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1 Basis of preparation
Bunzl plc (the \u2018Company\u2019) is a public company, which is limited by shares and is listed on the London
Stock Exchange. The Company is incorporated and domiciled in the United Kingdom and is registered
in England and Wales.
a. Basis of accounting
The consolidated financial statements for the year ended 31 December 2024 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 held by 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 2026 starting with a base case projection derived from
the Group\u2019s 2025 Budget excluding any non-committed spending or changes in funding. The resilience
of the Group to a severe but plausible downside scenario was factored into the directors\u2019
considerations. The severe but plausible downside scenario included a 15% reduction in adjusted
operating profit from the potential for adverse impacts from the crystallisation of the principal risks to
the Group\u2019s organic growth and a reduction in the Group cash conversion to 90% (cash conversion in
2024 was 93% and in 2023 was 96%).
In addition, the Group has carried out a reverse stress test against the base case to determine the level
of performance that would result in a breach of financial covenants (as disclosed in Note 18). In order
for a breach of covenants to occur during the 18 month period to the end of June 2026 the Group would
need to experience a reduction in EBITDA of over 55% compared with the base case.
In the severe but plausible downside scenario 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, and the severe but plausible downside
scenario applied to them, 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 2024 The Group\u2019s financial statements include the results and financial position of its Turkish operations restated to the measuring unit current at the end of the year, and the results of its Argentinian operation restated to the measuring unit current for the period up until disposal (Note 10), 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 2024 was an increase of 44% (2023: increase of 65%) in Turkey and an increase of 37% for the period up until disposal (2023: increase of 210%) 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 2024, this resulted in an increase in goodwill of \u00a37.5m (2023: \u00a38.4m) and a net increase in other intangibles of \u00a30.2m (2023: \u00a30.4m). The impacts on other non-monetary assets and liabilities were immaterial. The impact to retained earnings during the year was a gain of \u00a317.1m (2023: gain of \u00a321.6m). The total impact to the Consolidated income statement during the year was a charge of \u00a39.8m (2023: \u00a311.0m) to profit after tax from hyperinflation accounting adjustments, comprising a \u00a39.9m adverse impact (2023: \u00a39.5m adverse impact) on adjusted profit before tax, increased customer relationships amortisation of \u00a3nil (2023: \u00a30.2m) and a decreased tax charge of \u00a30.1m (2023: \u00a31.3m increased tax charge). When applying IAS 29 on an ongoing basis, comparatives in a stable currency are not restated with the translation effect presented within other comprehensive income during the year, and the effect of inflating opening balances to the measuring unit current at the end of the reporting period presented as a change in equity. b. Newly adopted accounting policies There are no new standards or amendments to existing standards that are effective that have had a material impact on the Group. Based on the Group\u2019s ongoing assessment, the Group does not anticipate any new or revised standards and interpretations that are effective from 1 January 2025 and beyond to have a material impact on its consolidated results or financial position. 2 Accounting policies The accounting policies set out below have, unless otherwise stated, been applied consistently to all years presented in the consolidated financial statements. a. Basis of consolidation (i) Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is either exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. A list of all of the Company\u2019s subsidiary undertakings is included in the Related undertakings note in the Shareholder information section on pages 195 to 200 and is incorporated by reference within these financial statements and is, therefore, 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. Where material, deferred consideration is discounted to present value using an appropriate discount rate and is unwound within finance expense over the relevant period. 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 are charged to the income statement over the period of employment. Transaction costs and expenses such as professional fees are charged to the income statement in the period they are incurred. 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. When less than 100% of the issued share capital of a subsidiary is acquired and the acquisition does not include an option to purchase the remaining share capital of the subsidiary, the non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. (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) Assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use, they are available for immediate disposal and the sale is highly probable. Non-current assets and disposal groups held for sale are measured at the lower of their carrying amount or fair value less costs to sell. (v) 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 typically 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. Service revenue is recognised over time where it relates to multiple performance obligations being satisfied, usually based on work completed to date. 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, rebates 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 (including rebates) 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 and supplier relationships, brands and technology Customer and supplier 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 and supplier 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. 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 finance expense 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. Shares repurchased under the share buyback programme, which are immediately cancelled, are not shown as treasury shares, but are shown as a deduction from the profit and loss account reserve in the group statement of changes in equity. When an irrevocable commitment to repurchase shares is entered into, the value of the commitment is recognised as an accrual within trade and other payables in the balance sheet, with a corresponding charge recognised in the profit and loss account reserve in the consolidated statement of changes in equity. 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 mid 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, the following judgements, in addition to those
made in determining estimates and assumptions (see Note 2y below), were 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:
Determining lease terms under the application of IFRS 16 \u2018Leases\u2019
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. As the
Group holds a portfolio of leases and determines lease terms on a case-by-case basis, it is impractical
to provide any meaningful quantification of the impact the judgements taken compared with other
assumptions that might have been applied have had on the overall amounts recognised in the financial
statements.
Non-controlling interests
In determining whether to recognise a non-controlling interest for business combinations whereby 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, management is required to make judgements
in relation to whether the risks and rewards associated with the non-controlling interest have
substantially transferred to the Group. Management determines this on a case-by-case basis but if
different judgements were applied, 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 2024, 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 used in applying the Group\u2019s accounting policies.
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 2024 was
\u00a319.8m (2023: \u00a349.4m).
Fair values for assets and liabilities acquired
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 and supplier 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.
Deferred and contingent consideration
The consideration paid or payable in respect of acquisitions comprises amounts paid on completion
and deferred and contingent consideration. The amounts for deferred and contingent consideration,
principally relating to earn outs and options over non-controlling interests, are estimated by calculating
the present value of the future expected cash flows which is dependent on management\u2019s estimates in
respect of the forecasting of future cash flows, in particular the expected profitability. Movements in
the estimated liability in respect of earn outs and put options are recognised in acquisition related
items through operating profit in the income statement. As at 31 December 2024, the Group carried a
liability for deferred consideration of \u00a3258.2m (2023: \u00a3175.6m).
Recoverability of goodwill, customer and supplier 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 and supplier 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
and supplier 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
and supplier 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 2024 the goodwill balance was \u00a32,286.1m (2023: \u00a32,008.9m), the amount of customer and
supplier relationships intangible assets was \u00a31,235.8m (2023: \u00a31,150.8m), the amount of brands
intangible assets was \u00a3116.4m (2023: \u00a341.1m) and the amount of technology intangible assets was
\u00a35.3m (2023: \u00a37.5m).
Trade receivables and inventory provisions
As at 31 December 2024, the Group carried trade receivables provisions of \u00a339.6m (2023: \u00a334.5m) and
provisions for slow moving, obsolete or defective inventories and market price movements of \u00a3143.5m
(2023: \u00a3154.2m).
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 \u00a363.7m (2023: \u00a347.5m) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "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 2024 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 held by 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 2026 starting with a base case projection derived from the Group\u2019s 2025 Budget excluding any non-committed spending or changes in funding. The resilience of the Group to a severe but plausible downside scenario was factored into the directors\u2019 considerations. The severe but plausible downside scenario included a 15% reduction in adjusted operating profit from the potential for adverse impacts from the crystallisation of the principal risks to the Group\u2019s organic growth and a reduction in the Group cash conversion to 90% (cash conversion in 2024 was 93% and in 2023 was 96%). In addition, the Group has carried out a reverse stress test against the base case to determine the level of performance that would result in a breach of financial covenants (as disclosed in Note 18). In order for a breach of covenants to occur during the 18 month period to the end of June 2026 the Group would need to experience a reduction in EBITDA of over 55% compared with the base case. In the severe but plausible downside scenario 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, and the severe but plausible downside scenario applied to them, 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 2024
The Group\u2019s financial statements include the results and financial position of its Turkish operations
restated to the measuring unit current at the end of the year, and the results of its Argentinian
operation restated to the measuring unit current for the period up until disposal (Note 10), 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 2024 was an increase of 44% (2023:
increase of 65%) in Turkey and an increase of 37% for the period up until disposal (2023: increase
of 210%) 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 2024, this resulted in an increase in goodwill of \u00a37.5m
(2023: \u00a38.4m) and a net increase in other intangibles of \u00a30.2m (2023: \u00a30.4m). The impacts on other
non-monetary assets and liabilities were immaterial. The impact to retained earnings during the year
was a gain of \u00a317.1m (2023: gain of \u00a321.6m). The total impact to the Consolidated income statement
during the year was a charge of \u00a39.8m (2023: \u00a311.0m) to profit after tax from hyperinflation accounting
adjustments, comprising a \u00a39.9m adverse impact (2023: \u00a39.5m adverse impact) on adjusted profit
before tax, increased customer relationships amortisation of \u00a3nil (2023: \u00a30.2m) and a decreased tax
charge of \u00a30.1m (2023: \u00a31.3m increased tax charge).
When applying IAS 29 on an ongoing basis, comparatives in a stable currency are not restated with
the translation effect presented within other comprehensive income during the year, and the effect
of inflating opening balances to the measuring unit current at the end of the reporting period
presented as a change in equity.
b. Newly adopted accounting policies
There are no new standards or amendments to existing standards that are effective that have had
a material impact on the Group. Based on the Group\u2019s ongoing assessment, the Group does not
anticipate any new or revised standards and interpretations that are effective from 1 January 2025 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "Bunzl plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "public company,", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "The consolidated financial statements for the year ended 31 December 2024 have been approved by the Board of directors of Bunzl plc.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "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 held by 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 2026 starting with a base case projection derived from the Group\u2019s 2025 Budget excluding any non-committed spending or changes in funding. The resilience of the Group to a severe but plausible downside scenario was factored into the directors\u2019 considerations. The severe but plausible downside scenario included a 15% reduction in adjusted operating profit from the potential for adverse impacts from the crystallisation of the principal risks to the Group\u2019s organic growth and a reduction in the Group cash conversion to 90% (cash conversion in 2024 was 93% and in 2023 was 96%). In addition, the Group has carried out a reverse stress test against the base case to determine the level of performance that would result in a breach of financial covenants (as disclosed in Note 18). In order for a breach of covenants to occur during the 18 month period to the end of June 2026 the Group would need to experience a reduction in EBITDA of over 55% compared with the base case. In the severe but plausible downside scenario 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, and the severe but plausible downside scenario applied to them, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "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. Based on the Group\u2019s ongoing assessment, the Group does not anticipate any new or revised standards and interpretations that are effective from 1 January 2025 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "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. Based on the Group\u2019s ongoing assessment, the Group does not anticipate any new or revised standards and interpretations that are effective from 1 January 2025 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "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 195 to 200 and is incorporated by reference within these financial statements and is, therefore, 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. Where material, deferred consideration is discounted to present value using an appropriate discount rate and is unwound within finance expense over the relevant period. 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 are charged to the income statement over the period of employment. Transaction costs and expenses such as professional fees are charged to the income statement in the period they are incurred.
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.
When less than 100% of the issued share capital of a subsidiary is acquired and the acquisition does
not include an option to purchase the remaining share capital of the subsidiary, the non-controlling
interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and
liabilities recognised.
(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) Assets held for sale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be
recovered principally through a sale transaction rather than through continuing use, they are available
for immediate disposal and the sale is highly probable. Non-current assets and disposal groups held for
sale are measured at the lower of their carrying amount or fair value less costs to sell.
(v) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "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 195 to 200 and is incorporated by reference within these financial
statements and is, therefore, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "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. Where
material, deferred consideration is discounted to present value using an appropriate discount rate and
is unwound within finance expense over the relevant period. 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 are charged to the income statement over the period of employment.
Transaction costs and expenses such as professional fees are charged to the income statement in the
period they are incurred.
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. When less than 100% of the issued share capital of a subsidiary is acquired and the acquisition does not include an option to purchase the remaining share capital of the subsidiary, the non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "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. Where material, deferred consideration is discounted to present value using an appropriate discount rate and is unwound within finance expense over the relevant period. 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 are charged to the income statement over the period of employment. Transaction costs and expenses such as professional fees are charged to the income statement in the period they are incurred. 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. When less than 100% of the issued share capital of a subsidiary is acquired and the acquisition does not include an option to purchase the remaining share capital of the subsidiary, the non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "
c. Revenue
The Group is principally engaged in the delivery of goods to customers representing a single
performance obligation which is typically 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. Service revenue is recognised
over time where it relates to multiple performance obligations being satisfied, usually based on work
completed to date. 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, rebates 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 (including rebates) liabilities are based on agreements
with customers and expected volumes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "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 and supplier relationships, brands and technology
Customer and supplier 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 and supplier 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "(ii) Customer and supplier relationships, brands and technology Customer and supplier 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 and supplier 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "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 finance expense 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-572": { "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 finance expense 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:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "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 finance expense 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "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 finance expense 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "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. Shares repurchased under the share buyback programme, which are
immediately cancelled, are not shown as treasury shares, but are shown as a deduction from the profit
and loss account reserve in the group statement of changes in equity. When an irrevocable
commitment to repurchase shares is entered into, the value of the commitment is recognised as an
accrual within trade and other payables in the balance sheet, with a corresponding charge recognised
in the profit and loss account reserve in the consolidated statement of changes in equity.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "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 mid 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "x. Judgements made in applying the Group\u2019s accounting policies In the course of preparing the financial statements, the following judgements, in addition to those made in determining estimates and assumptions (see Note 2y below), were 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: Determining lease terms under the application of IFRS 16 \u2018Leases\u2019 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. As the Group holds a portfolio of leases and determines lease terms on a case-by-case basis, it is impractical to provide any meaningful quantification of the impact the judgements taken compared with other assumptions that might have been applied have had on the overall amounts recognised in the financial statements. Non-controlling interests In determining whether to recognise a non-controlling interest for business combinations whereby 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, management is required to make judgements in relation to whether the risks and rewards associated with the non-controlling interest have substantially transferred to the Group. Management determines this on a case-by-case basis but if different judgements were applied, 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 2024, 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 used in applying the Group\u2019s accounting policies. 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 2024 was \u00a319.8m (2023: \u00a349.4m). Fair values for assets and liabilities acquired 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 and supplier 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. Deferred and contingent consideration The consideration paid or payable in respect of acquisitions comprises amounts paid on completion and deferred and contingent consideration. The amounts for deferred and contingent consideration, principally relating to earn outs and options over non-controlling interests, are estimated by calculating the present value of the future expected cash flows which is dependent on management\u2019s estimates in respect of the forecasting of future cash flows, in particular the expected profitability. Movements in the estimated liability in respect of earn outs and put options are recognised in acquisition related items through operating profit in the income statement. As at 31 December 2024, the Group carried a liability for deferred consideration of \u00a3258.2m (2023: \u00a3175.6m). Recoverability of goodwill, customer and supplier 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 and supplier 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 and supplier 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 and supplier 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 2024 the goodwill balance was \u00a32,286.1m (2023: \u00a32,008.9m), the amount of customer and supplier relationships intangible assets was \u00a31,235.8m (2023: \u00a31,150.8m), the amount of brands intangible assets was \u00a3116.4m (2023: \u00a341.1m) and the amount of technology intangible assets was \u00a35.3m (2023: \u00a37.5m). Trade receivables and inventory provisions As at 31 December 2024, the Group carried trade receivables provisions of \u00a339.6m (2023: \u00a334.5m) and provisions for slow moving, obsolete or defective inventories and market price movements of \u00a3143.5m (2023: \u00a3154.2m). 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 \u00a363.7m (2023: \u00a347.5m) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "x. Judgements made in applying the Group\u2019s accounting policies In the course of preparing the financial statements, the following judgements, in addition to those made in determining estimates and assumptions (see Note 2y below), were 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: Determining lease terms under the application of IFRS 16 \u2018Leases\u2019 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. As the Group holds a portfolio of leases and determines lease terms on a case-by-case basis, it is impractical to provide any meaningful quantification of the impact the judgements taken compared with other assumptions that might have been applied have had on the overall amounts recognised in the financial statements. Non-controlling interests In determining whether to recognise a non-controlling interest for business combinations whereby 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, management is required to make judgements in relation to whether the risks and rewards associated with the non-controlling interest have substantially transferred to the Group. Management determines this on a case-by-case basis but if different judgements were applied, 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 2024, 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 used in applying the Group\u2019s accounting policies. 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 2024 was \u00a319.8m (2023: \u00a349.4m). Fair values for assets and liabilities acquired 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 and supplier 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. Deferred and contingent consideration The consideration paid or payable in respect of acquisitions comprises amounts paid on completion and deferred and contingent consideration. The amounts for deferred and contingent consideration, principally relating to earn outs and options over non-controlling interests, are estimated by calculating the present value of the future expected cash flows which is dependent on management\u2019s estimates in respect of the forecasting of future cash flows, in particular the expected profitability. Movements in the estimated liability in respect of earn outs and put options are recognised in acquisition related items through operating profit in the income statement. As at 31 December 2024, the Group carried a liability for deferred consideration of \u00a3258.2m (2023: \u00a3175.6m). Recoverability of goodwill, customer and supplier 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 and supplier 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 and supplier 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 and supplier 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 2024 the goodwill balance was \u00a32,286.1m (2023: \u00a32,008.9m), the amount of customer and supplier relationships intangible assets was \u00a31,235.8m (2023: \u00a31,150.8m), the amount of brands intangible assets was \u00a3116.4m (2023: \u00a341.1m) and the amount of technology intangible assets was \u00a35.3m (2023: \u00a37.5m). Trade receivables and inventory provisions As at 31 December 2024, the Group carried trade receivables provisions of \u00a339.6m (2023: \u00a334.5m) and provisions for slow moving, obsolete or defective inventories and market price movements of \u00a3143.5m (2023: \u00a3154.2m). 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 \u00a363.7m (2023: \u00a347.5m) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "
3 Alternative performance measures
In addition to the various performance measures defined under IFRS, the Group reports a number of
other measures that are designed to assist with the understanding of the underlying performance of
the Group and its businesses. These measures are not defined under IFRS and, as a result, do not
comply with Generally Accepted Accounting Practice (\u2018GAAP\u2019) and are therefore known as \u2018alternative
performance measures\u2019. Accordingly, these measures, which are not designed to be a substitute for any
of the IFRS measures of performance, may not be directly comparable with other companies\u2019
alternative performance measures. The principal alternative performance measures used within the
consolidated financial statements and the location of the reconciliation to equivalent IFRS measures are
shown and defined in the table below where applicable:
Organic revenue Revenue excluding the incremental impact of acquisitions and disposals compared to revenue
growth in prior years at constant exchange
Underlying Revenue excluding the incremental impact of acquisitions and disposals compared to revenue
revenue growth 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 before amortisation excluding software, acquisition related items through
operating profit operating profit and non-recurring pension scheme charges/credits (reconciled in the following
tables and in the Consolidated income statement)
Operating margin
Adjusted operating profit as a percentage of revenue
Adjusted finance Finance expense before interest on unwinding of discounting on deferred consideration
expense
Adjusted profit Profit before income tax, amortisation excluding software, acquisition related items, non-
before income tax recurring pension scheme charges/credits and profit or loss on disposal of businesses
(reconciled in the following tables)
Adjusted profit Profit for the year before amortisation excluding software, acquisition related items, non-
for the year recurring pension scheme charges/credits, 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 Adjusted profit for the year attributable to the Company\u2019s equity holders divided by the
per share weighted average number of ordinary shares in issue (reconciled in the following tables and in
Note 8)
Adjusted diluted Adjusted profit for the year attributable to the Company\u2019s equity holders divided by the diluted
earnings per share weighted average number of ordinary shares (reconciled in Note 8)
Operating Cash generated from operations before acquisition related items after deducting purchases
cash flow 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 Adjusted operating profit after adding back the depreciation of right-of-use assets and
operating profit 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-trading related receivables, non-trading related payables (including those relating
to acquisition payments) and dividends payable (reconciled in Note 14)
Return on average The ratio of adjusted operating profit to the average of the month end operating capital
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 The ratio of adjusted operating profit to the average of the month end invested capital (being
invested capital equity after adding back net debt, lease liabilities, net defined benefit pension scheme assets/
liabilities, cumulative amortisation excluding software, 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 Net debt excluding the carrying value of lease liabilities (reconciled in Note 28)
lease liabilities
Covenant net debt Net debt excluding lease liabilities calculated at average exchange rates divided by EBITDA
to EBITDA
Adjusted net debt
Net debt excluding lease liabilities and including total deferred and contingent consideration (as
reconciled in the Financial review)
Adjusted net debt Net debt including lease liabilities and total deferred and contingent consideration (as
including lease reconciled in the Financial review)
liabilities
Adjusted net debt Adjusted net debt calculated at average exchange rates divided by EBITDA adjusted for
to EBITDA contractually agreed earnings targets
Adjusted net Adjusted net debt including lease liabilities calculated at average exchange rates divided by
debt including adjusted operating profit, before depreciation of property, plant and equipment and right
lease liabilities to of use assets and software amortisation and after adjustments to exclude share option
EBITDA charges and to annualise for the effect of acquisitions and disposal of businesses adjusted for
contractually agreed earnings targets
Constant Growth rates at constant exchange rates are calculated by retranslating the results for prior
exchange rates years at the average rates for the year ended 31 December 2024 so that they can be compared
without the distorting impact of changes caused by foreign exchange translation. The principal
exchange rates used for 2024 and 2023 can be found in the Financial review on page 77
The definitions of \u2018Organic revenue growth\u2019, \u2018Adjusted finance expense\u2019, \u2018Covenant net debt to EBITDA\u2019,
\u2018Adjusted net debt\u2019, \u2018Adjusted net debt including lease liabilities\u2019, \u2018Adjusted net debt to EBITDA\u2019 and
\u2018Adjusted net debt including lease liabilities to EBITDA\u2019 have 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 2023. 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 amortisation
excluding software, acquisition related items, non-recurring pension scheme charges/credits, profit
or loss on disposal of businesses and any associated tax, where relevant.
Acquisition related items through operating profit comprise deferred consideration 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. Total acquisition related items also include
interest on unwinding of discounting deferred consideration, which is included in net finance expense.
Amortisation excluding software comprises amortisation of customer and supplier relationships,
brands and technology intangible assets. Acquisition related items, amortisation (excluding software)
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/credit
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 2024 the non-recurring pension scheme credit
relates to a gain on curtailment of the UK defined benefit pension scheme following the scheme\u2019s
closure to further accrual in May 2024. In the year ended 31 December 2023 there were no non-
recurring pension scheme charges. Disposal of businesses relates to the loss on disposal of the Group\u2019s
business in Argentina on 14 March 2024 and a healthcare business in Germany on 12 July 2024. 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 36 and 37, 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 2024
Adjusting items
Alternative
performance Amortisation Acquisition Non-recuring pension Disposal of Statutory
measures excluding software related items scheme credit businesses measures
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Adjusted operating profit
976.1
(148.3)
(31.7)
3.2
799.3
Operating profit
Finance income
72.6
72.6
Finance income
Adjusted finance expense
(175.8)
(2.2)
(178.0) Finance expense
Disposal of businesses
\u2013
(20.3)
(20.3) Disposal of businesses
Adjusted profit before income tax
872.9
(148.3)
(33.9)
3.2
(20.3)
673.6
Profit before income tax
Tax on adjusted profit
(222.4)
42.8
7.8
(0.8)
\u2013
(172.6) Income tax
Adjusted profit for the year
650.5
(105.5)
(26.1)
2.4
(20.3)
501.0
Profit for the year
Adjusted earnings per share attributable Basic earnings per share attributable to the
to the Company\u2019s equity holders
194.3p
(31.5)p
(7.8)p
0.7p
(6.1)p
149.6p
Company\u2019s equity holders
Year ended 31 December 2023
Adjusting items
Alternative
performance Amortisation excluding Acquisition Non-recuring pension Disposal of Statutory
measures software related items scheme credit businesses measures
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Adjusted operating profit
944.2
(135.6)
(19.5)
\u2013
789.1
Operating profit
Finance income
60.4
60.4
Finance income
Adjusted finance expense
(150.9)
\u2013
(150.9) Finance expense
Adjusted profit before income tax
853.7
(135.6)
(19.5)
\u2013
\u2013
698.6
Profit before income tax
Tax on adjusted profit
(213.4)
36.7
4.3
\u2013
\u2013
(172.4) Income tax
Adjusted profit for the year
640.3
(98.9)
(15.2)
\u2013
\u2013
526.2
Profit for the year
Adjusted earnings per share attributable to Basic earnings per share attributable to the
the Company\u2019s equity holders
191.1p
(29.5)p
(4.5)p
\u2013
\u2013
157.1p
Company\u2019s equity holders
", "dimensions": { "concept": "bunzlplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "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 2024
North Continental UK & Rest of
America Europe Ireland the World Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
6,568.1
2,377.1
1,625.8
1,205.4
11,776.4
Adjusted operating profit/(loss)
515.6
210.8
135.1
146.2
(31.6)
976.1
Amortisation excluding software
(55.9)
(42.7)
(20.7)
(29.0)
(148.3)
Acquisition related items through
operating profit
(0.8)
(10.4)
5.1
(25.6)
(31.7)
Non-recurring pension scheme
credit
\u2013
\u2013
\u2013
\u2013
3.2
3.2
Operating profit/(loss)
458.9
157.7
119.5
91.6
(28.4)
799.3
Finance income
72.6
Finance expense
(178.0)
Disposal of businesses
(20.3)
Profit before income tax
673.6
Adjusted profit before
income tax
872.9
Income tax
(172.6)
Profit for the year
501.0
Operating margin
7.9%
8.9%
8.3%
12.1%
8.3%
Return on average
operating capital
47.5%
40.8%
45.4%
38.9%
43.2%
Purchase of property, plant
and equipment
14.2
12.6
7.4
6.1
\u2013
40.3
Depreciation of property, plant
and equipment
11.3
11.0
9.2
6.2
0.1
37.8
Additions to right-of-use assets
66.4
36.5
38.1
20.3
\u2013
161.3
Depreciation of right-of-use
assets
87.7
42.8
35.3
19.7
0.6
186.1
Purchase of software
2.7
6.6
3.4
1.2
0.2
14.1
Software amortisation
4.2
4.1
2.3
0.9
0.4
11.9
4 Segment analysis
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
Amortisation excluding software
(57.1)
(43.7)
(11.1)
(23.7)
(135.6)
Acquisition related items through
operating profit
(5.5)
(0.3)
(3.1)
(10.6)
(19.5)
Non-recurring pensions scheme
credit
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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 businesses
\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
2024 2023
Acquisition related items through operating profit \u00a3m \u00a3m
Deferred consideration relating to the retention of former owners
of businesses acquired
45.5
37.3
Transaction costs and expenses
25.9
18.1
Adjustments to previously estimated earn outs and minority options
(42.0)
(35.9)
29.4
19.5
Customer relationships impairment charges (Note 13)
2.3
\u2013
31.7
19.5
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 2024 the Group had no customer that represented 10% or more of
total Group revenue (2023: 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.
2024 2023
Revenue by market sector \u00a3m \u00a3m
Foodservice
3,453.2
3,383.4
Grocery
2,991.2
3,136.6
Safety
1,820.9
1,835.7
Retail
950.4
1,032.8
Cleaning & Hygiene
1,220.7
1,218.6
Healthcare
759.0
679.6
Other
581.0
510.4
11,776.4
11,797.1
Revenue attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31
December 2024 was \u00a31,453.5m, representing 12% of the Group\u2019s total (2023: \u00a31,270.3m, representing
11% of the Group\u2019s total). Revenue attributable to foreign countries in total was \u00a310,322.9m,
representing 88% of the Group\u2019s total (2023: \u00a310,526.8m, 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 71%
of the Group\u2019s revenue (2023: 73%).
Non-current segment assets attributable to the UK, the parent company\u2019s country of domicile, for the
year ended 31 December 2024 were \u00a31,031.8m, representing 22% of the Group\u2019s total (2023: \u00a3508.7m,
representing 13% of the Group\u2019s total). Non-current segment assets attributable to foreign countries in
total were \u00a33,562.9m, representing 78% of the Group\u2019s total (2023: \u00a33,509.2m, representing 87% of the
Group\u2019s total). Six foreign countries account for the majority of the non-current segment assets
attributable to foreign countries, these being USA, Canada, France, the Netherlands, Australia and
Brazil. These six foreign countries account for 56% of the Group\u2019s total non-current segment assets
(2023: 66%).
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 2024
North Continental UK & Rest of
America Europe Ireland the World Unallocated Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Segment assets
3,060.6
2,086.0
1,665.9
1,178.7
7,991.2
Unallocated assets
1,538.0
1,538.0
Total assets
3,060.6
2,086.0
1,665.9
1,178.7
1,538.0
9,529.2
Segment liabilities
1,251.7
762.1
737.2
380.3
3,131.3
Unallocated liabilities
3,607.2
3,607.2
Total liabilities
1,251.7
762.1
737.2
380.3
3,607.2
6,738.5
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "
Year ended 31 December 2024
North Continental UK & Rest of
America Europe Ireland the World Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
6,568.1
2,377.1
1,625.8
1,205.4
11,776.4
Adjusted operating profit/(loss)
515.6
210.8
135.1
146.2
(31.6)
976.1
Amortisation excluding software
(55.9)
(42.7)
(20.7)
(29.0)
(148.3)
Acquisition related items through
operating profit
(0.8)
(10.4)
5.1
(25.6)
(31.7)
Non-recurring pension scheme
credit
\u2013
\u2013
\u2013
\u2013
3.2
3.2
Operating profit/(loss)
458.9
157.7
119.5
91.6
(28.4)
799.3
Finance income
72.6
Finance expense
(178.0)
Disposal of businesses
(20.3)
Profit before income tax
673.6
Adjusted profit before
income tax
872.9
Income tax
(172.6)
Profit for the year
501.0
Operating margin
7.9%
8.9%
8.3%
12.1%
8.3%
Return on average
operating capital
47.5%
40.8%
45.4%
38.9%
43.2%
Purchase of property, plant
and equipment
14.2
12.6
7.4
6.1
\u2013
40.3
Depreciation of property, plant
and equipment
11.3
11.0
9.2
6.2
0.1
37.8
Additions to right-of-use assets
66.4
36.5
38.1
20.3
\u2013
161.3
Depreciation of right-of-use
assets
87.7
42.8
35.3
19.7
0.6
186.1
Purchase of software
2.7
6.6
3.4
1.2
0.2
14.1
Software amortisation
4.2
4.1
2.3
0.9
0.4
11.9
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
Amortisation excluding software
(57.1)
(43.7)
(11.1)
(23.7)
(135.6)
Acquisition related items through
operating profit
(5.5)
(0.3)
(3.1)
(10.6)
(19.5)
Non-recurring pensions scheme
credit
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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 businesses
\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
2024 2023
Acquisition related items through operating profit \u00a3m \u00a3m
Deferred consideration relating to the retention of former owners
of businesses acquired
45.5
37.3
Transaction costs and expenses
25.9
18.1
Adjustments to previously estimated earn outs and minority options
(42.0)
(35.9)
29.4
19.5
Customer relationships impairment charges (Note 13)
2.3
\u2013
31.7
19.5
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "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 2024 the Group had no customer that represented 10% or more of total Group revenue (2023: 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.
2024 2023
Revenue by market sector \u00a3m \u00a3m
Foodservice
3,453.2
3,383.4
Grocery
2,991.2
3,136.6
Safety
1,820.9
1,835.7
Retail
950.4
1,032.8
Cleaning & Hygiene
1,220.7
1,218.6
Healthcare
759.0
679.6
Other
581.0
510.4
11,776.4
11,797.1
Revenue attributable to the UK, the parent company\u2019s country of domicile, for the year ended 31 December 2024 was \u00a31,453.5m, representing 12% of the Group\u2019s total (2023: \u00a31,270.3m, representing 11% of the Group\u2019s total). Revenue attributable to foreign countries in total was \u00a310,322.9m, representing 88% of the Group\u2019s total (2023: \u00a310,526.8m, 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 71% of the Group\u2019s revenue (2023: 73%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "
5 Analysis of operating income and expenses
2024 2023
\u00a3m \u00a3m
Cost of goods sold
8,383.8
8,609.2
Employee costs (Note 26)
1,218.2
1,149.8
Non-recurring pension scheme credit (Note 25)
(3.2)
\u2013
Depreciation of property, plant and equipment (Note 11)
37.8
31.7
Depreciation of right-of-use assets (Note 12)
186.1
166.1
Amortisation excluding software (Note 13)
148.3
135.6
Amortisation of software (Note 13)
11.9
9.4
Acquisition related items through operating profit (Note 4)
31.7
19.5
Net impairment losses on trade receivables (Note 16)
1.0
2.6
Profit on disposal of property, plant and equipment and software
(12.3)
(0.6)
Restructuring costs
5.9
0.4
Expense relating to short term leases and low value assets
5.0
4.6
Lease and sublease income
(4.8)
(4.1)
Other operating expenses
967.7
883.8
Net operating expenses
10,977.1
11,008.0
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.
2024
2023
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.3
\u2013
1.3
1.0
\u2013
1.0
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
1.1
3.2
4.3
0.4
4.2
4.6
audit related assurance services
0.2
\u2013
0.2
0.1
\u2013
0.1
all other services
0.4
\u2013
0.4
0.3
\u2013
0.3
Total auditors\u2019 remuneration
3.0
3.2
6.2
1.8
4.2
6.0
* 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, including ESG limited
assurance and EMTN comfort letters. These services were 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. All other services also include tax work provided to an acquisition, which
completed during 2024, that were ongoing at the acquisition date and were subsequently completed
during the 3 month transition period allowed under the FRC\u2019s Ethical Standard. 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 that 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 102 to 111.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-583": { "value": "5 Analysis of operating income and expenses
2024 2023
\u00a3m \u00a3m
Cost of goods sold
8,383.8
8,609.2
Employee costs (Note 26)
1,218.2
1,149.8
Non-recurring pension scheme credit (Note 25)
(3.2)
\u2013
Depreciation of property, plant and equipment (Note 11)
37.8
31.7
Depreciation of right-of-use assets (Note 12)
186.1
166.1
Amortisation excluding software (Note 13)
148.3
135.6
Amortisation of software (Note 13)
11.9
9.4
Acquisition related items through operating profit (Note 4)
31.7
19.5
Net impairment losses on trade receivables (Note 16)
1.0
2.6
Profit on disposal of property, plant and equipment and software
(12.3)
(0.6)
Restructuring costs
5.9
0.4
Expense relating to short term leases and low value assets
5.0
4.6
Lease and sublease income
(4.8)
(4.1)
Other operating expenses
967.7
883.8
Net operating expenses
10,977.1
11,008.0
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.
2024
2023
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.3
\u2013
1.3
1.0
\u2013
1.0
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
1.1
3.2
4.3
0.4
4.2
4.6
audit related assurance services
0.2
\u2013
0.2
0.1
\u2013
0.1
all other services
0.4
\u2013
0.4
0.3
\u2013
0.3
Total auditors\u2019 remuneration
3.0
3.2
6.2
1.8
4.2
6.0
* 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, including ESG limited assurance and EMTN comfort letters. These services were 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. All other services also include tax work provided to an acquisition, which completed during 2024, that were ongoing at the acquisition date and were subsequently completed during the 3 month transition period allowed under the FRC\u2019s Ethical Standard. 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 that 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 102 to 111. 11 Property, plant and equipment
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
104.0
208.5
126.6
439.1
Acquisitions (Note 9)
38.6
21.4
7.5
67.5
Disposal of businesses
\u2013
\u2013
(0.6)
(0.6)
Additions
5.6
22.1
12.6
40.3
Disposals
(10.1)
(8.6)
(12.8)
(31.5)
Transferred to assets held for sale
(0.3)
(1.5)
(0.1)
(1.9)
Currency translation
(3.1)
(9.1)
(8.4)
(20.6)
End of year
134.7
232.8
124.8
492.3
Accumulated depreciation
Beginning of year
59.2
134.3
86.2
279.7
Charge in year
6.7
19.4
11.7
37.8
Disposal of businesses
\u2013
\u2013
(0.4)
(0.4)
Disposals
(7.2)
(8.6)
(10.8)
(26.6)
Transferred to assets held for sale
(0.2)
(1.5)
(0.1)
(1.8)
Currency translation
(1.6)
(3.7)
(4.4)
(9.7)
End of year
56.9
139.9
82.2
279.0
Net book value at 31 December 2024
77.8
92.9
42.6
213.3
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "5 Analysis of operating income and expenses
2024 2023
\u00a3m \u00a3m
Cost of goods sold
8,383.8
8,609.2
Employee costs (Note 26)
1,218.2
1,149.8
Non-recurring pension scheme credit (Note 25)
(3.2)
\u2013
Depreciation of property, plant and equipment (Note 11)
37.8
31.7
Depreciation of right-of-use assets (Note 12)
186.1
166.1
Amortisation excluding software (Note 13)
148.3
135.6
Amortisation of software (Note 13)
11.9
9.4
Acquisition related items through operating profit (Note 4)
31.7
19.5
Net impairment losses on trade receivables (Note 16)
1.0
2.6
Profit on disposal of property, plant and equipment and software
(12.3)
(0.6)
Restructuring costs
5.9
0.4
Expense relating to short term leases and low value assets
5.0
4.6
Lease and sublease income
(4.8)
(4.1)
Other operating expenses
967.7
883.8
Net operating expenses
10,977.1
11,008.0
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.
2024
2023
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.3
\u2013
1.3
1.0
\u2013
1.0
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
1.1
3.2
4.3
0.4
4.2
4.6
audit related assurance services
0.2
\u2013
0.2
0.1
\u2013
0.1
all other services
0.4
\u2013
0.4
0.3
\u2013
0.3
Total auditors\u2019 remuneration
3.0
3.2
6.2
1.8
4.2
6.0
* 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, including ESG limited assurance and EMTN comfort letters. These services were 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. All other services also include tax work provided to an acquisition, which completed during 2024, that were ongoing at the acquisition date and were subsequently completed during the 3 month transition period allowed under the FRC\u2019s Ethical Standard. 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 that 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 102 to 111. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "5 Analysis of operating income and expenses
2024 2023
\u00a3m \u00a3m
Cost of goods sold
8,383.8
8,609.2
Employee costs (Note 26)
1,218.2
1,149.8
Non-recurring pension scheme credit (Note 25)
(3.2)
\u2013
Depreciation of property, plant and equipment (Note 11)
37.8
31.7
Depreciation of right-of-use assets (Note 12)
186.1
166.1
Amortisation excluding software (Note 13)
148.3
135.6
Amortisation of software (Note 13)
11.9
9.4
Acquisition related items through operating profit (Note 4)
31.7
19.5
Net impairment losses on trade receivables (Note 16)
1.0
2.6
Profit on disposal of property, plant and equipment and software
(12.3)
(0.6)
Restructuring costs
5.9
0.4
Expense relating to short term leases and low value assets
5.0
4.6
Lease and sublease income
(4.8)
(4.1)
Other operating expenses
967.7
883.8
Net operating expenses
10,977.1
11,008.0
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.
2024
2023
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.3
\u2013
1.3
1.0
\u2013
1.0
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
1.1
3.2
4.3
0.4
4.2
4.6
audit related assurance services
0.2
\u2013
0.2
0.1
\u2013
0.1
all other services
0.4
\u2013
0.4
0.3
\u2013
0.3
Total auditors\u2019 remuneration
3.0
3.2
6.2
1.8
4.2
6.0
* 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, including ESG limited assurance and EMTN comfort letters. These services were 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. All other services also include tax work provided to an acquisition, which completed during 2024, that were ongoing at the acquisition date and were subsequently completed during the 3 month transition period allowed under the FRC\u2019s Ethical Standard. 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 that 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 102 to 111. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-574": { "value": "
2024
2023
UK Overseas Total UK Overseas Total
Auditors\u2019 remuneration \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Audit of these financial statements
1.3
\u2013
1.3
1.0
\u2013
1.0
Amounts receivable by the Company\u2019s
auditors
*
in respect of:
audit of financial statements of
subsidiaries of the Company
1.1
3.2
4.3
0.4
4.2
4.6
audit related assurance services
0.2
\u2013
0.2
0.1
\u2013
0.1
all other services
0.4
\u2013
0.4
0.3
\u2013
0.3
Total auditors\u2019 remuneration
3.0
3.2
6.2
1.8
4.2
6.0
* 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, including ESG limited assurance and EMTN comfort letters. These services were 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. All other services also include tax work provided to an acquisition, which completed during 2024, that were ongoing at the acquisition date and were subsequently completed during the 3 month transition period allowed under the FRC\u2019s Ethical Standard. 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 that 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 102 to 111. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "
6 Finance income/(expense)
2024 2023
\u00a3m \u00a3m
Interest on cash and cash equivalents
46.7
40.3
Interest income from foreign exchange contracts
19.9
16.0
Net interest income on defined benefit pension schemes in surplus
3.1
3.2
Interest related to income tax
1.8
\u2013
Other finance income
1.1
0.9
Finance income
72.6
60.4
Interest on loans and overdrafts
(122.4)
(106.7)
Lease interest expense
(38.5)
(28.6)
Interest expense from foreign exchange contracts
(6.1)
(1.5)
Net interest expense on defined benefit pension schemes in deficit
(0.7)
(1.0)
Fair value gain/(loss) on US private placement notes and senior bonds in a
hedge relationship
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship
(4.1)
21.8
Foreign exchange loss on intercompany funding
(35.5)
(41.1)
Foreign exchange gain on external debt and foreign exchange
forward contracts
34.8
40.5
Interest related to income tax
(1.4)
(0.1)
Monetary loss from hyperinflation accounting
1
(3.6)
(7.2)
Other finance expense
(2.2)
(2.6)
Adjusted finance expense
(175.8)
(150.9)
Interest on unwinding of discounting on deferred consideration
(2.2)
\u2013
Finance expense
(178.0)
(150.9)
Net finance expense
(105.4)
(90.5)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-588": { "value": "6 Finance income/(expense)
2024 2023
\u00a3m \u00a3m
Interest on cash and cash equivalents
46.7
40.3
Interest income from foreign exchange contracts
19.9
16.0
Net interest income on defined benefit pension schemes in surplus
3.1
3.2
Interest related to income tax
1.8
\u2013
Other finance income
1.1
0.9
Finance income
72.6
60.4
Interest on loans and overdrafts
(122.4)
(106.7)
Lease interest expense
(38.5)
(28.6)
Interest expense from foreign exchange contracts
(6.1)
(1.5)
Net interest expense on defined benefit pension schemes in deficit
(0.7)
(1.0)
Fair value gain/(loss) on US private placement notes and senior bonds in a
hedge relationship
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship
(4.1)
21.8
Foreign exchange loss on intercompany funding
(35.5)
(41.1)
Foreign exchange gain on external debt and foreign exchange
forward contracts
34.8
40.5
Interest related to income tax
(1.4)
(0.1)
Monetary loss from hyperinflation accounting
1
(3.6)
(7.2)
Other finance expense
(2.2)
(2.6)
Adjusted finance expense
(175.8)
(150.9)
Interest on unwinding of discounting on deferred consideration
(2.2)
\u2013
Finance expense
(178.0)
(150.9)
Net finance expense
(105.4)
(90.5)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-582": { "value": "6 Finance income/(expense)
2024 2023
\u00a3m \u00a3m
Interest on cash and cash equivalents
46.7
40.3
Interest income from foreign exchange contracts
19.9
16.0
Net interest income on defined benefit pension schemes in surplus
3.1
3.2
Interest related to income tax
1.8
\u2013
Other finance income
1.1
0.9
Finance income
72.6
60.4
Interest on loans and overdrafts
(122.4)
(106.7)
Lease interest expense
(38.5)
(28.6)
Interest expense from foreign exchange contracts
(6.1)
(1.5)
Net interest expense on defined benefit pension schemes in deficit
(0.7)
(1.0)
Fair value gain/(loss) on US private placement notes and senior bonds in a
hedge relationship
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship
(4.1)
21.8
Foreign exchange loss on intercompany funding
(35.5)
(41.1)
Foreign exchange gain on external debt and foreign exchange
forward contracts
34.8
40.5
Interest related to income tax
(1.4)
(0.1)
Monetary loss from hyperinflation accounting
1
(3.6)
(7.2)
Other finance expense
(2.2)
(2.6)
Adjusted finance expense
(175.8)
(150.9)
Interest on unwinding of discounting on deferred consideration
(2.2)
\u2013
Finance expense
(178.0)
(150.9)
Net finance expense
(105.4)
(90.5)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-573": { "value": "6 Finance income/(expense)
2024 2023
\u00a3m \u00a3m
Interest on cash and cash equivalents
46.7
40.3
Interest income from foreign exchange contracts
19.9
16.0
Net interest income on defined benefit pension schemes in surplus
3.1
3.2
Interest related to income tax
1.8
\u2013
Other finance income
1.1
0.9
Finance income
72.6
60.4
Interest on loans and overdrafts
(122.4)
(106.7)
Lease interest expense
(38.5)
(28.6)
Interest expense from foreign exchange contracts
(6.1)
(1.5)
Net interest expense on defined benefit pension schemes in deficit
(0.7)
(1.0)
Fair value gain/(loss) on US private placement notes and senior bonds in a
hedge relationship
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship
(4.1)
21.8
Foreign exchange loss on intercompany funding
(35.5)
(41.1)
Foreign exchange gain on external debt and foreign exchange
forward contracts
34.8
40.5
Interest related to income tax
(1.4)
(0.1)
Monetary loss from hyperinflation accounting
1
(3.6)
(7.2)
Other finance expense
(2.2)
(2.6)
Adjusted finance expense
(175.8)
(150.9)
Interest on unwinding of discounting on deferred consideration
(2.2)
\u2013
Finance expense
(178.0)
(150.9)
Net finance expense
(105.4)
(90.5)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "6 Finance income/(expense)
2024 2023
\u00a3m \u00a3m
Interest on cash and cash equivalents
46.7
40.3
Interest income from foreign exchange contracts
19.9
16.0
Net interest income on defined benefit pension schemes in surplus
3.1
3.2
Interest related to income tax
1.8
\u2013
Other finance income
1.1
0.9
Finance income
72.6
60.4
Interest on loans and overdrafts
(122.4)
(106.7)
Lease interest expense
(38.5)
(28.6)
Interest expense from foreign exchange contracts
(6.1)
(1.5)
Net interest expense on defined benefit pension schemes in deficit
(0.7)
(1.0)
Fair value gain/(loss) on US private placement notes and senior bonds in a
hedge relationship
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship
(4.1)
21.8
Foreign exchange loss on intercompany funding
(35.5)
(41.1)
Foreign exchange gain on external debt and foreign exchange
forward contracts
34.8
40.5
Interest related to income tax
(1.4)
(0.1)
Monetary loss from hyperinflation accounting
1
(3.6)
(7.2)
Other finance expense
(2.2)
(2.6)
Adjusted finance expense
(175.8)
(150.9)
Interest on unwinding of discounting on deferred consideration
(2.2)
\u2013
Finance expense
(178.0)
(150.9)
Net finance expense
(105.4)
(90.5)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "6 Finance income/(expense)
2024 2023
\u00a3m \u00a3m
Interest on cash and cash equivalents
46.7
40.3
Interest income from foreign exchange contracts
19.9
16.0
Net interest income on defined benefit pension schemes in surplus
3.1
3.2
Interest related to income tax
1.8
\u2013
Other finance income
1.1
0.9
Finance income
72.6
60.4
Interest on loans and overdrafts
(122.4)
(106.7)
Lease interest expense
(38.5)
(28.6)
Interest expense from foreign exchange contracts
(6.1)
(1.5)
Net interest expense on defined benefit pension schemes in deficit
(0.7)
(1.0)
Fair value gain/(loss) on US private placement notes and senior bonds in a
hedge relationship
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship
(4.1)
21.8
Foreign exchange loss on intercompany funding
(35.5)
(41.1)
Foreign exchange gain on external debt and foreign exchange
forward contracts
34.8
40.5
Interest related to income tax
(1.4)
(0.1)
Monetary loss from hyperinflation accounting
1
(3.6)
(7.2)
Other finance expense
(2.2)
(2.6)
Adjusted finance expense
(175.8)
(150.9)
Interest on unwinding of discounting on deferred consideration
(2.2)
\u2013
Finance expense
(178.0)
(150.9)
Net finance expense
(105.4)
(90.5)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "2024 2023 \u00a3m \u00a3m Current tax on profit current year 208.9 199.0 adjustments in respect of prior years (20.0) (6.9 188.9 192.1 Deferred tax on profit current year (28.4)(19.6 adjustments in respect of prior years 12.1 (0.1 (16.3)(19.7 Income tax on profit 172.6 172.4 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.
2024 2023
\u00a3m \u00a3m
Income tax on profit
172.6
172.4
Tax associated with adjusting items
49.8
41.0
Tax on adjusted profit
222.4
213.4
Profit before income tax
673.6
698.6
Adjusting items (Note 3)
199.3
155.1
Adjusted profit before income tax
872.9
853.7
Reported tax rate
25.6%
24.7%
Effective tax rate
25.5%
25.0%
7 Income tax
2024
2023
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 (loss)/gain on defined benefit
pension schemes
(35.1)
8.2
(26.9)
2.9
(0.1)
2.8
Foreign currency translation differences
on foreign operations
(193.3)
(0.1)
(193.4)
(126.9)
(0.5)
(127.4)
Reclassification from translation reserve to
income statement on disposal of foreign
operation
18.7
\u2013
18.7
\u2013
\u2013
\u2013
Gain taken to equity as a result of effective
net investment hedges
20.3
\u2013
20.3
31.4
\u2013
31.4
Gain/(loss) recognised in cash flow hedge
reserve
6.3
(1.6)
4.7
(2.3)
0.6
(1.7)
Other comprehensive (expense)/income
(183.1)
6.5
(176.6)
(94.9)
\u2013
(94.9)
Dividends
(228.6)
\u2013
(228.6)
(209.7)
\u2013
(209.7)
Movement from cash flow hedge reserve
to inventory
0.8
(0.2)
0.6
1.0
(0.3)
0.7
Hyperinflation accounting adjustments
17.1
\u2013
17.1
21.6
\u2013
21.6
Issue of share capital
7.0
\u2013
7.0
5.9
\u2013
5.9
Own shares purchased for cancellation
(301.2)
\u2013
(301.2)
\u2013
\u2013
\u2013
Non-controlling interest on acquisition
2.7
\u2013
2.7
\u2013
\u2013
\u2013
Employee trust shares
(16.6)
\u2013
(16.6)
(25.2)
\u2013
(25.2)
Share based payments
17.2
1.8
19.0
15.4
5.4
20.8
Other comprehensive (expense)/income
and equity
(684.7)
8.1
(676.6)
(285.9)
5.1
(280.8)
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 equal to or higher than the UK statutory rate for the year
of 25.0% (2023: 23.5%). Although the Group is subject to the global minimum tax regime known as Pillar
2 from 2024, this is not expected to cause any significant increase in the Group\u2019s tax liabilities. The
adjustments to the tax charge at the weighted average rate to determine the income tax on profit are
as follows:
2024 2023
\u00a3m \u00a3m
Profit before income tax
673.6
698.6
Weighted average rate
25.1%
25.2%
Tax charge at weighted average rate
168.9
176.0
Effects of:
non-deductible expenditure
9.7
0.5
impact of intercompany finance
1.4
1.2
change in tax rates
(0.4)
(0.7)
inflation: tax and accounting impacts
1.3
3.8
prior year adjustments
(7.9)
(7.0)
other current year items
(0.4)
(1.4)
Income tax on profit
172.6
172.4
2024 2023
Deferred tax in the income statement \u00a3m \u00a3m
Property, plant and equipment
0.4
1.0
Defined benefit pension schemes
1.4
1.6
Goodwill, customer and supplier relationships, brands and technology
(23.8)
(20.2)
Provisions and accruals
7.0
(3.6)
Inventories
2.7
7.4
Leases
(0.9)
(1.1)
Other
(3.1)
(4.8)
Deferred tax on profit
(16.3)
(19.7)
20 Deferred tax
2024
2023
Asset Liability Net Asset Liability Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.2
(15.6)
(15.4)
0.5
(11.5)
(11.0)
Defined benefit pension schemes
4.3
(8.8)
(4.5)
5.4
(16.4)
(11.0)
Goodwill, customer and supplier
relationships, brands and technology
9.7
(304.2)
(294.5)
6.9
(232.5)
(225.6)
Share based payments
14.5
\u2013
14.5
15.1
\u2013
15.1
Leases
8.7
(0.3)
8.4
7.8
(0.2)
7.6
Provisions and accruals
48.2
(5.1)
43.1
51.6
(4.2)
47.4
Inventories
12.0
(23.5)
(11.5)
13.6
(21.8)
(8.2)
Other
14.9
(4.2)
10.7
14.7
(4.9)
9.8
Deferred tax asset/(liability)
112.5
(361.7)
(249.2)
115.6
(291.5)
(175.9)
Set-off of tax
(98.4)
98.4
\u2013
(101.4)
101.4
\u2013
Net deferred tax asset/(liability)
14.1
(263.3)
(249.2)
14.2
(190.1)
(175.9)
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
(2023: \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 \u00a310.9m (2023: \u00a311.9m).
No deferred tax has been recognised in respect of unutilised capital losses of \u00a386.9m (2023: \u00a386.9m)
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:
2024 2023
\u00a3m \u00a3m
Beginning of year
175.9
188.7
Acquisitions
99.8
20.3
Disposal of businesses
(1.6)
\u2013
Credit to income statement
(16.3)
(19.7)
Recognised in other comprehensive income and equity
(4.4)
(1.2)
Reclassified (to)/from current tax
\u2013
(4.1)
Currency translation
(4.2)
(8.1)
End of year
249.2
175.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "
8 Earnings per share attributable to the Company\u2019s equity holders
2024 2023
\u00a3m \u00a3m
Profit for the year attributable to the Company\u2019s equity holders
500.4
526.2
Adjusted for:
amortisation excluding software
148.3
135.6
acquisition related items
33.9
19.5
profit on disposal of businesses
20.3
\u2013
non-recurring pension scheme credit
(3.2)
\u2013
tax credit on adjusting items
(49.8)
(41.0)
Adjusted profit for the year attributable to the Company\u2019s equity holders
649.9
640.3
2024
2023
Basic weighted average number of ordinary shares in issue (million)
334.4
335.0
Dilutive effect of employee share plans (million)
2.1
2.2
Diluted weighted average number of ordinary shares (million)
336.5
337.2
Basic earnings per share attributable to the Company\u2019s equity holders
149.6p
157.1p
Adjustment
44.7p
34.0p
Adjusted earnings per share attributable to the Company\u2019s equity holders
194.3p
191.1p
Diluted basic earnings per share attributable to the Company\u2019s equity holders
148.7p
156.0p
Adjustment
44.4p
33.9p
Adjusted diluted earnings per share attributable to the Company\u2019s equity holders
193.1p
189.9p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "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 2024 the allocation period for all acquisitions completed since 1 January 2024 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 2024 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 intangible assets of \u00a31.5m (2023: net increase of \u00a33.5m). 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 in respect of acquisitions comprises amounts paid on completion and deferred consideration. The consideration has been allocated against the identified net assets, with the balance recorded as goodwill. 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. Transaction costs and expenses such as professional fees are charged to operating profit in the income statement. Given the structure of acquisitions and the quantum of deferred consideration in the period, the Group has recognised interest on unwinding of discounting deferred consideration, where applicable, which is charged to finance expense in the income statement. 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. 9 Acquisitions
2024
Summary details of the businesses acquired during the year ended 31 December 2024 are shown in
the table below:
Percentage
of share Annualised
Acquisition capital revenue
Business
Sector
Country
date 2024 acquired \u00a3m
Pamark Group
Foodservice, Healthcare,
Finland
29 February
100%
53.3
Cleaning & Hygiene and
Safety
Nisbets
Foodservice
United Kingdom
23 May
80%
474.9
Clean Spot
Cleaning & Hygiene
Canada
18 June
100%
4.3
Sistemas De
Other
Spain
28 June
100%
24.9
Embalaje Anper
Holland Packaging
Retail
Netherlands
29 June
75%
15.0
RCL Implantes
Healthcare
Brazil
3 July
100%
15.6
Powervac
Cleaning & Hygiene
Australia
31 July
100%
4.5
Cermer\u00f3n
Foodservice
Spain
30 August
100%
10.3
Cubro Group
Healthcare
New Zealand
30 September
72%
45.7
DBM Medical Group Healthcare
New Zealand
30 September
75%
8.7
Arrow County
Cleaning & Hygiene
United Kingdom
22 October
100%
27.1
Holdings Limited
C&C Group
Foodservice
United Kingdom
29 October
100%/80%
26.7
Comodis
Cleaning & Hygiene
France
1 December
100%
20.7
Others*
12.5
Acquisitions agreed and completed in the current year
744.2
* Others includes two acquisitions agreed in 2024.
The acquisition of Nisbets is considered to be individually significant due to its impact on intangible
assets. The acquisition is therefore separately disclosed in the table below. No acquisitions in 2023
were considered to be individually significant. A summary of the effect of acquisitions in 2024 and 2023
is shown below:
Total Total
Nisbets Other 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Customer and supplier relationships
124.6
160.0
284.6
229.5
Brands
78.3
5.0
83.3
10.6
Property, plant and equipment and software
62.5
9.2
71.7
16.6
Right-of-use assets
55.7
17.3
73.0
16.2
Inventories
77.0
34.7
111.7
44.7
Trade and other receivables
59.6
71.9
131.5
57.0
Trade and other payables
(103.0)
(37.4)
(140.4)
(40.5)
Net cash
43.4
16.5
59.9
19.8
External debt
(5.6)
(0.7)
(6.3)
\u2013
Provisions
(10.5)
(22.3)
(32.8)
(26.2)
Lease liabilities
(55.7)
(18.0)
(73.7)
(16.2)
Income tax payable and deferred tax liabilities
(45.8)
(65.4)
(111.2)
(29.6)
Fair value of net assets acquired
280.5
170.8
451.3
281.9
Less non-controlling interests
(2.7)
\u2013
(2.7)
\u2013
Provisional goodwill
187.5
170.3
357.8
130.6
Consideration
465.3
341.1
806.4
412.5
Satisfied by:
cash consideration
377.6
297.6
675.2
343.0
deferred consideration
87.7
43.5
131.2
69.5
465.3
341.1
806.4
412.5
Contingent payments relating to retention of former
owners
42.1
50.7
92.8
59.5
Interest relating to discounting of deferred consideration
15.1
2.2
17.3
\u2013
Net cash acquired
(43.4)
(16.5)
(59.9)
(19.8)
Transaction costs and expenses
12.4
13.5
25.9
18.1
Total committed spend in respect of acquisitions
completed in the year
491.5
391.0
882.5
470.3
Spend on acquisitions committed at prior year end but
completed in the current year
\u2013
\u2013
\u2013
(2.8)
Total committed spend in respect of acquisitions
agreed in the year
491.5
391.0
882.5
467.5
The net cash outflow in the year in respect of acquisitions comprised:
Total Total
Nisbets Other 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash consideration
377.6
297.6
675.2
343.0
Net cash acquired
(43.4)
(16.5)
(59.9)
(19.8)
Deferred consideration payments
\u2013
20.9
20.9
14.5
Net cash outflow on purchase of businesses
334.2
302.0
636.2
337.7
Transaction costs and expenses paid
11.0
14.6
25.6
18.1
Payments relating to retention of former owners
\u2013
16.4
16.4
18.8
Cash outflow from acquisition related items
11.0
31.0
42.0
36.9
Total cash outflow in respect of acquisitions
345.2
333.0
678.2
374.6
Acquisitions completed in the year ended 31 December 2024 contributed \u00a3398.3m (2023: \u00a3120.5m) to
the Group\u2019s revenue, \u00a334.8m (2023: \u00a316.1m) to the Group\u2019s adjusted operating profit and \u00a320.1m (2023:
\u00a38.7m) to the Group\u2019s operating profit for the year ended 31 December 2024.
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:
2024 2023
\u00a3m \u00a3m
Revenue
744.2
325.1
Adjusted operating profit
72.0
51.4
The total amount of goodwill expected to be deductible for tax purposes in relation to acquisitions
completed during the year is \u00a3nil (2023: \u00a349.1m).
Deferred consideration
The table below gives further details of the Group\u2019s deferred consideration liabilities.
2024 2023
\u00a3m \u00a3m
Minority options \u2013 acquisition of non-controlling interest
*
158.4
86.5
Earn outs
33.7
36.9
Deferred consideration held at fair value
192.1
123.4
Minority options \u2013 retention payments of former owners
*
50.3
38.2
Other
15.8
14.0
Total deferred consideration
258.2
175.6
Current
43.6
32.3
Non-current
214.6
143.3
Total deferred consideration
258.2
175.6
Expected future payments which are contingent on the continued retention of
former owners of businesses acquired not yet recognised on balance sheet
117.2
83.2
Total deferred and contingent consideration \u2013 on and off balance sheet
375.4
258.8
The maturity profile of total deferred and contingent consideration is set out in the table below.
2024 2023
\u00a3m \u00a3m
Within one year
44.2
33.6
After one year but within two years
19.3
31.2
After two years but within five years
301.3
178.0
After five years
10.6
16.0
375.4
258.8
2024
2023
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
123.4
52.2
175.6
101.8
38.1
139.9
Acquisitions
128.6
2.6
131.2
61.4
8.1
69.5
Charges related to the
retention of former
owners
\u2013
40.7
40.7
\u2013
34.5
34.5
Adjustments to
previously estimated
earn outs and
minority options
(33.0)
(9.0)
(42.0)
(27.2)
(8.7)
(35.9)
Interest on unwinding
of discounting
2.2
\u2013
2.2
\u2013
\u2013
\u2013
Deferred consideration
and retention
payments
(16.0)
(17.3)
(33.3)
(10.8)
(19.2)
(30.0)
Foreign exchange
(13.1)
(3.1)
(16.2)
(1.8)
(0.6)
(2.4)
End of year
192.1
66.1
258.2
123.4
52.2
175.6
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former
owners from \u2018Deferred consideration held at fair value\u2019 as these are accounted for in line with IAS19 \u2018Employee benefits\u2019.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "
10 Disposal of businesses
The Group completed the disposal of Vicsa Argentina on 14 March 2024 and a healthcare business in
Germany on 12 July 2024. As a result, the net assets of the Group decreased by \u00a320.3m representing
the loss on disposal of \u00a320.3m. The loss on disposal reflects the cash consideration received of \u00a34.4m
offset by the net book value of assets disposed of \u00a36.0m and recycling of historical foreign exchange
losses of \u00a318.7m from amounts held in the translation reserve within equity. There were no disposals
completed in the year ended 31 December 2023.
The net cash inflow in the year in respect of disposal of businesses comprised:
2024
Cash flow from disposal of businesses \u00a3m
Cash consideration received
4.4
Cash and cash equivalents disposed
(1.5)
Net cash proceeds
2.9
", "dimensions": { "concept": "bunzlplc:DisclosureOfDisposalOfBusiness", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "
11 Property, plant and equipment
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
104.0
208.5
126.6
439.1
Acquisitions (Note 9)
38.6
21.4
7.5
67.5
Disposal of businesses
\u2013
\u2013
(0.6)
(0.6)
Additions
5.6
22.1
12.6
40.3
Disposals
(10.1)
(8.6)
(12.8)
(31.5)
Transferred to assets held for sale
(0.3)
(1.5)
(0.1)
(1.9)
Currency translation
(3.1)
(9.1)
(8.4)
(20.6)
End of year
134.7
232.8
124.8
492.3
Accumulated depreciation
Beginning of year
59.2
134.3
86.2
279.7
Charge in year
6.7
19.4
11.7
37.8
Disposal of businesses
\u2013
\u2013
(0.4)
(0.4)
Disposals
(7.2)
(8.6)
(10.8)
(26.6)
Transferred to assets held for sale
(0.2)
(1.5)
(0.1)
(1.8)
Currency translation
(1.6)
(3.7)
(4.4)
(9.7)
End of year
56.9
139.9
82.2
279.0
Net book value at 31 December 2024
77.8
92.9
42.6
213.3
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "11 Property, plant and equipment
Fixtures,
Land and Plant and fittings and
buildings machinery equipment Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
104.0
208.5
126.6
439.1
Acquisitions (Note 9)
38.6
21.4
7.5
67.5
Disposal of businesses
\u2013
\u2013
(0.6)
(0.6)
Additions
5.6
22.1
12.6
40.3
Disposals
(10.1)
(8.6)
(12.8)
(31.5)
Transferred to assets held for sale
(0.3)
(1.5)
(0.1)
(1.9)
Currency translation
(3.1)
(9.1)
(8.4)
(20.6)
End of year
134.7
232.8
124.8
492.3
Accumulated depreciation
Beginning of year
59.2
134.3
86.2
279.7
Charge in year
6.7
19.4
11.7
37.8
Disposal of businesses
\u2013
\u2013
(0.4)
(0.4)
Disposals
(7.2)
(8.6)
(10.8)
(26.6)
Transferred to assets held for sale
(0.2)
(1.5)
(0.1)
(1.8)
Currency translation
(1.6)
(3.7)
(4.4)
(9.7)
End of year
56.9
139.9
82.2
279.0
Net book value at 31 December 2024
77.8
92.9
42.6
213.3
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "
12 Right-of-use assets
Motor
Property vehicles Equipment Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Net book value at beginning of year
520.0
68.8
27.5
616.3
Acquisitions (Note 9)
69.8
2.9
0.3
73.0
Disposal of businesses
(0.2)
(0.1)
(0.1)
(0.4)
Additions
97.9
44.4
19.0
161.3
Transferred to assets held for sale
(1.5)
\u2013
\u2013
(1.5)
Depreciation charge in the year
(142.8)
(31.6)
(11.7)
(186.1)
Remeasurement adjustments
47.8
0.8
1.2
49.8
Currency translation
(13.3)
(1.3)
(0.2)
(14.8)
Net book value at 31 December 2024
577.7
83.9
36.0
697.6
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
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
2024 2023
\u00a3m \u00a3m
Beginning of year
664.5
569.9
Acquisitions (Note 9)
73.7
16.2
Disposal of businesses (Note 10)
(0.4)
\u2013
Transferred to liabilities held for sale
(1.6)
\u2013
New leases
161.3
136.7
Interest charge in the year
38.5
28.6
Payment of lease liabilities
(216.7)
(188.0)
Remeasurement adjustments
50.4
122.1
Currency translation
(15.6)
(21.0)
End of year
754.1
664.5
Ageing of lease liabilities:
Current lease liabilities
180.4
152.1
Non-current lease liabilities
573.7
512.4
End of year
754.1
664.5
As at 31 December 2024, the Group had \u00a31.1m (2023: \u00a311.9m) 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 2024. In relation to leases which are included in lease liabilities, there are potential further
future cash flows of \u00a352.8m (2023: \u00a367.8m) if termination options are not exercised and extension
options are exercised.
The cash outflow for low value and short term leases was \u00a35.0m for the year ended 31 December 2024
(2023: \u00a34.6m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "12 Right-of-use assets
Motor
Property vehicles Equipment Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Net book value at beginning of year
520.0
68.8
27.5
616.3
Acquisitions (Note 9)
69.8
2.9
0.3
73.0
Disposal of businesses
(0.2)
(0.1)
(0.1)
(0.4)
Additions
97.9
44.4
19.0
161.3
Transferred to assets held for sale
(1.5)
\u2013
\u2013
(1.5)
Depreciation charge in the year
(142.8)
(31.6)
(11.7)
(186.1)
Remeasurement adjustments
47.8
0.8
1.2
49.8
Currency translation
(13.3)
(1.3)
(0.2)
(14.8)
Net book value at 31 December 2024
577.7
83.9
36.0
697.6
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "
Customer
and supplier
Goodwill relationships Brands Technology Software Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
2,020.7
2,494.5
48.5
9.3
116.8
4,689.8
Acquisitions (Note 9)
357.8
284.6
83.3
\u2013
4.2
729.9
Disposal of businesses
(3.3)
(15.4)
\u2013
\u2013
(0.3)
(19.0)
Adjustment for hyperinflation
accounting
1
7.5
0.9
\u2013
\u2013
\u2013
8.4
Additions
14.1
14.1
Disposals
(2.1)
(2.1)
Transferred to assets held for
sale
(1.7)
\u2013
\u2013
\u2013
\u2013
(1.7)
Currency translation
(83.2)
(111.1)
(1.2)
(0.5)
(2.6)
(198.6)
End of year
2,297.8
2,653.5
130.6
8.8
130.1
5,220.8
Accumulated amortisation
and impairment
Beginning of year
11.8
1,343.7
7.4
1.8
83.0
1,447.7
Amortisation charge in the year
139.4
7.1
1.8
11.9
160.2
Impairment charge in the year
\u2013
2.3
\u2013
\u2013
\u2013
2.3
Disposal of businesses
\u2013
(11.2)
\u2013
\u2013
(0.3)
(11.5)
Adjustment for hyperinflation
accounting
1
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Disposals
(2.1)
(2.1)
Currency translation
(0.1)
(57.2)
(0.3)
(0.1)
(2.6)
(60.3)
End of year
11.7
1,417.7
14.2
3.5
89.9
1,537.0
Net book value at
31 December 2024
2,286.1
1,235.8
116.4
5.3
40.2
3,683.8
1. See Note 1 for further details. 13 Intangible assets
Customer
and supplier
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
1
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
1
\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. See Note 1 for further details.
Goodwill, customer and supplier 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 and supplier relationships include four businesses with individually significant customer and
supplier relationships assets, McCue Corporation acquired in October 2021 and based in North
America, MCR Safety acquired in September 2020 and based in North America, Hedis acquired in 2017
and based in France and Nisbets acquired in May 2024 and based in the UK. The net book value of
customer and supplier relationships as at 31 December 2024 were: McCue Corporation \u00a392.4m (2023:
\u00a398.9m) with a remaining useful economic life of 11.7 years (2023: 12.7 years), MCR Safety \u00a376.8m
(2023: \u00a382.7m) with a remaining useful economic life of 10.7 years (2023: 11.7 years), Hedis \u00a364.8m
(2023: \u00a376.8m) with a remaining useful economic life of 8.9 years (2023: 9.9 years) and Nisbets \u00a3118.2m
(2023: \u00a3nil) with a remaining useful economic life of 9.0-13.0 years. Brands include one business,
Nisbets, with individually significant brands assets with a total net book value as at 31 December 2024
of \u00a375.0m (2023: \u00a3nil) and a remaining useful economic life of 13.2 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. 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 (2023: seven). Based on our impairment testing, no
impairments were identified to the carrying value of goodwill within the Group.
As at 31 December 2024, 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 2024 the carrying value of goodwill in respect of North America was \u00a3702.4m (2023:
\u00a3700.0m), UK & Ireland was \u00a3519.1m (2023: \u00a3317.3m), France was \u00a3250.8m (2023: \u00a3253.5m) and Rest of
Continental Europe was \u00a3344.2m (2023: \u00a3307.1m). As at 31 December 2024 the aggregate amount of
goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of
Continental Europe, was \u00a3469.6m (2023: \u00a3431.0m), 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 2024 was in the range of 2.5%\u20133.2% (2023: 2.5%\u20133.3%) reflecting anticipated
revenue and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2023: 9%\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% (2023: 2.5%\u20135.5%) and
pre-tax discount rates ranging from 9%\u201314% (2023: 9%\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, the Group has recognised an impairment charge of \u00a32.3m relating to the customer relationships intangible asset of a foodservice business within the Benelux and Germany cash generating unit in Continental Europe. 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, profit margins and the discount rates selected. Key assumptions on which value in use calculations are dependent relate to the discount rates used, profit margins 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 lower profit, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "
Customer
and supplier
Goodwill relationships Brands Technology Software Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
2,020.7
2,494.5
48.5
9.3
116.8
4,689.8
Acquisitions (Note 9)
357.8
284.6
83.3
\u2013
4.2
729.9
Disposal of businesses
(3.3)
(15.4)
\u2013
\u2013
(0.3)
(19.0)
Adjustment for hyperinflation
accounting
1
7.5
0.9
\u2013
\u2013
\u2013
8.4
Additions
14.1
14.1
Disposals
(2.1)
(2.1)
Transferred to assets held for
sale
(1.7)
\u2013
\u2013
\u2013
\u2013
(1.7)
Currency translation
(83.2)
(111.1)
(1.2)
(0.5)
(2.6)
(198.6)
End of year
2,297.8
2,653.5
130.6
8.8
130.1
5,220.8
Accumulated amortisation
and impairment
Beginning of year
11.8
1,343.7
7.4
1.8
83.0
1,447.7
Amortisation charge in the year
139.4
7.1
1.8
11.9
160.2
Impairment charge in the year
\u2013
2.3
\u2013
\u2013
\u2013
2.3
Disposal of businesses
\u2013
(11.2)
\u2013
\u2013
(0.3)
(11.5)
Adjustment for hyperinflation
accounting
1
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Disposals
(2.1)
(2.1)
Currency translation
(0.1)
(57.2)
(0.3)
(0.1)
(2.6)
(60.3)
End of year
11.7
1,417.7
14.2
3.5
89.9
1,537.0
Net book value at
31 December 2024
2,286.1
1,235.8
116.4
5.3
40.2
3,683.8
1. See Note 1 for further details. 13 Intangible assets
Customer
and supplier
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
1
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
1
\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. See Note 1 for further details. Goodwill, customer and supplier 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 and supplier relationships include four businesses with individually significant customer and supplier relationships assets, McCue Corporation acquired in October 2021 and based in North America, MCR Safety acquired in September 2020 and based in North America, Hedis acquired in 2017 and based in France and Nisbets acquired in May 2024 and based in the UK. The net book value of customer and supplier relationships as at 31 December 2024 were: McCue Corporation \u00a392.4m (2023: \u00a398.9m) with a remaining useful economic life of 11.7 years (2023: 12.7 years), MCR Safety \u00a376.8m (2023: \u00a382.7m) with a remaining useful economic life of 10.7 years (2023: 11.7 years), Hedis \u00a364.8m (2023: \u00a376.8m) with a remaining useful economic life of 8.9 years (2023: 9.9 years) and Nisbets \u00a3118.2m (2023: \u00a3nil) with a remaining useful economic life of 9.0-13.0 years. Brands include one business, Nisbets, with individually significant brands assets with a total net book value as at 31 December 2024 of \u00a375.0m (2023: \u00a3nil) and a remaining useful economic life of 13.2 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. 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 (2023: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. As at 31 December 2024, 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 2024 the carrying value of goodwill in respect of North America was \u00a3702.4m (2023: \u00a3700.0m), UK & Ireland was \u00a3519.1m (2023: \u00a3317.3m), France was \u00a3250.8m (2023: \u00a3253.5m) and Rest of Continental Europe was \u00a3344.2m (2023: \u00a3307.1m). As at 31 December 2024 the aggregate amount of goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3469.6m (2023: \u00a3431.0m), 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 2024 was in the range of 2.5%\u20133.2% (2023: 2.5%\u20133.3%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2023: 9%\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% (2023: 2.5%\u20135.5%) and pre-tax discount rates ranging from 9%\u201314% (2023: 9%\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, the Group has recognised an impairment charge of \u00a32.3m relating to the customer relationships intangible asset of a foodservice business within the Benelux and Germany cash generating unit in Continental Europe. 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, profit margins and the discount rates selected. Key assumptions on which value in use calculations are dependent relate to the discount rates used, profit margins 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 lower profit, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "value": "
Customer
and supplier
Goodwill relationships Brands Technology Software Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Beginning of year
2,020.7
2,494.5
48.5
9.3
116.8
4,689.8
Acquisitions (Note 9)
357.8
284.6
83.3
\u2013
4.2
729.9
Disposal of businesses
(3.3)
(15.4)
\u2013
\u2013
(0.3)
(19.0)
Adjustment for hyperinflation
accounting
1
7.5
0.9
\u2013
\u2013
\u2013
8.4
Additions
14.1
14.1
Disposals
(2.1)
(2.1)
Transferred to assets held for
sale
(1.7)
\u2013
\u2013
\u2013
\u2013
(1.7)
Currency translation
(83.2)
(111.1)
(1.2)
(0.5)
(2.6)
(198.6)
End of year
2,297.8
2,653.5
130.6
8.8
130.1
5,220.8
Accumulated amortisation
and impairment
Beginning of year
11.8
1,343.7
7.4
1.8
83.0
1,447.7
Amortisation charge in the year
139.4
7.1
1.8
11.9
160.2
Impairment charge in the year
\u2013
2.3
\u2013
\u2013
\u2013
2.3
Disposal of businesses
\u2013
(11.2)
\u2013
\u2013
(0.3)
(11.5)
Adjustment for hyperinflation
accounting
1
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Disposals
(2.1)
(2.1)
Currency translation
(0.1)
(57.2)
(0.3)
(0.1)
(2.6)
(60.3)
End of year
11.7
1,417.7
14.2
3.5
89.9
1,537.0
Net book value at
31 December 2024
2,286.1
1,235.8
116.4
5.3
40.2
3,683.8
1. See Note 1 for further details. 13 Intangible assets
Customer
and supplier
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
1
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
1
\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. See Note 1 for further details. Goodwill, customer and supplier 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 and supplier relationships include four businesses with individually significant customer and supplier relationships assets, McCue Corporation acquired in October 2021 and based in North America, MCR Safety acquired in September 2020 and based in North America, Hedis acquired in 2017 and based in France and Nisbets acquired in May 2024 and based in the UK. The net book value of customer and supplier relationships as at 31 December 2024 were: McCue Corporation \u00a392.4m (2023: \u00a398.9m) with a remaining useful economic life of 11.7 years (2023: 12.7 years), MCR Safety \u00a376.8m (2023: \u00a382.7m) with a remaining useful economic life of 10.7 years (2023: 11.7 years), Hedis \u00a364.8m (2023: \u00a376.8m) with a remaining useful economic life of 8.9 years (2023: 9.9 years) and Nisbets \u00a3118.2m (2023: \u00a3nil) with a remaining useful economic life of 9.0-13.0 years. Brands include one business, Nisbets, with individually significant brands assets with a total net book value as at 31 December 2024 of \u00a375.0m (2023: \u00a3nil) and a remaining useful economic life of 13.2 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. 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 (2023: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. As at 31 December 2024, 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 2024 the carrying value of goodwill in respect of North America was \u00a3702.4m (2023: \u00a3700.0m), UK & Ireland was \u00a3519.1m (2023: \u00a3317.3m), France was \u00a3250.8m (2023: \u00a3253.5m) and Rest of Continental Europe was \u00a3344.2m (2023: \u00a3307.1m). As at 31 December 2024 the aggregate amount of goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3469.6m (2023: \u00a3431.0m), 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 2024 was in the range of 2.5%\u20133.2% (2023: 2.5%\u20133.3%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2023: 9%\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% (2023: 2.5%\u20135.5%) and pre-tax discount rates ranging from 9%\u201314% (2023: 9%\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, the Group has recognised an impairment charge of \u00a32.3m relating to the customer
relationships intangible asset of a foodservice business within the Benelux and Germany cash
generating unit in Continental Europe.
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, profit margins and the
discount rates selected. Key assumptions on which value in use calculations are dependent relate to
the discount rates used, profit margins 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 lower profit, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-575": { "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. 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 (2023: seven). Based on our impairment testing, no impairments were identified to the carrying value of goodwill within the Group. As at 31 December 2024, 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 2024 the carrying value of goodwill in respect of North America was \u00a3702.4m (2023: \u00a3700.0m), UK & Ireland was \u00a3519.1m (2023: \u00a3317.3m), France was \u00a3250.8m (2023: \u00a3253.5m) and Rest of Continental Europe was \u00a3344.2m (2023: \u00a3307.1m). As at 31 December 2024 the aggregate amount of goodwill attributable to the Group\u2019s CGUs, excluding North America, UK & Ireland, France and Rest of Continental Europe, was \u00a3469.6m (2023: \u00a3431.0m), 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 2024 was in the range of 2.5%\u20133.2% (2023: 2.5%\u20133.3%) reflecting anticipated revenue and profit growth. A pre-tax discount rate in the range of 9%\u201311% (2023: 9%\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% (2023: 2.5%\u20135.5%) and pre-tax discount rates ranging from 9%\u201314% (2023: 9%\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, the Group has recognised an impairment charge of \u00a32.3m relating to the customer relationships intangible asset of a foodservice business within the Benelux and Germany cash generating unit in Continental Europe. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "
14 Working capital
2024 2023
\u00a3m \u00a3m
Inventories (Note 15)
1,760.9
1,621.1
Trade and other receivables (Note 16)
1,634.1
1,578.5
Trade and other payables \u2013 current (Note 17)
(2,206.1)
(2,071.6)
Add back net non-trading related receivables and payables
21.3
30.1
1,210.2
1,158.1
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 businesses.
", "dimensions": { "concept": "bunzlplc:DisclosureOfWorkingCapital", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "
15 Inventories
2024 2023
\u00a3m \u00a3m
Goods for resale
1,760.9
1,621.1
During the year \u00a310.0m (2023: \u00a311.9m) 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 2024 were \u00a3143.5m (2023: \u00a3154.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "
16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
1,284.5
1,287.3
Prepayments
92.4
84.4
Other receivables
257.2
206.8
1,634.1
1,578.5
The Group does not have any significant contract assets.
The ageing of trade receivables at 31 December was:
2024
2023
Gross Provision Gross Provision
\u00a3m \u00a3m \u00a3m \u00a3m
Current
1,106.3
10.8
1,058.6
5.7
0\u201330 days overdue
142.2
2.5
186.1
2.6
31\u201390 days overdue
49.3
5.4
49.6
3.0
Over 90 days overdue
26.3
20.9
27.5
23.2
1,324.1
39.6
1,321.8
34.5
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:
2024 2023
\u00a3m \u00a3m
Beginning of year
34.5
29.1
Acquisitions
9.4
4.3
Charge
6.1
6.3
Released
(5.1)
(3.7)
Utilised
(2.6)
(1.0)
Currency translation
(2.7)
(0.5)
End of year
39.6
34.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
1,284.5
1,287.3
Prepayments
92.4
84.4
Other receivables
257.2
206.8
1,634.1
1,578.5
The Group does not have any significant contract assets. The ageing of trade receivables at 31 December was:
2024
2023
Gross Provision Gross Provision
\u00a3m \u00a3m \u00a3m \u00a3m
Current
1,106.3
10.8
1,058.6
5.7
0\u201330 days overdue
142.2
2.5
186.1
2.6
31\u201390 days overdue
49.3
5.4
49.6
3.0
Over 90 days overdue
26.3
20.9
27.5
23.2
1,324.1
39.6
1,321.8
34.5
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:
2024 2023
\u00a3m \u00a3m
Beginning of year
34.5
29.1
Acquisitions
9.4
4.3
Charge
6.1
6.3
Released
(5.1)
(3.7)
Utilised
(2.6)
(1.0)
Currency translation
(2.7)
(0.5)
End of year
39.6
34.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables
1,284.5
1,287.3
Prepayments
92.4
84.4
Other receivables
257.2
206.8
1,634.1
1,578.5
The Group does not have any significant contract assets. The ageing of trade receivables at 31 December was:
2024
2023
Gross Provision Gross Provision
\u00a3m \u00a3m \u00a3m \u00a3m
Current
1,106.3
10.8
1,058.6
5.7
0\u201330 days overdue
142.2
2.5
186.1
2.6
31\u201390 days overdue
49.3
5.4
49.6
3.0
Over 90 days overdue
26.3
20.9
27.5
23.2
1,324.1
39.6
1,321.8
34.5
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:
2024 2023
\u00a3m \u00a3m
Beginning of year
34.5
29.1
Acquisitions
9.4
4.3
Charge
6.1
6.3
Released
(5.1)
(3.7)
Utilised
(2.6)
(1.0)
Currency translation
(2.7)
(0.5)
End of year
39.6
34.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-576": { "value": "
2024 2023
\u00a3m \u00a3m
Trade receivables
1,284.5
1,287.3
Prepayments
92.4
84.4
Other receivables
257.2
206.8
1,634.1
1,578.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "
17 Trade and other payables
Current
2024 2023
\u00a3m \u00a3m
Trade payables
1,392.9
1,290.1
Other tax and social security contributions
36.3
35.2
Other payables
264.6
249.6
Accruals and contract liabilities
512.3
496.7
2,206.1
2,071.6
Other payables includes \u00a343.6m (2023: \u00a332.3m) related to deferred consideration on acquisitions.
The Group\u2019s contract liabilities are limited to deferred income of \u00a310.4m (2023: \u00a37.1m). 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 \u00a3255.4m (2023: \u00a3176.1m) includes \u00a3214.6m (2023: \u00a3143.3m)
related to deferred consideration on acquisitions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "17 Trade and other payables Current
2024 2023
\u00a3m \u00a3m
Trade payables
1,392.9
1,290.1
Other tax and social security contributions
36.3
35.2
Other payables
264.6
249.6
Accruals and contract liabilities
512.3
496.7
2,206.1
2,071.6
Other payables includes \u00a343.6m (2023: \u00a332.3m) related to deferred consideration on acquisitions. The Group\u2019s contract liabilities are limited to deferred income of \u00a310.4m (2023: \u00a37.1m). 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 \u00a3255.4m (2023: \u00a3176.1m) includes \u00a3214.6m (2023: \u00a3143.3m) related to deferred consideration on acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "value": "Current
2024 2023
\u00a3m \u00a3m
Trade payables
1,392.9
1,290.1
Other tax and social security contributions
36.3
35.2
Other payables
264.6
249.6
Accruals and contract liabilities
512.3
496.7
2,206.1
2,071.6
Other payables includes \u00a343.6m (2023: \u00a332.3m) related to deferred consideration on acquisitions. The Group\u2019s contract liabilities are limited to deferred income of \u00a310.4m (2023: \u00a37.1m). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-577": { "value": "
2024 2023
\u00a3m \u00a3m
Trade payables
1,392.9
1,290.1
Other tax and social security contributions
36.3
35.2
Other payables
264.6
249.6
Accruals and contract liabilities
512.3
496.7
2,206.1
2,071.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "value": "Non-current Other payables greater than one year of \u00a3255.4m (2023: \u00a3176.1m) includes \u00a3214.6m (2023: \u00a3143.3m) related to deferred consideration on acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "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 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, calculated at average exchange rates, to EBITDA of
no more than 3.5 times and interest cover of no less than 3.0 times, based on historical accounting
standards. Sensitivity analyses using various scenarios are applied to forecasts to assess their impact
on covenants and net debt. During the year ended 31 December 2024 all covenants were complied
with, with covenant net debt to EBITDA of 1.5 times as at 31 December 2024 (31 December 2023: 1.1
times), and based on current forecasts it is expected that such covenants will continue to be complied
with for the foreseeable future. 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.
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 171.
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 2024 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 2024, the Group issued a \u20ac500m bond
which matures in 2032 under the terms of its Euro Medium Term Note (\u2018EMTN\u2019) programme. The bond
issued extends the maturity profile of the Group\u2019s debt portfolio.
During 2024, \u00a3264.8m of existing bank facilities with maturities between 2024 and 2026 were
refinanced by \u00a3350.6m of new or amended bank facilities with maturities between 2026 to 2029.
In July 2024, the Group established a \u20ac1 billion euro-commercial paper programme, under which it can
issue short term notes. At 31 December 2024, the nominal value of commercial paper in issue was
\u00a3144.6m (2023: none) with maturities of up to three months.
Loans, borrowings and net debt
2024 2023
\u00a3m \u00a3m
Bank overdrafts
(987.9)
(874.2)
Bank loans
(1.6)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(173.4)
(129.9)
Senior bonds
(299.9)
\u2013
Borrowings due within one year
(1,607.1)
(1,004.2)
Bank loans
(5.8)
\u2013
US private placement notes
(628.6)
(795.2)
Senior bonds
(727.3)
(621.9)
Borrowings due after one year
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt
(3,044.3)
(2,511.6)
Cash and cash equivalents
1,432.9
1,426.1
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29.
The total available committed funding at 31 December 2024 was \u00a32,845.4m (2023: \u00a32,470.0m).
This includes our US private placement notes, senior bonds and all committed bank facilities.
The committed funding maturity profile at 31 December 2024 is set out in the chart below:
Committed funding maturity profile by year (\u00a3m)
0
100
200
300
400
500
600
700
2025 2026 2027 2028 2029 2030 2031 2032
173
300
126
145
140
98
40
138
104
553
108 108
413
400
US private placement notes Bank facilities \u2013 undrawn
Senior bonds
The undrawn committed bank facilities available at 31 December were as follows:
2024 2023
\u00a3m \u00a3m
Expiring within one year
\u2013
179.8
Expiring after one year but within two years
145.3
50.0
Expiring after two years
788.2
622.8
933.5
852.6
In addition, the Group maintains a commercial paper programme, bank overdrafts and uncommitted
facilities to provide short term flexibility. As at 31 December 2024 there were no loans secured by fixed
charges on property (2023: 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. 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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(987.9)
(987.9)
Bank loans
(7.4)
(1.6)
(1.0)
(2.7)
(2.1)
Commercial paper
(144.6)
(144.6)
US private placement notes
(918.3)
(201.2)
(149.1)
(330.4)
(237.6)
Senior bonds
(1,260.5)
(319.7)
(19.9)
(59.8)
(861.1)
Lease payments
(875.0)
(212.8)
(189.4)
(338.3)
(134.5)
Trade and other payables
(2,364.5)
(2,149.0)
(50.5)
(157.7)
(7.3)
(6,558.2)
(4,016.8)
(409.9)
(888.9)
(1,242.6)
Derivative financial instruments
Net settled:
Interest rate swaps
(115.5)
(20.2)
(20.2)
(56.8)
(18.3)
Gross settled:
Foreign exchange inflows
2,768.1
2,768.1
\u2013
Foreign exchange outflows
(2,753.3)
(2,753.3)
\u2013
(100.7)
(5.4)
(20.2)
(56.8)
(18.3)
Total
(6,658.9)
(4,022.2)
(430.1)
(945.7)
(1,260.9)
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
*
(2,167.2)
(2,018.4)
(55.4)
(83.7)
(9.7)
(5,654.0)
(3,249.4)
(727.2)
(777.3)
(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
(5,816.1)
(3,282.4)
(750.0)
(843.2)
(940.5)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former
owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019.
(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 \u00a3802.0m (2023: \u00a3925.1m), there are US dollar denominated amounts totalling
\u00a392.0m (2023: \u00a390.6m), 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 \u00a31,027.2m (2023:
\u00a3621.9m), an amount totalling \u00a3318.9m (2023: \u00a3322.4m), with a maturity of 2030, has been swapped
to floating rates using interest rate swaps which reprice daily.
The US private placement notes of \u00a3802.0m include a fair value adjustment of \u00a38.1m (2023: \u00a312.4m)
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 2024
was a credit to the income statement of \u00a34.3m (2023: \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 re-priced every three months.
Fixed vs floating interest rate table
2024 2023
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Total fixed rate debt
(1,829.2)
(1,547.0)
Interest rate swaps (fixed leg)
410.9
413.0
Fixed rate liability
(1,418.3)
(1,134.0)
Floating rate debt
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
Total floating rate debt
(1,139.6)
(874.3)
Interest rate swaps (floating leg)
(410.9)
(413.0)
Floating rate liability
(1,550.5)
(1,287.3)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt excluding lease liabilities
(3,044.3)
(2,511.6)
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:
2024
2023
Interest rate swaps
Net carrying amount liability (\u00a3m)
(82.8)
(78.7)
Notional amount (\u00a3m)
496.0
494.5
Maturity date range
2026\u20132030
2026\u20132030
Hedge ratio
1:1
1:1
Fair value gain/(loss) on US private placement notes and senior bond in a
hedge relationship (\u00a3m)
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship (\u00a3m)
(4.1)
21.8
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
2024
0.1
\u2013
0.1
\u2013
2023
0.2
(0.1)
0.2
(0.1)
(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
2024
2023
2024
2023
US dollar
1.28
1.24
1.25
1.27
Euro
1.18
1.15
1.21
1.15
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 2024, all foreign exchange cash flow hedges were effective with a
cumulative pre-tax gain of \u00a34.7m (2023: cumulative pre-tax loss of \u00a32.5m) recognised in equity at the
end of the year and this will affect the income statement during 2025.
Effects of hedge accounting on the financial position and performance
2024
2023
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount asset/(liability) (\u00a3m)
4.7
(2.5)
Notional amount at 31 December (\u00a3m)
131.2
135.3
Maturity date range
2025
2024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
(7.2)
1.3
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
7.2
(1.3)
The majority of the Group\u2019s borrowings are in effect 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:
2024 2023
\u00a3m \u00a3m
US dollar
637.7
438.6
Sterling
225.4
91.8
Euro
644.7
573.9
Other
103.6
(18.8)
1,611.4
1,085.5
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 2024, a movement of one cent in the US dollar and euro average
exchange rates would have changed profit before income tax by \u00a32.8m and \u00a30.9m respectively (2023:
\u00a33.0m and \u00a31.0m) and adjusted profit before income tax by \u00a33.2m and \u00a31.2m respectively (2023: \u00a33.4m
and \u00a31.5m).
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
2024
0.7
(0.9)
(214.9)
260.3
2023
0.4
(0.5)
(228.8)
308.2
(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 172) 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 expected credit losses and credit notes in respect
of trade receivables.
At the balance sheet date there were no significant concentrations of credit risk (2023: none).
(e) Financial instruments
Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,369.1
1,377.1
Trade and other receivables
1,541.7
1,494.1
Total financial assets held at amortised cost
2,910.8
2,871.2
Financial assets held at fair value
Foreign exchange derivatives in cash flow hedges
4.8
0.3
Foreign exchange derivatives in net investment hedges
13.3
9.8
Other foreign exchange and interest rate derivatives
9.9
1.7
Total derivative financial assets
28.0
11.8
Money market funds
63.8
49.0
Total financial assets held at fair value
91.8
60.8
Total financial assets
3,002.6
2,932.0
Current derivative financial assets
28.0
11.7
Non-current derivative financial assets
\u2013
0.1
Total derivative financial assets
28.0
11.8
Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Lease liabilities
(754.1)
(664.5)
Trade and other payables
(2,172.4)
(2,043.8)
Total financial liabilities held at amortised cost
(5,895.3)
(5,129.6)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(82.8)
(78.7)
Foreign exchange derivatives in cash flow hedges
(0.1)
(2.8)
Foreign exchange derivatives in net investment hedges
(9.1)
(16.6)
Other foreign exchange derivatives
(6.6)
(6.3)
Total derivative financial liabilities
(98.6)
(104.4)
Other payables held at fair value
*
(192.1)
(123.4)
Total financial liabilities held at fair value
(290.7)
(227.8)
Total financial liabilities
(6,186.0)
(5,357.4)
Current derivative financial liabilities
(15.8)
(25.7)
Non-current derivative financial liabilities
(82.8)
(78.7)
Total derivative financial liabilities
(98.6)
(104.4)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former
owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019.
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 minority options, excluding elements relating to the retention of former owners,
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 held at fair value of \u00a32.1m (2023: \u00a32.3m) and 1% decrease in the expected profitability
would result in a decrease of \u00a32.1m (2023: \u00a32.3m).
There were no transfers between levels for recurring fair value measurements during the year.
As at 31 December 2024 the fair values, based on unadjusted market data, of the US private placement
notes was \u00a3761.6m (2023: \u00a3875.9m) and of the senior bonds was \u00a3968.2m (2023: \u00a3615.8m).
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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
28.0
\u2013
28.0
(12.9)
15.1
Derivative financial liabilities
(98.6)
\u2013
(98.6)
12.9
(85.7)
2023
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "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 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, calculated at average exchange rates, to EBITDA of no more than 3.5 times and interest cover of no less than 3.0 times, based on historical accounting standards. Sensitivity analyses using various scenarios are applied to forecasts to assess their impact on covenants and net debt. During the year ended 31 December 2024 all covenants were complied with, with covenant net debt to EBITDA of 1.5 times as at 31 December 2024 (31 December 2023: 1.1 times), and based on current forecasts it is expected that such covenants will continue to be complied with for the foreseeable future. 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "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 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, calculated at average exchange rates, to EBITDA of no more than 3.5 times and interest cover of no less than 3.0 times, based on historical accounting standards. Sensitivity analyses using various scenarios are applied to forecasts to assess their impact on covenants and net debt. During the year ended 31 December 2024 all covenants were complied with, with covenant net debt to EBITDA of 1.5 times as at 31 December 2024 (31 December 2023: 1.1 times), and based on current forecasts it is expected that such covenants will continue to be complied with for the foreseeable future. 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. 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 171. 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 2024 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 2024, the Group issued a \u20ac500m bond which matures in 2032 under the terms of its Euro Medium Term Note (\u2018EMTN\u2019) programme. The bond issued extends the maturity profile of the Group\u2019s debt portfolio. During 2024, \u00a3264.8m of existing bank facilities with maturities between 2024 and 2026 were refinanced by \u00a3350.6m of new or amended bank facilities with maturities between 2026 to 2029. In July 2024, the Group established a \u20ac1 billion euro-commercial paper programme, under which it can issue short term notes. At 31 December 2024, the nominal value of commercial paper in issue was \u00a3144.6m (2023: none) with maturities of up to three months. Loans, borrowings and net debt
2024 2023
\u00a3m \u00a3m
Bank overdrafts
(987.9)
(874.2)
Bank loans
(1.6)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(173.4)
(129.9)
Senior bonds
(299.9)
\u2013
Borrowings due within one year
(1,607.1)
(1,004.2)
Bank loans
(5.8)
\u2013
US private placement notes
(628.6)
(795.2)
Senior bonds
(727.3)
(621.9)
Borrowings due after one year
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt
(3,044.3)
(2,511.6)
Cash and cash equivalents
1,432.9
1,426.1
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2024 was \u00a32,845.4m (2023: \u00a32,470.0m). This includes our US private placement notes, senior bonds and all committed bank facilities. The committed funding maturity profile at 31 December 2024 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 2030 2031 2032 173 300 126 145 140 98 40 138 104 553 108 108 413 400 US private placement notes Bank facilities \u2013 undrawn Senior bonds The undrawn committed bank facilities available at 31 December were as follows:
2024 2023
\u00a3m \u00a3m
Expiring within one year
\u2013
179.8
Expiring after one year but within two years
145.3
50.0
Expiring after two years
788.2
622.8
933.5
852.6
In addition, the Group maintains a commercial paper programme, bank overdrafts and uncommitted facilities to provide short term flexibility. As at 31 December 2024 there were no loans secured by fixed charges on property (2023: 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. 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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(987.9)
(987.9)
Bank loans
(7.4)
(1.6)
(1.0)
(2.7)
(2.1)
Commercial paper
(144.6)
(144.6)
US private placement notes
(918.3)
(201.2)
(149.1)
(330.4)
(237.6)
Senior bonds
(1,260.5)
(319.7)
(19.9)
(59.8)
(861.1)
Lease payments
(875.0)
(212.8)
(189.4)
(338.3)
(134.5)
Trade and other payables
(2,364.5)
(2,149.0)
(50.5)
(157.7)
(7.3)
(6,558.2)
(4,016.8)
(409.9)
(888.9)
(1,242.6)
Derivative financial instruments
Net settled:
Interest rate swaps
(115.5)
(20.2)
(20.2)
(56.8)
(18.3)
Gross settled:
Foreign exchange inflows
2,768.1
2,768.1
\u2013
Foreign exchange outflows
(2,753.3)
(2,753.3)
\u2013
(100.7)
(5.4)
(20.2)
(56.8)
(18.3)
Total
(6,658.9)
(4,022.2)
(430.1)
(945.7)
(1,260.9)
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
*
(2,167.2)
(2,018.4)
(55.4)
(83.7)
(9.7)
(5,654.0)
(3,249.4)
(727.2)
(777.3)
(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
(5,816.1)
(3,282.4)
(750.0)
(843.2)
(940.5)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019. (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 \u00a3802.0m (2023: \u00a3925.1m), there are US dollar denominated amounts totalling \u00a392.0m (2023: \u00a390.6m), 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 \u00a31,027.2m (2023: \u00a3621.9m), an amount totalling \u00a3318.9m (2023: \u00a3322.4m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3802.0m include a fair value adjustment of \u00a38.1m (2023: \u00a312.4m) 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 2024 was a credit to the income statement of \u00a34.3m (2023: \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 re-priced every three months. Fixed vs floating interest rate table
2024 2023
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Total fixed rate debt
(1,829.2)
(1,547.0)
Interest rate swaps (fixed leg)
410.9
413.0
Fixed rate liability
(1,418.3)
(1,134.0)
Floating rate debt
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
Total floating rate debt
(1,139.6)
(874.3)
Interest rate swaps (floating leg)
(410.9)
(413.0)
Floating rate liability
(1,550.5)
(1,287.3)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt excluding lease liabilities
(3,044.3)
(2,511.6)
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:
2024
2023
Interest rate swaps
Net carrying amount liability (\u00a3m)
(82.8)
(78.7)
Notional amount (\u00a3m)
496.0
494.5
Maturity date range
2026\u20132030
2026\u20132030
Hedge ratio
1:1
1:1
Fair value gain/(loss) on US private placement notes and senior bond in a
hedge relationship (\u00a3m)
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship (\u00a3m)
(4.1)
21.8
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
2024
0.1
\u2013
0.1
\u2013
2023
0.2
(0.1)
0.2
(0.1)
(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
2024
2023
2024
2023
US dollar
1.28
1.24
1.25
1.27
Euro
1.18
1.15
1.21
1.15
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 2024, all foreign exchange cash flow hedges were effective with a cumulative pre-tax gain of \u00a34.7m (2023: cumulative pre-tax loss of \u00a32.5m) recognised in equity at the end of the year and this will affect the income statement during 2025. Effects of hedge accounting on the financial position and performance
2024
2023
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount asset/(liability) (\u00a3m)
4.7
(2.5)
Notional amount at 31 December (\u00a3m)
131.2
135.3
Maturity date range
2025
2024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
(7.2)
1.3
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
7.2
(1.3)
The majority of the Group\u2019s borrowings are in effect 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:
2024 2023
\u00a3m \u00a3m
US dollar
637.7
438.6
Sterling
225.4
91.8
Euro
644.7
573.9
Other
103.6
(18.8)
1,611.4
1,085.5
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 2024, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a32.8m and \u00a30.9m respectively (2023: \u00a33.0m and \u00a31.0m) and adjusted profit before income tax by \u00a33.2m and \u00a31.2m respectively (2023: \u00a33.4m and \u00a31.5m). 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
2024
0.7
(0.9)
(214.9)
260.3
2023
0.4
(0.5)
(228.8)
308.2
(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 172) 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 expected credit losses and credit notes in respect of trade receivables. At the balance sheet date there were no significant concentrations of credit risk (2023: none). (e) Financial instruments Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,369.1
1,377.1
Trade and other receivables
1,541.7
1,494.1
Total financial assets held at amortised cost
2,910.8
2,871.2
Financial assets held at fair value
Foreign exchange derivatives in cash flow hedges
4.8
0.3
Foreign exchange derivatives in net investment hedges
13.3
9.8
Other foreign exchange and interest rate derivatives
9.9
1.7
Total derivative financial assets
28.0
11.8
Money market funds
63.8
49.0
Total financial assets held at fair value
91.8
60.8
Total financial assets
3,002.6
2,932.0
Current derivative financial assets
28.0
11.7
Non-current derivative financial assets
\u2013
0.1
Total derivative financial assets
28.0
11.8
Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Lease liabilities
(754.1)
(664.5)
Trade and other payables
(2,172.4)
(2,043.8)
Total financial liabilities held at amortised cost
(5,895.3)
(5,129.6)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(82.8)
(78.7)
Foreign exchange derivatives in cash flow hedges
(0.1)
(2.8)
Foreign exchange derivatives in net investment hedges
(9.1)
(16.6)
Other foreign exchange derivatives
(6.6)
(6.3)
Total derivative financial liabilities
(98.6)
(104.4)
Other payables held at fair value
*
(192.1)
(123.4)
Total financial liabilities held at fair value
(290.7)
(227.8)
Total financial liabilities
(6,186.0)
(5,357.4)
Current derivative financial liabilities
(15.8)
(25.7)
Non-current derivative financial liabilities
(82.8)
(78.7)
Total derivative financial liabilities
(98.6)
(104.4)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019. 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 minority options, excluding elements relating to the retention of former owners, 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 held at fair value of \u00a32.1m (2023: \u00a32.3m) and 1% decrease in the expected profitability would result in a decrease of \u00a32.1m (2023: \u00a32.3m). There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2024 the fair values, based on unadjusted market data, of the US private placement notes was \u00a3761.6m (2023: \u00a3875.9m) and of the senior bonds was \u00a3968.2m (2023: \u00a3615.8m). 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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
28.0
\u2013
28.0
(12.9)
15.1
Derivative financial liabilities
(98.6)
\u2013
(98.6)
12.9
(85.7)
2023
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-567": { "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": "bunzlplc:DisclosureOfTreasuryPoliciesAndControls", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-578": { "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
2024 2023
\u00a3m \u00a3m
Issued and fully paid ordinary shares of 32
1
\u2044
p each
106.4
108.6
7
Number of ordinary shares in issue and fully paid
2024
2023
Beginning of year
338,021,077
337,667,846
Issued \u2013 option exercises
378,873
353,231
Own shares purchased for cancellation
(7,223,430)
\u2013
End of year
331,176,520
338,021,077
Own shares purchased for cancellation During 2024 the Company repurchased and cancelled 7,223,430 ordinary shares, with an aggregate nominal value of \u00a32.3m, for a total consideration of \u00a3251.2m, including transaction costs of \u00a30.2m and stamp duty of \u00a31.0m, of which \u00a3247.9m had been paid during the year. The repurchased shares represent approximately 2% of ordinary share capital in issue as at 31 December 2024. Own shares purchased for cancellation of \u00a3301.2m, as shown in the consolidated statement of changes in equity, includes the \u00a3251.2m total consideration for shares repurchased and cancelled during the year and a further \u00a350.0m accrual for share purchases committed to as at 31 December 2024. Of the \u00a350.0m accrual, 1,485,587 ordinary shares were repurchased and cancelled between the end of the reporting period and 3 March 2025, for a total cost of \u00a350.0m. The number of shares in issue is reduced when shares are repurchased and cancelled. 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 below 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 2024 the trust held 1,921,706 (2023: 2,223,988) shares, upon which dividends have been waived, with an aggregate nominal value of \u00a30.6m (2023: \u00a30.7m) and market value of \u00a363.3m (2023: \u00a370.9m). Shares based payments 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 (2023: \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 2014 (\u20182014 LTIP\u2019) and 2024 (\u20182024 LTIP\u2019) The 2014 LTIP was approved by shareholders at the 2014 AGM and expired in April 2024. No further share options or performance share awards have been granted under the 2014 LTIP since that date. The 2024 LTIP was approved by shareholders at the 2024 AGM and replaced the 2014 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 2024 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 2024 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. 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:
2024
2023
Grant date
01.03.24-11.09.24
01.03.23\u201313.09.23
Share price at grant date (\u00a3)
29.46-36.14
28.04\u201330.60
Exercise price (\u00a3)
nil-36.38
nil\u201328.05
Number of options granted during the year (shares)
2,062,611
2,329,854
Vesting period (years)
3.0-5.0
3.0\u20135.0
Expected volatility (%)
18-20
19\u201321
Option life (years)
3.0-10.0
3.0\u201310.0
Expected life (years)
3.0-6.5
3.0\u20136.5
Risk free rate of return (%)
3.6-4.4
3.1\u20133.6
Expected dividends expressed as a dividend yield (%)
0.0-2.3
0.0\u20132.1
Fair value per option (\u00a3)
5.09-24.41
6.08\u201325.28
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 \u00a333.47 (2023: \u00a330.45). The total charge for the year relating to share based payments was \u00a317.2m (2023: \u00a315.4m). After tax the total charge was \u00a314.0m (2023: \u00a311.7m). Details of share options and awards which have been granted and exercised, those which have lapsed during 2024 and those outstanding and available to exercise at 31 December 2024, whether over new issue or market purchase shares, or cash-settled, under the Sharesave Scheme, International Sharesave Plan, Irish Sharesave Plan, the 2014 LTIP Part A and Part B and 2024 LTIP Part A and Part B, are set out in the following table: Options Grants/awards\u2020 Exercises Options outstanding Options available outstanding Lapses* to exercise at 01.01.24 2024 2024 2024 at 31.12.24 Number Number Price (\u00a3) Number Price(\u00a3) Number Number Price (\u00a3) Number Sharesave Scheme 557,498 270,320 24.53 198,134 17.81-24.53 52,849 576,835 15.28-24.53 1,102 International Sharesave Plan 234,571 110,849 24.53 86,122 17.81-24.53 28,266 231,032 22.56-24.53 3,152 Irish Sharesave Plan 11,599 \u2013 \u2013 10,731 17.81 868 \u2013 \u2013 \u2013 2014 LTIP Part A 8,813,165 \u2013 \u2013 2,375,032 16.38-28.97 137,949 6,300,184 16.87-28.97 3,194,043 2024 LTIP Part A \u2013 1,391,123 36.38 \u2013 \u2013 7,581 1,383,542 36.38 \u2013 2014 LTIP Part B 1,088,163 257,633 \u2013 253,428 \u2013 13,126 1,079,242 \u2013 199,592 2024 LTIP Part B \u2013 32,686 \u2013 \u2013 \u2013 \u2013 32,686 \u2013 \u2013 10,704,996 2,062,611 2,923,447 240,639 9,603,521 3,397,889 \u2020 Share option grants/awards also include the dividend equivalent shares accrued in relation to the vested LTIP B Restricted Share Awards (\u2018RSAs\u2019). * Share option lapses relate to those which have either been forfeited or have expired during the year. For the options outstanding at 31 December 2024, the weighted average fair values and the weighted average remaining contractual lives (being the time period from 31 December 2024 until the lapse date of each share option) are set out below:
Weighted average Weighted average
fair value of remaining
options contractual life
outstanding (\u00a3) (years)
Sharesave Scheme
7.46
2.28
International Sharesave Plan
7.73
2.07
Irish Sharesave Plan
\u2013
\u2013
2014
LTIP Part A
4.26
6.36
2014
LTIP Part B
23.96
4.00
2024
LTIP Part A
7.61
9.70
2024
LTIP Part B
25.96
5.32
The outstanding share options and performance share awards are exercisable at various dates up to September 2034.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-579": { "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 171. 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 2024 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 2024, the Group issued a \u20ac500m bond which matures in 2032 under the terms of its Euro Medium Term Note (\u2018EMTN\u2019) programme. The bond issued extends the maturity profile of the Group\u2019s debt portfolio. During 2024, \u00a3264.8m of existing bank facilities with maturities between 2024 and 2026 were refinanced by \u00a3350.6m of new or amended bank facilities with maturities between 2026 to 2029. In July 2024, the Group established a \u20ac1 billion euro-commercial paper programme, under which it can issue short term notes. At 31 December 2024, the nominal value of commercial paper in issue was \u00a3144.6m (2023: none) with maturities of up to three months. Loans, borrowings and net debt
2024 2023
\u00a3m \u00a3m
Bank overdrafts
(987.9)
(874.2)
Bank loans
(1.6)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(173.4)
(129.9)
Senior bonds
(299.9)
\u2013
Borrowings due within one year
(1,607.1)
(1,004.2)
Bank loans
(5.8)
\u2013
US private placement notes
(628.6)
(795.2)
Senior bonds
(727.3)
(621.9)
Borrowings due after one year
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt
(3,044.3)
(2,511.6)
Cash and cash equivalents
1,432.9
1,426.1
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2024 was \u00a32,845.4m (2023: \u00a32,470.0m). This includes our US private placement notes, senior bonds and all committed bank facilities. The committed funding maturity profile at 31 December 2024 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 2030 2031 2032 173 300 126 145 140 98 40 138 104 553 108 108 413 400 US private placement notes Bank facilities \u2013 undrawn Senior bonds The undrawn committed bank facilities available at 31 December were as follows:
2024 2023
\u00a3m \u00a3m
Expiring within one year
\u2013
179.8
Expiring after one year but within two years
145.3
50.0
Expiring after two years
788.2
622.8
933.5
852.6
In addition, the Group maintains a commercial paper programme, bank overdrafts and uncommitted facilities to provide short term flexibility. As at 31 December 2024 there were no loans secured by fixed charges on property (2023: 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. 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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(987.9)
(987.9)
Bank loans
(7.4)
(1.6)
(1.0)
(2.7)
(2.1)
Commercial paper
(144.6)
(144.6)
US private placement notes
(918.3)
(201.2)
(149.1)
(330.4)
(237.6)
Senior bonds
(1,260.5)
(319.7)
(19.9)
(59.8)
(861.1)
Lease payments
(875.0)
(212.8)
(189.4)
(338.3)
(134.5)
Trade and other payables
(2,364.5)
(2,149.0)
(50.5)
(157.7)
(7.3)
(6,558.2)
(4,016.8)
(409.9)
(888.9)
(1,242.6)
Derivative financial instruments
Net settled:
Interest rate swaps
(115.5)
(20.2)
(20.2)
(56.8)
(18.3)
Gross settled:
Foreign exchange inflows
2,768.1
2,768.1
\u2013
Foreign exchange outflows
(2,753.3)
(2,753.3)
\u2013
(100.7)
(5.4)
(20.2)
(56.8)
(18.3)
Total
(6,658.9)
(4,022.2)
(430.1)
(945.7)
(1,260.9)
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
*
(2,167.2)
(2,018.4)
(55.4)
(83.7)
(9.7)
(5,654.0)
(3,249.4)
(727.2)
(777.3)
(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
(5,816.1)
(3,282.4)
(750.0)
(843.2)
(940.5)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019. (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 \u00a3802.0m (2023: \u00a3925.1m), there are US dollar denominated amounts totalling \u00a392.0m (2023: \u00a390.6m), 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 \u00a31,027.2m (2023: \u00a3621.9m), an amount totalling \u00a3318.9m (2023: \u00a3322.4m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3802.0m include a fair value adjustment of \u00a38.1m (2023: \u00a312.4m) 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 2024 was a credit to the income statement of \u00a34.3m (2023: \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 re-priced every three months. Fixed vs floating interest rate table
2024 2023
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Total fixed rate debt
(1,829.2)
(1,547.0)
Interest rate swaps (fixed leg)
410.9
413.0
Fixed rate liability
(1,418.3)
(1,134.0)
Floating rate debt
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
Total floating rate debt
(1,139.6)
(874.3)
Interest rate swaps (floating leg)
(410.9)
(413.0)
Floating rate liability
(1,550.5)
(1,287.3)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt excluding lease liabilities
(3,044.3)
(2,511.6)
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:
2024
2023
Interest rate swaps
Net carrying amount liability (\u00a3m)
(82.8)
(78.7)
Notional amount (\u00a3m)
496.0
494.5
Maturity date range
2026\u20132030
2026\u20132030
Hedge ratio
1:1
1:1
Fair value gain/(loss) on US private placement notes and senior bond in a
hedge relationship (\u00a3m)
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship (\u00a3m)
(4.1)
21.8
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
2024
0.1
\u2013
0.1
\u2013
2023
0.2
(0.1)
0.2
(0.1)
(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
2024
2023
2024
2023
US dollar
1.28
1.24
1.25
1.27
Euro
1.18
1.15
1.21
1.15
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 2024, all foreign exchange cash flow hedges were effective with a cumulative pre-tax gain of \u00a34.7m (2023: cumulative pre-tax loss of \u00a32.5m) recognised in equity at the end of the year and this will affect the income statement during 2025. Effects of hedge accounting on the financial position and performance
2024
2023
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount asset/(liability) (\u00a3m)
4.7
(2.5)
Notional amount at 31 December (\u00a3m)
131.2
135.3
Maturity date range
2025
2024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
(7.2)
1.3
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
7.2
(1.3)
The majority of the Group\u2019s borrowings are in effect 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:
2024 2023
\u00a3m \u00a3m
US dollar
637.7
438.6
Sterling
225.4
91.8
Euro
644.7
573.9
Other
103.6
(18.8)
1,611.4
1,085.5
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 2024, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a32.8m and \u00a30.9m respectively (2023: \u00a33.0m and \u00a31.0m) and adjusted profit before income tax by \u00a33.2m and \u00a31.2m respectively (2023: \u00a33.4m and \u00a31.5m). 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
2024
0.7
(0.9)
(214.9)
260.3
2023
0.4
(0.5)
(228.8)
308.2
(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 172) 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 expected credit losses and credit notes in respect of trade receivables. At the balance sheet date there were no significant concentrations of credit risk (2023: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "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 171. 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 2024 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 2024, the Group issued a \u20ac500m bond which matures in 2032 under the terms of its Euro Medium Term Note (\u2018EMTN\u2019) programme. The bond issued extends the maturity profile of the Group\u2019s debt portfolio. During 2024, \u00a3264.8m of existing bank facilities with maturities between 2024 and 2026 were refinanced by \u00a3350.6m of new or amended bank facilities with maturities between 2026 to 2029. In July 2024, the Group established a \u20ac1 billion euro-commercial paper programme, under which it can issue short term notes. At 31 December 2024, the nominal value of commercial paper in issue was \u00a3144.6m (2023: none) with maturities of up to three months. Loans, borrowings and net debt
2024 2023
\u00a3m \u00a3m
Bank overdrafts
(987.9)
(874.2)
Bank loans
(1.6)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(173.4)
(129.9)
Senior bonds
(299.9)
\u2013
Borrowings due within one year
(1,607.1)
(1,004.2)
Bank loans
(5.8)
\u2013
US private placement notes
(628.6)
(795.2)
Senior bonds
(727.3)
(621.9)
Borrowings due after one year
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt
(3,044.3)
(2,511.6)
Cash and cash equivalents
1,432.9
1,426.1
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2024 was \u00a32,845.4m (2023: \u00a32,470.0m). This includes our US private placement notes, senior bonds and all committed bank facilities. The committed funding maturity profile at 31 December 2024 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 2030 2031 2032 173 300 126 145 140 98 40 138 104 553 108 108 413 400 US private placement notes Bank facilities \u2013 undrawn Senior bonds The undrawn committed bank facilities available at 31 December were as follows:
2024 2023
\u00a3m \u00a3m
Expiring within one year
\u2013
179.8
Expiring after one year but within two years
145.3
50.0
Expiring after two years
788.2
622.8
933.5
852.6
In addition, the Group maintains a commercial paper programme, bank overdrafts and uncommitted facilities to provide short term flexibility. As at 31 December 2024 there were no loans secured by fixed charges on property (2023: 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. 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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(987.9)
(987.9)
Bank loans
(7.4)
(1.6)
(1.0)
(2.7)
(2.1)
Commercial paper
(144.6)
(144.6)
US private placement notes
(918.3)
(201.2)
(149.1)
(330.4)
(237.6)
Senior bonds
(1,260.5)
(319.7)
(19.9)
(59.8)
(861.1)
Lease payments
(875.0)
(212.8)
(189.4)
(338.3)
(134.5)
Trade and other payables
(2,364.5)
(2,149.0)
(50.5)
(157.7)
(7.3)
(6,558.2)
(4,016.8)
(409.9)
(888.9)
(1,242.6)
Derivative financial instruments
Net settled:
Interest rate swaps
(115.5)
(20.2)
(20.2)
(56.8)
(18.3)
Gross settled:
Foreign exchange inflows
2,768.1
2,768.1
\u2013
Foreign exchange outflows
(2,753.3)
(2,753.3)
\u2013
(100.7)
(5.4)
(20.2)
(56.8)
(18.3)
Total
(6,658.9)
(4,022.2)
(430.1)
(945.7)
(1,260.9)
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
*
(2,167.2)
(2,018.4)
(55.4)
(83.7)
(9.7)
(5,654.0)
(3,249.4)
(727.2)
(777.3)
(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
(5,816.1)
(3,282.4)
(750.0)
(843.2)
(940.5)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019. (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 \u00a3802.0m (2023: \u00a3925.1m), there are US dollar denominated amounts totalling \u00a392.0m (2023: \u00a390.6m), 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 \u00a31,027.2m (2023: \u00a3621.9m), an amount totalling \u00a3318.9m (2023: \u00a3322.4m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3802.0m include a fair value adjustment of \u00a38.1m (2023: \u00a312.4m) 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 2024 was a credit to the income statement of \u00a34.3m (2023: \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 re-priced every three months. Fixed vs floating interest rate table
2024 2023
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Total fixed rate debt
(1,829.2)
(1,547.0)
Interest rate swaps (fixed leg)
410.9
413.0
Fixed rate liability
(1,418.3)
(1,134.0)
Floating rate debt
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
Total floating rate debt
(1,139.6)
(874.3)
Interest rate swaps (floating leg)
(410.9)
(413.0)
Floating rate liability
(1,550.5)
(1,287.3)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt excluding lease liabilities
(3,044.3)
(2,511.6)
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:
2024
2023
Interest rate swaps
Net carrying amount liability (\u00a3m)
(82.8)
(78.7)
Notional amount (\u00a3m)
496.0
494.5
Maturity date range
2026\u20132030
2026\u20132030
Hedge ratio
1:1
1:1
Fair value gain/(loss) on US private placement notes and senior bond in a
hedge relationship (\u00a3m)
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship (\u00a3m)
(4.1)
21.8
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
2024
0.1
\u2013
0.1
\u2013
2023
0.2
(0.1)
0.2
(0.1)
(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
2024
2023
2024
2023
US dollar
1.28
1.24
1.25
1.27
Euro
1.18
1.15
1.21
1.15
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 2024, all foreign exchange cash flow hedges were effective with a cumulative pre-tax gain of \u00a34.7m (2023: cumulative pre-tax loss of \u00a32.5m) recognised in equity at the end of the year and this will affect the income statement during 2025. Effects of hedge accounting on the financial position and performance
2024
2023
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount asset/(liability) (\u00a3m)
4.7
(2.5)
Notional amount at 31 December (\u00a3m)
131.2
135.3
Maturity date range
2025
2024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
(7.2)
1.3
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
7.2
(1.3)
The majority of the Group\u2019s borrowings are in effect 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:
2024 2023
\u00a3m \u00a3m
US dollar
637.7
438.6
Sterling
225.4
91.8
Euro
644.7
573.9
Other
103.6
(18.8)
1,611.4
1,085.5
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 2024, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a32.8m and \u00a30.9m respectively (2023: \u00a33.0m and \u00a31.0m) and adjusted profit before income tax by \u00a33.2m and \u00a31.2m respectively (2023: \u00a33.4m and \u00a31.5m). 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
2024
0.7
(0.9)
(214.9)
260.3
2023
0.4
(0.5)
(228.8)
308.2
(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 172) 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 expected credit losses and credit notes in respect of trade receivables. At the balance sheet date there were no significant concentrations of credit risk (2023: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-584": { "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 2024, the Group issued a \u20ac500m bond which matures in 2032 under the terms of its Euro Medium Term Note (\u2018EMTN\u2019) programme. The bond issued extends the maturity profile of the Group\u2019s debt portfolio. During 2024, \u00a3264.8m of existing bank facilities with maturities between 2024 and 2026 were refinanced by \u00a3350.6m of new or amended bank facilities with maturities between 2026 to 2029. In July 2024, the Group established a \u20ac1 billion euro-commercial paper programme, under which it can issue short term notes. At 31 December 2024, the nominal value of commercial paper in issue was \u00a3144.6m (2023: none) with maturities of up to three months. Loans, borrowings and net debt
2024 2023
\u00a3m \u00a3m
Bank overdrafts
(987.9)
(874.2)
Bank loans
(1.6)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(173.4)
(129.9)
Senior bonds
(299.9)
\u2013
Borrowings due within one year
(1,607.1)
(1,004.2)
Bank loans
(5.8)
\u2013
US private placement notes
(628.6)
(795.2)
Senior bonds
(727.3)
(621.9)
Borrowings due after one year
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt
(3,044.3)
(2,511.6)
Cash and cash equivalents
1,432.9
1,426.1
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
Further information on the movement in net debt and lease liabilities is shown in Note 29. The total available committed funding at 31 December 2024 was \u00a32,845.4m (2023: \u00a32,470.0m). This includes our US private placement notes, senior bonds and all committed bank facilities. The committed funding maturity profile at 31 December 2024 is set out in the chart below: Committed funding maturity profile by year (\u00a3m) 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 2030 2031 2032 173 300 126 145 140 98 40 138 104 553 108 108 413 400 US private placement notes Bank facilities \u2013 undrawn Senior bonds The undrawn committed bank facilities available at 31 December were as follows:
2024 2023
\u00a3m \u00a3m
Expiring within one year
\u2013
179.8
Expiring after one year but within two years
145.3
50.0
Expiring after two years
788.2
622.8
933.5
852.6
In addition, the Group maintains a commercial paper programme, bank overdrafts and uncommitted facilities to provide short term flexibility. As at 31 December 2024 there were no loans secured by fixed charges on property (2023: 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. 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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Bank overdrafts
(987.9)
(987.9)
Bank loans
(7.4)
(1.6)
(1.0)
(2.7)
(2.1)
Commercial paper
(144.6)
(144.6)
US private placement notes
(918.3)
(201.2)
(149.1)
(330.4)
(237.6)
Senior bonds
(1,260.5)
(319.7)
(19.9)
(59.8)
(861.1)
Lease payments
(875.0)
(212.8)
(189.4)
(338.3)
(134.5)
Trade and other payables
(2,364.5)
(2,149.0)
(50.5)
(157.7)
(7.3)
(6,558.2)
(4,016.8)
(409.9)
(888.9)
(1,242.6)
Derivative financial instruments
Net settled:
Interest rate swaps
(115.5)
(20.2)
(20.2)
(56.8)
(18.3)
Gross settled:
Foreign exchange inflows
2,768.1
2,768.1
\u2013
Foreign exchange outflows
(2,753.3)
(2,753.3)
\u2013
(100.7)
(5.4)
(20.2)
(56.8)
(18.3)
Total
(6,658.9)
(4,022.2)
(430.1)
(945.7)
(1,260.9)
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
*
(2,167.2)
(2,018.4)
(55.4)
(83.7)
(9.7)
(5,654.0)
(3,249.4)
(727.2)
(777.3)
(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
(5,816.1)
(3,282.4)
(750.0)
(843.2)
(940.5)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-585": { "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 \u00a3802.0m (2023: \u00a3925.1m), there are US dollar denominated amounts totalling \u00a392.0m (2023: \u00a390.6m), 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 \u00a31,027.2m (2023: \u00a3621.9m), an amount totalling \u00a3318.9m (2023: \u00a3322.4m), with a maturity of 2030, has been swapped to floating rates using interest rate swaps which reprice daily. The US private placement notes of \u00a3802.0m include a fair value adjustment of \u00a38.1m (2023: \u00a312.4m) 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 2024 was a credit to the income statement of \u00a34.3m (2023: \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 re-priced every three months. Fixed vs floating interest rate table
2024 2023
\u00a3m \u00a3m
Fixed rate debt
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Total fixed rate debt
(1,829.2)
(1,547.0)
Interest rate swaps (fixed leg)
410.9
413.0
Fixed rate liability
(1,418.3)
(1,134.0)
Floating rate debt
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
Total floating rate debt
(1,139.6)
(874.3)
Interest rate swaps (floating leg)
(410.9)
(413.0)
Floating rate liability
(1,550.5)
(1,287.3)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Gross debt excluding lease liabilities
(3,044.3)
(2,511.6)
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:
2024
2023
Interest rate swaps
Net carrying amount liability (\u00a3m)
(82.8)
(78.7)
Notional amount (\u00a3m)
496.0
494.5
Maturity date range
2026\u20132030
2026\u20132030
Hedge ratio
1:1
1:1
Fair value gain/(loss) on US private placement notes and senior bond in a
hedge relationship (\u00a3m)
3.9
(24.4)
Fair value (loss)/gain on interest rate swaps in a hedge relationship (\u00a3m)
(4.1)
21.8
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
2024
0.1
\u2013
0.1
\u2013
2023
0.2
(0.1)
0.2
(0.1)
(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
2024
2023
2024
2023
US dollar
1.28
1.24
1.25
1.27
Euro
1.18
1.15
1.21
1.15
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 2024, all foreign exchange cash flow hedges were effective with a cumulative pre-tax gain of \u00a34.7m (2023: cumulative pre-tax loss of \u00a32.5m) recognised in equity at the end of the year and this will affect the income statement during 2025. Effects of hedge accounting on the financial position and performance
2024
2023
Forward foreign currency hedges in relation to inventory purchases
Net carrying amount asset/(liability) (\u00a3m)
4.7
(2.5)
Notional amount at 31 December (\u00a3m)
131.2
135.3
Maturity date range
2025
2024
Hedge ratio
1:1
1:1
Change in value of hedged items since 1 January (\u00a3m)
(7.2)
1.3
Change in fair value of outstanding foreign currency forward contracts since
1 January (\u00a3m)
7.2
(1.3)
The majority of the Group\u2019s borrowings are in effect 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:
2024 2023
\u00a3m \u00a3m
US dollar
637.7
438.6
Sterling
225.4
91.8
Euro
644.7
573.9
Other
103.6
(18.8)
1,611.4
1,085.5
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 2024, a movement of one cent in the US dollar and euro average exchange rates would have changed profit before income tax by \u00a32.8m and \u00a30.9m respectively (2023: \u00a33.0m and \u00a31.0m) and adjusted profit before income tax by \u00a33.2m and \u00a31.2m respectively (2023: \u00a33.4m and \u00a31.5m). 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
2024
0.7
(0.9)
(214.9)
260.3
2023
0.4
(0.5)
(228.8)
308.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-589": { "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
2024
0.1
\u2013
0.1
\u2013
2023
0.2
(0.1)
0.2
(0.1)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-586": { "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 172) 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 expected credit losses and credit notes in respect of trade receivables. At the balance sheet date there were no significant concentrations of credit risk (2023: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-580": { "value": "(e) Financial instruments Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,369.1
1,377.1
Trade and other receivables
1,541.7
1,494.1
Total financial assets held at amortised cost
2,910.8
2,871.2
Financial assets held at fair value
Foreign exchange derivatives in cash flow hedges
4.8
0.3
Foreign exchange derivatives in net investment hedges
13.3
9.8
Other foreign exchange and interest rate derivatives
9.9
1.7
Total derivative financial assets
28.0
11.8
Money market funds
63.8
49.0
Total financial assets held at fair value
91.8
60.8
Total financial assets
3,002.6
2,932.0
Current derivative financial assets
28.0
11.7
Non-current derivative financial assets
\u2013
0.1
Total derivative financial assets
28.0
11.8
Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Lease liabilities
(754.1)
(664.5)
Trade and other payables
(2,172.4)
(2,043.8)
Total financial liabilities held at amortised cost
(5,895.3)
(5,129.6)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(82.8)
(78.7)
Foreign exchange derivatives in cash flow hedges
(0.1)
(2.8)
Foreign exchange derivatives in net investment hedges
(9.1)
(16.6)
Other foreign exchange derivatives
(6.6)
(6.3)
Total derivative financial liabilities
(98.6)
(104.4)
Other payables held at fair value
*
(192.1)
(123.4)
Total financial liabilities held at fair value
(290.7)
(227.8)
Total financial liabilities
(6,186.0)
(5,357.4)
Current derivative financial liabilities
(15.8)
(25.7)
Non-current derivative financial liabilities
(82.8)
(78.7)
Total derivative financial liabilities
(98.6)
(104.4)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019. 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 minority options, excluding elements relating to the retention of former owners, 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 held at fair value of \u00a32.1m (2023: \u00a32.3m) and 1% decrease in the expected profitability would result in a decrease of \u00a32.1m (2023: \u00a32.3m). There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2024 the fair values, based on unadjusted market data, of the US private placement notes was \u00a3761.6m (2023: \u00a3875.9m) and of the senior bonds was \u00a3968.2m (2023: \u00a3615.8m). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-568": { "value": "(e) Financial instruments Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial assets held at amortised cost
Cash at bank and in hand
1,369.1
1,377.1
Trade and other receivables
1,541.7
1,494.1
Total financial assets held at amortised cost
2,910.8
2,871.2
Financial assets held at fair value
Foreign exchange derivatives in cash flow hedges
4.8
0.3
Foreign exchange derivatives in net investment hedges
13.3
9.8
Other foreign exchange and interest rate derivatives
9.9
1.7
Total derivative financial assets
28.0
11.8
Money market funds
63.8
49.0
Total financial assets held at fair value
91.8
60.8
Total financial assets
3,002.6
2,932.0
Current derivative financial assets
28.0
11.7
Non-current derivative financial assets
\u2013
0.1
Total derivative financial assets
28.0
11.8
Financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank overdrafts
(987.9)
(874.2)
Bank loans
(7.4)
(0.1)
Commercial paper
(144.3)
\u2013
US private placement notes
(802.0)
(925.1)
Senior bonds
(1,027.2)
(621.9)
Lease liabilities
(754.1)
(664.5)
Trade and other payables
(2,172.4)
(2,043.8)
Total financial liabilities held at amortised cost
(5,895.3)
(5,129.6)
Financial liabilities held at fair value
Interest rate derivatives in fair value hedges
(82.8)
(78.7)
Foreign exchange derivatives in cash flow hedges
(0.1)
(2.8)
Foreign exchange derivatives in net investment hedges
(9.1)
(16.6)
Other foreign exchange derivatives
(6.6)
(6.3)
Total derivative financial liabilities
(98.6)
(104.4)
Other payables held at fair value
*
(192.1)
(123.4)
Total financial liabilities held at fair value
(290.7)
(227.8)
Total financial liabilities
(6,186.0)
(5,357.4)
Current derivative financial liabilities
(15.8)
(25.7)
Non-current derivative financial liabilities
(82.8)
(78.7)
Total derivative financial liabilities
(98.6)
(104.4)
* The Group has restated comparatives for the year to 31 December 2023 to remove minority options \u2013 retention payments of former owners of \u00a338.2m from Other payables held at fair value as these are accounted for in line with IAS19 \u2018Employee benefits\u2019. 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 minority options, excluding elements relating to the retention of former owners, 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 held at fair value of \u00a32.1m (2023: \u00a32.3m) and 1% decrease in the expected profitability would result in a decrease of \u00a32.1m (2023: \u00a32.3m). There were no transfers between levels for recurring fair value measurements during the year. As at 31 December 2024 the fair values, based on unadjusted market data, of the US private placement notes was \u00a3761.6m (2023: \u00a3875.9m) and of the senior bonds was \u00a3968.2m (2023: \u00a3615.8m). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-587": { "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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
28.0
\u2013
28.0
(12.9)
15.1
Derivative financial liabilities
(98.6)
\u2013
(98.6)
12.9
(85.7)
2023
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-581": { "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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
28.0
\u2013
28.0
(12.9)
15.1
Derivative financial liabilities
(98.6)
\u2013
(98.6)
12.9
(85.7)
2023
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-569": { "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
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
28.0
\u2013
28.0
(12.9)
15.1
Derivative financial liabilities
(98.6)
\u2013
(98.6)
12.9
(85.7)
2023
Derivative financial assets
11.8
\u2013
11.8
(10.2)
1.6
Derivative financial liabilities
(104.4)
\u2013
(104.4)
10.2
(94.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "value": "
19 Provisions
2024 2023
\u00a3m \u00a3m
Current
57.1
10.0
Non-current
49.7
75.8
106.8
85.8
2024
2023
MEPP MEPP
Properties withdrawal Other Total Properties withdrawal Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year
26.4
4.2
55.2
85.8
25.3
13.8
35.6
74.7
Charge
2.1
\u2013
7.1
9.2
2.6
\u2013
1.3
3.9
Acquisitions
8.1
\u2013
24.7
32.8
2.2
\u2013
24.0
26.2
Disposal of businesses
\u2013
\u2013
(4.2)
(4.2)
\u2013
\u2013
\u2013
\u2013
Utilised or released
(1.9)
(0.7)
(6.0)
(8.6)
(3.3)
(9.1)
(5.0)
(17.4)
Currency translation
(0.4)
\u2013
(7.8)
(8.2)
(0.4)
(0.5)
(0.7)
(1.6)
End of year
34.3
3.5
69.0
106.8
26.4
4.2
55.2
85.8
The Properties provision includes provisions for repairs and dilapidations. These provisions cover the
relevant periods of the lease agreements, which typically extend from one to 10 years, up to the
expected termination date.
The MEPP withdrawal provision relates to the withdrawal liability on multi-employer pension plans in
North America. See Note 25 for further details.
Group companies are, from time to time, subject to certain claims and litigation incidental to their
operations and arising in the ordinary course of business including, but not limited to, those relating to
the products and services that they supply, contractual and commercial disputes, environmental
claims, 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, for which an asset is only recognised when it is virtually certain. There are no individually
significant provisions included within the other category. \u2003
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "20 Deferred tax
2024
2023
Asset Liability Net Asset Liability Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.2
(15.6)
(15.4)
0.5
(11.5)
(11.0)
Defined benefit pension schemes
4.3
(8.8)
(4.5)
5.4
(16.4)
(11.0)
Goodwill, customer and supplier
relationships, brands and technology
9.7
(304.2)
(294.5)
6.9
(232.5)
(225.6)
Share based payments
14.5
\u2013
14.5
15.1
\u2013
15.1
Leases
8.7
(0.3)
8.4
7.8
(0.2)
7.6
Provisions and accruals
48.2
(5.1)
43.1
51.6
(4.2)
47.4
Inventories
12.0
(23.5)
(11.5)
13.6
(21.8)
(8.2)
Other
14.9
(4.2)
10.7
14.7
(4.9)
9.8
Deferred tax asset/(liability)
112.5
(361.7)
(249.2)
115.6
(291.5)
(175.9)
Set-off of tax
(98.4)
98.4
\u2013
(101.4)
101.4
\u2013
Net deferred tax asset/(liability)
14.1
(263.3)
(249.2)
14.2
(190.1)
(175.9)
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 (2023: \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 \u00a310.9m (2023: \u00a311.9m). No deferred tax has been recognised in respect of unutilised capital losses of \u00a386.9m (2023: \u00a386.9m) 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:
2024 2023
\u00a3m \u00a3m
Beginning of year
175.9
188.7
Acquisitions
99.8
20.3
Disposal of businesses
(1.6)
\u2013
Credit to income statement
(16.3)
(19.7)
Recognised in other comprehensive income and equity
(4.4)
(1.2)
Reclassified (to)/from current tax
\u2013
(4.1)
Currency translation
(4.2)
(8.1)
End of year
249.2
175.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "value": "
21 Share capital and share based payments
2024 2023
\u00a3m \u00a3m
Issued and fully paid ordinary shares of 32
1
\u2044
p each
106.4
108.6
7
Number of ordinary shares in issue and fully paid
2024
2023
Beginning of year
338,021,077
337,667,846
Issued \u2013 option exercises
378,873
353,231
Own shares purchased for cancellation
(7,223,430)
\u2013
End of year
331,176,520
338,021,077
Own shares purchased for cancellation
During 2024 the Company repurchased and cancelled 7,223,430 ordinary shares, with an aggregate
nominal value of \u00a32.3m, for a total consideration of \u00a3251.2m, including transaction costs of \u00a30.2m and
stamp duty of \u00a31.0m, of which \u00a3247.9m had been paid during the year. The repurchased shares
represent approximately 2% of ordinary share capital in issue as at 31 December 2024.
Own shares purchased for cancellation of \u00a3301.2m, as shown in the consolidated statement of changes
in equity, includes the \u00a3251.2m total consideration for shares repurchased and cancelled during the
year and a further \u00a350.0m accrual for share purchases committed to as at 31 December 2024. Of the
\u00a350.0m accrual, 1,485,587 ordinary shares were repurchased and cancelled between the end of the
reporting period and 3 March 2025, for a total cost of \u00a350.0m. The number of shares in issue is reduced
when shares are repurchased and cancelled.
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 below 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 2024 the trust held 1,921,706 (2023: 2,223,988) shares, upon which dividends have
been waived, with an aggregate nominal value of \u00a30.6m (2023: \u00a30.7m) and market value of \u00a363.3m
(2023: \u00a370.9m).
Shares based payments
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 (2023: \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 2014 (\u20182014 LTIP\u2019) and 2024 (\u20182024 LTIP\u2019) The 2014 LTIP was approved by shareholders at the 2014 AGM and expired in April 2024. No further share options or performance share awards have been granted under the 2014 LTIP since that date. The 2024 LTIP was approved by shareholders at the 2024 AGM and replaced the 2014 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 2024 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 2024 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. 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:
2024
2023
Grant date
01.03.24-11.09.24
01.03.23\u201313.09.23
Share price at grant date (\u00a3)
29.46-36.14
28.04\u201330.60
Exercise price (\u00a3)
nil-36.38
nil\u201328.05
Number of options granted during the year (shares)
2,062,611
2,329,854
Vesting period (years)
3.0-5.0
3.0\u20135.0
Expected volatility (%)
18-20
19\u201321
Option life (years)
3.0-10.0
3.0\u201310.0
Expected life (years)
3.0-6.5
3.0\u20136.5
Risk free rate of return (%)
3.6-4.4
3.1\u20133.6
Expected dividends expressed as a dividend yield (%)
0.0-2.3
0.0\u20132.1
Fair value per option (\u00a3)
5.09-24.41
6.08\u201325.28
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 \u00a333.47 (2023: \u00a330.45). The total charge for the year relating to share based payments was \u00a317.2m (2023: \u00a315.4m). After tax the total charge was \u00a314.0m (2023: \u00a311.7m). Details of share options and awards which have been granted and exercised, those which have lapsed during 2024 and those outstanding and available to exercise at 31 December 2024, whether over new issue or market purchase shares, or cash-settled, under the Sharesave Scheme, International Sharesave Plan, Irish Sharesave Plan, the 2014 LTIP Part A and Part B and 2024 LTIP Part A and Part B, are set out in the following table: Options Grants/awards\u2020 Exercises Options outstanding Options available outstanding Lapses* to exercise at 01.01.24 2024 2024 2024 at 31.12.24 Number Number Price (\u00a3) Number Price(\u00a3) Number Number Price (\u00a3) Number Sharesave Scheme 557,498 270,320 24.53 198,134 17.81-24.53 52,849 576,835 15.28-24.53 1,102 International Sharesave Plan 234,571 110,849 24.53 86,122 17.81-24.53 28,266 231,032 22.56-24.53 3,152 Irish Sharesave Plan 11,599 \u2013 \u2013 10,731 17.81 868 \u2013 \u2013 \u2013 2014 LTIP Part A 8,813,165 \u2013 \u2013 2,375,032 16.38-28.97 137,949 6,300,184 16.87-28.97 3,194,043 2024 LTIP Part A \u2013 1,391,123 36.38 \u2013 \u2013 7,581 1,383,542 36.38 \u2013 2014 LTIP Part B 1,088,163 257,633 \u2013 253,428 \u2013 13,126 1,079,242 \u2013 199,592 2024 LTIP Part B \u2013 32,686 \u2013 \u2013 \u2013 \u2013 32,686 \u2013 \u2013 10,704,996 2,062,611 2,923,447 240,639 9,603,521 3,397,889 \u2020 Share option grants/awards also include the dividend equivalent shares accrued in relation to the vested LTIP B Restricted Share Awards (\u2018RSAs\u2019). * Share option lapses relate to those which have either been forfeited or have expired during the year.
For the options outstanding at 31 December 2024, the weighted average fair values and the weighted
average remaining contractual lives (being the time period from 31 December 2024 until the lapse date
of each share option) are set out below:
Weighted average Weighted average
fair value of remaining
options contractual life
outstanding (\u00a3) (years)
Sharesave Scheme
7.46
2.28
International Sharesave Plan
7.73
2.07
Irish Sharesave Plan
\u2013
\u2013
2014
LTIP Part A
4.26
6.36
2014
LTIP Part B
23.96
4.00
2024
LTIP Part A
7.61
9.70
2024
LTIP Part B
25.96
5.32
The outstanding share options and performance share awards are exercisable at various dates up to
September 2034.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "21 Share capital and share based payments
2024 2023
\u00a3m \u00a3m
Issued and fully paid ordinary shares of 32
1
\u2044
p each
106.4
108.6
7
Number of ordinary shares in issue and fully paid
2024
2023
Beginning of year
338,021,077
337,667,846
Issued \u2013 option exercises
378,873
353,231
Own shares purchased for cancellation
(7,223,430)
\u2013
End of year
331,176,520
338,021,077
Own shares purchased for cancellation During 2024 the Company repurchased and cancelled 7,223,430 ordinary shares, with an aggregate nominal value of \u00a32.3m, for a total consideration of \u00a3251.2m, including transaction costs of \u00a30.2m and stamp duty of \u00a31.0m, of which \u00a3247.9m had been paid during the year. The repurchased shares represent approximately 2% of ordinary share capital in issue as at 31 December 2024. Own shares purchased for cancellation of \u00a3301.2m, as shown in the consolidated statement of changes in equity, includes the \u00a3251.2m total consideration for shares repurchased and cancelled during the year and a further \u00a350.0m accrual for share purchases committed to as at 31 December 2024. Of the \u00a350.0m accrual, 1,485,587 ordinary shares were repurchased and cancelled between the end of the reporting period and 3 March 2025, for a total cost of \u00a350.0m. The number of shares in issue is reduced when shares are repurchased and cancelled. 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 below 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 2024 the trust held 1,921,706 (2023: 2,223,988) shares, upon which dividends have been waived, with an aggregate nominal value of \u00a30.6m (2023: \u00a30.7m) and market value of \u00a363.3m (2023: \u00a370.9m). Shares based payments 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
(2023: \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 2014 (\u20182014 LTIP\u2019) and 2024 (\u20182024 LTIP\u2019)
The 2014 LTIP was approved by shareholders at the 2014 AGM and expired in April 2024. No further
share options or performance share awards have been granted under the 2014 LTIP since that date.
The 2024 LTIP was approved by shareholders at the 2024 AGM and replaced the 2014 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 2024 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 2024 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.
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:
2024
2023
Grant date
01.03.24-11.09.24
01.03.23\u201313.09.23
Share price at grant date (\u00a3)
29.46-36.14
28.04\u201330.60
Exercise price (\u00a3)
nil-36.38
nil\u201328.05
Number of options granted during the year (shares)
2,062,611
2,329,854
Vesting period (years)
3.0-5.0
3.0\u20135.0
Expected volatility (%)
18-20
19\u201321
Option life (years)
3.0-10.0
3.0\u201310.0
Expected life (years)
3.0-6.5
3.0\u20136.5
Risk free rate of return (%)
3.6-4.4
3.1\u20133.6
Expected dividends expressed as a dividend yield (%)
0.0-2.3
0.0\u20132.1
Fair value per option (\u00a3)
5.09-24.41
6.08\u201325.28
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 \u00a333.47 (2023: \u00a330.45). The total charge for the year relating to share
based payments was \u00a317.2m (2023: \u00a315.4m). After tax the total charge was \u00a314.0m (2023: \u00a311.7m).
Details of share options and awards which have been granted and exercised, those which have lapsed
during 2024 and those outstanding and available to exercise at 31 December 2024, whether over new
issue or market purchase shares, or cash-settled, under the Sharesave Scheme, International
Sharesave Plan, Irish Sharesave Plan, the 2014 LTIP Part A and Part B and 2024 LTIP Part A and Part B,
are set out in the following table:
Options Grants/awards\u2020 Exercises Options outstanding Options available outstanding Lapses* to exercise at 01.01.24 2024 2024 2024 at 31.12.24 Number Number Price (\u00a3) Number Price(\u00a3) Number Number Price (\u00a3) Number Sharesave Scheme 557,498 270,320 24.53 198,134 17.81-24.53 52,849 576,835 15.28-24.53 1,102 International Sharesave Plan 234,571 110,849 24.53 86,122 17.81-24.53 28,266 231,032 22.56-24.53 3,152 Irish Sharesave Plan 11,599 \u2013 \u2013 10,731 17.81 868 \u2013 \u2013 \u2013 2014 LTIP Part A 8,813,165 \u2013 \u2013 2,375,032 16.38-28.97 137,949 6,300,184 16.87-28.97 3,194,043 2024 LTIP Part A \u2013 1,391,123 36.38 \u2013 \u2013 7,581 1,383,542 36.38 \u2013 2014 LTIP Part B 1,088,163 257,633 \u2013 253,428 \u2013 13,126 1,079,242 \u2013 199,592 2024 LTIP Part B \u2013 32,686 \u2013 \u2013 \u2013 \u2013 32,686 \u2013 \u2013 10,704,996 2,062,611 2,923,447 240,639 9,603,521 3,397,889 \u2020 Share option grants/awards also include the dividend equivalent shares accrued in relation to the vested LTIP B Restricted Share Awards (\u2018RSAs\u2019). * Share option lapses relate to those which have either been forfeited or have expired during the year. For the options outstanding at 31 December 2024, the weighted average fair values and the weighted average remaining contractual lives (being the time period from 31 December 2024 until the lapse date of each share option) are set out below:
Weighted average Weighted average
fair value of remaining
options contractual life
outstanding (\u00a3) (years)
Sharesave Scheme
7.46
2.28
International Sharesave Plan
7.73
2.07
Irish Sharesave Plan
\u2013
\u2013
2014
LTIP Part A
4.26
6.36
2014
LTIP Part B
23.96
4.00
2024
LTIP Part A
7.61
9.70
2024
LTIP Part B
25.96
5.32
The outstanding share options and performance share awards are exercisable at various dates up to September 2034.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "value": "22 Dividends Total dividends for the years in which they are recognised are:
2024 2023
\u00a3m \u00a3m
2022 interim
57.9
2022 final
151.8
2023 interim
61.0
2023 final
167.6
Total
228.6
209.7
Total dividends per share for the year to which they relate are:
Per share
2024
2023
Interim
20.1p
18.2p
Final
53.8p
50.1p
Total
73.9p
68.3p
The 2024 interim dividend of 20.1p per share was paid on 3 January 2025 and comprised \u00a366.7m of cash. The 2024 final dividend of 53. 8p per share will be paid on 2 July 2025 to shareholders on the register at the close of business on 23 May 2025. The 2024 final dividend will comprise approximately \u00a3177m of cash.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "0.538", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-514": { "value": "
23 Bank guarantees
2024 2023
\u00a3m \u00a3m
Bank guarantees
4.5
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "23 Bank guarantees
2024 2023
\u00a3m \u00a3m
Bank guarantees
4.5
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "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:
2024
2023
Peter Ventress
2,608
2,608
Frank van Zanten
269,899
225,612
Richard Howes
89,384
76,333
Pam Kirby
1,800
1,800
Lloyd Pitchford
4,000
4,000
Stephan Nanninga
10,000
\u2013
Vin Murria
\u2013
\u2013
Jacky Simmonds
1,445
\u2013
Daniela Barone Soares
519
\u2013
Julia Wilson
1,302
\u2013
Vanda Murray*
N/A
3,000
380,957
313,353
* Vanda Murray retired as a director on 24 April 2024.
Details of the directors\u2019 options and awards over ordinary shares made under the 2024 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 2024 and 3 March 2025, that were
notifiable under article 19 of the Market Abuse Regulation.
", "dimensions": { "concept": "bunzlplc:DisclosureOfDirectorsOrdinaryShareInterests", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "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 mid 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 and during
the year was closed to further accrual in May 2024 before the trustee entered into a bulk annuity buy-in
transaction in December 2024 that insured the vast majority of the benefit obligations. The value of the
annuity policy is equal to the value of the IAS 19 liability less GMP equalisation liabilities estimated as
approximately \u00a32m. The valuation of the UK defined benefit pension scheme has been updated to
31 December 2024 by the Group\u2019s actuaries.
The purchase price for the buy-in contract based on conditions as at 10 December 2024 was \u00a3253m.
There was a reduction in the pension fund surplus following the transaction because the IAS 19 liability
for the insured benefits was estimated to be less than the purchase price. The difference between the
amount paid and the corresponding IAS 19 liabilities has been recognised as an actuarial loss within
return on plan assets in 2024.
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 last full triennial valuation on the UK defined benefit pension scheme was carried out by a qualified
actuary as at 5 April 2024 and showed that there was a surplus on the agreed funding basis.
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 2024
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 2024 and showed that there was a required
annual contribution of $3.9m. Bunzl plans to cover this required contribution using a prefunding
balance. In comparison, in the 2023 plan year, Bunzl also used a prefunding balance to cover the
required contribution of $4.5m. The annual review as at 1 January 2025 is ongoing.
Risks
Following the buy-in for the UK defined benefit pension scheme in December 2024 the risk of material
change has been substantially mitigated. In June 2023, the High Court handed down a decision (Virgin
Media Limited v NTL Pension Trustees II Limited and others) which potentially has implications for the
validity of amendments made by pension schemes which were contracted-out on a salary-related basis
between 6 April 1997 and the abolition of contracting-out in 2016. The High Court ruled that any
amendments made to these pension schemes during the relevant period would be void unless the
scheme actuary had confirmed that the pension scheme would continue to satisfy the statutory
standard for contracted-out schemes. On 25 July 2024, the Court of Appeal upheld the original
decision. The Trustees have initiated an investigation of scheme amendments to decide whether any
subsequent actions or amendments to scheme liabilities are required. The Group has not made any
allowance for the possible impact of the ruling as it is currently unclear whether any additional liabilities
might arise, and if they were to arise, how they would be reliably measured. The Group will continue to
monitor developments.
The main risks to which the Group is exposed in relation to the US defined benefit pension scheme are
described below:
\u2022 Interest rate risk \u2013 a fall in bond yields will increase the value of the scheme's liabilities. A proportion
of both the US scheme's 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.
The risks mentioned above could lead to a material change to the deficit or surplus of the pension
scheme. 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.
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:
2024 2023
Amounts included in the income statement \u00a3m \u00a3m
Defined contribution pension schemes
31.8
28.9
Defined benefit pension schemes
current service cost (net of contributions by employees)
2.3
3.4
Total included in employee costs excluding non-recurring pension scheme
credits
34.1
32.3
Defined benefit pension schemes
past service cost included in non-recurring pension scheme credits
(3.2)
\u2013
Total included in employee costs
30.9
32.3
Amounts included in finance (income)/expense
Net interest income on defined benefit pension schemes in surplus
(3.1)
(3.2)
Net interest expense on defined benefit pension schemes in deficit
0.7
1.0
Total charge to the income statement
28.5
30.1
2024 2023
Amounts recognised in the statement of comprehensive income \u00a3m \u00a3m
Actual return less expected return on pension scheme assets
(74.2)
5.2
Experience gain/(loss) on pension scheme liabilities
7.9
(2.2)
Impact of changes in financial assumptions relating to the present value of
pension scheme liabilities
25.5
(7.7)
Impact of changes in demographic assumptions relating to the present value of
pension scheme liabilities
5.7
7.6
Actuarial (loss)/gain on defined benefit pension schemes
(35.1)
2.9
The cumulative amount of net actuarial losses arising since 1 January 2004 recognised in the statement of comprehensive income at 31 December 2024 was \u00a367.2m (2023: \u00a332.1m). The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 were:
UK
2024
2023
Longevity at age 65 for current pensioners (years)
21.4
21.6
Longevity at age 65 for future pensioners (years)
22.3
22.8
US
Longevity at age 65 for current and future pensioners (years)
21.6
21.6
UK
US
2024
2023
2022
2024
2023
2022
Rate of increase in salaries
\u2013
3.5%
3.6%
3.0%
3.0%
3.0%
Rate of increase in pensions
\u2013
2.7%
2.7%
\u2013
\u2013
\u2013
Discount rate
5.6%
4.8%
5.0%
5.4%
4.8%
5.0%
Inflation rate
2.8%
2.7%
2.7%
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 2024 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
(6.7)
6.1
(2.7)
2.6
6.2
(6.7)
US
(2.1)
2.3
\u2013
\u2013
1.6
(1.6)
The market value of pension scheme assets and the present value of retirement benefit obligations at 31 December were:
UK US Other Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Equities
\u2013
16.3
1.7
18.0
Bonds
\u2013
54.0
9.5
63.5
Assets held by insurance company
211.6
\u2013
\u2013
211.6
Other
36.8
11.4
6.5
54.7
Total market value of pension scheme assets
248.4
81.7
17.7
347.8
Present value of funded obligations
(213.8)
(79.8)
(17.2)
(310.8)
Present value of unfunded obligations
\u2013
(8.3)
(8.9)
(17.2)
Present value of funded and unfunded obligations
(213.8)
(88.1)
(26.1)
(328.0)
Defined benefit pension schemes in deficit
\u2013
(6.4)
(9.6)
(16.0)
Defined benefit pension schemes in surplus
34.6
\u2013
1.2
35.8
Total surplus/(deficit) before tax
34.6
(6.4)
(8.4)
19.8
Deferred tax
(8.7)
1.7
2.5
(4.5)
Total surplus/(deficit) after tax
25.9
(4.7)
(5.9)
15.3
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
There is a net surplus of \u00a334.6m (\u00a325.9m after deferred tax) (2023: \u00a365.3m (\u00a349.0m after 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, \u00a3118.3m (2023: \u00a3400.1m) are valued based on quoted market prices.
2024 2023
Movement in net surplus/(deficit) \u00a3m \u00a3m
Beginning of year
49.4
39.9
Disposal of businesses
0.6
\u2013
Current service cost
(2.3)
(3.4)
Past service credit
3.2
\u2013
Contributions
1.2
6.9
Net interest income
2.4
2.2
Actuarial (loss)/gain
(35.1)
2.9
Currency translation
0.4
0.9
End of year
19.8
49.4
2024 2023
Changes in the present value of defined benefit pension scheme liabilities \u00a3m \u00a3m
Beginning of year
375.5
381.6
Disposal of businesses
(2.3)
\u2013
Current service cost
2.3
3.4
Past service credit
(3.2)
\u2013
Interest expense
17.3
17.9
Contributions by employees
0.2
0.5
Actuarial (gain)/loss
(39.1)
2.3
Benefits paid
(22.5)
(23.7)
Currency translation
(0.2)
(6.5)
End of year
328.0
375.5
2024 2023
Changes in the fair value of defined benefit pension scheme assets \u00a3m \u00a3m
Beginning of year
424.9
421.5
Disposal of businesses
(1.7)
\u2013
Interest income
19.7
20.1
Actuarial (loss)/gain
(74.2)
5.2
Contributions by employer
1.2
6.9
Contributions by employees
0.2
0.5
Benefits paid
(22.5)
(23.7)
Currency translation
0.2
(5.6)
End of year
347.8
424.9
The actual return on pension scheme assets was a loss of \u00a354.5m (2023: gain of \u00a325.3m).
The Group expects to pay approximately \u00a31.2m in contributions to the defined benefit pension
schemes in the year ending 31 December 2025 (expected as at 31 December 2023 for the year ending
31 December 2024: \u00a31.3m) including none for the UK (expected as at 31 December 2023 for the year
ending 31 December 2024: none).
The weighted average duration of the defined benefit pension scheme liabilities at 31 December 2024
was approximately 13.0 years (2023: 14.0 years) for the UK and 7.6 years (2023: 8.2 years) for the US.
The total defined benefit pension scheme liabilities are divided between active members (\u00a341.3m
(2023: \u00a396.5m)), deferred members (\u00a3146.0m (2023: \u00a3142.7m)) and pensioners (\u00a3140.7m (2023:
\u00a3136.3m)).
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 2024, the Group paid a lump sum of \u00a30.7m towards the settlement of the liabilities for one 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 2025 expected to be no more than \u00a32.0m per annum.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "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 mid value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "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 and during the year was closed to further accrual in May 2024 before the trustee entered into a bulk annuity buy-in transaction in December 2024 that insured the vast majority of the benefit obligations. The value of the annuity policy is equal to the value of the IAS 19 liability less GMP equalisation liabilities estimated as approximately \u00a32m. The valuation of the UK defined benefit pension scheme has been updated to 31 December 2024 by the Group\u2019s actuaries. The purchase price for the buy-in contract based on conditions as at 10 December 2024 was \u00a3253m. There was a reduction in the pension fund surplus following the transaction because the IAS 19 liability for the insured benefits was estimated to be less than the purchase price. The difference between the amount paid and the corresponding IAS 19 liabilities has been recognised as an actuarial loss within return on plan assets in 2024. 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 last full triennial valuation on the UK defined benefit pension scheme was carried out by a qualified actuary as at 5 April 2024 and showed that there was a surplus on the agreed funding basis. 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 2024 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 2024 and showed that there was a required annual contribution of $3.9m. Bunzl plans to cover this required contribution using a prefunding balance. In comparison, in the 2023 plan year, Bunzl also used a prefunding balance to cover the required contribution of $4.5m. The annual review as at 1 January 2025 is ongoing. Risks Following the buy-in for the UK defined benefit pension scheme in December 2024 the risk of material change has been substantially mitigated. In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and others) which potentially has implications for the validity of amendments made by pension schemes which were contracted-out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016. The High Court ruled that any amendments made to these pension schemes during the relevant period would be void unless the scheme actuary had confirmed that the pension scheme would continue to satisfy the statutory standard for contracted-out schemes. On 25 July 2024, the Court of Appeal upheld the original decision. The Trustees have initiated an investigation of scheme amendments to decide whether any subsequent actions or amendments to scheme liabilities are required. The Group has not made any allowance for the possible impact of the ruling as it is currently unclear whether any additional liabilities might arise, and if they were to arise, how they would be reliably measured. The Group will continue to monitor developments. The main risks to which the Group is exposed in relation to the US defined benefit pension scheme are described below: \u2022 Interest rate risk \u2013 a fall in bond yields will increase the value of the scheme's liabilities. A proportion of both the US scheme's 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. The risks mentioned above could lead to a material change to the deficit or surplus of the pension scheme. 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. 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:
2024 2023
Amounts included in the income statement \u00a3m \u00a3m
Defined contribution pension schemes
31.8
28.9
Defined benefit pension schemes
current service cost (net of contributions by employees)
2.3
3.4
Total included in employee costs excluding non-recurring pension scheme
credits
34.1
32.3
Defined benefit pension schemes
past service cost included in non-recurring pension scheme credits
(3.2)
\u2013
Total included in employee costs
30.9
32.3
Amounts included in finance (income)/expense
Net interest income on defined benefit pension schemes in surplus
(3.1)
(3.2)
Net interest expense on defined benefit pension schemes in deficit
0.7
1.0
Total charge to the income statement
28.5
30.1
2024 2023
Amounts recognised in the statement of comprehensive income \u00a3m \u00a3m
Actual return less expected return on pension scheme assets
(74.2)
5.2
Experience gain/(loss) on pension scheme liabilities
7.9
(2.2)
Impact of changes in financial assumptions relating to the present value of
pension scheme liabilities
25.5
(7.7)
Impact of changes in demographic assumptions relating to the present value of
pension scheme liabilities
5.7
7.6
Actuarial (loss)/gain on defined benefit pension schemes
(35.1)
2.9
The cumulative amount of net actuarial losses arising since 1 January 2004 recognised in the statement
of comprehensive income at 31 December 2024 was \u00a367.2m (2023: \u00a332.1m).
The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 were:
UK
2024
2023
Longevity at age 65 for current pensioners (years)
21.4
21.6
Longevity at age 65 for future pensioners (years)
22.3
22.8
US
Longevity at age 65 for current and future pensioners (years)
21.6
21.6
UK
US
2024
2023
2022
2024
2023
2022
Rate of increase in salaries
\u2013
3.5%
3.6%
3.0%
3.0%
3.0%
Rate of increase in pensions
\u2013
2.7%
2.7%
\u2013
\u2013
\u2013
Discount rate
5.6%
4.8%
5.0%
5.4%
4.8%
5.0%
Inflation rate
2.8%
2.7%
2.7%
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 2024 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
(6.7)
6.1
(2.7)
2.6
6.2
(6.7)
US
(2.1)
2.3
\u2013
\u2013
1.6
(1.6)
The market value of pension scheme assets and the present value of retirement benefit obligations at
31 December were:
UK US Other Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Equities
\u2013
16.3
1.7
18.0
Bonds
\u2013
54.0
9.5
63.5
Assets held by insurance company
211.6
\u2013
\u2013
211.6
Other
36.8
11.4
6.5
54.7
Total market value of pension scheme assets
248.4
81.7
17.7
347.8
Present value of funded obligations
(213.8)
(79.8)
(17.2)
(310.8)
Present value of unfunded obligations
\u2013
(8.3)
(8.9)
(17.2)
Present value of funded and unfunded obligations
(213.8)
(88.1)
(26.1)
(328.0)
Defined benefit pension schemes in deficit
\u2013
(6.4)
(9.6)
(16.0)
Defined benefit pension schemes in surplus
34.6
\u2013
1.2
35.8
Total surplus/(deficit) before tax
34.6
(6.4)
(8.4)
19.8
Deferred tax
(8.7)
1.7
2.5
(4.5)
Total surplus/(deficit) after tax
25.9
(4.7)
(5.9)
15.3
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
There is a net surplus of \u00a334.6m (\u00a325.9m after deferred tax) (2023: \u00a365.3m (\u00a349.0m after 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, \u00a3118.3m (2023: \u00a3400.1m) are valued based on quoted market prices.
2024 2023
Movement in net surplus/(deficit) \u00a3m \u00a3m
Beginning of year
49.4
39.9
Disposal of businesses
0.6
\u2013
Current service cost
(2.3)
(3.4)
Past service credit
3.2
\u2013
Contributions
1.2
6.9
Net interest income
2.4
2.2
Actuarial (loss)/gain
(35.1)
2.9
Currency translation
0.4
0.9
End of year
19.8
49.4
2024 2023
Changes in the present value of defined benefit pension scheme liabilities \u00a3m \u00a3m
Beginning of year
375.5
381.6
Disposal of businesses
(2.3)
\u2013
Current service cost
2.3
3.4
Past service credit
(3.2)
\u2013
Interest expense
17.3
17.9
Contributions by employees
0.2
0.5
Actuarial (gain)/loss
(39.1)
2.3
Benefits paid
(22.5)
(23.7)
Currency translation
(0.2)
(6.5)
End of year
328.0
375.5
2024 2023
Changes in the fair value of defined benefit pension scheme assets \u00a3m \u00a3m
Beginning of year
424.9
421.5
Disposal of businesses
(1.7)
\u2013
Interest income
19.7
20.1
Actuarial (loss)/gain
(74.2)
5.2
Contributions by employer
1.2
6.9
Contributions by employees
0.2
0.5
Benefits paid
(22.5)
(23.7)
Currency translation
0.2
(5.6)
End of year
347.8
424.9
The actual return on pension scheme assets was a loss of \u00a354.5m (2023: gain of \u00a325.3m). The Group expects to pay approximately \u00a31.2m in contributions to the defined benefit pension schemes in the year ending 31 December 2025 (expected as at 31 December 2023 for the year ending 31 December 2024: \u00a31.3m) including none for the UK (expected as at 31 December 2023 for the year ending 31 December 2024: none). The weighted average duration of the defined benefit pension scheme liabilities at 31 December 2024 was approximately 13.0 years (2023: 14.0 years) for the UK and 7.6 years (2023: 8.2 years) for the US. The total defined benefit pension scheme liabilities are divided between active members (\u00a341.3m (2023: \u00a396.5m)), deferred members (\u00a3146.0m (2023: \u00a3142.7m)) and pensioners (\u00a3140.7m (2023: \u00a3136.3m)).
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 2024, the Group paid a lump sum of \u00a30.7m towards the settlement of the liabilities for one 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 2025
expected to be no more than \u00a32.0m per annum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "
26 Directors and employees
Closing
Average
Number of employees
2024
2023
2024
2023
North America
8,780
8,724
8,817
8,712
Continental Europe
6,472
6,252
6,393
6,032
UK & Ireland
5,968
4,006
5,014
3,995
Rest of the World
5,682
5,462
5,456
4,255
26,902
24,444
25,680
22,994
Corporate
76
84
76
78
26,978
24,528
25,756
23,072
2024 2023
Employee costs \u00a3m \u00a3m
Wages and salaries
1,052.2
991.8
Social security costs
114.7
110.3
Pension costs
34.1
32.3
Share based payments
17.2
15.4
1,218.2
1,149.8
Non-recurring pension scheme credit
(3.2)
\u2013
1,215.0
1,149.8
In addition to the above, acquisition related items for the year ended 31 December 2024 include
deferred consideration of \u00a345.5m (2023: \u00a337.3m) relating to the retention of former owners
of businesses acquired.
2024 2023
Key management remuneration \u00a3m \u00a3m
Salaries and short term employee benefits
9.0
8.9
Share based payments
3.5
3.2
Retirement benefits
0.6
0.6
13.1
12.7
The Group revised its definition of key management personnel during the year and, for the purposes of
IAS 24 \u2018Related Party Disclosures\u2019, now considers it to be the directors of the Company and other
members of the Leadership team as disclosed on page 15. The comparatives for the prior year have
been restated on this basis from total key management remuneration of \u00a310.9m to \u00a312.7m.
2024 2023
Directors\u2019 emoluments \u00a3m \u00a3m
Non-executive directors
0.9
0.9
Executive directors:
remuneration excluding performance related elements
2.0
1.9
annual bonus
1.4
1.3
4.3
4.1
More detailed information concerning directors\u2019 emoluments and long term incentives is set out in the
Directors\u2019 remuneration report. The aggregate amount of gains made by directors on the exercise of
share options during the year was \u00a3nil (2023: \u00a30.8m). The aggregate market value of performance share
awards exercised by directors under long term incentive schemes during the year was \u00a31.5m (2023:
\u00a32.9m). The aggregate market value of share awards exercised by directors under the DASBS was \u00a31.9m
(2023: \u00a31.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-570": { "value": "26 Directors and employees
Closing
Average
Number of employees
2024
2023
2024
2023
North America
8,780
8,724
8,817
8,712
Continental Europe
6,472
6,252
6,393
6,032
UK & Ireland
5,968
4,006
5,014
3,995
Rest of the World
5,682
5,462
5,456
4,255
26,902
24,444
25,680
22,994
Corporate
76
84
76
78
26,978
24,528
25,756
23,072
2024 2023
Employee costs \u00a3m \u00a3m
Wages and salaries
1,052.2
991.8
Social security costs
114.7
110.3
Pension costs
34.1
32.3
Share based payments
17.2
15.4
1,218.2
1,149.8
Non-recurring pension scheme credit
(3.2)
\u2013
1,215.0
1,149.8
In addition to the above, acquisition related items for the year ended 31 December 2024 include deferred consideration of \u00a345.5m (2023: \u00a337.3m) relating to the retention of former owners of businesses acquired.
2024 2023
Key management remuneration \u00a3m \u00a3m
Salaries and short term employee benefits
9.0
8.9
Share based payments
3.5
3.2
Retirement benefits
0.6
0.6
13.1
12.7
The Group revised its definition of key management personnel during the year and, for the purposes of IAS 24 \u2018Related Party Disclosures\u2019, now considers it to be the directors of the Company and other members of the Leadership team as disclosed on page 15. The comparatives for the prior year have been restated on this basis from total key management remuneration of \u00a310.9m to \u00a312.7m.
2024 2023
Directors\u2019 emoluments \u00a3m \u00a3m
Non-executive directors
0.9
0.9
Executive directors:
remuneration excluding performance related elements
2.0
1.9
annual bonus
1.4
1.3
4.3
4.1
More detailed information concerning directors\u2019 emoluments and long term incentives is set out in the Directors\u2019 remuneration report. The aggregate amount of gains made by directors on the exercise of share options during the year was \u00a3nil (2023: \u00a30.8m). The aggregate market value of performance share awards exercised by directors under long term incentive schemes during the year was \u00a31.5m (2023: \u00a32.9m). The aggregate market value of share awards exercised by directors under the DASBS was \u00a31.9m (2023: \u00a31.1m).", "dimensions": { "concept": "bunzlplc:DisclosureOfDirectorsAndEmployees", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "
2024 2023
Key management remuneration \u00a3m \u00a3m
Salaries and short term employee benefits
9.0
8.9
Share based payments
3.5
3.2
Retirement benefits
0.6
0.6
13.1
12.7
The Group revised its definition of key management personnel during the year and, for the purposes of IAS 24 \u2018Related Party Disclosures\u2019, now considers it to be the directors of the Company and other members of the Leadership team as disclosed on page 15. The comparatives for the prior year have been restated on this basis from total key management remuneration of \u00a310.9m to \u00a312.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "
28 Cash, cash equivalents and overdrafts and net debt
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
1,369.1
1,377.1
Money market funds
63.8
49.0
Cash and cash equivalents
1,432.9
1,426.1
Bank overdrafts
(987.9)
(874.2)
Cash, cash equivalents and overdrafts
445.0
551.9
Interest bearing loans and borrowings \u2013 current liabilities
(619.2)
(130.0)
Interest bearing loans and borrowings \u2013 non-current liabilities
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities (Note 27)
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
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:
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand net of amounts in the cash pool
406.9
520.8
Money market funds
63.8
49.0
Bank overdrafts net of amounts in the cash pool
(25.7)
(17.9)
Cash, cash equivalents and overdrafts
445.0
551.9
29 Movement in net debt
Cash, cash Interest
equivalents bearing
and loans and
overdrafts borrowings Derivatives Net debt
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year excluding lease liabilities
551.9
(1,547.1)
(90.3)
(1,085.5)
Cash flow excluding movements in other components
of net debt
(405.7)
\u2013
\u2013
(405.7)
Interest paid excluding interest on lease liabilities
(126.6)
\u2013
\u2013
(126.6)
Increase in borrowings
561.7
(561.7)
\u2013
\u2013
Repayment of borrowings
(132.9)
132.9
\u2013
\u2013
Receipts on settlement of foreign exchange contracts
24.2
\u2013
(24.2)
\u2013
Net cash outflow
(79.3)
(428.8)
(24.2)
(532.3)
Non-cash movement in debt
\u2013
6.5
(4.2)
2.3
Loans and borrowings recognised on acquisition
\u2013
(6.3)
\u2013
(6.3)
Realised gain on foreign exchange contracts
\u2013
\u2013
24.2
24.2
Currency translation
(27.6)
(5.2)
19.0
(13.8)
End of year excluding lease liabilities
445.0
(1,980.9)
(75.5)
(1,611.4)
Lease liabilities (Note 27)
\u2013
(754.1)
\u2013
(754.1)
End of year including lease liabilities
445.0
(2,735.0)
(75.5)
(2,365.5)
Interest
Cash, cash bearing
equivalents loans and
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)
", "dimensions": { "concept": "bunzlplc:DisclosureOfNetDebt", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-571": { "value": "28 Cash, cash equivalents and overdrafts and net debt
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
1,369.1
1,377.1
Money market funds
63.8
49.0
Cash and cash equivalents
1,432.9
1,426.1
Bank overdrafts
(987.9)
(874.2)
Cash, cash equivalents and overdrafts
445.0
551.9
Interest bearing loans and borrowings \u2013 current liabilities
(619.2)
(130.0)
Interest bearing loans and borrowings \u2013 non-current liabilities
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities (Note 27)
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
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:
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand net of amounts in the cash pool
406.9
520.8
Money market funds
63.8
49.0
Bank overdrafts net of amounts in the cash pool
(25.7)
(17.9)
Cash, cash equivalents and overdrafts
445.0
551.9
29 Movement in net debt
Cash, cash Interest
equivalents bearing
and loans and
overdrafts borrowings Derivatives Net debt
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Beginning of year excluding lease liabilities
551.9
(1,547.1)
(90.3)
(1,085.5)
Cash flow excluding movements in other components
of net debt
(405.7)
\u2013
\u2013
(405.7)
Interest paid excluding interest on lease liabilities
(126.6)
\u2013
\u2013
(126.6)
Increase in borrowings
561.7
(561.7)
\u2013
\u2013
Repayment of borrowings
(132.9)
132.9
\u2013
\u2013
Receipts on settlement of foreign exchange contracts
24.2
\u2013
(24.2)
\u2013
Net cash outflow
(79.3)
(428.8)
(24.2)
(532.3)
Non-cash movement in debt
\u2013
6.5
(4.2)
2.3
Loans and borrowings recognised on acquisition
\u2013
(6.3)
\u2013
(6.3)
Realised gain on foreign exchange contracts
\u2013
\u2013
24.2
24.2
Currency translation
(27.6)
(5.2)
19.0
(13.8)
End of year excluding lease liabilities
445.0
(1,980.9)
(75.5)
(1,611.4)
Lease liabilities (Note 27)
\u2013
(754.1)
\u2013
(754.1)
End of year including lease liabilities
445.0
(2,735.0)
(75.5)
(2,365.5)
Interest
Cash, cash bearing
equivalents loans and
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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "28 Cash, cash equivalents and overdrafts and net debt
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
1,369.1
1,377.1
Money market funds
63.8
49.0
Cash and cash equivalents
1,432.9
1,426.1
Bank overdrafts
(987.9)
(874.2)
Cash, cash equivalents and overdrafts
445.0
551.9
Interest bearing loans and borrowings \u2013 current liabilities
(619.2)
(130.0)
Interest bearing loans and borrowings \u2013 non-current liabilities
(1,361.7)
(1,417.1)
Derivatives managing the interest rate risk and currency profile of the debt
(75.5)
(90.3)
Net debt excluding lease liabilities
(1,611.4)
(1,085.5)
Lease liabilities (Note 27)
(754.1)
(664.5)
Net debt including lease liabilities
(2,365.5)
(1,750.0)
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:
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand net of amounts in the cash pool
406.9
520.8
Money market funds
63.8
49.0
Bank overdrafts net of amounts in the cash pool
(25.7)
(17.9)
Cash, cash equivalents and overdrafts
445.0
551.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "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.
2024 2023
Depreciation and software amortisation \u00a3m \u00a3m
Depreciation of right-of-use assets
186.1
166.1
Other depreciation and software amortisation
49.7
41.1
235.8
207.2
2024 2023
Other non-cash items \u00a3m \u00a3m
Share based payments
17.2
15.4
Provisions
0.6
(13.1)
Retirement benefit obligations
1.1
(3.5)
Hyperinflation accounting adjustments
6.0
2.1
Other
(6.3)
5.6
18.6
6.5
2024 2023
Working capital movement \u00a3m \u00a3m
(Increase)/decrease in inventories
(94.3)
108.1
Decrease/(increase) in trade and other receivables
0.7
(9.9)
Decrease in trade and other payables
(3.5)
(126.6)
(97.1)
(28.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "York House 45 Seymour Street London W1H 7JT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800Q1Q9DV4L78UM09", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }