3925.1m include a fair value adjustment of \u00a312.4m (2022: \u00a316.6m) 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 2023 was a credit to the income statement of \u00a34.2m (2022: \u00a34.2m). 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
2023 2022
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Total fixed rate debt
(1,547.0)
(1,735.0)
Interest rate swaps (fixed leg)
413.0
393.8
Fixed rate liability
(1,134.0)
(1,341.2)
Floating rate debt
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
Total floating rate debt
(874.3)
(825.9)
Interest rate swaps (floating leg)
(413.0)
(393.8)
Floating rate liability
(1,287.3)
(1,219.7)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Gross debt
(2,511.6)
(2,664.1)
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:
2023
2022
Interest rate swaps
Net carrying amount liability (\u00a3m)
(78.7)
(100.5)
Notional amount (\u00a3m)
494.5
500.0
Maturity date range
2026\u20132030 2026\u20132030
Hedge ratio
1:1
1:1
Fair value (loss)/gain on US private placement notes and senior bond in a hedge
relationship (\u00a3m)
(24.4)
83.2
Fair value gain/(loss) on interest rate swaps in a hedge relationship (\u00a3m)
21.8
(79.2)
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 tax
Impact on equity
+1% \u20131% +1% \u20131%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.2
(0.1)
0.2
(0.1)
2022
1.5
(1.4)
1.5
(1.4)
(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
2023
2022
2023
2022
US dollar
1.24
1.24
1.27
1.20
Euro
1.15
1.17
1.15
1.13
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 2023, all foreign exchange cash flow hedges were effective with a cumulative pre-tax loss of \u00a32.5m (2022: cumulative pre-tax loss of \u00a31.2m) recognised in equity at the end of the year and this will affect the income statement during 2024. Effects of hedge accounting on the financial position and performance
2023
2022
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount liability (\u00a3m)
(2.5)
(1.2)
Notional amount at 31 December (\u00a3m)
135.3
169.0
Maturity date range
2024 2023\u20132024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
1.3
1.7
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
(1.3)
(1.7)
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:
2023 2022
\u00a3m \u00a3m
US dollar
438.6
475.9
Sterling
91.8
48.9
Euro
573.9
551.6
Other
(18.8)
83.7
1,085.5
1,160.1
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 2023, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a33.0m and \u00a31.0m respectively (2022: \u00a32.7m and \u00a30.9m) and adjusted profit before income tax by \u00a33.4m and \u00a31.5m respectively (2022: \u00a33.2m 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 tax
Impact on equity
+10% \u201310% +10% \u201310%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.4
(0.5)
(228.8)
308.2
2022
0.2
(0.2)
(211.1)
277.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "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 tax
Impact on equity
+1% \u20131% +1% \u20131%
\u00a3m \u00a3m \u00a3m \u00a3m
2023
0.2
(0.1)
0.2
(0.1)
2022
1.5
(1.4)
1.5
(1.4)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "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 179) 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 (2022: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "(e) Financial instruments Financial assets and liabilities
2023 2022
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,377.1
1,504.0
Trade and other receivables
1,494.1
1,469.5
Financial assets held at fair value
Money market funds
49.0
\u2013
Foreign exchange derivatives in cash flow hedges
0.3
1.5
Foreign exchange derivatives in net investment hedges
9.8
8.3
Other foreign exchange and interest rate derivatives
1.7
9.2
Total financial assets
2,932.0
2,992.5
Financial liabilities held at amortised cost
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Lease liabilities
(664.5)
(569.9)
Trade and other payables
(2,043.8)
(2,193.3)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(78.7)
(100.5)
Foreign exchange derivatives in cash flow hedges
(2.8)
(2.7)
Foreign exchange derivatives in net investment hedges
(16.6)
(5.7)
Other foreign exchange derivatives
(6.3)
(9.9)
Other payables
(161.6)
(131.7)
Total financial liabilities
(5,395.6)
(5,574.6)
Financial assets and liabilities stated as being measured at fair value in the tables above (including all derivative financial instruments), with the exception of money market funds and 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. Money market funds have a fair value which is a level one fair value measurement, as this is determined by utilising unadjusted quoted prices in active markets as at the balance sheet date. 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 \u00a33.4m (2022: \u00a32.5m) and 1% decrease in the expected profitability would result in a decrease of \u00a33.4m (2022: 3.0m). There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2023 the fair values, based on unadjusted market data, of the US private placement notes was \u00a3875.9m (2022: \u00a31,063.4m) and of the senior bonds was \u00a3615.8m (2022: \u00a3572.7m). 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "(e) Financial instruments Financial assets and liabilities
2023 2022
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,377.1
1,504.0
Trade and other receivables
1,494.1
1,469.5
Financial assets held at fair value
Money market funds
49.0
\u2013
Foreign exchange derivatives in cash flow hedges
0.3
1.5
Foreign exchange derivatives in net investment hedges
9.8
8.3
Other foreign exchange and interest rate derivatives
1.7
9.2
Total financial assets
2,932.0
2,992.5
Financial liabilities held at amortised cost
Bank overdrafts
(874.2)
(825.9)
Bank loans
(0.1)
\u2013
US private placement notes
(925.1)
(1,136.7)
Senior bonds
(621.9)
(598.3)
Lease liabilities
(664.5)
(569.9)
Trade and other payables
(2,043.8)
(2,193.3)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(78.7)
(100.5)
Foreign exchange derivatives in cash flow hedges
(2.8)
(2.7)
Foreign exchange derivatives in net investment hedges
(16.6)
(5.7)
Other foreign exchange derivatives
(6.3)
(9.9)
Other payables
(161.6)
(131.7)
Total financial liabilities
(5,395.6)
(5,574.6)
Financial assets and liabilities stated as being measured at fair value in the tables above (including all derivative financial instruments), with the exception of money market funds and 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. Money market funds have a fair value which is a level one fair value measurement, as this is determined by utilising unadjusted quoted prices in active markets as at the balance sheet date. 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 \u00a33.4m (2022: \u00a32.5m) and 1% decrease in the expected profitability would result in a decrease of \u00a33.4m (2022: 3.0m). There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2023 the fair values, based on unadjusted market data, of the US private placement notes was \u00a3875.9m (2022: \u00a31,063.4m) and of the senior bonds was \u00a3615.8m (2022: \u00a3572.7m). 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "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.
Gross Net amounts Amounts
amounts recognised not offset
offset in in the in the
Gross the balance balance balance Net
amounts sheet sheet sheet amounts
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
2022
Derivative financial assets
19.0
\u2013
19.0
(10.9)
8.1
Derivative financial liabilities
(118.8)
\u2013
(118.8)
10.9
(107.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "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.
Gross Net amounts Amounts
amounts recognised not offset
offset in in the in the
Gross the balance balance balance Net
amounts sheet sheet sheet amounts
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
2022
Derivative financial assets
19.0
\u2013
19.0
(10.9)
8.1
Derivative financial liabilities
(118.8)
\u2013
(118.8)
10.9
(107.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "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.
Gross Net amounts Amounts
amounts recognised not offset
offset in in the in the
Gross the balance balance balance Net
amounts sheet sheet sheet amounts
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
2022
Derivative financial assets
19.0
\u2013
19.0
(10.9)
8.1
Derivative financial liabilities
(118.8)
\u2013
(118.8)
10.9
(107.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "19 Provisions
2023 2022
\u00a3m \u00a3m
Current
10.0
24.2
Non-current
75.8
50.5
85.8
74.7
2023
2022
MEPP MEPP
Properties withdrawal Other Total Properties withdrawal Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year
25.3
13.8
35.6
74.7
25.2
12.3
27.3
64.8
Charge
2.6
\u2013
1.3
3.9
2.0
\u2013
12.5
14.5
Acquisitions
2.2
\u2013
24.0
26.2
1.4
\u2013
6.5
7.9
Disposal of business
\u2013
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
(1.3)
Utilised or released
(3.3)
(9.1)
(5.0)
(17.4)
(2.2)
\u2013
(13.7)
(15.9)
Currency translation
(0.4)
(0.5)
(0.7)
(1.6)
0.2
1.5
3.0
4.7
End of year
26.4
4.2
55.2
85.8
25.3
13.8
35.6
74.7
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, employment related disputes and indirect and payroll taxes. 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. There are no individually significant provisions included within the other category. \u2003", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "20 Deferred tax
2023
2022
Asset Liability Net Asset Liability Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.5
(11.5)
(11.0)
1.0
(11.6)
(10.6)
Defined benefit pension
schemes
5.4
(16.4)
(11.0)
5.2
(14.8)
(9.6)
Goodwill, customer relationships,
brands and technology
6.9
(232.5)
(225.6)
5.9
(226.2)
(220.3)
Share based payments
15.1
\u2013
15.1
11.7
\u2013
11.7
Leases
7.8
(0.2)
7.6
6.7
(0.1)
6.6
Provisions and accruals
51.6
(4.2)
47.4
42.6
(3.4)
39.2
Inventories
13.6
(21.8)
(8.2)
12.2
(21.6)
(9.4)
Other
14.7
(4.9)
9.8
8.6
(4.9)
3.7
Deferred tax asset/(liability)
115.6
(291.5)
(175.9)
93.9
(282.6)
(188.7)
Set-off of tax
(101.4)
101.4
\u2013
(89.9)
89.9
\u2013
Net deferred tax asset/(liability)
14.2
(190.1)
(175.9)
4.0
(192.7)
(188.7)
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 (2022: \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 \u00a311.9m (2022: \u00a38.6m). No deferred tax has been recognised in respect of unutilised capital losses of \u00a386.9m (2022: \u00a387.2m) 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:
2023 2022
\u00a3m \u00a3m
Beginning of year
188.7
148.2
Acquisitions
20.3
26.9
Credit to income statement
(19.7)
(3.3)
Recognised in other comprehensive income and equity
(1.2)
3.0
Reclassified (to)/from current tax
(4.1)
0.3
Currency translation
(8.1)
13.6
End of year
175.9
188.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "
21 Share capital and share based payments
2023 2022
\u00a3m \u00a3m
Issued and fully paid ordinary shares of 32
1
\u2044
7
p each
108.6
108.5
Number of ordinary shares in issue and fully paid 2023
2022
Beginning of year
337,667,846
337,398,796
Issued \u2013 option exercises
353,231
269,050
End of year
338,021,077
337,667,846
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 (2022: \u00a3500) per
month (or the equivalent value in other currencies under the Bunzl plc International Sharesave Plan) or
\u20ac500 per month under the Bunzl Irish Sharesave Plan (the last grant under the Bunzl Irish Sharesave
Plan was in 2021).
Long Term Incentive Plan 2004 (\u20182004 LTIP\u2019) and 2014 (\u20182014 LTIP\u2019)
The 2004 LTIP was approved by shareholders at the 2004 AGM and expired in May 2014. No further share
options or performance share awards have been granted under the 2004 LTIP since that date and there are
no 2004 LTIP options outstanding. The 2014 LTIP was approved by shareholders at the 2014 AGM and
replaced the 2004 LTIP. The operation of the LTIP is overseen by the Remuneration Committee of the Board
and is divided into two parts, being Part A and Part B.
Part A of the 2014 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
meeting certain specified targets.
Part B of the 2014 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 meeting certain specified targets. 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 LTIP 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 2023 the trust held 2,223,988 (2022: 2,298,301) shares, upon which dividends have been waived, with an aggregate nominal value of \u00a30.7m (2022: \u00a30.7m) and market value of \u00a370.9m (2022: \u00a363.4m). 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:
2023
2022
Grant date
01.03.23\u201313.09.23
01.03.22\u201314.09.22
Share price at grant date (\u00a3)
28.04\u201330.60
28.10\u201331.03
Exercise price (\u00a3)
nil\u201328.05
nil\u201328.97
Number of options granted during the year (shares)
2,329,854
2,226,096
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\u20136.5
3.0\u20135.9
Risk free rate of return (%)
3.1\u20133.6
0.8\u20131.7
Expected dividends expressed as a dividend yield (%)
0.0\u20132.1
0.0\u20131.9
Fair value per option (\u00a3)
6.08\u201325.28
4.77\u201326.38
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 \u00a330.45 (2022: \u00a329.53). The total charge for the year relating to share based payments was \u00a315.4m (2022: \u00a314.1m). After tax the total charge was \u00a311.7m (2022: \u00a312.4m). Details of share options and awards which have been granted and exercised, those which have lapsed during 2023 and those outstanding and available to exercise at 31 December 2023, whether over new issue or market purchase shares, or cash-settled, 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:
Grants/ Options Options
Options
awards
Exercises
outstanding available
outstanding
Lapses
*
to exercise
at 01.01.23
2023
2023
2023
at 31.12 .23
at 31.12.23
Price Price Price
Number
Number
(\u00a3)
Number
(\u00a3)
Number
Number
(\u00a3)
Number
15.28\u2013
Sharesave Scheme
623,480
205,387
23.43
195,628
15.28\u201323.43
75,741
557,498
23.43
2,809
International 17.81\u2013
Sharesave Plan
246,734
76,701
23.43
69,487
15.28
19,377
234,571
23.43
\u2013
Irish Sharesave Plan
19,149
\u2013
\u2013
7,0 67
15.28
483
11,599
17.81
\u2013
2004
LTIP Part A
92,600
\u2013
\u2013
92,600
13.56\u201313.75
\u2013
\u2013
\u2013
\u2013
16.38\u2013
2014
LTIP Part A
9,357,989
1,792,961
28.05
2 ,125,
89 4
16.41\u2013 28.97
211,891
8,813,165
28.97
4,058,086
2014
LTIP Part B
1,213,424
254,805
nil
341,281
nil
38,785
1,088,163
nil
150,802
11,553,376
2,329,854
2,831,957
346,277
10,704,996
4,
211,697
* Share option lapses relate to those which have either been forfeited or have expired during the year. For the options outstanding at 31 December 2023, the weighted average fair values and the weighted average remaining contractual lives (being the time period from 31 December 2023 until the lapse date of each share option) are set out below:
Weighted average
Weighted average remaining
fair value of options contractual life
outstanding (\u00a3) (years)
Sharesave Scheme
6.86
1.96
International Sharesave Plan
7.02
1.74
Irish Sharesave Plan
5.18
0.84
2014
LTIP Part A
4.05
6.57
2014
LTIP Part B
22.04
3.89
The outstanding share options and performance share awards are exercisable at various dates up to September 2033.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "21 Share capital and share based payments
2023 2022
\u00a3m \u00a3m
Issued and fully paid ordinary shares of 32
1
\u2044
7
p each
108.6
108.5
Number of ordinary shares in issue and fully paid 2023
2022
Beginning of year
337,667,846
337,398,796
Issued \u2013 option exercises
353,231
269,050
End of year
338,021,077
337,667,846
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 (2022: \u00a3500) per month (or the equivalent value in other currencies under the Bunzl plc International Sharesave Plan) or \u20ac500 per month under the Bunzl Irish Sharesave Plan (the last grant under the Bunzl Irish Sharesave Plan was in 2021). Long Term Incentive Plan 2004 (\u20182004 LTIP\u2019) and 2014 (\u20182014 LTIP\u2019) The 2004 LTIP was approved by shareholders at the 2004 AGM and expired in May 2014. No further share options or performance share awards have been granted under the 2004 LTIP since that date and there are no 2004 LTIP options outstanding. The 2014 LTIP was approved by shareholders at the 2014 AGM and replaced the 2004 LTIP. The operation of the LTIP is overseen by the Remuneration Committee of the Board and is divided into two parts, being Part A and Part B. Part A of the 2014 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 meeting certain specified targets.
Part B of the 2014 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 meeting certain specified targets. 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 LTIP 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 2023 the trust held 2,223,988
(2022: 2,298,301) shares, upon which dividends have been waived, with an aggregate nominal value of
\u00a30.7m (2022: \u00a30.7m) and market value of \u00a370.9m (2022: \u00a363.4m).
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:
2023
2022
Grant date
01.03.23\u201313.09.23
01.03.22\u201314.09.22
Share price at grant date (\u00a3)
28.04\u201330.60
28.10\u201331.03
Exercise price (\u00a3)
nil\u201328.05
nil\u201328.97
Number of options granted during the year (shares)
2,329,854
2,226,096
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\u20136.5
3.0\u20135.9
Risk free rate of return (%)
3.1\u20133.6
0.8\u20131.7
Expected dividends expressed as a dividend yield (%)
0.0\u20132.1
0.0\u20131.9
Fair value per option (\u00a3)
6.08\u201325.28
4.77\u201326.38
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 \u00a330.45 (2022: \u00a329.53). The total charge for the year relating to share based payments
was \u00a315.4m (2022: \u00a314.1m). After tax the total charge was \u00a311.7m (2022: \u00a312.4m).
Details of share options and awards which have been granted and exercised, those which have lapsed
during 2023 and those outstanding and available to exercise at 31 December 2023, whether over new issue
or market purchase shares, or cash-settled, 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:
Grants/ Options Options
Options
awards
Exercises
outstanding available
outstanding
Lapses
*
to exercise
at 01.01.23
2023
2023
2023
at 31.12 .23
at 31.12.23
Price Price Price
Number
Number
(\u00a3)
Number
(\u00a3)
Number
Number
(\u00a3)
Number
15.28\u2013
Sharesave Scheme
623,480
205,387
23.43
195,628
15.28\u201323.43
75,741
557,498
23.43
2,809
International 17.81\u2013
Sharesave Plan
246,734
76,701
23.43
69,487
15.28
19,377
234,571
23.43
\u2013
Irish Sharesave Plan
19,149
\u2013
\u2013
7,0 67
15.28
483
11,599
17.81
\u2013
2004
LTIP Part A
92,600
\u2013
\u2013
92,600
13.56\u201313.75
\u2013
\u2013
\u2013
\u2013
16.38\u2013
2014
LTIP Part A
9,357,989
1,792,961
28.05
2 ,125,
89 4
16.41\u2013 28.97
211,891
8,813,165
28.97
4,058,086
2014
LTIP Part B
1,213,424
254,805
nil
341,281
nil
38,785
1,088,163
nil
150,802
11,553,376
2,329,854
2,831,957
346,277
10,704,996
4,
211,697
* Share option lapses relate to those which have either been forfeited or have expired during the year.
For the options outstanding at 31 December 2023, the weighted average fair values and the weighted
average remaining contractual lives (being the time period from 31 December 2023 until the lapse date of
each share option) are set out below:
Weighted average
Weighted average remaining
fair value of options contractual life
outstanding (\u00a3) (years)
Sharesave Scheme
6.86
1.96
International Sharesave Plan
7.02
1.74
Irish Sharesave Plan
5.18
0.84
2014
LTIP Part A
4.05
6.57
2014
LTIP Part B
22.04
3.89
The outstanding share options and performance share awards are exercisable at various dates up to
September 2033.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "22 Dividends Total dividends for the years in which they are recognised are:
2023 2022
\u00a3m \u00a3m
2021 interim
54.3
2021 final
136.2
2022 interim
57.9
2022 final
151.8
Total
209.7
190.5
Total dividends per share for the year to which they relate are:
Per share
2023
2022
Interim
18 . 2p
17. 3p
Final
5 0 .1p
45 .4p
Total
68.3p
62.7p
The 2023 interim dividend of 18.2p per share was paid on 3 January 2024 and comprised \u00a361.0m of cash. The 2023 final dividend of 50.1p per share will be paid on 2 July 2024 to shareholders on the register at the close of business on 17 May 2024. The 2023 final dividend will comprise approximately \u00a3168m of cash.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "0.182", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "0.173", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "0.501", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-7": { "value": "0.454", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-411": { "value": "
23 Contingent liabilities
2023 2022
\u00a3m \u00a3m
Bank guarantees
2.0
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "23 Contingent liabilities
2023 2022
\u00a3m \u00a3m
Bank guarantees
2.0
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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:
2023
2022
Peter Ventress
2,608
2,608
Frank van Zanten
225,612
180,751
Richard Howes
76,333
43,996
Vanda Murray
3,000
3,000
Lloyd Pitchford
4,000
4,000
Pam Kirby
1,800
1,800
Stephan Nanninga
\u2013
\u2013
Vin Murria
\u2013
\u2013
Jacky Simmonds
\u2013
\u2013
313,353
236,155
Details of the directors\u2019 options and awards over ordinary shares made under the 2014 LTIP, Sharesave Scheme, International Sharesave plan 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 2023 and 26 February 2024.", "dimensions": { "concept": "bunzlplc:DisclosureOfDirectorsOrdinaryShareInterests", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 2023 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. During the year, a further contribution of \u00a35.0m was made in respect of the 2022 calendar year. A revised schedule of contributions was agreed with the Trustee such that no further annual contributions will be paid in 2024 or 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 2023 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 2023 and showed that there was a required annual contribution of $4.5m. Bunzl plans to cover this required contribution using prefunding balance. In 2023, Bunzl also used prefunding balance to cover the required contribution for the 2022 plan year. The annual review as at 1 January 2024 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. \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:
2023 2022
Amounts included in the income statement \u00a3m \u00a3m
Defined contribution pension schemes
28.9
26.2
Defined benefit pension schemes
current service cost (net of contributions by employees)
3.4
4.8
losses on curtailment and settlement
\u2013
0.5
Total included in employee costs
32.3
31.5
Amounts included in finance (income)/expense
Net interest income on defined benefit pension schemes in surplus
(3.2)
(1.2)
Net interest expense on defined benefit pension schemes in deficit
1.0
0.8
Total charge to the income statement
30.1
31.1
2023 2022
Amounts recognised in the statement of comprehensive income \u00a3m \u00a3m
Actual return less expected return on pension scheme assets
5.2
(179.6)
Experience loss on pension scheme liabilities
(2.2)
(16.3)
Impact of changes in financial assumptions relating to the present value of
pension scheme liabilities
(7.7)
205.6
Impact of changes in demographic assumptions relating to the present value of
pension scheme liabilities
7.6
(2.8)
Actuarial gain on defined benefit pension schemes
2.9
6.9
The cumulative amount of net actuarial losses arising since 1 January 2004 recognised in the statement of comprehensive income at 31 December 2023 was \u00a332.1m (2022: \u00a335.0m). The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 were:
UK
2023
2022
Longevity at age 65 for current pensioners (years)
21.6
22.1
Longevity at age 65 for future pensioners (years)
22.8
23.4
US
Longevity at age 65 for current and future pensioners (years)
21.6
21.6
Financial information continued
UK
US
2023
2022
2021
2023
2022
2021
Rate of increase in salaries
3.5%
3.6%
3.8%
3.0%
3.0%
3.0%
Rate of increase in pensions
2.7%
2.7%
2.8%
\u2013
\u2013
\u2013
Discount rate
4.8%
5.0%
1.8%
4.8%
5.0%
2.6%
Inflation rate
2.7%
2.7%
2.8%
2.3%
2.3%
2.3%
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 2023 as a result of reasonably possible changes to key assumptions was:
Impact of change Impact of change Impact of change
in longevity in inflation rate in discount rate
+1 year \u20131 year +0.25% \u20130.25% +0.25% \u20130.25%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
(7.5)
7.5
(4.1)
4.3
8.2
(8.6)
US
(2.2)
2.3
\u2013
\u2013
1.9
(2.0)
The market value of pension scheme assets and the present value of retirement benefit obligations at 31 December were:
UK US Other Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Equities
\u2013
25.1
1.4
26.5
Bonds
316.0
47.0
10.4
373.4
Other
0.3
15.0
9.7
25.0
Total market value of pension scheme assets
316.3
87.1
21.5
424.9
Present value of funded obligations
(251.0)
(84.8)
(21.4)
(357. 2)
Present value of unfunded obligations
\u2013
(9.3)
(9.0)
(18.3)
Present value of funded and unfunded obligations
(251.0)
(94.1)
(30.4)
(375.5)
Defined benefit pension schemes in deficit
\u2013
(9.3)
(10.3)
(19.6)
Defined benefit pension schemes in surplus
65.3
2.3
1.4
69.0
Total surplus/(deficit) before tax
65.3
(7.0)
(8.9)
49.4
Deferred tax
(16.3)
2.5
2.8
(11.0)
Total surplus/(deficit) after tax
49.0
(4.5)
(6.1)
38.4
UK US Other Total
2022 \u00a3m \u00a3m \u00a3m \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
There is a net surplus of \u00a349.0m (\u00a365.3m before deferred tax) (2022: \u00a344.5m (\u00a359.3m before deferred tax)) on the UK scheme, which is recorded 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, \u00a3400.1m (2022: \u00a3397.4m) are valued based on quoted market prices.
2023 2022
Movement in net surplus/(deficit) \u00a3m \u00a3m
Beginning of year
39.9
31.2
Current service cost
(3.4)
(4.8)
Contributions
6.9
9.2
Net interest income
2.2
0.4
Actuarial gain
2.9
6.9
Net impact of benefit obligation settlement
\u2013
(0.5)
Currency translation
0.9
(2.5)
End of year
49.4
39.9
2023 2022
Changes in the present value of defined benefit pension scheme liabilities \u00a3m \u00a3m
Beginning of year
381.6
569.2
Current service cost
3.4
4.8
Interest expense
17.9
10.9
Contributions by employees
0.5
0.4
Benefit obligation attributable to settlement
\u2013
(8.8)
Actuarial loss/(gain)
2.3
(186.5)
Benefits paid
(23.7)
(25.2)
Currency translation
(6.5)
16.8
End of year
375.5
381.6
2023 2022
Changes in the fair value of defined benefit pension scheme assets \u00a3m \u00a3m
Beginning of year
421.5
600.4
Interest income
20.1
11.3
Actuarial gain/(loss)
5.2
(179.6)
Contributions by employer
6.9
9.2
Contributions by employees
0.5
0.4
Benefits paid due to settlement
\u2013
(9.3)
Benefits paid
(23.7)
(25.2)
Currency translation
(5.6)
14.3
End of year
424.9
421.5
The actual return on pension scheme assets was a gain of \u00a325.3m (2022: loss of \u00a3168.3m). The Group expects to pay approximately \u00a31.3m in contributions to the defined benefit pension schemes in the year ending 31 December 2024 (expected as at 31 December 2022 for the year ending 31 December 2023: \u00a36.1m) including none for the UK (expected as at 31 December 2022 for the year ending 31 December 2023: \u00a34.7m). The weighted average duration of the defined benefit pension scheme liabilities at 31 December 2023 was approximately 14.0 years (2022: 14.5 years) for the UK and 8.2 years (2022: 9.0 years) for the US. The total defined benefit pension scheme liabilities are divided between active members (\u00a396.5m (2022: \u00a3102.6m)), deferred members (\u00a3142.7m (2022: \u00a3137.3m)) and pensioners (\u00a3136.3m (2022: \u00a3141.6m)). Multi-employer pension plans The Group participates in a number of 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 2023, the Group paid a lump sum of \u00a39.1m towards the settlement of the liabilities for two of these plans. The Group continues to participate in three MEPPs and continues to account for these as defined contribution plans with the combined ongoing annual contributions for the three plans in 2024 expected to be no more than \u00a32.0m per annum.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "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", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "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 2023 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. During the year, a further contribution of \u00a35.0m was made in respect of the 2022 calendar year. A revised schedule of contributions was agreed with the Trustee such that no further annual contributions will be paid in 2024 or 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 2023 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 2023 and showed that there was a required annual contribution of $4.5m. Bunzl plans to cover this required contribution using prefunding balance. In 2023, Bunzl also used prefunding balance to cover the required contribution for the 2022 plan year. The annual review as at 1 January 2024 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. \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:
2023 2022
Amounts included in the income statement \u00a3m \u00a3m
Defined contribution pension schemes
28.9
26.2
Defined benefit pension schemes
current service cost (net of contributions by employees)
3.4
4.8
losses on curtailment and settlement
\u2013
0.5
Total included in employee costs
32.3
31.5
Amounts included in finance (income)/expense
Net interest income on defined benefit pension schemes in surplus
(3.2)
(1.2)
Net interest expense on defined benefit pension schemes in deficit
1.0
0.8
Total charge to the income statement
30.1
31.1
2023 2022
Amounts recognised in the statement of comprehensive income \u00a3m \u00a3m
Actual return less expected return on pension scheme assets
5.2
(179.6)
Experience loss on pension scheme liabilities
(2.2)
(16.3)
Impact of changes in financial assumptions relating to the present value of
pension scheme liabilities
(7.7)
205.6
Impact of changes in demographic assumptions relating to the present value of
pension scheme liabilities
7.6
(2.8)
Actuarial gain on defined benefit pension schemes
2.9
6.9
The cumulative amount of net actuarial losses arising since 1 January 2004 recognised in the statement of comprehensive income at 31 December 2023 was \u00a332.1m (2022: \u00a335.0m).
The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 were:
UK
2023
2022
Longevity at age 65 for current pensioners (years)
21.6
22.1
Longevity at age 65 for future pensioners (years)
22.8
23.4
US
Longevity at age 65 for current and future pensioners (years)
21.6
21.6
Financial information continued
UK
US
2023
2022
2021
2023
2022
2021
Rate of increase in salaries
3.5%
3.6%
3.8%
3.0%
3.0%
3.0%
Rate of increase in pensions
2.7%
2.7%
2.8%
\u2013
\u2013
\u2013
Discount rate
4.8%
5.0%
1.8%
4.8%
5.0%
2.6%
Inflation rate
2.7%
2.7%
2.8%
2.3%
2.3%
2.3%
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 2023 as
a result of reasonably possible changes to key assumptions was:
Impact of change Impact of change Impact of change
in longevity in inflation rate in discount rate
+1 year \u20131 year +0.25% \u20130.25% +0.25% \u20130.25%
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK
(7.5)
7.5
(4.1)
4.3
8.2
(8.6)
US
(2.2)
2.3
\u2013
\u2013
1.9
(2.0)
The market value of pension scheme assets and the present value of retirement benefit obligations at 31
December were:
UK US Other Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Equities
\u2013
25.1
1.4
26.5
Bonds
316.0
47.0
10.4
373.4
Other
0.3
15.0
9.7
25.0
Total market value of pension scheme assets
316.3
87.1
21.5
424.9
Present value of funded obligations
(251.0)
(84.8)
(21.4)
(357. 2)
Present value of unfunded obligations
\u2013
(9.3)
(9.0)
(18.3)
Present value of funded and unfunded obligations
(251.0)
(94.1)
(30.4)
(375.5)
Defined benefit pension schemes in deficit
\u2013
(9.3)
(10.3)
(19.6)
Defined benefit pension schemes in surplus
65.3
2.3
1.4
69.0
Total surplus/(deficit) before tax
65.3
(7.0)
(8.9)
49.4
Deferred tax
(16.3)
2.5
2.8
(11.0)
Total surplus/(deficit) after tax
49.0
(4.5)
(6.1)
38.4
UK US Other Total
2022 \u00a3m \u00a3m \u00a3m \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
There is a net surplus of \u00a349.0m (\u00a365.3m before deferred tax) (2022: \u00a344.5m (\u00a359.3m before deferred tax))
on the UK scheme, which is recorded 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, \u00a3400.1m (2022: \u00a3397.4m) are valued based on quoted market prices.
2023 2022
Movement in net surplus/(deficit) \u00a3m \u00a3m
Beginning of year
39.9
31.2
Current service cost
(3.4)
(4.8)
Contributions
6.9
9.2
Net interest income
2.2
0.4
Actuarial gain
2.9
6.9
Net impact of benefit obligation settlement
\u2013
(0.5)
Currency translation
0.9
(2.5)
End of year
49.4
39.9
2023 2022
Changes in the present value of defined benefit pension scheme liabilities \u00a3m \u00a3m
Beginning of year
381.6
569.2
Current service cost
3.4
4.8
Interest expense
17.9
10.9
Contributions by employees
0.5
0.4
Benefit obligation attributable to settlement
\u2013
(8.8)
Actuarial loss/(gain)
2.3
(186.5)
Benefits paid
(23.7)
(25.2)
Currency translation
(6.5)
16.8
End of year
375.5
381.6
2023 2022
Changes in the fair value of defined benefit pension scheme assets \u00a3m \u00a3m
Beginning of year
421.5
600.4
Interest income
20.1
11.3
Actuarial gain/(loss)
5.2
(179.6)
Contributions by employer
6.9
9.2
Contributions by employees
0.5
0.4
Benefits paid due to settlement
\u2013
(9.3)
Benefits paid
(23.7)
(25.2)
Currency translation
(5.6)
14.3
End of year
424.9
421.5
The actual return on pension scheme assets was a gain of \u00a325.3m (2022: loss of \u00a3168.3m). The Group expects to pay approximately \u00a31.3m in contributions to the defined benefit pension schemes in the year ending 31 December 2024 (expected as at 31 December 2022 for the year ending 31 December 2023: \u00a36.1m) including none for the UK (expected as at 31 December 2022 for the year ending 31 December 2023: \u00a34.7m). The weighted average duration of the defined benefit pension scheme liabilities at 31 December 2023 was approximately 14.0 years (2022: 14.5 years) for the UK and 8.2 years (2022: 9.0 years) for the US. The total defined benefit pension scheme liabilities are divided between active members (\u00a396.5m (2022: \u00a3102.6m)), deferred members (\u00a3142.7m (2022: \u00a3137.3m)) and pensioners (\u00a3136.3m (2022: \u00a3141.6m))
Multi-employer pension plans
The Group participates in a number of 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 2023, the Group paid a lump sum of \u00a39.1m towards the settlement of the liabilities for two of these plans.
The Group continues to participate in three MEPPs and continues to account for these as defined
contribution plans with the combined ongoing annual contributions for the three plans in 2024 expected
to be no more than \u00a32.0m per annum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
26 Directors and employees
Closing
Average
Number of employees
2023
2022
2023
2022
North America
8,724
8,697
8,712
8,482
Continental Europe
6,252
5,841
6,032
5,517
UK & Ireland
4,006
3,935
3,995
4,182
Rest of the World
5,462
3,901
4,255
3,628
24,444
22,374
22,994
21,809
Corporate
84
77
78
74
24,528
22,451
23,072
21,883
2023 2022
Employee costs \u00a3m \u00a3m
Wages and salaries
991.8
938.9
Social security costs
110.3
100.6
Pension costs
32.3
31.5
Share based payments
15.4
14.1
1,149.8
1,085.1
In addition to the above, acquisition related items for the year ended 31 December 2023 include
deferred consideration payments of \u00a337.3m (2022: \u00a324.9m) relating to the retention of former owners
of businesses acquired.
2023 2022
Key management remuneration \u00a3m \u00a3m
Salaries and short term employee benefits
7.6
7.3
Share based payments
2.8
3.1
Retirement benefits
0.5
0.6
10.9
11.0
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 .
2023 2022
Directors\u2019 emoluments \u00a3m \u00a3m
Non-executive directors
0.9
0.8
Executive directors:
remuneration excluding performance related elements
1.9
1.8
annual bonus
1.3
1.3
4.1
3.9
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 \u00a30.8m (2022: \u00a3nil). The aggregate market value of performance share awards
exercised by directors under long term incentive schemes during the year was \u00a32.9m (2022: \u00a31.7m). The
aggregate market value of share awards exercised by directors under the DASBS was \u00a31.1m (2022: \u00a30.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "26 Directors and employees
Closing
Average
Number of employees
2023
2022
2023
2022
North America
8,724
8,697
8,712
8,482
Continental Europe
6,252
5,841
6,032
5,517
UK & Ireland
4,006
3,935
3,995
4,182
Rest of the World
5,462
3,901
4,255
3,628
24,444
22,374
22,994
21,809
Corporate
84
77
78
74
24,528
22,451
23,072
21,883
2023 2022
Employee costs \u00a3m \u00a3m
Wages and salaries
991.8
938.9
Social security costs
110.3
100.6
Pension costs
32.3
31.5
Share based payments
15.4
14.1
1,149.8
1,085.1
In addition to the above, acquisition related items for the year ended 31 December 2023 include deferred consideration payments of \u00a337.3m (2022: \u00a324.9m) relating to the retention of former owners of businesses acquired.
2023 2022
Key management remuneration \u00a3m \u00a3m
Salaries and short term employee benefits
7.6
7.3
Share based payments
2.8
3.1
Retirement benefits
0.5
0.6
10.9
11.0
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 .
2023 2022
Directors\u2019 emoluments \u00a3m \u00a3m
Non-executive directors
0.9
0.8
Executive directors:
remuneration excluding performance related elements
1.9
1.8
annual bonus
1.3
1.3
4.1
3.9
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 \u00a30.8m (2022: \u00a3nil). The aggregate market value of performance share awards exercised by directors under long term incentive schemes during the year was \u00a32.9m (2022: \u00a31.7m). The aggregate market value of share awards exercised by directors under the DASBS was \u00a31.1m (2022: \u00a30.7m).", "dimensions": { "concept": "bunzlplc:DisclosureOfDirectorsAndEmployees", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "
2023 2022
Key management remuneration \u00a3m \u00a3m
Salaries and short term employee benefits
7.6
7.3
Share based payments
2.8
3.1
Retirement benefits
0.5
0.6
10.9
11.0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
28 Cash, cash equivalents and overdrafts and net debt
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand
1, 377.1
1,504.0
Money market funds
49.0
\u2013
Cash and cash equivalents
1,426.1
1,504.0
Bank overdrafts
(874.2)
(825.9)
Cash, cash equivalents and overdrafts
551.9
678.1
Interest bearing loans and borrowings \u2013 current liabilities
(130.0)
(161.0)
Interest bearing loans and borrowings \u2013 non-current liabilities
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities (Note 27)
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
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. The cash at bank and in hand and bank overdrafts figures net of
the amounts in the cash pool are disclosed below for reference:
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand net of amounts in the cash pool
520.8
700.5
Money market funds
49.0
\u2013
Bank overdrafts net of amounts in the cash pool
(17.9)
(22.4)
Cash, cash equivalents and overdrafts
551.9
678.1
29 Movement in net debt
Cash, cash Interest
equivalents bearing
and loans and
overdrafts borrowings Derivatives Net debt
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year excluding lease liabilities
678.1
(1,735.0)
(103.2)
(1,160.1)
Cash flow excluding movements in other components of
net debt
143.1
\u2013
\u2013
143.1
Interest paid excluding interest on lease liabilities
(107.6)
\u2013
\u2013
(107.6)
Repayment of borrowings
(159.5)
159.5
\u2013
\u2013
Receipts on settlement of foreign exchange contracts
21.6
\u2013
(21.6)
\u2013
Net cash (outflow)/inflow
(102.4)
159.5
(21.6)
35.5
Non-cash movement in debt
\u2013
(20.8)
21.5
0.7
Realised gain on foreign exchange contracts
\u2013
\u2013
21.6
21.6
Currency translation
(23.8)
49.2
(8.6)
16.8
End of year excluding lease liabilities
551.9
(1, 547.1)
(90.3)
(1,085.5)
Lease liabilities (Note 27)
\u2013
(664.5)
\u2013
(664.5)
End of year including lease liabilities
551.9
(2,211.6)
(90.3)
(1,750.0)
Interest
Cash, cash bearing
equivalents loans and
and overdrafts borrowings Derivatives Net debt
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year excluding lease liabilities
225.3
(1,545.6)
(17.1)
(1,337.4)
Cash flow excluding movements in other components of
net debt
330.9
\u2013
\u2013
330.9
Interest paid excluding interest on lease liabilities
(61.9)
\u2013
\u2013
(61.9)
Increase in borrowings
346.4
(346.4)
\u2013
\u2013
Repayment of borrowings
(131.8)
131.8
\u2013
\u2013
Payments on settlement of foreign exchange contracts
(86.2)
\u2013
86.2
\u2013
Net cash inflow/(outflow)
397.4
(214.6)
86.2
269.0
Non-cash movement in debt
\u2013
87.4
(79.2)
8.2
Realised losses on foreign exchange contracts
\u2013
\u2013
(86.2)
(86.2)
Currency translation
55.4
(62.2)
(6.9)
(13.7)
End of year excluding lease liabilities
678.1
(1,735.0)
(103.2)
(1,160.1)
Lease liabilities (Note 27)
\u2013
(569.9)
\u2013
(569.9)
End of year including lease liabilities
678.1
(2,304.9)
(103.2)
(1,730.0)
", "dimensions": { "concept": "bunzlplc:DisclosureOfNetDebt", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "28 Cash, cash equivalents and overdrafts and net debt
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand
1, 377.1
1,504.0
Money market funds
49.0
\u2013
Cash and cash equivalents
1,426.1
1,504.0
Bank overdrafts
(874.2)
(825.9)
Cash, cash equivalents and overdrafts
551.9
678.1
Interest bearing loans and borrowings \u2013 current liabilities
(130.0)
(161.0)
Interest bearing loans and borrowings \u2013 non-current liabilities
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities (Note 27)
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
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. The cash at bank and in hand and bank overdrafts figures net of the amounts in the cash pool are disclosed below for reference:
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand net of amounts in the cash pool
520.8
700.5
Money market funds
49.0
\u2013
Bank overdrafts net of amounts in the cash pool
(17.9)
(22.4)
Cash, cash equivalents and overdrafts
551.9
678.1
29 Movement in net debt
Cash, cash Interest
equivalents bearing
and loans and
overdrafts borrowings Derivatives Net debt
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year excluding lease liabilities
678.1
(1,735.0)
(103.2)
(1,160.1)
Cash flow excluding movements in other components of
net debt
143.1
\u2013
\u2013
143.1
Interest paid excluding interest on lease liabilities
(107.6)
\u2013
\u2013
(107.6)
Repayment of borrowings
(159.5)
159.5
\u2013
\u2013
Receipts on settlement of foreign exchange contracts
21.6
\u2013
(21.6)
\u2013
Net cash (outflow)/inflow
(102.4)
159.5
(21.6)
35.5
Non-cash movement in debt
\u2013
(20.8)
21.5
0.7
Realised gain on foreign exchange contracts
\u2013
\u2013
21.6
21.6
Currency translation
(23.8)
49.2
(8.6)
16.8
End of year excluding lease liabilities
551.9
(1, 547.1)
(90.3)
(1,085.5)
Lease liabilities (Note 27)
\u2013
(664.5)
\u2013
(664.5)
End of year including lease liabilities
551.9
(2,211.6)
(90.3)
(1,750.0)
Interest
Cash, cash bearing
equivalents loans and
and overdrafts borrowings Derivatives Net debt
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year excluding lease liabilities
225.3
(1,545.6)
(17.1)
(1,337.4)
Cash flow excluding movements in other components of
net debt
330.9
\u2013
\u2013
330.9
Interest paid excluding interest on lease liabilities
(61.9)
\u2013
\u2013
(61.9)
Increase in borrowings
346.4
(346.4)
\u2013
\u2013
Repayment of borrowings
(131.8)
131.8
\u2013
\u2013
Payments on settlement of foreign exchange contracts
(86.2)
\u2013
86.2
\u2013
Net cash inflow/(outflow)
397.4
(214.6)
86.2
269.0
Non-cash movement in debt
\u2013
87.4
(79.2)
8.2
Realised losses on foreign exchange contracts
\u2013
\u2013
(86.2)
(86.2)
Currency translation
55.4
(62.2)
(6.9)
(13.7)
End of year excluding lease liabilities
678.1
(1,735.0)
(103.2)
(1,160.1)
Lease liabilities (Note 27)
\u2013
(569.9)
\u2013
(569.9)
End of year including lease liabilities
678.1
(2,304.9)
(103.2)
(1,730.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "28 Cash, cash equivalents and overdrafts and net debt
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand
1, 377.1
1,504.0
Money market funds
49.0
\u2013
Cash and cash equivalents
1,426.1
1,504.0
Bank overdrafts
(874.2)
(825.9)
Cash, cash equivalents and overdrafts
551.9
678.1
Interest bearing loans and borrowings \u2013 current liabilities
(130.0)
(161.0)
Interest bearing loans and borrowings \u2013 non-current liabilities
(1,417.1)
(1,574.0)
Derivatives managing the interest rate risk and currency profile of the debt
(90.3)
(103.2)
Net debt excluding lease liabilities
(1,085.5)
(1,160.1)
Lease liabilities (Note 27)
(664.5)
(569.9)
Net debt including lease liabilities
(1,750.0)
(1,730.0)
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. The cash at bank and in hand and bank overdrafts figures net of the amounts in the cash pool are disclosed below for reference:
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand net of amounts in the cash pool
520.8
700.5
Money market funds
49.0
\u2013
Bank overdrafts net of amounts in the cash pool
(17.9)
(22.4)
Cash, cash equivalents and overdrafts
551.9
678.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "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.
2023 2022
Depreciation and software amortisation \u00a3m \u00a3m
Depreciation of right-of-use assets
166.1
151.1
Other depreciation and software amortisation
41.1
38.4
207.2
189.5
2023 2022
Other non-cash items \u00a3m \u00a3m
Share based payments
15.4
14.1
Provisions
(13.1)
(3.9)
Retirement benefit obligations
(3.5)
(3.9)
Hyperinflation accounting adjustments
2.1
8.0
Other
5.6
1.6
6.5
15.9
2023 2022
Working capital movement \u00a3m \u00a3m
Decrease/(increase) in inventories
108.1
(118.7 )
Increase in trade and other receivables
(9.9)
(13.0)
(Decrease)/increase in trade and other payables
(126.6)
186.2
(28.4)
54.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "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:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "32 Post balance sheet event On 26 February 2024, Bunzl signed an agreement to acquire an 80% stake in Nisbets and associated entities for an initial consideration of \u00a3339m. The purchase price will be settled in cash. Founded in 1983 by Andrew Nisbet, Nisbets is a highly respected omnichannel distributor of catering equipment and consumables in the UK & Ireland, Northern Europe and Australasia, offering an extensive product range including a wide range of own-brand products to foodservice customers. It has over 1,800 employees and an experienced management team that will remain with the Group post-acquisition, with Andrew Nisbet acting as a non-executive director and the family continuing to hold a minority interest in Nisbets. For the year ended 31 December 2023, Nisbet generated revenue of \u00a3498m with a profit before interest, tax, amortisation and exceptional items of \u00a335.5m and total gross assets of \u00a3242m, based on unaudited management accounts. An additional earn-out amount may be payable based on Nisbets\u2019 financial performance in 2024. The transaction includes put / call options that enable Bunzl to acquire the remaining 20% stake in the future, subject to certain conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "
York House
45 Seymour Street
London W1H 7JT
", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }